- Section 7.1: If real GDP grows by 5% per year, approximately how many years will...
- Section 7.2: What is the most important ingredient in long-run economic growth? ...
- Section 7.3: The technical means for the production of goods and services is kno...
- Section 7.4: Which of the following is a major reason for productivity growth? a...
- Section 7.5: Refer to the following figure for Questions 56. Assuming diminishin...
- Section 7.6: Refer to the following figure for Questions 56. An upward shift of ...
- Section 7.7: Which of the following is true about the role of natural resources ...
- Section 7.8: According to the convergence hypothesis, over time, international d...
- Section 7.9: When the government spends money to create and implement new techno...
- Section 7.10: Which of the following is part of an economys infrastructure? a. hi...
- Section 7.11: If long-run economic growth can continue into the future despite li...
- Section 7.12: An outward shift of the production possibilities curve indicates wh...
- Section 7.13: In the aggregate supply and demand model, a rightward shift of the ...
- Section 7.14: Which of the following will lead to long-run economic growth? a. a ...
- Section 7.15: If an economy experiences long-run economic growth, which of the fo...
- Section 7.16: Depreciation leads to a. a reduction in human capital. b. an increa...
Solutions for Chapter Section 7: Economic Growth and Productivity
Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition
fluctuations in economic activity, such as employment and production
a visual model of the economy that shows how dollars flow through markets among households and firms
a graph of the relationship between the price of a good and the quantity demanded
diseconomies of scal
the property whereby long-run average total cost rises as the quantity of output increases
the price that balances quantity supplied and quantity demanded
input costs that do not require an outlay of money by the firm
goods produced abroad and sold domestically
internalizing the externality
altering incentives so that people take account of the external effects of their actions
the increase in total cost that arises from an extra unit of production
the proposition that changes in the money supply do not affect real variables
the amount of money the banking system generates with each dollar of reserves
claims that attempt to describe the world as it is
the relationship between quantity of inputs used to make a good and the quantity of output of that good
the ability of an individual to own and exercise control over scarce resources
a tax for which highincome and low-income taxpayers pay the same fraction of income
a graph of the relationship between the price of a good and the quantity supplied
a table that shows the relationship between the price of a good and the quantity supplied
costs that vary with the quantity of output produced
government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being
the price of a good that prevails in the world market for that good