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The focus of supply-side

The focus of supply-side theory is not on setting tax rates so as to maximize tax revenues. Most supply-side economists are more concerned with maximizing economic growth. Supply-siders support a smaller government and much lower tax rates in order to provide more incentives and to achieve more economic growth. Appendix: History of the Federal Government’s Budget The table below shows the federal government’s tax revenues, expenditures, and budget surplus (or deficit) for the years from 1929 to 2014. The amounts are in billions of dollars. Tax Government Surplus Tax Government Surplus Year Revenues Expenditures (Deficit) Year Revenues Expenditures (Deficit) 1929 $3.8 $3.1 $0.7 1972 207.3 230.7 (23.4) 1930 4.0 3.3 0.7 1973 230.8 245.7 (14.9) 1931 3.1 3.6 (0.5) 1974 263.2 269.3 (6.1) 1932 1.9 4.6 (2.7) 1975 279.1 332.3 (53.2) 1933 2.0 4.6 (2.6) 1976 298.1 371.8 (73.7) 1934 2.9 6.5 (3.6) 1977 355.5 409.2 (53.7) 1935 3.6 6.4 (2.8) 1978 399.6 458.8 (59.2) 1936 3.9 8.2 (4.3) 1979 463.3 504.0 (40.7) 1937 5.4 7.6 (2.2) 1980 517.1 590.9 (73.8) 1938 6.7 6.8 (0.9) 1981 599.3 678.3 (79.0) 1939 6.3 9.1 (2.8) 1982 617.8 745.8 (128.0) 1940 6.6 9.5 (2.9) 1983 600.6 808.4 (207.8) 1941 8.7 13.6 (4.9) 1984 666.5 851.9 (185.4) 1942 14.6 35.1 (20.5) 1985 734.1 946.4 (212.3) 1943 24.0 78.6 (54.6) 1986 769.2 990.4 (221.2) 1944 43.7 91.3 (47.6) 1987 854.3 1004.1 (149.8) 1945 45.2 92.7 (47.6) 1988 909.3 1064.5 (155.2) 1946 39.3 55.2 (15.9) 1989 991.2 1143.7 (152.5) 1947 38.5 34.5 4.0 1990 1032.1 1253.1 (221.0) 1948 41.6 29.8 11.8 1991 1055.1 1324.3 (269.2) 1949 39.4 38.8 0.6 1992 1091.3 1381.6 (290.3) 1950 39.4 42.5 (3.1) 1993 1154.5 1409.5 (255.0) 1951 51.6 45.5 6.1 1994 1258.7 1461.9 (203.2) 1952 66.2 67.7 (1.5) 1995 1351.9 1515.9 (164.0) 1953 69.6 76.1 (6.5) 1996 1453.2 1560.6 (107.4) 1954 69.7 70.9 (1.2) 1997 1579.4 1601.3 (21.9) 1955 65.4 68.4 (3.0) 1998 1722.0 1652.7 69.3 1956 74.6 70.7 3.9 1999 1827.6 1702.0 125.6 1957 80.0 76.6 3.4 2000 2025.5 1789.2 236.2 1958 79.6 82.4 (2.8) 2001 1991.4 1863.2 128.2 1959 79.3 92.1 (12.8) 2002 1853.4 2011.2 (157.8) 1960 92.5 92.2 0.3 2003 1782.5 2160.1 (377.6) 1961 94.4 97.7 (3.3) 2004 1880.3 2293.0 (412.7) 1962 99.7 106.8 (7.1) 2005 2153.9 2472.2 (318.3) 1963 106.5 111.3 (4.8) 2006 2406.9 2655.1 (248.2) 1964 112.6 118.5 (5.9) 2007 2568.0 2728.7 (160.7) 1965 116.8 118.2 (1.4) 2008 2524.0 2982.5 (458.5) 1966 130.8 134.5 (3.7) 2009 2105.0 3517.7 (1412.7) 1967 148.8 157.4 (8.6) 2010 2162.7 3457.1 (1294.4) 1968 153.0 178.2 (25.2) 2011 2303.5 3603.1 (1299.6) 1969 186.9 183.7 3.2 2012 2450.2 3537.1 (1086.9) 1970 192.8 195.6 (2.8) 2013 2775.1 3454.6 (679.5) 1971 187.1 210.2 (23.0) 2014 3020.8 3504.2 (483.4) FOR REVIEW ONLY - NOT FOR DISTRIBUTION Fiscal Policy 9 - 8

