Test Bank For Survey of Economics 1st Edition| ©2019 Anderson

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Test Bank For Survey of Economics 1st Edition| ©2019 David Anderson

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Test Bank For Survey of Economics 1st Edition| ©2019 Anderson

Test Bank For Survey of Economics 1st Edition| ©2019 David Anderson

Brief, clear, and compelling with a groundbreaking visual approach.
Written to answer that all-too-common student question, “Why should I care about economics?” David Anderson’s new Survey of Economics text was written from the ground up for the course rather than being carved out of a traditional Principles text. No other text—in print or online—covers all standard elements of the college survey course with such engaging clarity, brevity, and visual appeal. Anderson highlights the intersections of economics and daily life through a story-based narrative, clear explanations, and memorable images and graphics. The author brings to the book a thoroughly winning narrative voice and a wide range of experience, including almost three decades teaching the survey course, a dozen introductory economics books for a range of audiences, and extensive work with the AP® economics community.
Table of Contents
Part I. Introduction to Economics

Chapter 1 Foundations of Economics

Scarcity: It’s why you can’t always get what you want.
Specialization: It Brings You More of What You Want
Opportunity Costs and the Production Possibilities Frontier
The Shape of the Production Possibilities Frontier
Economic Growth the Production Possibilities Frontier
Q&A How do I know whether to make the PPF curved or straight?
The Three Fundamental Economic Questions
What to Produce
How to Produce It
For Whom to Produce
Categories of Economics
Positive and Normative Economics
Microeconomics and Macroeconomics
Key Terms
Problems for Review
Chapter 1A Understanding Graphs

Coordinate Graphs
Other Types of Graphs
Bar Charts
Pie Charts
Scatter Diagrams
Key Terms
Problems for Review
Chapter 2 Markets and the Economy

Factors of Production
The Participants in an Economy
Q&A What is a nonprofit organization?
The Circular Flow
Government and the Circular Flow
The Goal of Efficiency
What Should Be Produced?
For Whom Should It Be Produced?
How Should It Be Produced?
Economic Systems
Traditional Economies
Market Economies
Command Economies
Mixed Economies
Key Terms
Problems for Review
Chapter 3 Demand

The Demand Schedule
Diminishing Marginal Utility
The Demand Graph
Smooth Demand Curves
Q&A I buy more $60 Polo brand polo shirts than $15 Walmart brand polo shirts. Doesn
Changes in Demand versus Movements along the Demand Curve
Demand Shifters
The Prices of Related Goods
The Number of Consumers
Consumer Surplus
Steps to Solving Demand Problems
Key Terms
Problems for Review
Chapter 4 Supply

The Supply Schedule
The Supply Graph
The Rising Cost of Supplying One More
Marginal Cost and Supply
Changes in Supply versus Movements along the Supply Curve
Q&A Stores sometimes offer lower prices when consumers buy a larger quantity. Does that contradict the law of supply?
Supply Shifters
Input costs
Natural Disasters and Weather
Prices of Related Goods and Services
The Number of Firms
Producer Surplus
Steps to Solving Supply Problems
Key Terms
Problems for Review
Chapter 5 Market Equilibrium

Market Equilibrium
Price Controls
Price Ceilings
Q&A Why are some things that we can
Price Floors
Shifts in Supply and Demand
An Increase in Demand
A Decrease in Demand
An Increase in Supply
A Decrease in Supply
Double Shifts
Key Terms
Problems for Review
Chapter 6 Elasticity

The Price Elasticity of Demand
Elastic, Inelastic, and Unit-Elastic Demand
Total Revenue and the Price Elasticity of Demand
Perfectly Inelastic Demand
Perfectly Elastic Demand
The Price Elasticity of Supply
Q&A Is the price elasticity of demand equal to the slope of a demand curve?
The Cross-Price Elasticity of Demand
Apply What You
Key Terms
Problems for Review
Part II. Microeconomics

Chapter 7 Consumer Behavior

Marginal Utility and Total Utility
Budget Constraints
Q&A If I get more utility out of my first poster than out of my second or third, shouldn
The Optimal Consumption Rule
The Substitution Effect and the Income Effect
Lessons from Behavioral Economics
Consumers Want Balance
Consumers Want Options, But Not Too Many
Consumers Want Fairness
Consumers Make Mistakes
Key Terms
Problems for Review
Chapter 8 Production Costs

Profit Maximization
Accounting Profit and Economic Profit
The Production Function
Fixed Inputs and Variable Inputs
Marginal Product
Diminishing Marginal Product
The Cost-Minimizing Combination of Inputs
Q&A If I get more utility out of my first poster than out of my second or third, shouldn
A Closer Look at Costs
Fixed Cost and Variable Cost
Average Total Cost
Marginal Cost
Summarizing Costs with Tables and Curves
The Irrelevance of Sunk Costs
Economies and Diseconomies of Scale
Key Terms
Problems for Review
Chapter 9 Perfect Competition

How Competition Affects Markets
Many Buyers and Seller
A Standardized Product
Full Information
Easy Entry and Exit for Firms
Prices and Profits in Perfectly Competitive Markets
Firms as Price Takers
Demand and Marginal Revenue
Profit Maximization
Choosing the Optimal Quantity of Output
Short-Run Profit or Loss
Long-Run Equilibrium
Q&A Why would firms remain in a market in which they earn no profit?
The Shutdown Decision
The Firm
The Efficiency of Perfect Competition
Key Terms
Problems for Review
Chapter 10 Market Power

