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Solutions for Chapter 19: The Macroeconomic Perspective

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 19: The Macroeconomic Perspective

Solutions for Chapter 19
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Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

Chapter 19: The Macroeconomic Perspective includes 33 full step-by-step solutions. This textbook survival guide was created for the textbook: Principles of Economics, edition: 2. This expansive textbook survival guide covers the following chapters and their solutions. Principles of Economics was written by and is associated to the ISBN: 9781947172364. Since 33 problems in chapter 19: The Macroeconomic Perspective have been answered, more than 16189 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • competitive market

    a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker

  • cost–benefit analysis

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

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • financial system

    the group of institutions in the economy that help to match one person’s saving with another person’s investment

  • fractional-reserve banking

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

  • incentive

    something that induces a person to act

  • law of supply and demand

    the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance

  • liquidity

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

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • market

    a group of buyers and sellers of a particular good or service

  • nominal interest rate

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

  • perfect substitutes

    two goods with straight-line indifference curves

  • principal

    a person for whom another person, called the agent, is performing some act

  • progressive tax

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

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • public goods

    goods that are neither excludable nor rival in consumption

  • theory of liquidity preference

    Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance

  • variable costs

    costs that vary with the quantity of output produced

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