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Solutions for Chapter Module 34 : Inflation and Unemployment: The Phillips Curve

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

ISBN: 9781464122187

Solutions for Chapter Module 34 : Inflation and Unemployment: The Phillips Curve

This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2. Since 6 problems in chapter Module 34 : Inflation and Unemployment: The Phillips Curve have been answered, more than 10855 students have viewed full step-by-step solutions from this chapter. Krugman's Economics for AP® (High School) was written by and is associated to the ISBN: 9781464122187. Chapter Module 34 : Inflation and Unemployment: The Phillips Curve includes 6 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • accounting profit

    total revenue minus total explicit cost

  • bank capital

    the resources a bank’s owners have put into the institution

  • catch-up effect

    the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich

  • cost–benefit analysis

    a study that compares the costs and benefits to society of providing a public good

  • excludability

    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

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • liquidity

    the ease with which an asset can be converted into the economy’s medium of exchange

  • price ceiling

    a legal maximum on the price at which a good can be sold

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • progressive tax

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

  • random walk

    the path of a variable whose changes are impossible to predict

  • reserve ratio

    the fraction of deposits that banks hold as reserves

  • screening

    an action taken by an uninformed party to induce an informed party to reveal information

  • substitutes

    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

  • trade balance

    the value of a nation’s exports minus the value of its imports; also called net exports

  • variable costs

    costs that vary with the quantity of output produced

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

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