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Solutions for Chapter 2: Thinking Like an Economist

Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw

Full solutions for Principles of Microeconomics | 7th Edition

ISBN: 9781285165905

Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw

Solutions for Chapter 2: Thinking Like an Economist

This expansive textbook survival guide covers the following chapters and their solutions. Since 6 problems in chapter 2: Thinking Like an Economist have been answered, more than 24056 students have viewed full step-by-step solutions from this chapter. Chapter 2: Thinking Like an Economist includes 6 full step-by-step solutions. This textbook survival guide was created for the textbook: Principles of Microeconomics, edition: 7. Principles of Microeconomics was written by and is associated to the ISBN: 9781285165905.

Key Business Terms and definitions covered in this textbook
  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • average tax rate

    total taxes paid divided by total income

  • bond

    a certificate of indebtedness

  • capital

    the equipment and structures used to produce goods and services

  • closed economy

    an economy that does not interact with other economies in the world

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • deadweight loss

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

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • efficiency

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

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • marginal product of labor

    the increase in the amount of output from an additional unit of labor

  • net exports

    spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)

  • random walk

    the path of a variable whose changes are impossible to predict

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • signaling

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

  • tariff

    tax on goods produced abroad and sold domestically

  • tax incidence

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

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

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