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World History 2nd Edition - Solutions by Chapter

Full solutions for World History | 2nd Edition

ISBN: 9780078607028

World History | 2nd Edition - Solutions by Chapter

World History was written by and is associated to the ISBN: 9780078607028. This textbook survival guide was created for the textbook: World History, edition: 2. The full step-by-step solution to problem in World History were answered by , our top Business solution expert on 03/19/18, 04:39PM. Since problems from 32 chapters in World History have been answered, more than 2794 students have viewed full step-by-step answer. This expansive textbook survival guide covers the following chapters: 32.

Key Business Terms and definitions covered in this textbook
  • central bank

    an institution designed to oversee the banking system and regulate the quantity of money in the economy

  • classical dichotomy

    the theoretical separation of nominal and real variables

  • common resources

    goods that are rival in consumption but not excludable

  • compensating differential

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

  • economic profit

    total revenue minus total cost, including both explicit and implicit costs

  • externality

    the uncompensated impact of one person’s actions on the well-being of a bystander

  • firm-specific risk

    risk that affects only a single company

  • gross domestic product (GDP)

    the market value of all final goods and services produced within a country in a given period of time

  • indifference curve

    a curve that shows consumption bundles that give the consumer the same level of satisfaction

  • inflation rate

    the percentage change in the price index from the preceding period

  • marginal revenue

    the change in total revenue from an additional unit sold

  • market for loanable funds

    the market in which those who want to save supply funds and those who want to borrow to invest demand funds

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • price elasticity of demand

    a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price

  • price floor

    a legal minimum on the price at which a good can be sold

  • private goods

    goods that are both excludable and rival in consumption

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • substitution effect

    the change in consumption that results when a price change moves the consumer along a given indifference curve to a point with a new marginal rate of substitution

  • theory of liquidity preference

    Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance

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