Book Review, “Nudge”, 26-8-9 Book Review, “The Power of Productivity, 15-9-12 Book Review, “Predictably Irrational, 1-10-11 Book Review, “The Progress Paradox”, Intro-5-6 Book Review, “Robinson Crusoe”, 1-10 Book Review, “The Wealth of Nations, Book 1”, 19-8-10 Book Review, “The Wealth of Nations, Book 4”, 16-10-11 Boston’s “Big Dig”, 28-6 Botswana, 14-2, Bratzberg, Bernt, 25-8 Brazil, Intro-5, 11-5, 14-2, 15-11, 31-11 Break-even, 20-9-10 Bribes, 14-4, 15-7 Broad-based tax, 13-6-8, 14-5 Brookings Institution, 29-8 Budget constraints, 18-7-8 Budget deficit, 9-1-5, 11-4, 13-8-9, 15-7 Budget surplus, 8-11, 9-1-5 Burden of a tax, 13-4, 17-8-9 Burden of deficit spending, 13-9 Burden of deficit spending on future generations, 13-9 Burden of deficit spending on the current generation, 13-9 Bureau of Economic Analysis, 5-6, 5-8, 9-6, 14-2 Bureau of Engraving and Printing, 11-1 Bureau of Labor Statistics, 4-2, 4-5-7, 6-5, 13-2, 25-1, 25-10 Business cycle, 4-7, 5-6, 7-1-2, 9-4, 12-8 Business firm(s), 13-4, 15-7, 19-1-8, 21-3, 21-7, 23-2 Business investment, 7-2, 8-1 Buying power, 3-1, 4-3, 6-9, 10-2, 10-8-10 Campaign contributions, 14-4, 16-6, 22-8 Canada, Intro-5, 6-4, 30-1 Canadian dollar, 6-4 Candidates for public office, 28-3-4 Capital, 1-3, 14-3, 14-7, 19-2, 24-1 Capitalism, 2-5, 7-2 “Capitalism and Freedom”, 2-8-9 Capitalist vision, 2-5 Caplan, Bryan, 28-2, 28-8-9 Capture theory of regulation, 29-4 Cartel(s), 14-6, 23-8-9, 23-11, 25-1-2, 25-5, 29-6, 29-9 Cartel theory, 23-6-7 Case-Shiller Home Price Index, 11-4, 11-8 Cash, 10-7 “Castaway”, 1-1 Catalytic converters, 27-5 Cause and effect, 1-5 Causes of income inequality, 31-4-6 Census Bureau, 1-2, 14-2, 30-7, 31-1, 31-5, 31-9 Central bank, 11-1, 11-10 Central Bank of the Russian Federation, 11-1 Central planning, 14-7 CEO height, 24-9 Ceteris paribus, 1-6 Change in demand, 3-4 Change in quantity demanded, 3-4 Change in quantity supplied, 3-6 Change in Real GDP, formula, 8-10, 9-2 Change in supply, 3-6 Chair of the Federal Reserve Board of Governors, 11-1-2, 12-9 Chair of the FOMC, 11-2 Characteristics of a good tax, 13-3 Cheating on a cartel agreement, 23-7 Check(s), 10-3 Check-clearing services, 11-1 Checkable deposit(s), 10-4-7 Checking account(s), 10-6-7 Chief goal of business firms, 19-4, 21-3, 21-7 Child tax credit, 13-8 Chile, 31-11 China, Intro-5, 11-5, 12-9, 14-2, 14-8, 15-10, 16-10, 31-11 “CIA World Factbook”, Intro-5, 15-4, 15-7 30-1, 31-11 Choice architecture, 26-8-9 Cigarette taxes, 13-2 Cigarettes as money, 10-10-12 Circular flow diagram, 5-8-9 Citizens Against Government Waste, 28-5 Civil law, 14-4, 15-7 Civil service, 11-9, 15-8 Civil war, 14-10 Civil War, American, Intro-2 Classical economic theory, 7-1-9, 8-1, 12-3-8 Classical growth theory, 14-6 Classical monetary theory, 12-1-3 Clayton Act, 29-7-8 Closed shop, 25-4 Coins, 10-3 Collection cost of a tax, 13-4-8 Collective bargaining, 25-1, 25-4-5 College athletes, 23-11-12 Colombia, Intro-5, 31-11 Colonial America, Intro-1 Commodities, 10-1, 10-9-10 Common goods, 27-8-9 Common hardships of LDCs, 15-1-2 Communist Party, 12-9 Community Reinvestment Act, 11-6 FOR REVIEW ONLY - NOT FOR DISTRIBUTION Index - 2
