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Ebook details:
عنوان: Economics Fifth Edition
نویسنده: Paul R Krugman; Robin Wells
ناشر: Worth Publishers; Fifth edition (December 12, 2017)
زبان: English
شابک: 1319066607, 978-1319066604
حجم: 97 Mb
فرمت: Epub

Cover Page Inside Front Cover Page Title Page Copyright Page About the Authors Vision and Story of Microeconomics Engaging Students in the Study of Microeconomics Engaging Students with a Narrative Approach Engaging Students with Effective Tools for Learning Engaging Students with Technology Powerful Support for Instructors Acknowledgments Organization of This Book Contents Brief Contents Part 1 What Is Economics? Introduction: An Engine for Growth and Discovery A Day in the Megacity The Invisible Hand My Benefit, Your Cost Good Times, Bad Times Onward and Upward An Engine for Discovery Key Terms Chapter 1 First Principles Common Ground Principles That Underlie Individual Choice: The Core of Economics Principle #1: Choices Are Necessary Because Resources Are Scarce Principle #2: The True Cost of Something Is Its Opportunity Cost Principle #3: “How Much” Is a Decision at the Margin Principle #4: People Usually Respond to Incentives, Exploiting Opportunities to Make Themselves Better Off For Inquiring Minds Using Incentives to Break the Cycle of Poverty Economics in Action Boy or Girl? It Depends on the Cost 1-1 Check Your Understanding Quick Review Interaction: How Economies Work Principle #5: There Are Gains from Trade Principle #6: Markets Move Toward Equilibrium Principle #7: Resources Should Be Used Efficiently to Achieve Society’s Goals Principle #8: Markets Usually Lead to Efficiency Principle #9: When Markets Don’t Achieve Efficiency, Government Intervention Can Improve Society’s Welfare Economics in Action The Fundamental Law of Traffic Congestion 1-2 Check Your Understanding Quick Review Economy-Wide Interactions Principle #10: One Person’s Spending Is Another Person’s Income Principle #11: Overall Spending Sometimes Gets Out of Line with the Economy’s Productive Capacity Principle #12: Government Policies Can Change Spending Economics in Action Adventures in Babysitting 1-3 Check Your Understanding Quick Review Business Case How Priceline Revolutionized the Travel Industry Summary Key Terms Problems Chapter 2 Economic Models: Trade-offs and Trade From Kitty Hawk to Dreamliner Models in Economics: Some Important Examples For Inquiring Minds The Model That Ate the Economy Trade-offs: The Production Possibility Frontier Efficiency Opportunity Cost Economic Growth Comparative Advantage and Gains from Trade Comparative Advantage and International Trade, in Reality Global Comparison Pajama Republics Transactions: The Circular-Flow Diagram Economics in Action Rich Nation, Poor Nation 2-1 Check Your Understanding Quick Review Using Models Positive versus Normative Economics When and Why Economists Disagree For Inquiring Minds When Economists Agree Economics in Action Economists: What Are They Good For? 2-2 Check Your Understanding Quick Review Business Case Efficiency, Opportunity Cost, and the Logic of Lean Production Summary Key Terms Problems Chapter 2 Appendix: Graphs in Economics Getting the Picture Graphs, Variables, and Economic Models How Graphs Work Two-Variable Graphs Curves on a Graph A Key Concept: The Slope of a Curve The Slope of a Linear Curve Horizontal and Vertical Curves and Their Slopes The Slope of a Nonlinear Curve Calculating the Slope Along a Nonlinear Curve The Arc Method of Calculating the Slope The Point Method of Calculating the Slope Maximum and Minimum Points Calculating the Area Below or Above a Curve Graphs That Depict Numerical information Types of Numerical Graphs Problems in Interpreting Numerical Graphs Features of Construction Omitted Variables Reverse Causality Problems Part 2 Supply and Demand Chapter 3 Supply and Demand A Natural Gas Boom Supply and Demand: A Model of a Competitive Market The Demand Curve The Demand Schedule and the Demand Curve Global Comparison Pay More, Pump Less Shifts of the Demand Curve Understanding Shifts of the Demand Curve Changes in the Prices of Related Goods or Services Changes in Income Changes in Tastes Changes in Expectations Changes in the Number of Consumers Economics in Action Beating the Traffic 3-1 Check Your Understanding Quick Review The Supply Curve The Supply Schedule and the Supply Curve Shifts of the Supply Curve Understanding Shifts of the Supply Curve Changes in Input Prices Changes in the Prices of Related Goods or Services Changes in Technology Changes in Expectations Changes in the Number of Producers Economics in Action Only Creatures Small and Pampered 3-2 Check Your Understanding Quick Review Supply, Demand, and Equilibrium Finding the Equilibrium Price and Quantity 1. Why Do All Sales and Purchases in a Market Take Place at the Same Price? 2. Why Does the Market Price Fall If It Is Above the Equilibrium Price? 