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ISBN 10: 1305585126
ISBN 13: 9781305585126
Author: Mankiw
Provide an approachable, superbly written introduction to economics that allows all types of students to quickly grasp economic concepts and build a strong foundation with Mankiw’s popular PRINCIPLES OF ECONOMICS, 8E. The most widely-used text in economics classrooms worldwide, this book covers only the most important principles to avoid overwhelming students with excessive detail. Extensive updates feature relevant examples to engage students. All content has been carefully crafted around understanding student needs at key moments in your course. A team of award-winning teaching economists have added more relevance, engagement, and interactivity to teaching resources in this book’s ancillary package, already the most commanding in the industry.
Principles of Economics 8th Table of contents:
Part I. Introduction
Chapter 1. Ten Principles of Economics
How People Make Decisions
Principle 1: People Face Trade-Offs
Principle 2: The Cost of Something Is What You Give Up to Get It
Principle 3: Rational People Think at the Margin
Principle 4: People Respond to Incentives
How People Interact
Principle 5: Trade Can Make Everyone Better Off
Principle 6: Markets Are Usually a Good Way to Organize Economic Activity
Principle 7: Governments Can Sometimes Improve Market Outcomes
How the Economy as a Whole Works
Principle 8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Services
Principle 9: Prices Rise When the Government Prints Too Much Money
Principle 10: Society Faces a Short-Run Trade-Off between Inflation and Unemployment
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 2. Thinking Like an Economist
The Economist as Scientist
The Scientific Method: Observation, Theory, and More Observation
The Role of Assumptions
Economic Models
Our First Model: The Circular-Flow Diagram
Our Second Model: The Production Possibilities Frontier
Microeconomics and Macroeconomics
The Economist as Policy Adviser
Positive versus Normative Analysis
Economists in Washington
Why Economists’ Advice Is Not Always Followed
Why Economists Disagree
Differences in Scientific Judgments
Differences in Values
Perception versus Reality
Let’s Get Going
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Appendix. Graphing: A Brief Review
Chapter 3. Interdependence and the Gains from Trade
A Parable for the Modern Economy
Production Possibilities
Specialization and Trade
Comparative Advantage: The Driving Force of Specialization
Absolute Advantage
Opportunity Cost and Comparative Advantage
Comparative Advantage and Trade
The Price of the Trade
Applications of Comparative Advantage
Should Serena Williams Mow Her Own Lawn?
Should the United States Trade with Other Countries?
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part II. How Markets Work
Chapter 4. The Market Forces of Supply and Demand
Markets and Competition
What Is a Market?
What Is Competition?
Demand
The Demand Curve: The Relationship between Price and Quantity Demanded
Market Demand versus Individual Demand
Shifts in the Demand Curve
Supply
The Supply Curve: The Relationship between Price and Quantity Supplied
Market Supply versus Individual Supply
Shifts in the Supply Curve
Supply and Demand Together
Equilibrium
Three Steps to Analyzing Changes in Equilibrium
Conclusion: How Prices Allocate Resources
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 5. Elasticity and Its Application
The Elasticity of Demand
The Price Elasticity of Demand and Its Determinants
Computing the Price Elasticity of Demand
The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities
The Variety of Demand Curves
Total Revenue and the Price Elasticity of Demand
Elasticity and Total Revenue along a Linear Demand Curve
Other Demand Elasticities
The Elasticity of Supply
The Price Elasticity of Supply and Its Determinants
Computing the Price Elasticity of Supply
The Variety of Supply Curves
Three Applications of Supply, Demand, and Elasticity
Can Good News for Farming Be Bad News for Farmers?
Why Did OPEC Fail to Keep the Price of Oil High?
Does Drug Interdiction Increase or Decrease Drug-Related Crime?
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 6. Supply, Demand, and Government Policies
Controls on Prices
How Price Ceilings Affect Market Outcomes
How Price Floors Affect Market Outcomes
Evaluating Price Controls
Taxes
How Taxes on Sellers Affect Market Outcomes
How Taxes on Buyers Affect Market Outcomes
Elasticity and Tax Incidence
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part III. Markets and Welfare
Chapter 7. Consumers, Producers, and the Efficiency of Markets
Consumer Surplus
Willingness to Pay
Using the Demand Curve to Measure Consumer Surplus
How a Lower Price Raises Consumer Surplus
What Does Consumer Surplus Measure?
