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Solutions for Chapter 12: Environmental Protection and Negative Externalities

Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor

Full solutions for Principles of Economics | 2nd Edition

ISBN: 9781947172364

Principles of Economics | 2nd Edition | ISBN: 9781947172364 | Authors: Steven A. Greenlaw, David Shapiro, Timothy Taylor

Solutions for Chapter 12: Environmental Protection and Negative Externalities

Solutions for Chapter 12
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Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

This textbook survival guide was created for the textbook: Principles of Economics, edition: 2. Chapter 12: Environmental Protection and Negative Externalities includes 44 full step-by-step solutions. Principles of Economics was written by and is associated to the ISBN: 9781947172364. This expansive textbook survival guide covers the following chapters and their solutions. Since 44 problems in chapter 12: Environmental Protection and Negative Externalities have been answered, more than 15064 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • average tax rate

    total taxes paid divided by total income

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • depreciation

    a decrease in the value of a currency as measured by the amount of foreign currency it can buy

  • explicit costs

    input costs that require an outlay of money by the firm

  • factors of production

    the inputs used to produce goods and services

  • fixed costs

    costs that do not vary with the quantity of output produced

  • fractional-reserve banking

    a banking system in which banks hold only a fraction of deposits as reserves

  • future value

    the amount of money in the future that an amount of money today will yield, given prevailing interest rates

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • macroeconomics

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

  • marginal product of labor

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

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • 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 equation

    the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services

  • regressive tax

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

  • trade policy

    a government policy that directly influences the quantity of goods and services that a country imports or exports

  • trade surplus

    an excess of exports over imports

  • value of the marginal product

    the marginal product of an input times the price of the output

  • velocity of money

    the rate at which money changes hands

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