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Solutions for Chapter 30: Government Budgets and Fiscal Policy

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 30: Government Budgets and Fiscal Policy

Solutions for Chapter 30
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Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

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. Since 53 problems in chapter 30: Government Budgets and Fiscal Policy have been answered, more than 15186 students have viewed full step-by-step solutions from this chapter. Chapter 30: Government Budgets and Fiscal Policy includes 53 full step-by-step solutions.

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

    the subfield of economics that integrates the insights of psychology

  • capital

    the equipment and structures used to produce goods and services

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • crowding-out effect

    the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending

  • demand curve

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

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • inferior good

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

  • inflation

    an increase in the overall level of prices in the economy

  • marginal product of labor

    the increase in the amount of output from an additional unit of labor

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • model of aggregate demand and aggregate supply

    the model that most economists use to explain shortrun fluctuations in economic activity around its long-run trend

  • nominal interest rate

    the interest rate as usually reported without a correction for the effects of inflation

  • 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

  • quantity demanded

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

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • stock

    a claim to partial ownership in a firm

  • variable costs

    costs that vary with the quantity of output produced

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