Principles of Microeconomics 8th Edition Mankiw Test Bank

Product details:

• ISBN-10 ‏ : ‎ 1305971493
• ISBN-13 ‏ : ‎ 978-1305971493
• Author: N. Gregory Mankiw

Now you can master the principles of microeconomics with the help of the most popular, widely-used economics textbook by students worldwide — Mankiw�s PRINCIPLES OF MICROECONOMICS, 8E. With its clear and engaging writing style, this book emphasizes only the material that will help you better understand the world in which you live, will make you a more astute participant in the economy, and will give you a better understanding of both the potential and limits of economic policy. The latest relevant examples bring microeconomic principles to life. Acclaimed text author N. Gregory Mankiw explains, “I have tried to put myself in the position of someone seeing economics for the first time. My goal is to emphasize the material that students should and do find interesting about the study of the economy.” The powerful MindTap student-focused digital resource is available and sold separately. Its digital learning and homework solutions reinforce the principles presented in this edition.

Table contents:

1. Part I: Introduction
2. Chapter 1: Ten Principles of Economics
3. 1-1 How People Make Decisions
4. 1-1a Principle 1: People Face Trade-offs
5. 1-1b Principle 2: The Cost of Something Is What You Give Up to Get It
6. 1-1c Principle 3: Rational People Think at the Margin
7. 1-1d Principle 4: People Respond to Incentives
8. 1-2 How People Interact
9. 1-2a Principle 5: Trade Can Make Everyone Better Off
10. 1-2b Principle 6: Markets Are Usually a Good Way to Organize Economic Activity
11. FYI: Adam Smith and the Invisible Hand
12. Case Study: Adam Smith Would Have Loved Uber
13. 1-2c Principle 7: Governments Can Sometimes Improve Market Outcomes
14. 1-3 How the Economy as a Whole Works
15. 1-3a Principle 8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Serv
16. 1-3b Principle 9: Prices Rise When the Government Prints Too Much Money
17. 1-3c Principle 10: Society Faces a Short-Run Trade-off between Inflation and Unemployment
18. 1-4 Conclusion
19. Summary
20. Key Concepts
21. Questions for Review
22. Problems and Applications
23. Chapter 2: Thinking Like an Economist
24. 2-1 The Economist as Scientist
25. 2-1a The Scientific Method: Observation, Theory, and More Observation
26. 2-1b The Role of Assumptions
27. 2-1c Economic Models
28. 2-1d Our First Model: The Circular-Flow Diagram
29. 2-1e Our Second Model: The Production Possibilities Frontier
30. 2-1f Microeconomics and Macroeconomics
31. 2-2 The Economist as Policy Adviser
32. 2-2a Positive versus Normative Analysis
33. 2-2b Economists in Washington
34. 2-2c Why Economists’ Advice Is Not Always Followed
35. 2-3 Why Economists Disagree
36. 2-3a Differences in Scientific Judgments
37. 2-3b Differences in Values
38. 2-3c Perception versus Reality
39. Ask The Experts: Ticket Resale
40. 2-4 Let’s Get Going
41. In The News: Why You Should Study Economics
42. Summary
43. Key Concepts
44. Questions for Review
45. Problems and Applications
46. Appendix Graphing: A Brief Review
47. Chapter 3: Interdependence and the Gains from Trade
48. 3-1 A Parable for the Modern Economy
49. 3-1a Production Possibilities
50. 3-1b Specialization and Trade
51. 3-2 Comparative Advantage: The Driving Force of Specialization
52. 3-2a Absolute Advantage
53. 3-2b Opportunity Cost and Comparative Advantage
54. 3-2c Comparative Advantage and Trade
55. 3-2d The Price of the Trade
56. FYI: The Legacy of Adam Smith and David Ricardo
57. 3-3 Applications of Comparative Advantage
58. 3-3a Should Serena Williams Mow Her Own Lawn
59. In The News: Economics within a Marriage
