Principles of economics is really two courses stapled together, and the join is where students slip. The Economy Today, 15th Edition by Bradley Schiller opens with scarcity, supply and demand and the behaviour of individual firms, then switches to national output, inflation and policy — and the analytical habits that serve you in one half quietly mislead in the other. A graph you read confidently in the market chapters is not read the same way once the axes become price level and real output.
Why this test bank helps
Economics is examined through graphs and short numerical items, and both reward practice far more than rereading. Questions make you commit to a direction of change — what happens to quantity, to total revenue, to the price level — instead of nodding along with a diagram that already has the answer drawn on it. The rationale explains the mechanism behind each shift, so you can reconstruct the graph under exam conditions rather than trying to recall a picture.
What’s inside
- Practice items in the same chapter order as the text, so you can review one section at a time.
- Several formats, from straight recall to applied scenario items, so you meet each idea more than one way.
- Every item carries an explanation, not just a letter — the reasoning is what transfers to a new question.
- Both halves of the course kept in view, from microeconomic market analysis to macroeconomic policy, with numerical items on elasticity, costs and the national accounts.
- Supplied as an instant PDF download that stays in your account.
Topics covered
- Scarcity, opportunity cost and the production possibilities curve.
- Supply and demand — equilibrium, shifts against movements along a curve, price controls and shortages.
- Elasticity — price, income and cross elasticity, and the effect of elasticity on total revenue.
- Costs of production — fixed and variable costs, marginal cost and the profit-maximizing rule.
- Market structures — perfect competition, monopoly, oligopoly and monopolistic competition.
- Market failure and government — externalities, public goods, regulation and competition policy.
- National accounts and instability — gross domestic product, unemployment, inflation and the business cycle.
- Macro policy and the global economy — aggregate demand and supply, fiscal and monetary policy, trade and exchange rates.
Who it’s for
Students taking a combined principles of economics course with the 15th edition — business and economics majors, and students from other programs meeting a social science requirement.
How to use it (the right way)
Sketch the graph yourself before choosing an option, because the wrong answers in this subject are usually correct for a different shift. Work through one chapter in a single closed-book sitting before checking anything, then read the rationale for every item, including those you answered correctly. Return to the weak areas later in the week. Treat it as a study aid used in line with your school’s academic-integrity policy, never as a shortcut around the work you are set.
Sample question (shows the format — your download contains the full set)
Q. The price of a product rises by 10% and the quantity demanded falls by 4%. What is the price elasticity of demand, and what happens to total revenue?
- A. Elasticity is 2.5, demand is elastic, and total revenue falls.
- B. Elasticity is 0.4, demand is inelastic, and total revenue rises.
- C. Elasticity is 0.4, demand is elastic, and total revenue is unchanged.
- D. Elasticity is 1.0, demand is unit elastic, so total revenue is unchanged.
Answer: B. Price elasticity of demand is the percentage change in quantity divided by the percentage change in price: 4 divided by 10 gives 0.4 in absolute terms. A value below one means demand is inelastic, so quantity responds proportionally less than price does, and raising the price therefore increases total revenue. A inverts the ratio by dividing the price change by the quantity change. C computes the elasticity correctly but then labels it elastic, which contradicts the value it just produced. D would require quantity to change by the same percentage as price, which is not what the figures show.
Edition & format
- Matches: The Economy Today, 15th Edition by Bradley Schiller (ISBN 9781259852022).
- Format: Digital PDF, delivered instantly after checkout.
- Access: Lifetime access — re-download from your account any time.
Please confirm the title, edition and ISBN above match your syllabus, as this author also publishes separate micro and macro versions with very similar titles.
Frequently asked questions
Is this the current edition? It is written for The Economy Today, 15th edition, ISBN 9781259852022. Separate micro-only and macro-only versions exist under near-identical titles, so check the ISBN.
How do I receive it? Straight after checkout: the PDF link is shown on the confirmation page and emailed to you, and it stays in your account.
Do all questions include rationales? They do — every question is paired with a written explanation, which is what makes the practice worth repeating.
Is using a test bank allowed? Used as practice material it is ordinary self-study. Follow the academic-integrity policy your institution publishes, and do not use it in place of the work you are set.
For more practice across economics, finance and business courses, browse our Business & Accounting Test Banks.
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