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Solutions for Chapter Chapter 33: Restructuring the Postwar World, 1945-Present

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

ISBN: 9780547034751

Solutions for Chapter Chapter 33: Restructuring the Postwar World, 1945-Present

Since 20 problems in chapter Chapter 33: Restructuring the Postwar World, 1945-Present have been answered, more than 6852 students have viewed full step-by-step solutions from this chapter. Chapter Chapter 33: Restructuring the Postwar World, 1945-Present includes 20 full step-by-step solutions. World History: Patterns of Interaction was written by and is associated to the ISBN: 9780547034751. This textbook survival guide was created for the textbook: World History: Patterns of Interaction, edition: 1. This expansive textbook survival guide covers the following chapters and their solutions.

Key Business Terms and definitions covered in this textbook
  • benefits principle

    the idea that people should pay taxes based on the benefits they receive from government services

  • budget surplus

    an excess of government receipts over government spending

  • budget surplus

    an excess of tax revenue over government spending

  • cross-price elasticity of demand

    a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good divided by the percentage change in price of the second good

  • currency

    the paper bills and coins in the hands of the public

  • efficiency wages

    above-equilibrium wages paid by firms to increase worker productivity

  • elasticity

    a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants

  • equality

    the property of distributing economic prosperity uniformly among the members of society

  • excludability

    the property of a good whereby a person can be prevented from using it

  • labor force

    the total number of workers, including both the employed and the unemployed

  • microeconomics

    the study of how households and firms make decisions and how they interact in markets

  • principal

    a person for whom another person, called the agent, is performing some act

  • profit

    total revenue minus total cost

  • sacrifice ratio

    the number of percentage points of annual output lost in the process of reducing inflation by 1 percentage point

  • tax incidence

    the manner in which the burden of a tax is shared among participants in a market

  • total revenue (for a firm)

    the amount a firm receives for the sale of its output

  • trade policy

    a government policy that directly influences the quantity of goods and services that a country imports or exports

  • transaction costs

    the costs that parties incur in the process of agreeing to and following through on a bargain

  • variable costs

    costs that vary with the quantity of output produced

  • willingness to pay

    the maximum amount that a buyer will pay for a good

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