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Solutions for Chapter 19: Economic Growth in Developing Nations

Full solutions for Economics: Today and Tomorrow | 1st Edition

ISBN: 9780078747663

Solutions for Chapter 19: Economic Growth in Developing Nations

Solutions for Chapter 19
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Textbook: Economics: Today and Tomorrow
Edition: 1
Author: McGraw-Hill Education
ISBN: 9780078747663

Chapter 19: Economic Growth in Developing Nations includes 26 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. Economics: Today and Tomorrow was written by and is associated to the ISBN: 9780078747663. This textbook survival guide was created for the textbook: Economics: Today and Tomorrow, edition: 1. Since 26 problems in chapter 19: Economic Growth in Developing Nations have been answered, more than 4402 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • budget deficit

    an excess of government spending over government receipts

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • efficient scale

    the quantity of output that minimizes average total cost

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • imports

    goods produced abroad and sold domestically

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • leverage ratio

    the ratio of assets to bank capital

  • marginal product

    the increase in output that arises from an additional unit of input

  • natural-rate hypothesis

    the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

  • nominal interest rate

    the interest rate as usually reported without a correction for the effects of inflation

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

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