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Solutions for Chapter Module 33 : Types of Inflation, Disinflation, and Deflation

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

ISBN: 9781464122187

Solutions for Chapter Module 33 : Types of Inflation, Disinflation, and Deflation

This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Since 5 problems in chapter Module 33 : Types of Inflation, Disinflation, and Deflation have been answered, more than 9166 students have viewed full step-by-step solutions from this chapter. Chapter Module 33 : Types of Inflation, Disinflation, and Deflation includes 5 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • club goods

    goods that are excludable but not rival in consumption

  • constant returns to scale

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

  • currency

    the paper bills and coins in the hands of the public

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • economies of scale

    the property whereby long-run average total cost falls as the quantity of output increases

  • explicit costs

    input costs that require an outlay of money by the firm

  • exports

    goods produced domestically and sold abroad

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • indifference curve

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

  • labor force

    the total number of workers, including both the employed and the unemployed

  • money multiplier

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

  • natural-rate hypothesis

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

  • permanent income

    a person’s normal income

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • regressive tax

    a tax for which highincome taxpayers pay a smaller fraction of their income than do low-income taxpayers

  • tariff

    tax on goods produced abroad and sold domestically

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • utility

    a measure of happiness or satisfaction

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