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Holt 7525-9 S15_IT

New growth theory, 14-7

New growth theory, 14-7 New ideas, 14-7-8 New York City, 22-2 New York Stock Exchange, 12-9 New York Yankees, 24-9 News media, Intro-4 Newton, Cam, 23-10 NFL, 23-10, 31-5 Nigeria, 14-9, 30-1 Nobel Prize in Economics, 2-9 Nominal GDP, 5-1, 5-6-8, 12-2 Nominal interest rate, 11-7, 15-8 Nominal value, 4-3-4 Noncartel competition, 23-6 Nonexcludable goods, 27-8 Nonlabor inputs, 6-4 Nonmarket production, 5-2, 5-6 Nonmoney aspects of a job, 24-6-7 Nonprice rationing devices, 3-9 Nonproduction transactions, 5-2 Nonprofit firms, 19-7-8 Nonrecourse commodity loans, 30-4 Nonrenewable resources, 14-9 Nonrivalrous in consumption, 27-8 Normal goods, 3-3, 17-5 Normal profit, 20-1, 21-7, 23-4, 29-3 Normative statements, 1-6 North Carolina, 16-7 North Korea, 16-6 Norway, 14-9, 30-6, 31-11 “Nudge”, 26-8-9 Number of buyers, 3-3 Oakland Athletics, 24-8-9, 31-5 Obama, President, 30-10 Obesity, 15-1, 30-7 Obstacles to Economic Development, 15-5-7 Occupational Safety and Health Administration, 29-6-7 Office of Management and Budget, 13-7-8 Oil exporting countries, 14-8 Oil importing countries, 14-8 Oklahoma, 25-4 Oklahoma teacher salaries, 4-3-4 Oligopoly, 22-1, 23-4-10 One-shot inflation, 10-6 On-the-job training, 15-10 Open market operations, 11-2-3, 11-10 Open shop, 25-4 Optimal, 1-5, 3-7, 18-7-8, 21-7, 27-2, 29-2-3 Opportunity cost, 1-4, 2-1, 2-4, 3-6, 4-9, 16-1-2, 16-8, 19-1, 20-1, 26-6, 28-9 Organisation for Economic Co-operation and Development, 30-5 Organization of the Petroleum Exporting Countries (OPEC), 23-7, 23-9 Other Benefits of Free International Trade, 16-3 Output, 6-6, 14-2, 14-6, 20-3, 21-3 Outsourcing of jobs, 25-4, 28-10 Overall costs of production, 6-4-9, 7-6-7, 11-5 Overall health care spending, 30-7 Overconsumption, 18-5, 27-11 Overstating the degree of income inequality, 31-2-3 Overstating the inequality of wealth distribution, 31-4 Page, Betty, 22-2 Pakistan, Intro-5, 14-2 Panama, 31-11 Panic of 1907, 11-1 Paper money, 10-3, 11-1 Paraguay, 31-11 Partnership, 19-5 Partnership agreement, 19-5 Patent, 22-1 Payoff matrix, 23-10 Peak, 5-6 Penn World Tables, 14-1, 14-8, 16-10 Per capita economic growth, 14-1-2, 14-6-7, 14-11 Per capita income, Intro-3, 5-5, 19-12 Per capita output (GDP), Intro-1-4, 5-4, 15-1-5, 15-9, 15-13, 16-7 Per capita Real GDP, 14-1-4, 14-10 Per se antitrust violation, 29-7 Percentage of labor force in agriculture, 30-1 Perfect competition, 17-2, 21-1, 21-6-9, 22-1, 22-6, 22-9, 23-1, 24-1 Perfect competition and economic efficiency, 21-7-8 Perfect competition’s happy coincidence, 21-7 Perfect competition in the long run, 21-6, 21-9 Perfect competitor, 21-1-9, 22-1, 22-4-6, 23-3-4, 24-1 Perfectly competitive labor employer, 24-2 Perfectly elastic demand, 17-2, 21-1, 23-1 Perfectly inelastic demand, 17-1, 17-11 Personal income tax(es), 13-2-8, 19-7 Personal lifestyle choices, 30-11, 31-10 Persuasion, 27-4 Pessimistic bias, 28-9 “Petition of the Candlemakers”, 16-8 Philippines, Intro-4, 22-10 Physical capital, 5-3, 6-2, 8-9, 14-3, 15-5, 26-2 Pin factory example, 19-8 Poland, Intro-5 Policy lag, 9-5 Policymakers, 9-6-7 FOR REVIEW ONLY - NOT FOR DISTRIBUTION Index - 10

