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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 649 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

  • budget deficit

    an excess of government spending over government receipts

  • classical dichotomy

    the theoretical separation of nominal and real variables

  • club goods

    goods that are excludable but not rival in consumption

  • compensating differential

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

  • cost

    the value of everything a seller must give up to produce a good

  • depression

    a severe recession

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • economics

    the study of how society manages its scarce resources

  • equilibrium

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

  • Fisher effect

    the one-for-one adjustment of the nominal interest rate to the inflation rate

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • inflation tax

    the revenue the government raises by creating money

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • open economy

    an economy that interacts freely with other economies around the world

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • real GDP

    the production of goods and services valued at constant prices

  • recession

    a period of declining real incomes and rising unemployment

  • tariff

    tax on goods produced abroad and sold domestically

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

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