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Test bank for Principles of Microeconomics 7th Canadian Edition by McKenzie Mankiw

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Test bank for Principles of Microeconomics 7th Canadian Edition by McKenzie Mankiw
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Test bank for Principles of Microeconomics 7th Canadian Edition by McKenzie Mankiw

Test bank for Principles of Microeconomics 7th Canadian Edition by McKenzie Mankiw

Principles of Microeconomics, Seventh Canadian Edition, is designed to appeal to all students through its breakdown of concepts, focus on big ideas, and user-friendly language. As the market leader, its clear, concise, and consistent approach grounds students in difficult concepts and links theory to real-world applications, assisting in making the connection from page to action. Students receive a sophisticated understanding of how the economy operates without losing the big ideas through various pedagogical features that summarize major concepts, apply economic theory to students’ experiences and lives, and develop the building blocks required to achieve higher levels of understanding. As Mankiw states, “My goal in writing my text was to try and remember and to write a text that I would have liked to have read”, and this is the same approach he, Kneebone, and McKenzie have continued with the Seventh Canadian Edition.

Additional ISBNs

0176767762, 9780176767761

TABLE OF CONTENTS

HOEA
About the Authors
Brief Contents
Contents
Preface
Acknowledgments
Chapter 1: Ten Principles of Economics
1-1: How People Make Decisions
1-1a: Principle #1: People Face Tradeoffs
1-1b: Principle #2: The Cost of Something Is What You Give Up to Get It
1-1c: Principle #3: Rational People Think at the Margin
1-1d: Principle #4: People Respond to Incentives
1-2: How People Interact
1-2a: Principle #5: Trade Can Make Everyone Better Off
1-2b: Principle #6: Markets Are Usually a Good Way to Organize Economic Activity
1-2c: Principle #7: Governments Can Sometimes Improve Market Outcomes
1-3: How the Economy as a Whole Works
1-3a: Principle #8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Ser
1-3b: Principle #9: Prices Rise When the Government Prints Too Much Money
1-3c: Principle #10: Society Faces a Short-Run Tradeoff between Inflation and Unemployment
1-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 2: Thinking Like an Economist
2-1: The Economist as Scientist
2-1a: The Scientific Method: Observation, Theory, and More Observation
2-1b: The Role of Assumptions
2-1c: Economic Models
2-1d: Our First Model: The Circular-Flow Diagram
2-1e: Our Second Model: The Production Possibilities Frontier
2-1f: Microeconomics and Macroeconomics
2-2: The Economist as Policy Adviser
2-2a: Positive versus Normative Analysis
2-2b: Economists in Ottawa
2-2c: Why Economists’ Advice Is Not Always Followed
2-3: Why Economists Disagree
2-3a: Differences in Scientific Judgments
2-3b: Differences in Values
2-3c: Perception versus Reality
2-4: Let’s Get Going
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Appendix: Graphing: A Brief Review
Graphs of a Single Variable
Graphs of Two Variables: The Coordinate System
Curves in the Coordinate System
Slope
Graphing Functions
Cause and Effect
Applications
Chapter 3: Interdependence and the Gains from Trade
3-1: A Parable for the Modern Economy
3-1a: Production Possibilities
3-2b: Specialization and Trade
3-2: Comparative Advantage: The Driving Force of Specialization
3-2a: Absolute Advantage
3-2b: Opportunity Cost and Comparative Advantage
3-2c: Comparative Advantage and Trade
3-2d: The Price of Trade
3-3: Applications of Comparative Advantage
3-3a: Should Sidney Crosby Shovel His Own Sidewalk?
3-3b: Should Canada Trade with Other Countries?
3-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 4: The Market Forces of Supply and Demand
4-1: Markets and Competition
4-1a: What Is a Market?
4-1b: What Is Competition?
4-2: Demand
4-2a: The Demand Curve: The Relationship between Price and Quantity Demanded