3. Why Does the Market Price Rise If It Is Below the Equilibrium Price? Using Equilibrium to Describe Markets Economics in Action The Price of Admission 3-3 Check Your Understanding Quick Review Changes in Supply and Demand What Happens When the Demand Curve Shifts What Happens When the Supply Curve Shifts Simultaneous Shifts of Supply and Demand Curves Economics in Action The Cotton Panic and Crash of 2011 3-4 Check Your Understanding Quick Review Competitive Markets—and Others Business Case Uber Gives Riders a Lesson in Supply and Demand Summary Key Terms Problems Chapter 4 Consumer and Producer Surplus Making Gains by the Book Consumer Surplus and the Demand Curve Willingness to Pay and the Demand Curve Willingness to Pay and Consumer Surplus How Changing Prices Affect Consumer Surplus For Inquiring Minds A Matter of Life and Death Economics in Action When Money Isn’t Enough 4-1 Check Your Understanding Quick Review Producer Surplus and the Supply Curve Cost and Producer Surplus How Changing Prices Affect Producer Surplus Economics in Action High Times Down on the Farm 4-2 Check Your Understanding Quick Review Consumer Surplus, Producer Surplus, and the Gains from Trade The Gains from Trade The Efficiency of Markets Reallocate Consumption Among Consumers Reallocate Sales Among Sellers Change the Quantity Traded Equity and Efficiency Economics in Action Take the Keys, Please 4-3 Check Your Understanding Quick Review A Market Economy Why Markets Typically Work So Well Property Rights Economic Signals A Few Words of Caution Economics in Action A Great Leap—Backward 4-4 Check Your Understanding Quick Review Business Case Ticket Prices and Music’s Reigning Couple, Jay-Z and Beyoncé Summary Key Terms Problems Chapter 5 Price Controls and Quotas: Meddling with Markets Big City, Not So Bright Ideas Why Governments Control Prices Price Ceilings Modeling a Price Ceiling How a Price Ceiling Causes Inefficiency Inefficiently Low Quantity Inefficient Allocation to Consumers Wasted Resources For Inquiring Minds Winners, Losers, and Rent Control For Inquiring Minds Mumbai’s Rent-Control Millionaires So Why Are There Price Ceilings? Economics in Action Why Price Controls in Venezuela Proved Useless 5-1 Check Your Understanding Quick Review Price Floors How a Price Floor Causes Inefficiency Inefficiently Low Quantity Inefficient Allocation of Sales Among Sellers Wasted Resources Inefficiently High Quality Illegal Activity Global Comparison Check Out Our Low, Low Wages! So Why Are There Price Floors? Economics in Action The Rise and Fall of the Unpaid Intern 5-2 Check Your Understanding Quick Review Controlling Quantities The Anatomy of Quantity Controls The Costs of Quantity Controls Economics in Action Crabbing, Quotas, and Saving Lives in Alaska 5-3 Check Your Understanding Quick Review Business Case Why Taxi Medallion Lenders Are Feeling Like Roadkill Summary Key Terms Problems Chapter 6 Elasticity Taken for a Ride Defining and Measuring Elasticity Calculating the Price Elasticity of Demand An Alternative Way to Calculate Elasticities: The Midpoint Method Economics in Action Estimating Elasticities 6-1 Check Your Understanding Quick Review Interpreting the Price Elasticity of Demand How Elastic Is Elastic? Price Elasticity Along the Demand Curve What Factors Determine the Price Elasticity of Demand? Whether the Good Is a Necessity or a Luxury The Availability of Close Substitutes Share of Income Spent on the Good Time Elapsed Since Price Change Economics in Action Responding to Your Tuition Bill 6-2 Check Your Understanding Quick Review Other Demand Elasticities The Cross-Price Elasticity of Demand The Income Elasticity of Demand For Inquiring Minds Will China Save the U.S. Farming Sector? Global Comparison Food’s Bite in World Budgets Economics in Action Spending It 6-3 Check Your Understanding Quick Review The Price Elasticity of Supply Measuring the Price Elasticity of Supply What Factors Determine the Price Elasticity of Supply? The Availability of Inputs Time Economics in Action China and the Global Commodities Glut of 2016 6-4 Check Your Understanding Quick Review An Elasticity Menagerie Business Case The Airline Industry: Fly Less, Charge More Summary Key Terms Problems Part 3 Individuals and Markets Chapter 7 Taxes The Founding Taxers The Economics of Taxes: A Preliminary View The Effect of an Excise Tax on Quantities and Prices Price Elasticities and Tax Incidence When an Excise Tax Is Paid Mainly by Consumers When an Excise Tax Is Paid Mainly by Producers Putting It All Together Economics in Action Who Pays the FICA? 7-1 Check Your Understanding Quick Review The Benefits and Costs of Taxation The Revenue from an Excise Tax Tax Rates and Revenue The Costs of Taxation For Inquiring Minds French Tax Rates and L’Arc Latter Elasticities and the Deadweight Loss of a Tax Economics in Action Taxing Tobacco 7-2 Check Your Understanding Quick Review Tax Fairness and Tax Efficiency Two Principles of Tax Fairness The Benefits Principle The Ability-to-Pay Principle Equity versus Efficiency Economics in Action Federal Tax Philosophy 7-3 Check Your Understanding Quick Review Understanding the Tax System Tax Bases and Tax Structure Equity, Efficiency, and Progressive Taxation Taxes in the United States Global Comparison You Think You Pay