Economics 4th Edition Hubbard Test Bank

Economics 4th Edition Hubbard Test Bank

Product details:

• ISBN-10 ‏ : ‎ 013281725X
• ISBN-13 ‏ : ‎ 978-0132817257
• Author: R. Glenn Hubbard, Anthony P. O’Brien

Learn economics through real business examples.Hubbard/O’Brien explains the basics of economics by demonstrating how real businesses use economics to make real decisions everyday. This is something all readers can connect to, as they encounter businesses in their daily lives. And regardless of future career path€”opening an art studio, doing social work, trading on Wall Street, working for the government, or bartending at the local pub€”readers will benefit from understanding the economic forces behind their work.

Table contents:

Part 1 Introduction

1 Economics: Foundations and Models

Economics in Your Life and Career: How Much Will You Pay for a Cup of Coffee?

Three Key Economic Ideas

People Are Rational

People Respond to Incentives

Apply the Concept: Does Canada’s Health Care System Contribute to Obesity?

Optimal Decisions Are Made at the Margin

Solved Problem: 1.1 Binge Watching and Decisions at the Margin

The Economic Problems All Societies Must Solve

What Goods and Services Will Be Produced?

How Will the Goods and Services Be Produced?

Who Will Receive the Goods and Services Produced?

Centrally Planned Economies versus Market Economies

Apply the Concept: Central Planning Leads to Some Odd Products

The Modern Mixed Economy

Efficiency and Equity

Apply the Concept: The Equity–Efficiency Trade-off in the Classroom

Economic Models

The Role of Assumptions in Economic Models

Forming and Testing Hypotheses in Economic Models

Positive and Normative Analysis

Economics as a Social Science

Don’t Let This Happen to You: Don’t Confuse Positive Analysis with Normative Analysis

Apply the Concept: Should the Government of Saskatchewan Increase Its Minimum Wage?

Microeconomics and Macroeconomics

The Language of Economics

Economic in Your Life and Career: How Much Will You Pay for a Cup of Coffee?

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

Appendix: Using Graphs and Formulas

Graphs of One Variable

Graphs of Two Variables

Slopes of Lines

Taking into Account More than Two Variables on a Graph

Positive and Negative Relationships

Determining Cause and Effect

Are Graphs of Economic Relationships Always Straight Lines?

Slopes of Nonlinear Curves

Formulas

Formula for a Percentage Change

Formulas for the Areas of a Rectangle and a Triangle

Summary of Using Formulas

Problems and Applications

Economics in Your Life and Career: The Trade-offsWhen You Buy a Car

2 Trade-offs, Comparative Advantage,and the Market System

Production Possibilities Frontiers and Opportunity Costs

Graphing the Production Possibilities Frontier

Solved Problem: 2.1 Drawing a Production Possibilities Frontier for Pat’s Pizza Pit

Apply the Concept: Facing the Trade-offs of Health Care Spending

Increasing Marginal Opportunity Costs

Economic Growth

Comparative Advantage and Trade

Specialization and Gains from Trade

Absolute Advantage versus Comparative Advantage

Comparative Advantage and the Gains from Trade

Don’t Let This Happen to You: Don’t Confuse Absolute Advantage and Comparative Advantage

Solved Problem: 2.2 Comparative Advantage and the Gains from Trade

The Market System

The Circular Flow of Income

The Gains from Free Markets

The Legal Basis of a Successful Market System

Apply the Concept: Too Little of a Good Thing

Economics in Your Life and Career: The Trade-offs When You Buy a Car

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

3 Where Prices Come From: The Interaction of Supply and Demand

Economics in Your Life and Career: Can YOU Forecastthe Future Demand for Premium Bottled Water?

The Demand Side of the Market

Demand Schedules and Demand Curves

The Law of Demand

What Explains the Law of Demand?

