- 13.1: Which of the following most likely contributed to the growth of the...
- 13.2: As used in the context of GDP calculation, investment would include...
- 13.3: Answer the next two questions based on the following nominal fi gur...
- 13.4: Answer the next two questions based on the following nominal fi gur...
- 13.5: Which of the following is considered a contributingfactor to econom...
- 13.6: The phase of the business cycle where output andemployment are incr...
- 13.7: Which of the following is not one of the pillars ofeconomic growth?...
- 13.8: Aggregate demand would increase as a result of a. an increase in ag...
- 13.9: If an economy has been expanding for a longperiod of time and begin...
- 13.10: Which of the following would have a positive effecton U.S. GDP? a. ...
Solutions for Chapter 13: Macroeconomic Performance
Full solutions for Explorations in Economics | 1st Edition
the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party
a government regulation specifying a minimum amount of bank capital
an economy that does not interact with other economies in the world
a difference in wages that arises to offset the nonmonetary characteristics of different jobs
the deviation of unemployment from its natural rate
total revenue minus total cost, including both explicit and implicit costs
economies of scale
the property whereby long-run average total cost falls as the quantity of output increases
the property of distributing economic prosperity uniformly among the members of society
the uncompensated impact of one person’s actions on the wellbeing of a bystander
the knowledge and skills that workers acquire through education, training, and experience
marginal product of labor
the increase in the amount of output from an additional unit of labor
an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
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 market structure in which only a few sellers offer similar or identical products
two goods with straight-line indifference curves
claims that attempt to describe the world as it is
a legal maximum 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
tax on goods produced abroad and sold domestically
government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being