Solutions for Chapter Module 32: Money, Output, and Prices in the Long Run

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

ISBN: 9781464122187

Solutions for Chapter Module 32: Money, Output, and Prices in the Long Run

This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 32: Money, Output, and Prices in the Long Run have been answered, more than 3327 students have viewed full step-by-step solutions from this chapter. Chapter Module 32: Money, Output, and Prices in the Long Run includes 5 full step-by-step solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2.

Key Business Terms and definitions covered in this textbook
  • average revenue

    total revenue divided by the quantity sold

  • balanced trade

    a situation in which exports equal imports

  • behavioral economics

    the subfield of economics that integrates the insights of psychology

  • business cycle

    fluctuations in economic activity, such as employment and production

  • capital fligh

    a large and sudden reduction in the demand for assets located in a country

  • cartel

    a group of firms acting in unison

  • corrective tax

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

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • fractional-reserve banking

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

  • fundamental analysis

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

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • medium of exchange

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

  • nominal variables

    variables measured in monetary units

  • normal good

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

  • normative statements

    claims that attempt to prescribe how the world should be

  • profit

    total revenue minus total cost

  • stagflation

    a period of falling output and rising prices

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • welfare

    government programs that supplement the incomes of the needy

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