- 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
total revenue divided by the quantity sold
the limit on the consumption bundles that a consumer can afford
a large and sudden reduction in the demand for assets located in a country
the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich
the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases
the property of society getting the most it can from its scarce resources
goods produced domestically and sold abroad
risk that affects only a single company
goods produced abroad and sold domestically
law of demand
the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises
the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”
the quantity of money available in the economy
the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation
price elasticity of supply
a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price
goods that are both excludable and rival in consumption
the path of a variable whose changes are impossible to predict
total revenue (for a firm)
the amount a firm receives for the sale of its output
a government policy that directly influences the quantity of goods and services that a country imports or exports
value of the marginal product
the marginal product of an input times the price of the output
the price of a good that prevails in the world market for that good