- 5.1: Vocabulary Define: generator, transform, assembly line, mass produc...
- 5.2: People Identify: Thomas Edison, Alexander Graham Bell, Guglielmo Ma...
- 5.3: Places Locate: the Netherlands, Spain, Portugal, Russia, Austria-Hu...
- 5.4: Explain how Marxs ideas came to directly affect society.
- 5.5: Contextualizing What is the relationship between the large number o...
- 5.6: Compare and Contrast Use a Venn diagram like the one below to compa...
- 5.7: Compare the photos of the two Ford vehicles on page 298. Do you thi...
- 5.8: Expository Writing After Marconis first transmission across radio w...
Solutions for Chapter 5: Mass Society and Democracy
Full solutions for World History: Modern Times | 3rd Edition
the idea that taxes should be levied on a person according to how well that person can shoulder the burden
total revenue minus total explicit cost
average fixed cost
fixed cost divided by the quantity of output
the failure of majority rule to produce transitive preferences for society
the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
a decrease in the value of a currency as measured by the amount of foreign currency it can buy
a strategy that is best for a player in a game regardless of the strategies chosen by the other players
costs that do not vary with the quantity of output produced
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
the ratio of assets to bank capital
the increase in output that arises from an additional unit of input
the proposition that changes in the money supply do not affect real variables
an institution that sells shares to the public and uses the proceeds to buy a portfolio of stocks and bonds
two goods with straight-line indifference curves
a particular “game” between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
a tax for which highincome and low-income taxpayers pay the same fraction of income
the amount of a good that buyers are willing and able to purchase
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