High Taxes? Different Taxes, Different Principles For Inquiring Minds Taxing Income versus Taxing Consumption Economics in Action State Tax Choices 7-4 Check Your Understanding Quick Review Business Case Microsoft’s Internal Carbon Tax Summary Key Terms Problems Chapter 8 International Trade The Everywhere Phone Comparative Advantage and International Trade Production Possibilities and Comparative Advantage, Revisited The Gains from International Trade Comparative Advantage versus Absolute Advantage Global Comparison Productivity and Wages Around the World Sources of Comparative Advantage Differences in Climate Differences in Factor Endowments For Inquiring Minds Increasing Returns to Scale and International Trade Economics in Action How Hong Kong Lost Its Shirts 8-1 Check Your Understanding Quick Review Supply, Demand, and International Trade The Effects of Imports The Effects of Exports International Trade and Wages Economics in Action Trade, Wages, and Land Prices in the Nineteenth Century 8-2 Check Your Understanding Quick Review The Effects of Trade Protection The Effects of a Tariff The Effects of an Import Quota Economics in Action Trade Protection in the United States 8-3 Check Your Understanding Quick Review The Political Economy of Trade Protection Arguments for Trade Protection The Politics of Trade Protection International Trade Agreements and the World Trade Organization Challenges to Globalization Inequality Outsourcing Economics in Action Solar Disputes 8-4 Check Your Understanding Quick Review Business Case Li & Fung: From Guangzhou to You Summary Key Terms Problems Part 4 Economics and Decision Making Chapter 9 Decision Making by Individuals and Firms Making Decisions in Good Times and Bad Costs, Benefits, and Profits Explicit versus Implicit Costs Accounting Profit versus Economic Profit Making “Either-Or” Decisions Economics in Action Airbnb and the Rising Cost of Privacy 9-1 Check Your Understanding Quick Review Making “How Much” Decisions: The Role of Marginal Analysis Marginal Cost Marginal Benefit Marginal Analysis Global Comparison House Sizes Around the World A Principle with Many Uses A Preview: How Consumption Decisions Are Different Economics in Action The Cost of a Life 9-2 Check Your Understanding Quick Review Sunk Costs Economics in Action Biotech: The World’s Biggest Loser 9-3 Check Your Understanding Quick Review Behavioral Economics Rational, but Human, Too Concerns About Fairness Bounded Rationality Risk Aversion Irrationality: An Economist’s View Misperceptions of Opportunity Costs Overconfidence Unrealistic Expectations About Future Behavior Counting Dollars Unequally Loss Aversion Status Quo Bias For Inquiring Minds In Praise of Hard Deadlines Rational Models for Irrational People? Economics in Action “The Jingle Mail Blues” 9-4 Check Your Understanding Quick Review Business Case J.C. Penney’s One-Price Strategy Upsets Its Customers Summary Key Terms Problems Chapter 9 Appendix: How to Make Decisions Involving Time: Understanding Present Value How to Calculate the Present Value of a One-Year Project How to Calculate the Present Value of Multiyear Projects How to Calculate the Present Value of Projects with Revenues and Costs Problems Part 5 The Consumer Chapter 10 The Rational Consumer The Absolute Last Bite Utility: Getting Satisfaction Utility and Consumption The Principle of Diminishing Marginal Utility Economics in Action Is Salmon a Luxury? It Depends 10-1 Check Your Understanding Quick Review Budgets and Optimal Consumption Budget Constraints and Budget Lines Optimal Consumption Choice For Inquiring Minds Food for Thought on Budget Constraints Economics in Action The Great Condiment Craze 10-2 Check Your Understanding Quick Review Spending the Marginal Dollar Marginal Utility per Dollar Optimal Consumption Economics in Action Buying Your Way Out of Temptation 10-3 Check Your Understanding Quick Review From Utility to the Demand Curve Marginal Utility, the Substitution Effect, and the Law of Demand The Income Effect Economics in Action Lower Gasoline Prices and the Urge to Splurge 10-4 Check Your Understanding Quick Review Business Case Freedom from Fries Summary Key Terms Problems Chapter 10 Appendix: Consumer Preferences and Consumer Choice Mapping the Utility Function Indifference Curves Properties of Indifference Curves Indifference Curves and Consumer Choice The Marginal Rate of Substitution The Tangency Condition The Slope of the Budget Line Prices and the Marginal Rate of Substitution Preferences and Choices Using Indifference Curves: Substitutes and Complements Perfect Substitutes Perfect Complements Less Extreme Cases Prices, Income, and Demand The Effects of a Price Increase Income and Consumption Income and Substitution Effects Problems Part 6 The Production Decision Chapter 11 Behind the Supply Curve: Inputs and Costs The Farmer’s Margin The Production Function Inputs and Output Global Comparison Wheat Yields Around the World From the Production Function to Cost Curves Economics in Action Finding the Optimal Team Size 11-1 Check Your Understanding Quick Review Two Key Concepts: Marginal