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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

ISBN: 9780312644666

Solutions for Chapter 22: The Rise And Fall Of World Communism, 1917present

This expansive textbook survival guide covers the following chapters and their solutions. Chapter 22: The Rise And Fall Of World Communism, 1917present includes 6 full step-by-step solutions. Ways of the World: A Brief Global History with Sources was written by and is associated to the ISBN: 9780312644666. This textbook survival guide was created for the textbook: Ways of the World: A Brief Global History with Sources, edition: . Since 6 problems in chapter 22: The Rise And Fall Of World Communism, 1917present have been answered, more than 2042 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • 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

  • budget surplus

    an excess of government receipts over government spending

  • compensating differential

    a difference in wages that arises to offset the nonmonetary characteristics of different jobs

  • demand deposits

    balances in bank accounts that depositors can access on demand by writing a check

  • efficiency

    the property of society getting the most it can from its scarce resources

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • fiscal policy

    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

  • liberalism

    the political philosophy according to which the government should choose policies deemed just, as evaluated by an impartial observer behind a “veil of ignorance”

  • marginal product

    the increase in output that arises from an additional unit of input

  • money multiplier

    the amount of money the banking system generates with each dollar of reserves

  • moral hazard

    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

  • opportunity cost

    whatever must be given up to obtain some item

  • perfect complements

    two goods with right-angle indifference curves

  • progressive tax

    a tax for which highincome taxpayers pay a larger fraction of their income than do low-income taxpayers

  • public saving

    the tax revenue that the government has left after paying for its spending

  • rational expectations

    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

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