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Appendix: Book Review

Appendix: Book Review – “The General Theory of Employment, Interest, and Money” In January of 1935, Maynard Keynes wrote a letter to George Bernard Shaw in which he stated, “…I believe myself to be writing a book on economic theory which will largely revolutionize – not, I suppose, at once but in the course of the next ten years – the way the world thinks about economic problems”. That book, published in 1936, was “The General Theory of Employment, Interest, and Money”. Keynes’s book has had the kind of revolutionary impact that he anticipated. “The General Theory” was controversial when published, and remains so to this day. Keynes’s prescription for ending the Great Depression – government deficit spending – was not put into practice immediately. The consensus at the time was that deficit spending was dangerous and irresponsible behavior. The only legitimate excuse for deficit spending was to finance a military effort. In peacetime, budget surpluses were to be accomplished in order to pay down previous war debt. War debt needed to be paid down because, well, there would always be another war that would need to be financed. President Franklin Roosevelt signed a tax increase in 1936, hoping to balance the federal budget. When World War II began, the nations involved deficit spent as never before. The Great Depression, which had lingered for years, abruptly came to an end. The Keynesian prescription for ending the depression appeared to have been proven correct. After the war, the U.S. federal government enacted the Employment Act of 1946, which established the federal government’s responsibility to “promote maximum employment, production, and purchasing power”. Keynesian theory, as expressed in “The General Theory” and as developed in the writings of such economists as John Hicks, Alvin Hansen, and Paul Samuelson, dominated economic theory and practice through the 1960s. Even one of the harshest critics of “The General Theory”, Henry Hazlitt, wrote in 1959, “The most famous economist of the twentieth century is John Maynard Keynes; and the most influential economic book of the present era, both on theory and on economic policy, is his “General Theory of Employment, Interest, and Money”.” The December 31, 1965 issue of “Time” magazine featured a cover story entitled, “We Are All Keynesians Now”. The article stated, “Today, some 20 years after his (Keynes) death, his theories are a prime influence on the world’s free economies, especially on America’s, the richest and most expansionist. In Washington the men who formulate the nation’s economic policies have used Keynesian principles not only to avoid the violent cycles of prewar days but to produce a phenomenal economic growth and to achieve remarkably stable prices.” In the 1970s, the U.S. economy suffered from a combination of high unemployment and high inflation, dubbed “stagflation”. According to Keynesian theory, high unemployment is caused by inadequate aggregate demand and high inflation is caused by excessive aggregate demand. Keynesian theory provides no explanation for stagflation. “The General Theory” is a tough read. Keynesian economist Paul Samuelson wrote, “It is a badly written book, poorly organized…It is not well suited for classroom use. It is arrogant, badtempered, polemical, and not overly generous in its acknowledgements. It abounds in mares’ nests and confusion…” The most influential assertions of “The General Theory” can be summarized as follows: 1. Say’s Law (supply creates its own demand) is incorrect. Equilibrium total output is determined by Total Expenditures, and will not necessarily correspond to full employment. 2. A decrease in investment caused by a decrease in expected rates of return is the most likely cause of a recession. 3. If investors are very pessimistic about future rates of return, they may not invest more in response to lower interest rates (thus monetary policy may fail to restore full employment). 4. Expansionary fiscal policy (deficit spending) is the best way to restore full employment. 5. Any change in government spending or taxation will have a multiplied effect on total output. FOR REVIEW ONLY - NOT FOR DISTRIBUTION Keynesian Economic Theory 8 - 10

