TEST BANK
Economics, 9th edition
By Glenn Hubbard, Anthony Patrick O'Brien
SC
O
R
EG
U
ID
ES
, Table of Content
PART 1: INTRODUCTION
Economics: Foundations and Models
Appendix: Using Graphs and Formulas
Trade-offs, Comparative Advantage, and the Market System
Where Prices Come From: The Interaction of Demand and Supply
Economic Efficiency, Government Price Setting, and Taxes
SC
Appendix: Quantitative Demand and Supply Analysis
PART 2: MARKETS IN ACTION: POLICY AND
APPLICATIONS
Externalities, Environmental Policy, and Public Goods
Elasticity: The Responsiveness of Demand and Supply
O
The Economics of Health Care
PART 3: FIRMS IN THE DOMESTIC AND INTERNATIONAL
ECONOMIES
R
Firms, the Stock Market, and Corporate Governance
Appendix: Present Value
Online Appendix: Tools to Analyze Firms’ Financial Information
EG
Comparative Advantage and the Gains from International Trade
PART 4: MICROECONOMIC FOUNDATIONS: CONSUMERS
AND FIRMS
Consumer Choice and Behavioral Economics
Appendix: Using Indifference Curves and Budget Lines to Understand
U
Consumer Behavior
Technology, Production, and Costs
ID
Online Appendix: Using Isoquants and Isocost Lines to Understand
Production and Cost
PART 5: MARKET STRUCTURE AND FIRM STRATEGY
Firms in Perfectly Competitive Markets
ES
Monopolistic Competition: The Competitive Model in a More
Realistic Setting
Oligopoly: Firms in Less Competitive Markets
Monopoly and Antitrust Policy
PART 6: LABOR MARKETS, PUBLIC CHOICE, AND THE
DISTRIBUTION OF INCOME
The Markets for Labor and Other Factors of Production
Public Choice, Taxes, and the Distribution of Income
,PART 7: MACROECONOMIC FOUNDATIONS AND LONG-RUN
GROWTH
GDP: Measuring Total Production and Income
Unemployment and Inflation
Economic Growth, the Financial System, and Business Cycles
Long-Run Economic Growth: Sources and Policies
PART 8: SHORT-RUN FLUCTUATIONS
Aggregate Expenditure and Output in the Short Run
SC
Appendix: The Algebra of Macroeconomic Equilibrium
Aggregate Demand and Aggregate Supply Analysis
Appendix: Macroeconomic Schools of Thought
PART 9: MONETARY AND FISCAL POLICY
Banks, Money, and the Federal Reserve System
O
Monetary Policy
Online Appendix: Money Market and the Fed
Fiscal Policy
R
Online Appendix: A Closer Look at the Multiplier
Inflation, Unemployment, and Federal Reserve Policy
EG
PART 10: THE INTERNATIONAL ECONOMY
Macroeconomics in an Open Economy and the International Financial
System
Online Appendix: The Gold Standard and the Bretton Woods System
U
ID
ES
, Test Bank for Economics, 9th edition by Glenn Hubbard
Economics Digital Update, 9e (Hubbard) All Chapters ✅
Chapter 1 Economics: Foundations and Models
1.1 Three Key Economic Ideas 24/7 Customer Support ✅
1) Apple assembles most iPhones in China and India because the lower wages earned by Chinese and
Indian workers and their experience in electronics manufacturing reduce the costs of assembling iPhones.
This is an example of Apple reacting to which of the three key economic ideas?
SC
A) People are rational.
B) People respond to economic incentives.
C) Optimal decisions are made at the margin.
D) Firms aFempt to maximize revenues.
Answer: B
Diff: 2
Topic: Scarcity
O
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
R
Special Feature: Chapter Opener: Should Apple Manufacture the iPhone in the United States?
2) In economics, choices must be made because we live in a world of
A) unemployment.
EG
B) scarcity.
C) greed.
D) unlimited resources.
Answer: B
Diff: 1
Topic: Scarcity
*: Recurring
U
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
ID
3) Which of the following statements about scarcity is true?
A) Scarcity refers to the situation in which unlimited wants exceed limited resources.
B) Scarcity is not a problem for the wealthy.
C) Scarcity is only a problem when a country has too large a population.
D) Scarcity only arises when there is a wide disparity in income distribution.
