- Section 1.1: In a market economy, most choices about production and consumption ...
- Section 1.2: Which of the following pairs indicates a category of resources and ...
- Section 1.3: You can either go to a movie or study for an exam. Which of the fol...
- Section 1.4: Which of the following situations is explained by increasing opport...
- Section 1.5: Which of the following is a normative statement? a. The unemploymen...
- Section 1.6: Falling output in an economy is consistent with which of the follow...
- Section 1.7: Which of the following is a goal for the macroeconomy? a. declining...
- Section 1.8: Refer to the following table and information for Questions 811. Sup...
- Section 1.9: Refer to the following table and information for Questions 811. Sup...
- Section 1.10: Refer to the following table and information for Questions 811. Sup...
- Section 1.11: Refer to the following table and information for Questions 811. Sup...
- Section 1.12: Refer to the following information for Questions 1213. In the ancie...
- Section 1.13: Refer to the following information for Questions 1213. In the ancie...
- Section 1.14: Which of the following is a basic source of economic growth in the ...
- Section 1.15: Comparative advantage explains which of the following? a. a country...
Solutions for Chapter Section 1: Basic Economic Concepts
Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition
the subfield of economics that integrates the insights of psychology
an institution designed to oversee the banking system and regulate the quantity of money in the economy
two goods for which an increase in the price of one leads to a decrease in the demand for the other
the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
the fall in total surplus that results from a market distortion, such as a tax
total revenue minus total cost, including both explicit and implicit costs
the property of society getting the most it can from its scarce resources
efficient markets hypothesis
the theory that asset prices reflect all publicly available information about the value of an asset
input costs that do not require an outlay of money by the firm
nominal exchange rate
the rate at which a person can trade the currency of one country for the currency of another
claims that attempt to prescribe how the world should be
a person’s normal income
the amount a seller is paid for a good minus the seller’s cost of providing it
goods that are neither excludable nor rival in consumption
the amount of a good that sellers are willing and able to sell
variables measured in physical units
the limited nature of society’s resources
an action taken by an uninformed party to induce an informed party to reveal information
a graph of the relationship between the price of a good and the quantity supplied
a table that shows the relationship between the price of a good and the quantity supplied