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Textbooks / Business / World History 2

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 21818 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
  • adverse selection

    the tendency for the mix of unobserved attributes to become undesirable from the standpoint of an uninformed party

  • bond

    a certificate of indebtedness

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • compensating differential

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

  • complements

    two goods for which an increase in the price of one leads to a decrease in the demand for the other

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • explicit costs

    input costs that require an outlay of money by the firm

  • exports

    goods produced domestically and sold abroad

  • gross domestic product (GDP)

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

  • liquidity

    the ease with which an asset can be converted into the economy’s medium of exchange

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • 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

  • physical capital

    the stock of equipment and structures that are used to produce goods and services

  • price ceiling

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

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • signaling

    an action taken by an informed party to reveal private information to an uninformed party

  • utility

    a measure of happiness or satisfaction

  • variable costs

    costs that vary with the quantity of output produced

  • willingness to pay

    the maximum amount that a buyer will pay for a good