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If the price level

If the price level increases at a high rate year after year, this is continued inflation. Continued inflation could be caused by continued decreases in SRAS. But this is highly unlikely. Continued inflation is almost always caused by continued increases in AD. Continued increases in AD are caused by continued increases in the money supply. Whenever we see a country suffering from continued inflation, we can be confident of the source of the problem; a rapidly increasing money supply. For a discussion of why a less developed country might pursue a policy of a rapidly increasing money supply, see the appendix on seignorage at the end of the chapter. Effects of Inflation Potentially, inflation could have no practical effect. Example 13: The castaways on Gilligan’s Island are using Monopoly money as their medium of exchange. Gilligan finds another Monopoly game and the new money is issued to everyone in proportion to their current money holdings. As a result of this doubling of the money supply, prices will double. But everyone will have twice as much money to spend. No one is better off or worse off because of the inflation. Realistically, inflation usually does have effects. Some will gain from inflation and others will lose. The overall economy may be affected. Among the effects of inflation are: 1. Inflation decreases the buying power of people who hold money. This effect is minor as long as the rate of inflation is low and people don’t hold money for very long. But if a person holds money for an extended period of time or when the inflation rate is high, that person will lose significant buying power. Example 14: Karen receives $5,000 as a graduation present. One month later, she spends the money. If the annual rate of inflation is 3%, Karen will have lost .25% of her buying power ($12.50 in this case) because of the inflation. What if Karen had received the $5,000 in 1990 (when the CPI was 130.7), and then held the money until 2013 (when the CPI was 233.0)? In 2013, Karen spends the money. She will have lost about 42% of her buying power ($2,195 in this case) because of the inflation. 2. Inflation reduces the real interest rate earned on savings. The real interest rate is equal to the nominal interest rate minus the rate of inflation. Example 15A: In Year 1, Arlene invests $10,000 in a one-year corporate bond which pays a 5% interest rate. At the end of one year, Arlene receives $10,500 ($10,000 principal plus $500 interest). The rate of inflation for the year is 3%. Arlene’s real interest rate is 2%, as computed below; Real interest rate = Nominal interest rate – Inflation rate = 5% – 3% = 2% 3. Increasing inflation benefits borrowers and hurts lenders. The interest rate agreed to between a borrower and a lender will reflect their expectations of the future rate of inflation. If the rate of inflation increases, the borrower will benefit because the real rate of interest that the borrower is paying will be lower than expected. Likewise, the lender will suffer because the increase in inflation will lower the real interest rate the lender is earning on the loan. Example 15B: In Year 2, Arlene lends $10,000 to Professor at an interest rate of 10%. Arlene is expecting the rate of inflation to be 3%, giving her a real interest rate of 7%. The rate of inflation increases to 9%. Arlene’s real interest rate on the loan is only 1%. Arlene (the lender) has suffered because of the unexpected increase in inflation. Professor’s real interest rate paid is also 1%, rather than the 7% real rate Professor expected to pay. Professor (the borrower) has benefited because of the unexpected increase in inflation. FOR REVIEW ONLY - NOT FOR DISTRIBUTION Money, Money Creation, and Inflation 10 - 8

4. Inflation increases uncertainty and can thus discourage investment. Changes in the rate of inflation change the real interest rate. The higher the rate of inflation, the more unpredictable the inflation rate tends to be. Example 16A: For the ten years from 1972 to 1981, the average rate of inflation in the U.S. was 8.5%. The average change in the inflation rate from year to year was 2.4%. For the ten years from 1996 to 2005, the average rate of inflation was 2.5%. The average change in the inflation rate from year to year was .7%. Thus, higher inflation increases the uncertainty faced by both savers and investors about what the real interest rate will be. The increasing uncertainty discourages investment. A lower level of investment means a lower rate of long run economic growth. Example 16B: For the ten years from 1972 to 1981, real gross private domestic investment increased by 32%. For the ten years from 1996 to 2005, real gross private domestic investment increased by 52%. (Information is from the Bureau of Economic Analysis.) Appendix: Seignorage and Counterfeiting Seignorage (seen yer ij) is the profit derived by the issuer of money by issuing new money. Historically, money was usually in the form of metal coins. When money was in the form of metal coins, seignorage was the difference between the face value of coins minted and placed in circulation and the cost of minting the coins. Example 17: The government of the Land of Oz mints and puts into circulation gold-plated coins with a face value of 20 ozdollars. The cost of minting each coin is only 1 ozdollar, so the government earns a 19 ozdollar profit on each coin. This is seignorage. When the Federal Reserve System puts new currency (Federal Reserve Notes) into circulation, it appears to be earning an enormous seignorage profit. A new $100 bill costs only about 4¢ to print. However, Federal Reserve Notes are liabilities of the Federal Reserve System. Potentially, the Fed could have to redeem the Notes at face value in the future. So the issuing of currency is not considered as creating a seignorage profit for the Fed. However, while the Federal Reserve Notes are outstanding, the holders of the Notes are making an interest-free loan to the Fed for the convenience of having the currency in hand. The Fed uses the proceeds from the issuance of the currency to invest in U.S. government securities. The interest earned on these U.S. government securities is a kind of seignorage profit for the Fed. The Fed uses the interest earnings from its holdings of U.S. government securities to cover its operating costs, and to pay dividends to member banks. Any excess earnings are transferred to the U.S. Treasury. Thus, the seignorage profits of the Fed end up benefiting the general public. The profit of a counterfeiter is seignorage. If a counterfeiter can produce a passable fake bill for less than the face value of the bill, the counterfeiter’s profit is seignorage. Example 18A: Jacob sets up a counterfeiting operation, producing passable $20 bills at a cost of $2 each to produce. For each bill that Jacob puts into circulation (by spending it), Jacob receives $20 worth of value at a cost of only $2. Jacob receives a seignorage profit of $18 on each bill. The counterfeiter gains from counterfeiting. But who loses? If the counterfeit bill is eventually discovered to be counterfeit, the person holding it at the time suffers the loss. Example 18B: Jacob spends a counterfeit $20 bill at Jill’s Grocery. When Jill attempts to deposit the store receipts, the counterfeit $20 bill is discovered. Jill suffers a loss of $20. FOR REVIEW ONLY - NOT FOR DISTRIBUTION If the counterfeit bill is so skillfully printed that it is never discovered to be counterfeit, does that mean that no one suffers a loss because of the counterfeiting? No. By putting counterfeit 10 - 9 Money, Money Creation, and Inflation

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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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    Chapter 6 The Aggregate Market The

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    Example 2C: Assume the same facts a

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    Example 5B: The price of crude oil

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    Price Level Real GDP SRAS AD 2 AD 1

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    Appendix: Why the Aggregate Demand

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    ___ 3. DEF Company can invest in ne

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    2. List and explain the two factors

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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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