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Microeconomics Principles and Policy 13th Edition Baumol Test Bank
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Microeconomics Principles and Policy 13th Edition Baumol Test Bank
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Product Details:
- ISBN-10 : 130528061X
- ISBN-13 : 978-1305280618
- Author: Baumol
Master the principles of economics, and gain an understanding of current economic situations with the solid introduction and policy-based examples and applications found in MICROECONOMICS: PRINCIPLES AND POLICY, 13E. Written by two of the most respected economists in the world, this edition provides significant updates that reflect the latest economic situations and timely economic data. The authors combine the right level of rigor and detail to clarify even the most complicated concepts. A new chapter highlights U.S. economic leadership and assesses prospects for future U.S. growth based on strengths and weaknesses in key areas, such as productivity, innovation, entrepreneurship, health care, education, inequality, trade, the budget deficit, and climate change. Well-developed examples, intriguing puzzles and meaningful economic issues provide a good balance of theory to application.
Table of Content:
- Part 1: Getting Acquainted with Economics
- Ch 1: What is Economics?
- 1-1 Ideas for beyond the Final Exam
- 1-2 Inside the Economist’s Tool Kit
- Summary
- Key Terms
- Discussion Questions
- Appendix: Using Graphs: A Review
- Ch 2: The Economy: Myth and Reality
- 2-1 The American Economy: A Thumbnail Sketch
- 2-2 The Inputs: Labor and Capital
- 2-3 The Outputs: What Does America Produce?
- 2-4 The Central Role of Business Firms
- 2-5 What’s Missing from the Picture? Government
- 2-6 Conclusion: It’s a Mixed Economy
- Summary
- Key Terms
- Discussion Questions
- Ch 3: The Fundamental Economic Problem: Scarcity and Choice
- 3-1 Scarcity, Choice, and Opportunity Cost
- 3-2 Scarcity and Choice for a Single Firm
- 3-3 Scarcity and Choice for the Entire Society
- 3-4 The Concept of Efficiency
- 3-5 The Three Coordination Tasks of Any Economy
- 3-6 Task 1. How the Market Fosters Efficient Resource Allocation
- 3-7 Task 2. Market Exchange and Deciding How Much of Each Good to Produce
- 3-8 Task 3. How to Distribute the Economy’s Outputs among Consumers
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Ch 4: Supply and Demand: An Initial Look
- 4-1 The Invisible Hand
- 4-2 Demand and Quantity Demanded
- 4-3 Supply and Quantity Supplied
- 4-4 Supply and Demand Equilibrium
- 4-5 Effects of Demand Shifts on Supply-Demand Equilibrium
- 4-6 Supply Shifts and Supply-Demand Equilibrium
- 4-7 Battling the Invisible Hand: The Market Fights Back
- 4-8 A Simple but Powerful Lesson
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Part 2: The Building Blocks of Demand and Supply
- Ch 5: Consumer Choice: Individual and Market Demand
- 5-1 Scarcity and Demand
- 5-2 Utility: A Tool to Analyze Purchase Decisions
- 5-3 Behavioral Economics: Are Economic Decisions Really Made “Rationally”?
- 5-4 Consumer Choice as a Trade-Off: Opportunity Cost
- 5-5 From Individual Demand Curves to Market Demand Curves
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Appendix: Analyzing Consumer Choice Graphically: Indifference Curve Analysis
- Ch 6: Demand and Elasticity
- 6-1 Elasticity: The Measure of Responsiveness
- 6-2 Price Elasticity of Demand: Its Effect on Total Revenue and Total Expenditure
- 6-3 What Determines Demand Elasticity?
- 6-4 Elasticity as a General Concept
- 6-5 The Time Period of the Demand Curve and Economic Decision Making
- 6-6 Real-World Application: Polaroid versus Kodak
- 6-7 In Conclusion
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Appendix: How Can We Find a Legitimate Demand Curve from Historical Statistics?
