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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 Patricia, 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 1387 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 23. Principles of Macroeconomics was written by Patricia 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
  • average variable cost

    variable cost divided by the quantity of output

  • bond

    a certificate of indebtedness

  • capital fligh

    a large and sudden reduction in the demand for assets located in a country

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • consumption

    spending by households on goods and services, with the exception of purchases of new housing

  • cost–benefit analysis

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

  • equality

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

  • implicit costs

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

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • normal good

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

  • open economy

    an economy that interacts freely with other economies around the world

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • price elasticity of supply

    a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • purchasing-power parity

    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

  • regressive tax

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

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • stock

    a claim to partial ownership in a firm

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

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