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Ideal Income

Ideal Income Redistribution The ideal degree of income redistribution cannot be objectively determined. Total utility for society cannot be objectively measured. And one must consider that individual freedom is a source of utility. Income redistribution efforts will reduce individual freedom. Identifying the ideal degree of income redistribution is impossible. But certain desirable characteristics of an income redistribution program can be identified. An ideal income redistribution program would: 1. Transfer most from those with the highest income. Theoretically, those with the highest income would lose the least amount of utility by having a portion of their income taxed away. 2. Transfer most to those with the lowest income. Theoretically, those with the lowest income would gain the greatest amount of utility by receiving a transfer of additional income. 3. Interfere with private market decisions as little as possible. We saw in Chapter 3 that private market decisions generally lead to economic efficiency. If private market decisions are altered by tax and transfer considerations, a deadweight loss is created. 4. Interfere with the incentive for productivity as little as possible. Income redistribution will reduce the incentive for productivity for both taxpayers and transfer recipients. But as much incentive for productivity should be maintained as is possible. 5. Provide as little opportunity for rent seeking as possible. Rent seeking (see Chapters 22 and 28) is socially wasteful. To minimize rent seeking, income redistribution should not target specific groups, other than those with low income. 6. Be as simple and inexpensive to administer as possible. The cost to administer an income redistribution program is a type of deadweight loss. Actual Income Redistribution How does the actual income redistribution program in the U.S. compare with the ideal discussed above? Not very well, as detailed below: 1. The income that funds income redistribution is not necessarily transferred from those with the highest income. The federal personal income tax is a progressive tax. But other taxes that fund income redistribution (e.g. social security taxes, property taxes, sales and excise taxes, etc.) are regressive. Some government policies that redistribute income (e.g. trade restrictions, agricultural subsidies) cause higher consumer prices. Higher consumer prices are a more severe burden for lower income households than for higher income households. 2. Most income redistribution transfers are not received by those with the lowest income. While some income redistribution programs target the low income (e.g. Temporary Assistance for Needy Families, the Supplemental Nutrition Assistance Program, housing subsidies, Medicaid), the largest income redistribution programs (e.g. social security, Medicare, public education) transfer income largely to households above the poverty line. 3. Income redistribution policies often interfere strongly with private market decisions. Policies that alter market prices (e.g. trade restrictions, agricultural subsidies) clearly cause economic inefficiency. People will also alter their private market decisions based on tax and transfer considerations. As an example, labor force participation drops off dramatically when people reach the age of eligibility for social security benefits. For another example, the availability of unemployment compensation often extends the length of unemployment. (See the appendix in chapter 4 on high unemployment after the Great Recession.) 4. Income redistribution efforts have a strong disincentive effect on both taxpayers and transfer recipients. Taxpayers face high marginal tax rates, partially due to the broad scope of income redistribution efforts. Transfer recipients often face a form of high marginal tax rates as well. Transfer payments received are reduced by a percentage (called the “reduction rate”) of income earned. A transfer recipient who earns $1,000 of income may face a decrease in transfer benefits of $500 or more. That means a reduction rate of fifty percent or more. 5. Income redistribution policies often are subject to rent seeking. Trade restrictions and agricultural subsidies are clear examples. Political questions, such as the location of military bases and the distribution of federal funding for highways, often have a strong income redistribution element and are subject to rent seeking. FOR REVIEW ONLY - NOT FOR DISTRIBUTION 31 - 7 Income Distribution and Redistribution

