Solutions for Chapter 7: Economic Growth and Productivity

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

Solutions for Chapter 7: Economic Growth and Productivity

Since 13 problems in chapter 7: Economic Growth and Productivity have been answered, more than 1185 students have viewed full step-by-step solutions from this chapter. Krugman's Macroeconomics for AP* was written by and is associated to the ISBN: 9781429257305. Chapter 7: Economic Growth and Productivity includes 13 full step-by-step solutions. This textbook survival guide was created for the textbook: Krugman's Macroeconomics for AP*, edition: 1. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • average revenue

    total revenue divided by the quantity sold

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • capital fligh

    a large and sudden reduction in the demand for assets located in a country

  • catch-up effect

    the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • efficiency

    the property of society getting the most it can from its scarce resources

  • exports

    goods produced domestically and sold abroad

  • firm-specific risk

    risk that affects only a single company

  • imports

    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

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • monopolistic competition

    the quantity of money available in the economy

  • natural-rate hypothesis

    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

  • private goods

    goods that are both excludable and rival in consumption

  • random walk

    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

  • trade policy

    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

  • world price

    the price of a good that prevails in the world market for that good

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