Page 923 - Krugmans Economics for AP Text Book_Neat

INDEX I-13

Value of the marginal prod- minimum, 82–85, 128–129 demand curve and, WPA (Works Progress
uct curve, 684–686 nominal, 180, 183–185, 187 483–484 Administration), 212
Value-added tax, 7 real, 135 perfect price discrimination Wright bothers, 14
Variable, 34 sticky, 180 and, 627
Variable cost, 548, 564 Wall Street Journal, 357 Willy Wonka and the Chocolate X
Variable input, 542 Walmart, 379 Factory, 239 X-axis, 35
Velocity of money, 349–350 Walmart effect, 370 Wind energy, 390, 392
Venezuela, GDP, 116 Wampum, 234 Wind tunnels, models in eco- Y
Vertical axis, 35 Wasted resources, 80–81, nomics, 14
Vertical curve, slope of, 38 84–85 Wine industry, long-run supply Y-axis, 35
Vertical intercept, 37 Wasteful duplication, 665 and, 605 Yen, exchange rate, 419–420
Veterinarians, competition and, Wealth, 166, 175–176, 224 Women, in labor force, 131, Yuan, exchange rate, 432,
65 Wealth effect of a change in 370 436–437
Vicious cycle of deleveraging, the aggregate price Woods, Tiger, 5
258 level, 174 Worker compensation. See Z
Vietnam, coffee, 47, 61, 71–73 The Wealth of Nations (Smith), Wage(s) Zero bound, 339–341
Vitamins, Inc., 642 23, 233 Works Progress Administration Zero interest rate policy (ZIRP),
Volcker, Paul, 134 Wedge, 90–91 (WPA), 212 341
Volume discounts, 627 Western Europe, economic World Health Organization, Zero-profit equilibrium,
383
growth, 382
W WHO (World Health World Health Organization 661–663
Organization), 383 (WHO), 383 Zimbabwe
Wage(s), 180, 183–185, 187 Wholesale price index. See World War II economic growth, 369
disparities, in practice, Consumer price index cigarette exchange, 14, inflation, 137, 321, 323–324,
715–716 326
232–233
(CPI)
efficiency, 714 Willingness to pay federal debt, 303 ZIRP (zero interest rate policy),
inequality in, 711–713 consumer surplus and, Great Depression, 177, 346 341
labor supply and, 696–697 Zones of recent settlement, 417
484–486 inflation, 340