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Introduction: A Brief

Introduction: A Brief History of U.S. Economic Growth From its humble beginnings in Jamestown, the U.S. economy has achieved remarkable growth. Today, the U.S. economy is the largest national economy in the world and produces the highest standard of living of any of the thirty-five largest national economies in the world. (See the table on page Intro-5.) This chapter provides a brief historical account of the remarkable growth of the U.S. economy. From Jamestown to the Present The Jamestown colony was established in 1607. The Jamestown colony was the first permanent English settlement in what would become the United States of America. The Jamestown colonists were drawn to the New World largely by economic motivation. They and their financial backers hoped to strike it rich by discovering gold, silver, or copper. The 105 original Jamestown colonists included a number of goldsmiths and jewelers, but no farmers. The original colonists in Jamestown did not strike it rich. Instead, they confronted the basic economic problem of scarcity. They had only limited resources to try to satisfy their unlimited wants. (The basic economic problem of scarcity will be discussed in more detail beginning in Chapter 1.) Initially, the colonists struggled to produce enough output even to sustain life. Of the 105 original colonists, only 38 were still alive when a second group of colonists arrived in January of 1608. There were 214 colonists in Jamestown in the fall of 1609. By June of 1610, only 60 colonists were still alive. The Jamestown colony was on the verge of failure. But in June of 1610, ships under the leadership of Lord De La Warr arrived at Jamestown bringing more colonists and supplies. In 1612, the Jamestown colony began producing tobacco for export, earning very high returns. Nonetheless, the Jamestown colony continued to struggle for a number of years, with the majority of its colonists either dying or returning to England. Example 1: Of the approximately 14,000 colonists who arrived in Jamestown between 1607 and 1624, only 1,132 were living there in 1624. Economic conditions in Colonial America eventually improved. More people arrived and more colonies were established. As the population grew, the labor force became more specialized, increasing labor productivity. Physical capital was built up through savings and investment. Human capital was developed through education and training and through work experience. The colonists enjoyed a good deal of economic freedom, even though they were under British rule. The economy and the population grew rapidly during the colonial era. By 1790, the colonial period was over and there were nearly 4 million Americans. They had fought and won a war of national independence. They had established a Constitution that balanced a strong central government with individual freedom. And they had achieved a standard of living higher than most people in the world at the time. Still, their standard of living was extremely low by modern standards. Example 2: George Washington died in 1799, probably from an upper respiratory infection. He was under the care of three physicians and received the accepted medical treatment of the time. Unfortunately, the accepted medical treatment of the time included bloodletting. Washington was bled a significant amount (by some accounts, over five pints), which may have contributed to his demise. FOR REVIEW ONLY - NOT FOR DISTRIBUTION Economic growth continued after 1790. Between 1790 and 1860, per capita output increased by fifty percent. Per capita output (or per capita GDP) is a basic measure of standard of living. Per capita output is computed by dividing a nation’s total output by its population. Intro - 1 A Brief History of U.S. Economic Growth

Example 3: In 1940, U.S. Gross Domestic Product (GDP) was $1,265 billion and the population was 132 million. Thus, per capita GDP was $9,583 ($1,265,000,000,000 ÷ 132,000,000 = $9,583). In 1950, U.S. GDP was $2,182 billion and the population was 152 million. Per capita GDP was $14,352 ($2,182,000,000,000 ÷ 152,000,000 = $14,352). (GDP for both years is measured at the 2009 price level.) With the fifty percent increase in per capita output between 1790 and 1860, the average consumer in 1860 could consume fifty percent more than the average consumer in 1790. The average worker in 1860 was fifty percent more productive than the average worker in 1790. The primary economic activity in pre-Civil War America was agriculture. Most of the economic growth between 1790 and 1860 was caused by improvements in agricultural productivity. Agricultural productivity improved due to advances in agricultural technology and due to improvements in transportation. Example 4: Among the advances in agricultural technology in the pre-Civil War era were Eli Whitney’s cotton gin (1793), Cyrus McCormick’s mechanical reaper (1834), and John Deere’s self-polishing steel plow (1837). Improvements in transportation included turnpikes, canals, steamboats, and, by 1860, thirty thousand miles of railroad track. The transportation improvements allowed agricultural production to take place where the land was most fertile, even if this was far from population centers. Economic growth was disrupted by the Civil War (1861-65). The Civil War was fought at incredible cost to the nation. The war resulted in terrible loss of life and destruction of property. Over 600,000 Union and Confederate soldiers died. Another 500,000 soldiers were wounded. (The nation’s population was only about 30 million at the time.) The total cost of the Civil War, including lost human capital, government expenditures, and destruction of property, has been estimated at $6.7 billion. This was about double the national income of 1860. After the Civil War, agricultural production continued to increase. The increase was caused not only by continued advances in agricultural technology and continued improvements in transportation, but also by the development of improved seeds, particularly of corn and wheat. Example 5: Corn production increased from about 730 million bushels in 1866 to about 2,850 million bushels in 1910. Wheat production increased from about 170 million bushels in 1866 to about 625 million bushels in 1910. The Industrial Revolution caused increased industrial productivity. There were major technological breakthroughs in steel production (the Bessemer process, the open-hearth method), in communication (telephones, radios), in transportation (automobiles, airplanes), and in energy (the gradual move from steam and water power in industrial plants to electric power). The increases in agricultural and industrial production meant a higher standard of living. Per capita output doubled between 1860 and 1929. The average consumer in 1929 could consume twice as much as the average consumer in 1860, three times as much as the average consumer in 1790. The average worker in 1929 was twice as productive as the average worker in 1860, three times as productive as the average worker in 1790. In 1929, the Great Depression began. The unemployment rate would average 18% for the decade of the 1930s. (The Great Depression is discussed in more detail in an appendix to Chapter 12.) Nonetheless, since 1929 productivity has grown at an even faster pace than previously. Continued improvements in agricultural and industrial productivity, continued development of physical and human capital, and continued advances in technology have caused per capita output in the U.S. to more than quintuple since 1929. The average consumer today can consume five times as much as the average consumer in 1929, ten times as much as the average consumer in 1860, and fifteen times as much as the average consumer in 1790. FOR REVIEW ONLY - NOT FOR DISTRIBUTION A Brief History of U.S. Economic Growth Intro - 2

  • Page 2 and 3: PRINCIPLES OF ECONOMICS JEFF HOLT S
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    Not only does a free market elimina

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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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    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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    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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    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

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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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