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Solutions for Chapter 20: The Growth of Industrial Prosperity

Full solutions for World History | 2nd Edition

ISBN: 9780078607028

Solutions for Chapter 20: The Growth of Industrial Prosperity

Solutions for Chapter 20
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Textbook: World History
Edition: 2
Author: Jackson J. Spielvogel
ISBN: 9780078607028

This expansive textbook survival guide covers the following chapters and their solutions. World History was written by and is associated to the ISBN: 9780078607028. Since 34 problems in chapter 20: The Growth of Industrial Prosperity have been answered, more than 8343 students have viewed full step-by-step solutions from this chapter. Chapter 20: The Growth of Industrial Prosperity includes 34 full step-by-step solutions. This textbook survival guide was created for the textbook: World History, edition: 2.

Key Business Terms and definitions covered in this textbook
  • average tax rate

    total taxes paid divided by total income

  • catch-up effect

    the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich

  • classical dichotomy

    the theoretical separation of nominal and real variables

  • common resources

    goods that are rival in consumption but not excludable

  • comparative advantage

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

  • consumer price index (CPI)

    a measure of the overall cost of the goods and services bought by a typical consumer

  • fractional-reserve banking

    a banking system in which banks hold only a fraction of deposits as reserves

  • human capital

    the accumulation of investments in people, such as education and on-the-job training

  • indexation

    the automatic correction by law or contract of a dollar amount for the effects of inflation

  • lump-sum tax

    a tax that is the same amount for every person

  • money multiplier

    the amount of money the banking system generates with each dollar of reserves

  • normal good

    a good for which, other things being equal, an increase in

  • normal good

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

  • productivity

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

  • real GDP

    the production of goods and services valued at constant prices

  • strike

    the organized withdrawal of labor from a firm by a union

  • theory of liquidity preference

    Keynes’s theory that the interest rate adjusts to bring money supply and money demand into balance

  • total cost

    the market value of the inputs a firm uses in production

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

  • value of the marginal product

    the marginal product of an input times the price of the output

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