Producer Surplus
Cost and the Willingness to Sell
Using the Supply Curve to Measure Producer Surplus
How a Higher Price Raises Producer Surplus
Market Efficiency
The Benevolent Social Planner
Evaluating the Market Equilibrium
Conclusion: Market Efficiency and Market Failure
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 8. Application: The Costs of Taxation
The Deadweight Loss of Taxation
How a Tax Affects Market Participants
Deadweight Losses and the Gains from Trade
The Determinants of the Deadweight Loss
Deadweight Loss and Tax Revenue as Taxes Vary
Conclusion
Chapter QuickQuiz
Summary
Key Concept
Questions for Review
Problems and Applications
Chapter 9. Application: International Trade
The Determinants of Trade
The Equilibrium Without Trade
The World Price and Comparative Advantage
The Winners and Losers from Trade
The Gains and Losses of an Exporting Country
The Gains and Losses of an Importing Country
Effects of a Tariff
The Lessons for Trade Policy
Other Benefits of International Trade
The Arguments for Restricting Trade
The Jobs Argument
The National-Security Argument
The Infant-Industry Argument
The Unfair-Competition Argument
The Protection-as-a-Bargaining-Chip Argument
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part IV. The Economics of the Public Sector
Chapter 10. Externalities
Externalities and Market Inefficiency
Welfare Economics: A Recap
Negative Externalities
Positive Externalities
Public Policies Toward Externalities
Command-and-Control Policies: Regulation
Market-Based Policy 1: Corrective Taxes and Subsidies
Market-Based Policy 2: Tradable Pollution Permits
Objections to the Economic Analysis of Pollution
Private Solutions to Externalities
The Types of Private Solutions
The Coase Theorem
Why Private Solutions Do Not Always Work
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 11. Public Goods and Common Resources
The Different Kinds of Goods
Public Goods
The Free-Rider Problem
Some Important Public Goods
The Difficult Job of Cost–Benefit Analysis
Common Resources
The Tragedy of the Commons
Some Important Common Resources
Conclusion: The Importance of Property Rights
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 12. The Design of the Tax System
An Overview of U.S. Taxation
Taxes Collected by the Federal Government
Taxes Collected by State and Local Governments
Taxes and Efficiency
Deadweight Losses
Administrative Burden
Marginal Tax Rates versus Average Tax Rates
Lump-Sum Taxes
Taxes and Equity
The Benefits Principle
The Ability-to-Pay Principle
Tax Incidence and Tax Equity
Conclusion: The Trade-Off between Equity and Efficiency
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part V. Firm Behavior and the Organization of Industry
Chapter 13. The Costs of Production
What Are Costs?
Total Revenue, Total Cost, and Profit
Costs as Opportunity Costs
The Cost of Capital as an Opportunity Cost
Economic Profit versus Accounting Profit
Production and Costs
The Production Function
From the Production Function to the Total-Cost Curve
The Various Measures of Cost
Fixed and Variable Costs
Average and Marginal Cost
Cost Curves and Their Shapes
Typical Cost Curves
Costs in the Short Run and in the Long Run
The Relationship between Short-Run and Long-Run Average Total Cost
Economies and Diseconomies of Scale
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 14. Firms in Competitive Markets
What Is a Competitive Market?
The Meaning of Competition
The Revenue of a Competitive Firm
Profit Maximization and the Competitive Firm’s Supply Curve
A Simple Example of Profit Maximization
The Marginal-Cost Curve and the Firm’s Supply Decision
The Firm’s Short-Run Decision to Shut Down
Spilt Milk and Other Sunk Costs
The Firm’s Long-Run Decision to Exit or Enter a Market
Measuring Profit in Our Graph for the Competitive Firm
The Supply Curve in a Competitive Market
The Short Run: Market Supply with a Fixed Number of Firms
The Long Run: Market Supply with Entry and Exit
Why Do Competitive Firms Stay in Business If They Make Zero Profit?
A Shift in Demand in the Short Run and Long Run
Why the Long-Run Supply Curve Might Slope Upward
Conclusion: Behind the Supply Curve
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 15. Monopoly
Why Monopolies Arise
Monopoly Resources
Government-Created Monopolies
Natural Monopolies
How Monopolies Make Production and Pricing Decisions
Monopoly versus Competition
A Monopoly’s Revenue
Profit Maximization
A Monopoly’s Profit
The Welfare Cost of Monopolies
The Deadweight Loss
The Monopoly’s Profit: A Social Cost?
