- 22.1: What was the appeal of communism, in terms of both its promise and ...
- 22.2: Why did the communist experiment, which was committed to equality a...
- 22.3: What is distinctive about twentieth-century communist industrializa...
- 22.4: What was the global significance of the cold war?
- 22.5: The end of communism was as revolutionary as its beginning. Do you ...
- 22.6: In what different ways did the Soviet Union and China experience co...
Solutions for Chapter 22: The Rise And Fall Of World Communism, 1917present
Full solutions for Ways of the World: A Brief Global History with Sources
Arrow’s impossibility theorem
a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences
an excess of government receipts over government spending
a difference in wages that arises to offset the nonmonetary characteristics of different jobs
balances in bank accounts that depositors can access on demand by writing a check
the property of society getting the most it can from its scarce resources
a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
the quantity supplied and the quantity demanded at the equilibrium price
the setting of the level of government spending and taxation by government policymakers
gross domestic product (GDP)
the market value of all final goods and services produced within a country in a given period of time
the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”
the increase in output that arises from an additional unit of input
the amount of money the banking system generates with each dollar of reserves
the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior
natural level of output
the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate
whatever must be given up to obtain some item
two goods with right-angle indifference curves
a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers
the tax revenue that the government has left after paying for its spending
the theory that people optimally use all the information they have, including information about government policies, when forecasting the future
rivalry in consumption
the property of a good whereby one person’s use diminishes other people’s use