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Test bank for Principles of Microeconomics 8th Edition by N. Gregory Mankiw

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Test bank for Principles of Microeconomics 8th Edition by N. Gregory Mankiw
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Test bank for Principles of Microeconomics 8th Edition by N. Gregory Mankiw

Test bank for Principles of Microeconomics 8th Edition by N. Gregory Mankiw

Now readers can master the principles of microeconomics with the help of the most popular introductory book in economics today that is widely used around the world — Mankiw’s PRINCIPLES OF MICROECONOMICS, 8E. With its clear and engaging writing style, this book emphasizes only the material that readers are likely to find most interesting about the economy, particularly if they are studying economics for the very first time. Readers discover interesting coverage of the latest relevant microeconomic developments with real-life scenarios, useful economic facts, and clear explanations of the many ways microeconomic concepts play a role in the decisions that individuals make every day.

Additional ISBNs

1305971493, 1337636576, 1337676675, 9781305971493, 9781337636575, 9781337676670

Table of Contents

Brief Contents
Contents
Preface: To the Student
Acknowledgments
Part I: Introduction
Chapter 1: Ten Principles of Economics
1-1 How People Make Decisions
1-1a Principle 1: People Face Trade-offs
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
FYI: Adam Smith and the Invisible Hand
Case Study: Adam Smith Would Have Loved Uber
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 Serv
1-3b Principle 9: Prices Rise When the Government Prints Too Much Money
1-3c Principle 10: Society Faces a Short-Run Trade-off between Inflation and Unemployment
1-4 Conclusion
Summary
Key Concepts
Questions for Review
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 Washington
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
Ask The Experts: Ticket Resale
2-4 Let’s Get Going
In The News: Why You Should Study Economics
Summary
Key Concepts
Questions for Review
Problems and Applications
Appendix Graphing: A Brief Review
Chapter 3: Interdependence and the Gains from Trade
3-1 A Parable for the Modern Economy
3-1a Production Possibilities
3-1b 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 the Trade
FYI: The Legacy of Adam Smith and David Ricardo
3-3 Applications of Comparative Advantage
3-3a Should Serena Williams Mow Her Own Lawn
In The News: Economics within a Marriage
3-3b Should the United States Trade with Other Countries
Ask The Experts: Trade between China and the United States
3-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part II: How Markets Work
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
Case Study: Two Ways to Reduce the Quantity of Smoking Demanded
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
Ask The Experts: Price Gouging
In The News: Price Increases after Disasters
Summary
Key Concepts
Questions for Review
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
FYI: A Few Elasticities from the Real World
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
Problems and Applications
Chapter 6: Supply, Demand, and Government Policies
6-1 Controls on Prices
Case Study: Rent Control in the Short Run and the Long Run
6-1b How Price Floors Affect Market Outcomes
Ask The Experts: Rent Control
Case Study: The Minimum Wage
Ask The Experts: The Minimum Wage
6-1c Evaluating Price Controls
6-1a How Price Ceilings Affect Market Outcomes
Case Study: Lines at the Gas Pump
6-2 Taxes
6-2a How Taxes on Sellers Affect Market Outcomes
6-2b How Taxes on Buyers Affect Market Outcomes
Case Study: Can Congress Distribute the Burden of a Payroll Tax
6-2c Elasticity and Tax Incidence
Case Study: Who Pays the Luxury Tax
6-3 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part III: Markets and Welfare
Chapter 7: Consumers, Producers, and the Efficiency 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
In The News: The Invisible Hand Can Park Your Car
Case Study: Should There Be a Market for Organs
Ask The Experts: Supplying Kidneys
7-4 Conclusion: Market Efficiency and Market Failure
Summary
Key Concepts
Questions for Review
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
Case Study: The Deadweight Loss Debate
8-3 Deadweight Loss and Tax Revenue as Taxes Vary
