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Holt 7525-9 S15_IT

Holt 7525-9

PRINCIPLES OF ECONOMICS JEFF HOLT Sixth Edition FOR REVIEW ONLY - NOT FOR DISTRIBUTION

  • Page 2 and 3: Copyright © 2015 by Jeff Holt Phot
  • Page 4 and 5: 16. A Change in Equilibrium Price a
  • Page 6 and 7: 17. Government Intervention 18. The
  • Page 8 and 9: Chapter 20 Production and Costs 1.
  • Page 10 and 11: 8. Elected Officials and Short Run
  • Page 12 and 13: Example 3: In 1940, U.S. Gross Dome
  • Page 14 and 15: 7. In the middle of the nineteenth
  • Page 16 and 17: True or False: ___ 1. The basic eco
  • Page 18 and 19: ___ 10. Per capita output in the U.
  • Page 20 and 21: 3. Four possible explanations for t
  • Page 22 and 23: Example 2: Modern America is blesse
  • Page 24 and 25: Resource Owner Motivation In a mark
  • Page 26 and 27: 2. Avoiding the fallacy of composit
  • Page 28 and 29: In the study of economics, we usual
  • Page 30 and 31: Appendix: Book Review - “Robinson
  • Page 32 and 33: Study Guide for Chapter 1 Chapter S
  • Page 34 and 35: ___ 5. _______________ refers to th
  • Page 36 and 37: ___ 18. The book “Predictably Irr
  • Page 38 and 39: Problems: 1. The four categories of
  • Page 40 and 41: surplus received by all the buyers
  • Page 42 and 43: Law of increasing opportunity cost
  • Page 44 and 45: Socialist vision: 1. Private proper
  • Page 46 and 47: Hours Worked 8- 7- 6- 5- 4- . . . 3
  • Page 48 and 49: 1. Agricultural subsidies. (See Cha
  • Page 50 and 51: ___ 3. When two parties voluntarily
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    ___ 21. Determining the “for whom

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    Answers for Chapter 2 Fill-in-the-b

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    Example 2A: Market for Good X Deman

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    Change in Demand versus Change in Q

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    Change in Supply versus Change in Q

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    A Change in Equilibrium Price and Q

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    Example 15: The graph below illustr

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    Study Guide for Chapter 3 Chapter S

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    ___ 3. A good for which an increase

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    Problems: 1. List the five determin

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    Problems: 1. The five determinants

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    Day Money Spent Products Purchased

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    Example 4B: Based on the facts in E

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    available jobs. During that time, t

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    Appendix: Female Labor Force Partic

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    Appendix: High Unemployment in Fran

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    4. ______________________ unemploym

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    ___ 16. Cheryl is laid off from her

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    4. Out of 246 million persons aged

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    Example 2B: If Milton buys a candy

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    4. Net Exports. An export is a good

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    Example 16B: GDP was $6,174 billion

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    Appendix: Historical Data on Nomina

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    When total output is measured as th

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    ___ 11. The phase of the business c

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    Answers for Chapter 5 Fill-in-the-b

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    Example 1A: The increase in house p

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    Aggregate Supply In the aggregate m

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    Changes in AD and SRAS Changes in a

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    Price Level Real GDP SRAS2 SRAS 1 A

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    Study Guide for Chapter 6 Chapter S

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    ___ 12. Decreases in AD tend to cau

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    Answers for Chapter 6: Fill-in-the-

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    According to Marx, workers in a mar

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    Example 5A: Assume that Natural Rea

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    Example 6A: When the economy is in

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    Example 7: Short-run Aggregate Supp

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    The quantity of total output that r

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    ___ 14. According to classical econ

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    Problems: 1. An increase in househo

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    Example 1: An increase in Total Exp

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    greater than the intersection amoun

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    Equilibrium Real GDP In Example 5,

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    Real GDP Consumption Investment Gov

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    Appendix: Book Review - “The Gene

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    Questions for Chapter 8 Fill-in-the

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    ___ 17. If the MPC is .90, and inve

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    Multiple Choice: 1. c. 8. b. 15. d.

