- Module 37 .1: Why do economists focus on real GDP per capita as a measure of econ...
- Module 37 .2: Apply the Rule of 70 to the data in Figure 37.3 to determine how lo...
- Module 37 .3: Although China and India currently have growth rates much higher th...
- Module 37 .4: If a countrys real GDP per capita doubles in 10 years, what was its...
- Module 37 .5: Long-run economic growth depends almost entirely on a. technologica...
Solutions for Chapter Module 37 : Long-run Economic Growth
Full solutions for Krugman's Economics for AP* | 2nd Edition
average tax rate
total taxes paid divided by total income
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
individuals who would like to work but have given up looking for a job
a person who receives the benefit of a good but avoids paying for it
the amount of money in the future that an amount of money today will yield, given prevailing interest rates
the study of how people behave in strategic situations
the idea that taxpayers with similar abilities to pay taxes should pay the same amount
an increase in the overall level of prices in the economy
the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”
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
an economy that interacts freely with other economies around the world
the study of government using the analytic methods of economics
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
an action taken by an uninformed party to induce an informed party to reveal information
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