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Solutions for Chapter 16: Asia and the Pacific

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

ISBN: 9780078678554

Solutions for Chapter 16: Asia and the Pacific

Chapter 16: Asia and the Pacific 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 16: Asia and the Pacific have been answered, more than 2005 students have viewed full step-by-step solutions from this chapter. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: World History: Modern Times, edition: 3.

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

  • collusion

    an agreement among firms in a market about quantities to produce or prices to charge

  • consumption

    spending by households on goods and services, with the exception of purchases of new housing

  • factors of production

    the inputs used to produce goods and services

  • financial system

    the group of institutions in the economy that help to match one person’s saving with another person’s investment

  • investment

    spending on capital equipment, inventories, and structures, including household purchases of new housing

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • marginal cost

    the increase in total cost that arises from an extra unit of production

  • marginal product of labor

    the increase in the amount of output from an additional unit of labor

  • marginal revenue

    the change in total revenue from an additional unit sold

  • market economy

    an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

  • medium of exchange

    an item that buyers give to sellers when they want to purchase goods and services

  • Nash equilibrium

    a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

  • oligopoly

    a market structure in which only a few sellers offer similar or identical products

  • permanent income

    a person’s normal income

  • present value

    the amount of money today that would be needed, using prevailing interest rates, to produce a given future amount of money

  • prisoners’ dilemma

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

  • quantity equation

    the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services

  • random walk

    the path of a variable whose changes are impossible to predict

  • 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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