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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 are the causes of scarcity
Herieth Reply
meaning of economc system
Herieth
what are the principle of economics
Lumen Reply
The question is not straight
Muafue
How do you manage the exchange rate between local and foreign currency
Florence
How does the exchange rate impact production in developing countries
Florence
The appreciation promotes imports substitutions production but devaluation promotes exportable production .As LDCs have unelasticity production factors the devaluation would likely promote the nontradeable goods sector.
wael
what if there's no intervention in an Economy where there is increase in money supply
Florence
What is economic problem?
benard Reply
economic problem basicaly three types whom to produce, what to produce , How to produce you have called choice of commodity also it called central problem of economic
Shad
basic theory about economics
Areeba Reply
what is economics? Define
Shad Reply
A science that studies about human behavior as a relationship between ends and scarce means that have alternative uses,all other things being equal
Oduro
the management and effective use of limited resources to acheive maximum satisfaction of human material wants
Lesedi
is the study of mankind in ordinary business of life by marshall
Herieth
what is decision making
patience Reply
Q=6L-0.5L^2 where Qis no. of car washed and L is the no. of labours. P of each wash is 500 rs and wage =500/labour .as a rational person how many labour will we hire.
Lokesh Reply
given Q¢y=500-0.5Py-2.3pw+0.2Px+0.000001Pz+0.0037i provided that ;Py=30000:Qy=15000; income=60000 1•find price elasticity 2•income elasticity of demand 3•interpret your results 4•from income elasticity of demand what type of product would (y )be{luxury or necessity good}
Samson Reply
Price elasticity= dQd/dP * P/Q
The
PW is= what
The
determinants of demand
Tanka Reply
low of supply and demand
Arti
taste and preferences consumers income price of related goods number of buyers
Lesedi
how to e valuate return to scale?
Abdulkerim Reply
pls can you make all the defination to be in an orderly manner in demand and supply
Fule Reply
Demand refers to the quantity of goods and services consumers are willing and able to purchase at each conceivable price at a given time period.
Abraham
supply is the quantity of goods producers are willing and able to make available for sale at each possible price in a given time
Lesedi
please what is decision and choice making and how relevant is the concept of choice to household and government
Aisha Reply
choice can help you go in for more cheaper good for example you go to a store to buy chocolate you notice it cost 100 then you decide to go to another you see that chocolate cost 75 so you decide or choose to buy were is more cheaper
Fule
choice also help you to manage your household is choosing good which are necessary
Fule
Processes to long run equilibrium under monopolistic competition
Keem Reply
Its the relationship between households and firm in economics
Nida Reply
please what is decision and choice making and how it is relevant to the concept of choice
Aisha
introductory of micro economic
Raj Reply

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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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