4-2b: Market Demand versus Individual Demand
4-2c: Shifts in the Demand Curve
4-3: Supply
4-3a: The Supply Curve: The Relationship between Price and Quantity Supplied
4-3b: Market Supply versus Individual Supply
4-3c: Shifts in the Supply Curve
4-4: Supply and Demand Together
4-4a: Equilibrium
4-4b: Three Steps to Analyzing Changes in Equilibrium
4-5: Conclusion: How Prices Allocate Resources
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 5: Elasticity and Its Application
5-1: The Elasticity of Demand
5-1a: The Price Elasticity of Demand and Its Determinants
5-1b: Computing the Price Elasticity of Demand
5-1c: The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities
5-1d: The Variety of Demand Curves
5-1e: Total Revenue and the Price Elasticity of Demand
5-1f: Elasticity and Total Revenue along a Linear Demand Curve
5-1g: Other Demand Elasticities
5-2: The Elasticity of Supply
5-2a: The Price Elasticity of Supply and Its Determinants
5-2b: Computing the Price Elasticity of Supply
5-2c: The Variety of Supply Curves
5-3: Three Applications of Supply, Demand, and Elasticity
5-3a: Can Good News for Farming Be Bad News for Farmers?
5-3b: Why Did OPEC Fail to Keep the Price of Oil High?
5-3c: Does Drug Interdiction Increase or Decrease Drug-Related Crime?
5-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 6: Supply, Demand, and Government Policies
6-1: Controls on Prices
6-1a: How Price Ceilings Affect Market Outcomes
6-1b: How Price Floors Affect Market Outcomes
6-1c: Evaluating Price Controls
6-2: Taxes
6-2a: How Taxes on Buyers Affect Market Outcomes
6-2b: How Taxes on Sellers Affect Market Outcomes
6-2c: Elasticity and Tax Incidence
Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 7: Consumers, Producers, and the Ef ciency of Markets
7-1: Consumer Surplus
7-1a: Willingness to Pay
7-1b: Using the Demand Curve to Measure Consumer Surplus
7-1c: How a Lower Price Raises Consumer Surplus
7-1d: What Does Consumer Surplus Measure?
7-2: Producer Surplus
7-2a: Cost and the Willingness to Sell
7-2b: Using the Supply Curve to Measure Producer Surplus
7-2c: How a Higher Price Raises Producer Surplus
7-3: Market Efficiency
7-3a: The Benevolent Social Planner
7-3b: Evaluating the Market Equilibrium
7-4: Conclusion: Market Efficiency and Market Failure
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 8: Application: The Costs of Taxation
8-1: The Deadweight Loss of Taxation
8-1a: How a Tax Affects Market Participants
8-1b: Deadweight Losses and the Gains from Trade
8-2: The Determinants of the Deadweight Loss
8-3: Deadweight Loss and Tax Revenue as Taxes Vary
8-4: Conclusion
Summary
Key Concept
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 9: Application: International Trade
9-1: The Determinants of Trade
9-1a: The Equilibrium without Trade
9-1b: The World Price and Comparative Advantage
9-2: The Winners and Losers from Trade
9-2a: The Gains and Losses of an Exporting Country
9-2b: The Gains and Losses of an Importing Country
9-2c: The Effects of a Tariff
9-2d: Import Quotas: Another Way to Restrict Trade
9-2e: The Lessons for Trade Policy
9-2f: Other Benefits of International Trade
9-3: The Arguments for Restricting Trade
9-3a: The Jobs Argument
9-3b: The National-Security Argument
9-3c: The Infant-Industry Argument
9-3d: The Unfair-Competition Argument
9-3e: The Protection-as-a-Bargaining-Chip Argument
9-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 10: Externalities
10-1: Externalities and Market Inefficiency
10-1a: Welfare Economics: A Recap
10-1b: Negative Externalities
10-1c: Positive Externalities
10-2: Public Policies toward Externalities
10-2a: Command-and-Control Policies: Regulation
10-2b: Market-Based Policy 1: Corrective Taxes and Subsidies
10-2c: Market-Based Policy 2: Tradable Pollution Permits
10-2d: Objections to the Economic Analysis of Pollution
10-3: Private Solutions to Externalities
10-3a: The Types of Private Solutions
10-3b: The Coase Theorem
10-3d: Why Private Solutions Do Not Always Work
10-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 11: Public Goods and Common Resources
