Essentials of economics 4th edition free pdf download

Building on the tremendous success of their best-selling Economics, Brue, McConnell, and Flynn have revised their one-semester approach in Essentials of Economics, 3e to provide a fresh alternative for the survey course. Author : N. Reader discover interesting coverage of the latest relevant economic developments with real-life scenarios, useful economic facts, and clear explanations of the many ways essential economic concepts play a role in the decisions that individuals make every day.

Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version. Author : John Sloman Publisher: ISBN: X Category: Economics Page: View: Read Now » This book looks at the key economic issues of today; from economic growth to recessions and unemployment; from trade to Brexit; from wages and employment to inequality and poverty; from producing more to caring for the environment; from competition to the domination of markets by powerful firms; from government spending more on what we need to tackling budget deficits.

The book is full of case studies and examples and opportunities for you to reflect on your learning. It helps you to develop the skills and knowledge to make you a more effective employee and a more informed member of society.

Resource added for the Economics courses. The result is a patient, substantive treatment of micro and macro topics appropriate for the introductory economics student, and fully integrated in the digital environment to provide instant remediation and feedback through McGraw-Hill's innovative assessment tool Connect Plus Economics. McGraw-Hill's adaptive learning component, LearnSmart, provides assignable modules that help students master core concepts in the course.

Author : Dirk Mateer Publisher: W. Real companies. Real business decisions. The book was published in multiple languages including English, consists of pages and is available in Hardcover format. The main characters of this non fiction, economics story are ,. The book has been awarded with , and many others.

Please note that the tricks or techniques listed in this pdf are either fictional or claimed to work by its creator. We do not guarantee that these techniques will work for you. The cost of the tickets to you is: A zero. B the cost of food while you wait in line. C the cost of food while you wait in line and the opportunity cost of your time spent in line.

D the actual value of the ticket. A friend comes up to you and offers you a free ticket to a professional baseball game that night. You decide to attend the game. What is the cost to you of attending the game? A The cost is zero—the ticket is free.

For a student who owns his or her own home and doesn't plan to live in the dorm, the cost of going to college is: A tuition and the cost of housing. B tuition, the cost of housing, and the cost of books. C tuition, the cost of books, and forgone income. D forgone income only. D the enjoyment you would have received from the candy bar.

A college student is faced with a difficult decision of how to spend one hour tonight. This statement best represents this economic concept: A The real cost of something is what you must give up to get it. C People usually exploit opportunities to make themselves better off. D There are gains from trade.

You decide to join the economics club, but this means you can't join the accounting club because it meets at the same time. The student center on campus has burritos, bagels, or burgers for lunch, and they all cost the same. You decide to have a burger today, but if they were out of burgers, you would have bought a bagel.

Your opportunity cost of buying a burger is your enjoyment of the: A burger. B bagel. C burrito. D bagel and the burrito. The economic way of thinking entails: A the analysis of benefits but not costs. B the analysis of costs but not benefits. C making choices at the margin.

D making the distinction between microeconomics and macroeconomics. A at the front end B in the beginning C at the margin D ceteris paribus Which of the following is the BEST example of making a choice at the margin? A buying a new car B quitting your job C drinking another cup of coffee D attending college You decide whether to eat one more slice of pizza based on how hungry you feel.

This statement best represents this economic concept: A Resources are scarce. B The real cost of something is what you must give up to get it. The concept of the margin deals with: A making incremental choices. B all or none of something. C engaging in unethical activities. D making difficult choices. A at the fringe B in the beginning C at the margin D after the fact B quit your job. C eat another slice of pizza. D attend college. Marla decides to study rather than tutor. C does not understand that there is no benefit from studying.

D doesn't need the money. Thinking in economic terms, when Mary Sweet-Tooth is deciding whether to eat another brownie, she: A considers only the price of the brownie. B considers only how much additional exercise she will need to do to work off the calories associated with eating another brownie.

C compares the additional benefits with the additional costs of eating another brownie. D considers whether she can do so without anyone else noticing.

For which of the following decisions would marginal analysis be most relevant? A Should I go to college or work after graduating from high school? B Should I eat another doughnut?

D Should I get married? For which of the following decisions would marginal analysis be MOST relevant? B Should Mary go to graduate school after graduating from college? D Should Hong work an additional hour or take a short nap? Marginal analysis: A refers to decisions about whether to do a bit more or a bit less of an activity. C involves trade-offs.

Marginal analysis: A refers to decisions about whether or not to engage in a particular activity. B is primarily used when making an either-or choice. C is used primarily when deciding how much of an activity should be done.

