Test Bank for Macroeconomics Principles and Applications 6th Edition by Hall and Lieberman ISBN 1285118251 978-1111822354
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ISBN 10: 1285118251
ISBN 13: 978-1111822354
Author: Hall and Lieberman
Discover how today’s macroeconomic policy issues, decisions, and applications impact you every day with the practical, accessible presentation in MACROECONOMICS. Written by acclaimed economists Hall and Lieberman, this straightforward contemporary text offers a presentation as current as the latest headlines. Fresh new cutting-edge examples throughout this edition as well as updated mini-cases clearly illustrate core macroeconomic principles and applications in action. This edition’s streamlined chapters focus on today’s most important macroeconomic theories and events. The latest thinking from leading economists helps equip readers with a solid foundation in macroeconomics necessary for success, no matter what the career.
Macroeconomics Principles and Applications 6th Table of contents:
Part 1. Preliminaries
Chapter 1. What Is Economics?
Scarcity and Individual Choice
The Concept of Opportunity Cost
Scarcity and Social Choice
The Four Resources
Opportunity Cost and Society’s Trade-offs
The World of Economics
Microeconomics and Macroeconomics
Positive and Normative Economics
Why Study Economics?
To Understand the World Better
The Methods of Economics
The Art of Building Economic Models
Assumptions and Conclusions
Math, Jargon, and Other Concerns
How to Study Economics
Summary
Problem Set
Appendix. Graphs and Other Useful Tools
Chapter 2. Scarcity, Choice, and Economic Systems
Society’s Production Choices
The Production Possibilities Frontier
Increasing Opportunity Cost
The Search for a Free Lunch
Productive Inefficiency
Recessions
Economic Growth
Economic Systems
Specialization and Exchange
Comparative Advantage
International Comparative Advantage
Resource Allocation
Understanding the Market
The Importance of Prices
Markets, Ownership, and the Invisible Hand
The U.S. Market System in Perspective
Summary
Problem Set
Part 2. Market and Prices
Chapter 3. Supply and Demand
Markets
Characterizing a Market
Demand
The Law of Demand
The Demand Schedule and the Demand Curve
Shifts versus Movements Along the Demand Curve
Factors That Shift the Demand Curve
Demand: A Summary
Supply
The Law of Supply
The Supply Schedule and the Supply Curve
Shifts versus Movements Along the Supply Curve
Factors That Shift the Supply Curve
Supply—A Summary
Putting Supply and Demand Together
Finding the Equilibrium Price and Quantity
What Happens When Things Change?
Example: Income Rises, Causing an Increase in Demand
Example: Bad Weather, Supply Decreases
Example: Higher Income and Bad Weather Together
The Three-Step Process
Summary
Problem Set
Appendix. Solving for Equilibrium Algebraically
Chapter 4. Working with Supply and Demand
Government Intervention in Markets
Fighting the Market Price Ceilings
Fighting the Market Price Floors
Manipulating the Market Taxes
Manipulating the Market Subsidies
Supply and Demand In Housing Markets
What’s Different about Housing Markets
The Supply Curve for Housing
The Demand Curve for Housing
Housing Market Equilibrium
What Happens When Things Change
Summary
Problem Set
Appendix. Understanding Leverage
Part 3. Macroeconomics: Basic Concepts
Chapter 5. What Macroeconomics Tries to Explain
Macroeconomic Goals
Economic Growth
High Employment (or Low Unemployment)
Employment and the Business Cycle
Stable Prices
The Macroeconomic Approach
Aggregation in Macroeconomics
Macroeconomic Controversies
As You Study Macroeconomics…
Summary
Problem Set
Chapter 6. Production, Income, and Employment
Production and Gross Domestic Product
GDP: A Definition
Tracking and Reporting GDP
The Expenditure Approach to GDP
Other Approaches to GDP
Measuring GDP: A Summary
How GDP is Used
Problems with GDP
Using GDP Properly
Employment and Unemployment
Types of Unemployment
The Costs of Unemployment
How Unemployment is Measured
Problems in Measuring Unemployment
Alternative Measures of Employment Conditions
Summary
Problem Set
Chapter 7. The Price Level and Inflation
Measuring the Price Level and Inflation
Index Numbers in General
The Consumer Price Index
From Price Index to Inflation Rate
How the CPI Is Used
Real Variables and Adjustment for Inflation
Real GDP and the GDP Price Index
The Costs of Inflation
The Inflation Myth
The Redistributive Cost of Inflation
The Resource Cost of Inflation
Is the CPI Accurate?