“The General Theory” also includes a number of assertions that have not proven influential. 1. Keynes found an “element of scientific truth in mercantilist doctrine”. Mercantilist doctrine, which calls for trade restrictions to maintain a “favorable” balance of trade, has been generally rejected by broadly accepted economic theory. 2. Keynes proposed that usury laws to maintain low interest rates might be good policy. Price controls have been generally rejected by broadly accepted economic theory. 3. Keynes proposed a type of tax to be imposed on money holders as a way to discourage the holding of money and thus achieve lower interest rates. 4. Keynes proposed that “a somewhat comprehensive socialisation of investment will prove the only means of securing an approximation to full employment…If the State is able to determine the aggregate amount of resources devoted to augmenting the instruments and the basic rate of reward to those who own them, it will have accomplished all that is necessary”. 5. Keynes asserted that the adoption of his theory, by providing full employment, would reduce the competitive struggle for international markets and would thus be favorable to maintaining peace. However, earlier in the book Keynes had spoken favorably of mercantilist doctrine which calls for trade restrictions to maintain a “favorable” balance of trade. Free international trade is generally believed to be more favorable to maintaining peace than is a policy of trade restrictions. Study Guide for Chapter 8 Chapter Summary for Chapter 8 Keynesian theory argues that factors other than the interest rate affect savings and investment. If investors become pessimistic about future rates of return, they may not invest more in response to lower interest rates. Thus, excessive savings could lead to inadequate Total Expenditures. Keynesian theory argues that wages and prices are not flexible downward. Therefore, the economy can get stuck in a recessionary gap for an extended period. The solution to a recessionary gap would be an increase in Total Expenditures to shift the AD curve right. Consumption is determined primarily by disposable income. The curve showing the relationship between disposable income and consumption is the consumption function. The slope of the consumption function is the marginal propensity to consume (MPC), which is equal to the change in consumption divided by the change in income. According to Keynesian theory, the level of Total Expenditures determines the level of Real GDP. TE consists of consumption, investment, government purchases, and net exports. Consumption is directly related to Real GDP. The levels of investment, government purchases, and net exports are all unrelated to the current level of Real GDP. In Keynesian theory, equilibrium Real GDP occurs where Total Expenditures equals Real GDP (total production). If TE were greater than Real GDP, inventories would decrease, signaling producers to increase production. If TE were less than Real GDP, inventories would increase, signaling producer to decrease production. Graphically, Real GDP occurs where the TE curve intersects the 45° angle line. Ideally, equilibrium Real GDP will occur at Natural Real GDP. According to Keynesian theory, the level of Total Expenditures may not be the level that will cause the economy to achieve Natural Real GDP. A change in one of the components of TE (consumption, investment, government purchases, or net exports) will lead to a multiplied change in Real GDP. The multiplier effect occurs because the initial change in TE triggers a chain reaction. The eventual change in Real GDP will be equal to the initial change multiplied by a factor called the multiplier. The multiplier is equal to one divided by one minus MPC. The greater the MPC, the larger the multiplier, and the larger the eventual change in Real GDP. FOR REVIEW ONLY - NOT FOR DISTRIBUTION 8 - 11 Keynesian Economic Theory

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    PRINCIPLES OF ECONOMICS JEFF HOLT S

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    Principles of Economics, 6th Editio

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    16. Study Guide for Chapter 7 17. C

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    11. Appendix: Book Review - “The

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    20. Appendix: The NCAA Cartel 21. S

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    Introduction: A Brief History of U.

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    In the twentieth century, per capit

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    Appendix: The 35 Largest National E

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    Multiple Choice: ___ 1. The Jamesto

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    2. Describe the economic cost of th

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    Chapter 1 Scarcity and Choices The

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    Example 5B: At the end of 1982, the

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    Example 11: When Cindy quits her jo

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    consequences may result in failure

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    An upward sloping curve (as in Exam

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    In making decisions, humans tend to

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    5. ______________________ _________

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    ___ 13. If the value of one variabl

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    Y Point X Y A 0 1 B 3 3 C 6 5 D 9 7

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    Chapter 2 Trade and Economic System

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    Example 4B: The following quantitie

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    1. An increase in the quantity of r

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    3. For whom to produce? This is det

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    The graph below illustrates the shi

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    The two primary economic systems ar

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    ___ 12. The capitalist vision sees

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    ___ 25. According to the book “Ca

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    Chapter 3 Demand, Supply, and Equil

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    . For inferior goods, income and de

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    The same information can be placed

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    Not only does a free market elimina

