Solution Manual for Essential Foundations of Economics, 8th Edition

Name: Solution Manual for Essential Foundations of Economics, 8th Edition
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Author: Sebastian Lopez

Solution Manual for Essential Foundations of Economics, 8th Edition is the ultimate guide for understanding and solving textbook problems.

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Table of
Contents
Preface Your Complete Learning Package v
◼ Part 1 Introduction
Chapter 1 Getting Started 1
Appendix: Making and Using Graphs 11
Chapter 2 The U.S. and Global Economies 17
Chapter 3 The Economic Problem 29
Chapter 4 Demand and Supply 39
◼ Part 2 A Closer Look at Markets
Chapter 5 Elasticities of Demand and Supply 49
Chapter 6 Efficiency and Fairness of Markets 59
Chapter 7 Government Actions in Markets 71
Chapter 8 Global Markets in Action 85
Chapter 9 Externalities: Pollution, Education, and Health Care 97
◼ Part 3 Prices, Profits, and Industry Performance
Chapter 10 Production and Cost 107
Chapter 11 Perfect Competition 117
Chapter 12 Monopoly 131
Chapter 13 Monopolistic Competition and Oligopoly 143
◼ Part 4 Monitoring the Macroeconomy
Chapter 14 GDP: A Measure of Total Production and Income 155
Appendix: Measuring Real GDP 165
Chapter 15 Jobs and Unemployment 169
Chapter 16 The CPI and the Cost of Living 179
◼ Part 5 Understanding the Macroeconomy
Chapter 17 Potential GDP and Economic Growth 189
Chapter 18 Money and Inflation 201
Chapter 19 Aggregate Supply and Aggregate Demand 213
Chapter 20 Fiscal Policy and Monetary Policy 223

Your Complete
Learning Package
WELCOME!
◼ Using Your Teaching Resources
Your teaching resources are the most comprehensive, carefully developed, and accurate ever made
available. They consist of:
• Instructor’s Manual
• Solutions Manual
• Test Item Files
• PowerPoint Resources
• MyEconLab
The first four of these resources are delivered on the Essential Foundations of Economics Instructor’s Re-
source disk.
All the components of the instructor’s resources key off the Checkpoints in the textbook, which gives
the entire package a tight integrity. We have played a leading role in authoring the questions in
MyEconLab and the PowerPoint resources; paid close attention to the design, structure, and organiza-
tion of MyEconLab; helped create and check the Solutions Manual; and helped in reviewing and revis-
ing the Instructor’s Manual and Test Item Files. Our hands-on approach has ensured that every ele-
ment of the package achieves the consistency that teachers and their students need.
Mark Rush walks you through the Instructor’s Manual and Solutions Manual on pp. ix – x, so we will
focus on the other components.
◼ Test Item Files
Our Test Item Files, with more than 7,000 questions, provide a huge variety of question types. We have
multiple-choice questions, numerical questions, short-answer questions, questions based on chapter
figures, and essay questions. There are integrative questions, which are questions drawn from two or
more checkpoints or chapters and therefore require the students to integrate the material in their
minds. We also included all the questions from the Study Guide, so you may “reward” students who
are diligently using the Study Guide. The Study Guide questions are, of course, noted as such. The
questions are in the order that the material is encountered in each checkpoint. The questions are identi-
fied as to their skill level and also identified according to the AACSB classification, that is, “reflective
thinking,” “analytical thinking,” and so on. Within each topic, the questions are also ordered with the
numeric and graphing questions following the more qualitative questions.
For this edition, David Black (University of Toledo), Carol Dole (Jacksonville University), and Svitlana
Maksymenko (University of Pittsburgh) worked to improve the Test Item Files. Mark Rush also wrote

