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Solutions for Chapter Module 35 : History and Alternative Views of Macroeconomics

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

ISBN: 9781429218276

Solutions for Chapter Module 35 : History and Alternative Views of Macroeconomics

Chapter Module 35 : History and Alternative Views of Macroeconomics includes 5 full step-by-step solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2. This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 35 : History and Alternative Views of Macroeconomics have been answered, more than 13072 students have viewed full step-by-step solutions from this chapter. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • accounting profit

    total revenue minus total explicit cost

  • agent

    a person who is performing an act for another person, called the principal

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • cost

    the value of everything a seller must give up to produce a good

  • demand curve

    a graph of the relationship between the price of a good and the quantity demanded

  • discrimination

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

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • money multiplier

    the amount of money the banking system generates with each dollar of reserves

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • open economy

    an economy that interacts freely with other economies around the world

  • positive statements

    claims that attempt to describe the world as it is

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • random walk

    the path of a variable whose changes are impossible to predict

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • supply schedule

    a table that shows the relationship between the price of a good and the quantity supplied

  • technological knowledge

    society’s understanding of the best ways to produce goods and services

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

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