AP_Krugman_Textbook

Value of the marginal prod-
uct curve,684–686
Value-added tax, 7
Variable, 34
Variable cost,548, 564
Variable input, 542
Velocity of money,349–350
Venezuela, GDP, 116
Vertical axis, 35
Vertical curve, slope of, 38
Vertical intercept, 37
Veterinarians, competition and,
65
Vicious cycle of deleveraging,
258
Vietnam, coffee, 47, 61, 71–73
Vitamins, Inc., 642
Volcker, Paul, 134
Volume discounts, 627

W
Wage(s), 180, 183–185, 187
disparities, in practice,
715 –716
efficiency, 714
inequality in, 711–713
labor supply and, 696–697

minimum, 82–85, 128–129

nominal, 180, 183–185, 187

real, 135

sticky, 180

Wall Street Journal, 357

Walmart, 379

Walmart effect, 370

Wampum, 234

Wasted resources,80–81,

84 –85

Wasteful duplication, 665

Wealth,166, 175–176, 224

Wealth effect of a change in

the aggregate price

level, 174

The Wealth of Nations(Smith),

23, 233

Wedge,90–91

Western Europe, economic

growth, 382

WHO (World Health

Organization), 383

Wholesale price index. See

Consumer price index

(CPI)

Willingness to pay

consumer surplus and,

484–486

demand curve and,

483–484

perfect price discrimination

and, 627

Willy Wonka and the Chocolate

Factory, 239

Wind energy, 390, 392

Wind tunnels, models in eco-

nomics, 14

Wine industry, long-run supply

and, 605

Women, in labor force, 131,

370

Woods, Tiger, 5

Worker compensation. See

Wage(s)

Works Progress Administration

(WPA), 212

World Health Organization,

383

World Health Organization

(WHO), 383

World War II

cigarette exchange, 14,

232–233

federal debt, 303

Great Depression, 177, 346

inflation, 340

WPA (Works Progress

Administration), 212

Wright bothers, 14

X

X-axis, 35

Y

Y-axis, 35

Yen, exchange rate, 419–420

Yuan, exchange rate, 432,

436–437

Z

Zero bound,339–341

Zero interest rate policy (ZIRP),

341

Zero-profit equilibrium,

661–663

Zimbabwe

economic growth, 369

inflation, 137, 321, 323–324,

326

ZIRP (zero interest rate policy),

341

Zones of recent settlement, 417

INDEX I-13