Test Bank for Microeconomics for Today 11th Edition Tucker
Test Bank for Microeconomics for Today, 11th Edition, Irvin B. Tucker, ISBN: 9780357721193
Table of Contents
CHAPTER 1. INTRODUCING THE ECONOMIC WAY OF THINKING
1-1. Economics: The Study of Scarcity and Choice
1-1a. The Problem of Scarcity
1-1b. Scarcity and Economics
1-2. Three Fundamental Economic Questions
1-2a. What to Produce?
1-2b. How to Produce?
1-2c. For Whom to Produce?
1-3. The Methodology of Economics
Step 1: Identify the Problem
1-4. Hazards of the Economic Way of Thinking
1-4a. The Ceteris Paribus Assumption
1-4b. Correlation versus Causation
1-5. Why Do Economists Disagree?
1-5a. Efficiency versus Equity
1-5b. Positive versus Normative Economics
Key Terms
Summary
. Take Note Revisited
Study Questions and Problems
Sample Quiz
Appendix to Chapter 1. Applying Graphs to Economics
CHAPTER 2. PRODUCTION POSSIBILITIES, OPPORTUNITY COST, AND ECONOMIC GROWTH
2-1. Opportunity Cost
2-2. Marginal Analysis
2-3. The Production Possibilities Model
2-3a. Assumptions
2-3b. The Production Possibilities Curve
2-3c. Efficiency and the Production Possibilities Curve
2-4. Opportunity Cost and the Production Possibilities Curve
2-4a. Identifying Opportunity Cost Using the PPC Model
2-4b. The Law of Increasing Opportunity Cost
2-5. Sources of Economic Growth
2-5a. Changes in Resources
2-5b. Technological Change
2-5c. Present Investment in Capital
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
ROAD MAP FOR CHAPTERS 1 AND 2
CHAPTER 3. MARKET DEMAND AND SUPPLY
3-1. Demand
3-1a. The Demand Curve
3-1b. Market Demand
3-1c. Shifts of the Demand Curve
3-1d. Caution! Movement Along versus Shift of the Demand Curve
3-2. Supply
3-2a. The Supply Curve
3-2b. Market Supply
3-2c. Shifts of the Supply Curve
3-2d. Caution! Movement Along versus Shift of the Supply Curve
3-3. Market Equilibrium
3-3a. Surplus versus Shortage
3-3b. Equilibrium Price and Quantity
3-3c. Rationing Function of the Price System
3-4. Changes in Market Equilibrium
3-4a. Changes in Demand
3-4b. Changes in Supply
3-4c. Simultaneous Changes in Demand and Supply
Key Terms
Summary
. Take Note Revisited
Study Questions and Problems
Sample Quiz
CHAPTER 4. MARKETS IN ACTION
4-1. Market Efficiency
4-2. Sources of Market Failure
4-2a. Lack of Competition
4-2b. Externalities
4-2c. Public Goods
4-3. Policies to Correct Market Failure
4-3a. Regulation
4-3b. Price Controls
4-3c. Taxes and Subsidies
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Appendix to Chapter 4. Consumer Surplus, Producer Surplus, and Market Efficiency
CHAPTER 5. ELASTICITY
5-1. Price Elasticity of Demand
5-1a. Calculating the Price Elasticity of Demand
5-1b. Classifying the Price Elasticity of Demand Using the Total Revenue Test
5-1c. Determinants of Price Elasticity of Demand
5-2. Price Elasticity of Demand along a Demand Curve
5-3. Other Elasticity Measures
5-3a. Income Elasticity of Demand
5-3b. Cross-Elasticity of Demand
5-3c. Price Elasticity of Supply
5-4. Price Elasticity and Taxation
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
CHAPTER 6. CONSUMER CHOICE THEORY
6-1. From Utility to the Law of Demand
6-1a. Total Utility and Marginal Utility
6-1 b. Consumer Equilibrium
6-1c. From Consumer Equilibrium to the Law of Demand
6-2. Income and Substitution Effects and the Law of Demand
6-2a. Income Effect
6-2b. Substitution Effect
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
Appendix to Chapter 6. Indifference Curve Analysis
CHAPTER 7. PRODUCTION COSTS
7-1. Costs and Profit
7-1a. Explicit and Implicit Costs
7-1b. Economic and Accounting Profit
7-2. Short-Run Production
7-2a. Short Run versus Long Run
