Short run production, 20-2-3 Short-run aggregate supply (SRAS), 6-4-9, 8-1, 9-5, 11-5-6 Short-run aggregate supply (SRAS) curve, 6-4-9, 7-6-7, 11-5, 12-3-4 Shortage, 3-6, 3-10-11, 7-7, 12-9 Shutdown point, 21-6-7 Silver, 10-1 Simon, Julian, 14-10 Singapore, 14-2, 15-3 Sixteenth Amendment, 13-10 Slope of a curve, 1-9, 22-3-4, 25-7 Small denomination time deposits, 10-3 Small-scale Reservation law, 15-12 Smith, Adam, 1-4, 7-1, 7-9, 8-1, 12-7, 13-4, 16-10, 19-2, 19-8-10, 29-8 Smog, Intro-3 Smoking, 30-11 Smoot-Hawley Tariff, 7-9, 12-8, 16-8 Social norms, 1-11 Social security benefits, 5-3, 13-3, 31-2 Social security system, 13-3, 13-8-10, 31-8 Social security tax, 13-2-3, 31-9 Socialism, 2-5 Socialist vision, 2-6 Solow, Robert, 14-6 Solyndra, 14-6 Sources of economic profit, 26-7-8 South Africa, Intro-5, 31-11 South Korea, Intro-5, 14-2, 14-8, 15-10, 30-1 Soviet Union, 14-7 Spain, Intro-5, 14-8 Special-interest groups, 2-5, 14-5, 14-10, 15-12, 28-4-10, 29-4-6, 30-8 Specialization of labor, 19-2, 20-3, 20-6 Specialization and trade, 10-2, 14-4, 16-2 Speculators, 10-12, 11-8 Stagflation, 8-10 Staggers Rail Act of 1980, 29-6 Standard & Poor’s, 11-5 Standards for mortgage loans, 11-6 Standard of living, Intro-1-2, 1-1-2, 2-1, 4-2, 5-3-7, 10-9, 13-10-11, 14-1, 14-5, 14-8-12, 15-1, 15-3-6, 15-9-11, 19-10-11, 28-12, 31-11 Standards of income distribution, 31-6 Starvation, 15-1 “Statistical Abstract of the United States: 2011”, 19-3 Status quo bias, 26-8 Steel industry, 4-7, 15-10 Stetson Hatters, 23-9 Sticky-price effect, 6-9 Sticky prices for oligopoly, 23-6 Sticky-wage effect, 6-9 Stigler, George, 23-8 Stock market, 6-2, 7-10, 12-8 Stock market crash of 1929, 7-9, 12-8 Stocks, 10-7, 19-7-8, 29-9 Stockholders, 19-6-7 Store of value, 10-2, 10-10 Strategic behavior, 23-9-11 Strikes, 25-5, 25-9-10 Structural unemployment, 4-6 Subprime mortgages, 11-7-10 Subsidy, 13-3, 14-6, 16-7, 27-5, 29-3-4 Subsistence, 14-8 Substitutes, 3-3, 17-6-7, 22-1 Substitute factors, 24-5, 25-4 Substitution effect, 3-1 Sugar Quota, 16-7, 22-2 Suharto, 22-10 Sunk cost, 20-2 Sunstein, Cass, 26-7 Superstitions, 1-6 Supplemental Nutrition Assistance Program, 31-2, 31-7-8 Supply, 3-4-12, 7-2, 8-1, 8-2, 10-9-10 Supply curve, 3-5-12, 6-5, 21-7 Supply curve for a perfect competitor, 21-6 Supply schedule, 3-4 Supply shocks, 6-5 Supply-side economics, 9-6-8 Supply-side inflation, 10-7 Supply-side tax cut, 9-7 Supply-side theory, 9-6-8 Supreme Court, 29-9, 30-10 Surplus, 3-6, 3-11-12, 7-3, 7-6, 8-1, 12-9, 30-5 Surplus labor value, 7-2 Sutton, Willie, 1-10 Swaziland, 14-2 Sweatshops, 15-12 Sweden, Intro-5, 31-11 Switzerland, 5-5, 19-8, 30-6 Taft-Hartley Act, 25-4 Target prices, 30-3-4 Tariff(s), 14-5, 15-7, 16-3, 16-7, 22-2, 22-9 Taiwan, Intro-5, 14-2, 14-8 Tax base, 9-6, 13-5-7 Tax credits, 13-6 Tax cut, 9-5-7, 11-4 Tax evasion, 5-3, 5-11 Tax Foundation, 13-7 Tax rate(s), 9-6-7, 13-1--7, 14-4-5, 15-7-8, 15-11 Tax revenue(s), 9-1, 9-6-7, 13-2, 13-4-9, 15-11 Tax wedge, 17-10-13 Taxation, 9-1-3, 13-1, 13-4, 13-8, 15-5, 27-11 Tax(es), 6-2, 9-3-10, 11-5, 11-9, 13-1-8, 14-5, 19-9, 27-5, 28-8, 31-3 Taxi medallions, 22-2 FOR REVIEW ONLY - NOT FOR DISTRIBUTION Index - 13