Sources of Market Power
Legal Barriers to Entry
Control of Resources
Strategic Barriers
Economies of Scale
A Monpolist
Efficiency and Market Power
Price Discrimination
Q&A How exactly do perfect price discriminators determine the highest price customers are willing to pay? And how, as a customer, can I avoid paying too much?
Games Oligopolists Play
Monopolistic Competition
Key Terms
Problems for Review
Chapter 11 Factor Markets

The Derived Demand for Factors of Production
A Firm
A Market
The Supply of Labor
An individual
A Market
Equilibrium in the Labor Market
Why Wage Rates Differ
Compensating Wage Differentials
Employment Discrimination
Income Inequality and Ways to Reduce It
Minimum Wage Laws
Q&A Aside from minimum wages, what are some of the other programs designed to help poor workers and their families?
Markets for Other Factors
Key Terms
Problems for Review
Chapter 12 Market Failure and Government Failure

Market Failure: Sources and Remedies
Positive Externalities
Negative Externalities
Q&A How exactly does the government put limits on things such as pollution and fishing?
Imperfect Information
A Lack of Competition
Free Riders
Government Failure: Sources and Remedies
Imperfect Information
Different Goals and Perspectives
Bureaucratic Inefficiencies
Remedies for Government Failure
Key Terms
Problems for Review
Part III. Macroeconomics

Chapter 13 Measuring an Economy

Measures of Economic Progress
Gross Domestic Product
Q&A When a good is made this year and sold next year, when is it included in GDP?
GDP and the Quality of Life
Alternative Measures to GDP
The Unemployment Rate
Types of Unemployment
Full Employment and the Natural Rate of Unemployment
Inflation and Its Effects
Nominal Values versus Real Values
The Consumer Price Index
Key Terms
Problems for Review
Chapter 14 Aggregate Demand and Aggregate Supply

Aggregate Demand
Why the Aggregate Demand Curve Slopes Downward
Factors that Shift the Aggregate Demand Curve
Q&A Increases in consumption, investment, and net exports were discussed as reasons for movements along the aggregate demand curve. Now they
Multiplier Effects and Aggregate Demand
The Marginal Propensities to Consume and Save
The Spending Multiplier
The Balanced Budget Multiplier
Short-Run Aggregate Supply
The Shape of the Short-Run Aggregate Supply Curve
Factors that Shift the Short-Run Aggregate Supply Curve
Macroeconomic Equilibrium
Long-Run Aggregate Supply and Economic Growth
Key Terms
Problems for Review
Chapter 15 Fiscal Policy

Government Expenditures, Revenues, and Taxes
Budget Surpluses, Deficits, and the Federal Debt
Schools of Economic Thought
Classical Theory
Keynesian Theory
Monetarist Theory
Areas of Consensus and Disagreement
Q&A What caused the Great Recession?
Types of Fiscal Policy and Their Effects
Expansionary Fiscal Policy
Contractionary Fiscal Policy
Automatic Stabilizers
Potential Problems with Fiscal Policy
Crowding Out
Supply-Side Fiscal Policy
Key Terms
Problems for Review
Chapter 16 Money and Banking

The Functions of Money
Medium of Exchange
Store of Value
Unit of Account
What Makes Something Money?
The Ideal Characteristics of Money
Types of Money
Commodity Money
Paper Money and the Gold Standard
Fiat Money
New Forms of Money
What Isn
Q&A Will digital alternatives replace cash entirely?
The Time Value of Money
Measures of the Money Supply
Banks and Thrifts
The Role of Commercial Banks in the Economy
Related Financial Institutions
Bank and Thrift Failures
How Banking Creates Money
Key Terms
Problems for Review
Chapter 17 Monetary Policy

The Federal Reserve System
Tools of Monetary Policy
Open Market Operations
The Discount Rate
Reserve Requirements
Strengths and Limitations
New Tools for Severe Problems
Q&A Who pays for the Fed
The Quantity Theory of Money
The Market for Money
Money Demand
Money Supply and Equilibrium
The Effects of Monetary Policy
Key Terms
Problems for Review
Part IV. Global Economic Issues

Chapter 18 Economic Growth and Development

Economic Growth and Development
Global Comparisons
Economic Growth and the Production Possibilities Frontier
Potential Output
Strategies for Achieving Economic Growth
More Physical Capital
More Human Capital
More Money
More Research and Development
More Foreign Involvement
Q&A What is a “banana republic”?
More Domestic Loans
Challenges for Developing Countries
Crime and Corruption
Weak Institutions
Unfit Leadership
Progress in Economic Development [LO needed]
Key Terms
Problems for Review
Chapter 19 International Trade and Finance

The Benefits of an Open Economy
Comparative Advantage
Absolute Advantage
Mutually Beneficial Trade
The Balance of Payments
Q&A How can I identify the terms of trade that would make both sides better off from trade?
The Balance of Trade
Trade Deficits
Barriers to Trade
Foreign Exchange Markets
Equilibrium in a Foreign Exchange Market
Why Currencies Appreciate and Depreciate
Key Terms
Problems for Review