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Solutions for Chapter Module 35: History and Alternative Views of Macroeconomics

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

ISBN: 9781464122187

Solutions for Chapter Module 35: History and Alternative Views of Macroeconomics

Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Chapter Module 35: History and Alternative Views of Macroeconomics includes 5 full step-by-step solutions. Since 5 problems in chapter Module 35: History and Alternative Views of Macroeconomics have been answered, more than 9118 students have viewed full step-by-step solutions from this chapter. 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.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • average tax rate

    total taxes paid divided by total income

  • budget surplus

    an excess of tax revenue over government spending

  • club goods

    goods that are excludable but not rival in consumption

  • cost

    the value of everything a seller must give up to produce a good

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • diversification

    the reduction of risk achieved by replacing a single risk with a large number of smaller, unrelated risks

  • equality

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

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • horizontal equity

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

  • human capital

    the knowledge and skills that workers acquire through education, training, and experience

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • 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

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • rational people

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

  • real exchange rate

    the rate at which a person can trade the goods and services of one country for the goods and services of another

  • supply curve

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

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