> > Basic Statistics for Business and Economics 7th

# Basic Statistics for Business and Economics 7th Edition - Solutions by Chapter

## Full solutions for Basic Statistics for Business and Economics | 7th Edition

ISBN: 9780077384470

Basic Statistics for Business and Economics | 7th Edition - Solutions by Chapter

Solutions by Chapter
4 5 0 426 Reviews
##### ISBN: 9780077384470

Basic Statistics for Business and Economics was written by and is associated to the ISBN: 9780077384470. This textbook survival guide was created for the textbook: Basic Statistics for Business and Economics , edition: 7th. The full step-by-step solution to problem in Basic Statistics for Business and Economics were answered by , our top Business solution expert on 08/23/17, 08:36AM. This expansive textbook survival guide covers the following chapters: 6. Since problems from 6 chapters in Basic Statistics for Business and Economics have been answered, more than 66865 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook

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

• benefits principle

the idea that people should pay taxes based on the benefits they receive from government services

the fall in total surplus that results from a market distortion, such as a tax

• demand schedule

a table that shows the relationship between the price of a good and the quantity demanded

• dominant strategy

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

• in-kind transfers

transfers to the poor given in the form of goods and services rather than cash

• 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

• money multiplier

the amount of money the banking system generates with each dollar of reserves

• open-market operations

the purchase and sale of U.S. government bonds by the Fed

• positive statements

claims that attempt to describe the world as it is

• 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

• productivity

the quantity of goods and services produced from each unit of labor input

• quantity theory of money

a theory asserting that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate

• recession

a period of declining real incomes and rising unemployment

• reserves

deposits that banks have received but have not loaned out

• scarcity

the limited nature of society’s resources

• social insurance

government policy aimed at protecting people against the risk of adverse events

• tariff

tax on goods produced abroad and sold domestically

• utilitarianism

the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

• vertical equity

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

×

I don't want to reset my password

Need help? Contact support

Need an Account? Is not associated with an account
We're here to help