Taxpayers, 13-3-7, 19-9 Taylor, Elizabeth, 22-2 Team production, 19-2 Technological advance, 2-5, 3-6, 4-7, 14-3-4, 14-7-8, 16-3, 16-8, 28-12 Technology, 14-6 TED spread, 11-9 Temporary Assistance for Needy Families, 5-2, 31-7-8 Term of a loan, 26-4 Terrorist attacks, 12-9 Thailand, Intro-5, 14-2 Thaler, Richard, 26-8 Theories of Regulation, 29-4-5 “Theory of Games and Economic Behavior”, 23-7 Think Like an Economist (TLAE) – An Increase in the Gasoline Tax, 17-12-13 TLAE – Economic Systems and Individual Freedom, 2-12 TLAE – Hiring an Attorney, 19-10 TLAE – How to Treat Employees, 24-9 TLAE – Price Changes in a P.O.W. Camp, 10-11 TLAE – Rational Robbers, 1-11 TLAE – The New CEO, 24-9 TLAE – Unemployment Policies, 4-12 TLAE – Working in a “Sweatshop”, 15-12 Thinking Like an Economist, 1-6 Third-party payment, 30-6 Tillman, Pat, 1-5 Time deposits, 10-3 “Time Asia” magazine, 22-10 “Time” magazine, 8-10 Time value of money, 26-5 Tobacco companies, 27-12 Tools for controlling the money supply, 11-3-4 Total cost, 20-4-9, 21-3-6 Total Expenditures (TE), 5-3-4, 5-7, 6-1, 6-6, 8-1-2, 8-5-12, 9-1-7, 12-5-6 Total Expenditures (TE) curve, 8-4-8 Total output, 5-1-5, 5-9, 7-1-9, 8-2, 9-1, 12-1 Total product, 20-3 Total revenue, 17-4, 20-1, 20-9-10, 21-3-6, 22-3, 24-1 Total utility, 18-1-10, 31-1, 31-6-7 Toyota, 28-12 Trade, 10-1, 10-3 Trade barriers, 15-7 Trade deficit, 16-1 Trade-off, 2-2, 13-7, 25-1, 25-9, 31-7 Trade restriction(s), 8-12, 14-7, 15-12, 16-3-8, 22-2, 22-8, 25-4, 28-11, 29-5, 30-5, 31-9-10 Traditional cultures, 15-6 Traditional farm policies, 30-3-5 Tragedy of the commons, 27-9 Training costs, 24-7 Transaction costs, 10-2, 10-6, 10-9, 19-1-2 Transactions money, 10-3 Transfer payments, 5-2-3, 9-4 Transparency International, 15-7, 22-10 Treasury bills, 10-5 Treasury bonds, 10-5 Treasury Department, 11-12 Treasury notes, 10-5 Trough, 5-6 Turkey, Intro-5 Twice as steeply downward sloping marginal revenue curve, 22-4, 23-2, 23-6 Tying agreements, 29-7 Ukraine, Intro-5 “Ultimate Resource, The”, 14-10 Uncertainty, 10-9, 14-4, 26-7 Underground production, 5-2, 5-6, 11-9 Underproduction, 22-6, 23-3 Unemployed, 4-5 Unemployment, 4-4, 8-11 Unemployment compensation, 4-9-10, 5-3, 9-5, 31-2, 31-9 Unemployment, types, 4-6-7 Unemployment rate, 4-4-10, 5-7, 6-1, 6-6-9, 7-1, 7-4-8, 9-5, 11-4, 12-7-9 Unequal distribution of income, 2-8, 7-2, 12-11, 18-3, 31-1 Unfair foreign competition argument, 16-6 Uninsured, 30-7 Unintended consequences, 1-6, 28-7, 29-6 Union goals, 25-2-3 Unions, labor, 8-1, 25-1 Union membership, 25-1 Union shop, 25-4 Union wage premium, 25-9 Unions and collective voice, 25-10 Unions and monopsony, 25-7-8 Unions and productivity, 25-9-10 Unions and wages, 25-8-9 Unitary elastic demand, 17-5 United Arab Emirates, 14-9 United Kingdom, Intro-5, 11-5 United Nations Children’s Fund, 15-2 United Nations Food and Agricultural Organization, 15-1 United States (U.S.), Intro-1-5, 14-3, 21-1, 22-1, 31-12 University of Alabama, 23-10 University of Notre Dame, 23-9 University of Oklahoma, 23-9 University of Texas, 24-3 Unkinked demand curve theory, 23-6 Unlimited liability, 19-4-5 Unpredictable farm supply, 30-4 Unsafe drinking water, 15-1 FOR REVIEW ONLY - NOT FOR DISTRIBUTION Index - 14
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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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4. List the four types of costs imp
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Chapter 30 Agriculture and Health C
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weather may cause bumper crops. Bad
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