- Ch 7: Production, Inputs, and Cost: Building Blocks for Supply Analysis
- 7-1 Short-Run versus Long-Run Costs: What Makes an Input Variable?
- 7-2 Production, Input Choice, and Cost with One Variable Input
- 7-3 Multiple Input Decisions: The Choice of Optimal Input Combinations
- 7-4 Cost and Its Dependence on Output
- 7-5 Economies of Scale
- Summary
- Key Terms
- Test Yourself
- Discussion Question
- Appendix: Production Indifference Curves
- Ch 8: Output, Price, and Profit: The Importance of Marginal Analysis
- 8-1 Price and Quantity: One Decision, Not Two
- 8-2 Total Profit: Keep Your Eye on the Goal
- 8-3 Economic Profit and Optimal Decision Making
- 8-4 Marginal Analysis and Maximization of Total Profit
- 8-5 Generalization: The Logic of Marginal Analysis and Maximization
- 8-6 Conclusion: The Fundamental Role of Marginal Analysis
- 8-7 The Theory and Reality: A Word of Caution
- Summary
- Key Terms
- Test Yourself
- Discussion Question
- Appendix: The Relationships among Total, Average, and Marginal Data
- Ch 9: Securities, Business Finance, and the Economy: The Tail That Wags the Dog?
- 9-1 Corporations and Their Unique Characteristics
- 9-2 Stock Exchanges and Their Functions
- 9-3 Speculation
- 9-4 Betting on Securities: Risks to the Entire Economy
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Appendix: Buying Stocks and Bonds
- Part 3: Markets and the Price System
- Ch 10: The Firm and the Industry under Perfect Competition
- 10-1 Perfect Competition Defined
- 10-2 The Perfectly Competitive Firm
- 10-3 The Perfectly Competitive Industry
- 10-4 Perfect Competition and Economic Efficiency
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Ch 11: Monopoly
- 11-1 Monopoly Defined
- 11-2 The Monopolist’s Supply Decision
- 11-3 Can Anything Good be Said about Monopoly?
- 11-4 Price Discrimination under Monopoly
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Ch 12: Between Competition and Monopoly
- 12-1 Monopolistic Competition
- 12-2 Oligopoly
- 12-3 Monopolistic Competition, Oligopoly, and Public Welfare
- 12-4 A Glance Backward: Comparing the Four Market Forms
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Ch 13: Limiting Market Power: Regulation and Antitrust
- 13-1 The Public Interest Issue: Monopoly Power versus Mere Size
- 13-2 Antitrust Laws and Policies
- 13-3 Measuring Market Power: Concentration
- 13-4 A Crucial Problem for Antitrust: The Resemblance of Monopolization and Vigorous Competition
- 13-5 Anticompetitive Practices and Antitrust
- 13-6 Use of Antitrust Laws to Prevent Competition
- 13-7 What is Regulation?
- 13-8 Some Objectives of Regulation
- 13-9 Two Key Issues That Face Regulators
- 13-10 The Pros and Cons of “Bigness”
- 13-11 Deregulation
- 13-12 Concluding Observations
- Summary
- Key Terms
- Discussion Questions
- Part 4: The Virtues and Limitations of Markets
- Ch 14: The Case for Free Markets: The Price System
- 14-1 Efficient Resource Allocation and Pricing
- 14-2 Scarcity and the Need to Coordinate Economic Decisions
- 14-3 How Perfect Competition Achieves Efficiency: A Graphic Analysis
- 14-4 How Perfect Competition Achieves Optimal Output: Marginal Analysis
- 14-5 Toward Assessment of the Price Mechanism
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Ch 15: The Shortcomings of Free Markets
- 15-1 What Does The Market Do Poorly?