6. The income redistribution program is very complex. The complexity of the tax system was discussed in Chapter 13. The wide variety of “welfare” programs (Temporary Assistance for Needy Families, the Supplemental Nutrition Assistance Program, Medicaid, the Affordable Care Act, etc.) makes for a transfer program that is complex and expensive to administer. Negative Income Tax Given the flaws in the current income redistribution program, could a better program be devised? Many economists favor a negative income tax as a replacement for the traditional “welfare” programs (e.g. Temporary Assistance for Needy Families, the Supplemental Nutrition Assistance Program, Medicaid, etc.) and for the broader redistribution programs (e.g. social security, Medicare, trade restrictions, agricultural subsidies, etc.). A negative income tax would transfer income to low-income households. A basic support amount would be set (e.g. the poverty line) and then the support amount would be reduced by a fraction of income earned. At some level of income, support would be eliminated, and any additional income would be subject to the regular (positive) income tax. Example 15: A negative income tax system is implemented. The basic support amount is set at the poverty line. The reduction rate is set at twenty-five percent, until support is eliminated. Income above the threshold where support is eliminated is taxed at twenty-five percent. The table below illustrates how such a negative income tax system would work. The table represents the support received by a family of three, assuming that the poverty line for a family of three is $18,600. For every additional dollar of income that the family earns, it will be 75 cents better off. Income Support Tax Paid Total $0 $18,600 $0 $18,600 10,000 16,100 0 26,100 20,000 13,600 0 33,600 40,000 8,600 0 48,600 60,000 3,600 0 63,600 74,400 0 0 74,400 80,000 0 1,400 78,600 100,000 0 6,400 93,600 A negative income tax system would have a number of advantages over the current income redistribution program: 1. It would transfer most from those with the highest income. 2. It would transfer most to those with the lowest income. 3. It would interfere less with private market decisions. 4. It would interfere less with the incentive for productivity because it could be funded with lower marginal tax rates than are currently imposed and could use lower reduction rates than are currently used. 5. It would provide no apparent opportunity for rent seeking. 6. It would be simpler and less expensive to administer. The earned income tax credit is a refundable tax credit for lower income workers, and is a type of negative income tax. The amount of the credit increases up to a certain amount of income and then decreases until it is phased out. For 2014, the maximum earned income tax credit was $6,143 for taxpayers with three or more qualifying children. The maximum credit was $496 for taxpayers with no qualifying children. About 30 million taxpayers receive the credit each year. Poverty FOR REVIEW ONLY - NOT FOR DISTRIBUTION With unequal distribution of income, those households at the bottom of the income scale may not have enough income for an adequate standard of living. Such households are classified as living in poverty. Income Distribution and Redistribution 31 - 8

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    PRINCIPLES OF ECONOMICS JEFF HOLT S

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    Principles of Economics, 6th Editio

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    16. Study Guide for Chapter 7 17. C

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    11. Appendix: Book Review - “The

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    20. Appendix: The NCAA Cartel 21. S

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    Introduction: A Brief History of U.

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    In the twentieth century, per capit

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    Appendix: The 35 Largest National E

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    Multiple Choice: ___ 1. The Jamesto

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    2. Describe the economic cost of th

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    Chapter 1 Scarcity and Choices The

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    Example 5B: At the end of 1982, the

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    Example 11: When Cindy quits her jo

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    consequences may result in failure

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    An upward sloping curve (as in Exam

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    In making decisions, humans tend to

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    5. ______________________ _________

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    ___ 13. If the value of one variabl

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    Y Point X Y A 0 1 B 3 3 C 6 5 D 9 7

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    Chapter 2 Trade and Economic System

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    Example 4B: The following quantitie

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    1. An increase in the quantity of r

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    3. For whom to produce? This is det

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    The graph below illustrates the shi

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    The two primary economic systems ar

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    ___ 12. The capitalist vision sees

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    ___ 25. According to the book “Ca

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    Chapter 3 Demand, Supply, and Equil

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    . For inferior goods, income and de

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    The same information can be placed

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    Not only does a free market elimina

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    $7 - 6 - 5 - S 3 S1 S 2 Price 4 - 3

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    Example 17: The graph below illustr

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    Questions for Chapter 3 Fill-in-the

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    ___ 12. Assuming a market originall

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    $8 - 7 - 6 - 5 - Price 4 - 3 - 2 -

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    Chapter 4 Inflation and Unemploymen

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    Computing the Rate of Inflation The

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    Full Employment Though unemployment

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    3. Cyclical unemployment - due to d

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    During the Great Depression, the ec

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    Appendix: Think Like an Economist -

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    Answer questions 8. and 9. based on

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    ___ 25. The extension of unemployme

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    Chapter 5 Measuring Total Output: G

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    5. Leisure. Leisure time is by defi

