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Solutions for Chapter 13: Exploration and Expansion

Full solutions for World History | 2nd Edition

ISBN: 9780078607028

Solutions for Chapter 13: Exploration and Expansion

Solutions for Chapter 13
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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. Chapter 13: Exploration and Expansion includes 29 full step-by-step solutions. This textbook survival guide was created for the textbook: World History, edition: 2. This expansive textbook survival guide covers the following chapters and their solutions. Since 29 problems in chapter 13: Exploration and Expansion have been answered, more than 9430 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • automatic stabilizers

    changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action

  • deadweight loss

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

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • diversification

    the reduction of risk achieved by replacing a single risk with a large number of smaller, unrelated risks

  • efficiency

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

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • free rider

    a person who receives the benefit of a good but avoids paying for it

  • Giffen good

    a good for which an increase in the price raises the quantity demanded

  • human capital

    the knowledge and skills that workers acquire through education, training, and experience

  • marginal rate of substitution

    the rate at which a consumer is willing to trade one good for another

  • nominal variables

    variables measured in monetary units

  • permanent income

    a person’s normal income

  • price floor

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

  • principal

    a person for whom another person, called the agent, is performing some act

  • private goods

    goods that are both excludable and rival in consumption

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • progressive tax

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

  • supply curve

    a graph of the relationship between the price of a good and the quantity supplied

  • supply schedule

    a table that shows the relationship between the price of a good and the quantity supplied

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

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