Solutions for Chapter 14: Poverty and Economic Inequality

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 14: Poverty and Economic Inequality

Solutions for Chapter 14
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Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

Since 47 problems in chapter 14: Poverty and Economic Inequality have been answered, more than 6051 students have viewed full step-by-step solutions from this chapter. Chapter 14: Poverty and Economic Inequality includes 47 full step-by-step solutions. This textbook survival guide was created for the textbook: Principles of Economics, edition: 1. This expansive textbook survival guide covers the following chapters and their solutions. Principles of Economics was written by and is associated to the ISBN: 9781938168239.

Key Business Terms and definitions covered in this textbook
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • average total cost

    total cost divided by the quantity of output

  • business cycle

    fluctuations in economic activity, such as employment and production

  • capital

    the equipment and structures used to produce goods and services

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • crowding out

    a decrease in investment that results from government borrowing

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • imports

    goods produced abroad and sold domestically

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • labor-force participation rate

    the percentage of the adult population that is in the labor force

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • 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

  • monopolistic competition

    a market structure in which many firms sell products that are similar but not identical

  • normal good

    a good for which, other things being equal, an increase in income leads to an increase in demand

  • public goods

    goods that are neither excludable nor rival in consumption

  • 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

  • reserve requirements

    regulations on the minimum amount of reserves that banks must hold against deposits

  • trade balance

    the value of a nation’s exports minus the value of its imports; also called net exports

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

  • world price

    the price of a good that prevails in the world market for that good

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