That Magic Latin Phrase Ceteris Paribus

Variables that Shift Market Demand

Apply the Concept: The Transformation of Lobster from Inferior to Normal Good

Apply the Concept: Millennials Shake Up the Markets for Soda, Groceries, Big Macs, and Running Shoes

A Change in Demand versus a Changein Quantity Demanded

Apply the Concept: Forecasting the Demand for Premium Bottled Water

The Supply Side of the Market

Supply Schedules and Supply Curves

The Law of Supply

Variables that Shift Market Supply

A Change in Supply versus a Change in Quantity Supplied

Market Equilibrium: Putting Buyers and Sellers Together

How Markets Eliminate Surpluses and Shortages: Getting to Equilibrium

Solved Problem: 3.1 Demand and Supply Both Count: A Tale of Two Cards

Demand and Supply Both Count

The Effect of Demand and Supply Shifts on Equilibrium

The Effect of Shifts in Supply on Equilibrium

Solved Problem: 3.2 High Demand and Low Prices in the Lobster Market

Don’t Let This Happen to You: Remember: A Change in a Good’s Price Does Not Cause the Demand or

Shifts in a Curve versus Movements along a Curve

Economics in Your Life and Career: Can YOU Forecast the Future Demand for Premium Bottled Water?

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

Appendix: Quantitative Demand and Supply Analysis

Demand and Supply Equations

Problems and Applications

An Inside Look: Tim Hortons Launches Kids’ Menu in Push to Return to Its Roots

4 Economic Efficiency, Government Price Setting, and Taxes

Economics in Your Life and Career: Does Rent Control Make It Easier for You to Find an Affordable Ap

Consumer Surplus and Producer Surplus

Consumer Surplus

Apply the Concept: The Consumer Surplus from Uber

Producer Surplus

What Consumer Surplus and Producer Surplus Measure

The Efficiency of Competitive Markets

Marginal Benefit Equals Marginal Cost in Competitive Equilibrium

Economic Surplus

Deadweight Loss

Economic Surplus and Economic Efficiency

Government Intervention in the Market: Price Floors and Price Ceilings

Price Floors: Government Policy in Agricultural Markets

Apply the Concept: Price Floors in Labour Markets: The Debate over Minimum Wage Policy

Price Ceilings: Government Rent Control Policy in Housing Markets

Black Markets

Don’t Let This Happen to You: Don’t Confuse “Scarcity” with “Shortage”

Solved Problem: 4.1 What’s the Economic Effect of a Black Market for Apartments?

The Results of Government Price Controls: Winners, Losers, and Inefficiency

Apply the Concept: Price Controls and the Venezuelan Economy

Positive and Normative Analysis of Price Ceilings and Price Floors

The Economic Impact of Taxes

The Effect of Taxes on Economic Efficiency

Tax Incidence: Who Actually Pays a Tax?

Solved Problem: 4.2 When Do Consumers Pay All of a Sales Tax Increase?

Apply the Concept: How Is the Burden of Employment Insurance Premiums Shared between Workers and Fir

Economics in Your Life and Career: Does Rent Control Make It Easier for You to Find an Affordable Ap

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

An Inside Look: As Canadians buy record numberof pickups and SUVs, new fuel-economy rulesmay prove h

Part 2 Markets in Action: Policy and Applications

5 Externalities, Environmental Policy, and Public Goods

Economics in Your Life and Career: What’s the “Best” Level of Pollution?

Externalities and Economic Efficiency

The Effect of Externalities

Externalities and Market Failure

What Causes Externalities?

Private Solutions to Externalities: The Coase Theorem

The Economically Efficient Level of Pollution Reduction

Apply the Concept: The Montreal Protocol: Reducing Your Chances of Getting Skin Cancer

The Basis for Private Solutions to Externalities

Don’t Let This Happen to You: Remember That It’s the Net Benefit That Counts

Apply the Concept: The Fable of the Bees

Do Property Rights Matter?

The Problem of Transactions Costs

The Coase Theorem

Government Policies to Deal with Externalities

Solved Problem: 5.1 Using a Tax to Deal with a Negative Externality

Apply the Concept: Taxation and the Battle of the Bulge

Command-and-Control versus Market-Based Approaches

Are Tradable Emissions Allowances Licences to Pollute?

Apply the Concept: Can a Cap-and-Trade System Reduce Global Warming?

Four Categories of Goods

The Demand for a Public Good

The Optimal Quantity of a Public Good

Common Resources

Solved Problem: 5.2 Determining the Optimal Level of Public Goods

Economics in Your Life and Career: What’s the “Best” Level of Pollution?

