- 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
an excess of government receipts over government spending
a large and sudden reduction in the demand for assets located in a country
money that takes the form of a commodity with intrinsic value
the failure of majority rule to produce transitive preferences for society
the value of everything a seller must give up to produce a good
the quantity supplied and the quantity demanded at the equilibrium price
goods produced abroad and sold domestically
an increase in the overall level of prices in the economy
a tax that is the same amount for every person
a firm that is the sole seller of a product without close substitutes
the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending
an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty
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
two goods for which an increase in the price of one leads to an increase in the demand for the other
an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve
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
the costs that parties incur in the process of agreeing to and following through on a bargain
costs that vary with the quantity of output produced