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Solutions for Chapter 1: The Legacy of the Ancient World

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

ISBN: 9780078678554

Solutions for Chapter 1: The Legacy of the Ancient World

Chapter 1: The Legacy of the Ancient World includes 8 full step-by-step solutions. Since 8 problems in chapter 1: The Legacy of the Ancient World have been answered, more than 1877 students have viewed full step-by-step solutions from this chapter. World History: Modern Times was written by and is associated to the ISBN: 9780078678554. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: World History: Modern Times, edition: 3.

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

    an excess of tax revenue over government spending

  • circular-flow diagram

    a visual model of the economy that shows how dollars flow through markets among households and firms

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • deadweight loss

    the fall in total surplus that results from a market distortion, such as a tax

  • demand curve

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

  • discrimination

    the offering of different opportunities to similar individuals who differ only by race, ethnic group, sex, age, or other personal characteristics

  • efficiency

    the property of society getting the most it can from its scarce resources

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • Federal Reserve (Fed)

    the central bank of the United States

  • GDP deflator

    a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100

  • implicit costs

    input costs that do not require an outlay of money by the firm

  • informational efficiency

    the description of asset prices that rationally reflect all available information

  • libertarianism

    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income

  • natural level of output

    the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate

  • nominal GDP

    the production of goods and services valued at current prices

  • oligopoly

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

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • purchasing-power parity

    a theory of exchange rates whereby a unit of any given currency should be able to buy the same quantity of goods in all countries

  • real variables

    variables measured in physical units

  • surplus

    a situation in which quantity supplied is greater than quantity demanded

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