ES
Answer: A
Diff: 1
Topic: Scarcity
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
1
Economics, 9th edition
By Glenn Hubbard, Anthony Patrick O'Brien
SC
O
R
EG
U
ID
ES
, Table of Content
PART 1: INTRODUCTION
Economics: Foundations and Models
Appendix: Using Graphs and Formulas
Trade-offs, Comparative Advantage, and the Market System
Where Prices Come From: The Interaction of Demand and Supply
Economic Efficiency, Government Price Setting, and Taxes
SC
Appendix: Quantitative Demand and Supply Analysis
PART 2: MARKETS IN ACTION: POLICY AND
APPLICATIONS
Externalities, Environmental Policy, and Public Goods
Elasticity: The Responsiveness of Demand and Supply
O
The Economics of Health Care
PART 3: FIRMS IN THE DOMESTIC AND INTERNATIONAL
ECONOMIES
R
Firms, the Stock Market, and Corporate Governance
Appendix: Present Value
Online Appendix: Tools to Analyze Firms’ Financial Information
EG
Comparative Advantage and the Gains from International Trade
PART 4: MICROECONOMIC FOUNDATIONS: CONSUMERS
AND FIRMS
Consumer Choice and Behavioral Economics
Appendix: Using Indifference Curves and Budget Lines to Understand
U
Consumer Behavior
Technology, Production, and Costs
ID
Online Appendix: Using Isoquants and Isocost Lines to Understand
Production and Cost
PART 5: MARKET STRUCTURE AND FIRM STRATEGY
Firms in Perfectly Competitive Markets
ES
Monopolistic Competition: The Competitive Model in a More
Realistic Setting
Oligopoly: Firms in Less Competitive Markets
Monopoly and Antitrust Policy
PART 6: LABOR MARKETS, PUBLIC CHOICE, AND THE
DISTRIBUTION OF INCOME
The Markets for Labor and Other Factors of Production
Public Choice, Taxes, and the Distribution of Income
,PART 7: MACROECONOMIC FOUNDATIONS AND LONG-RUN
GROWTH
GDP: Measuring Total Production and Income
Unemployment and Inflation
Economic Growth, the Financial System, and Business Cycles
Long-Run Economic Growth: Sources and Policies
PART 8: SHORT-RUN FLUCTUATIONS
Aggregate Expenditure and Output in the Short Run
SC
Appendix: The Algebra of Macroeconomic Equilibrium
Aggregate Demand and Aggregate Supply Analysis
Appendix: Macroeconomic Schools of Thought
PART 9: MONETARY AND FISCAL POLICY
Banks, Money, and the Federal Reserve System
O
Monetary Policy
Online Appendix: Money Market and the Fed
Fiscal Policy
R
Online Appendix: A Closer Look at the Multiplier
Inflation, Unemployment, and Federal Reserve Policy
EG
PART 10: THE INTERNATIONAL ECONOMY
Macroeconomics in an Open Economy and the International Financial
System
Online Appendix: The Gold Standard and the Bretton Woods System
U
ID
ES
, Test Bank for Economics, 9th edition by Glenn Hubbard
Economics Digital Update, 9e (Hubbard) All Chapters ✅
Chapter 1 Economics: Foundations and Models
1.1 Three Key Economic Ideas 24/7 Customer Support ✅
1) Apple assembles most iPhones in China and India because the lower wages earned by Chinese and
Indian workers and their experience in electronics manufacturing reduce the costs of assembling iPhones.
This is an example of Apple reacting to which of the three key economic ideas?
SC
A) People are rational.
B) People respond to economic incentives.
C) Optimal decisions are made at the margin.
D) Firms aFempt to maximize revenues.
Answer: B
Diff: 2
Topic: Scarcity
O
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
R
Special Feature: Chapter Opener: Should Apple Manufacture the iPhone in the United States?
2) In economics, choices must be made because we live in a world of
A) unemployment.
EG
B) scarcity.
C) greed.
D) unlimited resources.
Answer: B
Diff: 1
Topic: Scarcity
*: Recurring
U
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
ID
3) Which of the following statements about scarcity is true?
A) Scarcity refers to the situation in which unlimited wants exceed limited resources.
B) Scarcity is not a problem for the wealthy.
C) Scarcity is only a problem when a country has too large a population.
D) Scarcity only arises when there is a wide disparity in income distribution.
ES
Answer: A
Diff: 1
Topic: Scarcity
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
economist
AACSB: Analytical thinking
1
