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Houston, Texas, 15-10

Houston, Texas, 15-10 Human capital, Intro-1, 1-2, 1-10, 2-5, 2-8, 14-3-4, 14-10, 15-5, 31-4-5, 31-10 Human wants, 1-1, 18-2, Ideas, 14-7 Illegal transactions, 3-10 Immigration, 12-11, 31-2 Immigration restrictions, 25-3 Impact lag, 9-5 Implicit cost, 20-1 Imports, 5-4-5, 6-3-4, 7-10, 15-12, 16-1-8, 22-8 Inadequate demand, 7-2 Inadequate diets, 15-1 Inadequate medical services, 15-2 Inadequate sanitation, 15-1 Incentive(s), 1-3, 1-6, 1-10, 2-5, 9-6-8, 14-4, 14-8, 15-7, 18-3, 26-7, 29-3, 29-9, 31-6-8 Income 3-1, 3-3, 7-2, 8-1-10, 9-6, 10-1, 13-1-2, 13-5, 14-4, 15-7, 17-5, 18-1-6 Income effect, 3-1, 6-10 Income elasticity of demand, 17-5-6, 30-2 Income inequality, 31-11-13 Income security, 13-8 Income tax(es), 9-3-10, 13-3-9, 31-9 Income tax code, 13-6 Ideal income redistribution, 31-7 Independence of the Fed, 12-6 India, Intro-5, 5-5, 14-2-3, 14-8, 15-6, 15-10, 15-12, 16-10, 30-1, 31-11 Indifference curves, 18-6-8 Individual freedom, 2-5, 21-7, 27-1, 31-6-7 Individual mandate, 30-10, 30-12 Indonesia, Intro-5, 14-2, 22-10 Industrial policy, 14-5-6 Industrial Revolution, Intro-2 Industrial union, 25-1 Inelastic demand, 17-5-6, 23-5 Inelastic goods, 13-6 Infant industry argument, 16-6 Infant mortality rate, Intro-3, 15-1, 30-11 Inferior goods, 3-3, 17-5-6 Inflation, 4-1-4, 8-11, 10-2, 10-6-10,13-11, 14-5, 15-7 Inflation rate, 4-2-3, 5-7, 11-7, 12-7, 12-10, 13-10, 16-10 Inflationary gap, 7-1, 7-4-7, 8-7, 9-1-7, 12-5 Informal economy, 15-11 Information lag, 9-5 Infrastructure, 11-9, 14-6 Initial public offering, 19-6-7 In-kind transfer payments, 31-2-3 Innovation, 16-3, 26-7 Inputs, 5-2, 6-5, 20-2-3 Insurance, 6-5 Intellectual property, 12-11 Intellectual property rights, 12-11 Interest, 5-10, 10-6, 26-1 Interest on the National Debt, 13-8 Interest-insensitive investment, 12-4 Interest rate(s), 6-2-3, 7-3-4, 9-4, 10-6, 11-4, 11-6-8, 12-5-6, 13-9, 14-5, 15-7, 26-1-4 Interest rate effect, 6-9 Intermediate goods, 5-1 Internal Borrowing, 13-9 Internal Revenue Service (IRS), 13-6-8 Internalizing externalities, 27-4-5 “International Petroleum Monthly”, 14-8 International trade, 12-9-10, 16-1-9, 22-2 International Trade Commission, 16-7 Interstate highway system, 9-6-7 Invention, 22-1 Inverse relationship, 1-9, 2-4, 3-1-3, 6-1, 17-5 Investment, 5-3, 6-2-3, 6-11, 7-2-3, 8-1-2, 8-5, 8-8-12, 9-5, 11-7, 12-3, 12-7-8, 13-9, 14-3-6, 15-5-6, 19-6 Investment banks, 11-7-10 Inventories, 5-4, 8-6 Invisible hand, 1-4, 16-10 IQ scores, Intro-4 Iran, Intro-5, 14-9 Ireland, 14-2 Irrational exuberance, 11-7-10 Italy, Intro-5, 14-8 Jackson, Michael, 22-2 Jamestown colony, Intro-1 Japan, Intro-5, 11-5, 14-6, 14-8, 15-10-12, 28-12, 30-1, 30-6, 31-11 Job destruction, 4-7, 16-7, 28-9 JPMorgan Chase, 11-12 Kennedy tax cut, 9-6, 13-10 Kerosene, 14-12 Kevlar, 22-1 Key characteristic of perfect competition, 21-1 Keynes, John Maynard, 7-1, 8-1, 8-9-11 Keynesian economic theory, 8-1-11, 9-1-7, 12-6, 12-7-8 Keynesian fiscal policy, 9-1-7 Keynesian monetary theory, 12-4-5 Keynesian monetary transmission mechanism, 12-4-5 Kinked demand curve theory, 23-4-6 Known reserves, 14-11 Kroc, Ray, 1-3 Kuwait, 14-9 Kwolek, Stephanie, 22-1 Labor, 1-2, 13-5, 14-2, 14-6, 19-4, 24-1 Labor force, 4-5-7, 14-6 Labor market, 7-3, 13-5, 24-1, 31-7 Labor productivity, 4-7, 6-5, 6-8, 14-3-4, 15-9-12, 19-10, 25-4 Labor supply curve, 24-5-6, 25-7 FOR REVIEW ONLY - NOT FOR DISTRIBUTION Index - 7

