Solutions for Chapter Practice Exam: AP Macroeconomics Exam Practice Test

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

ISBN: 9781464122187

Solutions for Chapter Practice Exam: AP Macroeconomics Exam Practice Test

Solutions for Chapter Practice Exam
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Textbook: Krugman's Economics for AP® (High School)
Edition: 2
Author: Margaret Ray
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. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Chapter Practice Exam: AP Macroeconomics Exam Practice Test includes 60 full step-by-step solutions. Since 60 problems in chapter Practice Exam: AP Macroeconomics Exam Practice Test have been answered, more than 3444 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • agent

    a person who is performing an act for another person, called the principal

  • club goods

    goods that are excludable but not rival in consumption

  • Coase theorem

    the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own

  • cost–benefit analysis

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

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • inflation

    an increase in the overall level of prices in the economy

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • marginal product

    the increase in output that arises from an additional unit of input

  • monopolistic competition

    a market structure in which many firms sell products that are similar but not identical

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • producer price index

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

  • property rights

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

  • real interest rate

    the interest rate corrected for the effects of inflation

  • tax incidence

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

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

  • unemployment rate

    the percentage of the labor force that is unemployed

  • velocity of money

    the rate at which money changes hands

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