Solutions for Chapter Module 78 : Income Inequality and Income Distribution

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

ISBN: 9781464122187

Solutions for Chapter Module 78 : Income Inequality and Income Distribution

Since 5 problems in chapter Module 78 : Income Inequality and Income Distribution have been answered, more than 3190 students have viewed full step-by-step solutions from this chapter. Chapter Module 78 : Income Inequality and Income Distribution includes 5 full step-by-step solutions. 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. This textbook survival guide was created for the textbook: Krugman's Economics for AP® (High School), edition: 2.

Key Business Terms and definitions covered in this textbook
  • average variable cost

    variable cost divided by the quantity of output

  • bond

    a certificate of indebtedness

  • capital fligh

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

  • catch-up effect

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

  • collective bargaining

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

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • equilibrium price

    the price that balances quantity supplied and quantity demanded

  • leverage

    the use of borrowed money to supplement existing funds for purposes of investment

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • marginal tax rate

    the amount that taxes increase from an additional dollar of income

  • nominal GDP

    the production of goods and services valued at current prices

  • normal good

    a good for which, other things being equal, an increase in

  • price elasticity of supply

    a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • recession

    a period of declining real incomes and rising unemployment

  • stagflation

    a period of falling output and rising prices

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

  • trade policy

    a government policy that directly influences the quantity of goods and services that a country imports or exports

×
Log in to StudySoup
Get Full Access to Thousands of Study Materials at Your School

Forgot password? Reset password here

Join StudySoup for FREE
Get Full Access to Thousands of Study Materials at Your School
Join with Email
Already have an account? Login here
Reset your password

I don't want to reset my password

Need help? Contact support

Need an Account? Is not associated with an account
Sign up
We're here to help

Having trouble accessing your account? Let us help you, contact support at +1(510) 944-1054 or support@studysoup.com

Got it, thanks!
Password Reset Request Sent An email has been sent to the email address associated to your account. Follow the link in the email to reset your password. If you're having trouble finding our email please check your spam folder
Got it, thanks!
Already have an Account? Is already in use
Log in
Incorrect Password The password used to log in with this account is incorrect
Try Again

Forgot password? Reset it here