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Krugman's Economics for AP® (High School) 2nd Edition - Solutions by Chapter

Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition

ISBN: 9781464122187

Krugman's Economics for AP® (High School) | 2nd Edition - Solutions by Chapter

Solutions by Chapter
4 5 0 258 Reviews
Textbook: Krugman's Economics for AP® (High School)
Edition: 2
Author: Margaret Ray
ISBN: 9781464122187

Since problems from 95 chapters in Krugman's Economics for AP® (High School) have been answered, more than 4123 students have viewed full step-by-step answer. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. The full step-by-step solution to problem in Krugman's Economics for AP® (High School) were answered by , our top Business solution expert on 03/14/18, 08:10PM. This expansive textbook survival guide covers the following chapters: 95. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • agent

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

  • cartel

    a group of firms acting in unison

  • consumer price index (CPI)

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

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • Fisher effect

    the one-for-one adjustment of the nominal interest rate to the inflation rate

  • fractional-reserve banking

    a banking system in which banks hold only a fraction of deposits as reserves

  • government purchases

    spending on goods and services by local, state, and federal governments

  • implicit costs

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

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • lump-sum tax

    a tax that is the same amount for every person

  • marginal revenue

    the change in total revenue from an additional unit sold

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • natural rate of unemployment

    the normal rate of unemployment around which the unemployment rate fluctuates

  • natural-rate hypothesis

    the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

  • price ceiling

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

  • price elasticity of demand

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

  • supply schedule

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

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

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