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Solutions for Chapter 9: Application: International Trade

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

Solutions for Chapter 9: Application: International Trade

Principles of Macroeconomics was written by and is associated to the ISBN: 9780538453066. Since 14 problems in chapter 9: Application: International Trade have been answered, more than 1920 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Principles of Macroeconomics, edition: 6. Chapter 9: Application: International Trade includes 14 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • average revenue

    total revenue divided by the quantity sold

  • balanced trade

    a situation in which exports equal imports

  • classical dichotomy

    the theoretical separation of nominal and real variables

  • diminishing marginal product

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

  • implicit costs

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

  • incentive

    something that induces a person to act

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • lump-sum tax

    a tax that is the same amount for every person

  • market failure

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

  • price ceiling

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

  • principal

    a person for whom another person, called the agent, is performing some act

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • profit

    total revenue minus total cost

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • reserves

    deposits that banks have received but have not loaned out

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • total cost

    the market value of the inputs a firm uses in production

  • 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

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

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