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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 10967 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • average fixed cost

    fixed cost divided by the quantity of output

  • average variable cost

    variable cost divided by the quantity of output

  • bond

    a certificate of indebtedness

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • compensating differential

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

  • cost–benefit analysis

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

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • efficient markets hypothesis

    the theory that asset prices reflect all publicly available information about the value of an asset

  • model of aggregate demand and aggregate supply

    the model that most economists use to explain shortrun fluctuations in economic activity around its long-run trend

  • price discrimination

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

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • private goods

    goods that are both excludable and rival in consumption

  • producer price index

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

  • progressive tax

    a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers

  • rational people

    people who systematically and purposefully do the best they can to achieve their objectives

  • signaling

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

  • supply shock

    an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

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