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JA Chp. 9-12

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
show A principle stating that government should tax people in proportion to their ability to pay the tax.  
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Average fixed costs   show
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show The sum of average fixed and average variable costs.  
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show Total variable costs divided by quantity produced.  
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show A principle stating that government should tax people in proportion to the benefits they receive from a government good or service.  
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show The point of production at which income from sales equals total fixed and total variable costs.  
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Collective bargaining   show
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show An agreement in which companies restrict production to raise prices and profits.  
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Concentration ratio   show
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Conglomerate merger   show
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Derived demand   show
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show Reductions in cost resulting from large-scale production.  
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Externality   show
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FICA   show
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Fiscal year   show
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show Costs that remain the same regardless of the amount of product a firm produces.  
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show A price index that reduces the current gross domestic product prices into prices of a base year.  
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Grievance   show
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Gross Domestic Product (GDP)   show
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Horizontal merger   show
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Injunction   show
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Job discrimination   show
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show Two companies that keep their independence while cooperating on a particular project.  
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Labor force   show
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show The amount of goods and services the work force can produce during a given time period-an hour, a week, a month, or a year.  
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Labor union   show
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Law of diminishing marginal returns   show
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Lockout   show
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show Decision making that involves comparing marginal benefits and marginal costs.  
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show The additional revenue generated from the sale of an additional quantity of the product.  
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Market structure   show
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Marketing   show
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Merger   show
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Monopolistic competition   show
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National debt   show
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Nominal GDP   show
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show A market structure in which a few large firms supply most or all products in a market.  
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show A market structure in which a large number of firms all produce the same product at the same price.  
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show The act of employees carrying signs that call attention to a labor strike with the goal of arousing public sympathy.  
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Predatory pricing   show
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Price-fixing   show
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Productivity   show
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Profit maximization   show
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Progressive tax   show
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Proportional tax   show
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show Something that, once provided, is available to anyone without additional cost.  
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show The part of the economy that involves the transactions of government.  
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Pure monopoly   show
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Real GDP   show
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Real per capita GDP   show
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Regressive tax   show
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Seniority   show
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show A withholding of labor services by a union.  
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Total costs   show
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Total revenue   show
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Union shop   show
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show Costs that change with the changing amounts of production.  
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Vertical merger   show
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