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Solutions for Chapter 31: Communist China

Full solutions for World History | 2nd Edition

ISBN: 9780078607028

Solutions for Chapter 31: Communist China

Solutions for Chapter 31
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Textbook: World History
Edition: 2
Author: Jackson J. Spielvogel
ISBN: 9780078607028

Chapter 31: Communist China includes 26 full step-by-step solutions. World History was written by and is associated to the ISBN: 9780078607028. Since 26 problems in chapter 31: Communist China have been answered, more than 9560 students have viewed full step-by-step solutions from this chapter. 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.

Key Business Terms and definitions covered in this textbook
  • Arrow’s impossibility theorem

    a mathematical result showing that, under certain assumed conditions, there is no scheme for aggregating individual preferences into a valid set of social preferences

  • budget constraint

    the limit on the consumption bundles that a consumer can afford

  • club goods

    goods that are excludable but not rival in consumption

  • consumer surplus

    the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it

  • depression

    a severe recession

  • diversification

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

  • externality

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

  • Federal Reserve (Fed)

    the central bank of the United States

  • fractional-reserve banking

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

  • inflation

    an increase in the overall level of prices in the economy

  • maximin criterion

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

  • medium of exchange

    an item that buyers give to sellers when they want to purchase goods and services

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • progressive tax

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

  • proportional tax

    a tax for which highincome and low-income taxpayers pay the same fraction of income

  • regressive tax

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

  • signaling

    an action taken by an informed party to reveal private information to an uninformed party

  • tariff

    tax on goods produced abroad and sold domestically

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

  • vertical equity

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

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