- 13.1: Write a paragraph or two explaining how economists measure the U.S....
- 13.2: Write a paragraph or two explaining business fluctuations and how t...
- 13.3: Choose the letter of the term that best completes each sentence. a....
- 13.4: Choose the letter of the term that best completes each sentence. a....
- 13.5: Choose the letter of the term that best completes each sentence. a....
- 13.6: Choose the letter of the term that best completes each sentence. a....
- 13.7: Choose the letter of the term that best completes each sentence. a....
- 13.8: Choose the letter of the term that best completes each sentence. a....
- 13.9: Choose the letter of the term that best completes each sentence. a....
- 13.10: Net exports and government goods and services are two components of...
- 13.11: Fill in a chart like the one below to list the five categories that...
- 13.12: What is the difference between inflation and deflation?
- 13.13: How would you determine real GDP if you knew only GDP? Why would yo...
- 13.14: Why do the aggregate demand and supply curves slope the way they do?
- 13.15: What is the point where the aggregate demand and supply curves cross?
- 13.16: What are the four main phases of a business cycle?
- 13.17: When the economy enters a recession, what normally happens?
- 13.18: How might psychological factors affect the business cycle?
- 13.19: What two aspects of government activity affect business cycles?
- 13.20: How might knowledge of nationwide economic statistics help you in y...
- 13.21: Create a diagram like the one below to summarize national income ac...
- 13.22: To make comparisons between the prices of things in the past and th...
- 13.23: Study the cartoon on the right, and then answer the following quest...
Solutions for Chapter 13: Measuring the Economys Performance
Full solutions for Economics: Today and Tomorrow | 1st Edition
the equipment and structures used to produce goods and services
the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own
the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases
efficient markets hypothesis
the theory that asset prices reflect all publicly available information about the value of an asset
factors of production
the inputs used to produce goods and services
the idea that taxpayers with similar abilities to pay taxes should pay the same amount
transfers to the poor given in the form of goods and services rather than cash
a good for which, other things being equal, an increase in income leads to a decrease in demand
the total number of workers, including both the employed and the unemployed
the regular pattern of income variation over a person’s life
median voter theorem
a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter
a firm that is the sole seller of a product without close substitutes
a market structure in which only a few sellers offer similar or identical products
price elasticity of demand
a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price
a legal minimum on the price at which a good can be sold
producer price index
a measure of the cost of a basket of goods and services bought by firms
the limited nature of society’s resources
unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
a table that shows the relationship between the price of a good and the quantity supplied
a measure of happiness or satisfaction