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Solutions for Chapter 31: Open Economy Macroeconomics: Basic Concepts

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Full solutions for Principles of Economics | 6th Edition

ISBN: 9780538453059

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Solutions for Chapter 31: Open Economy Macroeconomics: Basic Concepts

Solutions for Chapter 31
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Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Principles of Economics, edition: 6. Chapter 31: Open Economy Macroeconomics: Basic Concepts includes 16 full step-by-step solutions. Since 16 problems in chapter 31: Open Economy Macroeconomics: Basic Concepts have been answered, more than 13339 students have viewed full step-by-step solutions from this chapter. Principles of Economics was written by and is associated to the ISBN: 9780538453059.

Key Business Terms and definitions covered in this textbook
  • average tax rate

    total taxes paid divided by total income

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • capital

    the equipment and structures used to produce goods and services

  • explicit costs

    input costs that require an outlay of money by the firm

  • fiat money

    money without intrinsic value that is used as money because of government decree

  • GDP deflator

    a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • monetary neutrality

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

  • opportunity cost

    whatever must be given up to obtain some item

  • positive statements

    claims that attempt to describe the world as it is

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • price ceiling

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

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • public goods

    goods that are neither excludable nor rival in consumption

  • rational people

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

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • supply curve

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

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • union

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

  • value of the marginal product

    the marginal product of an input times the price of the output

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