- Section 3.1: Refer to the following diagram for Questions 13. What is the value ...
- Section 3.2: Refer to the following diagram for Questions 13. What is the value ...
- Section 3.3: Refer to the following diagram for Questions 13. The $750 of wages,...
- Section 3.4: Refer to the following table for Questions 46 What is the value of ...
- Section 3.5: Refer to the following table for Questions 46 What is the value of ...
- Section 3.6: Refer to the following table for Questions 46 Which of the followin...
- Section 3.7: Investment spending includes spending on which of the following? a....
- Section 3.8: Which of the following is included in the calculation of GDP? a. in...
- Section 3.9: Which of the following is true for this year if real GDP is greater...
- Section 3.10: A countrys labor force is equal to which of the following? a. the n...
- Section 3.11: The number of people who are considered unemployed is equal to the ...
- Section 3.12: The unemployment rate is the number of people unemployed divided by...
- Section 3.13: The number of people counted as unemployed includes which of the fo...
- Section 3.14: A worker who is not working while engaged in a job search after mov...
- Section 3.15: A worker who is not working because his or her skills are no longer...
- Section 3.16: The normal unemployment rate around which the actual unemployment r...
- Section 3.17: Which of the following is true if the real wage rate is equal to th...
- Section 3.18: A worker who is unemployed due to fluctuations in the business cycl...
- Section 3.19: When inflation makes money a less reliable unit of measurement, the...
- Section 3.20: Bringing down the inflation rate is known as a. negative inflation....
- Section 3.21: The real interest rate is equal to the nominal interest rate a. min...
- Section 3.22: Who loses from unanticipated inflation? a. borrowers b. the governm...
- Section 3.23: Assume a country has a population of 1,000. If 400 people are emplo...
- Section 3.24: Which of the following changes will result in an increase in the na...
- Section 3.25: If the consumer price index rises from 120 to 132, what is the infl...
Solutions for Chapter Section 3: Measurement of Economic Performance
Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition
Arrow’s impossibility theorem
a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences
the subfield of economics that integrates the insights of psychology
a study that compares the costs and benefits to society of providing a public good
the fall in total surplus that results from a market distortion, such as a tax
input costs that require an outlay of money by the firm
the one-for-one adjustment of the nominal interest rate to the inflation rate
the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve
a good for which, other things being equal, an increase in income leads to a decrease in demand
law of supply
the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises
the increase in total cost that arises from an extra unit of production
a group of buyers and sellers of a particular good or service
natural rate of unemployment
the normal rate of unemployment around which the unemployment rate fluctuates
the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation
a good for which, other things being equal, an increase in income leads to an increase in demand
the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money
the amount a seller is paid for a good minus the seller’s cost of providing it
total revenue minus total cost
people who systematically and purposefully do the best they can to achieve their objectives
unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
total revenue (for a firm)
the amount a firm receives for the sale of its output