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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 2426 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
  • agent

    a person who is performing an act for another person, called the principal

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • circular-flow diagram

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

  • circular-flow diagram

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

  • compensating differential

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

  • fixed costs

    costs that do not vary with the quantity of output produced

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • life cycle

    the regular pattern of income variation over a person’s life

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • quantity demanded

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

  • real interest rate

    the interest rate corrected for the effects of inflation

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • reserve ratio

    the fraction of deposits that banks hold as reserves

  • social insurance

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

  • trade deficit

    an excess of imports over exports

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