- 15-2 Efficient Resource Allocation: A Review
- 15-3 Externalities: Getting the Prices Wrong
- 15-4 Provision of Public Goods
- 15-5 Allocation of Resources between Present and Future
- 15-6 Some Other Sources of Market Failure
- 15-7 Market Failure and Government Failure
- 15-8 The Cost Disease of Some Vital Services: Invitation to Government Failure
- 15-9 The Market System on Balance
- 15-10 Epilogue: The Unforgiving Market, Its Gift of Abundance, and Its Dangerous Friends
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Ch 16: Externalities, the Environment, and Natural Resources
- 16-1 The Economics of Environmental Protection
- 16-2 Review-Externalities: A Critical Shortcoming of the Market Mechanism
- 16-3 Basic Approaches to Environmental Policy
- 16-4 Two Cheers for the Market
- 16-5 The Economics of Natural Resources
- 16-6 Economic Analysis: The Free Market and Pricing of Depletable Natural Resources
- 16-7 Actual Resource Prices in the Twentieth Century
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Ch 17: Taxation and Resource Allocation
- 17-1 The Level and Types of Taxation
- 17-2 The Federal Tax System
- 17-3 The State and Local Tax System
- 17-4 The Concept of Equity in Taxation
- 17-5 The Concept of Efficiency in Taxation
- 17-6 Shifting the Tax Burden: Tax Incidence
- 17-7 When Taxation Can Improve Efficiency
- 17-8 Equity, Efficiency, and the Optimal Tax
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Part 5: The Distribution of Income
- Ch 18: Pricing the Factors of Production
- 18-1 The Principle of Marginal Productivity
- 18-2 Inputs and Their Derived Demand Curves
- 18-3 Investment, Capital, and Interest
- 18-4 The Determination of Rent
- 18-5 Payments to Business Owners: Are Profits Too High or Too Low?
- 18-6 Criticisms of Marginal Productivity Theory
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Appendix: Discounting and Present Value
- Ch 19: Labor and Entrepreneurship: The Human Inputs
- 19-1 The Markets for Labor
- 19-2 Wage Determination in Competitive Markets
- 19-3 The Supply of Labor
- 19-4 Why Do Wages Differ?
- 19-5 Unions and Collective Bargaining
- 19-6 The Entrepreneur: The Other Human Input
- 19-7 The Market Economy’s Incredible Growth Record
- 19-8 Sources of Free-Market Innovation: The Role of the Entrepreneur
- 19-9 Entrepreneurship and Growth
- 19-10 Institutions and the Supply of Innovative Entrepreneurship
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Ch 20: Poverty, Inequality, and Discrimination
- 20-1 The Facts: Poverty
- 20-2 The Facts: Inequality
- 20-3 Some Reasons for Unequal Incomes
- 20-4 The Facts: Discrimination
- 20-5 The Trade-Off between Equality and Efficiency
- 20-6 Policies to Combat Poverty
- 20-7 Other Policies to Combat Inequality
- 20-8 Policies to Combat Discrimination
- 20-9 A Look Back
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Appendix: The Economic Theory of Discrimination
- Part 6: The United States in the World Economy
- Ch 21: International Trade and Comparative Advantage
- 21-1 Why Trade?
- 21-2 International versus Intranational Trade
- 21-3 The Law of Comparative Advantage
- 21-4 The Arithmetic of Comparative Advantage
- 21-5 Tariffs, Quotas, and Other Interferences with Trade
- 21-6 Why Inhibit Trade?
- 21-7 Can Cheap Imports Hurt a Country?
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Appendix: Supply, Demand, and Pricing in World Trade
- Ch 22: Is U.S. Economic Leadership Threatened?
- 22-1 Productivity Growth
- 22-2 Entrepreneurship
- 22-3 Innovation
- 22-4 The Budget Deficit and Public Debt
- 22-5 The Trade Deficit
- 22-6 Health Care
- 22-7 Education
- 22-8 Poverty and Inequality
- 22-9 Conclusions: Mixed Prospects for Future U.S. Growth
- Summary
- Key Terms
- Test Yourself
- Discussion Questions
- Appendix: Answers to Odd-Numbered Test Yourself Questions
- Glossary
- Index
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