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Solutions for Chapter 13: Positive Externalities and Public Goods

Principles of Economics | 1st Edition | ISBN: 9781938168239 | Authors: Steven A. Greenlaw, Timothy Taylor

Full solutions for Principles of Economics | 1st Edition

ISBN: 9781938168239

Principles of Economics | 1st Edition | ISBN: 9781938168239 | Authors: Steven A. Greenlaw, Timothy Taylor

Solutions for Chapter 13: Positive Externalities and Public Goods

Solutions for Chapter 13
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Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

Since 25 problems in chapter 13: Positive Externalities and Public Goods have been answered, more than 14414 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Principles of Economics, edition: 1. Principles of Economics was written by and is associated to the ISBN: 9781938168239. This expansive textbook survival guide covers the following chapters and their solutions. Chapter 13: Positive Externalities and Public Goods includes 25 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • complements

    two goods for which an increase in the price of one leads to a decrease in the demand for the other

  • economics

    the study of how society manages its scarce resources

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • 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

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • negative income tax

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

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • Phillips curve

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

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • public goods

    goods that are neither excludable nor rival in consumption

  • random walk

    the path of a variable whose changes are impossible to predict

  • real interest rate

    the interest rate corrected for the effects of inflation

  • sacrifice ratio

    the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point

  • social insurance

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

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

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