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Chapter 18 Utility The

Chapter 18 Utility The basic economic problem is scarcity. Human wants are unlimited. Resources are limited. The basic goal in dealing with the problem of scarcity is to produce as much consumer satisfaction as possible with the limited resources available. At the individual level, the problem of scarcity means that a consumer will have only limited income to spend in trying to satisfy his or her unlimited wants. How will a consumer spend that limited income? A consumer’s goal will be to receive as much satisfaction as possible from his or her limited income. Consumer satisfaction is measured by utility. So consumers will attempt to maximize the total utility that they receive from their limited income. Utility – a measure of the satisfaction received from the consumption of a good. Utility is an unusual type of measurement. Most measurements have a standard, unchanging meaning. For instance, one pound, one gallon, and one meter are all standard, unchanging measurements. Weight, volume, and length can be measured objectively. But utility cannot be measured objectively. Example 1: If Cathey and Ellen each order 4 ounces of gourmet chocolate candy from the candy store, they will each receive the same amount (4 ounces) of chocolate candy. But will Cathey and Ellen each receive the same amount (utility) of satisfaction from eating their chocolate candy? We can’t know. Satisfaction cannot be measured in an objective sense like weight can. The best measure of the satisfaction (utility) that a person receives from consuming a good is the price that the person is willing to pay for the good. Example 2A: If Bertram is willing to pay $6 for a chili dog, then Bertram is anticipating at least $6 worth of utility from consuming the chili dog. If Jeeves is unwilling to pay $6 for a chili dog, then Jeeves is anticipating less than $6 worth of utility from consuming a chili dog. But the price that a person is willing to pay for a good is a subjective decision, varying from person to person. And the price that different persons are willing to pay for a good varies not only because of differences in anticipated utility, but also because of differences in income. Example 2B: During halftime of the football game, Bertram and Jeeves go to the concession stand. Bertram buys a chili dog for $6. Jeeves considers buying a chili dog, decides that $6 is too expensive, and does not buy a chili dog. Does this prove that Bertram receives more utility from a chili dog than Jeeves does? Not necessarily. Jeeves may anticipate a good deal of utility from consuming a chili dog. But if Jeeves has little income, he may decide that he doesn’t expect $6 worth of utility from a chili dog. Bertram may anticipate only a little utility from consuming a chili dog. But if Bertram has high income, he may decide that a chili dog will give him $6 worth of utility, even if the chili dog gives him only a little utility. $6 worth of utility does not mean the same thing to a person with high income as it does to a person with low income. Utility is a measure of satisfaction. This means that utility is impossible to measure in an objective sense. Thus, there is no standardized measure of utility. If Jan eats a slice of pizza, we might say that she received 1 util of satisfaction, or 50 utils, or 1,000 utils. We can create our own standard for this situation. If we decide that Jan received 50 utils of satisfaction from eating the slice of pizza, we have established a subjective standard for this situation. If Jan eats a second slice of pizza and finds it to be 80 percent as satisfying as the first slice, then the second slice yields 40 utils of satisfaction. We saw in Chapter 1 that economic decisions are made by comparing the marginal benefits of a choice with the marginal costs. The marginal benefit of consuming an additional unit of a good is measured by marginal utility. Marginal utility – the additional utility received from consuming an additional unit of a good. FOR REVIEW ONLY - NOT FOR DISTRIBUTION 18 - 1 Utility

Example 3: To illustrate marginal utility, let’s say that Jan eats one slice of pizza and receives 50 utils of satisfaction. Then Jan eats additional slices, and experiences the following results: Slices of Pizza Total Utility Marginal Utility 0 0 utils X 1 50 utils 50 utils 2 90 utils 40 utils 3 115 utils 25 utils 4 120 utils 5 utils As Jan eats additional slices of pizza, each additional slice adds less to her total utility. Thus the marginal utility of each additional slice decreases (diminishes). Jan is experiencing the law of diminishing marginal utility. Law of diminishing marginal utility – the marginal utility from consuming additional units of a good eventually declines. This law assumes that consumption takes place over a relatively short period of time. If the second slice of pizza is eaten a week after the first slice, the second slice may be just as satisfying as the first slice. The law of diminishing marginal utility is important for understanding consumer behavior. If there were no law of diminishing marginal utility, consumer behavior would be very different than it actually is. Example 4: If your favorite food is apples and you have $50 to spend on groceries, you would spend the entire $50 on apples, if there were no law of diminishing marginal utility. The fiftieth dollar spent on apples would yield just as much marginal utility as the first dollar spent on apples, and more marginal utility than a dollar spent on any other grocery item. But there is a law of diminishing marginal utility. Once you have consumed a few apples, you will receive more marginal utility from buying something else with your next dollar rather than more apples. So you purchase a variety of groceries, apples, oranges, bread, milk, eggs, etc. Diminishing Marginal Utility and Income Distribution Because of scarcity, it is not possible to satisfy all human wants. The basic goal in dealing with scarcity is to produce as much consumer satisfaction as possible with the limited resources available. Or, the basic goal is to produce as much total utility for society as possible. A market economy contributes toward achieving this goal by giving resource owners the incentive to produce the output that generates the most satisfaction for the consumers. The output that generates the most satisfaction for the consumers will also generate the most income for the resource owners. However, a market economy also results in an unequal distribution of income. The distribution of income in the U.S. economy is unequal. Those with much income can afford goods that give them a great deal of marginal utility and also goods that give them little marginal utility. Those with little income may be unable to afford goods that would give them a great deal of marginal utility. Does the unequal distribution of income mean less total utility for society? Would redistributing income from those with more income to those with less income increase total utility for society? The law of diminishing marginal utility seems to indicate that it would. Example 5: Max has annual income of $200,000. Minnie has annual income of $10,000. Which person would gain more marginal utility from an extra $100 of income? The law of diminishing marginal utility seems to indicate that Minnie would. But the law of diminishing marginal utility does not actually indicate which person would receive greater marginal utility from additional income. Utility cannot be measured objectively. There is no objective way to measure or to compare the marginal utility that Max and Minnie would receive from an extra $100 of income. Thus, marginal utility cannot be scientifically compared for different persons. FOR REVIEW ONLY - NOT FOR DISTRIBUTION Utility 18 - 2

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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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    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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    3. For whom to produce? This is det

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    The graph below illustrates the shi

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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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    Example 17: The graph below illustr

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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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    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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    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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    Chapter 8 Keynesian Economic Theory

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    Example 5: Assume that the table be

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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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    The Laffer Curve What will happen t

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    Appendix: The Importance of Incenti

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    Chapter 10 Money, Money Creation, a

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    Example 4B: The castaways on Gillig

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    Demand-side One-shot Inflation Exam

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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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    Chapter 12 Monetary Policy The basi

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    Monetarist Transmission Mechanism C

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    Appendix: Book Review - “The Age

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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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    cut of 1964. The top rate was lower

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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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    will increase both Real GDP and per

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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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    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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    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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    Wage Factory A Quantity of Labor S

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    Chapter 26 Interest, Present Value,

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    An increase in expected rates of re

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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 10: When Elvis Presley was

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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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    ___ 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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    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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