- Module 12 .1: Suppose that employment websites enable job -seekers to find suitab...
- Module 12 .2: In which of the following cases would the worker be counted as unem...
- Module 12 .3: Which of the following are consistent with the observed relationshi...
- Module 12 .4: Use the information for a hypothetical economy presented in the fol...
- Module 12 .5: The unemployment problem in an economy may be understated by the un...
Solutions for Chapter Module 12 : The Meaning and Calculation of Unemployment
Full solutions for Krugman's Economics for AP* | 2nd Edition
Arrow’s impossibility theorem
a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences
average total cost
total cost divided by the quantity of output
a difference in wages that arises to offset the nonmonetary characteristics of different jobs
two goods for which an increase in the price of one leads to a decrease in the demand for the other
constant returns to scale
The property whereby long-run average total cost stays the same as the quantity of output changes
diminishing marginal product
the property whereby the marginal product of an input declines as the quantity of the input increases
the study of how society manages its scarce resources
a banking system in which banks hold only a fraction of deposits as reserves
a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100
income elasticity of demand
a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income
the use of borrowed money to supplement existing funds for purposes of investment
the percentage of the population whose family income falls below an absolute level called the poverty line
a legal maximum on the price at which a good can be sold
goods that are both excludable and rival in consumption
a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers
the amount of a good that sellers are willing and able to sell
an action taken by an uninformed party to induce an informed party to reveal information
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
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
Having trouble accessing your account? Let us help you, contact support at +1(510) 944-1054 or firstname.lastname@example.org
Forgot password? Reset it here