60. 3-3b Should the United States Trade with Other Countries
61. Ask The Experts: Trade between China and the United States
62. 3-4 Conclusion
63. Summary
64. Key Concepts
65. Questions for Review
66. Problems and Applications
67. Part II: How Markets Work
68. Chapter 4: The Market Forces of Supply and Demand
69. 4-1 Markets and Competition
70. 4-1a What Is a Market
71. 4-1b What Is Competition
72. 4-2 Demand
73. 4-2a The Demand Curve: The Relationship between Price and Quantity Demanded
74. 4-2b Market Demand versus Individual Demand
75. 4-2c Shifts in the Demand Curve
76. Case Study: Two Ways to Reduce the Quantity of Smoking Demanded
77. 4-3 Supply
78. 4-3a The Supply Curve: The Relationship between Price and Quantity Supplied
79. 4-3b Market Supply versus Individual Supply
80. 4-3c Shifts in the Supply Curve
81. 4-4 Supply and Demand Together
82. 4-4a Equilibrium
83. 4-4b Three Steps to Analyzing Changes in Equilibrium
84. 4-5 Conclusion: How Prices Allocate Resources
85. Ask The Experts: Price Gouging
86. In The News: Price Increases after Disasters
87. Summary
88. Key Concepts
89. Questions for Review
90. Problems and Applications
91. Chapter 5: Elasticity and Its Application
92. 5-1 The Elasticity of Demand
93. 5-1a The Price Elasticity of Demand and Its Determinants
94. 5-1b Computing the Price Elasticity of Demand
95. 5-1c The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities
96. 5-1d The Variety of Demand Curves
97. FYI: A Few Elasticities from the Real World
98. 5-1e Total Revenue and the Price Elasticity of Demand
99. 5-1f Elasticity and Total Revenue along a Linear Demand Curve
100. 5-1g Other Demand Elasticities
101. 5-2 The Elasticity of Supply
102. 5-2a The Price Elasticity of Supply and Its Determinants
103. 5-2b Computing the Price Elasticity of Supply
104. 5-2c The Variety of Supply Curves
105. 5-3 Three Applications of Supply, Demand, and Elasticity
106. 5-3a Can Good News for Farming Be Bad News for Farmers
107. 5-3b Why Did OPEC Fail to Keep the Price of Oil High
108. 5-3c Does Drug Interdiction Increase or Decrease Drug-Related Crime
109. 5-4 Conclusion
110. Summary
111. Key Concepts
112. Questions for Review
113. Problems and Applications
114. Chapter 6: Supply, Demand, and Government Policies
115. 6-1 Controls on Prices
116. Case Study: Rent Control in the Short Run and the Long Run
117. 6-1b How Price Floors Affect Market Outcomes
118. Ask The Experts: Rent Control
119. Case Study: The Minimum Wage
120. Ask The Experts: The Minimum Wage
121. 6-1c Evaluating Price Controls
122. 6-1a How Price Ceilings Affect Market Outcomes
123. Case Study: Lines at the Gas Pump
124. 6-2 Taxes
125. 6-2a How Taxes on Sellers Affect Market Outcomes
126. 6-2b How Taxes on Buyers Affect Market Outcomes
127. Case Study: Can Congress Distribute the Burden of a Payroll Tax
128. 6-2c Elasticity and Tax Incidence
129. Case Study: Who Pays the Luxury Tax
130. 6-3 Conclusion
131. Summary
132. Key Concepts
133. Questions for Review
134. Problems and Applications
135. Part III: Markets and Welfare
136. Chapter 7: Consumers, Producers, and the Efficiency of Markets
137. 7-1 Consumer Surplus
138. 7-1a Willingness to Pay
139. 7-1b Using the Demand Curve to Measure Consumer Surplus
140. 7-1c How a Lower Price Raises Consumer Surplus
141. 7-1d What Does Consumer Surplus Measure
142. 7-2 Producer Surplus
143. 7-2a Cost and the Willingness to Sell
144. 7-2b Using the Supply Curve to Measure Producer Surplus
145. 7-2c How a Higher Price Raises Producer Surplus
146. 7-3 Market Efficiency
147. 7-3a The Benevolent Social Planner
148. 7-3b Evaluating the Market Equilibrium
149. In The News: The Invisible Hand Can Park Your Car
