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Textbooks / Business / Krugman's Economics for AP® (High School) 2

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 0 403 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 7854 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

  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • budget deficit

    an excess of government spending over government receipts

  • budget surplus

    an excess of tax revenue over government spending

  • classical dichotomy

    the theoretical separation of nominal and real variables

  • demand curve

    a graph of the relationship between the price of a good and the quantity demanded

  • demand schedule

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

  • fixed costs

    costs that do not vary with the quantity of output produced

  • income elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income

  • inflation rate

    the percentage change in the price index from the preceding period

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • menu costs

    the costs of changing prices

  • opportunity cost

    whatever must be given up to obtain some item

  • perfect substitutes

    two goods with straight-line indifference curves

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • scarcity

    the limited nature of society’s resources

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

  • tariff

    tax on goods produced abroad and sold domestically

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

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