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Textbooks / Business / Principles of Macroeconomics 6

Principles of Macroeconomics 6th Edition - Solutions by Chapter

Principles of Macroeconomics | 6th Edition | ISBN: 9780538453066 | Authors: N. Gregory Mankiw

Full solutions for Principles of Macroeconomics | 6th Edition

ISBN: 9780538453066

Principles of Macroeconomics | 6th Edition | ISBN: 9780538453066 | Authors: N. Gregory Mankiw

Principles of Macroeconomics | 6th Edition - Solutions by Chapter

The full step-by-step solution to problem in Principles of Macroeconomics were answered by , our top Business solution expert on 03/16/18, 04:28PM. Since problems from 23 chapters in Principles of Macroeconomics have been answered, more than 3255 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 23. Principles of Macroeconomics was written by and is associated to the ISBN: 9780538453066. This textbook survival guide was created for the textbook: Principles of Macroeconomics, edition: 6.

Key Business Terms and definitions covered in this textbook
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • club goods

    goods that are excludable but not rival in consumption

  • corrective tax

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

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • diseconomies of scal

    the property whereby long-run average total cost rises as the quantity of output increases

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • federal funds rate

    the interest rate at which banks make overnight loans to one another

  • frictional unemployment

    unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills

  • indexation

    the automatic correction by law or contract of a dollar amount for the effects of inflation

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • microeconomics

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

  • 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

  • normative statements

    claims that attempt to prescribe how the world should be

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • producer price index

    a measure of the cost of a basket of goods and services bought by firms

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • real interest rate

    the interest rate corrected for the effects of inflation

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

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