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Questions for each level of learning

The OpenStax version of Principles of Microeconomics further expands on Taylor’s original end of chapter materials by offering four types of end-of-module questions for students.

  • Self-Checks: Are analytical self-assessment questions that appear at the end of each module. They “click–to-reveal” an answer in the web view so students can check their understanding before moving on to the next module. Self-Check questions are not simple look-up questions. They push the student to think a bit beyond what is said in the text. Self-Check questions are designed for formative (rather than summative) assessment. The questions and answers are explained so that students feel like they are being walked through the problem.
  • Review Questions: Have been retained from Taylor’s version, and are simple recall questions from the chapter and are in open-response format ( not multiple choice or true/false). The answers can be looked up in the text.
  • Critical Thinking Questions: Are new higher-level, conceptual questions that ask students to demonstrate their understanding by applying what they have learned in different contexts. They ask for outside-the-box thinking, for reasoning about the concepts. They push the student to places they wouldn’t have thought of going themselves.
  • Problems: Are exercises that give students additional practice working with the analytic and computational concepts in the module.

Updated art

Principles of Microeconomics includes an updated art program to better inform today’s student, providing the latest data on covered topics.

Corporate profits after tax (adjusted for inventory and capital consumption)

sample image
Since 2000, corporate profits after tax have mostly continued to increase each year, save for a substantial decrease between 2008 and 2009 as a result of the Great Recession. (Source: http://research.stlouisfed.org/fred2)

About our team

Senior contributing author

Timothy Taylor, Macalester College
Timothy Taylor has been writing and teaching about economics for 30 years, and is the Managing Editor of the Journal of Economic Perspectives , a post he’s held since 1986. He has been a lecturer for The Teaching Company, the University of Minnesota, and the Hubert H. Humphrey Institute of Public Affairs, where students voted him Teacher of the Year in 1997. His writings include numerous pieces for journals such as the Milken Institute Review and The Public Interest , and he has been an editor on many projects, most notably for the Brookings Institution and the World Bank, where he was Chief Outside Editor for the World Development Report 1999/2000, Entering the 21st Century: The Changing Development Landscape . He also blogs four to five times per week at http://conversableeconomist.blogspot.com. Timothy Taylor lives near Minneapolis with his wife Kimberley and their three children.

Senior content expert

Steven A. Greenlaw, University of Mary Washington
Steven Greenlaw has been teaching principles of economics for more than 30 years. In 1999, he received the Grellet C. Simpson Award for Excellence in Undergraduate Teaching at the University of Mary Washington. He is the author of Doing Economics: A Guide to Doing and Understanding Economic Research , as well as a variety of articles on economics pedagogy and instructional technology, published in the Journal of Economic Education , the International Review of Economic Education , and other outlets. He wrote the module on Quantitative Writing for Starting Point: Teaching and Learning Economics , the web portal on best practices in teaching economics. Steven Greenlaw lives in Alexandria, Virginia with his wife Kathy and their three children.

Senior contributors

Eric Dodge Hanover College
Cynthia Gamez University of Texas at El Paso
Andres Jauregui Columbus State University
Diane Keenan Cerritos College
Dan MacDonald California State University San Bernardino
Amyaz Moledina The College of Wooster
Craig Richardson Winston-Salem State University
David Shapiro Pennsylvania State University
Ralph Sonenshine American University

Reviewers

Bryan Aguiar Northwest Arkansas Community College
Basil Al Hashimi Mesa Community College
Emil Berendt Mount St. Mary's University
Zena Buser Adams State University
Douglas Campbell The University of Memphis
Sanjukta Chaudhuri University of Wisconsin - Eau Claire
Xueyu Cheng Alabama State University
Robert Cunningham Alma College
Rosa Lea Danielson College of DuPage
Steven Deloach Elon University
Debbie Evercloud University of Colorado Denver
Sal Figueras Hudson County Community College
Reza Ghorashi Richard Stockton College of New Jersey
Robert Gillette University of Kentucky
George Jones University of Wisconsin-Rock County
Charles Kroncke College of Mount St. Joseph
Teresa Laughlin Palomar Community College
Carlos Liard-Muriente Central Connecticut State University
Heather Luea Kansas State University
William Mosher Nashua Community College
Michael Netta Hudson County Community College
Nick Noble Miami University
Joe Nowakowski Muskingum University
Shawn Osell University of Wisconsin, Superior
Mark Owens Middle Tennessee State University
Sonia Pereira Barnard College
Brian Peterson Central College
Jennifer Platania Elon University
Robert Rycroft University of Mary Washington
Adrienne Sachse Florida State College at Jacksonville
Hans Schumann Texas AM
Gina Shamshak Goucher College
Chris Warburton John Jay College of Criminal Justice, CUNY
Mark Witte Northwestern
Chiou-nan Yeh Alabama State University

Ancillaries

OpenStax projects offer an array of ancillaries for students and instructors. Please visit http://openstaxcollege.org and view the learning resources for this title.

