- 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
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
constant returns to scale
the property whereby long-run average total cost stays the same as the quantity of output changes
the property of distributing economic prosperity uniformly among the members of society
the one-for-one adjustment of the nominal interest rate to the inflation rate
a good for which, other things being equal, an increase in income leads to a decrease in demand
the costs of changing prices
the setting of the money supply by policymakers in the central bank
the amount of money the banking system generates with each dollar of reserves
a firm that is the sole seller of a product without close substitutes
the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending
whatever must be given up to obtain some item
a person’s normal income
production possibilities frontier
a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology
the manner in which the burden of a tax is shared among participants in a market
value of the marginal product
the marginal product of an input times the price of the output
costs that vary with the quantity of output produced
the idea that taxpayers with a greater ability to pay taxes should pay larger amounts
government programs that supplement the incomes of the needy
the price of a good that prevails in the world market for that good