- 11.1: There will be an increase in the demand forblueberry pickers if the...
- 11.2: A police offi cer in a crime- ridden inner city earnsmore than a po...
- 11.3: Answer the next three questions based on the short- run production ...
- 11.4: Answer the next three questions based on the short- run production ...
- 11.5: Answer the next three questions based on the short- run production ...
- 11.6: Which of the following would lead to the largestincrease in employm...
- 11.7: Which of the following would result in an increasein the equilibriu...
- 11.8: When the demand for an input, like labor, isdetermined by the deman...
- 11.9: When a person with two job offers takes the jobthey fi nd less desi...
- 11.10: Occupational licensing a. increases supply and decreases wages. b. ...
Solutions for Chapter 11: Labor Markets
Full solutions for Explorations in Economics | 1st Edition
total revenue minus total explicit cost
an excess of tax revenue over government spending
the equipment and structures used to produce goods and services
goods that are excludable but not rival in consumption
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
an agreement among firms in a market about quantities to produce or prices to charge
goods that are rival in consumption but not excludable
the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the future
the one-for-one adjustment of the nominal interest rate to the inflation rate
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
internalizing the externality
altering incentives so that people take account of the external effects of their actions
law of supply and demand
the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
market for loanable funds
the market in which those who want to save supply funds and those who want to borrow to invest demand funds
the quantity of money available in the economy
the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending
the business practice of selling the same good at different prices to different customers
the relationship between quantity of inputs used to make a good and the quantity of output of that good
people who systematically and purposefully do the best they can to achieve their objectives
costs that vary with the quantity of output produced