Your neighbor is mowing her yard one afternoon when she stops to have some lemonade. She drinks one glass and is considering having a second glass. This is an example of: A marginal analysis. B benefit analysis. C cost analysis. D equilibrium analysis. After eating three slices of pizza, you decide to eat one more piece. Your decision is an example of the economic principle called: A opportunity-cost decision. B people responding to incentives.

C equity decision. D marginal decision making. You are planning to study eight hours this week for your economics final and are considering studying a ninth hour. You should: A compare the benefits of one more hour of study with the cost of one less hour of sleep. B compare the benefits of one more hour of study with the cost of one less hour of studying calculus.

C compare the benefits of one more hour of study with the cost of one less hour of work at your part-time job. D make your decision based on the cost of the next best alternative use of your time compared to the benefit of one more hour of study. Marginal analysis studies how individuals decide whether to: A live on the margin of society.

B do a bit more of an activity versus a bit less of it. C go to college. D buy stocks or bonds. A direct costs; opportunity costs B marginal benefits; total benefits C costs; benefits D marginal costs; total costs A Should I invest all of my savings in real estate or should I keep it all in a savings account?

B After I graduate from college, should I go to graduate school or should I get a job? C After meeting my basic needs, how should I allocate the remainder of my monthly budget? D Should I keep a pet? Some baseball fans leave the game in the seventh or eighth inning to avoid the postgame traffic. The fans are: A not considering that they have already paid for their tickets. B making a marginal decision by comparing the cost of leaving early to the benefit of leaving early.

C thinking only about the benefits of avoiding traffic. D underestimating the value of staying for the rest of the game. Which of the following is a question of marginal analysis? A What additional output does a family business produce when it hires one more worker? B How do tax cuts change the growth rate of median income?

C When a large corporation lays off workers, how do profits change if sales remain constant? D Should a commuter take the bus to work rather than driving. Which of the following is an example of marginal analysis? Which of the following demonstrates how people respond to incentives to make themselves better off? A More students major in economics when they hear that salaries for economists are rising. B Students are assigned dorm rooms through a lottery system.

C Students are encouraged to donate blood because it is the right thing to do. D Students and faculty are encouraged to wear college apparel to support the college athletic teams.

Which of the following policies is MOST likely to reduce traffic congestion in a large metropolitan area because people usually exploit opportunities to make themselves better off? A a limited number of free early-bird parking passes given only to those who arrive prior to 6 A. B a toll road that requires each car to pay a fee to enter the city center C an increase in the price of subway and bus fare to and from the city D asking citizens to carpool Which of the following methods of encouraging recycling is likely to be MOST effective because people usually exploit opportunities to make themselves better off?

A appealing to consumers to be a good citizen B publicizing the advantages of recycling C imposing a tax per unit of garbage generated D All three methods are equally effective. Which of the following methods of discouraging speeding is likely to be MOST effective because people usually exploit opportunities to make themselves better off? A increasing the number of signs stating the speed limit B increasing the fine associated with speeding tickets C public service announcements reminding drivers of the dangers of speeding D All three methods are equally effective.

In an attempt to reduce shooting deaths, some cities have offered money to people who turn in illegal guns. A incentives B law C marginal analysis D the gains from trade Because people usually exploit opportunities to make themselves better off, if the price of gasoline rises and stays high for an extended period, we expect people to: A increase the number of miles they drive.

B buy larger and less fuel-efficient cars. C use more public transportation. D ride their bicycles less. Because people usually exploit opportunities to make themselves better off, if the price of gasoline falls and stays low for an extended period, we expect people to: A reduce their reliance on gasoline-powered cars. D ride their bicycles more often. To encourage people to retire later, because people usually exploit opportunities to make themselves better off, the government could: A reduce Social Security benefits for people who retire early.

B raise the tax rate on older individuals. C engage in a public service campaign explaining the value of these employees to the economy. D increase Social Security benefits for people who retire early. Because people usually exploit opportunities to make themselves better off, to encourage young people to go to college in their home state, state universities can: A charge higher tuition to in-state students.

B award special scholarships to out-of-state students. C offer high-interest loans to in-state students. D offer lower tuition to in-state students. Because people usually exploit opportunities to make themselves better off, which of the following methods of reducing pollution is likely to be most effective? A appealing to the polluter to be a good citizen B publicizing the harmful effects of pollution C imposing a tax per unit of pollution generated D All three methods are equally effective.

Economists tend to believe that to change people's behavior you must: A appeal to their concern for society. B change their incentives. C legislate the change. D appeal to their religious values. Which of the following is NOT true? A Resources are scarce when they can satisfy everyone's wants.