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    $7 - 6 - 5 - S 3 S1 S 2 Price 4 - 3

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    Example 17: The graph below illustr

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    Questions for Chapter 3 Fill-in-the

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    ___ 12. Assuming a market originall

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    $8 - 7 - 6 - 5 - Price 4 - 3 - 2 -

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    Chapter 4 Inflation and Unemploymen

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    Computing the Rate of Inflation The

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    Full Employment Though unemployment

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    3. Cyclical unemployment - due to d

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    During the Great Depression, the ec

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    Appendix: Think Like an Economist -

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    Answer questions 8. and 9. based on

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    ___ 25. The extension of unemployme

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    Fed policies caused short-term inte

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    ___ 10. The Fed’s most important

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    ___ 25. In response to the recessio

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    Chapter 12 Monetary Policy The basi

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    2. A change in aggregate demand (AD

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    Monetarist Transmission Mechanism C

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    3. Borrowers do not have to seek ou

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    Appendix: Book Review - “The Age

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    Questions for Chapter 12 Fill-in-th

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    ___ 16. The primary source of incom

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    7. According to Alan Greenspan, wha

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    Chapter 13 Taxes, Deficits, and the

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    Example 5: In 2015, Taxpayer A had

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    of $5 and a quantity of 10 units. T

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    The complexity of the tax law also

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    the current government spending and

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    cut of 1964. The top rate was lower

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    ___ 6. Federal excise taxes: a. are

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    3. How would eliminating the loopho

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    Chapter 14 Economic Growth The basi

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    2. Labor. Labor can contribute to e

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    estricting international trade (e.g

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    An improvement in technology (e.g.

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    The table below shows the economic

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    will increase both Real GDP and per

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    ___ 8. Which of the following is co

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    ___ 26. The opinion that economic g

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    Chapter 15 Less Developed Countries

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    Example 8: Countries A, B, C, and D

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    Obstacles to Economic Development f

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    c. Restrictions on international tr

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    Appendix: Book Review - “The Powe

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    Example 25: In Brazil, about half t

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    Study Guide for Chapter 15 Chapter

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    ___ 13. Among the counterproductive

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    4. List four ways that governments

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    Chapter 16 International Trade The

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    Other Benefits of Free Internationa

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    Example 6: The graph below illustra

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    competitive disadvantage. But dumpi

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    is only 25% as productive as before

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    Smith was skeptical of government a

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    ___ 4. For Country X, what is the o

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    ___ 18. Frédéric Bastiat’s “P

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    4. On the graph below: (1) What is

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    Chapter 17 Elasticity We are often

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    Example 4A: What is price elasticit

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    Example 5A: Gertie’s Gas and Go i

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    Example 10A: When the price of Good

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    Example 13B: On the graph below, su

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    $7 - 6 - 5 - Price 4 - 3 - 2 - 1 -

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    In the long run, would the deadweig

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    ___ 7. The factors that determine w

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    3. a. Which price (or prices) from

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    Chapter 18 Utility The basic econom

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    Nonetheless, society generally assu

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    Example 9: Capital City operates a

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    Marginal rate of substitution - the

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    The diamond-water paradox is the ob

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    Complete the table below to answer

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    4. The graph below shows indifferen

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    Chapter 19 The Firm The basic econo

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    than contributing to team productio

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    1. Difficulty in raising large amou

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    Corporations also use self-financin

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    Example 24: A blacksmith who produc

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    For financing needs, proprietorship

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    ___ 13. Corporations: a. are comple

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    5. List two things that the absence

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    Chapter 20 Production and Costs The

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    In Example 5B, Birdwell finds that

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    variable cost initially decreases,

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    Quantity TC MC AFC AVC ATC 0 240 X

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    If the scale of operation is increa

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    average total cost. Average fixed c

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    ___ 11. Concerning the cost curves:

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    5. Complete the following cost tabl

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    Chapter 21 Perfect Competition The

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    Even though a perfect competitor ca

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    Example 6C: This example builds on

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    At what price will there be neither

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    Appendix: Perfect Competition in th