Sources of Bias in the CPI
The Overall Bias
Consequences of CPI Bias
The Larger, Conceptual Problem
Summary
Problem Set
Appendix. Calculating the Consumer Price Index
Part 4. Long-Run Macroeconomics
Chapter 8. The Classical Long-Run Model
Macroeconomic Models: Classical Versus Keynesian
Why the Classical Model Is Important
Assumptions of the Classical Model
How Much Output Will We Produce?
The Labor Market
From Employment to Output
The Role of Spending
Total Spending in a Very Simple Economy
Total Spending in a More Realistic Economy
The Loanable Funds Market
The Supply of Loanable Funds
The Demand for Loanable Funds
Equilibrium in the Loanable Funds Market
The Loanable Funds Market and Say’s Law
Fiscal Policy in the Classical Model
An Increase in Government Purchases
A Decrease in Net Taxes
The Classical Model: A Summary
Summary
Problem Set
Appendix: The Classical Model in an Open Economy
Chapter 9. Economic Growth and Rising Living Standards
The Meaning and Importance of Economic Growth
Measuring Living Standards
Small Differences and the Rule of 70
Growth Prospects
What Makes Economies Grow?
The Determinants of Real GDP
The Growth Equation
Growth in the Employment-Population Ratio (EPR)
Changes in Labor Supply and Labor Demand
Government and the EPR
The Limits to the EPR as a Growth Strategy
Productivity Growth: Increases in the Capital Stock
Investment and the Capital Stock
How to Increase Investment
Human Capital and Economic Growth
The Limits to Growth from More Capital
Productivity Growth: Technological Change
Capital Growth versus Technological Change
Discovery-Based Growth
Catch-Up Growth
Growth Policies: A Summary
Fiscal Policy and Economic Growth
Multiple and Competing Effects
The Costs of Economic Growth
Budgetary Costs
Consumption Costs
Sacrifice of Other Social Goals
Summary
Problem Set
Part 5. The Short-run model and Fiscal Policy
Chapter 10. Economic Fluctuations
Can the Classical Model Explain Economic Fluctuations?
Shifts in Labor Supply
Shifts in Labor Demand
Verdict: The Classical Model Cannot Explain Economic Fluctuations
What Triggers Economic Fluctuations?
A Very Simple Economy
The Real-World Economy
Why Say’s Law Doesn’t Prevent Recessions
Examples of Recessions and Expansions
Where Do We Go from Here?
Summary
Problem Set
Chapter 11. The Short-Run Macro Model
Consumption Spending
Determinants of Consumption Spending
Consumption and Disposable Income
Consumption and Income
Total Spending
Other Components of Total Spending
Summing Up: Aggregate Expenditure
Income and Aggregate Expenditure
Equilibrium GDP
Finding the Equilibrium
Inventories and Equilibrium GDP
Finding Equilibrium GDP with a Graph
Equilibrium GDP and Employment
What Happens When Things Change?
