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Solutions for Chapter 34: Globalization and Protectionism

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 34: Globalization and Protectionism

Solutions for Chapter 34
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Textbook: Principles of Economics
Edition: 1
Author: Steven A. Greenlaw, Timothy Taylor
ISBN: 9781938168239

Chapter 34: Globalization and Protectionism includes 55 full step-by-step solutions. This textbook survival guide was created for the textbook: Principles of Economics, edition: 1. Since 55 problems in chapter 34: Globalization and Protectionism have been answered, more than 15179 students have viewed full step-by-step solutions from this chapter. 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
  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • average fixed cost

    fixed cost divided by the quantity of output

  • bond

    a certificate of indebtedness

  • constant returns to scale

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

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • excludability

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

  • income effect

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

  • marginal change

    a small incremental adjustment to a plan of action

  • menu costs

    the costs of changing prices

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • positive statements

    claims that attempt to describe the world as it is

  • price elasticity of supply

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

  • private goods

    goods that are both excludable and rival in consumption

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • quantity theory of money

    a theory asserting that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate

  • real exchange rate

    the rate at which a person can trade the goods and services of one country for the goods and services of another

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • sacrifice ratio

    the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • store of value

    an item that people can use to transfer purchasing power from the present to the future

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