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Krugman's Macroeconomics for AP* 1st Edition - Solutions by Chapter

Krugman's Macroeconomics for AP* | 1st Edition | ISBN: 9781429257305 | Authors: Margaret Ray, David A. Anderson

Full solutions for Krugman's Macroeconomics for AP* | 1st Edition

ISBN: 9781429257305

Krugman's Macroeconomics for AP* | 1st Edition | ISBN: 9781429257305 | Authors: Margaret Ray, David A. Anderson

Krugman's Macroeconomics for AP* | 1st Edition - Solutions by Chapter

This expansive textbook survival guide covers the following chapters: 8. This textbook survival guide was created for the textbook: Krugman's Macroeconomics for AP*, edition: 1. The full step-by-step solution to problem in Krugman's Macroeconomics for AP* were answered by Patricia, our top Business solution expert on 01/30/18, 03:18PM. Since problems from 8 chapters in Krugman's Macroeconomics for AP* have been answered, more than 651 students have viewed full step-by-step answer. Krugman's Macroeconomics for AP* was written by Patricia and is associated to the ISBN: 9781429257305.

Key Business Terms and definitions covered in this textbook
  • budget deficit

    an excess of government spending over government receipts

  • budget surplus

    an excess of tax revenue over government spending

  • cartel

    a group of firms acting in unison

  • discouraged workers

    individuals who would like to work but have given up looking for a job

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • law of demand

    the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

  • life cycle

    the regular pattern of income variation over a person’s life

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • multiplier effect

    the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending

  • mutual fund

    an institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds

  • positive statements

    claims that attempt to describe the world as it is

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • scarcity

    the limited nature of society’s resources

  • screening

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

  • strike

    the organized withdrawal of labor from a firm by a union

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

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