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    The U.S. is a high per capita GDP c

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    Example 17: In “An International

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    The simple circular flow diagram be

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    ___ 3. Which of the following would

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    2. Explain what nonproduction trans

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    Chapter 6 The Aggregate Market The

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    Example 2C: Assume the same facts a

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    Example 5B: The price of crude oil

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    Price Level Real GDP SRAS AD 2 AD 1

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    Appendix: Why the Aggregate Demand

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    ___ 3. DEF Company can invest in ne

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    2. List and explain the two factors

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    Chapter 7 Classical Economic Theory

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    Notice that the investment demand c

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    Long-Run Equilibrium If Real GDP is

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    Example 6B: When the economy is in

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    Laissez-faire If the economy is sel

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    ___ 5. According to Say’s Law: a.

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    3. On the graph below, draw an aggr

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    Chapter 8 Keynesian Economic Theory

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    Example 2B: The graph below illustr

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    Example 5: Assume that the table be

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    Notice on the graph on the previous

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    According to Keynesian theory, a ch

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    “The General Theory” also inclu

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    ___ 8. If the consumption function

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    3. If the MPC is .667, and investme

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    Chapter 9 Fiscal Policy The basic e

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    Keynesian Fiscal Policy Theory and

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    Example 5A: The federal government

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    The Laffer Curve What will happen t

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    Appendix: The Importance of Incenti

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    ___ 4. A decrease in government exp

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    2. Explain what automatic stabilize

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    Chapter 10 Money, Money Creation, a

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    Example 4B: The castaways on Gillig

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    Looking at the balance sheet below,

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    Demand-side One-shot Inflation Exam

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    4. Inflation increases uncertainty

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    life; it came into existence not by

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    calculated by using the potential d

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    ___ 12. If the required-reserve rat

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    4. Referring to the balance sheet f

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    Chapter 11 The Federal Reserve Syst

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    5. After Bank X sells the $300,000

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    Low Mortgage Interest Rates Mortgag

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    Relaxed Standards for Mortgage Loan

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    The Bursting of the Housing Bubble

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    On February 17, 2009, the federal g

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    Fed policies caused short-term inte

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    ___ 10. The Fed’s most important

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    ___ 25. In response to the recessio

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    Chapter 12 Monetary Policy The basi

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    2. A change in aggregate demand (AD

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    Monetarist Transmission Mechanism C

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    3. Borrowers do not have to seek ou

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    Appendix: Book Review - “The Age

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    Questions for Chapter 12 Fill-in-th

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    ___ 16. The primary source of incom

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    7. According to Alan Greenspan, wha

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    Chapter 13 Taxes, Deficits, and the

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    Example 5: In 2015, Taxpayer A had

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    of $5 and a quantity of 10 units. T

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    The complexity of the tax law also

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    the current government spending and

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    cut of 1964. The top rate was lower

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    ___ 6. Federal excise taxes: a. are

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    3. How would eliminating the loopho

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    Chapter 14 Economic Growth The basi

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    2. Labor. Labor can contribute to e

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    estricting international trade (e.g

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    An improvement in technology (e.g.

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    The table below shows the economic

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    will increase both Real GDP and per

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    ___ 8. Which of the following is co

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    ___ 26. The opinion that economic g

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    Chapter 15 Less Developed Countries

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    Example 8: Countries A, B, C, and D

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    Obstacles to Economic Development f

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    c. Restrictions on international tr

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    Appendix: Book Review - “The Powe

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    Example 25: In Brazil, about half t

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    Study Guide for Chapter 15 Chapter

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    ___ 13. Among the counterproductive

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    4. List four ways that governments

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    Chapter 16 International Trade The

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    Other Benefits of Free Internationa

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    Example 6: The graph below illustra

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    competitive disadvantage. But dumpi

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    is only 25% as productive as before

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    Smith was skeptical of government a

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    ___ 4. For Country X, what is the o

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    ___ 18. Frédéric Bastiat’s “P

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    4. On the graph below: (1) What is

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    Chapter 17 Elasticity We are often

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    Example 4A: What is price elasticit

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    Example 5A: Gertie’s Gas and Go i