Case Study: The Laffer Curve and Supply-Side Economics
Ask The Experts: The Laffer Curve
8-4 Conclusion
Summary
Key Concept
Questions for Review
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 Effects of a Tariff
FYI: Import Quotas: Another Way to Restrict Trade
9-2d The Lessons for Trade Policy
9-2e Other Benefits of International Trade
In The News: Trade as a Tool for Economic Development
9-3 The Arguments for Restricting Trade
9-3a The Jobs Argument
In The News: Should the Winners from Free Trade Compensate the Losers
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
Case Study: Trade Agreements and the World Trade Organization
Ask The Experts: Trade Deals
9-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part IV: The Economics of the Public Sector
Chapter 10: Externalities
10-1 Externalities and Market Inefficiency
10-1a Welfare Economics: A Recap
10-1b Negative Externalities
10-1c Positive Externalities
Case Study: Technology Spillovers, Industrial Policy, and Patent Protection
10-2 Public Policies toward Externalities
10-2a Command-and-Control Policies: Regulation
10-2b Market-Based Policy 1: Corrective Taxes and Subsidies
Ask The Experts: Vaccines
Case Study: Why Is Gasoline Taxed So Heavily
In The News: What Should We Do about Climate Change
10-2c Market-Based Policy 2: Tradable Pollution Permits
Ask The Experts: Carbon Taxes
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
10-3c Why Private Solutions Do Not Always Work
In The News: The Coase Theorem in Action
10-4 Conclusion
Summary
Key Concepts
Questions for Review
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
Case Study: Are Lighthouses Public Goods
11-2c The Difficult Job of Cost–Benefit Analysis
Case Study: How Much Is a Life Worth
11-3 Common Resources
11-3a The Tragedy of the Commons
11-3b Some Important Common Resources
Ask The Experts: Congesting Pricing
In The News: The Case for Toll Roads
Case Study: Why the Cow Is Not Extinct
11-4 Conclusion: The Importance of Property Rights
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 12: The Design of the Tax System
12-1 An Overview of U.S. Taxation
12-1a Taxes Collected by the Federal Government
12-1b Taxes Collected by State and Local Governments
12-2 Taxes and Efficiency
12-2a Deadweight Losses
Case Study: Should Income or Consumption Be Taxed
12-2b Administrative Burden
12-2c Marginal Tax Rates versus Average Tax Rates
12-2d Lump-Sum Taxes
12-3 Taxes and Equity
12-3a The Benefits Principle
12-3b The Ability-to-Pay Principle
Case Study: How the Tax Burden Is Distributed
12-3c Tax Incidence and Tax Equity
In The News: Tax Expenditures
Case Study: Who Pays the Corporate Income Tax
12-4 Conclusion: The Trade-off between Equity and Efficiency
Summary
Key Concepts
Questions for Review
Problems and Applications
Part V: Firm Behavior and the Organization of Industry
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 Cost
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
FYI: Lessons from a Pin Factory
13-5 Conclusion
Summary
Key Concepts
Questions for Review
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
Case Study: Near-Empty Restaurants and Off-Season Miniature Golf
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
14-3c Why Do Competitive Firms Stay in Business If They Make Zero Profit
14-3d A Shift in Demand in the Short Run and Long Run
14-3e Why the Long-Run Supply Curve Might Slope Upward
14-4 Conclusion: Behind the Supply Curve
Summary
Key Concepts
Questions for Review
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
FYI: Why a Monopoly Does Not Have a Supply Curve
Case Study: Monopoly Drugs versus Generic Drugs
15-3 The Welfare Cost of Monopolies
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
In The News: Price Discrimination in Higher Education
15-5 Public Policy toward Monopolies
15-5a Increasing Competition with Antitrust Laws
15-5b Regulation
Ask The Experts: Airline Mergers
15-5c Public Ownership
15-5d Doing Nothing
15-6 Conclusion: The Prevalence of Monopolies
Summary
Key Concepts
Questions for Review
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
Case Study: Advertising and the Price of Eyeglasses
16-3b Advertising as a Signal of Quality
16-3c Brand Names
16-4 Conclusion
Summary
Key Concepts
Questions for Review
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
Ask The Experts: Nash Equilibrium
17-2 The Economics of Cooperation
17-2a The Prisoners’ Dilemma
