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 3181 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
  • bond

    a certificate of indebtedness

  • cartel

    a group of firms acting in unison

  • club goods

    goods that are excludable but not rival in consumption

  • complements

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

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • cost

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

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • exports

    goods produced domestically and sold abroad

  • externality

    the uncompensated impact of one person’s actions on the wellbeing of a bystander

  • marginal rate of substitution

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

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • permanent income

    a person’s normal income

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • principal

    a person for whom another person, called the agent, is performing some act

  • producer surplus

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

  • property rights

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

  • reserves

    deposits that banks have received but have not loaned out

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • social insurance

    government policy aimed at protecting people against the risk of adverse events

  • technological knowledge

    society’s understanding of the best ways to produce goods and services

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