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Solutions for Chapter 1: Early Humans

Full solutions for World History | 2nd Edition

ISBN: 9780078607028

Solutions for Chapter 1: Early Humans

Solutions for Chapter 1
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Textbook: World History
Edition: 2
Author: Jackson J. Spielvogel
ISBN: 9780078607028

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. Since 33 problems in chapter 1: Early Humans have been answered, more than 9097 students have viewed full step-by-step solutions from this chapter. Chapter 1: Early Humans includes 33 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • average fixed cost

    fixed cost divided by the quantity of output

  • average revenue

    total revenue divided by the quantity sold

  • average tax rate

    total taxes paid divided by total income

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • equilibrium quantity

    the quantity supplied and the quantity demanded at the equilibrium price

  • factors of production

    the inputs used to produce goods and services

  • federal funds rate

    the interest rate at which banks make overnight loans to one another

  • life cycle

    the regular pattern of income variation over a person’s life

  • lump-sum tax

    a tax that is the same amount for every person

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • 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

  • national saving

    the total income in the economy that remains after paying for consumption and government purchases

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • positive statements

    claims that attempt to describe the world as it is

  • real interest rate

    the interest rate corrected for the effects of inflation

  • shoe-leather cost

    the resources wasted when inflation encourages people to reduce their money holdings

  • utilitarianism

    the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society

  • welfare

    government programs that supplement the incomes of the needy welfare economics the study of how the allocation of resources affects economic well-being

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