Appendix: The Importance of Incentives A fundamental assumption of economic reasoning is that people are rational and thus respond to incentives. Steven Landsburg began his 1993 book, “The Armchair Economist”, by stating, “Most of economics can be summarized in four words: ‘People respond to incentives.’ The rest is commentary.” The following story (inspired by the classic television series “The Many Loves of Dobie Gillis”), illustrates the importance of incentives. On the first day of school, the principal of Central High announces that an emphasis will be placed on physical fitness in the upcoming school year. A number of students are selected at random to participate in a push-up competition. One of the students selected for the competition is Maynard, a gangly beatnik (who bears a striking resemblance to Gilligan). Maynard manages only seven push-ups before giving up. When the principal encourages Maynard to “try harder”, Maynard replies, “Push-ups ain’t my scene, daddy-o”. If Maynard’s pushup ability were re-tested a week later or at the end of the school year, it seems unlikely that his performance would improve. But the plot thickens. A local millionaire, Mr. Armitage, learns of Maynard’s paltry push-up performance from his son Milton (who looks a lot like Clyde). Mr. Armitage is outraged at Maynard’s poor performance and offers Maynard a $100 payment for every push-up that he can perform in a re-test one week after the initial competition. Maynard is still a gangly beatnik, but now he has more incentive, and manages thirteen push-ups before collapsing in exhaustion. Mr. Armitage is pleased with Maynard’s improved performance and announces that Maynard will be re-tested again at the end of the school year and will be paid $1,000 for every push-up that he can perform. How will Maynard spend the upcoming school year? Hanging out with his buddy, Dobie, and playing the bongo drums? Or hanging out in the gym, lifting weights? Incentives are important. People respond to incentives. Study Guide for Chapter 9 Chapter Summary for Chapter 9 Whether or not the economy produces at Natural Real GDP in the short run may be affected by the government’s fiscal policy. Fiscal policy is changes in government expenditures and taxation to achieve macroeconomic goals. Changes in fiscal policy affect the federal government’s budget. Typically, the federal government’s annual budget will be in deficit or surplus. A budget deficit occurs when government expenditures are greater than tax revenues. A budget surplus occurs when tax revenues are greater than government expenditures. According to Keynesian theory, the level of Real GDP is determined by the level of Total Expenditures. The level of Total Expenditures may be less than or greater than the level that will cause the economy to achieve Natural Real GDP. The government may be able to move the level of Total Expenditures toward the ideal level (and move Real GDP toward Natural Real GDP) by using fiscal policy. To close a recessionary gap, Keynesian theory calls for the use of expansionary fiscal policy (budget deficits). To close an inflationary gap, Keynesian theory calls for the use of contractionary fiscal policy (budget surpluses). Certain transfer payments (e.g. unemployment compensation) will automatically increase during a recessionary gap and decrease during an inflationary gap. Certain taxes (e.g. income tax) will automatically decrease during a recessionary gap and increase during an inflationary gap. These aspects of the budget are called automatic stabilizers; taxes and transfer payments that automatically tend to move equilibrium Real GDP toward Natural Real GDP. FOR REVIEW ONLY - NOT FOR DISTRIBUTION 9 - 9 Fiscal Policy

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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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    Chapter 5 Measuring Total Output: G

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    5. Leisure. Leisure time is by defi

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    The U.S. is a high per capita GDP c

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    Example 17: In “An International

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    The simple circular flow diagram be

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    ___ 3. Which of the following would

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    2. Explain what nonproduction trans

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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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