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

6 Elasticity: The Responsiveness of Demand and Supply

Economics in Your Life and Career: Would PepsiCo and One of Its Bottlers Prefer a National or a Loca

The Price Elasticity of Demand and Its Measurement

Measuring the Price Elasticity of Demand

Apply the Concept: Elastic Demand and Inelastic Demand

An Example of Calculating Price Elasticities

The Midpoint Formula

Solved Problem: 6.1 Calculating the Price Elasticity of Demand

When Demand Curves Intersect, the Flatter Curve Is More Elastic

Polar Cases of Perfectly Elastic and Perfectly Inelastic Demand

Don’t Let This Happen to You: Don’t Confuse Inelastic with Perfectly Inelastic

The Determinants of the Price Elasticity of Demand

Availability of Close Substitutes

Passage of Time

Luxuries versus Necessities

Definition of the Market

Share of a Good in a Consumer’s Budget

Some Estimated Price Elasticities of Demand

The Relationship between Price Elasticity of Demand and Total Revenue

Elasticity and Revenue with a Linear Demand Curve

Solved Problem: 6.2 Price and Revenue Don’t Always Move in the Same Direction

Apply the Concept: Why Does Amazon Care about Price Elasticity?

Other Demand Elasticities

Cross-Price Elasticity of Demand

Income Elasticity of Demand

Using Elasticity to Analyze the Disappearing Family Farm

Apply the Concept: Price Elasticity, Cross-Price Elasticity, and Income Elasticity in the Market for

Solved Problem: 6.3 Using Price Elasticity to Analyze the Effects of a Soft Drink Tax

The Price Elasticity of Supply and Its Measurement

Measuring the Price Elasticity of Supply

Determinants of the Price Elasticity of Supply

Apply the Concept: Why Are Oil Prices So Unstable?

Polar Cases of Perfectly Elastic and Perfectly Inelastic Supply

Using Price Elasticity of Supply to Predict Changes in Price

Economics in Your Life and Career: Would PepsiCo and One of Its Bottlers Prefer a National or a Loca

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

An Inside Look: The best is the enemy of the green

Part 3 Firms in the Domestic and International Economies

7 Comparative Advantage and the Gains from International Trade

Economics in Your Life and Career: Should Your Member of Parliament Support a Tariff on Running Shoe

Canada and the International Economy

The Importance of Trade to the Canadian Economy

Canadian International Trade in a World Context

Comparative Advantage in International Trade

A Brief Review of Comparative Advantage

Comparative Advantage in International Trade

How Countries Gain from International Trade

Increasing Consumption through Trade

Apply the Concept: Bombardier Depends on International Trade

Why Don’t We Observe Complete Specialization?

Does Anyone Lose as a Result of International Trade?

Don’t Let This Happen to You: Remember That Trade Creates BOTH Winners and Losers

Where Does Comparative Advantage Come From?

Comparative Advantage over Time: The Rise and Fall of North American Manufacturing

Government Policies That Restrict International Trade

The Benefits of Trade—Imports

The Gains from Trade—Exports

Apply the Concept: USMCA—A New and Improved NAFTA?

Solved Problem: 7.1 Measuring the Effect of a Quota

The High Cost of Preserving Jobs with Tariffs and Quotas

Gains from Unilateral Elimination of Tariffs and Quotas

Other Barriers to Trade

The Arguments over Trade Policies and Globalization

Why Do Some People Oppose the World Trade Organization?

Apply the Concept: The Unintended Consequences of Banning Goods Made with Child Labour

Positive versus Normative Analysis (Once Again)

Economics in Your Life and Career: Should Your Member of Parliament Support a Tariff on Running Shoe

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

An Inside Look: Trump’s Washing Machine Tariffs Stung Consumers While Lifting Corporate Profits

Part 4 Microeconomic Foundations: Consumers and Firms

8 Consumer Choice and Behavioural Economics

Economics in Your Life and Career: Do You Make Rational Decisions?

Utility and Consumer Decision Making

The Economic Model of Consumer Behaviour in a Nutshell

Utility

The Principle of Diminishing Marginal Utility

The Rule of Equal Marginal Utility per Dollar Spent

Solved Problem: 8.1 Finding the Optimal Level of Consumption

What If the Rule of Equal Marginal Utility per Dollar Does Not Hold?

The Income Effect and Substitution Effect of a Price Change

Where Demand Curves Come From

Apply the Concept: Are There Any Upward-Sloping Demand Curves in the Real World?