Political bias, 9-4, 12-7 Political patronage, 15-8 Politics of trade restrictions, 16-6 Polls, 28-3 Pollution, 5-3, 14-5, 14-9, 27-7 Pollution control, 27-6-8 “Population Bomb, The”, 14-9 Population density, 15-5, 19-10 Population growth rates, 14-9-10, 15-4-6 Pork barrel legislation, 28-5 Positive rate of time preference, 26-1 Positive statements, 1-6 Potential deposit multiplier, 10-6 Poverty, 14-2, 31-8-9 Poverty line, 31-9 Poverty rate, Intro-3, 31-9 “Power of Productivity, The”, 15-9-12, 19-10 Pre-existing conditions, 30-11-12 Preferences, 3-3 Prescription medicines, 13-11 Present value, 26-4-5 Present value table, 26-9 President, 11-1, 11-10 Presley, Elvis, 22-2, 28-7 Price, 3-1-14, 5-1, 6-5, 7-3, 8-1, 10-3, 10-9-10, 16-5, 17-1-11, 18-1-4, 21-1-9, 22-3-8, 23-3-8 Price ceiling, 3-9-10, 15-7 Price controls, 2-7, 3-6, 3-9-11, 10-12, 14-5, 15-7, 25-10 Price discrimination, 22-8 Price elasticity of demand, 13-2, 13-7, 17-1-5, 17-8-12, 25-2, 30-2 Price elasticity of supply, 13-7, 17-7-8 Price-fixing agreement, 29-7 Price floor, 3-9-11, 12-9, 30-3 Price index, 4-2-4 Price level, 4-1-4, 5-5-6, 6-1, 6-6-11, 7-6-9, 8-1, 10-10, 11-4-6, 12-1-8 Price level stability, 4-1, 4-9, 10-10, 11-4, 14-5 Price Loss Coverage program, 30-5 Price supports, 30-3 Price taker, 21-2 Prime lending rate, 12-9 Principal, 11-6, 19-3 Principal-agent problem, 19-3, 19-7, 28-7 Prisoners’ dilemma, 23-7-9, 27-9 Private market equilibrium, 13-5, 17-11, 27-2 Private markets, 27-1, 28-1, 29-1 Private nonprofit firms, 19-8 Private property, 2-5-6 Private property rights, 14-4-6, 15-5-6, 27-5 Private sector, 9-5, 11-9, 13-1, 13-4, 13-9, 14-5, 25-1 Producer interests, 15-9, 15-12 Producer’s surplus, 2-1, 3-7, 3-11, 13-4, 16-3-5, 17-10-13 Product differentiation, 23-1-2, 23-4 Product markets, 3-1, 5-9 Production, 10-1, 13-5, 14-4, 18-6, 19-1, 19-8, 20-1-6, 21-3, 22-2 Production possibilities frontier, 2-2-5, 14-2 Production techniques, 14-3 Productive capacity, 9-5, 14-2 Productivity, 1-2, 6-5, 13-2, 13-5, 14-3-4, 15-9-12, 16-1, 16-8, 19-2, 26-2, 26-7, 31-7 Profit as a signal, 26-7 Profit-maximization, 1-5, 2-6, 3-4, 19-3-4, 19-7, 20-2, 21-3, 21-7-8, 22-5-7, 23-2, 23-6 Profit-maximization for a monopsony, 25-7 Profit-maximization rule, 21-3-4, 21-8, 22-4, 23-2, 24-2, 29-1 Profit-maximization rule for employing factors, 24-2 Profits, 5-10, 6-2-3, 21-5 “Progress Paradox, The”, Intro-3-4 Progressive taxes, 13-1-2, 13-7, 31-9 Property rights, 2-9, 12-10 Property taxes, 13-2 Proportional taxes, 13-1 Proprietorship, 19-4-5 Protectionist tariff, 12-8 “Proven reserve” of petroleum, Intro-3 Prozac, 22-1 Public choice theory, 28-1 Public choice theory of regulation, 29-4 Public education, 31-9 Public employee union, 25-1 Public franchise, 22-1-2, 22-10 Public goods, 14-5, 27-8 Public interest theory of regulation, 29-4 Public nonprofit firms, 19-8 Public policy, 22-7 Public sector, 13-1, 13-4, 13-9, 14-5, 25-1, 28-1 Public services, 15-7 Purchasing power, 13-4 Quantitative easing 11-3, 11-10-12 Quantity, 17-5, 21-3-6, 22-3-5, 23-6 Quantity demanded, 3-1-5, 3-8-14, 17-1-9, 21-2-4 Quantity of output, 21-6 Quantity supplied, 3-5-14, 17-9, 21-6 Quota(s), 14-5, 15-7, 16-3-5, 22-2 Rabushka, Alvin, 15-6 Radford, R.A., 10-10-11 Ragan, James F. Jr., 25-8 Railroad Mileage in the U.S., 1-3 Rate of return, 6-2-3, 8-1, 8-12, 26-2, 31-13 Rational ignorance, 28-2, 28-4 FOR REVIEW ONLY - NOT FOR DISTRIBUTION Index - 11

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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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    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

  • 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 and 492: 1. NHI would provide universal heal
  • Page 493 and 494: d. Insurance providers are not allo
  • 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: Market, 3-1, 3-8-9 Market basket, 4
  • 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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