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Textbooks / Business / World History: Modern Times 3

World History: Modern Times 3rd Edition - Solutions by Chapter

Full solutions for World History: Modern Times | 3rd Edition

ISBN: 9780078678554

World History: Modern Times | 3rd Edition - Solutions by Chapter

This textbook survival guide was created for the textbook: World History: Modern Times, edition: 3. World History: Modern Times was written by and is associated to the ISBN: 9780078678554. This expansive textbook survival guide covers the following chapters: 16. The full step-by-step solution to problem in World History: Modern Times were answered by , our top Business solution expert on 03/19/18, 04:42PM. Since problems from 16 chapters in World History: Modern Times have been answered, more than 1694 students have viewed full step-by-step answer.

Key Business Terms and definitions covered in this textbook
  • cartel

    a group of firms acting in unison

  • diminishing marginal product

    the property whereby the marginal product of an input declines as the quantity of the input increases

  • discount rate

    the interest rate on the loans that the Fed makes to banks

  • discouraged workers

    individuals who would like to work but have given up looking for a job

  • financial system

    the group of institutions in the economy that help to match one person’s saving with another person’s investment

  • income effect

    the change in consumption that results when a price change moves the consumer to a higher or lower indifference curve

  • law of supply

    the claim that, other things being equal, the quantity supplied of a good rises when the price of the good rises

  • leverage

    the use of borrowed money to supplement existing funds for purposes of investment

  • lump-sum tax

    a tax that is the same amount for every person

  • maximin criterion

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

  • price floor

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

  • productivity

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

  • real variables

    variables measured in physical units

  • rivalry in consumption

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

  • shoe-leather cost

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

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • supply schedule

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

  • tariff

    tax on goods produced abroad and sold domestically

  • technological knowledge

    society’s understanding of the best ways to produce goods and services

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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