- 19.1: The practice of contracting with foreign fi rms toproduce goods tha...
- 19.2: Which of the following indicators would refl ect thelevel of econom...
- 19.3: Answer the next two questions based on the followingdescription of ...
- 19.4: Answer the next two questions based on the followingdescription of ...
- 19.5: Which of the following contributes to economicdevelopment? a. a low...
- 19.6: According to the theory of income convergence, a. differences in re...
- 19.7: Globalization is characterized by which of thefollowing? a. an incr...
- 19.8: A high per capita GDP might not indicate thateveryone in that count...
- 19.9: A market- based system to deal with greenhousegases and other types...
- 19.10: The economic stage of a country that enjoys theuse of advanced tech...
Solutions for Chapter 19: Economic Development and Global Challenges
Full solutions for Explorations in Economics | 1st Edition
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
a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality
a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
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
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
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
the quantity of money available in the economy
the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior
a curve that shows the short-run trade-off between inflation and unemployment
claims that attempt to describe the world as it is
total revenue minus total cost
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
the amount of a good that buyers are willing and able to purchase
variables measured in physical units
deposits that banks have received but have not loaned out
unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
a cost that has already been committed and cannot be recovered