Social Influences on Decision Making

The Effects of Celebrity Endorsements

Apply the Concept: Why Do Firms Pay Connor McDavid to Endorse Their Products?

Network Externalities

Does Fairness Matter?

Apply the Concept: Who Made the Most Profit from the Broadway Musical Hamilton?

Behavioural Economics: Do People Make Their Choices Rationally?

Ignoring Nonmonetary Opportunity Costs

Failing to Ignore Sunk Costs

Apply the Concept: A Blogger Who Understands the Importance of Ignoring Sunk Costs

Being Unrealistic about Future Behaviour

Apply the Concept: Why Don’t Students Study More?

Solved Problem: 8.2 How Do You Get People to Save More of Their Income?

“Nudges”: Using Behavioural Economics to Guide Behaviour

The Behavioural Economics of Shopping

Economics in Your Life and Career: Do You Make Rational Decisions?

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

An Inside Look: One Simple Rule: Why Teens Are Fleeing Facebook

Part 5 Market Structure and Firm Strategy

9 Technology, Production, and Costs

Economics in Your Life and Career: Using Cost Concepts in Your Own Business

Technology: An Economic Definition

Apply the Concept: Would You Please Be Quiet? Technological Change at Segment.com

The Short Run and the Long Run in Economics

The Difference between Fixed Costs and Variable Costs

Apply the Concept: Fixed Costs in the Publishing Industry

Implicit Costs versus Explicit Costs

The Production Function

A First Look at the Relationship between Production and Cost

The Marginal Product of Labour and the Average Product of Labour

The Law of Diminishing Returns

Graphing Production

Apply the Concept: Adam Smith’s Famous Account of the Division of Labour in a Pin Factory

The Relationship between Marginal Product and Average Product

An Example of Marginal and Average Values: University Grades

The Relationship between Short-Run Production and Short-Run Cost

Marginal Cost

Why Are the Marginal and Average Cost Curves U Shaped?

Solved Problem: 9.1 Calculating Marginal Cost and Average Cost

Graphing Cost Curves

Costs in the Long Run

Economies of Scale

Long-Run Average Cost Curves for Automobile Factories

Solved Problem: 9.2 Using Long-Run Average Cost Curves to Understand Business Strategy

Apply the Concept: The Colossal River Rouge: Diseconomies of Scale at Ford Motor Company

Don’t Let This Happen to You: Don’t Confuse Diminishing Returns with Diseconomies of Scale

Economics in Your Life and Career: Using Cost Concepts in Your Own Business

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost

Isoquants

An Isoquant Graph

The Slope of an Isoquant

Isocost Lines

Graphing the Isocost Line

The Slope and Position of the Isocost Line

Choosing the Cost-Minimizing Combination of Capital and Labour

Different Input Price Ratios Lead to Different Input Choices

Another Look at Cost Minimization

Solved Problem 9A.1: Firms Responding to Differences in Input Price Ratios

Solved Problem 9A.2: Determining the Optimal Combination of Inputs

Apply the Concept: Do National Football League Teams Behave Efficiently?

The Expansion Path

Key Terms

10 Firms in Perfectly Competitive Markets

Economics in Your Life and Career: Are You an Entrepreneur?

Perfectly Competitive Markets

A Perfectly Competitive Firm Cannot Affect the Market Price

The Demand Curve for the Output of a Perfectly Competitive Firm

Don’t Let This Happen to You: Don’t Confuse the Demand Curve for Farmer Parker’s Wheat with th

How a Firm Maximizes Profit in a Perfectly Competitive Market

Revenue for a Firm in a Perfectly Competitive Market

Determining the Profit-Maximizing Level of Output

Illustrating Profit or Loss on the Cost Curve Graph

Showing Profit on a Graph

Solved Problem: 10.1 Determining Profit-Maximizing Price and Quantity

Don’t Let This Happen to You: Remember that Firms Maximize Their Total Profit, Not Their Profit pe

Illustrating When a Firm Is Breaking Even or Operating at a Loss

Apply the Concept: Losing Money in the Restaurant Business

Deciding Whether to Produce or to Shut Down in the Short Run

The Supply Curve of a Firm in the Short Run

Solved Problem: 10.2 When to Shut Down a Farm

The Market Supply Curve in a Perfectly Competitive Industry

“If Everyone Can Do It, You Can’t Make Money at It”: The Entry and Exit of Firms in the Long R