11-1: The Different Kinds of Goods
11-2: Public Goods
11-2a: The Free-Rider Problem
11-2b: Some Important Public Goods
11-2c: The Difficult Job of Cost–Benefit Analysis
11-3: Common Resources
11-3a: The Tragedy of the Commons
11-3b: Some Important Common Resources
11-4: Conclusion: The Importance of Property Rights
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 12: The Design of the Tax System
12-1: A Financial Overview of Canadian Governments
12-1a: The Federal Government
12-1b: Provincial/Territorial and Local Governments
12-2: Taxes and Efficiency
12-2a: Deadweight Losses
12-2b: Administrative Burden
12-2c: Average Tax Rates versus Marginal Tax Rates
12-2d: Lump-Sum Taxes
12-3: Taxes and Equity
12-3a: The Benefits Principle
12-3b: The Ability-to-Pay Principle
12-3c: Tax Incidence and Tax Equity
12-4: Conclusion: The Tradeoff between Equity and Efficiency
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 13: The Costs of Production
13-1: What Are Costs?
13-1a: Total Revenue, Total Cost, and Profit
13-1b: Costs as Opportunity Costs
13-1c: The Cost of Capital as an Opportunity Cost
13-1d: Economic Profit versus Accounting Profit
13-2: Production and Costs
13-2a: The Production Function
13-2b: From the Production Function to the Total-Cost Curve
13-3: The Various Measures of Cost
13-3a: Fixed and Variable Costs
13-3b: Average and Marginal Costs
13-3c: Cost Curves and Their Shapes
13-3d: Typical Cost Curves
13-4: Costs in the Short Run and in the Long Run
13-4a: The Relationship between Short-Run and Long-Run Average Total Cost
13-4b: Economies and Diseconomies of Scale
13-5: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 14: Firms in Competitive Markets
14-1: What Is a Competitive Market?
14-1a: The Meaning of Competition
14-1b: The Revenue of a Competitive Firm
14-2: Profit Maximization and the Competitive Firm’s Supply Curve
14-2a: A Simple Example of Profit Maximization
14-2b: The Marginal-Cost Curve and the Firm’s Supply Decision
14-2c: The Firm’s Short-Run Decision to Shut Down
14-2d: Spilt Milk and Other Sunk Costs
14-2e: The Firm’s Long-Run Decision to Exit or Enter a Market
14-2f: Measuring Profit in Our Graph for the Competitive Firm
14-3: The Supply Curve in a Competitive Market
14-3a: The Short Run: Market Supply with a Fixed Number of Firms
14-3b: The Long Run: Market Supply with Entry and Exit
14-4c: Why Do Competitive Firms Stay in Business If They Make Zero Profit?
14-4d: A Shift in Demand in the Short Run and Long Run
14-4e: Why the Long-Run Supply Curve Might Slope Upward
14-5: Conclusion: Behind the Supply Curve
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 15: Monopoly
15-1: Why Monopolies Arise
15-1a: Monopoly Resources
15-1b: Government-Created Monopolies
15-1c: Natural Monopolies
15-2: How Monopolies Make Production and Pricing Decisions
15-2a: Monopoly versus Competition
15-2b: A Monopoly’s Revenue
15-2c: Profit Maximization
15-2d: A Monopoly’s Profit
15-3: The Welfare Cost of Monopoly
15-3a: The Deadweight Loss
15-3b: The Monopoly’s Profit: A Social Cost?
15-4: Price Discrimination
15-4a: A Parable about Pricing
15-4b: The Moral of the Story
15-4c: The Analytics of Price Discrimination
15-4d: Examples of Price Discrimination
15-5: Public Policy toward Monopolies
15-5a: Increasing Competition with Competition Law
15-5b: Regulation
15-5c: Public Ownership
15-5d: Doing Nothing
15-6: Conclusion: The Prevalence of Monopoly
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 16: Monopolistic Competition
16-1: Between Monopoly and Perfect Competition
16-2: Competition with Differentiated Products
16-2a: The Monopolistically Competitive Firm in the Short Run
16-2b: The Long-Run Equilibrium
16-2c: Monopolistic versus Perfect Competition
16-2d: Monopolistic Competition and the Welfare of Society
16-3: Advertising
16-3a: The Debate over Advertising
16-3b: Advertising as a Signal of Quality
16-3c: Brand Names
16-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 17: Oligopoly
17-1: Markets with Only a Few Sellers
