Name: Microeconomics Principles and Policy 13th Edition Baumol Test Bank
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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