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4. Inflation increases

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

currency into circulation, the counterfeiter decreases the buying power of the currency already in circulation. In essence, the counterfeiter is stealing a little bit of buying power from everyone who holds currency. Appendix: Seignorage and Inflation We saw earlier in the chapter that continued inflation is linked to continued increases in the money supply. Many countries (particularly less developed countries) suffer from continued inflation. Why do the governments of these countries excessively increase their money supply? The inflation resulting from excessive money supply growth is an obstacle to economic growth. Governments of less developed countries may increase their money supply in order to receive seignorage profits. Let’s say that the Land of Oz is a less developed country. Dorothy Gale has just been elected as Supreme Ruler, having gained popularity by killing the Wicked Witch of the West and sending the incompetent former Supreme Ruler packing in a hot air balloon. Dorothy sees that the Land of Oz has major infrastructure needs; new highways, harbors, airports, etc. To pay for these improvements, Dorothy considers an increase in taxes. But collecting taxes in the Land of Oz may be very difficult. Much production is either do-it-yourself or is exchanged by barter. If higher taxes are imposed on the market activity that exists, much of that market activity may go underground. Another concern is that a tax increase will be very politically unpopular. So Dorothy decides to pay for the infrastructure improvements by minting new money. Hundreds of millions of newly minted ozdollars are used to pay for new highways, harbors, airports, etc. Since the cost of minting the new ozdollars is much less than the value of what they will buy, the government of Oz earns a large seignorage profit. And all the improvements are paid for without any increase in taxes. Right? Not exactly. The increase in the money supply will mean inflation. The buying power of the Ozians who hold money will decrease. So the increase in the money supply is basically an indirect form of taxation. Is this taxation by inflation beneficial to the Land of Oz? It may be. If the infrastructure improvements lead to economic growth, the cost to the public in lost buying power may be more than made up for in the long run by economic growth. A government may pay for the use of resources by directly collecting taxes from the private sector, or it may pay for the use of resources by indirectly taking buying power from the private sector by inflation. If the government’s use of the resources is more valuable than the use of the resources by the private sector, then the country benefits from the transfer of the resources from the private sector to the public sector. But what if Dorothy is not especially wise? She may choose to spend the newly minted money on fancy palaces that improve her quality of life but don’t contribute to economic growth. She may invest heavily in the military (to secure her regime from overthrow by foreign enemies) and in a domestic secret police force (to secure her regime from overthrow by domestic enemies). She may spend to expand the civil service in order to provide cushy jobs for her political supporters (to reward them for their support and to guarantee their continuing support). Whether Dorothy spends wisely or unwisely, she may choose to pay for the spending by increasing the money supply rather than by increasing taxes. Appendix: Article Review – “The Economic Organization of a P.O.W. Camp” British economist R.A. Radford was a prisoner of war (P.O.W.) in Germany during World War II. After the war, he wrote an article, “The Economic Organization of a P.O.W. Camp”, which was published in “Economica” in November, 1945. FOR REVIEW ONLY - NOT FOR DISTRIBUTION A P.O.W. camp is very different than normal society. Nonetheless, Radford felt that the economic organization of a P.O.W. camp was instructive in considering the economic organization of normal society. Quoting from the article, “…a P.O.W. camp provides a living example of a simple economy…But the essential interest lies in the universality and the spontaneity of this economic Money, Money Creation, and Inflation 10 - 10

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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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    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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    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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