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Solutions for Chapter Module 70 : The Markets for Land and Capital

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

ISBN: 9781429218276

Solutions for Chapter Module 70 : The Markets for Land and Capital

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. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276. Chapter Module 70 : The Markets for Land and Capital includes 5 full step-by-step solutions. Since 5 problems in chapter Module 70 : The Markets for Land and Capital have been answered, more than 8890 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

  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • efficient scale

    the quantity of output that minimizes average total cost

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • explicit costs

    input costs that require an outlay of money by the firm

  • financial intermediaries

    financial institutions through which savers can indirectly provide funds to borrowers

  • financial system

    the group of institutions in the economy that help to match one person’s saving with another person’s investment

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • inflation tax

    the revenue the government raises by creating money

  • labor force

    the total number of workers, including both the employed and the unemployed

  • 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”

  • net capital outflow

    the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners

  • opportunity cost

    whatever must be given up to obtain some item

  • private goods

    goods that are both excludable and rival in consumption

  • signaling

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

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • transaction costs

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

  • utilitarianism

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

  • variable costs

    costs that vary with the quantity of output produced

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