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Solutions for Chapter 8: War and Revolution

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

ISBN: 9780078678554

Solutions for Chapter 8: War and Revolution

Since 8 problems in chapter 8: War and Revolution have been answered, more than 1808 students have viewed full step-by-step solutions from this chapter. 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. This textbook survival guide was created for the textbook: World History: Modern Times, edition: 3. Chapter 8: War and Revolution includes 8 full step-by-step solutions.

Key Business Terms and definitions covered in this textbook
  • average variable cost

    variable cost divided by the quantity of output

  • club goods

    goods that are excludable but not rival in consumption

  • economics

    the study of how society manages its scarce resources economies of scale the property whereby long-run average total cost falls as the quantity of output increases

  • externality

    the uncompensated impact of one person’s actions on the well-being of a bystander

  • fiscal policy

    the setting of the level of government spending and taxation by government policymakers

  • game theory

    the study of how people behave in strategic situations

  • internalizing the externality

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

  • marginal change

    a small incremental adjustment to a plan of action

  • moral hazard

    the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

  • net capital outflow

    the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners

  • normal good

    a good for which, other things being equal, an increase in income leads to an increase in demand

  • normative statements

    claims that attempt to prescribe how the world should be

  • open-market operations

    the purchase and sale of U.S. government bonds by the Fed

  • positive statements

    claims that attempt to describe the world as it is

  • poverty rate

    the percentage of the population whose family income falls below an absolute level called the poverty line

  • quantity supplied

    the amount of a good that sellers are willing and able to sell

  • stagflation

    a period of falling output and rising prices

  • strike

    the organized withdrawal of labor from a firm by a union

  • tariff

    tax on goods produced abroad and sold domestically

  • union

    a worker association that bargains with employers over wages, benefits, and working conditions

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