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    Example 10A: When the price of Good

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    Example 13B: On the graph below, su

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    $7 - 6 - 5 - Price 4 - 3 - 2 - 1 -

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    In the long run, would the deadweig

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    ___ 7. The factors that determine w

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    3. a. Which price (or prices) from

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    Chapter 18 Utility The basic econom

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    Nonetheless, society generally assu

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    Example 9: Capital City operates a

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    Marginal rate of substitution - the

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    The diamond-water paradox is the ob

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    Complete the table below to answer

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    4. The graph below shows indifferen

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    Chapter 19 The Firm The basic econo

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    than contributing to team productio

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    1. Difficulty in raising large amou

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    Corporations also use self-financin

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    Example 24: A blacksmith who produc

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    For financing needs, proprietorship

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    ___ 13. Corporations: a. are comple

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    5. List two things that the absence

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    Chapter 20 Production and Costs The

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    In Example 5B, Birdwell finds that

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    variable cost initially decreases,

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    Quantity TC MC AFC AVC ATC 0 240 X

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    If the scale of operation is increa

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    average total cost. Average fixed c

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    ___ 11. Concerning the cost curves:

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    5. Complete the following cost tabl

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    Chapter 21 Perfect Competition The

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    Even though a perfect competitor ca

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    Example 6C: This example builds on

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    At what price will there be neither

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    Appendix: Perfect Competition in th

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    Multiple Choice: ___ 1. A perfect c

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    ___ 17. Perfect competition: a. req

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    Answers for Chapter 21 Fill-in-the-

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    Chapter 22 Monopoly Of the four mar

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    3. Exclusive ownership of an essent

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    maximizing quantity (4 units) creat

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    $22 - 20 - 18 - 16 - 14 - Deadweigh

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    2. Negotiating, beginning at a high

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    Legal barriers are created by gover

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    ___ 8. The slope of the demand curv

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    Price Quantity 3. List some of the

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    Chapter 23 Monopolistic Competition

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    For Percomp (the perfect competitor

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    Example 7A: The graph below represe

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    Example 9: The Organization of the

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    Example 12 illustrates the dilemma

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    its current price and quantity. The

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    ___ 14. Game theory: a. is a method

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    Answers for Chapter 23 Fill-in-the-

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    Chapter 24 Factor Markets The basic

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    $ $240 - 200 - 160 - 120 - 80 - 40

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    Since producers will attempt to equ

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    2. Differences in nonmoney aspects

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    were his strikeouts, walks, and hom

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    ___ 3. To maximize profits, a produ

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    ___ 19. According to the book, “M

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    Multiple Choice: 1. a. 8. c. 15. d.

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    Chapter 25 Labor Unions The primary

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    The elasticity of demand for union

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    Example 4A: Assume that the graph b

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    Notice from the graph in Example 6

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    Wage Factory A Quantity of Labor S

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    As a cartel, a labor union faces a

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    ___ 10. For a monopsony: a. there i

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    3. The graph below represents a lab

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    Chapter 26 Interest, Present Value,

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    An increase in expected rates of re

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    An asset is valuable because we exp

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    Example 13B: General Ordnance prove

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    Appendix: Present Value Table One f

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    ___ 4. An increase in expected rate

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    Problems: 1. List and explain the t

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    Chapter 27 Market Failure The basic

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    External Benefit If a market genera

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    Example 2: To encourage the consump

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    $100 - 90 - 80 - MSC 70 - $ 60 - 50

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    A common good is nonexcludable. Non

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    Study Guide for Chapter 27 Chapter

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    ___ 5. What government policy would

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    4. Based on the information on the

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    Chapter 28 Public Choice and Govern

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  • Page 504 and 505: Income is more equally distributed
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  • Page 514 and 515: How is this story an analogy for th
  • Page 516 and 517: ___ 2. In 2013, the Lowest Income 6
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  • Page 534 and 535: Market, 3-1, 3-8-9 Market basket, 4
  • Page 536 and 537: Political bias, 9-4, 12-7 Political
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  • Page 540 and 541: Upturns, 9-4 USDA, 27-9, 30-1-2, 30
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