Cost and Average Cost Marginal Cost Average Total Cost Minimum Average Total Cost Does the Marginal Cost Curve Always Slope Upward? Economics in Action Smart Grid Economics 11-2 Check Your Understanding Quick Review Short-Run versus Long-Run Costs Returns to Scale Summing Up Costs: The Short and Long of It Economics in Action How the Sharing Economy Reduces Fixed Cost 11-3 Check Your Understanding Quick Review Business Case Amazon’s Invasion of the Bots Summary Key Terms Problems Chapter 12 Perfect Competition and the Supply Curve Deck the Halls Perfect Competition Defining Perfect Competition Two Necessary Conditions for Perfect Competition Free Entry and Exit For Inquiring Minds What’s a Standardized Product? Economics in Action Pay for Delay 12-1 Check Your Understanding Quick Review Production and Profits Using Marginal Analysis to Choose the Profit-Maximizing Quantity of Output When Is Production Profitable? The Short-Run Production Decision Changing Fixed Cost Summing Up: The Perfectly Competitive Firm’s Profitability and Production Conditions Economics in Action Farmers Know How 12-2 Check Your Understanding Quick Review The Industry Supply Curve The Short-Run Industry Supply Curve The Long-Run Industry Supply Curve The Cost of Production and Efficiency in Long-Run Equilibrium Economics in Action Thirsty? From Global Wine Glut to Shortage 12-3 Check Your Understanding Quick Review Business Case Bricks-and-Mortar Retailers Go Toe to Toe with Mobile Shopping Apps Summary Key Terms Problems Part 7 Market Structure: Beyond Perfect Competition Chapter 13 Monopoly Everybody Must Get Stones Types of Market Structure The Meaning of Monopoly Monopoly: Our First Departure from Perfect Competition What Monopolists Do Why Do Monopolies Exist? 1. Control of a Scarce Resource or Input 2. Increasing Returns to Scale 3. Technological Superiority 4. Network Externality 5. Government-Created Barrier Global Comparison The Price We Pay Economics in Action The Monopoly That Wasn’t: China and the Market for Rare Earths 13-1 Check Your Understanding Quick Review How a Monopolist Maximizes Profit The Monopolist’s Demand Curve and Marginal Revenue The Monopolist’s Profit-Maximizing Output and Price Monopoly versus Perfect Competition Monopoly: The General Picture Economics in Action Shocked by the High Price of Electricity 13-2 Check Your Understanding Quick Review Monopoly and Public Policy Welfare Effects of Monopoly Preventing Monopoly Dealing with Natural Monopoly 1. Public Ownership 2. Regulation Monopsony What to Do About Monopoly? Economics in Action The (R)Evolution of the American High-Speed Internet Market 13-3 Check Your Understanding Quick Review Price Discrimination The Logic of Price Discrimination Price Discrimination and Elasticity Perfect Price Discrimination Economics in Action Sales, Factory Outlets, and Ghost Cities 13-4 Check Your Understanding Quick Review Business Case Amazon and Hachette Go to War Summary Key Terms Problems Chapter 14 Oligopoly Regulators Give Bridgestone a Flat Tire The Prevalence of Oligopoly Economics in Action Is It a Beer-opoly or Not? 14-1 Check Your Understanding Quick Review Understanding Oligopoly A Duopoly Example Collusion and Competition Economics in Action The Case Against Chocolate Producers Melts 14-2 Check Your Understanding Quick Review Games Oligopolists Play The Prisoners’ Dilemma For Inquiring Minds Prisoners of the Arms Race and the Resurgent Cold War Overcoming the Prisoners’ Dilemma: Repeated Interaction and Tacit Collusion Economics in Action The Demise of OPEC 14-3 Check Your Understanding Quick Review Oligopoly in Practice The Legal Framework Global Comparison Contrasting Approaches to Antitrust Regulation Tacit Collusion and Price Wars 1. Less Concentration 2. Complex Products and Pricing Schemes 3. Differences in Interests 4. Bargaining Power of Buyers Product Differentiation and Price Leadership How Important Is Oligopoly? Economics in Action The Price Wars of Christmas 14-4 Check Your Understanding Quick Review Business Case Virgin Atlantic Blows the Whistle . . . or Blows It? Summary Key Terms Problems Chapter 15 Monopolistic Competition and Product Differentiation Fast-Food Differentiation The Meaning of Monopolistic Competition Large Numbers Differentiated Products Free Entry and Exit in the Long Run Monopolistic Competition: In Sum Product Differentiation Differentiation by Style or Type Differentiation by Location Differentiation by Quality Product Differentiation: In Sum Economics in Action Abbondanza! 15-1 Check Your Understanding Quick Review Understanding Monopolistic Competition Monopolistic Competition in the Short Run Monopolistic Competition in the Long Run Economics in Action Hits and Flops in the App Store 15-2 Check Your Understanding Quick Review Monopolistic Competition versus Perfect Competition Price, Marginal Cost, and Average Total Cost Is Monopolistic Competition Inefficient? 