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Solutions for Chapter Module 41: Capital Flows and the Balance of Payments

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

ISBN: 9781429218276

Solutions for Chapter Module 41: Capital Flows and the Balance of Payments

This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276. Chapter Module 41: Capital Flows and the Balance of Payments includes 5 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 41: Capital Flows and the Balance of Payments have been answered, more than 11126 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • agent

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

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • efficiency

    the property of society getting the most it can from its scarce resources

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • fixed costs

    costs that do not vary with the quantity of output produced

  • game theory

    the study of how people behave in strategic situations

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • inflation

    an increase in the overall level of prices in the economy

  • marginal change

    a small incremental adjustment to a plan of action

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • monopolistic competition

    a market structure in which many firms sell products that are similar but not identical

  • price elasticity of supply

    a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • stock

    a claim to partial ownership in a firm

  • supply schedule

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

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

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