Principles of Economics (12th Edition) - 12th Edition - by Karl E. Case, Ray C. Fair, Sharon E. Oster - ISBN 9780134078779
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Principles of Economics (12th Edition)
12th Edition
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
ISBN: 9780134078779

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An Introduction to the Functioning of the Economy and the Power and Breadth of Economics.

Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling Principles of Economics texts because they trust it to be clear, thorough, and complete. Readers of Principles of Economics, Twelfth Edition come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. With the latest research and added exercises, readers begin to learn the art and science of economic thinking and start to look at some policy and even personal decisions in a different way.

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Demand and supply of labor are determined by many factors. The demand could be increased due to an...Life guard training and certification from the Red Cross is regarded as the intangible human...The effect of changes in price of oil along with subsidy on the price of corn is depicted in Figure...The fact that Person V has the only 7-Eleven convenience store in the town does not mean this...The market for (a) Motorcycles, (b) Cruise lines and (d) Firearms can be classified as oligopolies...The restaurant industry is a club of many firms serving varieties of foods. Each one tries to...When firms in the industry that pollute are charged with tax rates of higher value than the actual...The current salary of the individual is $115,600 per year, which gives a utility of 340. Since the...Unemployment compensation received from the government can be considered as the transfer payments....The average tax rate can be calculated by using formula as follows: Average tax rate=Taxrate(Total...Inflation is defined as a situation in which the general price level of the economy rises...Double counting is the phenomenon which occurs when the price of an intermediate commodity is...Typically, the recession can be defined as the declining aggregate output in two consecutive...Option (a): MPC is the marginal propensity to consume which represents that portion of change in...Saving is that part of annual disposable income which is used by a consumer to be spent for future...The world war was a deeply impacted war between the axis powers and the allied forces. The war leads...Figure 1 shows the shift in the supply curve of labor force. In Figure 1, the vertical axis measures...When the tax is imposed by the government on an economy, it will reduce the disposable income of the...This policy helps to matches employees with job vacancies. Therefore it is beneficial to reduce the...Asia experienced stock markets crash in 1997, as a result, Hong Kong’s was down nearly 30 percent,...If the Federal Reserve System rises the interest rates, then the borrowing of items become more...The growth rate in real GDP can be calculated using the following formula: Growth rate in real...Using the aggregate demand-supply model, the likely effects of the major tax cut when the economy is...The production possibility frontier for country Latvia is given in figure 1 as follows: From figure...The US government cutting tax rate is an expansionary fiscal policy. When the exchange rates are...There are many people suffering a lot in the situation of extreme poverty. Growth by itself is not...A selection bias occurs in a study when the sample used is not random. In a study of 5,000 office...

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