- Module 78 .1: Recall that the poverty threshold is not adjusted to reflect change...
- Module 78 .2: In 2009, approximately what percentage of the U.S. population lived...
- Module 78 .3: Average household income in the United States in 2008 was approxima...
- Module 78 .4: Programs designed to help only those with low incomes are called a....
- Module 78 .5: If a country has a perfectly equal distribution of income, its Gini...
Solutions for Chapter Module 78 : Income Inequality and Income Distribution
Full solutions for Krugman's Economics for AP* | 2nd Edition
average total cost
total cost divided by the quantity of output
average variable cost
variable cost divided by the quantity of output
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
the interest rate on the loans that the Fed makes to banks
a good for which an increase in the price raises the quantity demanded
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
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
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
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
a cost that has already been committed and cannot be recovered
a situation in which quantity supplied is greater than quantity demanded
costs that vary with the quantity of output produced
government programs that supplement the incomes of the needy
willingness to pay
the maximum amount that a buyer will pay for a good