7-2b. The Production Function
7-2c. Marginal Product and the Law of Diminishing Returns
7-3. Short-Run Cost of Production
7-3a. Total Cost
7-3b. Average and Marginal Cost
7-4. Marginal Cost Relationships
7-4a. The Marginal-Average Rule
7-4b. Marginal Cost’s Mirror Image
7-5. Long-Run Production Costs
7-5a. Long-Run Average Cost Curves
7-5b. Scales of Production
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
ROAD MAP FOR CHAPTERS 3, 4, 5, 6, AND 7
CHAPTER 8. PERFECT COMPETITION
8-1. Perfect Competition
8-1a. Characteristics of Perfect Competition
8-1b. The Perfectly Competitive Firm as a Price Taker
8-2. Short-Run Profit Maximization for a Perfectly Competitive Firm
8-2a. The Total Revenue–Total Cost Method
8-2b. The Marginal Revenue Equals Marginal Cost Method
8-3. Short-Run Supply Under Perfect Competition
8-3a. Identifying Profit or Loss
8-3b. Shut Down Point
8-3c. Short-run Supply Curves
8-3d. Short-Run Equilibrium for a Perfectly Competitive Firm
8-4. Long-Run Supply Under Perfect Competition
8-4a. Long-Run Equilibrium
8-4b. Three Types of Long-Run Supply Curves
Key Terms
Summary
. Take Note Revisited
Study Questions and Problems
Sample Quiz
CHAPTER 9. MONOPOLY
9-1. The Monopoly Market Structure
9-1a. Characteristics of Monopoly
9-1b. Natural Monopoly
9-2. Price and Output Decisions for a Monopolist
9-2a. Marginal Revenue, Total Revenue, and Price Elasticity of Demand
9-2b. Short-Run Profit Maximization for a Monopolist Using the Total Revenue–Total Cost Method
9-2c. Short-Run Profit Maximization for a Monopolist Using the Marginal Revenue Equals Marginal Cost Method
9-2d. A Monopolist Facing a Short-Run Loss
9-2e. Monopoly in the Long Run
9-3. Price Discrimination
9-3a. Conditions for Price Discrimination
9-3b. Is Price Discrimination Unfair?
9-4. Comparing Monopoly and Perfect Competition
9-4a. Monopoly, Perfect Competition, and Efficiency
9-4b. The Case For and Against Monopoly
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
CHAPTER 10. MONOPOLISTIC COMPETITION AND OLIGOPOLY
10-1. The Monopolistic Competition Market Structure
10-1a. Characteristics of Monopolistic Competition
10-1b. The Monopolistically Competitive Firm as a Price Maker
10-1c. Advertising Pros and Cons
10-2. Price and Output Decisions for a Monopolistically Competitive Firm
10-2a. Monopolistic Competition in the Short Run
10-2b. Monopolistic Competition in the Long Run
10-3. Monopolistic Competition and Efficiency
10-4. The Oligopoly Market Structure
10-4a. Characteristics of Oligopoly
10-5. Models of Oligopoly
10-5a. The Kinked Demand Curve
10-5b. Price Leadership
10-5c. The Cartel
10-5d. Game Theory
10-5e. An Evaluation of Oligopoly
10-6. Review of the Four Market Structures
Key Terms
Summary
. Take Note Revisited
Study Questions and Problems
Sample Quiz
CHAPTER 11. LABOR MARKETS
11-1. The Labor Market Under Perfect Competition
11-1a. The Demand for Labor
11-1b. The Supply of Labor
11-1c. The Equilibrium Wage Rate
11-2. Labor Unions: Employee Power
11-2a. The Impact of Unions on the Demand for Labor
11-2b. The Impact of Unions on the Supply of Labor
11-2c. The Impact of Union Collective Bargaining on Wages
11-3. Employer Power: Monopsony
11-3a. Marginal Factor Cost
11-3b. Monopsonistic Equilibrium
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
ROAD MAP FOR CHAPTERS 8, 9, 10 AND 11
CHAPTER 12. INCOME DISTRIBUTION, POVERTY, AND DISCRIMINATION
12-1. The Distribution of Income
12-1a. Trends in Income Distribution
12-1b. Equity versus Efficiency
12-1c. The Lorenz Curve
12-1d. Income Distribution Trends
12-2. Poverty
12-2a. Defining Poverty
12-2b. Who Are the People Experiencing Poverty?
