Tài liệu Ten Principles of Economics - Part 79 ppt

... effect—the one-for-one adjust-ment of the nominal interest rate tothe inflation rate fixed costs—costs that do not varywith the quantity of output produced fractional-reserve banking—a bank-ing ... quantity de-manded of a good falls when theprice of the good rises law of supply—the claim that, otherthings equal, the quantity supplied of a good rises when the price of thegood rises law of ... high-income taxpayers pay a largerfraction of their income than dolow-income taxpayers proportional tax—a tax for whichhigh-income and low-income tax-payers pay the same fraction of income...

Tài liệu Ten Principles of Economics - Part 5 ppt

... various mixes of outputthat an economy can produce. It illustrates one of the Ten Principles of Economics inChapter 1: People face tradeoffs. Here the farmer faces a tradeoff between produc-ing meat ... case of babies and mini-vans. Couples often buy a minivan in anticipation of the birth of a child. TheViolentCrimes (per 1,000people)Police Officers(per 1,000 people)0Figure 2A-7GRAPHSUGGESTINGREVERSECAUSALITY. ... the ac-tivities of millions of people with varying tastes and abilities. As a starting pointfor this analysis, here we consider the reasons for economic interdependence. One of the Ten Principles...

Tài liệu Ten Principles of Economics - Part 7 pptx

... sum of all theindividual demands for a particular good or service.Catherine’s DemandPrice of Ice-CreamConePrice of Ice-CreamConeNicholas’s Demand0 1 2 3 4 5 6 7 8 9 10 11 12Quantity of Ice-Cream ... relationshipbetween the price of a good and thequantity demandedPrice of Ice-CreamCone02.502.001.501.000.501 2 3 4 5 6 7 8 9 10 11Quantity of Ice-Cream Cones$3.0012Figure 4-1 CATHERINE’SDEMANDCURVE.This ... and hot fudge are often used together. When a fall in theprice of one good raises the demand for another good, the two goods are calledcomplements. Complements are often pairs of goods that are...

Tài liệu Ten Principles of Economics - Part 10 ppt

... considered a 40 per-cent fall.Because the midpoint method gives the same answer regardless of the direc-tion of change, it is often used when calculating the price elasticity of demand be-tween two ... together, such as comput-ers and software. In this case, the cross-price elasticity is negative, indicating thatan increase in the price of computers reduces the quantity of software demanded.QUICK ... by the per-centage change in the price. That is,Price elasticity of demand ϭ .For example, suppose that a 10-percent increase in the price of an ice-cream conecauses the amount of ice cream...

Tài liệu Ten Principles of Economics - Part 57 pptx

... on labor-force participation.The labor-force participation rate measures the percentage of the total adult pop-ulation of the United States that is in the labor force:Labor-force participation ... Statistics (BLS), whichis part of the Department of Labor. Every month the BLS produces data on unem-ployment and on other aspects of the labor market, such as types of employment,CHAPTER 26 ... million, the labor-force participationrate wasLabor-force participation rate ϭ (137.7/205.2) ϫ 100 ϭ 67.1 percent.Hence, in 1998, two-thirds of the U.S. adult population were participating in...

Tài liệu Ten Principles of Economics - Part 59 pptx

... has a fifty-fifty chance of hiring the compe-tent one. By contrast, if the firm offers any lower wage, it is sure to hire the incom-petent worker.In many situations in life, in-formation ... variety of interesting problems for eco-nomic theory. Some of theseproblems were highlighted inour description of the theory of efficiency wages. These prob-lems, however, go beyond thestudy of ... well as it might be-cause of the problem of adverse selection.Similarly, the worker-effort variant of efficiency-wagetheory illustrates a general phenomenon called moral haz-ard. Moral hazard...

Tài liệu Ten Principles of Economics - Part 62 ppt

... rate.SOURCE: U.S. Department of Treasury;U.S. Department of Labor.632 PART TEN MONEY AND PRICES IN THE LONG RUNTHE EFFECTS OF A MONETARY INJECTIONLet’s now consider the effects of a change in ... quantity of money, thevelocity of money, and the dollarvalue of the economy’s output of goods and services636 PART TEN MONEY AND PRICES IN THE LONG RUNThe price level must rise, the quantity of ... Inflation rate.This way of looking at the nominal interest rate is useful because different eco-nomic forces determine each of the two terms on the right-hand side of this equa-tion. As we discussed...

Tài liệu Ten Principles of Economics - Part 15 ppt

... property of a resource allocation of maximizing the total surplusreceived by all members of societyequitythe fairness of the distribution of well-being among the members of society154 PART THREE ... planner. The benevolent social planner is anall-knowing, all-powerful, well-intentioned dictator. The planner wants to maxi-mize the economic well-being of everyone in society. What do you suppose ... composed of two parts. First, those buy-ers who were already buying Q1 of the good at the higher price P1are better off be-cause they now pay less. The increase in consumer surplus of existing...

Tài liệu Ten Principles of Economics - Part 17 ppt

... THE COSTS OF TAXATION 167Let’s consider first how the elasticity of supply affects the size of the dead-weight loss. In the top two panels of Figure 8-5 , the demand curve and the size of the tax ... that part of the disagree-ment may rest on different views about the elasticity of labor supply and thedeadweight loss of taxation.“LET ME TELL YOU WHATI THINK ABOUT THE ELASTICITY OF LABORSUPPLY.”QUICK ... the dead-weight loss rises by a factor of 9.The government’s tax revenue is the size of the tax times the amount of thegood sold. As Figure 8-6 shows, tax revenue equals the area of the rectangle...

Xem thêm