17-1a: A Duopoly Example
17-1b: Competition, Monopolies, and Cartels
17-1c: The Equilibrium for an Oligopoly
17-1d: How the Size of an Oligopoly Affects the Market Outcome
17-2: The Economics of Cooperation
17-2: The Prisoners’ Dilemma
17-2b: Oligopolies as a Prisoners’ Dilemma
17-2c: Other Examples of the Prisoners’ Dilemma
17-2d: The Prisoners’ Dilemma and the Welfare of Society
17-2e: Why People Sometimes Cooperate
17-3: Public Policy toward Oligopolies
17-3a: Restraint of Trade and the Competition Act
17-3b: Controversies over Competition Policy
17-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 18: The Markets for the Factors of Production
18-1: The Demand for Labour
18-1a: The Competitive, Profit-Maximizing Firm
18-1b: The Production Function and the Marginal Product of Labour
18-1c: The Value of the Marginal Product and the Demand for Labour
18-1d: What Causes the Labour Demand Curve to Shift?
18-2: The Supply of Labour
18-2a: The Tradeoff between Work and Leisure
18-2b: What Causes the Labour Supply Curve to Shift?
18-3: Equilibrium in the Labour Market
18-3a: Shifts in Labour Supply
18-3b: Shifts in Labour Demand
18-4: The Other Factors of Production: Land and Capital
18-4a: Equilibrium in the Markets for Land and Capital
18-5b: Linkages among the Factors of Production
18-5: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 19: Earnings and Discrimination
19-1: Some Determinants of Equilibrium Wages
19-1a: Compensating Differentials
19-1b: Human Capital
19-1c: Ability, Effort, and Chance
19-1d: An Alternative View of Education: Signalling
19-1e: The Superstar Phenomenon
19-1f: Above-Equilibrium Wages: Minimum-Wage Laws, Unions, and Efficiency Wages
19-2: The Economics of Discrimination
19-2a: Measuring Labour-Market Discrimination
19-2b: Discrimination by Employers
19-2c: Discrimination by Customers and Governments
19-3: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 20: Income Inequality and Poverty
20-1: The Measurement of Inequality
20-1a: Canadian Income Inequality
20-1b: Income Inequality around the World
20-1c: The Poverty Rate
20-1d: Problems in Measuring Inequality
20-1e: Economic Mobility
20-2: The Political Philosophy of Redistributing Income
20-2a: Utilitarianism
20-2b: Liberalism
20-2c: Libertarianism
20-3: Policies to Reduce Poverty
20-3a: Minimum-Wage Laws
20-3b: Welfare
20-3c: Negative Income Tax
20-3d: In-Kind Transfers
20-3e: Employment Insurance
20-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 21: The Theory of Consumer Choice
21-1: The Budget Constraint: What the Consumer Can Afford
21-2: Preferences: What the Consumer Wants
22-2a: Representing Preferences with Indifference Curves
22-2b: Four Properties of Indifference Curves
22-2c: Two Extreme Examples of Indifference Curves
21-3: Optimization: What the Consumer Chooses
21-3a: The Consumer’s Optimal Choices
21-3b: How Changes in Income Affect the Consumer’s Choices
21-3c: How Changes in Prices Affect the Consumer’s Choices
21-3d: Income and Substitution Effects
21-3e Deriving the Demand Curve
21-4: Three Applications
21-4a: Do All Demand Curves Slope Downward?
21-4b: How Do Wages Affect Labour Supply?
21-4c: How Do Interest Rates Affect Household Saving?
21-5: Conclusion: Do People Really Think This Way?
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 22: Frontiers of Microeconomics
22-1: Asymmetric Information
22-1a: Hidden Actions: Principals, Agents, and Moral Hazard
22-1b: Hidden Characteristics: Adverse Selection and the Lemons Problem
22-1c: Signalling to Convey Private Information
22-1d: Screening to Uncover Private Information
22-1e: Asymmetric Information and Public Policy
22-2: Political Economy
22-2a: The Condorcet Voting Paradox
22-2b: Arrow’s Impossibility Theorem
22-2c: The Median Voter Is King
22-2d: Politicians Are People, Too
22-3: Behavioural Economics
22-3a: People Aren’t Always Rational
22-3b: People Care about Fairness
22-3c: People Are Inconsistent over Time
22-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
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