- Module 78 .1: Recall that the poverty threshold is not adjusted to reflect change...
- Module 78 .2: In 2012, the poorest 20% of households received approximately what ...
- Module 78 .3: If one person received all of the income in an economy, the Lorenz ...
- Module 78 .4: Programs designed to help only those with low incomes are called a....
- Module 78 .5: If a country has a perfectly equal distribution of income, its Gini...
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
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Solutions for Chapter Module 78
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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
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average variable cost
variable cost divided by the quantity of output
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bond
a certificate of indebtedness
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capital fligh
a large and sudden reduction in the demand for assets located in a country
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catch-up effect
the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich
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collective bargaining
the process by which unions and firms agree on the terms of employment
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consumer surplus
the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
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equilibrium price
the price that balances quantity supplied and quantity demanded
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leverage
the use of borrowed money to supplement existing funds for purposes of investment
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marginal cost
the increase in total cost that arises from an extra unit of production
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marginal rate of substitution
the rate at which a consumer is willing to trade one good for another
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marginal tax rate
the amount that taxes increase from an additional dollar of income
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nominal GDP
the production of goods and services valued at current prices
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normal good
a good for which, other things being equal, an increase in
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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
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prisoners’ dilemma
a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
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proportional tax
a tax for which highincome and low-income taxpayers pay the same fraction of income
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recession
a period of declining real incomes and rising unemployment
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stagflation
a period of falling output and rising prices
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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
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trade policy
a government policy that directly influences the quantity of goods and services that a country imports or exports