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Solutions for Chapter 13: Macroeconomic Performance

Full solutions for Explorations in Economics | 1st Edition

ISBN: 9780716701071

Solutions for Chapter 13: Macroeconomic Performance

Chapter 13: Macroeconomic Performance includes 10 full step-by-step solutions. This textbook survival guide was created for the textbook: Explorations in Economics, edition: 1. Since 10 problems in chapter 13: Macroeconomic Performance have been answered, more than 2241 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Explorations in Economics was written by and is associated to the ISBN: 9780716701071.

Key Business Terms and definitions covered in this textbook
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • capital requirement

    a government regulation specifying a minimum amount of bank capital

  • closed economy

    an economy that does not interact with other economies in the world

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • economic profit

    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

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • human capital

    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

  • market economy

    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

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • perfect substitutes

    two goods with straight-line indifference curves

  • positive statements

    claims that attempt to describe the world as it is

  • price ceiling

    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

  • tariff

    tax on goods produced abroad and sold domestically

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

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