15-3 Check Your Understanding Quick Review Controversies About Product Differentiation The Role of Advertising Brand Names Economics in Action The Perfume Industry: Leading Consumers by the Nose 15-4 Check Your Understanding Quick Review Business Case The Dollar Shave Club: How to Avoid a Case of Razor Burn Summary Key Terms Problems Part 8 Microeconomics and Public Policy Chapter 16 Externalities Trouble Underfoot External Costs and Benefits For Inquiring Minds Talking, Texting, and Driving Pollution: An External Cost The Socially Optimal Quantity of Pollution Why a Market Economy Produces Too Much Pollution Private Solutions to Externalities Economics in Action How Much Does Your Electricity Really Cost? 16-1 Check Your Understanding Quick Review Policies Toward Pollution Environmental Standards Emissions Taxes Global Comparison Economic Growth and Greenhouse Gases in Six Countries Tradable Emissions Permits Comparing Environmental Policies with an Example The Economics of Climate Change and the Great Energy Transition Economics in Action Cap and Trade 16-2 Check Your Understanding Quick Review Positive Externalities Preserved Farmland: An External Benefit Positive Externalities in Today’s Economy Economics in Action The Impeccable Economic Logic of Early-Childhood Intervention Programs 16-3 Check Your Understanding Quick Review Network Externalities The External Benefits of a Network Externality Economics in Action The Microsoft Case 16-4 Check Your Understanding Quick Review Business Case Snapchat and Instagram: Not Your Grandmother’s Social Networking Platforms Summary Key Terms Problems Chapter 17 Public Goods and Common Resources The Great Stink Private Goods—and Others Characteristics of Goods Why Markets Can Supply Only Private Goods Efficiently Economics in Action From Mayhem to Renaissance 17-1 Check Your Understanding Quick Review Public Goods Providing Public Goods How Much of a Public Good Should Be Provided? For Inquiring Minds Voting as a Public Good Global Comparison Voting as a Public Good: The Global Perspective Cost-Benefit Analysis Economics in Action American Infrastructure Gets a D+ 17-2 Check Your Understanding Quick Review Common Resources The Problem of Overuse The Efficient Use and Maintenance of a Common Resource For Inquiring Minds When Fertile Farmland Turned to Dust Economics in Action Saving the Oceans with ITQs 17-3 Check Your Understanding Quick Review Artificially Scarce Goods Economics in Action Twenty-First Century Piracy 17-4 Check Your Understanding Quick Review Business Case Mauricedale Game Ranch and Hunting Endangered Animals to Save Them Summary Key Terms Problems Chapter 18 The Economics of the Welfare State The Coming of Obamacare Poverty, Inequality, and Public Policy The Logic of the Welfare State 1. Alleviating Income Inequality 2. Alleviating Economic Insecurity 3. Reducing Poverty and Providing Access to Health Care The Problem of Poverty Trends in Poverty Who Are the Poor? What Causes Poverty? Consequences of Poverty For Inquiring Minds Justice and the Welfare State Economic Inequality Mean versus Median Household Income The Gini Coefficient Economic Insecurity Global Comparison Income, Redistribution, and Inequality in Rich Countries Economics in Action Long-term Trends in Income Inequality in the United States 18-1 Check Your Understanding Quick Review The U.S. Welfare State Means-Tested Programs Social Security and Unemployment Insurance The Effects of the Welfare State on Poverty and Inequality Economics in Action Welfare State Programs and Poverty Rates in the Great Recession, 2007–2010 18-2 Check Your Understanding Quick Review The Economics of Health Care The Need for Health Insurance Private Health Insurance Employment-Based Health Insurance For Inquiring Minds A California Death Spiral Government Health Insurance Health Care in Other Countries The Affordable Care Act Covering the Uninsured Cost Control Results So Far Economics in Action What Medicaid Does 18-3 Check Your Understanding Quick Review The Debate over the Welfare State Problems with the Welfare State The Politics of the Welfare State Economics in Action French Family Values 18-4 Check Your Understanding Quick Review Business Case Ruby Hill Farm: The ACA and Freedom to Farm Summary Key Terms Problems Part 9 Factor Markets and Risk Chapter 19 Factor Markets and the Distribution of Income The Value of a Degree The Economy’s Factors of Production The Factors of Production Why Factor Prices Matter: The Allocation of Resources Factor Incomes and the Distribution of Income For Inquiring Minds The Factor Distribution of Income and Social Change in the Industrial Revolution Economics in Action The Factor Distribution of Income in the United States 19-1 Check Your Understanding Quick Review Marginal Productivity and Factor Demand Value of the Marginal Product Value of the Marginal Product and Factor Demand Shifts of the Factor Demand Curve 1. Changes in Price of Output 2. Changes in Supply of Other Factors 3. Changes in Technology The Marginal Productivity Theory of Income Distribution The Markets for Land and Capital The Marginal Productivity Theory of Income Distribution Economics in Action Help Wanted at Flex! 19-2 Check Your Understanding Quick Review Is the Marginal Productivity Theory of Income Distribution Really