Solutions for Chapter 19: Economic Development and Global Challenges

Full solutions for Explorations in Economics | 1st Edition

ISBN: 9780716701071

Solutions for Chapter 19: Economic Development and Global Challenges

This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Explorations in Economics, edition: 1. Since 10 problems in chapter 19: Economic Development and Global Challenges have been answered, more than 1041 students have viewed full step-by-step solutions from this chapter. Chapter 19: Economic Development and Global Challenges includes 10 full step-by-step solutions. Explorations in Economics was written by and is associated to the ISBN: 9780716701071.

Key Business Terms and definitions covered in this textbook
  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • 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

  • marginal change

    a small incremental adjustment to a plan of action

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • 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

  • 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

  • monopolistic competition

    the quantity of money available in the economy

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • Phillips curve

    a curve that shows the short-run trade-off between inflation and unemployment

  • positive statements

    claims that attempt to describe the world as it is

  • profit

    total revenue minus total cost

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • real variables

    variables measured in physical units

  • reserves

    deposits that banks have received but have not loaned out

  • structural unemployment

    unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

  • sunk cost

    a cost that has already been committed and cannot be recovered

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