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    Multiple Choice: ___ 1. A perfect c

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    ___ 17. Perfect competition: a. req

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    Answers for Chapter 21 Fill-in-the-

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    Chapter 22 Monopoly Of the four mar

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    3. Exclusive ownership of an essent

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    maximizing quantity (4 units) creat

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    $22 - 20 - 18 - 16 - 14 - Deadweigh

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    2. Negotiating, beginning at a high

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    Legal barriers are created by gover

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    ___ 8. The slope of the demand curv

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    Price Quantity 3. List some of the

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    Chapter 23 Monopolistic Competition

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    For Percomp (the perfect competitor

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    Example 7A: The graph below represe

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    Example 9: The Organization of the

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    Example 12 illustrates the dilemma

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    its current price and quantity. The

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    ___ 14. Game theory: a. is a method

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    Answers for Chapter 23 Fill-in-the-

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    Chapter 24 Factor Markets The basic

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    $ $240 - 200 - 160 - 120 - 80 - 40

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    Since producers will attempt to equ

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    2. Differences in nonmoney aspects

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    were his strikeouts, walks, and hom

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    ___ 3. To maximize profits, a produ

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    ___ 19. According to the book, “M

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

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    Chapter 25 Labor Unions The primary

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    The elasticity of demand for union

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    Example 4A: Assume that the graph b

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    Notice from the graph in Example 6

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    Wage Factory A Quantity of Labor S

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    As a cartel, a labor union faces a

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    ___ 10. For a monopsony: a. there i

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    3. The graph below represents a lab

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    Chapter 26 Interest, Present Value,

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    An increase in expected rates of re

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    An asset is valuable because we exp

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    Example 13B: General Ordnance prove

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    Appendix: Present Value Table One f

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    ___ 4. An increase in expected rate

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    Problems: 1. List and explain the t

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    Chapter 27 Market Failure The basic

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    External Benefit If a market genera

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    Example 2: To encourage the consump

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    $100 - 90 - 80 - MSC 70 - $ 60 - 50

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    A common good is nonexcludable. Non

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    Study Guide for Chapter 27 Chapter

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    ___ 5. What government policy would

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    4. Based on the information on the

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    Chapter 28 Public Choice and Govern

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    Candidates and the Median Voter Mod

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    Example 8: According to State and F

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    Example 10: When Elvis Presley was

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    4. Pessimistic bias. This is the te

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    ___ 5. An elected official will: a.

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    2. If a certain policy will yield s

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    Chapter 29 Government Regulation of

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    underproduction is the amount that

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    micromanagement results in business

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    market. They may agree with their c

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    Questions for Chapter 29 Fill-in-th

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    ___ 10. The public interest theory

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    4. List the four types of costs imp

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    Chapter 30 Agriculture and Health C

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    weather may cause bumper crops. Bad

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    Security and Rural Investment Act o

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    Example 12: From 1960 to 2013, the

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    1. NHI would provide universal heal

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    d. Insurance providers are not allo

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    Study Guide for Chapter 30 Chapter

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    Answer questions 7. through 10. by

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    ___ 21. If there were no individual

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    Chapter 31 Income Distribution and

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    Income is more equally distributed

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    over a typical career is the accumu

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    Ideal Income Redistribution The ide

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    Poverty - a family whose income fal

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    Appendix: Income Inequality around

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    How is this story an analogy for th

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    ___ 2. In 2013, the Lowest Income 6

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    Problems: 1. Explain the two primar

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    Absolute advantage - when one natio

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    Fiat money - money by government de

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    Nonrivalrous good - a good for whic

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    Absolute advantage, 16-9 Absolute e

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    “Company town”, 25-6 Comparativ

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    Eli Lilly and Company, 22-1 Emergen

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    Houston, Texas, 15-10 Human capital

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    Market, 3-1, 3-8-9 Market basket, 4

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    Political bias, 9-4, 12-7 Political

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    Short run production, 20-2-3 Short-

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    Upturns, 9-4 USDA, 27-9, 30-1-2, 30

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