True? Wage Disparities in Practice Marginal Productivity and Wage Inequality Market Power Efficiency Wages Discrimination For Inquiring Minds How Labor Works the German Way So Does Marginal Productivity Theory Work? Economics in Action Marginal Productivity and the “1%” 19-3 Check Your Understanding Quick Review The Supply of Labor Work versus Leisure Wages and Labor Supply For Inquiring Minds Why You Can’t Find a Cab When It’s Raining Shifts of the Labor Supply Curve Changes in Preferences and Social Norms Changes in Population Changes in Opportunities Changes in Wealth Global Comparison The Overworked American? Economics in Action The Decline of the Summer Job 19-4 Check Your Understanding Quick Review Business Case Walmart Gives a Hike Summary Key Terms Problems Chapter 19 Appendix: Indifference Curve Analysis of Labor Supply The Time Allocation Budget Line The Effect of a Higher Wage Rate Indifference Curve Analysis Chapter 20 Uncertainty, Risk, and Private Information Extreme Weather The Economics of Risk Aversion Expectations and Uncertainty The Logic of Risk Aversion For Inquiring Minds The Paradox of Gambling Paying to Avoid Risk Economics in Action Warranties 20-1 Check Your Understanding Quick Review Buying, Selling, and Reducing Risk Trading Risk Making Risk Disappear: The Power of Diversification For Inquiring Minds Those Pesky Emotions The Limits of Diversification Economics in Action When Lloyd’s Almost Lost It 20-2 Check Your Understanding Quick Review Private Information: What You Don’t Know Can Hurt You Adverse Selection: The Economics of Lemons Moral Hazard Economics in Action Franchise Owners Try Harder 20-3 Check Your Understanding Quick Review Business Case PURE—An Insurance Company That Withstands Hurricanes Summary Key Terms Problems Part 10 Introduction to Macroeconomics Chapter 21 Macroeconomics: The Big Picture Greek Tragedies The Nature of Macroeconomics Macroeconomic Questions Macroeconomics: The Whole Is Greater Than the Sum of Its Parts Macroeconomics: Theory and Policy Economics in Action Fending Off Depression The Business Cycle Charting the Business Cycle The Pain of Recession For Inquiring Minds Defining Recessions and Expansions Taming the Business Cycle Global Comparison Slumps Across the Atlantic Economics in Action Comparing Recessions Long-Run Economic Growth Economics in Action A Tale of Two Countries Inflation and Deflation The Causes of Inflation and Deflation The Pain of Inflation and Deflation Economics in Action A Fast (Food) Measure of Inflation International Imbalances Economics in Action Greece’s Costly Surplus Business Case The Business Cycle and the Decline of Montgomery Ward Summary Key Terms Problems Chapter 22 GDP and the CPI: Tracking the Macroeconomy China Hits the Big Time The National Accounts Following the Money: The Expanded Circular-Flow Diagram Gross Domestic Product Calculating GDP For Inquiring Minds Our Imputed Lives What GDP Tells Us For Inquiring Minds Gross What? Real GDP: A Measure of Aggregate Output Calculating Real GDP What Real GDP Doesn’t Measure Global Comparison GDP and the Meaning of Life Economics in Action Miracle in Venezuela? Price Indexes and the Aggregate Price Level Market Baskets and Price Indexes The Consumer Price Index Other Price Measures Economics in Action Indexing to the CPI Business Case Betting on Bad Numbers Summary Key Terms Problems Chapter 23 Unemployment and Inflation Liftoff The Unemployment Rate Defining and Measuring Unemployment The Significance of the Unemployment Rate Growth and Unemployment Economics in Action Failure to Launch The Natural Rate of Unemployment Job Creation and Job Destruction Frictional Unemployment Structural Unemployment The Natural Rate of Unemployment Changes in the Natural Rate of Unemployment Economics in Action Structural Unemployment in Spain Inflation and Deflation The Level of Prices Doesn’t Matter … … But the Rate of Change of Prices Does Winners and Losers from Inflation Inflation Is Easy; Disinflation Is Hard Economics in Action Israel’s Experience with Inflation Business Case TaskRabbit Summary Key Terms Problems Part 11 Long-Run Economic Growth Chapter 24 Long-Run Economic Growth Airpocalypse Now Comparing Economies Across Time and Space Real GDP per Capita Growth Rates Economics in Action An Economic Breakthrough in Bangladesh The Sources of Long-Run Growth The Crucial Importance of Productivity Explaining Growth in Productivity Accounting for Growth: The Aggregate Production Function What About Natural Resources? Economics in Action The Rise, Fall, and Return of the Productivity Paradox Why Growth Rates Differ Explaining Differences in Growth Rates The Role of Government in Promoting Economic Growth For Inquiring Minds Inventing R&D Economics in Action What’s the Matter with Italy? Success, Disappointment, and Failure East Asia’s Miracle Latin America’s Disappointment Africa’s Troubles and Promise Left Behind by Growth? Economics in Action Are Economies Converging? Is World Growth Sustainable? Natural Resources and Growth, Revisited Economic Growth and the Environment Economics in Action What Is the Cost