Solutions for Chapter Module C : The Economics of Information

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

ISBN: 9781464122187

Solutions for Chapter Module C : The Economics of Information

This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Since 5 problems in chapter Module C : The Economics of Information have been answered, more than 2373 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. Chapter Module C : The Economics of Information includes 5 full step-by-step solutions. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • budget deficit

    a shortfall of tax revenue from government spending

  • 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

  • consumer price index (CPI)

    a measure of the overall cost of the goods and services bought by a typical consumer

  • excludability

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

  • financial intermediaries

    financial institutions through which savers can indirectly provide funds to borrowers

  • future value

    the amount of money in the future that an amount of money today will yield, given prevailing interest rates

  • incentive

    something that induces a person to act

  • labor force

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

  • law of supply

    the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises

  • 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 cost

    the increase in total cost that arises from an extra unit of production

  • monetary neutrality

    the proposition that changes in the money supply do not affect real variables

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • price floor

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

  • 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

  • structural unemployment

    unemployment that results because the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

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