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Solutions for Chapter Section 7: Economic Growth and Productivity

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

ISBN: 9781464122187

Solutions for Chapter Section 7: Economic Growth and Productivity

Solutions for Chapter Section 7
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Textbook: Krugman's Economics for AP® (High School)
Edition: 2
Author: Margaret Ray
ISBN: 9781464122187

Since 16 problems in chapter Section 7: Economic Growth and Productivity have been answered, more than 8295 students have viewed full step-by-step solutions from this chapter. Chapter Section 7: Economic Growth and Productivity includes 16 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. 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
  • business cycle

    fluctuations in economic activity, such as employment and production

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • demand curve

    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

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • imports

    goods produced abroad and sold domestically

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • marginal cost

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

  • monetary neutrality

    the proposition that changes in the money supply do not affect real variables

  • money multiplier

    the amount of money the banking system generates with each dollar of reserves

  • positive statements

    claims that attempt to describe the world as it is

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • property rights

    the ability of an individual to own and exercise control over scarce resources

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • supply curve

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

  • supply schedule

    a table that shows the relationship between the price of a good and the quantity supplied

  • variable costs

    costs that vary with the quantity of output produced

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

  • world price

    the price of a good that prevails in the world market for that good

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