- 1.1: What is the significance of the Paleolithic era in world history?
- 1.2: In what ways did various Paleolithic societies differ from one anot...
- 1.3: Which statements in this chapter seem to be reliable and solidly ba...
- 1.4: How might our attitudes toward the modern world influence our asses...
Solutions for Chapter 1: First Peoples: Populating The Planet, To 10,000 B.c.e.
Full solutions for Ways of the World: A Brief Global History with Sources
total revenue divided by the quantity sold
fluctuations in economic activity, such as employment and production
an agreement among firms in a market about quantities to produce or prices to charge
money that takes the form of a commodity with intrinsic value
a difference in wages that arises to offset the nonmonetary characteristics of different jobs
two goods for which an increase in the price of one leads to a decrease in the demand for the other
cross-price elasticity of demand
a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in price of the second good
a strategy that is best for a player in a game regardless of the strategies chosen by the other players
a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100
input costs that do not require an outlay of money by the firm
marginal product of labor
the increase in the amount of output from an additional unit of labor
the purchase and sale of U.S. government bonds by the Fed
the business practice of selling the same good at different prices to different customers
a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers
a tax for which highincome and low-income taxpayers pay the same fraction of income
the amount of a good that buyers are willing and able to purchase
an action taken by an informed party to reveal private information to an uninformed party
the manner in which the burden of a tax is shared among participants in a market
costs that vary with the quantity of output produced
willingness to pay
the maximum amount that a buyer will pay for a good