Price Discrimination
A Parable about Pricing
The Moral of the Story
The Analytics of Price Discrimination
Examples of Price Discrimination
Public Policy Toward Monopolies
Increasing Competition with Antitrust Laws
Regulation
Public Ownership
Doing Nothing
Conclusion: The Prevalence of Monopolies
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 16. Monopolistic Competition
Between Monopoly and Perfect Competition
Competition with Differentiated Products
The Monopolistically Competitive Firm in the Short Run
The Long-Run Equilibrium
Monopolistic versus Perfect Competition
Monopolistic Competition and the Welfare of Society
Advertising
The Debate Over Advertising
Advertising as a Signal of Quality
Brand Names
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 17. Oligopoly
Markets with Only a Few Sellers
A Duopoly Example
Competition, Monopolies, and Cartels
The Equilibrium for an Oligopoly
How the Size of an Oligopoly Affects the Market Outcome
The Economics of Cooperation
The Prisoners’ Dilemma
Oligopolies as a Prisoners’ Dilemma
Other Examples of the Prisoners’ Dilemma
The Prisoners’ Dilemma and the Welfare of Society
Why People Sometimes Cooperate
Public Policy Toward Oligopolies
Restraint of Trade and the Antitrust Laws
Controversies Over Antitrust Policy
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part VI. The Economics of Labor Markets
Chapter 18. The Markets for the Factors of Production
The Demand for Labor
The Competitive Profit-Maximizing Firm
The Production Function and the Marginal Product of Labor
The Value of the Marginal Product and the Demand for Labor
What Causes the Labor-Demand Curve to Shift?
The Supply of Labor
The Trade-Off between Work and Leisure
What Causes the Labor-Supply Curve to Shift?
Equilibrium in the Labor Market
Shifts in Labor Supply
Shifts in Labor Demand
The Other Factors of Production: Land and Capital
Equilibrium in the Markets for Land and Capital
Linkages among the Factors of Production
Conclusion
Chapter Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 19. Earnings and Discrimination
Some Determinants of Equilibrium Wages
Compensating Differentials
Human Capital
Ability, Effort, and Chance
An Alternative View of Education: Signaling
The Superstar Phenomenon
Above-Equilibrium Wages: Minimum-Wage Laws, Unions, and Efficiency Wages
The Economics of Discrimination
Measuring Labor-Market Discrimination
Discrimination by Employers
Discrimination by Customers and Governments
Conclusion
Chapter Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 20. Income Inequality and Poverty
The Measurement of Inequality
U.S. Income Inequality
Inequality around the World
The Poverty Rate
Problems in Measuring Inequality
Economic Mobility
The Political Philosophy of Redistributing Income
Utilitarianism
Liberalism
Libertarianism
Policies to Reduce Poverty
Minimum-Wage Laws
Welfare
Negative Income Tax
In-Kind Transfers
Antipoverty Programs and Work Incentives
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part VII. Topics for Further Study
Chapter 21. The Theory of Consumer Choice
The Budget Constraint: What the Consumer Can Afford
Preferences: What the Consumer Wants
Representing Preferences with Indifference Curves
Four Properties of Indifference Curves
Two Extreme Examples of Indifference Curves
Optimization: What the Consumer Chooses
The Consumer’s Optimal Choices
How Changes in Income Affect the Consumer’s Choices
How Changes in Prices Affect the Consumer’s Choices
Income and Substitution Effects
Deriving the Demand Curve
Three Applications
Do All Demand Curves Slope Downward?
How Do Wages Affect Labor Supply?
How Do Interest Rates Affect Household Saving?
Conclusion: Do People Really Think This Way?
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 22. Frontiers of Microeconomics
Asymmetric Information
Hidden Actions: Principals, Agents, and Moral Hazard
Hidden Characteristics: Adverse Selection and the Lemons Problem
Signaling to Convey Private Information
Screening to Uncover Private Information
Asymmetric Information and Public Policy
Political Economy
The Condorcet Voting Paradox
Arrow’s Impossibility Theorem
The Median Voter Is King
Politicians Are People Too
Behavioral Economics
People Aren’t Always Rational
People Care about Fairness
People Are Inconsistent Over Time
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part VIII. The Data of Macroeconomics
Chapter 23. Measuring a Nation’s Income
The Economy’s Income and Expenditure
The Measurement of GDP
“GDP Is the Market Value …”
“… of All …”
“… Final …”
“… Goods and Services …”
“… Produced …”
“… Within a Country …”
“… In a Given Period of Time.”
The Components of GDP
Consumption
Investment
Government Purchases
Net Exports
Real versus Nominal GDP
A Numerical Example
The GDP Deflator
Is GDP a Good Measure of Economic Well-Being?
