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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 1946 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
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • corrective tax

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

  • crowding out

    a decrease in investment that results from government borrowing

  • crowding-out effect

    the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • efficiency

    the property of society getting the most it can from its scarce resources

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • profit

    total revenue minus total cost

  • progressive tax

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

  • real variables

    variables measured in physical units

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • 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

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

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