of Limiting Carbon? Business Case Raising the Bar(code) Summary Key Terms Problems Chapter 25 Savings, Investment Spending, and the Financial System Paying for a Hidden Empire Matching Up Savings and Investment Spending The Savings–Investment Spending Identity The Market for Loanable Funds For Inquiring Minds Using Present Value Economics in Action Sixty Years of U.S. Interest Rates The Financial System Three Tasks of a Financial System Types of Financial Assets Financial Intermediaries Global Comparison Corporate Bonds in the United States and the Euro Area Economics in Action Banks and the South Korean Miracle Financial Fluctuations The Demand for Stocks For Inquiring Minds How Now, Dow Jones? The Demand for Other Assets Asset Price Expectations For Inquiring Minds Behavioral Finance Asset Prices and Macroeconomics Economics in Action The Great American Housing Bubble Business Case Grameen Bank: Banking Against Poverty Summary Key Terms Problems Part 12 Short-Run Economic Fluctuations Chapter 26 Income and Expenditure Hard Times in Helsinki The Multiplier: An Informal Introduction Economics in Action To Shale and Back Consumer Spending Current Disposable Income and Consumer Spending Shifts of the Aggregate Consumption Function Economics in Action Famous First Forecasting Failures Investment Spending 1. The Interest Rate and Investment Spending 2. Expected Future Real GDP, Production Capacity, and Investment Spending 3. Inventories and Unplanned Investment Spending Economics in Action Interest Rates and U.S. Housing The Income–Expenditure Model Planned Aggregate Spending and Real GDP Income–Expenditure Equilibrium The Multiplier Process and Inventory Adjustment What About Exports and Imports? Economics in Action Inventories and the End of a Recession Business Case What’s Good for America Is Good for GM Summary Key Terms Problems Chapter 26 Appendix: Deriving the Multiplier Algebraically Problems Chapter 27 Aggregate Demand and Aggregate Supply Different Generations, Different Policies Aggregate Demand Why Is the Aggregate Demand Curve Downward Sloping? The Aggregate Demand Curve and the Income–Expenditure Model Shifts of the Aggregate Demand Curve Government Policies and Aggregate Demand Economics in Action Moving Along the Aggregate Demand Curve, 1979–1980 Aggregate Supply The Short-Run Aggregate Supply Curve For Inquiring Minds What’s Truly Flexible, What’s Truly Sticky Shifts of the Short-Run Aggregate Supply Curve The Long-Run Aggregate Supply Curve From the Short Run to the Long Run Economics in Action Sticky Wages in the Great Recession The AD–AS Model Short-Run Macroeconomic Equilibrium Shifts of Aggregate Demand: Short-Run Effects Shifts of the SRAS Curve Long-Run Macroeconomic Equilibrium For Inquiring Minds Where’s the Deflation? Economics in Action Supply Shocks versus Demand Shocks in Practice Macroeconomic Policy Policy in the Face of Demand Shocks For Inquiring Minds Keynes and the Long Run Responding to Supply Shocks Economics in Action Is Stabilization Policy Stabilizing? Business Case Toyota Makes Its Move Summary Key Terms Problems Part 13 Stabilization Policy Chapter 28 Fiscal Policy Spending Our Way Out of a Recession Fiscal Policy: The Basics Taxes, Purchases of Goods and Services, Government Transfers, and Borrowing The Government Budget and Total Spending Expansionary and Contractionary Fiscal Policy Can Expansionary Fiscal Policy Actually Work? A Cautionary Note: Lags in Fiscal Policy Economics in Action A Tale of Two Stimuli Fiscal Policy and the Multiplier Multiplier Effects of an Increase in Government Purchases of Goods and Services Multiplier Effects of Changes in Government Transfers and Taxes How Taxes Affect the Multiplier Economics in Action Austerity and the Multiplier The Budget Balance The Budget Balance as a Measure of Fiscal Policy The Business Cycle and the Cyclically Adjusted Budget Balance Should the Budget Be Balanced? Economics in Action Trying to Balance Budgets in a Recession Long-Run Implications of Fiscal Policy Deficits, Surpluses, and Debt Potential Dangers Posed by Rising Government Debt Global Comparison The American Way of Debt Deficits and Debt in Practice For Inquiring Minds What Happened to the Debt from World War II? Implicit Liabilities Economics in Action Reducing Implicit Liabilities Business Case Here Comes the Sun Summary Key Terms Problems Chapter 28 Appendix: Taxes and the Multiplier Problems Chapter 29 Money, Banking, and the Federal Reserve System Not So Funny Money The Meaning of Money What Is Money? Roles of Money Global Comparison The Big Moneys Types of Money Measuring the Money Supply For Inquiring Minds From Bucks to Bitcoin Economics in Action The History of the Dollar The Monetary Role of Banks What Banks Do The Problem of Bank Runs Bank Regulation Economics in Action It’s a Wonderful Banking System Determining the Money Supply How Banks Create Money Reserves, Bank Deposits, and the Money Multiplier The Money Multiplier in Reality Economics in Action Multiplying Money Down The Federal Reserve System The Structure of the Fed What the Fed Does: Reserve Requirements and