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 24. Measuring the Cost of Living
The Consumer Price Index
How the CPI Is Calculated
Problems in Measuring the Cost of Living
The GDP Deflator versus the Consumer Price Index
Correcting Economic Variables for the Effects of Inflation
Dollar Figures from Different Times
Indexation
Real and Nominal Interest Rates
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part IX. Real Economy in the Long Run
Chapter 25. Production and Growth
Economic Growth around the World
Productivity: Its Role and Determinants
Why Productivity Is so Important
How Productivity Is Determined
Economic Growth and Public Policy
Saving and Investment
Diminishing Returns and the Catch-Up Effect
Investment from Abroad
Education
Health and Nutrition
Property Rights and Political Stability
Free Trade
Research and Development
Population Growth
Conclusion: The Importance of Long-Run Growth
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 26. Saving, Investment, and the Financial System
Financial Institutions in the U.S. Economy
Financial Markets
Financial Intermediaries
Summing Up
Saving and Investment in the National Income Accounts
Some Important Identities
The Meaning of Saving and Investment
The Market for Loanable Funds
Supply and Demand for Loanable Funds
Policy 1: Saving Incentives
Policy 2: Investment Incentives
Policy 3: Government Budget Deficits and Surpluses
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 27. The Basic Tools of Finance
Present Value: Measuring the Time Value of Money
Managing Risk
Risk Aversion
The Markets for Insurance
Diversification of Firm-Specific Risk
The Trade-off between Risk and Return
Asset Valuation
Fundamental Analysis
The Efficient Markets Hypothesis
Market Irrationality
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 28. Unemployment
Identifying Unemployment
How Is Unemployment Measured?
Does the Unemployment Rate Measure What We Want It To?
How Long Are the Unemployed without Work?
Why Are There Always Some People Unemployed?
Job Search
Why Some Frictional Unemployment Is Inevitable
Public Policy and Job Search
Unemployment Insurance
Minimum-Wage Laws
Unions and Collective Bargaining
The Economics of Unions
Are Unions Good or Bad for the Economy?
The Theory of Efficiency Wages
Worker Health
Worker Turnover
Worker Quality
Worker Effort
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part X. Money and Prices in the Long Run
Chapter 29. The Monetary System
The Meaning of Money
The Functions of Money
The Kinds of Money
Money in the U.S. Economy
The Federal Reserve System
The Fed’s Organization
The Federal Open Market Committee
Banks and the Money Supply
The Simple Case of 100-Percent-Reserve Banking
Money Creation with Fractional-Reserve Banking
The Money Multiplier
Bank Capital, Leverage, and the Financial Crisis of 2008–2009
The Fed’s Tools of Monetary Control
How the Fed Influences the Quantity of Reserves
How the Fed Influences the Reserve Ratio
Problems in Controlling the Money Supply
The Federal Funds Rate
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 30. Money Growth and Inflation
The Classical Theory of Inflation
The Level of Prices and the Value of Money
Money Supply, Money Demand, and Monetary Equilibrium
The Effects of a Monetary Injection
A Brief Look at the Adjustment Process
The Classical Dichotomy and Monetary Neutrality
Velocity and the Quantity Equation
The Inflation Tax
The Fisher Effect
The Costs of Inflation
A Fall in Purchasing Power? The Inflation Fallacy
Shoeleather Costs
Menu Costs
Relative-Price Variability and the Misallocation of Resources
Inflation-Induced Tax Distortions
Confusion and Inconvenience
A Special Cost of Unexpected Inflation: Arbitrary Redistributions of Wealth
Inflation Is Bad, but Deflation May Be Worse
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part XI. The Macroeconomics of Open Economies
Chapter 31. Open-Economy Macroeconomics: Basic Concepts
The International Flows of Goods and Capital
The Flow of Goods: Exports, Imports, and Net Exports
The Flow of Financial Resources: Net Capital Outflow
The Equality of Net Exports and Net Capital Outflow
Saving, Investment, and Their Relationship to the International Flows
Summing Up
The Prices for International Transactions: Real and Nominal Exchange Rates
Nominal Exchange Rates
