Test Bank for Economics, Global Edition, 13th Edition, Michael Parkin, ISBN-10: 1292255463, ISBN-13: 9781292255460

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Product details:

• ISBN-10 ‏ : ‎ 9781292255460
• ISBN-13 ‏ : ‎ 978-1292255460
• Author: Parkin

For two-semester principles of economics courses. An intuitive and grounded approach to economics Get students to think like economists using the latest policy and data while incorporating global issues. Economics, 13th Edition builds on the foundation of the previous edition and retains a thorough and careful presentation of the principles of economics. The text emphasizes real-world applications, the development of critical-thinking skills, diagrams renowned for their pedagogy and clarity, and path-breaking technology. As a hallmark features in the chapter openings and endings encourage students to think critically about a news article relating to the issue, demonstrating how thinking like an economist can bring a clearer perspective to and deeper understanding of today’s events. MyLab TM Economics not included. Students, if MyLab is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab should only be purchased when required by an instructor. Instructors, contact your Pearson rep for more information. MyLab TM is the teaching and learning platform that empowers you to reach every student. It is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts. By combining trusted author content with digital tools and a flexible platform, MyLab personalizes the learning experience and improves results for each student.

Table of Contents:

1 Introduction 1

1.1 The Globalization of the World Economy 1

1.2 International Trade and the Nation’s Standard of Living 4

1.3 The International Flow of Goods, Services, Labor, and Capital 8

1.4 International Economic Theories and Policies 12

1.5 Current International Economic Problems and Challenges 14

1.6 Organization and Methodology of the Text 16

Summary 18

Key Terms 19

Questions For Review 19

Problems 19

Appendix 20

A1.1 Basic International Trade Data 20

A1.2 Sources of Additional International Data and Information 24

OC Selected Bibliography

OC INTERNet

Part 1 International Trade Theory

2 The Law of Comparative Advantage 29

2.1 Introduction 29

2.2 The Mercantilists’ Views on Trade 30

2.3 Trade Based on Absolute Advantage: Adam Smith 32

2.4 Trade Based on Comparative Advantage: David Ricardo 33

2.5 Comparative Advantage and Opportunity Costs 38

2.6 The Basis for and the Gains from Trade under Constant Costs 42

2.7 Empirical Tests of the Ricardian Model 44

Summary 47

Key Terms 48

Questions for Review 48

Problems 49

Appendix 50

A2.1 Comparative Advantage with More Than Two Commodities 50

A2.2 Comparative Advantage with More Than Two Nations 52

OC Selected Bibliography

OC INTERNet

3 The Standard Theory of International Trade 53

3.1 Introduction 53

3.2 The Production Frontier with Increasing Costs 53

3.3 Community Indifference Curves 56

3.4 Equilibrium in Isolation 57

3.5 The Basis for and the Gains from Trade with Increasing Costs 60

3.6 Trade Based on Differences in Tastes 67

Summary 68

Key Terms 69

Questions for Review 69

Problems 69

Appendix 70

A3.1 Production Functions, Isoquants, Isocosts, and Equilibrium 71

A3.2 Production Theory with Two Nations, Two Commodities, and Two Factors 72

A3.3 Derivation of the Edgeworth Box Diagram and Production Frontiers 73

A3.4 Some Important Conclusions 76

OC Selected Bibliography

OC INTERNet

4 Demand and Supply, Offer Curves, and the Terms of Trade 77

4.1 Introduction 77

4.2 The Equilibrium-Relative Commodity Price with Trade—Partial Equilibrium Analysis 77

4.3 Offer Curves 80

4.4 The Equilibrium-Relative Commodity Price with Trade—General Equilibrium Analysis 83

4.5 Relationship Between General and Partial Equilibrium Analyses 84

4.6 The Terms of Trade 86

Summary 88

Key Terms 89

Questions for Review 89

Problems 89

Appendix 90

A4.1 Derivation of a Trade Indifference Curve for Nation 1 90

A4.2 Derivation of Nation 1’s Trade Indifference Map 92

A4.3 Formal Derivation of Nation 1’s Offer Curve 92

A4.4 Outline of the Formal Derivation of Nation 2’s Offer Curve 94

A4.5 General Equilibrium of Production, Consumption, and Trade 96

A4.6 Multiple and Unstable Equilibria 96

OC Selected Bibliography

OC INTERNet

5 Factor Endowments and the Heckscher–Ohlin Theory 99

5.1 Introduction 99

5.2 Assumptions of the Theory 100

5.3 Factor Intensity, Factor Abundance, and the Shape of the Production Frontier 101

5.4 Factor Endowments and the Heckscher–Ohlin Theory 107

5.5 Factor–Price Equalization and Income Distribution 112

5.6 Empirical Tests of the Heckscher–Ohlin Model 119

Summary 125

Key Terms 126

Questions for Review 127

Problems 127

Appendix 128

A5.1 The Edgeworth Box Diagram for Nation 1 and Nation 2 129

A5.2 Relative Factor–Price Equalization 130

A5.3 Absolute Factor–Price Equalization 132

A5.4 Effect of Trade on the Short-Run Distribution of Income: The Specific-Factors Model 132

A5.5 Illustration of Factor–Intensity Reversal 134

A5.6 The Elasticity of Substitution and Factor–Intensity Reversal 136

A5.7 Empirical Tests of Factor–Intensity Reversal 137

OC Selected Bibliography

OC INTERNet

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