B The real cost of a choice is what you must give up to enjoy that choice. C People typically make choices that will make them better off. Corner offices in high-rise office buildings usually cost more to rent than other offices.

This best illustrates the economic principle of: A marginal analysis. B scarce resources. C resources being used as efficiently as possible to achieve society's goals. D opportunity costs. In Ventura County, California, strawberry production is limited by the number of acres available for agriculture production. C There are gains from trade.

D Resources should be used as efficiently as possible to achieve society's goals. You like to read Vogue and Sports Illustrated. Intel finds it difficult to hire enough skilled computer engineers. B People usually exploit opportunities to make themselves better off. D One person's spending is another person's income.

In Colorado, there has been a drought, and rural communities are fighting with urban areas over water. B Resources should be used as efficiently as possible to achieve society's goals. C When markets don't achieve efficiency, government intervention can improve society's welfare. D Government policies can change spending. Which of the following is NOT one of the four principles for understanding individual choice?

A Resources are scarce. B Overall spending sometimes gets out of line with the economy's productive capacity. D People usually take advantage of opportunities to make themselves better off. D When markets don't achieve efficiency, government intervention can improve society's welfare.

You love burgers and bagels, but you decide to have a burger today. If they were out of burgers, you would have bought a bagel. C Resources are used to produce something else. After swimming laps at the pool, Erik decides to swim 10 more before lifting weights.

Nara has gone to three movies this week. She has some extra money, so she decides to go to another. A busy professor can't decide whether to stay in his office to grade papers for another hour or to go home and go to bed. This is an example of: A equity versus efficiency. B how one person's spending is another person's income. C economic incentives. Which of the following principles underlies the economics of individual choices? A There are gains from trade. B Markets move toward equilibrium.

Which of these is one of the four principles of individual choice? A Resources are usually renewable. B The real cost of something is impossible to measure. C People take advantage of opportunities to make themselves better off only if there is no risk involved. D Resources are scarce. Which of the following is an example of individual choice?

A The government announces plans to ban smoking in all Florida restaurants. B Lauren spends her allowance on pillows for her bed. C France decides to withhold funding to rebuild Iraq. D Africa decides to accept U. Which of the following is NOT one of the four principles of individual choice? B Unpaid volunteer work is irrational, since economic rationality dictates that individuals should only engage in work they are paid for.

C The real cost of something is its opportunity cost. Florida schools offered cash bonuses to students who scored high on the state's standardized exams. The cash bonuses are an example of this economic principle: A Resources are scarce. Grades are low in class and your professor makes available a point extra credit assignment.

Most of the students turn in the assignment. Your health club is offering a free one-year membership for the person who attends the most yoga classes in March. This results in more people attending yoga. D Markets move toward equilibrium. Specialization and trade usually lead to: A lower economic growth.

B the exchange of goods and services in markets. C lower living standards. D higher prices. Which book illustrates the advantages of specialization using an eighteenth-century pin factory?

Who wrote The Wealth of Nations, a book that many credit with establishing economics as a discipline? Increases in total output realized when individuals specialize in particular tasks and trade are known as: A the gains from trade. B the profits obtained from sales of a good or service. D a trade-off. Gains from trade arise because of: A specialization in production.

B specialization in consumption. D Students and faculty are encouraged to wear college apparel to support the college athletic teams. Which of the following policies is MOST likely to reduce traffic congestion in a large metropolitan area because people usually exploit opportunities to make themselves better off?

A a limited number of free early-bird parking passes given only to those who arrive prior to 6 A. B a toll road that requires each car to pay a fee to enter the city center C an increase in the price of subway and bus fare to and from the city D asking citizens to carpool Which of the following methods of encouraging recycling is likely to be MOST effective because people usually exploit opportunities to make themselves better off?

A appealing to consumers to be a good citizen B publicizing the advantages of recycling C imposing a tax per unit of garbage generated D All three methods are equally effective. Which of the following methods of discouraging speeding is likely to be MOST effective because people usually exploit opportunities to make themselves better off? A increasing the number of signs stating the speed limit B increasing the fine associated with speeding tickets C public service announcements reminding drivers of the dangers of speeding D All three methods are equally effective.

In an attempt to reduce shooting deaths, some cities have offered money to people who turn in illegal guns. A incentives B law C marginal analysis D the gains from trade Because people usually exploit opportunities to make themselves better off, if the price of gasoline rises and stays high for an extended period, we expect people to: A increase the number of miles they drive. B buy larger and less fuel-efficient cars.

C use more public transportation. D ride their bicycles less. Because people usually exploit opportunities to make themselves better off, if the price of gasoline falls and stays low for an extended period, we expect people to: A reduce their reliance on gasoline-powered cars.

