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Solutions for Chapter 16: Money, Banking, and Financial Markets

Full solutions for Explorations in Economics | 1st Edition

ISBN: 9780716701071

Solutions for Chapter 16: Money, Banking, and Financial Markets

Chapter 16: Money, Banking, and Financial Markets includes 10 full step-by-step solutions. This textbook survival guide was created for the textbook: Explorations in Economics, edition: 1. Explorations in Economics was written by and is associated to the ISBN: 9780716701071. This expansive textbook survival guide covers the following chapters and their solutions. Since 10 problems in chapter 16: Money, Banking, and Financial Markets have been answered, more than 2426 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • automatic stabilizers

    changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action

  • capital

    the equipment and structures used to produce goods and services

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • diseconomies of scal

    the property whereby long-run average total cost rises as the quantity of output increases

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • fixed costs

    costs that do not vary with the quantity of output produced

  • horizontal equity

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

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • labor force

    the total number of workers, including both the employed and the unemployed

  • labor-force participation rate

    the percentage of the adult population that is in the labor force

  • marginal revenue

    the change in total revenue from an additional unit sold

  • 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

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • positive statements

    claims that attempt to describe the world as it is

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • supply schedule

    a table that shows the relationship between the price of a good and the quantity supplied

  • unit of account

    the yardstick people use to post prices and record debts

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