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life; it came into

life; it came into existence not by conscious imitation but as a response to the immediate needs and circumstances.” There was little production in a P.O.W. camp. Therefore economic activities were not as important in a P.O.W. camp as they were in normal society. Nevertheless, quoting from the article, “it would be wrong to underestimate the importance of economic activity. Everyone receives a roughly equal share of essentials; it is by trade that individual preferences are given expression and comfort increased. All at some time, and most people regularly, make exchanges of one sort or another”. Though the prisoners were not dependent on their own production for meeting their needs, they could enhance their standard of living by trade. The articles traded consisted mainly of the contents of Red Cross parcels – canned beef, canned milk, cheese, biscuits, butter, jam, chocolate, sugar, cigarettes, etc. Bread rations were issued by the camp twice a week. Private parcels of clothing, toiletries, and cigarettes were also received occasionally. The prisoners quickly realized the potential for gain by trade. For example, a nonsmoker might barter his ration of cigarettes for a smoker’s chocolate ration. As trade became more common and better organized, cigarettes were quickly established (not by any authority, but by common practice) as the medium of exchange (money). And market prices were established (measured in cigarettes) by demand and supply. Initially, trades were arrived at by prisoners wandering around calling out offers of trades. This system was soon replaced by a notice board listing items offered and wanted, and proposed terms. The public nature of the transactions led to the market prices (in cigarettes) of the various commodities being known throughout the camp. Eventually, a camp shop was organized where commodities could be bought and sold for pre-determined prices in cigarettes. Cigarettes made reasonably good money. They were accepted as the medium of exchange by smokers and nonsmokers alike. They were relatively homogeneous, fairly durable, and could be traded in small or large quantities. The use of cigarettes as money facilitated trade and led to established market prices. They could be spent as money, consumed as a commodity (smoked) or retained as a store of value and then spent when their value in trade was at its greatest. Cigarettes also had some disadvantages as money. They were subject to Gresham’s Law (“bad money drives good money out of circulation”). Low-quality brands were used as money and highquality brands were smoked. When hand-rolled cigarettes were introduced, they drove machinemade cigarettes out of circulation. Hand-rolled cigarettes were often debased (rolled with a substandard quantity of tobacco). The biggest problem with cigarettes as money was price level instability. Cigarettes are a commodity with a use (smoking) outside of its use as a medium of exchange. Thus, over time the supply of cigarettes would decrease (as they were smoked) and the price level would fall. The decline in the money supply would inhibit trade and force a return to barter. When a large shipment of cigarettes arrived at the camp, prices would soar. And then the gradual deflation would begin again as the money supply was smoked. Not only would the general price level change with changes in the supply of cigarettes and other commodities, specific prices fluctuated as well, due to changes in supply and demand. When the supply of oatmeal increased, its price fell. In hot weather the price of cocoa would fall and the price of soap would rise. In August, 1944, the supplies of all commodities, including cigarettes, were cut in half. Since the ratio of cigarettes to other commodities was unchanged, it was anticipated that the price level would be unaffected. But that was not the case. The demand for cigarettes to smoke was less elastic than the demand for other commodities (smokers continued to smoke about as much as before), so the supply of cigarettes decreased more quickly than the supply of other commodities, and the price level fell. The decrease in the standard of living due to the cut in rations also FOR REVIEW ONLY - NOT FOR DISTRIBUTION 10 - 11 Money, Money Creation, and Inflation

affected relative prices. The prices of luxuries like chocolate and sugar fell. The prices of necessities like bread rose. As is often seen in normal society, the prisoners had a general contempt for “middlemen” and “speculators”. They also had a sense that there was a “just price” at which commodities should sell and would grow angry when market prices deviated significantly from the “just price”. The leadership among the prisoners decided to establish price controls. As long as the authorized prices were close to the market prices, the controls were successful. But when rations were cut in August, 1944, the price level fell and relative prices changed. Market prices deviated more and more from the authorized prices causing shortages and surpluses. Trades at unauthorized prices (black market activity) increased. Eventually the leadership among the prisoners gave up the price controls and allowed prices to adjust to changes in demand and supply. Appendix: Think Like an Economist – Price Changes in a P.O.W. Camp In R.A. Radford’s P.O.W. camp, the prices of specific commodities fluctuated as did the price level. If in August of 1944, the supplies of all commodities, including cigarettes, were doubled: 1. What would happen to the price level, and why? 2. What would happen to the prices of luxuries, and why? 3. What would happen to the prices of necessities, and why? Study Guide for Chapter 10 Chapter Summary for Chapter 10 Money is whatever is generally accepted as a medium of exchange. Without money, we would have to make exchanges by barter. Barter is the direct exchange of goods. To make a trade by barter requires a double coincidence of wants. Using money eliminates the need for a double coincidence of wants and thus reduces the transaction costs of making exchanges. Money performs three important functions in the economy: (1) Money serves as the medium of exchange, (2) Money serves as a measure of value, and (3) Money serves as a store of value. Money is not valuable in itself. Money has value because it is generally accepted as a medium of exchange. There are different measures of the money supply, including: (1) Currency, (2) M1, which is currency in circulation plus checkable deposits, and (3) M2. Checks and credit cards are not money. A check is a way to transfer the money held in a checkable deposit. Using a credit card is a way to take out a loan. In a fractional reserve system, banks are able to create money. Money creation is increases in checkable deposits made possible by fractional reserve banking (a system in which banks hold reserves equal to only a fraction of their deposits). Required reserves is the minimum amount of reserves that a bank is legally required to hold against its deposits. Only two types of assets are counted as reserves; vault cash and bank deposits with the Fed. Excess reserves is the excess of reserves over required reserves and may be loaned out. U.S. government securities are debt instruments issued by the federal government. U.S. government securities are an attractive asset for a bank to hold because U.S. government securities; (1) pay interest, (2) are low risk, and (3) are highly liquid. When a bank receives a new checkable deposit, it is legally required to hold only a portion of the deposit in reserve, and may loan the rest of the deposit. The loan may result in spending which results in a new deposit in another bank. Thus, the amount of checkable deposits in the financial system increases. The initial deposit sets off a chain of lending and depositing, which leads to a multiplied increase in checkable deposits. The maximum possible change in the money supply is FOR REVIEW ONLY - NOT FOR DISTRIBUTION Money, Money Creation, and Inflation 10 - 12

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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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    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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