Economic Profit and the Entry or Exit Decision

Long-Run Equilibrium in a Perfectly Competitive Market

The Long-Run Supply Curve in a Perfectly Competitive Market

Increasing-Cost and Decreasing-Cost Industries

Apply the Concept: In the Apple App Store, Easy Entry Makes the Long Run Pretty Short

Perfect Competition and Economic Efficiency

Productive Efficiency

Solved Problem: 10.3 How Productive Efficiency Benefits Consumers

Allocative Efficiency

Economics in Your Life and Career: Are You an Entrepreneur?

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

11 Monopolistic Competition: The Competitive Model in a More Realistic Setting

Economics in Your Life and Career: Can You Operate a Successful Restaurant?

Demand and Marginal Revenue for a Firm in a Monopolistically Competitive Market

The Demand Curve for a Monopolistically Competitive Firm

Marginal Revenue for a Firm with a Downward-Sloping Demand Curve

How a Monopolistically Competitive Firm Maximizes Profit in the Short Run

Solved Problem: 11.1 Does Minimizing Cost Maximize Profit at Apple?

What Happens to Profits in the Long Run?

How Does the Entry of New Firms Affect the Profits of Existing Firms?

Don’t Let This Happen to You: Don’t Confuse Zero Economic Profit with Zero Accounting Profit

Apply the Concept: Is “Clean Food” a Sustainable Market Niche for Panera?

Is Zero Economic Profit Inevitable in the Long Run?

Solved Problem: 11.2 Red Robin Abandons an Experiment in Fast-Casual Restaurants

Comparing Monopolistic Competition and Perfect Competition

Excess Capacity under Monopolistic Competition

Is Monopolistic Competition Inefficient?

How Consumers Benefit from Monopolistic Competition

Apply the Concept: One Way to Differentiate Your Restaurant? Become a Ghost!

How Marketing Differentiates Products

Brand Management

Advertising

Defending a Brand Name

What Makes a Firm Successful?

Apply the Concept: Is Being the First Firm in the Market a Key to Success?

Economics in Your Life and Career: Opening Your Own Restaurant

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

12 Oligopoly: Firms in Less Competitive Markets

Economics in Your Life and Career: If You Were Managing a Walmart, Would You Cut the Price of a Play

Oligopoly and Barriers to Entry

Barriers to Entry

Apply the Concept: Got a Great Recipe for Cookies? Don’t Try Selling Them Anywhere Other Than Farm

Game Theory and Oligopoly

A Duopoly Game: Price Competition between Two Firms

Firm Behavior and the Prisoner’s Dilemma

Can Firms Escape the Prisoner’s Dilemma?

Don’t Let This Happen to You: Don’t Misunderstand Why Each Firm Ends Up Charging a Price of $9.9

Solved Problem: 12.1 Is Offering a University Student Discount a Prisoner’s Dilemma for Apple and

Apply the Concept: Are Airlines in North America Colluding?

Cartels: The Case of OPEC

Sequential Games and Business Strategy

Deterring Entry

Solved Problem: 12.2 Is Deterring Entry Always a Good Idea?

Bargaining

The Five Competitive Forces Model

1. Competition from Existing Firms

2. The Threat from Potential Entrants

3. Competition from Substitute Goods or Services

4. The Bargaining Power of Buyers

5. The Bargaining Power of Suppliers

Apply the Concept: Can We Predict Which Firms Will Continue to Be Successful?

Economics in Your Life & Career: If You Were Managing a Walmart, Would You Cut the Price of a PlaySt

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

13 Monopoly and Competition Policy

Economics in Your Life and Career: Why Does Toronto Have Only One NHL Team?

Is Any Firm Ever Really a Monopoly?

Apply the Concept: Netflix Not So Chill

Where Do Monopolies Come From?

Government Action Blocks Entry

Apply the Concept: A Monopoly® Monopoly

Control of a Key Resource

Apply the Concept: Are Diamond Profits Forever? The De Beers Diamond Monopoly

Network Externalities

Natural Monopoly

Solved Problem: 13.1 Is Facebook a Natural Monopoly?

