- Module 36.1: What debates has the modern consensus resolved? What debates has it...
- Module 36.2: In the FYI box in this module, you learned about supply-side econom...
- Module 36.3: Which of the following was one of the main arguments against using ...
- Module 36.4: Which of the following is a major source of disagreement among macr...
- Module 36.5: Which of the following best describes the 23 years prior to the Gre...
Solutions for Chapter Module 36: Consensus and Conflict in Modern Macroeconomics
Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition
the ability to produce a good using fewer inputs than another producer
the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
a study that compares the costs and benefits to society of providing a public good
the deviation of unemployment from its natural rate
a graph of the relationship between the price of a good and the quantity demanded
the reduction of risk achieved by replacing a single risk with a large number of smaller, unrelated risks
spending on goods and services by local, state, and federal governments
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
the setting of the money supply by policymakers in the central bank
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
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
goods that are neither excludable nor rival in consumption
the theory that people optimally use all the information they have, including information about government policies, when forecasting the future
people who systematically and purposefully do the best they can to achieve their objectives
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
unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one
costs that vary with the quantity of output produced