D ride their bicycles more often. To encourage people to retire later, because people usually exploit opportunities to make themselves better off, the government could: A reduce Social Security benefits for people who retire early.

B raise the tax rate on older individuals. C engage in a public service campaign explaining the value of these employees to the economy. D increase Social Security benefits for people who retire early. Because people usually exploit opportunities to make themselves better off, to encourage young people to go to college in their home state, state universities can: A charge higher tuition to in-state students.

B award special scholarships to out-of-state students. C offer high-interest loans to in-state students. D offer lower tuition to in-state students. Because people usually exploit opportunities to make themselves better off, which of the following methods of reducing pollution is likely to be most effective? A appealing to the polluter to be a good citizen B publicizing the harmful effects of pollution C imposing a tax per unit of pollution generated D All three methods are equally effective.

Economists tend to believe that to change people's behavior you must: A appeal to their concern for society. B change their incentives.

C legislate the change. D appeal to their religious values. Which of the following is NOT true? A Resources are scarce when they can satisfy everyone's wants. B The real cost of a choice is what you must give up to enjoy that choice. C People typically make choices that will make them better off. Corner offices in high-rise office buildings usually cost more to rent than other offices. This best illustrates the economic principle of: A marginal analysis. B scarce resources.

C resources being used as efficiently as possible to achieve society's goals. D opportunity costs. In Ventura County, California, strawberry production is limited by the number of acres available for agriculture production. C There are gains from trade. D Resources should be used as efficiently as possible to achieve society's goals.

You like to read Vogue and Sports Illustrated. Intel finds it difficult to hire enough skilled computer engineers. B People usually exploit opportunities to make themselves better off. D One person's spending is another person's income. In Colorado, there has been a drought, and rural communities are fighting with urban areas over water.

B Resources should be used as efficiently as possible to achieve society's goals. C When markets don't achieve efficiency, government intervention can improve society's welfare. D Government policies can change spending. Which of the following is NOT one of the four principles for understanding individual choice? A Resources are scarce. B Overall spending sometimes gets out of line with the economy's productive capacity. D People usually take advantage of opportunities to make themselves better off.

D When markets don't achieve efficiency, government intervention can improve society's welfare. You love burgers and bagels, but you decide to have a burger today. If they were out of burgers, you would have bought a bagel.

C Resources are used to produce something else. After swimming laps at the pool, Erik decides to swim 10 more before lifting weights. Nara has gone to three movies this week.

She has some extra money, so she decides to go to another. A busy professor can't decide whether to stay in his office to grade papers for another hour or to go home and go to bed. This is an example of: A equity versus efficiency. B how one person's spending is another person's income. C economic incentives. Which of the following principles underlies the economics of individual choices?

A There are gains from trade. B Markets move toward equilibrium. Which of these is one of the four principles of individual choice? A Resources are usually renewable. B The real cost of something is impossible to measure. C People take advantage of opportunities to make themselves better off only if there is no risk involved. D Resources are scarce. Which of the following is an example of individual choice? A The government announces plans to ban smoking in all Florida restaurants.

B Lauren spends her allowance on pillows for her bed. C France decides to withhold funding to rebuild Iraq. D Africa decides to accept U. Which of the following is NOT one of the four principles of individual choice? B Unpaid volunteer work is irrational, since economic rationality dictates that individuals should only engage in work they are paid for. C The real cost of something is its opportunity cost.

Florida schools offered cash bonuses to students who scored high on the state's standardized exams. The cash bonuses are an example of this economic principle: A Resources are scarce.

Grades are low in class and your professor makes available a point extra credit assignment. Most of the students turn in the assignment. Your health club is offering a free one-year membership for the person who attends the most yoga classes in March. This results in more people attending yoga. D Markets move toward equilibrium. Specialization and trade usually lead to: A lower economic growth.

B the exchange of goods and services in markets. C lower living standards. D higher prices. Which book illustrates the advantages of specialization using an eighteenth-century pin factory? Who wrote The Wealth of Nations, a book that many credit with establishing economics as a discipline? Increases in total output realized when individuals specialize in particular tasks and trade are known as: A the gains from trade. B the profits obtained from sales of a good or service.

D a trade-off. Gains from trade arise because of: A specialization in production. B specialization in consumption. D individual choice. Gains from trade exist for: A individuals only. B states only. C countries only. D individuals, states, and countries. B Mexico will be worse off because the United States is a stronger economic power. C both Mexico and the United States will be better off.

D both Mexico and the United States will be worse off. If every individual were required to be self-sufficient: A living standards would fall. B living standards for some individuals would fall, but for others they would rise. C living standards would rise. D it's impossible to say how living standards would change. Which of the following statements is NOT true? A Resource scarcity is a major economic concern in the rich countries of the world.

