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Ways of the World: A Brief Global History with Sources - Solutions by Chapter

Full solutions for Ways of the World: A Brief Global History with Sources

ISBN: 9780312644666

Ways of the World: A Brief Global History with Sources - Solutions by Chapter

Solutions by Chapter
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Textbook: Ways of the World: A Brief Global History with Sources
Edition:
Author: Robert W. Strayer
ISBN: 9780312644666

Ways of the World: A Brief Global History with Sources was written by and is associated to the ISBN: 9780312644666. The full step-by-step solution to problem in Ways of the World: A Brief Global History with Sources were answered by , our top Business solution expert on 03/19/18, 04:31PM. This textbook survival guide was created for the textbook: Ways of the World: A Brief Global History with Sources, edition: . This expansive textbook survival guide covers the following chapters: 25. Since problems from 25 chapters in Ways of the World: A Brief Global History with Sources have been answered, more than 812 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • complements

    two goods for which an increase in the price of one leads to a decrease in the demand for the other

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • exports

    goods produced domestically and sold abroad

  • GDP deflator

    a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • imports

    goods produced abroad and sold domestically

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • monetary neutrality

    the proposition that changes in the money supply do not affect real variables

  • permanent income

    a person’s normal income

  • price discrimination

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

  • proportional tax

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

  • real variables

    variables measured in physical units

  • signaling

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

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • theory of liquidity preference

    Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance

  • world price

    the price of a good that prevails in the world market for that good

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