Questions & Answers

What is an axiom in economics
Akerivaan Reply
And it examples
Akerivaan
Why is normal indifference curve convex to the origin? In which way does this convexity affect the marginal rate of substitution?
Alwyn Reply
What is Budget constraint
Veena Reply
Budget constraints is when government expenditure is greater than government revenue or when revenue is less than expenditure.
Jeremiah
thanks
fuh
join you to microeconomic
fuh
what is the deferent between quantity demand and quantity demanded
Affoh
what will happen to the budget constraints if the consumer income decline?
Maryam Reply
please what is the relationship between microeconomics and macroeconomics?
Maryam
Accordingly, Microeconomics focuses on the drivers of decision making, as well as the ways in which individuals' decisions affect the overall supply and demand and supply of particular goods and services, in an economy, and in turn their prices. Whereas Macroeconomics is the study of the big picture
Donia
Of the economy (retrieved from Google)
Donia
***quora.com/How-do-microeconomics-and-macroeconomics-interrelate
Donia
when consumer's income decline then purchasing power of consumer decreases .Budget line shifts inward.
Zeeshan
what is a deductive reasoning
tobi Reply
Deductive reasoning makes use of to arrive at the conclusion.That is, the premise must be real and put to rest .
Jeremiah
Deductive statement makes use of facts to arrive at the conclusion.That is ,the premise must be real and put to rest in order to produce the required results.
Jeremiah
what is scarcity
Agegnehu
scarcity is as a result of miss management and poor allocation of resources.
Jeremiah
what is monopoly in economics
Kenneth
price change in case of an inferior good
divya Reply
Search on Google
Harsh
the purchase of an inferior good decreases with increase in income and vice versa
Alwyn
what is frontier
Ebrima Reply
I want the answers
Gideon
What is the difference between microeconomics and macroeconomics?
Krysstel Reply
what is demand
Chidex Reply
demand Is the quantity of goods a consumer is willing and able to produce at a given price and at a particular period of time.
inioluwa
fixed and variable factors of production
muqtaar Reply
James' income declines, and as a result, he buys more spinach. Is spinach an inferior or a normal good? What happens to James' demand curve for spinach?
Alwyn Reply
When the price floor is implemented, the equilibrium quantity will decrease. Is it true or wrong?
naim Reply
it's true
Nathaniel
what is elasticity
Chibuzor Reply
calculate the price elasticity of demand for Mr chibuzor (y) using both arc and price elasticity formulae
Chibuzor
The best way to understand elasticity is just looking to your behavior as a consumer. Just think about the basic need like food. We all know without, one end up dying if could not eat for a couple of days. It is a reason we say the demand is inelastic. It's impossible to survive without food.
busywork
On the other hand, the demand for luxury goods is elastic because it's sensitive to price changes as it is possible to survive without such good like expensive car. We say demand for such goods is elastic because as consumers, we have an option of not buying as it's possible to survive without them.
busywork
pls how do u calculate for the opportunity cost of two commodities when giving two commodities in question, and one is measured in tons and the other is measured in units
DBA Reply
what are tge factors that causes change in demand
emy Reply
change in income change in price change in taste and preference
Wahida
Change in price, ,availability of substitutes ,change in consumer preferences, changes in economic situation.
busywork
Qd=f(Y, P ,Ps ,F, T ,W , Pop)
Zeeshan
substitute goods taste preference income
Hermina
income increase and decrease is the most important reason of demand changing
Taufiq
Price variable : price This leads to a same direction change for certain luxury goods, and to an opposite direction change for the ordinary, normal, inferior... that's the remaining types of goods. As a result, the is a movement along the demand curve. We also have non price variables like income,
Jonas
We also have non price variables like income, that increases the willingness to pay of the consumers and thus increase the demande at any price, leading to a shift of the demand curve to the right if income increases or to the left of income decreases. A change in income also leads to
Jonas
A same direction change in demand for the normal good and for the opposite direction change for inferior goods.
Jonas
We also have other non price variables like taste, time horizon,...
Jonas

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Source:  OpenStax, Microeconomics. OpenStax CNX. Aug 03, 2014 Download for free at http://legacy.cnx.org/content/col11627/1.10
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