“Company town”, 25-6 Comparative advantage, 2-1, 14-5, 15-14, 16-1-3, 16-8-9 Compensating wage differentials, 24-7 Competition, 3-8, 12-10, 14-4, 16-3, 16-7, 19-4, 22-2, 22-8 Competitive market, 1-3, 14-4-5, 15-9-12, 19-4 Complements, 3-3, 17-6-7 Compliance cost of a tax, 13-4-8 Compound interest, 31-10 Compounding, 15-3, 31-10 Concentrated benefits, 16-6, 28-5 Concentrated costs, 28-5 Conglomerate merger, 29-8 Congress, 9-9, 11-10 Congressional Budget Office, 31-3 Congressional district(s), 9-4, 28-5 Connecticut, 5-6 Consumer demand, 1-3, 2-7, 19-3, 22-8 Consumer-driven health care, 30-8-12 Consumer Expenditures Survey for 2013, 13-2 Consumer income, 17-6 Consumer interests, 15-9, 15-11 Consumer Price Index (CPI), 4-2-4, 6-10, 12-7 Consumer satisfaction, 1-2-3, 2-6-7, 3-1, 13-7, 18-1-2, 19-4, 21-7, 22-8, 31-7 Consumer’s surplus, 2-1, 3-7, 3-11, 13-4, 16-4-5, 17-10-13, 22-9 Consumption, 5-3, 6-1, 8-2-10, 9-5, 10-1, 13-5, 13-9, 14-3, 15-5, 16-11, 17-6, 18-1-2 Consumption function, 8-3 Consumption smoothing, 8-2 Container ship, 20-8 Continued inflation, 10-8, 11-9, 12-6 Contract rights, 2-9 Contraction, 5-6, 7-1 Contractionary fiscal policy, 9-3-5, 12-5 Contractionary monetary policy, 12-5 Contracts, 14-4, 15-6 Controlling externalities, 27-4-6 Copper, 14-12 Copyright, 22-2 Corporate charter, 19-6 Corporate income tax, 9-4, 13-3, 13-8, 19-7 Corporation(s), 19-5-6 Corruption, 14-4, 14-10, 15-7-8, 22-10 Corruption Perceptions Index, 15-7-8 Cost-minimizing combination of factors, 24-4-5 Cost Table, 20-6-8 Cost(s) of production, 3-4-6, 6-5, 13-3, 20-1, 22-8, 23-3 Costs of regulations, 29-5-6 Counter-cyclical payments, 30-4 Counterfeiting, 10-9 Counterproductive governmental policies, 14-10, 15-6-7 Coupons, 22-8 Court system, 14-4, 15-6 Craft union, 25-1 Crain, Nicole V., 29-5 Crain, W. Mark, 29-5 Creative destruction, 12-10, 28-7 Credit cards, 10-3 Credit crisis, 11-8 Credit market, 7-3 Crime rates, 15-6 Credit rating agencies, 11-5 Criminal law, 14-5, 15-7 Crop Insurance, 30-5 Cross elasticity of demand, 17-6-7 Crowding out, 9-4, 12-7, 13-9 Crude oil, 6-6 Crusoe, Robinson, 1-1, 1-10 Cultural norms, 15-6 Currency, 6-3, 10-3, 10-7, 11-1, 16-9-10 Currency in circulation, 10-3 Cyclical Unemployment, 4-7 Dairy farming, 14-4 Deadweight loss, 3-11, 22-6-7, 23-3, 23-9, 29-2-3, 31-7 Deadweight loss of a tax, 13-4-7, 14-5, 15-5, 17-10-13 Dean, James, 22-2 Deductible expenses, 13-8 Deduction of charitable contributions, 13-8 Deduction of home mortgage interest, 13-8 Deduction of state and local income and property taxes, 13-8 Deere, John, Intro-2 Default option, 26-8 Deficiency payments, 30-4-5 Deficit spending, 8-10-11, 9-1-6, 10-6, 13-10-11 Deflation, 4-8, 12-8, 14-5 Defoe, Daniel, 1-10 Demand, 3-1-5, 3-8-14, 8-1-2, 10-9-10, 17-2-6, 17-10-11, 24-1 Demand curve, 3-2-3, 3-8-14, 17-2-3, 18-8, 21-2-3, 22-3-5, 23-1, 23-3, 23-5 Demand curve for a factor, 24-3 Demand for farm products, 30-2-3 Demand for loanable funds, 26-2 Demand for money, 6-10 Demand schedule, 3-1, 17-3, 21-2, 22-3 Demand-side inflation, 10-7 Democracy, 14-10, 28-11-13 Denmark, 31-11 Dependency ratio, 15-5 Depletion of nonrenewable resources, 14-10 Deposits, 10-4-7 FOR REVIEW ONLY - NOT FOR DISTRIBUTION Index - 3
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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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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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