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Solutions for Chapter Chapter 9: The Americas: A Separate World, 40,000 B.C.A.D. 700

Full solutions for World History: Patterns of Interaction | 1st Edition

ISBN: 9780547034751

Solutions for Chapter Chapter 9: The Americas: A Separate World, 40,000 B.C.A.D. 700

World History: Patterns of Interaction was written by and is associated to the ISBN: 9780547034751. This expansive textbook survival guide covers the following chapters and their solutions. This textbook survival guide was created for the textbook: World History: Patterns of Interaction, edition: 1. Chapter Chapter 9: The Americas: A Separate World, 40,000 B.C.A.D. 700 includes 18 full step-by-step solutions. Since 18 problems in chapter Chapter 9: The Americas: A Separate World, 40,000 B.C.A.D. 700 have been answered, more than 6887 students have viewed full step-by-step solutions from this chapter.

Key Business Terms and definitions covered in this textbook
  • appreciation

    an increase in the value of a currency as measured by the amount of foreign currency it can buy

  • closed economy

    an economy that does not interact with other economies in the world

  • comparative advantage

    the ability to produce a good at a lower opportunity cost than another producer

  • complements

    two goods for which an increase in the price of one leads to a decrease in the demand for the other

  • corrective tax

    a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality

  • diminishing returns

    the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

  • dominant strategy

    a strategy that is best for a player in a game regardless of the strategies chosen by the other players

  • equilibrium

    a situation in which the market price has reached the level at which quantity supplied equals quantity demanded

  • income effect

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

  • market failure

    a situation in which a market left on its own fails to allocate resources efficiently

  • market power

    the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

  • menu costs

    the costs of changing prices

  • net capital outflow

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

  • productivity

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

  • reserve ratio

    the fraction of deposits that banks hold as reserves

  • strike

    the organized withdrawal of labor from a firm by a union

  • sunk cost

    a cost that has already been committed and cannot be recovered

  • Tragedy of the Commons

    a parable that illustrates why common resources are used more than is desirable from the standpoint of society as a whole

  • utility

    a measure of happiness or satisfaction

  • value of the marginal product

    the marginal product of an input times the price of the output

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