The Trial Blending Space is for evaluation purposes only.
This comprehensive course contains 34 sections with 172 self-grading lessons, including final assessments. The first section is available to try for free.
This is the final assessment for Welcome to Economics! (Available when you subscribe.)
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The full course includes all 172 lessons, including 34 Final Assessments with Instructor Answer Keys.
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2.1 How Individuals Make Choices Based on Their Budget Constraint2.2 The Production Possibilities Frontier and Social Choices2.3 Confronting Objections to the Economic ApproachFinal Assessment
3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services3.2 Shifts in Demand and Supply for Goods and Services3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process3.4 Price Ceilings and Price Floors3.5 Demand, Supply, and EfficiencyFinal Assessment
4.1 Demand and Supply at Work in Labor Markets4.2 Demand and Supply in Financial Markets4.3 The Market System as an Efficient Mechanism for InformationFinal Assessment
5.1 Price Elasticity of Demand and Price Elasticity of Supply5.2 Polar Cases of Elasticity and Constant Elasticity5.3 Elasticity and Pricing5.4 Elasticity in Areas Other Than PriceFinal Assessment
6.1 Consumption Choices6.2 How Changes in Income and Prices Affect Consumption Choices6.3 Behavioral Economics: An Alternative Framework for Consumer ChoiceFinal Assessment
7.1 Explicit and Implicit Costs, and Accounting and Economic Profit7.2 Production in the Short Run7.3 Costs in the Short Run7.4 Production in the Long Run7.5 Costs in the Long RunFinal Assessment
8.1 Perfect Competition and Why It Matters8.2 How Perfectly Competitive Firms Make Output Decisions8.3 Entry and Exit Decisions in the Long Run8.4 Efficiency in Perfectly Competitive MarketsFinal Assessment
9.1 How Monopolies Form: Barriers to Entry9.2 How a Profit-Maximizing Monopoly Chooses Output and PriceFinal Assessment
10.1 Monopolistic Competition10.2 OligopolyFinal Assessment
11.1 Corporate Mergers11.2 Regulating Anticompetitive Behavior11.3 Regulating Natural Monopolies11.4 The Great Deregulation ExperimentFinal Assessment
12.1 The Economics of Pollution12.2 Command-and-Control Regulation12.3 Market-Oriented Environmental Tools12.4 The Benefits and Costs of U.S. Environmental Laws12.5 International Environmental Issues12.6 The Tradeoff between Economic Output and Environmental ProtectionFinal Assessment
13.1 Why the Private Sector Underinvests in Innovation13.2 How Governments Can Encourage Innovation13.3 Public GoodsFinal Assessment
14.1 The Theory of Labor Markets14.2 Wages and Employment in an Imperfectly Competitive Labor Market14.3 Market Power on the Supply Side of Labor Markets: Unions14.4 Bilateral Monopoly14.5 Employment Discrimination14.6 ImmigrationFinal Assessment
15.1 Drawing the Poverty Line15.2 The Poverty Trap15.3 The Safety Net15.4 Income Inequality: Measurement and Causes15.5 Government Policies to Reduce Income InequalityFinal Assessment
16.1 The Problem of Imperfect Information and Asymmetric Information16.2 Insurance and Imperfect InformationFinal Assessment
17.1 How Businesses Raise Financial Capital17.2 How Households Supply Financial Capital17.3 How to Accumulate Personal WealthFinal Assessment
18.1 Voter Participation and Costs of Elections18.2 Special Interest Politics18.3 Flaws in the Democratic System of GovernmentFinal Assessment
19.1 Measuring the Size of the Economy: Gross Domestic Product19.2 Adjusting Nominal Values to Real Values19.3 Tracking Real GDP over Time19.4 Comparing GDP among Countries19.5 How Well GDP Measures the Well-Being of SocietyFinal Assessment
