- Module 34 .1: Explain why a decrease in aggregate demand causes a movement along ...
- Module 34 .2: Why is there no long-run trade-off between unemployment and inflation?
- Module 34 .3: Why is disinflation so costly for an economy? Are there ways to red...
- Module 34 .4: An increase in expected inflation will shift a. the short-run Phill...
- Module 34 .5: Bringing down inflation that has become embedded in expectations is...
- Module 34 .6: Debt deflation is a. the effect of deflation in decreasing aggregat...
Solutions for Chapter Module 34 : Inflation and Unemployment: The Phillips Curve
Full solutions for Krugman's Economics for AP® (High School) | 2nd Edition
total revenue minus total explicit cost
the resources a bank’s owners have put into the institution
the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich
a study that compares the costs and benefits to society of providing a public good
the property of a good whereby a person can be prevented from using it
law of demand
the claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises
the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”
the ease with which an asset can be converted into the economy’s medium of exchange
a legal maximum on the price at which a good can be sold
the business practice of selling the same good at different prices to different customers
the relationship between quantity of inputs used to make a good and the quantity of output of that good
a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers
the path of a variable whose changes are impossible to predict
the fraction of deposits that banks hold as reserves
an action taken by an uninformed party to induce an informed party to reveal information
two goods for which an increase in the price of one leads to an increase in the demand for the other
total revenue (in a market)
the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold
the value of a nation’s exports minus the value of its imports; also called net exports
costs that vary with the quantity of output produced
the idea that taxpayers with a greater ability to pay taxes should pay larger amounts