150. Case Study: Should There Be a Market for Organs
151. Ask The Experts: Supplying Kidneys
152. 7-4 Conclusion: Market Efficiency and Market Failure
153. Summary
154. Key Concepts
155. Questions for Review
156. Problems and Applications
157. Chapter 8: Application: The Costs of Taxation
158. 8-1 The Deadweight Loss of Taxation
159. 8-1a How a Tax Affects Market Participants
160. 8-1b Deadweight Losses and the Gains from Trade
161. 8-2 The Determinants of the Deadweight Loss
162. Case Study: The Deadweight Loss Debate
163. 8-3 Deadweight Loss and Tax Revenue as Taxes Vary
164. Case Study: The Laffer Curve and Supply-Side Economics
165. Ask The Experts: The Laffer Curve
166. 8-4 Conclusion
167. Summary
168. Key Concept
169. Questions for Review
170. Problems and Applications
171. Chapter 9: Application: International Trade
172. 9-1 The Determinants of Trade
173. 9-1a The Equilibrium without Trade
174. 9-1b The World Price and Comparative Advantage
175. 9-2 The Winners and Losers from Trade
176. 9-2a The Gains and Losses of an Exporting Country
177. 9-2b The Gains and Losses of an Importing Country
178. 9-2c Effects of a Tariff
179. FYI: Import Quotas: Another Way to Restrict Trade
180. 9-2d The Lessons for Trade Policy
181. 9-2e Other Benefits of International Trade
182. In The News: Trade as a Tool for Economic Development
183. 9-3 The Arguments for Restricting Trade
184. 9-3a The Jobs Argument
185. In The News: Should the Winners from Free Trade Compensate the Losers
186. 9-3b The National-Security Argument
187. 9-3c The Infant-Industry Argument
188. 9-3d The Unfair-Competition Argument
189. 9-3e The Protection-as-a-Bargaining-Chip Argument
190. Case Study: Trade Agreements and the World Trade Organization
191. Ask The Experts: Trade Deals
192. 9-4 Conclusion
193. Summary
194. Key Concepts
195. Questions for Review
196. Problems and Applications
197. Part IV: The Economics of the Public Sector
198. Chapter 10: Externalities
199. 10-1 Externalities and Market Inefficiency
200. 10-1a Welfare Economics: A Recap
201. 10-1b Negative Externalities
202. 10-1c Positive Externalities
203. Case Study: Technology Spillovers, Industrial Policy, and Patent Protection
204. 10-2 Public Policies toward Externalities
205. 10-2a Command-and-Control Policies: Regulation
206. 10-2b Market-Based Policy 1: Corrective Taxes and Subsidies
207. Ask The Experts: Vaccines
208. Case Study: Why Is Gasoline Taxed So Heavily
209. In The News: What Should We Do about Climate Change
210. 10-2c Market-Based Policy 2: Tradable Pollution Permits
211. Ask The Experts: Carbon Taxes
212. 10-2d Objections to the Economic Analysis of Pollution
213. 10-3 Private Solutions to Externalities
214. 10-3a The Types of Private Solutions
215. 10-3b The Coase Theorem
216. 10-3c Why Private Solutions Do Not Always Work
217. In The News: The Coase Theorem in Action
218. 10-4 Conclusion
219. Summary
220. Key Concepts
221. Questions for Review
222. Problems and Applications
223. Chapter 11: Public Goods and Common Resources
224. 11-1 The Different Kinds of Goods
225. 11-2 Public Goods
226. 11-2a The Free-Rider Problem
227. 11-2b Some Important Public Goods
228. Case Study: Are Lighthouses Public Goods
229. 11-2c The Difficult Job of Cost–Benefit Analysis
230. Case Study: How Much Is a Life Worth
231. 11-3 Common Resources
232. 11-3a The Tragedy of the Commons
233. 11-3b Some Important Common Resources
234. Ask The Experts: Congesting Pricing
235. In The News: The Case for Toll Roads
236. Case Study: Why the Cow Is Not Extinct
237. 11-4 Conclusion: The Importance of Property Rights
238. Summary
239. Key Concepts
240. Questions for Review
241. Problems and Applications
242. Chapter 12: The Design of the Tax System
