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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 1687 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

  • absolute advantage

    the ability to produce a good using fewer inputs than another producer

  • club goods

    goods that are excludable but not rival in consumption

  • constant returns to scale

    The property whereby long-run average total cost stays the same as the quantity of output changes

  • deadweight loss

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

  • discount rate

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

  • economies of scale

    the property whereby long-run average total cost falls as the quantity of output increases

  • explicit costs

    input costs that require an outlay of money by the firm

  • income effect

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

  • labor-force participation rate

    the percentage of the adult population that is in the labor force

  • marginal revenue

    the change in total revenue from an additional unit sold

  • normal good

    a good for which, other things being equal, an increase in

  • price discrimination

    the business practice of selling the same good at different prices to different customers

  • principal

    a person for whom another person, called the agent, is performing some act

  • private saving

    the income that households have left after paying for taxes and consumption

  • production function

    the relationship between quantity of inputs used to make a good and the quantity of output of that good

  • public goods

    goods that are neither excludable nor rival in consumption

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • unit of account

    the yardstick people use to post prices and record debts

  • vertical equity

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

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