Solutions for Chapter Section 3: Measurement of Economic Performance

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

ISBN: 9781464122187

Solutions for Chapter Section 3: Measurement of Economic Performance

Solutions for Chapter Section 3
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Textbook: Krugman's Economics for AP® (High School)
Edition: 2
Author: Margaret Ray
ISBN: 9781464122187

Since 25 problems in chapter Section 3: Measurement of Economic Performance have been answered, more than 3379 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. This expansive textbook survival guide covers the following chapters and their solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Chapter Section 3: Measurement of Economic Performance includes 25 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • bond

    a certificate of indebtedness

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • cross-price elasticity of demand

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

  • demand curve

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

  • demand deposits

    balances in bank accounts that depositors can access on demand by writing a check

  • discrimination

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

  • diseconomies of scal

    the property whereby long-run average total cost rises as the quantity of output increases

  • economies of scale

    the property whereby long-run average total cost falls as the quantity of output increases

  • efficiency

    the property of society getting the most it can from its scarce resources

  • Federal Reserve (Fed)

    the central bank of the United States

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • frictional unemployment

    unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills

  • Giffen good

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

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • in-kind transfers

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

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • recession

    a period of declining real incomes and rising unemployment

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

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