243. 12-1 An Overview of U.S. Taxation
244. 12-1a Taxes Collected by the Federal Government
245. 12-1b Taxes Collected by State and Local Governments
246. 12-2 Taxes and Efficiency
247. 12-2a Deadweight Losses
248. Case Study: Should Income or Consumption Be Taxed
249. 12-2b Administrative Burden
250. 12-2c Marginal Tax Rates versus Average Tax Rates
251. 12-2d Lump-Sum Taxes
252. 12-3 Taxes and Equity
253. 12-3a The Benefits Principle
254. 12-3b The Ability-to-Pay Principle
255. Case Study: How the Tax Burden Is Distributed
256. 12-3c Tax Incidence and Tax Equity
257. In The News: Tax Expenditures
258. Case Study: Who Pays the Corporate Income Tax
259. 12-4 Conclusion: The Trade-off between Equity and Efficiency
260. Summary
261. Key Concepts
262. Questions for Review
263. Problems and Applications
264. Part V: Firm Behavior and the Organization of Industry
265. Chapter 13: The Costs of Production
266. 13-1 What Are Costs
267. 13-1a Total Revenue, Total Cost, and Profit
268. 13-1b Costs as Opportunity Costs
269. 13-1c The Cost of Capital as an Opportunity Cost
270. 13-1d Economic Profit versus Accounting Profit
271. 13-2 Production and Costs
272. 13-2a The Production Function
273. 13-2b From the Production Function to the Total-Cost Curve
274. 13-3 The Various Measures of Cost
275. 13-3a Fixed and Variable Costs
276. 13-3b Average and Marginal Cost
277. 13-3c Cost Curves and Their Shapes
278. 13-3d Typical Cost Curves
279. 13-4 Costs in the Short Run and in the Long Run
280. 13-4a The Relationship between Short-Run and Long-Run Average Total Cost
281. 13-4b Economies and Diseconomies of Scale
282. FYI: Lessons from a Pin Factory
283. 13-5 Conclusion
284. Summary
285. Key Concepts
286. Questions for Review
287. Problems and Applications
288. Chapter 14: Firms in Competitive Markets
289. 14-1 What Is a Competitive Market
290. 14-1a The Meaning of Competition
291. 14-1b The Revenue of a Competitive Firm
292. 14-2 Profit Maximization and the Competitive Firm’s Supply Curve
293. 14-2a A Simple Example of Profit Maximization
294. 14-2b The Marginal-Cost Curve and the Firm’s Supply Decision
295. 14-2c The Firm’s Short-Run Decision to Shut Down
296. 14-2d Spilt Milk and Other Sunk Costs
297. Case Study: Near-Empty Restaurants and Off-Season Miniature Golf
298. 14-2e The Firm’s Long-Run Decision to Exit or Enter a Market
299. 14-2f Measuring Profit in Our Graph for the Competitive Firm
300. 14-3 The Supply Curve in a Competitive Market
301. 14-3a The Short Run: Market Supply with a Fixed Number of Firms
302. 14-3b The Long Run: Market Supply with Entry and Exit
303. 14-3c Why Do Competitive Firms Stay in Business If They Make Zero Profit
304. 14-3d A Shift in Demand in the Short Run and Long Run
305. 14-3e Why the Long-Run Supply Curve Might Slope Upward
306. 14-4 Conclusion: Behind the Supply Curve
307. Summary
308. Key Concepts
309. Questions for Review
310. Problems and Applications
311. Chapter 15: Monopoly
312. 15-1 Why Monopolies Arise
313. 15-1a Monopoly Resources
314. 15-1b Government-Created Monopolies
315. 15-1c Natural Monopolies
316. 15-2 How Monopolies Make Production and Pricing Decisions
317. 15-2a Monopoly versus Competition
318. 15-2b A Monopoly’s Revenue
319. 15-2c Profit Maximization
320. 15-2d A Monopoly’s Profit
321. FYI: Why a Monopoly Does Not Have a Supply Curve
322. Case Study: Monopoly Drugs versus Generic Drugs
323. 15-3 The Welfare Cost of Monopolies
324. 15-3a The Deadweight Loss
325. 15-3b The Monopoly’s Profit: A Social Cost
326. 15-4 Price Discrimination
327. 15-4a A Parable about Pricing
328. 15-4b The Moral of the Story
329. 15-4c The Analytics of Price Discrimination
330. 15-4d Examples of Price Discrimination
