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Solutions for Chapter 17: The Scientific Revolution

Full solutions for World History | 2nd Edition

ISBN: 9780078607028

Solutions for Chapter 17: The Scientific Revolution

Solutions for Chapter 17
4 5 0 315 Reviews
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2
Textbook: World History
Edition: 2
Author: Jackson J. Spielvogel
ISBN: 9780078607028

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. World History was written by and is associated to the ISBN: 9780078607028. Chapter 17: The Scientific Revolution includes 29 full step-by-step solutions. Since 29 problems in chapter 17: The Scientific Revolution have been answered, more than 9086 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • club goods

    goods that are excludable but not rival in consumption

  • commodity money

    money that takes the form of a commodity with intrinsic value

  • externality

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

  • in-kind transfers

    transfers to the poor given in the form of goods and services rather than cash

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • marginal product

    the increase in output that arises from an additional unit of input

  • marginal rate of substitution

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

  • negative income tax

    a tax system that collects revenue from high-income households and gives subsidies to lowincome households

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • price elasticity of supply

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

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • scarcity

    the limited nature of society’s resources

  • shoe-leather cost

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

  • supply curve

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

  • supply shock

    an event that directly alters firms’ costs and prices, shifting the economy’s aggregate supply curve and thus the Phillips curve

  • total cost

    the market value of the inputs a firm uses in production

  • total cost

    the market value of the inputs a firm uses in production

  • utilitarianism

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

  • vertical equity

    the idea that taxpayers with a greater ability to pay taxes should pay larger amounts

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