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 5180 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
  • budget surplus

    an excess of government receipts over government spending

  • cartel

    a group of firms acting in unison

  • common resources

    goods that are rival in consumption but not excludable

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • efficient markets hypothesis

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

  • GDP deflator

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

  • incentive

    something that induces a person to act

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • market risk

    isk that affects all companies in the stock market

  • money

    the set of assets in an economy that people regularly use to buy goods and services from other peopl

  • natural-rate hypothesis

    the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

  • normative statements

    claims that attempt to prescribe how the world should be

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • perfect complements

    two goods with right-angle indifference curves

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • welfare economics

    the study of how the allocation of resources affects economic well-being

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