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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

want is per capital income
Ume Reply
per person income
Wani
thanks
Ume
per capita income means per person income
Wani
Wani Ruhe. are u an economics student?
Tahir
yes
Wani
ume Rubab most welcome
Wani
yeh kya chalan yeit🙄
Danish
wani Ruhe, Kahan se ho?
Tahir
what are the limitations of economics?
Piyush
I think assumptions are limits of economics which the Economist gives
Wani
but if get question in exam.. what will the answer?
Piyush
What is national income and circular flow of income
Ridwan
what is elasticity
King Reply
Elasticity is an economics concept that measures responsiveness of one variable to changes in another variable.
characteristics of robbins defination
sweta Reply
who is an indifferent consumer?
KEANGO Reply
how do u calculate if the quantity remained the same
Tizyo Reply
does quantity remains the same
Kisha
what are the three variables that determines a country's standard of living?
Shannae Reply
The standard of living is a measure of the material aspects of a national or regional economy. It counts the amount of goods and services produced and available for purchase by a person, family, group, or nation.
Bishow
what's the difference between macro economics and micro economics
eddy Reply
microeconomics studies about only one factor of production, while macroeconomics studies about all factors of productions, that's the difference, Eddy Rajo
Saeed
micro economics deal with individual entities while macro economics deal As a whole
kamran
how to deal with scarcity?
maziku Reply
we can deal with it only by optimum utilization.
Rahul
use of rational decision making - the marginalist principle for maximising limited resources. + the decision making framework- which considers cost and benefits ( marginalist principle - weight marginal benefits and cost), constrains info gathering and perspectives to make the optimal decision.
samantha
government face scarcity by inviting the scale of preference
Toreef
we can die
impossible to deal with a scarcity , Whatever the government does, sooner or later the scarcity will appear again because the world is not endless and all the time something dies
Is monopolistic competition and monopoly have an assumption regarding profit maximization?
Mary Reply
even tho monopolists have more power than MC firms , explained by features of their market structure.
samantha
market power* - ability to set price or output.
samantha
Thank you for your wonderful respond.
Mary
how can we deal with scarcity!
maziku
what are the objectives of macroeconomics!
maziku
the broad objective of macroeconomics is to establish a broad based market clearing structure where everything runs on full efficiency.
Rahul
what are the main sources of monopoly
Meshack
What are the comparison between monopolistic competition and monopoly in terms to assumptions regarding degree of knowledge and decisions?
Mary Reply
monopoly is went there is one producer of an item in an particular environment that's the time we say the company o firm is enjoying monopoly because there is no competitor
Mustapha
how can concentrating on production of consumer goods dampen the future of an economy
Lubelihle Reply
there are 2 types of goods - the capital goods and consumer goods. capital goods area goods used in investment, output, which contribute to the productivity capacity of the economy, ability to achieve economic growth.
samantha
overemphasize on production for consumer goods, for current living standards of citizens might neglect production of a capital goods, thus impeding actual and potential growth, future material Standard of living.
samantha
so in this sense, concentration on production of consumer goods dampen the future of an economy.
samantha
explain the incomes elasticity of demand ?
Mbah Reply
income elasticity of demand shows how much quantity demand will change due to change in income it is measured as ed=∆D/∆I ∆D= represent change in quantity demand ∆I= change in income
Wani
agreed
Odessa
explain with more detail,
Saeed
hello
Saeed
example change the price of a large flat screen tv and much less p ople will buy
Odessa
but change the price of gasoline and many will still buy.
Odessa
it also shows on th graph
Odessa
okay, thank you
Saeed
is there any online classes on zoom etc. for its guidance?
Saeed
i don't think so
Abdullah
I can help
Odessa
or you can go to you tube. many good ones there
Odessa
odessa Singh
Saeed
odessa ok but can we arrange the zoom meeting in spare time .
Abdullah
I would like to but I am extremely busy. I run two companies and it would be difficult. i can help here or youtube has many videos
Odessa
going to a meeting now. ttyl
Odessa
where you are going to arrange class .
Abdullah
What is supply
King Reply
the quantity of goods and services producers are willing and able to sell at, at certain price level during a period of time.
samantha
goods / services
Kimberly
Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
Jan
The price elasticity of demand is the percentage change in quantity of goods, divide by the percentage change in price .
ISATU Reply
What is the basic economic problem
Grace Reply
What to produces How to produce For whom to produce
Ebrima

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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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