×
Log in to StudySoup
Get Full Access to Business - Textbook Survival Guide
Join StudySoup for FREE
Get Full Access to Business - Textbook Survival Guide

Already have an account? Login here
×
Reset your password

Solutions for Chapter 18: Public Economy

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 18: Public Economy

Solutions for Chapter 18
4 5 0 366 Reviews
17
0
Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

Chapter 18: Public Economy includes 27 full step-by-step solutions. This textbook survival guide was created for the textbook: Principles of Economics, edition: 2. 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 27 problems in chapter 18: Public Economy have been answered, more than 44500 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • cartel

    a group of firms acting in unison

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • cost–benefit analysis

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

  • crowding out

    a decrease in investment that results from government borrowing

  • equality

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

  • factors of production

    the inputs used to produce goods and services

  • financial intermediaries

    financial institutions through which savers can indirectly provide funds to borrowers

  • government purchases

    spending on goods and services by local, state, and federal governments

  • human capital

    the knowledge and skills that workers acquire through education, training, and experience

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • natural rate of unemployment

    the normal rate of unemployment around which the unemployment rate fluctuates

  • net exports

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

  • nominal variables

    variables measured in monetary units

  • normal good

    a good for which, other things being equal, an increase in

  • 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

  • public goods

    goods that are neither excludable nor rival in consumption

  • recession

    a period of declining real incomes and rising unemployment

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts