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2. Health care providers

2. Health care providers would be forced to compete with one another on the basis of price and quality as in other consumer-driven markets. 3. Since the consumer would be paying the full cost for health care, consumers would be less likely to agree to health care services which cost more than they benefit. Consumers would be motivated to seek out information on the relative costs and benefits of health care services, unlike the current system where third-party payment makes it common for consumers to overconsume health care services. NHI would increase the degree of overconsumption by increasing the prevalence of third-party payment. With the information available on the internet, consumers are in a better position than ever to be able to make informed choices about their own health care. Those who oppose consumer-driven health care assert: 1. CDHC will benefit those in good health, but will increase the burden on those with serious health problems. If those in good health move to high-deductible health insurance plans, premiums will increase for those who, because they have serious health problems, choose more comprehensive health insurance plans. The comprehensive health insurance plans will have an adverse selection of unhealthy people, forcing the premiums higher. 2. In many situations, consumers are not really capable of making informed choices about their own health care. The high deductible associated with catastrophic health insurance may encourage consumers to forgo routine checkups and other preventive care, which would be paid for out-of-pocket. In this situation, consumers may be underconsuming colonoscopies, which would have to be paid for directly by the consumer, and overconsuming colon cancer treatment, which would be expensive enough to be paid for by the catastrophic health insurance. Affordable Care Act In March, 2010, President Obama signed the Affordable Care Act (ACA). The ACA does not create national health insurance, but moves in the direction of more governmental control over health insurance, and more governmental payment for health insurance. Among the major provisions of the ACA are: 1. Provisions aimed at reducing the number of people who are uninsured; a. Eligibility for Medicaid was expanded to include anyone with a household income below 138 percent of the poverty level. However, the Supreme Court ruled that states could not be forced to participate in the Medicaid expansion. As of December 16, 2014, 23 states had chosen to not participate in the Medicaid expansion. b. The uninsured became able to purchase private health insurance through state-based health insurance exchanges. For those who earn too much to qualify for Medicaid but earn less than 400 percent of the poverty level, the federal government subsidizes the premiums on a sliding scale with a refundable tax credit. c. Most people who do not have employer-provided or government-provided health insurance are required to purchase health insurance or pay a penalty. The Supreme Court upheld this “individual mandate” as an exercise of the federal government’s taxing power. d. For employers with more than 50 full-time employees and without an adequate employerprovided health insurance plan, a tax penalty will be assessed beginning in 2015. e. For employers with 25 or fewer full-time equivalent employees, tax credits are available to offset part of the cost of employer-provided health insurance. 2. Provisions that place restrictions on health insurance providers; a. Insurance providers are not allowed to set lifetime limits on coverage or to cancel policyholders who become sick. b. All children (unless they have their own employer-provided health insurance) must be allowed to remain on their parents’ health insurance policies until they are age 26. c. Insurance plans are not allowed to charge deductibles for certain types of preventive care. FOR REVIEW ONLY - NOT FOR DISTRIBUTION Agriculture and Health Care 30 - 10

d. Insurance providers are not allowed to deny coverage based on pre-existing conditions or to charge higher premiums based on pre-existing conditions or gender. (This provision makes the individual mandate necessary in order to avoid an adverse selection problem.) Premium differences based on age cannot exceed a factor of three. e. The Medical Loss Ratio rule requires health insurance providers to spend at least 80 percent of premiums collected on medical care and activities to improve health care quality. The ratio is 85 percent in the large group market. 3. Provisions that help pay for the Affordable Care Act; a. Medicare reimbursements to hospitals will be reduced by about $260 billion over 10 years. b. Government payments to Medicare Advantage will be reduced by about $156 billion over ten years. c. A nondeductible annual fee (of about $85 billion dollars total through 2018) is imposed on health insurance providers and branded prescription pharmaceutical manufacturers. d. A reduced limit is placed on contributions to health flexible spending arrangements under cafeteria plans. e. For most individuals, the threshold for deducting unreimbursed medical expenses increases from 7.5% of their adjusted gross income to 10% of their adjusted gross income. f. For high income taxpayers an increased Medicare tax rate and an additional Medicare tax on unearned income is imposed. g. A 10 percent tax is imposed on indoor tanning services. h. A 2.3 percent excise tax on medical devices is imposed. i. Starting in 2018, a 40 percent excise tax will be imposed on high-cost employer-provided health insurance plans. The Goal is Good Health What we really want is not good health care, but good health. Despite the concerns about health care in America, there have been significant improvements in health outcomes in America: 1. Life expectancy for Americans increased from 47 years in 1900 to 79 years in 2012. 2. In the twentieth century, the infant mortality rate in America decreased by 95%. 3. Tuberculosis, which killed three times as many Americans as cancer in 1900, was only .1% as likely to cause the death of an American in 2011 as in 1900. 4. Influenza and pneumonia were only 9% as likely to cause the death of an American in 2011 as in 1900. 5. Heart disease was half as likely to cause the death of an American in 2011 as in 1960. 6. AIDS deaths in America peaked at 51,414 in 1995 then fell to 15,529 in 2010. The improvement in outcomes is due not only to improvements in the effectiveness of health care but also due to improvements in nutrition, hygiene, sanitation, workplace safety, etc. Some of the improvement in health outcomes is due to improvements in personal lifestyle choices. Example 16: The percentage of adult Americans who smoke decreased from 42.8% in 1965 to 18.1% in 2012. Personal lifestyle choices play a large role in determining health outcomes. A 2009 study by the Harvard School of Public Health detailed the leading preventable risk factors for premature mortality in America. The table below shows the five leading preventable risk factors and the number of annual premature deaths attributed to each. Risk Factor Annual Premature Deaths Smoking 467,000 High blood pressure 395,000 Overweight-obesity 216,000 Inadequate physical activity 191,000 High blood sugar 190,000 FOR REVIEW ONLY - NOT FOR DISTRIBUTION 30 - 11 Agriculture and Health Care

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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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    Chapter 7 Classical Economic Theory

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    Notice that the investment demand c

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    Long-Run Equilibrium If Real GDP is

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    Example 6B: When the economy is in

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    Laissez-faire If the economy is sel

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    ___ 5. According to Say’s Law: a.

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    3. On the graph below, draw an aggr

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    Chapter 8 Keynesian Economic Theory

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    Example 2B: The graph below illustr

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    Example 5: Assume that the table be

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    Notice on the graph on the previous

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    According to Keynesian theory, a ch

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    “The General Theory” also inclu

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    ___ 8. If the consumption function

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    3. If the MPC is .667, and investme

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    Chapter 9 Fiscal Policy The basic e

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    Keynesian Fiscal Policy Theory and

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    Example 5A: The federal government

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    The Laffer Curve What will happen t

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    Appendix: The Importance of Incenti

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    ___ 4. A decrease in government exp

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    2. Explain what automatic stabilize

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    Chapter 10 Money, Money Creation, a

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    Example 4B: The castaways on Gillig

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    Looking at the balance sheet below,

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    Demand-side One-shot Inflation Exam

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    4. Inflation increases uncertainty

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    life; it came into existence not by

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    calculated by using the potential d

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    ___ 12. If the required-reserve rat

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    4. Referring to the balance sheet f

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    Chapter 11 The Federal Reserve Syst

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    5. After Bank X sells the $300,000

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    Low Mortgage Interest Rates Mortgag

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    Relaxed Standards for Mortgage Loan

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    The Bursting of the Housing Bubble

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    On February 17, 2009, the federal g

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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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  • Page 451 and 452: ___ 5. What government policy would
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  • Page 455 and 456: Chapter 28 Public Choice and Govern
  • Page 457 and 458: Candidates and the Median Voter Mod
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  • Page 461 and 462: Example 10: When Elvis Presley was
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  • Page 471 and 472: underproduction is the amount that
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  • Page 475 and 476: market. They may agree with their c
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  • Page 479 and 480: ___ 10. The public interest theory
  • Page 481 and 482: 4. List the four types of costs imp
  • Page 483 and 484: Chapter 30 Agriculture and Health C
  • Page 485 and 486: weather may cause bumper crops. Bad
  • Page 487 and 488: Security and Rural Investment Act o
  • Page 489 and 490: Example 12: From 1960 to 2013, the
  • Page 491: 1. NHI would provide universal heal
  • Page 495 and 496: Study Guide for Chapter 30 Chapter
  • Page 497 and 498: Answer questions 7. through 10. by
  • Page 499 and 500: ___ 21. If there were no individual
  • Page 501 and 502: Chapter 31 Income Distribution and
  • Page 503 and 504: Income is more equally distributed
  • Page 505 and 506: over a typical career is the accumu
  • Page 507 and 508: Ideal Income Redistribution The ide
  • Page 509 and 510: Poverty - a family whose income fal
  • Page 511 and 512: Appendix: Income Inequality around
  • Page 513 and 514: How is this story an analogy for th
  • Page 515 and 516: ___ 2. In 2013, the Lowest Income 6
  • Page 517 and 518: Problems: 1. Explain the two primar
  • Page 519 and 520: Absolute advantage - when one natio
  • Page 521 and 522: Fiat money - money by government de
  • Page 523 and 524: Nonrivalrous good - a good for whic
  • Page 525 and 526: Absolute advantage, 16-9 Absolute e
  • Page 527 and 528: “Company town”, 25-6 Comparativ
  • Page 529 and 530: Eli Lilly and Company, 22-1 Emergen
  • Page 531 and 532: Houston, Texas, 15-10 Human capital
  • Page 533 and 534: Market, 3-1, 3-8-9 Market basket, 4
  • Page 535 and 536: Political bias, 9-4, 12-7 Political
  • Page 537 and 538: Short run production, 20-2-3 Short-
  • Page 539 and 540: Upturns, 9-4 USDA, 27-9, 30-1-2, 30
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