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Solutions for Chapter Section 8: The Open Economy: International Trade and Finance

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

ISBN: 9781464122187

Solutions for Chapter Section 8: The Open Economy: International Trade and Finance

Solutions for Chapter Section 8
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Textbook: Krugman's Economics for AP® (High School)
Edition: 2
Author: Margaret Ray
ISBN: 9781464122187

Chapter Section 8: The Open Economy: International Trade and Finance includes 20 full step-by-step solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Since 20 problems in chapter Section 8: The Open Economy: International Trade and Finance have been answered, more than 8216 students have viewed full step-by-step solutions from this chapter. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • average total cost

    total cost divided by the quantity of output

  • capital fligh

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

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • depression

    a severe recession

  • excludability

    the property of a good whereby a person can be prevented from using it

  • excludability

    the property of a good whereby a person can be prevented from using it

  • human capital

    the knowledge and skills that workers acquire through education, training, and experience

  • internalizing the externality

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

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • menu costs

    the costs of changing prices

  • normal good

    a good for which, other things being equal, an increase in

  • producer price index

    a measure of the cost of a basket of goods and services bought by firms

  • producer surplus

    the amount a seller is paid for a good minus the seller’s cost of providing it

  • 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

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

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