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 3324 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • budget surplus

    an excess of government receipts over government spending

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • discrimination

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

  • efficient scale

    the quantity of output that minimizes average total cost

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • free rider

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

  • fundamental analysis

    the study of a company’s accounting statements and future prospects to determine its value

  • inflation tax

    the revenue the government raises by creating money

  • job search

    the process by which workers find appropriate jobs given their tastes and skills

  • marginal revenue

    the change in total revenue from an additional unit sold

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • menu costs

    the costs of changing prices

  • normal good

    a good for which, other things being equal, an increase in

  • open-market operations

    the purchase and sale of U.S. government bonds by the Fed

  • producer surplus

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

  • quantity theory of money

    a theory asserting that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate

  • real GDP

    the production of goods and services valued at constant prices

  • supply curve

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

  • supply schedule

    a table that shows the relationship between the price of a good and the quantity supplied

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

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