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Nonrivalrous good – a

Nonrivalrous good – a good for which consumption by one person does not hinder consumption by others. Normal goods – goods for which income and demand are directly related. Normative statements – propose the way things ought to be. Oligopoly – an industry dominated by a few mutually interdependent firms. One-shot inflation – a one-time increase in the price level. Open market operations – the Fed buying and selling U.S. government securities in the open market. Open shop – workers may join the union, or may choose to not join the union. Opportunity cost – the value of the best alternative surrendered when a choice is made. Partnership – a firm owned and operated by two or more co-owners. Patent – a government granted monopoly on the production and sale of an invention granted to the inventor. Peak – the highest phase of the business cycle. Per capita economic growth – an increase in per capita Real GDP. Per capita output – a basic measure of standard of living, computed by dividing total output by the population. Perfect competition – many sellers of identical products. Perfectly elastic demand – the demand curve is horizontal. Perfectly inelastic demand – quantity demanded is unchanged by a change in price. Pollution – any undesired byproduct of production. Pork barrel legislation – benefits a particular geographic region and is paid for by taxpayers (and/or consumers) from a larger geographic region. Positive rate of time preference – consumers prefer earlier consumption to later consumption. Positive statements – claim to describe the way things are. Poverty – a family whose income falls below a minimum established for an adequate standard of living is classified as living in poverty. Present value of an asset – the discounted value today of the income stream associated with the asset. Price ceiling – a maximum legal price. Price discrimination – occurs when a seller charges different prices to different buyers for the same good. Price elasticity of demand – measures the relative sizes of the changes in quantity demanded and price. Price elasticity of supply – measures the relative sizes of the changes in quantity supplied and price. Price floor – a minimum legal price. Private goods – rivalrous in consumption and excludable. Private market equilibrium – occurs where marginal private benefit equals marginal private cost. Producer’s surplus – the difference between the lowest price a seller is willing to accept and the price actually received. Product differentiation – the process of distinguishing a firm’s product from similar products. Production possibilities frontier (PPF) – represents the maximum combinations of two goods that an economy can produce. Productivity – measured by the output produced per unit of input. Profit-maximization rule – produce the quantity of output where marginal revenue equals marginal cost. Profit-maximization rule for employing factors – employ additional factor units up to the quantity where marginal revenue product equals marginal factor cost. Progressive tax – imposes higher tax rates on higher levels of income. Proportional tax – imposes the same tax rate on all levels of income. Proprietorship – a firm owned and operated by one individual. Public choice theory – applies economic principles to public sector decision making. Public employee union – a union made up of workers employed by the government. Public franchise – the government grants one firm an exclusive right to provide a good or a service to a market. Public goods – nonrivalrous in consumption and nonexcludable. Quota – a legal limit on the quantity of a good that may be imported. Real GDP – GDP adjusted for changes in the price level. Real interest rate – the nominal interest rate minus the rate of inflation. Recessionary gap – when Real GDP is less than Natural Real GDP. FOR REVIEW ONLY - NOT FOR DISTRIBUTION Glossary - 5

Regressive tax – imposes higher tax rates on lower levels of income. Rent seeking – when people use resources to manipulate public policy in order to redistribute income to themselves from others. Required reserves – the minimum amount of reserves that a bank is legally required to hold against its deposits. Reserves – vault cash plus bank deposits with the Fed. Resources – the inputs that make production possible. Rivalrous good – a good for which consumption by one person prevents or interferes with consumption by another person. Say’s Law – supply creates its own demand. Scarcity – the problem that human wants exceed the production possible with the limited resources available. Screening device – a characteristic used by employers as the basis for hiring and promoting employees. Seignorage - the profit derived by the issuer of money by issuing new money. Self-sufficiency – a person uses their own resources to produce the goods and services that they want to consume. Shirking – avoiding the performance of an obligation. Short run – a period in which at least one input is fixed. Shortage – when quantity demanded exceeds quantity supplied. Shutdown point – occurs if price falls below average variable cost. Slope of a curve – the ratio of the vertical change to the horizontal change between two points on the curve. Special-interest group – a group of people who are especially interested in a particular government policy. Sticky-price effect – prices in a market economy can be slow to adjust. Sticky-wage effect – wages in a market economy can be slow to adjust (especially downward). Structural unemployment – workers do not have the skills required in available jobs. Subprime mortgage – home loan given to a person who is considered a poor credit risk. Sunk cost – a past cost that cannot be changed by current decisions. Supply shocks – unusual events that affect the overall costs of production. Surplus – when quantity supplied exceeds quantity demanded. Tariff – a tax on an imported good. Technological advance – the ability to produce more output per resource. Total cost – the sum of fixed and variable costs. Total Expenditures (TE) – consists of four types of spending; consumption, investment, government purchases, and net exports. Trade deficit – when a nation’s imports exceed its exports. Trade restrictions – government imposed limitations on international trade. Transaction costs – the costs of bringing buyers and sellers together for exchanges. Transfer payments – transfers of income from the government to households or businesses, not in exchange for goods, services, or resources. Trough – the lowest phase of the business cycle. Tying agreement – a seller refuses to sell one product to a buyer unless the buyer agrees to buy a second product. Underground production – production that is unreported because it is illegal or because the producer is evading taxation. Unemployed – those without paying jobs who are actively seeking employment. Unemployment rate – the percentage of the labor force that is unemployed. Union shop – requires employees to join the union within a specified time. Unitary elastic demand – price elasticity of demand is equal to one. U.S. government securities – debt instruments issued by the federal government. Utility – a measure of the satisfaction received from the consumption of a good. Value of the marginal product (VMP) – the value to society of the output produced by the marginal factor. Equal to the price of the product times the MPP of the factor. Variable costs – costs that vary with output. Velocity of money – the average number of times that a dollar is spent annually. Vertical merger – a merger of firms in the same industry, but not at the same stage in the production process. Wealth (real balance) effect – when the price level decreases, consumers are wealthier (their money balances have more buying power). FOR REVIEW ONLY - NOT FOR DISTRIBUTION Glossary - 6

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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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    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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  • Page 476 and 477: market. They may agree with their c
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  • Page 480 and 481: ___ 10. The public interest theory
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  • Page 486 and 487: weather may cause bumper crops. Bad
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  • Page 498 and 499: Answer questions 7. through 10. by
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  • Page 502 and 503: Chapter 31 Income Distribution and
  • Page 504 and 505: Income is more equally distributed
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  • Page 508 and 509: Ideal Income Redistribution The ide
  • Page 510 and 511: Poverty - a family whose income fal
  • Page 512 and 513: Appendix: Income Inequality around
  • Page 514 and 515: How is this story an analogy for th
  • Page 516 and 517: ___ 2. In 2013, the Lowest Income 6
  • Page 518 and 519: Problems: 1. Explain the two primar
  • Page 520 and 521: Absolute advantage - when one natio
  • Page 522 and 523: Fiat money - money by government de
  • Page 526 and 527: Absolute advantage, 16-9 Absolute e
  • Page 528 and 529: “Company town”, 25-6 Comparativ
  • Page 530 and 531: Eli Lilly and Company, 22-1 Emergen
  • Page 532 and 533: Houston, Texas, 15-10 Human capital
  • Page 534 and 535: Market, 3-1, 3-8-9 Market basket, 4
  • Page 536 and 537: Political bias, 9-4, 12-7 Political
  • Page 538 and 539: Short run production, 20-2-3 Short-
  • Page 540 and 541: Upturns, 9-4 USDA, 27-9, 30-1-2, 30
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