331. In The News: Price Discrimination in Higher Education
332. 15-5 Public Policy toward Monopolies
333. 15-5a Increasing Competition with Antitrust Laws
334. 15-5b Regulation
335. Ask The Experts: Airline Mergers
336. 15-5c Public Ownership
337. 15-5d Doing Nothing
338. 15-6 Conclusion: The Prevalence of Monopolies
339. Summary
340. Key Concepts
341. Questions for Review
342. Problems and Applications
343. Chapter 16: Monopolistic Competition
344. 16-1 Between Monopoly and Perfect Competition
345. 16-2 Competition with Differentiated Products
346. 16-2a The Monopolistically Competitive Firm in the Short Run
347. 16-2b The Long-Run Equilibrium
348. 16-2c Monopolistic versus Perfect Competition
349. 16-2d Monopolistic Competition and the Welfare of Society
350. 16-3 Advertising
351. 16-3a The Debate over Advertising
352. Case Study: Advertising and the Price of Eyeglasses
353. 16-3b Advertising as a Signal of Quality
354. 16-3c Brand Names
355. 16-4 Conclusion
356. Summary
357. Key Concepts
358. Questions for Review
359. Problems and Applications
360. Chapter 17: Oligopoly
361. 17-1 Markets with Only a Few Sellers
362. 17-1a A Duopoly Example
363. 17-1b Competition, Monopolies, and Cartels
364. 17-1c The Equilibrium for an Oligopoly
365. 17-1d How the Size of an Oligopoly Affects the Market Outcome
366. Ask The Experts: Nash Equilibrium
367. 17-2 The Economics of Cooperation
368. 17-2a The Prisoners’ Dilemma
369. 17-2b Oligopolies as a Prisoners’ Dilemma
370. Case Study: OPEC and the World Oil Market
371. 17-2c Other Examples of the Prisoners’ Dilemma
372. 17-2d The Prisoners’ Dilemma and the Welfare of Society
373. 17-2e Why People Sometimes Cooperate
374. Case Study: The Prisoners’ Dilemma Tournament
375. 17-3 Public Policy toward Oligopolies
376. 17-3a Restraint of Trade and the Antitrust Laws
377. Case Study: An Illegal Phone Call
378. 17-3b Controversies over Antitrust Policy
379. Case Study: The Microsoft Case
380. In The News: Europe versus Google
381. 17-4 Conclusion
382. Summary
383. Key Concepts
384. Questions for Review
385. Problems and Applications
386. Part VI: The Economics of Labor Markets
387. Chapter 18: The Markets for the Factors of Production
388. 18-1 The Demand for Labor
389. 18-1a The Competitive Profit-Maximizing Firm
390. 18-1b The Production Function and the Marginal Product of Labor
391. 18-1c The Value of the Marginal Product and the Demand for Labor
392. 18-1d What Causes the Labor-Demand Curve to Shift
393. FYI: Input Demand and Output Supply: Two Sides of the Same Coin
394. 18-2 The Supply of Labor
395. 18-2a The Trade-off between Work and Leisure
396. 18-2b What Causes the Labor-Supply Curve to Shift
397. Ask The Experts: Immigration
398. 18-3 Equilibrium in the Labor Market
399. 18-3a Shifts in Labor Supply
400. 18-3b Shifts in Labor Demand
401. In The News: The Economics of Immigration
402. Case Study: Productivity and Wages
403. FYI: Monopsony
404. 18-4 The Other Factors of Production: Land and Capital
405. 18-4a Equilibrium in the Markets for Land and Capital
406. FYI: What Is Capital Income
407. 18-4b Linkages among the Factors of Production
408. Case Study: The Economics of the Black Death
409. 18-5 Conclusion
410. Summary
411. Key Concepts
412. Questions for Review
413. Problems and Applications
414. Chapter 19: Earnings and Discrimination
415. 19-1 Some Determinants of Equilibrium Wages
416. 19-1a Compensating Differentials
417. 19-1b Human Capital
418. Case Study: The Increasing Value of Skills
419. Ask The Experts: Inequality and Skills
420. In The News: Schooling as a Public Investment
421. 19-1c Ability, Effort, and Chance
422. Case Study: The Benefits of Beauty
423. 19-1d An Alternative View of Education: Signaling