How Does a Monopoly Choose Price and Output?

Marginal Revenue Once Again

Profit Maximization for a Monopolist

Solved Problem: 13.2 Finding the Profit-Maximizing Price and Output for a Monopolist

Don’t Let This Happen to You: Don’t Assume that Charging a Higher Price Is Always More Profitabl

Does Monopoly Reduce Economic Efficiency?

Comparing Monopoly and Perfect Competition

Measuring the Efficiency Losses from Monopoly

How Large Are the Efficiency Losses Due to Monopoly?

Market Power and Technological Change

Government Policy toward Monopoly

Competition Laws and Enforcement

Mergers: The Trade-off between Market Power and Efficiency

The Competition Bureau and Merger Guidelines

Regulating Natural Monopolies

Solved Problem: 13.3 What Should Your University Charge for a MOOC?

Economics in Your Life and Career: Why Does Toronto Have Only One NHL Team?

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

An Inside Look: Canada’s oil sands: The steam from below

Part 6 Labour Markets, Public Choice, and the Distribution of Income

14 The Markets for Labour and Other Factors of Production

Economics in Your Life and Career: When Should You Give an Employee a Raise?

The Demand for Labour

The Marginal Revenue Product of Labour

Solved Problem: 14.1 Hiring Decisions by a Firm that Is a Price Maker

The Market Demand Curve for Labour

Factors That Shift the Market Demand Curve for Labour

The Supply of Labour

The Market Supply Curve of Labour

Factors that Shift the Market Supply Curve of Labour

Equilibrium in the Labour Market

The Effect on Equilibrium Wages of a Shift in Labour Demand

The Effect of Immigration on the Canadian Labour Market

Apply the Concept: Is Investing in a University Education a Good Idea?

Apply the Concept: Will You Compete with a Robot for a Job—Or Work with One?

Explaining Differences in Wages

Compensating Differentials

Don’t Let This Happen to You: Remember that Prices and Wages Are Determined at the Margin

Apply the Concept: Technology and the Earnings of “Superstars”

Discrimination

Solved Problem: 14.2 Is Passing “Comparable Worth” Legislation a Good Way to Close the Gap betwe

Apply the Concept: Does Greg Have an Easier Time Finding a Job than Jamal?

Labour Unions

Personnel Economics

Should Workers’ Pay Depend on How Much They Work or on How Much They Produce?

Apply the Concept: A Better Way to Sell Contact Lenses

Other Considerations in Setting Compensation Systems

The Markets for Capital and Natural Resources

The Market for Capital

The Market for Natural Resources

Monopsony

The Marginal Productivity Theory of Income Distribution

Economics in Your Life and Career: When Should You Give an Employee a Raise?

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

15 Public Choice, Taxes, and the Distribution of Income

Economics in Your Life and Career: How Much Tax Should You Pay?

Public Choice

How Do We Know the Public Interest? Models of Voting

Government Failure?

Is Government Regulation Necessary?

The Tax System

An Overview of the Canadian Tax System

Progressive and Regressive Taxes

Marginal and Average Income Tax Rates

Apply the Concept: Which Groups Pay the Most in Federal Taxes?

International Comparison of Corporate Income Taxes

Evaluating Taxes

Apply the Concept: Should the Federal Government Raise Income Taxes or the GST?

Tax Incidence Revisited: The Effect of Price Elasticity

Don’t Let This Happen to You: Remember Not to Confuse Who Pays a Tax with Who Bears the Burden of

Apply the Concept: Do Corporations Really Bear the Burden of the Federal Corporate Income Tax?

Solved Problem: 15.1 The Effect of Price Elasticity on the Excess Burden of a Tax

Income Distribution and Poverty

Measuring the Income Distribution and Poverty

Factors Related to Poverty and Income Inequality

Showing the Income Distribution with a Lorenz Curve

Problems in Measuring Poverty and the Distribution of Income

Solved Problem: 15.2 Are Many Individuals Stuck in Poverty?

Income Distribution and Poverty around the World

Economics in Your Life and Career: How Much Tax Should You Pay?

Conclusion

Key Terms

Chapter Summary and Problems

Critical Thinking Exercises

An Inside Look: Why Are Harvard Graduatesin the Mailroom?

Glossary

Company Index

Subject Index

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