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Solutions for Chapter 11: The Peoples of North America

Full solutions for World History | 2nd Edition

ISBN: 9780078607028

Solutions for Chapter 11: The Peoples of North America

Solutions for Chapter 11
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Textbook: World History
Edition: 2
Author: Jackson J. Spielvogel
ISBN: 9780078607028

This textbook survival guide was created for the textbook: World History, edition: 2. World History was written by and is associated to the ISBN: 9780078607028. Chapter 11: The Peoples of North America includes 28 full step-by-step solutions. This expansive textbook survival guide covers the following chapters and their solutions. Since 28 problems in chapter 11: The Peoples of North America have been answered, more than 27290 students have viewed full step-by-step solutions from this chapter.

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

    total cost divided by the quantity of output

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • competitive market

    a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker

  • explicit costs

    input costs that require an outlay of money by the firm

  • horizontal equity

    the idea that taxpayers with similar abilities to pay taxes should pay the same amount

  • inferior good

    a good for which, other things being equal, an increase in income leads to a decrease in demand

  • inflation

    an increase in the overall level of prices in the economy

  • job search

    the process by which workers find appropriate jobs given their tastes and skills

  • leverage

    the use of borrowed money to supplement existing funds for purposes of investment

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • maximin criterion

    the claim that the government should aim to maximize the well-being of the worst-off person in society

  • microeconomics

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

  • natural-rate hypothesis

    the claim that unemployment eventually returns to its normal, or natural, rate, regardless of the rate of inflation

  • open economy

    an economy that interacts freely with other economies around the world

  • present value

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

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • regressive tax

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

  • stagflation

    a period of falling output and rising prices

  • willingness to pay

    the maximum amount that a buyer will pay for a good