Solutions for Chapter 5: Mass Society and Democracy

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

ISBN: 9780078678554

Solutions for Chapter 5: Mass Society and Democracy

Since 8 problems in chapter 5: Mass Society and Democracy have been answered, more than 949 students have viewed full step-by-step solutions from this chapter. 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. Chapter 5: Mass Society and Democracy includes 8 full step-by-step solutions.

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

  • average fixed cost

    fixed cost divided by the quantity of output

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • consumer surplus

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

  • depreciation

    a decrease in the value of a currency as measured by the amount of foreign currency it can buy

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • fixed costs

    costs that do not vary with the quantity of output produced

  • implicit costs

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

  • internalizing the externality

    altering incentives so that people take account of the external effects of their actions

  • leverage ratio

    the ratio of assets to bank capital

  • marginal product

    the increase in output that arises from an additional unit of input

  • monetary neutrality

    the proposition that changes in the money supply do not affect real variables

  • mutual fund

    an institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds

  • perfect substitutes

    two goods with straight-line indifference curves

  • prisoners’ dilemma

    a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial

  • proportional tax

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

  • quantity demanded

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

  • supply curve

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

  • total revenue (in a market)

    the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold

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