the Discount Rate Open-Market Operations For Inquiring Minds Who Gets the Interest on the Fed’s Assets? The European Central Bank Economics in Action The Fed’s Balance Sheet, Normal and Abnormal The Evolution of the American Banking System The Crisis in American Banking in the Early Twentieth Century Responding to Banking Crises: The Creation of the Federal Reserve The Savings and Loan Crisis of the 1980s Back to the Future: The Financial Crisis of 2008 and Its Aftermath Economics in Action Financial Regulation After the Crisis Business Case The Perfect Gift: Cash or a Gift Card? Summary Key Terms Problems Chapter 30 Monetary Policy The Most Powerful Person in Government The Demand for Money The Opportunity Cost of Holding Money The Money Demand Curve Shifts of the Money Demand Curve Economics in Action A Yen for Cash Money and Interest Rates The Equilibrium Interest Rate Two Models of Interest Rates? Monetary Policy and the Interest Rate Long-Term Interest Rates Economics in Action Up the Down Staircase Monetary Policy and Aggregate Demand Expansionary and Contractionary Monetary Policy Monetary Policy in Practice The Taylor Rule Method of Setting Monetary Policy Inflation Targeting Global Comparison Inflation Targets The Zero Lower Bound Problem Economics in Action What the Fed Wants, the Fed Gets Money, Output, and Prices in the Long Run Short-Run and Long-Run Effects of an Increase in the Money Supply Monetary Neutrality Changes in the Money Supply and the Interest Rate in the Long Run Economics in Action International Evidence of Monetary Neutrality Business Case Parking Your Money at PayPal Summary Key Terms Problems Chapter 30 Appendix: Reconciling the Two Models of the Interest Rate The Interest Rate in the Short Run The Interest Rate in the Long Run Problems Chapter 31 Inflation, Disinflation, and Deflation Bringing a Suitcase to the Bank Money and Inflation The Classical Model of Money and Prices The Inflation Tax The Logic of Hyperinflation Economics in Action Zimbabwe’s Inflation Moderate Inflation and Disinflation The Output Gap and the Unemployment Rate For Inquiring Minds Okun’s Law The Short-Run Phillips Curve For Inquiring Minds The Aggregate Supply Curve and the Short-Run Phillips Curve Inflation Expectations and the Short-Run Phillips Curve Economics in Action The Phillips Curve in the Great Recession Inflation and Unemployment in the Long Run The Long-Run Phillips Curve The Natural Rate of Unemployment, Revisited Global Comparison Disinflation Around the World The Costs of Disinflation Economics in Action The Great Disinflation of the 1980s Deflation Debt Deflation Effects of Expected Deflation Economics in Action Is Europe Turning Japanese? Business Case Dining and Dollars in Buenos Aires Summary Key Terms Problems Part 14 Events and Ideas Chapter 32 Macroeconomics: Events and Ideas Old Books and New Ideas Classical Macroeconomics Money and the Price Level The Business Cycle The Great Depression and the Keynesian Revolution Keynes’s Theory For Inquiring Minds The Politics of Keynes Policy to Fight Recessions Economics in Action The End of the Great Depression Challenges to Keynesian Economics The Revival of Monetary Policy Monetarism Limits to Macroeconomic Policy: Inflation and the Natural Rate of Unemployment The Political Business Cycle Economics in Action The Fed’s Flirtation with Monetarism Rational Expectations, Real Business Cycles, and New Classical Macroeconomics Rational Expectations Real Business Cycles For Inquiring Minds Supply-Side Economics Economics in Action The 1970s in Reverse The Great Moderation Consensus Modern Macroeconomics After the Great Recession The Economic Environment Post Recession Stimulus versus Austerity The Fed’s Unconventional Monetary Policy Economics in Action Japan’s Escape Attempt Summary Key Terms Problems Part 15 The International Economy Chapter 33 International Macroeconomics Switzerland Doesn’t Want Your Money Capital Flows and the Balance of Payments Balance of Payments Accounts For Inquiring Minds GDP, GNP, and the Current Account Modeling the Financial Account Global Comparison Big Surpluses Underlying Determinants of International Capital Flows Two-Way Capital Flows Economics in Action The Golden Age of Capital Flows The Role of the Exchange Rate Understanding Exchange Rates The Equilibrium Exchange Rate Inflation and Real Exchange Rates Purchasing Power Parity For Inquiring Minds Burgernomics Economics in Action Strong Dollar Woes Exchange Rate Policy Exchange Rate Regimes How Can an Exchange Rate Be Held Fixed? The Exchange Rate Regime Dilemma For Inquiring Minds From Bretton Woods to the Euro Economics in Action China Pegs the Yuan Exchange Rates and Macroeconomic Policy 1. Devaluation and Revaluation of Fixed Exchange Rates 2. Monetary Policy Under Floating Exchange Rates 3. International Business Cycles Economics in Action The Little Currency That Could Business Case A Yen for Japanese Cars Summary Key Terms Problems Macroeconomic Data Tables Solutions to Check Your Understanding Questions Glossary Index Back Cover

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