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Solutions for Chapter 13: The Contemporary Western World

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

ISBN: 9780078678554

Solutions for Chapter 13: The Contemporary Western World

This expansive textbook survival guide covers the following chapters and their solutions. Chapter 13: The Contemporary Western World includes 8 full step-by-step solutions. World History: Modern Times was written by and is associated to the ISBN: 9780078678554. Since 8 problems in chapter 13: The Contemporary Western World have been answered, more than 1806 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.

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

    total cost divided by the quantity of output

  • cartel

    a group of firms acting in unison

  • club goods

    goods that are excludable but not rival in consumption

  • Condorcet paradox

    the failure of majority rule to produce transitive preferences for society

  • constant returns to scale

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

  • economics

    the study of how society manages its scarce resources

  • Fisher effect

    the one-for-one adjustment of the nominal interest rate to the inflation rate

  • game theory

    the study of how people behave in strategic situations

  • inflation

    an increase in the overall level of prices in the economy

  • marginal revenue

    the change in total revenue from an additional unit sold

  • market

    a group of buyers and sellers of a particular good or service

  • market for loanable funds

    the market in which those who want to save supply funds and those who want to borrow to invest demand funds

  • monopolistic competition

    the quantity of money available in the economy

  • national saving

    the total income in the economy that remains after paying for consumption and government purchases

  • natural level of output

    the production of goods and services that an economy achieves in the long run when unemployment is at its normal rate

  • producer price index

    a measure of the cost of a basket of goods and services bought by firms

  • productivity

    the quantity of goods and services produced from each unit of labor input

  • quantity demanded

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

  • reserve requirements

    regulations on the minimum amount of reserves that banks must hold against deposits

  • union

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

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