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Solutions for Chapter Module 36: Consensus and Conflict in Modern Macroeconomics

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

ISBN: 9781464122187

Solutions for Chapter Module 36: Consensus and Conflict in Modern Macroeconomics

Chapter Module 36: Consensus and Conflict in Modern Macroeconomics includes 5 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 36: Consensus and Conflict in Modern Macroeconomics have been answered, more than 8200 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. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187.

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

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

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • cost–benefit analysis

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

  • cyclical unemployment

    the deviation of unemployment from its natural rate

  • demand curve

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

  • diversification

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

  • government purchases

    spending on goods and services by local, state, and federal governments

  • marginal cost

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

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • monetary policy

    the setting of the money supply by policymakers in the central bank

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • nominal GDP

    the production of goods and services valued at current prices

  • nominal interest rate

    the interest rate as usually reported without a correction for the effects of inflation

  • public goods

    goods that are neither excludable nor rival in consumption

  • rational expectations

    the theory that people optimally use all the information they have, including information about government policies, when forecasting the future

  • rational people

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

  • shoe-leather cost

    the resources wasted when inflation encourages people to reduce their money holdings

  • store of value

    an item that people can use to transfer purchasing power from the present to the future

  • 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

  • variable costs

    costs that vary with the quantity of output produced

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