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Solutions for Chapter Module 78 : Income Inequality and Income Distribution

Full solutions for Krugman's Economics for AP* | 2nd Edition

ISBN: 9781429218276

Solutions for Chapter Module 78 : Income Inequality and Income Distribution

Since 5 problems in chapter Module 78 : Income Inequality and Income Distribution have been answered, more than 6444 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 78 : Income Inequality and Income Distribution includes 5 full step-by-step solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP*, edition: 2. Krugman's Economics for AP* was written by and is associated to the ISBN: 9781429218276.

Key Business Terms and definitions covered in this textbook
  • average total cost

    total cost divided by the quantity of output

  • average variable cost

    variable cost divided by the quantity of output

  • budget surplus

    an excess of government receipts over government spending

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • discount rate

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

  • Giffen good

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

  • human capital

    the knowledge and skills that workers acquire through education, training, and experience

  • law of supply and demand

    the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance

  • lump-sum tax

    a tax that is the same amount for every person

  • marginal product of labor

    the increase in the amount of output from an additional unit of labor

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • market for loanable funds

    the market in which those who want to save supply funds and those who want to borrow to invest demand funds

  • national saving

    the total income in the economy that remains after paying for consumption and government purchases

  • nominal exchange rate

    the rate at which a person can trade the currency of one country for the currency of another

  • rivalry in consumption

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

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

  • variable costs

    costs that vary with the quantity of output produced

  • welfare

    government programs that supplement the incomes of the needy

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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