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Solutions for Chapter Module 39 : Growth Policy: Why Economic Growth Rates Differ

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

ISBN: 9781429218276

Solutions for Chapter Module 39 : Growth Policy: Why Economic Growth Rates Differ

Since 5 problems in chapter Module 39 : Growth Policy: Why Economic Growth Rates Differ have been answered, more than 13142 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. Chapter Module 39 : Growth Policy: Why Economic Growth Rates Differ includes 5 full step-by-step solutions. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276.

Key Business Terms and definitions covered in this textbook
  • agent

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

  • average revenue

    total revenue divided by the quantity sold

  • collusion

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

  • depreciation

    a decrease in the value of a currency as measured by the amount of foreign currency it can buy

  • economics

    the study of how society manages its scarce resources

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • firm-specific risk

    risk that affects only a single company

  • imports

    goods produced abroad and sold domestically

  • negative income tax

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

  • price ceiling

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

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • real GDP

    the production of goods and services valued at constant prices

  • rivalry in consumption

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

  • stagflation

    a period of falling output and rising prices

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • utility

    a measure of happiness or satisfaction

  • welfare

    government programs that supplement the incomes of the needy

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