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Solutions for Chapter 2: Revolution and Enlightenment

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

ISBN: 9780078678554

Solutions for Chapter 2: Revolution and Enlightenment

Chapter 2: Revolution and Enlightenment includes 8 full step-by-step solutions. This textbook survival guide was created for the textbook: World History: Modern Times, edition: 3. This expansive textbook survival guide covers the following chapters and their solutions. World History: Modern Times was written by and is associated to the ISBN: 9780078678554. Since 8 problems in chapter 2: Revolution and Enlightenment have been answered, more than 1812 students have viewed full step-by-step solutions from this chapter.

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

  • 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

  • club goods

    goods that are excludable but not rival in consumption

  • complements

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

  • cost

    the value of everything a seller must give up to produce a good

  • libertarianism

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

  • maximin criterion

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

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • median voter theorem

    a mathematical result showing that if voters are choosing a point along a line and each voter wants the point closest to his most preferred point, then majority rule will pick the most preferred point of the median voter

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • natural monopoly

    a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms

  • perfect substitutes

    two goods with straight-line indifference curves

  • production possibilities frontier

    a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology

  • 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

  • quantity demanded

    the amount of a good that buyers are willing and able to purchase

  • signaling

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

  • supply curve

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

  • total cost

    the market value of the inputs a firm uses in production

  • unemployment insurance

    a government program that partially protects workers’ incomes when they become unemployed

  • utility

    a measure of happiness or satisfaction

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