A Change in Investment Spending
The Expenditure Multiplier
The Multiplier in Reverse
Other Spending Changes
A Graphical View of the Multiplier
The Multiplier Process and Economic Stability
Automatic Stabilizers and the Multiplier
Automatic Destabilizers and the Multiplier
Real-World Multipliers
Summary
Problem Set
Appendix. Finding Equilibrium GDP Algebraically
Chapter 12. Fiscal Policy
The Short Run: Countercyclical Fiscal Policy
The Mechanics of Countercyclical Fiscal Policy
Problems with Countercyclical Fiscal Policy
The Long Run Deficits and the National Debt
Numbers in Perspective
Outlays, Revenue, and the Deficit
Deficits over Time
The Deficit and the National Debt
The National Debt: Myths and Realities
A Mythical Concern about the National Debt
The Burden of the National Debt
Genuine Concern #1: A Rising Debt Burden
Genuine Concern #2 A Debt Disaster
The U.S. Long-Term Debt Problem
Summary
Problem Set
Part 6. Expanding the Model: Money, Prices, and the Global Economy
Chapter 13. Money, Banks, and the Federal Reserve
Money
The Money Supply
Functions of Money
A Brief History of the Dollar
The Banking System
Financial Intermediaries in General
Commercial Banks
A Bank’s Balance Sheet
The Federal Reserve System
The Structure of the Fed
The Functions of the Fed
The Fed and the Money Supply
How an Open Market Purchase Can Increase the Money Supply
How an Open Market Sale Can Decrease the Money Supply
Some Important Provisos about the Money Multiplier
Other Fed Actions That Change the Money Supply
Banking Panics
Bank Insolvency and Bank Failure
How a Banking Panic Develops
The End of Banking Panics
The Role of Regulation
The Banking System versus the Shadow Banking System
Another Look at the Banking System
Non-Banks and the Shadow Banking System
Summary
Problem Set
Appendix. Capital and Leverage at Financial Institutions
Chapter 14. The Money Market and Monetary Policy
The Demand for Money
A Household’s Demand for Money
The Economy-Wide Demand for Money
Demand for Money with a Single Interest Rate
The Supply of Money
Equilibrium in the Money Market
How the Money Market Reaches Equilibrium
Are There Two Theories of the Interest Rate?
What Happens When Things Change?
How the Fed Can Change the Interest Rate
How Do Interest Rate Changes Affect the Economy?
Monetary Policy
How Monetary Policy Works
Targeting the Interest Rate
Monetary Policy with Many Interest Rates
Unconventional Monetary Policy
Changing Interest Rate Spreads
The Zero Lower Bound
Financial Crises
Summary
Problem Set
Chapter 15. Aggregate Demand and Aggregate Supply
The Aggregate Demand Curve
The Price Level and the Money Market
Deriving the Aggregate Demand Curve
Understanding the AD Curve
Movements along the AD Curve
Shifts of the AD Curve
The Aggregate Supply Curve
Costs and Prices
How GDP Affects Unit Costs
Short Run versus Long Run
Deriving the Aggregate Supply Curve
Movements along the AS Curve
Shifts of the AS Curve
AD and AS Together: Short-Run Equilibrium
What Happens When Things Change?
Demand Shocks in the Short Run
An Increase in Government Purchases
Demand Shocks: Adjusting to the Long Run
The Long-Run Aggregate Supply Curve
Supply Shocks
Summary
Problem Set
Chapter 16. Inflation and Monetary Policy
The Objectives of Monetary Policy
Low, Stable Inflation
Full Employment
The Fed’s Performance
Federal Reserve Policy: Theory And Practice
Responding to Demand Shocks
Responding to Supply Shocks
Expectations and Ongoing Inflation
How Ongoing Inflation Arises
Built-In Inflation
Ongoing Inflation and the Phillips Curve
The Long-Run Phillips Curve
Why the Fed Allows Ongoing Inflation
Challenges for Monetary Policy
Information Problems
Rules versus Discretion
Avoiding Deflation
Summary
Problem Set
Chapter 17. Exchange Rates and Macroeconomic Policy
Foreign Exchange Markets and Exchange Rates
Dollars per Pound or Pounds per Dollar?
The Demand for British Pounds
The Supply of British Pounds
The Equilibrium Exchange Rate
What happens When Things Change?
How Exchange Rates Change over Time
Government Intervention in Foreign Exchange Markets
Managed Float
Fixed Exchange Rates
Foreign Currency Crises
Exchange Rates and the Macroeconomy
Exchange Rates and Demand Shocks
Exchange Rates and Monetary Policy
Exchange Rates and the Euro Zone
Advantages of the Euro
Disadvantages of the Euro
The Euro Zone Crisis of 2011
Exchange Rates and Trade Deficits
The Origins of the U.S. Trade Deficit
How a Financial Inflow Causes a Trade Deficit
Explaining the Net Financial Inflow
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