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Solutions for Chapter Section 4: National Income and Price Determination

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

ISBN: 9781464122187

Solutions for Chapter Section 4: National Income and Price Determination

Solutions for Chapter Section 4
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Textbook: Krugman's Economics for AP® (High School)
Edition: 2
Author: Margaret Ray
ISBN: 9781464122187

This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Chapter Section 4: National Income and Price Determination includes 25 full step-by-step solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Since 25 problems in chapter Section 4: National Income and Price Determination have been answered, more than 9986 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • average tax rate

    total taxes paid divided by total income

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • excludability

    the property of a good whereby a person can be prevented from using it

  • externality

    the uncompensated impact of one person’s actions on the well-being of a bystander

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • fractional-reserve banking

    a banking system in which banks hold only a fraction of deposits as reserves

  • marginal cost

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

  • marginal revenue

    the change in total revenue from an additional unit sold

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • medium of exchange

    an item that buyers give to sellers when they want to purchase goods and services

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • net exports

    spending on domestically produced goods by foreigners (exports) minus spending on foreign goods by domestic residents (imports)

  • normative statements

    claims that attempt to prescribe how the world should be

  • positive statements

    claims that attempt to describe the world as it is

  • tariff

    tax on goods produced abroad and sold domestically

  • union

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

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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