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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 8262 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
  • 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

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • explicit costs

    input costs that require an outlay of money by the firm

  • Fisher effect

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

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • inferior good

    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

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • market

    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

  • natural-rate hypothesis

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

  • normal good

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

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • profit

    total revenue minus total cost

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • structural unemployment

    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

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