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Solutions for Chapter 24: The Aggregate Demand/ Aggregate Supply Model

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 24: The Aggregate Demand/ Aggregate Supply Model

Solutions for Chapter 24
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Textbook: Principles of Economics
Edition: 2
Author: Steven A. Greenlaw, David Shapiro, Timothy Taylor
ISBN: 9781947172364

Since 61 problems in chapter 24: The Aggregate Demand/ Aggregate Supply Model have been answered, more than 45915 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter 24: The Aggregate Demand/ Aggregate Supply Model includes 61 full step-by-step solutions. Principles of Economics was written by and is associated to the ISBN: 9781947172364. This textbook survival guide was created for the textbook: Principles of Economics, edition: 2.

Key Business Terms and definitions covered in this textbook
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    a person who is performing an act for another person, called the principal

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    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • business cycle

    fluctuations in economic activity, such as employment and production

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • explicit costs

    input costs that require an outlay of money by the firm

  • finance

    the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk

  • human capital

    the accumulation of investments in people, such as education and on-the-job training

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • labor-force participation rate

    the percentage of the adult population that is in the labor force

  • monopolistic competition

    the quantity of money available in the economy

  • natural level of output

    the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate

  • 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

  • nominal GDP

    the production of goods and services valued at current prices

  • normative statements

    claims that attempt to prescribe how the world should be

  • opportunity cost

    whatever must be given up to obtain some item

  • 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

  • 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

  • recession

    a period of declining real incomes and rising unemployment