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    Example 1: If Real GDP is $18,000 b

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    Automatic Stabilizers Keynesian fis

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    Supply-side Economics Supply-side e

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    The focus of supply-side theory is

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    There are four potential problems w

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    ___ 13. Supply-side economists argu

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    Problems: 1. To close a recessionar

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    With money as the medium of exchang

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    Financial intermediation - the proc

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    markets for corporate stocks and bo

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    If the price level increases at a h

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    currency into circulation, the coun

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    affected relative prices. The price

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    ___ 3. Compared to barter, money: a

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    ___ 21. A successful counterfeiter:

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    Multiple Choice: 1. c. 9. d. 17. a.

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    When the Fed makes a purchase or a

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    The Housing Bubble and the Subseque

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    Low Short-term Interest Rates The U

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    Irrational Exuberance As with all b

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    y the financial system, not by the

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    August of 2014, almost all of the U

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    Multiple Choice: ___ 1. The functio

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    ___ 18. Subprime mortgages: a. are

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    4. Explain how the increase in fore

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    Classical monetary theory assumes t

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    Since monetarism is based on classi

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    Appendix: The Independence of the F

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    Keynesian Theory of the Great Depre

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    c. The Federal Reserve System will

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    ___ 7. According to the Keynesian m

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    2. Explain two reasons why the Keyn

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    6. Classical economists lay the bla

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    Most Taxes Are Regressive Most taxe

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    Ideally, the burden imposed by a ta

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    To minimize the deadweight loss, a

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    The Burden of the Federal Personal

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    Example 16: Since 1950, the U.S. po

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    Questions for Chapter 13 Fill-in-th

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    ___ 15. The top 5% of income earner

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    Problems: 1. A progressive tax impo

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    Percentage increase in per capita R

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    d. Free international trade. Free t

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    2. The government cannot predict th

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    New growth theory takes the emphasi

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    Example 11: “The Economist” mag

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    Multiple Choice: ___ 1. An increase

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    ___ 16. Governments can encourage f

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    4. Why is it possible to achieve an

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    Example 4A: According to a report b

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    Infant %Population %ofPopulation Po

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    3. Cultural norms that hinder econo

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    Nation Corruption Perceptions Index

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    workers in steel, automotive parts,

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    3. Loosening restrictions on store

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    ___ 4. Which of the following count

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    ___ 21. Which of the following is c

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    4. Governments in LDCs often weaken

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    Country X Productivity Wheat -- 4 t

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    Example 5: The graph below illustra

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    The Politics of Trade Restrictions

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    The U.S. has dramatically reduced t

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    3. Changes in real interest rates.

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    also impose a loss on foreign produ

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    Answer questions 13. through 16. by

  • Page 278 and 279:

    ___ 27. According to Adam Smith: a.

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    Problems: 1. People in different na

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    The second extreme example is perfe

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    Example 4F: What is price elasticit

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    To illustrate the formula, we will

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    Example 11: When the price of Good

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    Appendix: The Deadweight Loss of a

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    Because the demand curve is more el

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    Questions for Chapter 17 Fill-in-th

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    ___ 15. A tax is placed on the sell

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    Answers for Chapter 17 Fill-in-the-

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    Example 3: To illustrate marginal u

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    Good X Good Y Units Total Marginal

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    Units of Marginal Marginal Marginal

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    In this case (as in Example 8D), th

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    ___ 3. If Alex is willing to pay $2

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    ___ 17. An efficient way to provide

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    3. If the government provided essen

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    Wal-Mart Corporation, the largest r

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    dealing with the basic economic pro

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    Example 14: In 2008, the Visa, Inc.

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    Example 21: William Aramony headed

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    Example 28: The five states with th

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    ___ 4. An agent: a. is a person who

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    Problems: 1. List the two advantage

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    3. A partner in a partnership has u

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    Sunk Cost In making economic decisi

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    In Example 5A, the $1200 monthly re

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    Appendix: Completing a Cost Table T

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    At a quantity of five, the MC is 14

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    $ $765 - 680 - 595 - 510 - 425 - 34

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    ___ 4. If nine workers can produce

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    Problems: 1. Explain the difference

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    4. Cost Table: Quantity TC MC AFC A

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    The Demand Curve for a Perfect Comp

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    Example 6B:The table below illustra

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    Example 6E: Same as Example 6C, but

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    Appendix: Economic Profit and Econo