Real Exchange Rates
A First Theory of Exchange-Rate Determination: Purchasing-Power Parity
The Basic Logic of Purchasing-Power Parity
Implications of Purchasing-Power Parity
Limitations of Purchasing-Power Parity
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 32. A Macroeconomic Theory of the Open Economy
Supply and Demand for Loanable Funds and for Foreign-Currency Exchange
The Market for Loanable Funds
The Market for Foreign-Currency Exchange
Equilibrium in the Open Economy
Net Capital Outflow: The Link between the Two Markets
Simultaneous Equilibrium in Two Markets
How Policies and Events Affect an Open Economy
Government Budget Deficits
Trade Policy
Political Instability and Capital Flight
Conclusion
Chapter Quick Quiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part XII. Short-Run Economic Fluctuations
Chapter 33. Aggregate Demand and Aggregate Supply
Three Key Facts about Economic Fluctuations
Fact 1: Economic Fluctuations Are Irregular and Unpredictable
Fact 2: Most Macroeconomic Quantities Fluctuate Together
Fact 3: As Output Falls, Unemployment Rises
Explaining Short-Run Economic Fluctuations
The Assumptions of Classical Economics
The Reality of Short-Run Fluctuations
The Model of Aggregate Demand and Aggregate Supply
The Aggregate-Demand Curve
Why the Aggregate-Demand Curve Slopes Downward
Why the Aggregate-Demand Curve Might Shift
The Aggregate-Supply Curve
Why the Aggregate-Supply Curve Is Vertical in the Long Run
Why the Long-Run Aggregate-Supply Curve Might Shift
Using Aggregate Demand and Aggregate Supply to Depict Long-Run Growth and Inflation
Why the Aggregate-Supply Curve Slopes Upward in the Short Run
Why the Short-Run Aggregate-Supply Curve Might Shift
Two Causes of Economic Fluctuations
The Effects of a Shift in Aggregate Demand
The Effects of a Shift in Aggregate Supply
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 34. The Influence of Monetary and Fiscal Policy on Aggregate Demand
How Monetary Policy Influences Aggregate Demand
The Theory of Liquidity Preference
The Downward Slope of the Aggregate-Demand Curve
Changes in the Money Supply
The Role of Interest-Rate Targets in Fed Policy
The Zero Lower Bound
How Fiscal Policy Influences Aggregate Demand
Changes in Government Purchases
The Multiplier Effect
A Formula for the Spending Multiplier
Other Applications of the Multiplier Effect
The Crowding-Out Effect
Changes in Taxes
Using Policy to Stabilize the Economy
The Case for Active Stabilization Policy
The Case against Active Stabilization Policy
Automatic Stabilizers
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 35. The Short-Run Trade-off between Inflation and Unemployment
The Phillips Curve
Origins of the Phillips Curve
Aggregate Demand, Aggregate Supply, and the Phillips Curve
Shifts in the Phillips Curve: The Role of Expectations
The Long-Run Phillips Curve
The Meaning of “Natural”
Reconciling Theory and Evidence
The Short-Run Phillips Curve
The Natural Experiment for the Natural-Rate Hypothesis
Shifts in the Phillips Curve: The Role of Supply Shocks
The Cost of Reducing Inflation
The Sacrifice Ratio
Rational Expectations and the Possibility of Costless Disinflation
The Volcker Disinflation
The Greenspan Era
A Financial Crisis Takes Us for a Ride along the Phillips Curve
Conclusion
Chapter QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Part XIII. Final Thoughts
Chapter 36. Six Debates over Macroeconomic Policy
Should Monetary and Fiscal Policymakers Try to Stabilize the Economy?
Pro: Policymakers Should Try to Stabilize the Economy
Con: Policymakers Should Not Try to Stabilize the Economy
Should the Government Fight Recessions with Spending Hikes Rather than Tax Cuts?
Pro: The Government Should Fight Recessions with Spending Hikes
Con: The Government Should Fight Recessions with Tax Cuts
Should Monetary Policy Be Made by Rule Rather than by Discretion?
Pro: Monetary Policy Should Be Made by Rule
Con: Monetary Policy Should Not Be Made by Rule
Should the Central Bank Aim for Zero Inflation?
Pro: The Central Bank Should Aim for Zero Inflation
Con: The Central Bank Should Not Aim for Zero Inflation
Should the Government Balance Its Budget?
Pro: The Government Should Balance Its Budget
Con: The Government Should Not Balance Its Budget
Should the Tax Laws Be Reformed to Encourage Saving?