20.1 The Relatively Recent Arrival of Economic Growth20.2 Labor Productivity and Economic Growth20.3 Components of Economic Growth20.4 Economic ConvergenceFinal Assessment
21.1 How Economists Define and Compute Unemployment Rate21.2 Patterns of Unemployment21.3 What Causes Changes in Unemployment over the Short Run21.4 What Causes Changes in Unemployment over the Long RunFinal Assessment
22.1 Tracking Inflation22.2 How to Measure Changes in the Cost of Living22.3 How the U.S. and Other Countries Experience Inflation22.4 The Confusion Over Inflation22.5 Indexing and Its LimitationsFinal Assessment
23.1 Measuring Trade Balances23.2 Trade Balances in Historical and International Context23.3 Trade Balances and Flows of Financial Capital23.4 The National Saving and Investment Identity23.5 The Pros and Cons of Trade Deficits and Surpluses23.6 The Difference between Level of Trade and the Trade BalanceFinal Assessment
24.1 Macroeconomic Perspectives on Demand and Supply24.2 Building a Model of Aggregate Demand and Aggregate Supply24.3 Shifts in Aggregate Supply24.4 Shifts in Aggregate Demand24.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation24.6 Keynes’ Law and Say’s Law in the AD/AS ModelFinal Assessment
25.1 Aggregate Demand in Keynesian Analysis25.2 The Building Blocks of Keynesian Analysis25.3 The Phillips Curve25.4 The Keynesian Perspective on Market ForcesFinal Assessment
26.1 The Building Blocks of Neoclassical Analysis26.2 The Policy Implications of the Neoclassical Perspective26.3 Balancing Keynesian and Neoclassical ModelsFinal Assessment
27.1 Defining Money by Its Functions27.2 Measuring Money: Currency, M1, and M227.3 The Role of Banks27.4 How Banks Create MoneyFinal Assessment
28.1 The Federal Reserve Banking System and Central Banks28.2 Bank Regulation28.3 How a Central Bank Executes Monetary Policy28.4 Monetary Policy and Economic Outcomes28.5 Pitfalls for Monetary PolicyFinal Assessment
29.1 How the Foreign Exchange Market Works29.2 Demand and Supply Shifts in Foreign Exchange Markets29.3 Macroeconomic Effects of Exchange Rates29.4 Exchange Rate PoliciesFinal Assessment
30.1 Government Spending30.2 Taxation30.3 Federal Deficits and the National Debt30.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation30.5 Automatic Stabilizers30.6 Practical Problems with Discretionary Fiscal Policy30.7 The Question of a Balanced BudgetFinal Assessment
31.1 How Government Borrowing Affects Investment and the Trade Balance31.2 Fiscal Policy and the Trade Balance31.3 How Government Borrowing Affects Private Saving31.4 Fiscal Policy, Investment, and Economic GrowthFinal Assessment
32.1 The Diversity of Countries and Economies across the World32.2 Improving Countries’ Standards of Living32.3 Causes of Unemployment around the World32.4 Causes of Inflation in Various Countries and Regions32.5 Balance of Trade ConcernsFinal Assessment
33.1 Absolute and Comparative Advantage33.2 What Happens When a Country Has an Absolute Advantage in All Goods33.3 Intra-industry Trade between Similar Economies33.4 The Benefits of Reducing Barriers to International TradeFinal Assessment
34.1 Protectionism: An Indirect Subsidy from Consumers to Producers34.2 International Trade and Its Effects on Jobs, Wages, and Working Conditions34.3 Arguments in Support of Restricting Imports34.4 How Governments Enact Trade Policy: Globally, Regionally, and Nationally34.5 The Tradeoffs of Trade PolicyFinal Assessment
This appendix should be consulted after first reading Welcome to Economics!
What a function isHow to interpret the equation of a line (i.e., slope and intercept)How to manipulate a line (i.e., changing the slope or the intercept)How to compute and interpret a growth rate (i.e., percentage change)How to read and manipulate a graph
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