424. 19-1e The Superstar Phenomenon
425. 19-1f Above-Equilibrium Wages: Minimum-Wage Laws, Unions, and Efficiency Wages
426. 19-2 The Economics of Discrimination
427. 19-2a Measuring Labor-Market Discrimination
428. Case Study: Is Emily More Employable than Lakisha
429. 19-2b Discrimination by Employers
430. Case Study: Segregated Streetcars and the Profit Motive
431. 19-2c Discrimination by Customers and Governments
432. Case Study: Discrimination in Sports
433. 19-3 Conclusion
434. Summary
435. Key Concepts
436. Questions for Review
437. Problems and Applications
438. Chapter 20: Income Inequality and Poverty
439. 20-1 The Measurement of Inequality
440. 20-1a U.S. Income Inequality
441. 20-1b Inequality around the World
442. In The News: A Worldwide View of the Income Distribution
443. 20-1c The Poverty Rate
444. 20-1d Problems in Measuring Inequality
445. Case Study: Alternative Measures of Inequality
446. 20-1e Economic Mobility
447. 20-2 The Political Philosophy of Redistributing Income
448. 20-2a Utilitarianism
449. 20-2b Liberalism
450. 20-2c Libertarianism
451. 20-3 Policies to Reduce Poverty
452. 20-3a Minimum-Wage Laws
453. 20-3b Welfare
454. 20-3c Negative Income Tax
455. 20-3d In-Kind Transfers
456. 20-3e Antipoverty Programs and Work Incentives
457. In The News: International Differences in Income Redistribution
458. 20-4 Conclusion
459. Summary
460. Key Concepts
461. Questions for Review
462. Problems and Applications
463. Part VII: Topics for Further Study
464. Chapter 21: The Theory of Consumer Choice
465. 21-1 The Budget Constraint: What the Consumer Can Afford
466. 21-2 Preferences: What the Consumer Wants
467. 21-2a Representing Preferences with Indifference Curves
468. 21-2b Four Properties of Indifference Curves
469. 21-2c Two Extreme Examples of Indifference Curves
470. 21-3 Optimization: What the Consumer Chooses
471. 21-3a The Consumer’s Optimal Choices
472. FYI: Utility: An Alternative Way to Describe Preferences and Optimization
473. 21-3b How Changes in Income Affect the Consumer’s Choices
474. 21-3c How Changes in Prices Affect the Consumer’s Choices
475. 21-3d Income and Substitution Effects
476. 21-3e Deriving the Demand Curve
477. 21-4 Three Applications
478. 21-4a Do All Demand Curves Slope Downward
479. Case Study: The Search for Giffen Goods
480. 21-4b How Do Wages Affect Labor Supply
481. Case Study: Income Effects on Labor Supply: Historical Trends, Lottery Winners, and the Carnegie Co
482. 21-4c How Do Interest Rates Affect Household Saving
483. 21-5 Conclusion: Do People Really Think This Way
484. Summary
485. Key Concepts
486. Questions for Review
487. Problems and Applications
488. Chapter 22: Frontiers of Microeconomics
489. 22-1 Asymmetric Information
490. 22-1a Hidden Actions: Principals, Agents, and Moral Hazard
491. FYI: Corporate Management
492. 22-1b Hidden Characteristics: Adverse Selection and the Lemons Problem
493. 22-1c Signaling to Convey Private Information
494. Case Study: Gifts as Signals
495. 22-1d Screening to Uncover Private Information
496. 22-1e Asymmetric Information and Public Policy
497. 22-2 Political Economy
498. 22-2a The Condorcet Voting Paradox
499. 22-2b Arrow’s Impossibility Theorem
500. 22-2c The Median Voter Is King
501. 22-2d Politicians Are People Too
502. 22-3 Behavioral Economics
503. 22-3a People Aren’t Always Rational
504. 22-3b People Care about Fairness
505. In The News: Using Deviations from Rationality
506. 22-3c People Are Inconsistent over Time
507. 22-4 Conclusion
508. Summary
509. Key Concepts
510. Questions for Review
511. Problems and Applications
512. Glossary
513. Index

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