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 3301 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
  • budget surplus

    an excess of government receipts over government spending

  • capital fligh

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

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • cost

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

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • imports

    goods produced abroad and sold domestically

  • inflation

    an increase in the overall level of prices in the economy

  • lump-sum tax

    a tax that is the same amount for every person

  • monopoly

    a firm that is the sole seller of a product without close substitutes

  • multiplier effect

    the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • poverty rate

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

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • supply shock

    an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • theory of liquidity preference

    Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance

  • transaction costs

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

  • variable costs

    costs that vary with the quantity of output produced

×
Log in to StudySoup
Get Full Access to Thousands of Study Materials at Your School

Forgot password? Reset password here

Join StudySoup for FREE
Get Full Access to Thousands of Study Materials at Your School
Join with Email
Already have an account? Login here
Reset your password

I don't want to reset my password

Need help? Contact support

Need an Account? Is not associated with an account
Sign up
We're here to help

Having trouble accessing your account? Let us help you, contact support at +1(510) 944-1054 or support@studysoup.com

Got it, thanks!
Password Reset Request Sent An email has been sent to the email address associated to your account. Follow the link in the email to reset your password. If you're having trouble finding our email please check your spam folder
Got it, thanks!
Already have an Account? Is already in use
Log in
Incorrect Password The password used to log in with this account is incorrect
Try Again

Forgot password? Reset it here