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Solutions for Chapter 32: The Challenges of Our World

Full solutions for World History | 2nd Edition

ISBN: 9780078607028

Solutions for Chapter 32: The Challenges of Our World

Solutions for Chapter 32
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Textbook: World History
Edition: 2
Author: Jackson J. Spielvogel
ISBN: 9780078607028

Chapter 32: The Challenges of Our World includes 26 full step-by-step solutions. World History was written by and is associated to the ISBN: 9780078607028. Since 26 problems in chapter 32: The Challenges of Our World have been answered, more than 9086 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: World History, edition: 2.

Key Business Terms and definitions covered in this textbook
  • ability-to-pay principle

    the idea that taxes should be levied on a person according to how well that person can shoulder the burden

  • accounting profit

    total revenue minus total explicit cost

  • agent

    a person who is performing an act for another person, called the principal

  • average fixed cost

    fixed cost divided by the quantity of output

  • average tax rate

    total taxes paid divided by total income

  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • common resources

    goods that are rival in consumption but not excludable

  • demand curve

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

  • 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

  • medium of exchange

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

  • money

    the set of assets in an economy that people regularly use to buy goods and services from other peopl

  • multiplier effect

    the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending

  • natural resources

    the inputs into the production of goods and services that are provided by nature, such as land, rivers, and mineral deposits

  • oligopoly

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

  • 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

  • rivalry in consumption

    the property of a good whereby one person’s use diminishes other people’s use

  • shortage

    a situation in which quantity demanded is greater than quantity supplied

  • substitutes

    two goods for which an increase in the price of one leads to an increase in the demand for the other

  • vertical equity

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

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