- 7.1: The accompanying table shows data on real GDP per capita forseveral...
- 7.2: The accompanying table shows the average annual growth ratein real ...
- 7.3: The accompanying table provides approximate statisticson per capita...
- 7.4: You are hired as an economic consultant to the countriesof Albernia...
- 7.5: The country of Androde is currently using Method 1 for itsproductio...
- 7.6: The Bureau of Labor Statistics regularly releases the Productivitya...
- 7.7: How have U.S. policies and institutions influenced the countryslong...
- 7.8: Over the next 100 years, real GDP per capita in Groland is expected...
- 7.9: The accompanying table shows data on real GDP per capita in2000 U.S...
- 7.10: The accompanying table shows data on real GDP per capita in2000 U.S...
- 7.11: Why would you expect real GDP per capita in California andPennsylva...
- 7.12: According to the Oil & Gas Journal, the proven oil reserves ofthe t...
- 7.13: The accompanying table shows the percent change in verifiedemission...
Solutions for Chapter 7: Economic Growth and Productivity
Full solutions for Krugman's Macroeconomics for AP* | 1st Edition
a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level
the limit on the consumption bundles that a consumer can afford
the accumulation of a sum of money in, say, a bank account, where the interest earned remains in the account to earn additional interest in the future
economies of scale
the property whereby long-run average total cost falls as the quantity of output increases
the uncompensated impact of one person’s actions on the wellbeing of a bystander
the total number of workers, including both the employed and the unemployed
the study of economy-wide phenomena, including inflation, unemployment, and economic growth
a small incremental adjustment to a plan of action
a situation in which a market left on its own fails to allocate resources efficiently
the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior
natural rate of unemployment
the normal rate of unemployment around which the unemployment rate fluctuates
a market structure in which only a few sellers offer similar or identical products
an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty
production possibilities frontier
a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology
a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers
a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries
an action taken by an informed party to reveal private information to an uninformed party
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
the manner in which the burden of a tax is shared among participants in a market
the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society