- 18.1: Goods and services purchased from abroad are___________, while good...
- 18.2: Suppose that in one month, the United States canproduce 10,000 boxe...
- 18.3: Answer the next two questions based on the followingexchange rates....
- 18.4: Answer the next two questions based on the followingexchange rates....
- 18.5: If the ___________ differ(s) between twocountries, this suggests th...
- 18.6: Countries that engage in trade will tend tospecialize in goods in w...
- 18.7: Which of the following is an example of an importquota? a. a limit ...
- 18.8: A tax imposed by a government on imported goodsis a(n) a. quota. b....
- 18.9: Restrictions on free international trade designedto protect domesti...
- 18.10: A weak dollar would make a. imports and exports more expensive. b. ...
Solutions for Chapter 18: Trade and the Global Economy
Full solutions for Explorations in Economics | 1st Edition
the idea that taxes should be levied on a person according to how well that person can shoulder the burden
the ability to produce a good using fewer inputs than another producer
a group of firms acting in unison
the deviation of unemployment from its natural rate
diminishing marginal product
the property whereby the marginal product of an input declines as the quantity of the input increases
the quantity of output that minimizes average total cost
the amount of money in the future that an amount of money today will yield, given prevailing interest rates
spending on goods and services by local, state, and federal governments
transfers to the poor given in the form of goods and services rather than cash
the percentage change in the price index from the preceding period
the description of asset prices that rationally reflect all available information
labor-force participation rate
the percentage of the adult population that is in the labor force
a small incremental adjustment to a plan of action
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
total revenue minus total cost
the amount of a good that sellers are willing and able to sell
a table that shows the relationship between the price of a good and the quantity supplied
tax on goods produced abroad and sold domestically
a government program that partially protects workers’ incomes when they become unemployed