- 19.Questions for Review 19.1: Why are coal miners paid more than other workers with similar amoun...
- 19.Problems and Applications 19.1: College students sometimes work as summer interns for private firms...
- 19.Questions for Review 19.2: In what sense is education a type of capital?
- 19.Problems and Applications 19.2: As explained in Chapter 6, a minimum-wage law distorts the market f...
- 19.Questions for Review 19.3: How might education raise a workers wage without raising the worker...
- 19.Problems and Applications 19.3: A basic finding of labor economics is that workers who have more ex...
- 19.Questions for Review 19.4: What conditions lead to economic superstars? Would you expect to se...
- 19.Problems and Applications 19.4: At some colleges and universities, economics professors receive hig...
- 19.Questions for Review 19.5: Give three reasons a workers wage might be above the level that bal...
- 19.Problems and Applications 19.5: Imagine that someone offered you a choice: You could spend four yea...
- 19.Questions for Review 19.6: What difficulties arise in deciding whether a group of workers has ...
- 19.Problems and Applications 19.6: When recording devices were first invented almost 100 years ago, mu...
- 19.Questions for Review 19.7: Do the forces of economic competition tend to exacerbate or amelior...
- 19.Problems and Applications 19.7: A current debate in education is whether teachers should be paid on...
- 19.Questions for Review 19.8: Give an example of how discrimination might persist in a competitiv...
- 19.Problems and Applications 19.8: When Alan Greenspan (who would later become chairman of the Federal...
- 19.Problems and Applications 19.9: . Suppose that all young women were channeled into careers as secre...
- 19.Problems and Applications 19.10: This chapter considers the economics of discrimination by employers...
Solutions for Chapter 19: The Markets for the factors of Production
Full solutions for Principles of Economics | 6th Edition
the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party
an excess of government receipts over government spending
an excess of tax revenue over government spending
the process by which unions and firms agree on the terms of employment
diseconomies of scale
the property whereby long-run average total cost rises as the quantity of output increases
a good for which, other things being equal, an increase in income leads to a decrease in demand
marginal rate of substitution
the rate at which a consumer is willing to trade one good for another
the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior
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
net capital outflow
the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners
a good for which, other things being equal, an increase in income leads to an increase in demand
a legal maximum on the price at which a good can be sold
goods that are both excludable and rival in consumption
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
the amount of a good that sellers are willing and able to sell
deposits that banks have received but have not loaned out
total revenue (in a market)
the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold
a measure of happiness or satisfaction
the idea that taxpayers with a greater ability to pay taxes should pay larger amounts
government programs that supplement the incomes of the needy