12-3. Antipoverty Programs
12-3a. Cash Transfer Programs
12-3b. In-Kind Transfers
12-3c. Welfare Criticisms
12-4. Reform Proposals
12-4a. Negative Income Tax
12-4b. Workfare
12-5. Discrimination
12-5a. Comparable Worth
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
CHAPTER 13. ANTITRUST AND REGULATION
13-1. Antitrust
13-1a. The Sherman Act
13-1b. The Clayton Act
13-1c. The Federal Trade Commission Act
13-1d. The Robinson–Patman Act
13-1e. The Celler–Kefauver Act
13-2. Key Antitrust Cases
13-2a. The Standard Oil Case (1911)
13-2b. The Alcoa Case (1945)
13-2c. The IBM Case (1982)
13-2d. The AT&T Case (1982)
13-2e. The MIT Case (1992)
13-2f. The Microsoft Case (2001)
13-3. Mergers and Global Antitrust Policy
13-3a. Types of Mergers
13-3b. Antitrust Policies in Other Countries
13-4. Regulation
13-4a. Historical Origins of Regulation
13-4b. The Deregulation Trend
13-5. Three Cases for Government Regulation
13-5a. Natural Monopoly
13-5b. Externalities
13-5c. Imperfect Information
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
CHAPTER 14. ENVIRONMENTAL ECONOMICS
14-1. Negative Externalities and Economic Inefficiency
14-1a. Negative Externalities and the Environment
14-1b. Competitive Market Inefficiency When Negative Externalities Are Present
14-2. Achieving Environmental Efficiency
14-2a. Command-and-Control Regulations
14-2b. Incentive-Based Regulations
14-2c. Government and Environmental Efficiency
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
ROAD MAP FOR CHAPTERS 12, 13, AND 14
CHAPTER 15. INTERNATIONAL TRADE AND FINANCE
15-1. Why Nations Need Trade
15-1a. The Production Possibilities Curve Revisited
15-1b. Specialization without Trade
15-1c. Specialization with Trade
15-2. Absolute and Comparative Advantage
15-2a. Absolute Advantage
15-2b. Comparative Advantage
15-3. Free Trade Versus Protectionism
15-3a. Embargo
15-3b. Tariff
15-3c. Quota
15-4. Arguments for Protection
15-4a. Infant Industry Argument
15-4b. National Security Argument
15-4c. Employment Argument
15-4d. Cheap Foreign Labor Argument
15-4e. Free-Trade Agreements
15-5. The Balance of Payments
15-5a. Current Account
15-5b. Capital Account
15-5c. The International Debt of the United States
15-6. Exchange Rates
15-6a. Supply and Demand for Foreign Exchange
15-6b. Shifts in Supply and Demand for Foreign Exchange
15-6c. The Impact of Exchange Rate Fluctuations
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
CHAPTER 16. ECONOMIES IN TRANSITION
16-1. Basic Types of Economic Systems
16-1a. The Traditional Economy
16-1b. The Traditional Economy’s Strengths and Weaknesses
16-1c. The Command Economy
16-1d. The Command Economy’s Strengths and Weaknesses
16-1e. The Market Economy and the Ideas of Adam Smith
16-1f. The Market Economy’s Strengths and Weaknesses
16-1g. The Mixed Economy
16-2. The “ISMS”
16-2a. Capitalism
16-2b. Capitalism’s Strengths and Weaknesses
16-2c. Socialism
16-2d. The Ideas of Karl Marx
16-2e. Characteristics of Socialism
16-2f. Socialism’s Strengths and Weaknesses
16-2g. Comparing Economic Systems
16-3. Economies in Transition
16-3a. Cuba
16-3b. Russia
16-3c. The People’s Republic of China
16-3d. Privatization versus Nationalization
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
CHAPTER 17. GROWTH AND THE LESS-DEVELOPED COUNTRIES
17-1. Comparing Developed and Less-Developed Countries
17-1a. Classifying Countries by GDP per Capita
17-1b. Problems with GDP per Capita Comparisons
17-1c. Quality-of-Life Measures of Development
17-2. Economic Growth and Development Around the World
17-2a. Endowment of Natural Resources
17-2b. Investment in Human Resources
17-2c. Accumulation of Capital
17-2d. Technological Progress
17-2e. Political Environment
17-3. The Helping Hand of Advanced Countries
17-3a. Foreign Private Investment
17-3b. Foreign Aid
17-3c. Foreign Loans
Key Terms
Summary
Take Note Revisited
Study Questions and Problems
Sample Quiz
ROAD MAP FOR CHAPTERS 15, 16 AND 17