B Most opportunity costs are zero. C An economic situation is in equilibrium when no individual would be better off taking a different action. D Some very talented, skilled individuals who can do some things better than most people should specialize in doing that one thing. B a decrease in total economic output. C higher living standards. D the exchange of goods and services in markets.

The phrase gains from trade refers to the: A profits obtained from sales of a good or service. B increase in total output that is realized when individuals specialize in particular tasks and trade with each other. C gains that one obtains by taking advantage of an uninformed buyer and selling at a higher than average price.

D gains that one obtains by taking advantage of a temporary discount, or sale price. Individuals gain from trade because: A of specialization in production. B they can sell at a lower price than they can buy at. C self-sufficiency is efficient.

D of the principle of absolute advantage. C Das Kapital, by Karl Marx. D Free to Choose, by Milton Friedman. Two neighbors, Molly and Sandy, are separated by a white picket fence. Each neighbor has a garden that grows tomatoes and peppers. If the market for corn is in equilibrium: A every buyer who wants to consume corn can acquire corn. B every producer who wants to sell corn can do so. C the price is set so that the quantity of corn produced is equal to the quantity of corn consumed.

D all producers of corn earn the same amount of income from the sale of corn. One consequence of equilibrium is that when trying to figure out which checkout line at the college bookstore is the fastest, one should choose: A the line nearest the door. B the line farthest from the door. C the middle line. D randomly; if one line were truly faster, everyone would move to it and it would no longer be faster. If equilibrium exists: A all individuals must have an equal amount of income.

C there will be no remaining opportunities for individuals to make themselves better off. D the number of buyers will equal the number of sellers. If a market is in disequilibrium: A it will continue unless there is government intervention. B no individual will be better off doing something different. C there are opportunities for people to make themselves better off. D it must be because the government has intervened in the market, resulting in the market's failure to reach equilibrium.

Equilibrium exists when: A output is distributed equitably. B scarcity is eliminated. C an individual would be better off taking a different action. D no individual has an incentive to change his or her behavior. Which of the following statements is TRUE? A The concept of equilibrium requires that all individuals have an equal amount of income. C If a market is in equilibrium, there will be no remaining opportunities for individuals to make themselves better off. D A market is in equilibrium when the number of buyers is equal to the number of sellers.

A Resource scarcity is not a major concern in the rich countries of the world. B Some opportunity costs are zero. D Some very talented, skilled individuals who can do everything better than most people should not specialize in doing any one thing. In baseball, when one manager decides to send in a pinch hitter, the other manager often changes pitchers.

This sometimes causes the first manager to send in a new pinch hitter. Once both managers decide that no more player substitutions will benefit their team, the situation has reached: A efficiency. B equilibrium. C equity. D the market. Economists use the term equilibrium to describe when: A individuals are equal.

B no individual would be better off taking a different action. C no individual has an incentive to change his or her behavior. D no individual would be better off taking a different action or no individual has an incentive to change his or her behavior.

A dozen friends got together to celebrate a birthday. If the birthday cake is cut into 12 pieces of the same size and each of the 12 partygoers gets a slice, this cake distribution is: A efficient but not equitable.

B equitable but not efficient. C efficient and equitable. D equitable. An economy is efficient if it is: A possible to produce more of all goods and services. B possible to produce more of one good without producing less of another. C not possible to produce more of one good without producing less of another good. D producing a combination of goods. If all of the opportunities to make someone better off without making someone else worse off have been exploited, an economy is: A equitable.

B inefficient. C marginally optimal. D efficient. A trade-off between equity and efficiency may exist because of all of the following EXCEPT that: A allocating resources fairly may cause efficiency. B an efficient allocation of resources may lead to an outcome that most people consider unfair.

C policies that promote equity often come at a cost of decreased efficiency. D allocating resources fairly may cause inefficiency. An economy is efficient when: A the problem of scarcity is eliminated. B output is distributed equitably. C all opportunities to make some people better off without making other people worse off have been taken. D all opportunities to make some people worse off without making other people better off have been taken. Economists believe that resources should be used as efficiently as possible to: A achieve society's goals.

B eliminate scarcity. C reduce inequity. D maximize profits. If an economy has NOT achieved efficiency, there must be ways to: A increase opportunity costs. B eliminate inequity. C make some people better off without making others worse off. D increase the incentives for its citizens to follow their own self-interest. Resources are being used efficiently when: A scarcity is no longer an issue. B they are also used equitably. C every opportunity to make people better off without making others worse off has been seized.

D gains from trade are still available.