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    cost. The shutdown point occurs if

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    ___ 8. What is the marginal cost of

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    Problems: 1. The graph below illust

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    Table for Multiple Choice Questions

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    c. Copyright. A copyright is a gove

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    $22 - 20 - 18 - 16 - 14 - $ 12 - 10

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    Comparing Monopoly to Perfect Compe

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    Other Problems with Monopoly Compar

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    Monopoly’s Economic Profit $22 -

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    Multiple Choice: ___ 1. A monopoly:

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    ___ 15. What is the profit-maximizi

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    2. Price Quantity Deadweight Loss 3

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    Demand and Marginal Revenue for a M

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    Oligopoly Falling nearer to the mon

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    What if there is a change in margin

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    Example 12: Bo and Luke are caught

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    have been willing to pay Cam Newton

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    ___ 4. In comparison to perfect com

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    3. On the graph below for a monopol

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    4. (1) Price Quantity MR MC D = P (

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    evenue increases from $440 to $600.

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    Example 6A: If the price of Gadgets

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    Example 12: Khalid’s Kwik Shop, l

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    And even where these screening devi

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    Value of the marginal product is th

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    ___ 10. A decrease in the price of

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    4. a. Complete the following table.

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    . $ $300 - 270 - 240 - 210 - 180 -

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    Wage Rate Union Goals $24 - 21 - 18

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    Example 3B: To increase product dem

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    Monopsony A labor union faces a tra

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    Wage Rate $24 - 21 - 18 - 15 - 12 -

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    Example 11: In 1952, there were 470

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    Multiple Choice: ___ 1. A union of

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    ___ 15. Research indicates that uni

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    3. (1) $ $22 - 20 - 18 - 16 - 14 -

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    Example 3: Imelda wants to buy a $2

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    Interest Rates Vary Interest rates

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    Example 11: Professor wants to hire

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    Appendix: Book Review - “Nudge”

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    The present value of an asset is th

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    ___ 13. Howie (from problem 12. abo

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    Answers for Chapter 26 Fill-in-the-

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    Private Market Equilibrium Chapter

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    Example 1C: Assume the same facts a

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    Example 6: The Endangered Species A

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    Public Goods Most of the goods that

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    Example 21: The city of Springfield

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    Questions for Chapter 27 Fill-in-th

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    ___ 14. The tragedy of the commons

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    Problems: 1. Pollution is any undes

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    People are not likely to be perfect

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    The short run focus of elected offi

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    ureaucratic inefficiency. In the pu

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    Appendix: Book Review - “The Myth

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    Other sources of government failure

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    ___ 13. Income redistribution: a. r

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    Answers for Chapter 28 Fill-in-the-

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    not the same as the optimal (most e

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    enefit from reducing its costs of p

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    Example 6: After the deregulation o

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    Example 13: A merger of General Mot

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    Answer questions 6. through 9. by r

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    ___ 19. The Sherman Act: a. prohibi

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    2. The capture theory of government

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    their short run problem (unstable f

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    Example 6B: The graph below illustr

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    Health Care: Two Primary Concerns T

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    (taxable) wages. If employer-provid

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    2. Health care providers would be f

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    In evaluating the two primary healt

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    high-deductible health insurance to

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    ___ 12. Compared to other developed

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    5. Explain why national health insu

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    The graph below shows the actual di

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    Overstating the Inequality of Wealt

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    6. Luck. People differ in the kind

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    6. The income redistribution progra

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    achieve financial security. However

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    Appendix: An Analogy for the Increa

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    total utility for society, but weak

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    ___ 11. Compared to the current inc

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    Answers for Chapter 31 Fill-in-the-

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    Cross elasticity of demand - measur

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    Less developed country (LDC) - has

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    Regressive tax - imposes higher tax

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    Book Review, “Nudge”, 26-8-9 Bo

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    Depreciation in exchange rate, 6-3,

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    Foreign competition, 14-6 Foreign c

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    Laffer, Arthur, 9-7 Laffer curve, 9

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    New growth theory, 14-7 New ideas,

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    Rational Person Assumption, 1-3, 1-

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    Taxpayers, 13-3-7, 19-9 Taylor, Eli

  • Page 540:

    FOR REVIEW ONLY - NOT FOR DISTRIBUT

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