Principles of Economics Textbook & Test Bank

Principles of Economics by OpenStax plus MCQ, Essay Questions & Key Terms

Principles of Economics covers scope and sequence requirements for a two-semester introductory economics course. The authors take a balanced approach to micro- and macroeconomics, to both Keynesian and classical views, and to the theory and application of economics concepts. The text also includes many current examples, which are handled in a politically equitable way.

* Complete Textbook by OpenStax

* Multiple Choices Questions (MCQ)

* Essay Questions Flash Cards

* Key-Terms Flash Cards

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1. Welcome to Economics!

1.1. What Is Economics, and Why Is It Important?

1.2. Microeconomics and Macroeconomics

1.3. How Economists Use Theories and Models to Understand Economic Issues

1.4. How Economies Can Be Organized: An Overview of Economic Systems

2. Choice in a World of Scarcity

2.1. How Individuals Make Choices Based on Their Budget Constraint

2.2. The Production Possibilities Frontier and Social Choices

2.3. Confronting Objections to the Economic Approach

3. Demand and Supply

3.1. Demand, Supply, and Equilibrium in Markets for Goods and Services

3.2. Shifts in Demand and Supply for Goods and Services

3.3. Changes in Equilibrium Price and Quantity: The Four-Step Process

3.4. Price Ceilings and Price Floors

3.5. Demand, Supply, and Efficiency

4. Labor and Financial Markets

4.1. Demand and Supply at Work in Labor Markets

4.2. Demand and Supply in Financial Markets

4.3. The Market System as an Efficient Mechanism for Information

5. Elasticity

5.1. Price Elasticity of Demand and Price Elasticity of Supply

5.2. Polar Cases of Elasticity and Constant Elasticity

5.3. Elasticity and Pricing

5.4. Elasticity in Areas Other Than Price

6. Consumer Choices

6.1. Consumption Choices

6.2. How Changes in Income and Prices Affect Consumption Choices

6.3. Labor-Leisure Choices

6.4. Intertemporal Choices in Financial Capital Markets

7. Cost and Industry Structure

7.1. Explicit and Implicit Costs, and Accounting and Economic Profit

7.2. The Structure of Costs in the Short Run

7.3. The Structure of Costs in the Long Run

8. Perfect Competition

8.1. Perfect Competition and Why It Matters

8.2. How Perfectly Competitive Firms Make Output Decisions

8.3. Entry and Exit Decisions in the Long Run

8.4. Efficiency in Perfectly Competitive Markets

9. Monopoly

9.1. How Monopolies Form: Barriers to Entry

9.2. How a Profit-Maximizing Monopoly Chooses Output and Price

10. Monopolistic Competition and Oligopoly

10.1. Monopolistic Competition

10.2. Oligopoly

11. Monopoly and Antitrust Policy

11.1. Corporate Mergers

11.2. Regulating Anticompetitive Behavior

11.3. Regulating Natural Monopolies

11.4. The Great Deregulation Experiment

12. Environmental Protection and Negative Externalities

12.1. The Economics of Pollution

12.2. Command-and-Control Regulation

12.3. Market-Oriented Environmental Tools

12.4. The Benefits and Costs of U.S. Environmental Laws

12.5. International Environmental Issues

12.6. The Tradeoff between Economic Output and Environmental Protection

13. Positive Externalities and Public Goods

14. Poverty and Economic Inequality

15. Issues in Labor Markets: Unions, Discrimination, Immigration

16. Information, Risk, and Insurance

17. Financial Markets

18. Public Economy

19. The Macroeconomic Perspective

20. Economic Growth

21. Unemployment

22. Inflation

23. The International Trade and Capital Flows

24. The Aggregate Demand/Aggregate Supply Model

25. The Keynesian Perspective

26. The Neoclassical Perspective

27. Money and Banking

28. Monetary Policy and Bank Regulation

29. Exchange Rates and International Capital Flows

30. Government Budgets and Fiscal Policy

31. The Impacts of Government Borrowing

32. Macroeconomic Policy Around the World

33. International Trade

34. Globalization and Protectionism