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Solutions for Chapter 24: The Aggregate Demand/ Aggregate Supply Model

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 24: The Aggregate Demand/ Aggregate Supply Model

Solutions for Chapter 24
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Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

This expansive textbook survival guide covers the following chapters and their solutions. Chapter 24: The Aggregate Demand/ Aggregate Supply Model includes 61 full step-by-step solutions. 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 61 problems in chapter 24: The Aggregate Demand/ Aggregate Supply Model have been answered, more than 15272 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • business cycle

    fluctuations in economic activity, such as employment and production

  • classical dichotomy

    the theoretical separation of nominal and real variables

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • excludability

    the property of a good whereby a person can be prevented from using it

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • labor-force participation rate

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

  • liquidity

    the ease with which an asset can be converted into the economy’s medium of exchange

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • opportunity cost

    whatever must be given up to obtain some item

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • public goods

    goods that are neither excludable nor rival in consumption

  • recession

    a period of declining real incomes and rising unemployment

  • regressive tax

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

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • total cost

    the market value of the inputs a firm uses in production

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

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