vi PREFACE 1
some new questions. We have deleted questions about topics no longer covered. And, more important-
ly, we have pruned questions that we thought were weaker than average. So what you have now is the
best of the best. These questions should help you create exams that really determine how well your
students have “put it all together.” Along with our Checkpoint approach to the other Test Item File
questions, you have one of the most comprehensive testing systems on the market.
The core of the questions comes from seven dedicated principles instructors to form one of the most
comprehensive testing systems on the market. Our original questions authors are: Ali Ataiifar (Dela-
ware County Community College), Diego Mendez-Carbajo (Illinois Wesleyan University), Carol Dole
(Jacksonville University), Gregory E. Givens (University of Alabama), Homer Guevara, Jr. (Northwest
Vista College), Lee Hoke (University of Tampa), William Mosher (Assumption College), Buffie
Schmidt (Augusta State University), Terry Sutton (Southeast Missouri State University), Cindy Tori
(Valdosta State University), and Nora Underwood (University of California, Davis). The same ques-
tions authors also wrote questions for the Study Guide and Web site to ensure consistency across the
entire package. Many of the questions were reviewed by either John Graham (Rutgers, The State Uni-
versity of New Jersey, Campus at Newark) or Constantin Ogloblin (Georgia Southern University) to
check the answers and improve the questions.
◼ TestGen
All Test Item Files are available in Test Generator software (TestGen with QuizMaster). TestGen’s
graphical interface enables instructors to view, edit, and add questions; transfer questions to tests; and
print different forms of tests. Tests can be formatted by varying fonts and styles, margins, and headers
and footers, as in any word-processing document. Search and sort features let the instructor quickly
locate questions and arrange them in a preferred order. QuizMaster, working with your school’s com-
puter network, automatically grades the exams, stores the results on a disk, and allows the instructor
to view and print a variety of reports.
◼ PowerPoint Resources
We have created the PowerPoint resources based on our 24 years of experience using this tool in our
own classrooms. These resources are:
• Lecture notes with full-color, animated figures and speaking tips
The speaking notes sections of the lecture notes provide material from the Instructor’s Manual on
teaching tips and suggestions.
• Stand-alone textbook figures and tables, animated with step-by-step walk-throughs
The stand-alone textbook figures and tables enable you to incorporate these items in your own
personal PowerPoint lecture notes.
• Eye On features
The Eye On features presentations give you an opportunity to enliven your lectures with data and
applications to issues in the U.S. and global economies and to add a historical dimension.
• Alternative micro lecture notes with full-color, animated figures and tables that use examples dif-
ferent from those in the textbook.
We have set up the figures so that you can expand them to full-screen size or shrink them to dis-
play text explanations alongside them at a single mouse click during a lecture.
We have determined the optimal build sequence for the animated figures and have produced them
with the same degree of clarity and precision as the figures in the text.

YOUR COMPLETE LEARNING PACKAGE vii
◼ MyEconLab
MyEconLab puts your students in control of their learning and gives you a powerful tool for monitor-
ing their progress and setting automatically graded homework, tests, and quizzes. MyEconLab can
even grade assignments that require students to draw a graph.
• The core of MyEconLab is a large bank of exercises consisting of four question types—multiple
choice, free response numerical, fill blank, and draw graph.
• All the exercises are automatically graded and the grades are captured in a grade book.
• Many of the exercises are generated by algorithms and play a large number of variations.
• All the exercises are accessible in the instructor’s Homework and Test Manager.
• Some of the exercises are available to your students with no further input required by you in Sam-
ple Tests and Quizzes (although you can disable student access to this material if you wish).
• Other exercises are available to students only if assigned by the instructor in a Homework, Test or
Quiz.
• Students work a personalized Study Plan that is generated from their performance on the Sample
Tests and Quizzes and on Homework, Tests, and Quizzes that you assign.
• When students work exercises in Study Plan or Homework assignments they receive instant and
extensive feedback that is specific to the answer given (whether incorrect or correct) and have ac-
cess to an array of other study resources that include:
1. Guided solution – a step-by-step walk through the question with a series of smaller questions
that build up to the complete question
2. Textbook content – quick reference to specific pages of the text that correspond to each Study
Plan exercise.
3. Animated figure—the relevant figure in the textbook with a step-by-step animation and audio
explanations of the action.
• When students work exercises in a Test or Quiz, they get no help or feedback at the time of work-
ing the exercises but you can set a review option after the Test or Quiz closes.
• All the textbook Practice Problems in each Checkpoint and all of the end-of-chapter Study Plan
Problems and Applications are available in Study Plan.
• All the Instructor Assignable Problems and Applications in the textbook are available in the
Homework and Test Manager and are reserved for instructors. Students have no access to these
questions unless they are instructor-assigned.
• The correlation between the text and MyEconLab is perfect and seamless.
• The 12,000-question Test Item File is available in MyEconLab for online tests and quizzes.
• Economics in the News, which is updated daily through the school year on MyEconLab, is also up-
dated daily as instructor-assignable automatically graded problems in the Homework and Test
Manager.
Refer to the Instructor Quick Start Guide or contact your Pearson sales representative to set up
MyEconLab for your course.
◼ Checklist and Checkpoints: The Glue that Holds Your Tools Together
Each chapter of the textbook opens with a Chapter Checklist that tells your students what they’ll be
able to do when they’ve completed the chapter. The number of tasks varies from two to five and most
often is three or four. Each part of a chapter, in the textbook, Study Guide, and MyEconLab is linked
directly to a Checklist item to enable your students to know exactly what they’re studying and how it
will enable them to accomplish their learning objective. Each part of a chapter in the textbook ends
with a Checkpoint—a page that offers a Practice Problem to test understanding of the key ideas of the
part, a worked and illustrated solution to the Practice Problem, and a further (parallel) Exercise.

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Solution Manual for Essential Foundations of Economics, 8th Edition

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