Laffer, Arthur, 9-7 Laffer curve, 9-7 Lags, 9-5, 12-7 Laissez-faire, 7-9 Land, 1-2, 19-1, 24-1 Land of Oz, 11-9 Landsburg, Steven, 9-9, 28-2 Large government, 15-7-12 Law of comparative advantage, 16-1 Law of demand, 3-1, 17-1 Law of diminishing marginal returns, 14-3, 14-6-7, 18-7, 20-3-5, 21-3, 24-2 Law of diminishing marginal utility, 18-2-3, 18-5 Law of increasing opportunity cost, 2-4 Law of supply, 3-4, 17-9 Lee, Bruce, 22-2 Legal barriers to entry, 22-1, 23-7 Legal types of business firms, 19-4-6 Leisure, 5-3, 5-7 Lender of last resort, 11-1, 12-9 Lennon, John, 22-2 Lesotho, 31-11 Less developed countries (LDCs) 5-6, 10-10, 14-11, 15-1-14, 30-1 Leveraging, 11-5-10 Lewis, Michael, 24-7-9 Lewis, William W., 15-9 Liabilities, 19-7 Libertarian paternalism, 26-8 License, 22-2 Licensing requirements, 14-4, 22-2, 22-8 Life expectancy, Intro-3, 13-3, 13-9, 14-11, 30-11 Limited liability, 19-5-6 Liquid assets, 10-5 Liquidity trap, 12-4 Loan(s), 10-4-7, 11-3, 11-6 Loanable funds, 9-6, 13-9, 26-1 Loanable funds demand curve, 26-2-3 Lobbying, 16-6, 22-8, 28-4 Lockouts, 25-11 Logrolling, 28-5 London, 14-12 Long run, 9-1, 9-5-6, 12-3, 14-1-2, 14-4, 20-2, 20-8, 21-7, 23-4 Long-run aggregate supply (LRAS), 6-4, 9-5 Long-run aggregate supply curve, 7-7-8 Long-run equilibrium, 7-5, 8-7 Long run problem for farmers, 30-2 Long run production, 20-3, 20-8 Loopholes, 13-7 Lord De La Warr, Intro-1 Lorenz curve, 31-1-2, 31-11 Loss aversion, 26-8 Loss minimization, 21-6 Lotteries, 13-2 Low foreign wages argument, 16-7 Low-income countries, 15-9-11 Low voter turnout, 28-2, 28-4 Luck, 31-6 Luxury goods, 17-5 M1, 6-8, 10-3, 12-9 M2, 10-3 Macao, 14-2 Macroeconomic goals, 4-1, 4-7, 5-1, 5-9, 6-1, 9-1, 11-1, 12-1, Macroeconomic policy, 7-9, 15-9-10 Macroeconomics, 1-7, 4-1 Macromanagement, 29-4 “Maestro: Greenspan’s Fed and the American Boom”, 12-9 Major federal taxes, 13-2 Major federal spending programs, 13-7 Majority voting, 28-7 Make-work bias, 28-8 Malaysia, Intro-5, 14-2, 19-7 Malnutrition, 15-1 Malta, 14-2 Malthus, Thomas Robert, 14-6, 14-9 Managers, 19-3, 19-7 Manufacturing sector, 15-10 “Many Loves of Dobie Gillis, The”, 9-9 Marcos, Ferdinand, 22-10 Marginal benefit, 1-5, 3-7, 3-11, 13-5, 18-1, 18-5, 21-8 Marginal cost, 1-5, 3-7, 3-11, 13-5, 18-2, 18-5, 20-4-7, 21-3-8, 22-4-6, 23-2-7 Marginal cost curve, 20-7, 21-2, 22-5, 23-7 Marginal factor cost (MFC), 24-2-3 Marginal factor cost curve, 24-3, 25-7 Marginal physical product (MPP), 20-3-4, 24-1-2, 24-5, 25-4 Marginal private benefit, 21-7, 27-2-4, 27-11 Marginal private cost, 21-7, 27-2-5, 27-11 Marginal productivity standard, 31-6 Marginal profit, 21-4, 22-5 Marginal propensity to consume (MPC), 8-3, 8-5, 8-9, 9-2 Marginal rate of substitution, 18-7-8 Marginal revenue, 20-9, 21-3-6, 22-3-6, 23-2, 23-6, 24-2 Marginal revenue curve, 21-3, 22-3-5, 23-2-7 Marginal revenue product (MRP), 24-1-5, 24-7, 25-4 Marginal revenue product curve, 24-3-4 Marginal social benefit (MSB), 21-7, 22-6, 23-3, 23-8, 24-4, 28-6, 30-7 Marginal social cost (MSC), 21-7, 22-6, 23-3, 23-8, 28-6, 30-7 Marginal tax rate(s), 9-6-8, 13-3, 15-6, 31-7 Marginal utility, 18-1-7 FOR REVIEW ONLY - NOT FOR DISTRIBUTION Index - 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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    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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  • Page 484 and 485: Chapter 30 Agriculture and Health C
  • Page 486 and 487: weather may cause bumper crops. Bad
  • Page 488 and 489: Security and Rural Investment Act o
  • Page 490 and 491: Example 12: From 1960 to 2013, the
  • Page 492 and 493: 1. NHI would provide universal heal
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  • Page 502 and 503: Chapter 31 Income Distribution and
  • Page 504 and 505: Income is more equally distributed
  • Page 506 and 507: over a typical career is the accumu
  • 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 524 and 525: Nonrivalrous good - a good for whic
  • 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 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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