Pro: The Tax Laws Should Be Reformed to Encourage Saving
Con: The Tax Laws Should Not Be Reformed to Encourage Saving
Conclusion
Chapter QuickQuiz
Summary
Questions for Review
Problems and Applications
Module 1. The Keynesian Cross
The Big Idea
The Basic Model
The Determinants of Planned Expenditure
The Equilibrium
The Adjustment to Equilibrium
Applying the Model
How to Shrink a Recessionary Gap
The Paradox of Thrift
Conclusion: Back to the Aggregate-Demand Curve
Module QuickQuiz
Summary
Key Concepts
Questions for Review
Problems and Applications
Module 2. The European Union
How the EU Came to Be
Key Economic Issues Facing the EU
Trade in Goods
Trade in Services and Labor Mobility
Monetary Union
Recent Stressors
The Sovereign Debt Crisis
Brexit
Conclusion: The Road Ahead
Questions for Review
Module 3. The Economics of Healthcare
1. The Special Characteristics of the Market for Healthcare
1a. The Prevalence of Externalities
1b. The Difficulty of Monitoring Quality
1c. The Insurance Market and Its Imperfections
1d. Healthcare as a Right
1e. The Rules Governing the Healthcare Marketplace
2. Key Facts about the Healthcare System
2a. People Are Living Longer
2b. Healthcare Spending Is a Growing Share of the Economy
2c. Healthcare Spending Is Especially High in the United States
2d. Out-of-Pocket Spending Is a Declining Share of Health Expenditure
3. Conclusion: The Policy Debate Over Healthcare
Key Concepts
Questions for Review
Part I. Introduction
Study Guide: Ch 1. Study Guide: Ten Principles of Economics
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 2. Study Guide: Thinking like an Economist
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Appendix
Study Guide: Ch 3. Study Guide: Interdependence and the Gains from Trade
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part II. How Markets Work
Study Guide: Ch 4. Study Guide: The Market Forces of Supply and Demand
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 5. Study Guide: Elasticity and Its Application
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 6. Study Guide: Supply, Demand, and Government Policies
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part III. Markets and Welfare
Study Guide: Ch 7. Study Guide: Consumers, Producers, and the Efficiency of Markets
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 8. Study Guide: Application: The Costs of Taxation
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 9. Study Guide: Application: International Trade
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part IV. The Economics of the Public Sector
Study Guide: Ch 10. Study Guide: Externalities
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 11. Study Guide: Public Goods and Common Resources
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 12. Study Guide: The Design of the Tax System
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part V. Firm Behavior and the Organization of Industry
Study Guide: Ch 13. Study Guide: The Costs of Production
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 14. Study Guide: Firms in Competitive Markets
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 15. Study Guide: Monopoly
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 16. Study Guide: Monopolistic Competition
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 17. Study Guide: Oligopoly
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part VI. The Economics of Labor Markets
Study Guide: Ch 18. Study Guide: The Markets for the Factors of Production
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 19. Study Guide: Earnings and Discrimination
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 20. Study Guide: Income Inequality and Poverty
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part VII. Topics for Further Study
Study Guide: Ch 21. Study Guide: The Theory of Consumer Choice
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 22. Study Guide: Frontiers of Microeconomics
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part VIII. The Data of Macroeconomics
Study Guide: Ch 23. Study Guide: Measuring a Nation’s Income
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 24. Study Guide: Measuring the Cost of Living
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part IX. The Real Economy in the Long Run
Study Guide: Ch 25. Study Guide: Production and Growth
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 26. Study Guide: Saving, Investment, and the Financial System
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 27. Study Guide: The Basic Tools of Finance
Chapter Overview
Chapter Review
Conclusion
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 28. Study Guide: Unemployment Goals
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part X. Money and Prices in the Long Run
Study Guide: Ch 29. Study Guide: The Monetary System
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 30. Study Guide: Money Growth and Inflation
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part XI. The Macroeconomics of Open Economies
Study Guide: Ch 31. Study Guide: Open-Economy Macroeconomics: Basic Concepts
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 32. Study Guide: A Macroeconomic Theory of the Open Economy
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part XII. Short-Run Economic Fluctuations
Study Guide: Ch 33. Study Guide: Aggregate Demand and Aggregate Supply
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 34. Study Guide: The Influence of Monetary and Fiscal Policy on Aggregate Demand
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Study Guide: Ch 35. Study Guide: The Short-Run Trade-Off between Inflation and Unemployment
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
Part XIII. Final Thoughts
Study Guide: Ch 36. Study Guide: Six Debates Over Macroeconomic Policy
Chapter Overview
Chapter Review
Helpful Hints
Terms and Definitions
Problems and Short-Answer Questions
Self-Test
Advanced Critical Thinking
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