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Solutions for Chapter 20: Economic Growth

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 20: Economic Growth

Solutions for Chapter 20
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Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

Chapter 20: Economic Growth includes 35 full step-by-step solutions. 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. Since 35 problems in chapter 20: Economic Growth have been answered, more than 13315 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • average fixed cost

    fixed cost divided by the quantity of output

  • capital fligh

    a large and sudden reduction in the demand for assets located in a country

  • complements

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

  • constant returns to scale

    the property whereby long-run average total cost stays the same as the quantity of output changes

  • depression

    a severe recession

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • factors of production

    the inputs used to produce goods and services

  • inflation

    an increase in the overall level of prices in the economy

  • investment

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

  • money multiplier

    the amount of money the banking system generates with each dollar of reserves

  • net exports

    spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)

  • oligopoly

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

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • private goods

    goods that are both excludable and rival in consumption

  • public goods

    goods that are neither excludable nor rival in consumption

  • recession

    a period of declining real incomes and rising unemployment

  • 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

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

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