17-2b Oligopolies as a Prisoners’ Dilemma
Case Study: OPEC and the World Oil Market
17-2c Other Examples of the Prisoners’ Dilemma
17-2d The Prisoners’ Dilemma and the Welfare of Society
17-2e Why People Sometimes Cooperate
Case Study: The Prisoners’ Dilemma Tournament
17-3 Public Policy toward Oligopolies
17-3a Restraint of Trade and the Antitrust Laws
Case Study: An Illegal Phone Call
17-3b Controversies over Antitrust Policy
Case Study: The Microsoft Case
In The News: Europe versus Google
17-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part VI: The Economics of Labor Markets
Chapter 18: The Markets for the Factors of Production
18-1 The Demand for Labor
18-1a The Competitive Profit-Maximizing Firm
18-1b The Production Function and the Marginal Product of Labor
18-1c The Value of the Marginal Product and the Demand for Labor
18-1d What Causes the Labor-Demand Curve to Shift
FYI: Input Demand and Output Supply: Two Sides of the Same Coin
18-2 The Supply of Labor
18-2a The Trade-off between Work and Leisure
18-2b What Causes the Labor-Supply Curve to Shift
Ask The Experts: Immigration
18-3 Equilibrium in the Labor Market
18-3a Shifts in Labor Supply
18-3b Shifts in Labor Demand
In The News: The Economics of Immigration
Case Study: Productivity and Wages
FYI: Monopsony
18-4 The Other Factors of Production: Land and Capital
18-4a Equilibrium in the Markets for Land and Capital
FYI: What Is Capital Income
18-4b Linkages among the Factors of Production
Case Study: The Economics of the Black Death
18-5 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 19: Earnings and Discrimination
19-1 Some Determinants of Equilibrium Wages
19-1a Compensating Differentials
19-1b Human Capital
Case Study: The Increasing Value of Skills
Ask The Experts: Inequality and Skills
In The News: Schooling as a Public Investment
19-1c Ability, Effort, and Chance
Case Study: The Benefits of Beauty
19-1d An Alternative View of Education: Signaling
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 Labor-Market Discrimination
Case Study: Is Emily More Employable than Lakisha
19-2b Discrimination by Employers
Case Study: Segregated Streetcars and the Profit Motive
19-2c Discrimination by Customers and Governments
Case Study: Discrimination in Sports
19-3 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 20: Income Inequality and Poverty
20-1 The Measurement of Inequality
20-1a U.S. Income Inequality
20-1b Inequality around the World
In The News: A Worldwide View of the Income Distribution
20-1c The Poverty Rate
20-1d Problems in Measuring Inequality
Case Study: Alternative Measures of 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 Antipoverty Programs and Work Incentives
In The News: International Differences in Income Redistribution
20-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part VII: Topics for Further Study
Chapter 21: The Theory of Consumer Choice
21-1 The Budget Constraint: What the Consumer Can Afford
21-2 Preferences: What the Consumer Wants
21-2a Representing Preferences with Indifference Curves
21-2b Four Properties of Indifference Curves
21-2c Two Extreme Examples of Indifference Curves
21-3 Optimization: What the Consumer Chooses
21-3a The Consumer’s Optimal Choices
FYI: Utility: An Alternative Way to Describe Preferences and Optimization
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
Case Study: The Search for Giffen Goods
21-4b How Do Wages Affect Labor Supply
Case Study: Income Effects on Labor Supply: Historical Trends, Lottery Winners, and the Carnegie Co
21-4c How Do Interest Rates Affect Household Saving
21-5 Conclusion: Do People Really Think This Way
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 22: Frontiers of Microeconomics
22-1 Asymmetric Information
22-1a Hidden Actions: Principals, Agents, and Moral Hazard
FYI: Corporate Management
22-1b Hidden Characteristics: Adverse Selection and the Lemons Problem
22-1c Signaling to Convey Private Information
Case Study: Gifts as Signals
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 Behavioral Economics
22-3a People Aren’t Always Rational
22-3b People Care about Fairness
In The News: Using Deviations from Rationality
22-3c People Are Inconsistent over Time
22-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Glossary
Index
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Test bank for Principles of Microeconomics 8th Edition by N. Gregory Mankiw