Test bank for ECON MICRO 6th Edition by William A. McEachern


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Test bank for ECON MICRO 6th Edition by William A. McEachern

Test bank for ECON MICRO 6th Edition by William A. McEachern

Learn Microeconomics YOUR Way with ECON MICRO! ECON MICRO’s easy-reference, paperback textbook presents course content through visually-engaging chapters as well as Chapter Review Cards that consolidate the best review material into a ready-made study tool. With the textbook or on its own, ECON MICRO MindTap allows you to learn on your terms. Read or listen to textbooks and study with the aid of instructor notifications, flashcards and practice quizzes.

Part 1: Introduction to Economics

Chapter 1: The Art and Science of Economic Analysis

1-1: The Economic Problem: Scarce Resources, Unlimited Wants

1-2: The Art of Economic Analysis

1-3: The Science of Economic Analysis

1-4: Some Pitfalls of Faulty Economic Analysis

1-5: If Economists Are So Smart, Why Aren’t They Rich?

1-6: Final Word


Chapter 2: Economic Tools and Economic Systems

2-1: Choice and Opportunity Cost

2-2: Comparative Advantage, Specialization, and Exchange

2-3: The Economy’s Production Possibilities

2-4: Economic Systems

2-5: Final Word

Chapter 3: Economic Decision Makers

3-1: The Household

3-2: The Firm

3-3: The Government

3-4: The Rest of the World

3-5: Final Word

Chapter 4: Demand, Supply, and Markets

4-1: Demand

4-2: What Shifts a Demand Curve?

4-3: Supply

4-4: What Shifts a Supply Curve?

4-5: Demand and Supply Create a Market

4-6: Changes in Equilibrium Price and Quantity

4-7: Disequilibrium

4-8: Final Word

Part 2: Introduction to the Market System

Chapter 5: Elasticity of Demand and Supply

5-1: Price Elasticity of Demand

5-2: Determinants of the Price Elasticity of Demand

5-3: Price Elasticity of Supply

5-4: Other Elasticity Measures

5-5: Final Word


Chapter 6: Consumer Choice and Demand

6-1: Utility Analysis

6-2: Measuring Utility

6-3: Applications of Utility Analysis

6-4: Final Word

Chapter 7: Production and Cost in the Firm

7-1: Cost and Profit

7-2: Production in the Short Run

7-3: Costs in the Short Run

7-4: Costs in the Long Run

7-5: Final Word

Part 3: Market Structure and Pricing

Chapter 8: Perfect Competition

8-1: An Introduction to Perfect Competition

8-2: Short-Run Profit Maximization

8-3: Short-Run Loss Minimization

8-4: Short-Run Supply Curves

8-5: Perfect Competition in the Long Run

8-6: Long-Run Industry Supply Curve

8-7: Perfect Competition and Efficiency

8-8: Final Word

Chapter 9: Monopoly

9-1: Barriers to Entry

9-2: Revenue for a Monopolist

9-3: Profit Maximization and Cost Minimization for a Monopolist

9-4: Perfect Competition and Monopoly Compared

9-5: Problems with Deadweight Loss Estimates

9-6: Price Discrimination

9-7: Final Word

Chapter 10: Monopolistic Competition and Oligopoly

10-1: Monopolistic Competition

10-2: Oligopoly

10-3: Three Approaches to Oligopoly

10-4: Comparison of Oligopoly and Perfect Competition

10-5: Final Word

Part 4: Resource Markets

Chapter 11: Resource Markets

11-1: The Once-Over

11-2: Demand and Supply of Resources

11-3: Temporary and Permanent Resource Price Differences

11-4: Opportunity Cost and Economic Rent

11-5: A Closer Look at Resource Demand

11-6: Final Word

Chapter 12: Labor Markets and Labor Unions

12-1: Labor Supply

12-2: Why Wages Differ

12-3: Unions and Collective Bargaining

12-4: Union Wages and Employment

12-5: Final Word

Chapter 13: Capital, Interest, Entrepreneurship, and Corporate Finance

13-1: The Role of Time in Production and Consumption

13-2: The Market for Loanable Funds

13-3: Why Interest Rates Differ

13-4: Present Value and Discounting

13-5: Entrepreneurship

13-6: Corporate Finance

13-7: Final Word

Chapter 14: Transaction Costs, Asymmetric Information, and Behavioral Economics

14-1: The Firm’s Rationale and Scope of Operation

14-2: Market Behavior with Imperfect Information

14-3: Asymmetric Information in Product Markets

14-4: Asymmetric Information in Labor Markets

14-5: Behavioral Economics

14-6: Final Word

Part 5: Market Failure and Public Policy

Chapter 15: Economic Regulation and Antitrust Policy

15-1: Types of Government Regulation

15-2: Regulating a Natural Monopoly

15-3: Alternative Theories of Economic Regulation

15-4: Antitrust Law and Enforcement

15-5: Competitive Trends in the U.S. Economy

15-6: Final Word

Chapter 16: Public Goods and Public Choice

16-1: Public Goods

16-2: Public Choice in Representative Democracy

16-3: Exploiting Government versus Avoiding Government

16-4: Bureaucracy and Representative Democracy

16-5: Final Word

Chapter 17: Externalities and the Environment

17-1: Externalities and the Common-Pool Problem

17-2: Optimal Level of Pollution

17-3: Environmental Protection

17-4: Positive Externalities

17-5: Final Word

Chapter 18: Poverty and Redistribution

18-1: The Distribution of Household Income

18-2: Redistribution Programs

18-3: Who Are the Poor

18-4: Some Unintended Consequences of Income Assistance

18-5: Welfare Reforms

18-6: Final Word

Part 6: International Economics

Chapter 19: International Trade

19-1: The Gains from Trade

19-2: Trade Restrictions and Welfare Loss

19-3: Efforts to Reduce Trade Barriers

19-4: Arguments for Trade Restrictions

19-5: Final Word

Chapter 20: International Finance

20-1: Balance of Payments

20-2: Foreign Exchange Rates and Markets

20-3: Other Factors Influencing Foreign Exchange Markets

20-4: International Monetary System

20-5: Final Word

Chapter 21: Economic Development

21-1: Worlds Apart

21-2: Productivity: Key to Development

21-3: International Trade and Development

21-4: Foreign Aid and Economic Development

21-5: Final Word

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Test bank for ECON MICRO 6th Edition by William A. McEachern