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Solutions for Chapter Module 14: Inflation: An Overview

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

ISBN: 9781464122187

Solutions for Chapter Module 14: Inflation: An Overview

Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. This expansive textbook survival guide covers the following chapters and their solutions. Since 5 problems in chapter Module 14: Inflation: An Overview have been answered, more than 7942 students have viewed full step-by-step solutions from this chapter. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Chapter Module 14: Inflation: An Overview includes 5 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • capital

    the equipment and structures used to produce goods and services

  • capital fligh

    a large and sudden reduction in the demand for assets located in a country

  • classical dichotomy

    the theoretical separation of nominal and real variables

  • closed economy

    an economy that does not interact with other economies in the world

  • collective bargaining

    the process by which unions and firms agree on the terms of employment

  • constant returns to scale

    The property whereby long-run average total cost stays the same as the quantity of output changes

  • discount rate

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

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • exports

    goods produced domestically and sold abroad

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • inflation

    an increase in the overall level of prices in the economy

  • law of supply

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

  • lump-sum tax

    a tax that is the same amount for every person

  • market

    a group of buyers and sellers of a particular good or service

  • monetary neutrality

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

  • money multiplier

    the amount of money the banking system generates with each dollar of reserves

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • poverty line

    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty

  • quantity theory of money

    a theory asserting that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate

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