- 4.1: What common features can you identify in the empires described in t...
- 4.2: In what ways did these empires differ from one another? What accoun...
- 4.3: Are you more impressed with the greatness of empires or with their ...
- 4.4: Do you think that the classical empires hold lessons for the presen...
Solutions for Chapter 4: Eurasian Empires, 500 B.c.e.500 C.e.
Full solutions for Ways of the World: A Brief Global History with Sources
total revenue minus total explicit cost
average tax rate
total taxes paid divided by total income
fluctuations in economic activity, such as employment and production
a government regulation specifying a minimum amount of bank capital
goods that are excludable but not rival in consumption
a difference in wages that arises to offset the nonmonetary characteristics of different jobs
the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases
above-equilibrium wages paid by firms to increase worker productivity
the property of a good whereby a person can be prevented from using it
the study of economy-wide phenomena, including inflation, unemployment, and economic growth
a small incremental adjustment to a plan of action
marginal rate of substitution
the rate at which a consumer is willing to trade one good for another
median voter theorem
a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter
a legal maximum on the price at which a good can be sold
goods that are both excludable and rival in consumption
the limited nature of society’s resources
a period of falling output and rising prices
the organized withdrawal of labor from a firm by a union
a cost that has already been committed and cannot be recovered
the market value of the inputs a firm uses in production