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Solutions for Chapter Module 37 : Long-run Economic Growth

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

ISBN: 9781429218276

Solutions for Chapter Module 37 : Long-run Economic Growth

This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2. Chapter Module 37 : Long-run Economic Growth includes 5 full step-by-step solutions. Since 5 problems in chapter Module 37 : Long-run Economic Growth have been answered, more than 11809 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. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • average tax rate

    total taxes paid divided by total income

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • consumer price index (CPI)

    a measure of the overall cost of the goods and services bought by a typical consumer

  • discouraged workers

    individuals who would like to work but have given up looking for a job

  • free rider

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

  • future value

    the amount of money in the future that an amount of money today will yield, given prevailing interest rates

  • game theory

    the study of how people behave in strategic situations

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • inflation

    an increase in the overall level of prices in the economy

  • 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”

  • macroeconomics

    the study of economy-wide phenomena, including inflation, unemployment, and economic growth

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • open economy

    an economy that interacts freely with other economies around the world

  • political economy

    the study of government using the analytic methods of economics

  • real GDP

    the production of goods and services valued at constant prices

  • real interest rate

    the interest rate corrected for the effects of inflation

  • rivalry in consumption

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

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

  • stock

    a claim to partial ownership in a firm

  • value of the marginal product

    the marginal product of an input times the price of the output

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