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Solutions for Chapter Module 11: Interpreting Real Gross Domestic Product

Full solutions for Krugman's Economics for AP* | 2nd Edition

ISBN: 9781429218276

Solutions for Chapter Module 11: Interpreting Real Gross Domestic Product

Chapter Module 11: Interpreting Real Gross Domestic Product includes 5 full step-by-step solutions. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276. Since 5 problems in chapter Module 11: Interpreting Real Gross Domestic Product have been answered, more than 11927 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2.

Key Business Terms and definitions covered in this textbook
  • bank capital

    the resources a bank’s owners have put into the institution

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • diminishing returns

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

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • finance

    the field that studies how people make decisions regarding the allocation of resources over time and the handling of risk

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • lump-sum tax

    a tax that is the same amount for every person

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • money supply

    the quantity of money available in the economy

  • monopolistic competition

    a market structure in which many firms sell products that are similar but not identical

  • price floor

    a legal minimum on the price at which a good can be sold

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • 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

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • variable costs

    costs that vary with the quantity of output produced

  • welfare economics

    the study of how the allocation of resources affects economic well-being

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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