×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Solutions for Chapter 15: Issues in Labor Markets: Unions, Discrimination, Immigration

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 15: Issues in Labor Markets: Unions, Discrimination, Immigration

Solutions for Chapter 15
4 5 0 380 Reviews
15
0
Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

Principles of Economics was written by and is associated to the ISBN: 9781938168239. This textbook survival guide was created for the textbook: Principles of Economics, edition: 1. Since 30 problems in chapter 15: Issues in Labor Markets: Unions, Discrimination, Immigration have been answered, more than 11981 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter 15: Issues in Labor Markets: Unions, Discrimination, Immigration includes 30 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • agent

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

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • elasticity

    the quantity of output that minimizes average total cost

  • fixed costs

    costs that do not vary with the quantity of output produced

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • law of supply and demand

    the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance

  • lump-sum tax

    a tax that is the same amount for every person

  • macroeconomics

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

  • 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

  • menu costs

    the costs of changing prices

  • normal good

    a good for which, other things being equal, an increase in

  • price elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

  • progressive tax

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

  • public goods

    goods that are neither excludable nor rival in consumption

  • quantity demanded

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

  • signaling

    an action taken by an informed party to reveal private information to an uninformed party

  • structural unemployment

    unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide
×
Reset your password