Solutions for Chapter Module 75 : Externalities and Public Policy

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

ISBN: 9781464122187

Solutions for Chapter Module 75 : Externalities and Public Policy

Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 75 : Externalities and Public Policy have been answered, more than 3430 students have viewed full step-by-step solutions from this chapter. Chapter Module 75 : Externalities and Public Policy includes 5 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • aggregate-demand curve

    a curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • average variable cost

    variable cost divided by the quantity of output

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • circular-flow diagram

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

  • consumer surplus

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

  • efficiency

    the property of society getting the most it can from its scarce resources

  • efficiency

    the property of society getting the most it can from its scarce resources

  • internalizing the externality

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

  • labor force

    the total number of workers, including both the employed and the unemployed

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • normative statements

    claims that attempt to prescribe how the world should be

  • permanent income

    a person’s normal income

  • principal

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

  • reserves

    deposits that banks have received but have not loaned out

  • stagflation

    a period of falling output and rising prices

  • supply curve

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

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

  • utility

    a measure of happiness or satisfaction

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