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Macroeconomics: Explore & Apply, Enhanced Edition

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Macroeconomics: Explore & Apply, Enhanced Edition

by Ronald M. Ayers - University of Texas at San Antonio; Robert A. Collinge - University of Texas at San Antonio

Publisher: Prentice Hall

Copyright Year: 2005

Publishing Date: 2004/01/06

eText ISBN-10: 0-13-128772-9

eText ISBN-13: 978-0-13-128772-3

Print ISBN-10: 0-13-146391-8

Print ISBN-13: 978-0-13-146391-2

Course: Principles of Macroeconomics

Pages: 528

eTextbook $72.00

(180 day subscription)

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Table of Contents | Description

Instructor Resources | Student Resources

ABOUT THIS TITLE - TABLE OF CONTENTS

Prentice Hall Series In Economics, ii

About the Authors, vi

1. A Journey Through the Economy, 1

1. The Economic Perspective, 1

1.1. Scarce Resources, Unlimited Wants, 2

1.2. Surveying the Economic Landscape, 4

1.3. Three Basic Questions: What, How, and for Whom?, 5

1.4. Economic Analysis, 10

1.5. From Mao to Now—Market Incentives Take Hold in China, 14

Summary and Learning Objectives, 16

Test Yourself, 17

Questions and Problems, 18

Appendix 1 Working with Graphs and Data, 20

Working with Graphs and Data, 29

2. Production and Trade, 31

2.1. Scarcity and Choice, 32

2.2. Production Possibilities, 33

2.3. The Circular Flow of Economic Activity, 41

2.4. Expanding Consumption Possibilities Through Trade, 43

2.5. Guns or Butter?—Growth Can Bring Both, 46

Summary and Learning Objectives, 50

Test Yourself, 51

Questions and Problems, 53

Working with Graphs and Data, 54

3. Demand and Supply, 57

3.1. Demand, 58

3.2. Supply, 64

3.3. Equilibrium—Demand Meets Supply and the Market Clears, 67

3.4. Vouchers—Demanding Better Schools, 76

Summary and Learning Objectives, 80

Test Yourself, 81

Questions and Problems, 83

Working with Graphs and Data, 85

4. The Power of Prices, 87

4.1. Price Signals for Efficient Choice, 88

4.2. Price Ceilings—Holding Prices Down, 97

4.3. Price Floors—Propping Prices Up, 100

4.4. Around the World—Black Markets as a Safety Valve, 104

4.5. The Price of Power, 105

Summary and Learning Objectives, 107

Test Yourself, 108

Questions and Problems, 110

Working with Graphs and Data, 111

2. Monitoring the Macroeconomy, 113

5. Measuring National Output, 113

5.1. Macroeconomic Goals, 114

5.2. Measuring National Output, 115

5.3. Gross Domestic Product—A Closer Look, 123

5.4. The Business Cycle—The Ups and Downs in Economic Activity, 130

5.5. Using Economic Data to Set Policy, 134

Summary and Learning Objectives, 136

Test Yourself, 138

Questions and Problems, 139

Working with Graphs and Data, 139

Appendix 5 The National Income and Product Accounts, 141

6. Unemployment, 145

6.1. Measuring Unemployment, 146

6.2. Identifying Types of Unemployment, 154

6.3. Unemployment Insurance and the Natural Rate of Unemployment, 157

6.4. Employing Labor—Hidden Consequences of the Law, 159

Summary and Learning Objectives, 162

Test Yourself, 163

Questions and Problems, 164

Working with Graphs and Data, 165

7. Inflation, 167

7.1. The Goal of Low Inflation, 168

7.2. The Harm from Inflation, 172

7.3. Measuring Inflation, 175

7.4. Adjusting to Price Changes—No Precision in the CPI, 184

Summary and Learning Objectives, 187

Test Yourself, 188

Questions and Problems, 190

Working with Graphs and Data, 190

3. Aggregate Demand and Aggregate Supply, 192

8. A Framework for Macroeconomic Analysis, 193

8.1. A First Look at Aggregate Demand and Aggregate Supply, 194

8.2. Keynesian Short-Run and Classical Long-Run Perspectives, 196

8.3. Modeling the Macroeconomy with Aggregate Demand and Aggregate Supply, 199

8.4. Achieving Full-Employment Equilibrium, 207

8.5. Root Causes of Inflation, 212

8.6. Classical Versus Keynesian—The Great Debate Continues, 215

8.7. Fighting Terrorism—What Price Does the Economy Pay?, 215

Summary and Learning Objectives, 218

Test Yourself, 220

Questions and Problems, 222

Working with Graphs and Data, 222

9. Fiscal Policy and Short-Run Instability, 225

9.1. Fiscal Policy to Stabilize the Business Cycle, 226

9.2. The Short-Run Adjustment Process, 234

9.3. Short-Run Paths to Long-Run Stability, 239

9.4. Deficits and Debt—Do We Spend Too Much?, 243

Summary and Learning Objectives, 246

Test Yourself, 248

Questions and Problems, 249

Working with Graphs and Data, 250

10. Aggregate Expenditures, 253

10.1. “In the Long Run, We Are All Dead”, 254

10.2. The Income—Expenditure Model, 254

10.3. Changing the Expenditure Equilibrium, 260

10.4. Aggregate Demand—An Expenditure Equilibrium for Each Price Level, 269

10.5. The Great Depression—At the Time and with the Benefit of Time, 271

Summary and Learning Objectives, 274

Test Yourself, 276

Questions and Problems, 278

Working with Graphs and Data, 278

4. Incentives for Productivity, 281

11. Fiscal Policy in Action, 281

11.1. Policy in Practice, 282

11.2. Social Security, 288

11.3. Tax Reform, 294

11.4. Paying for Homeland Security, 296

Summary and Learning Objectives, 299

Test Yourself, 301

Questions and Problems, 302

Working with Graphs and Data, 303

12. Economic Growth, 305

12.1. The Seeds of Growth, 306

12.2. Influencing Growth Through Public Policy, 311

12.3. Property Rights and New Growth Theory, 315

12.4. Supply-Side Policy, 316

12.5. The New Economy—Is It Real?, 318

Summary and Learning Objectives, 321

Test Yourself, 322

Questions and Problems, 323

Working with Graphs and Data, 324

5. Money in the Macroeconomy, 325

13. Money, Banking, and the Federal Reserve, 325

13.1. Money, 326

13.2. Money and Banking in the United States, 330

13.3. Meet the Fed, 335

13.4. High-Priced Housing—Are Banks at Risk?, 343

Summary and Learning Objectives, 346

Test Yourself, 348

Questions and Problems, 349

Working with Graphs and Data, 350

14. Monetary Policy and Price Stability, 351

14.1. The Aims of Monetary Policy, 352

14.2. The Money Market, 353

14.3. Guiding Monetary Policy, 357

14.4. The Federal Funds Rate and Market Interest Rates, 365

14.5. How Independent Should A Central Bank Be?, 369

Summary and Learning Objectives, 371

Test Yourself, 373

Questions and Problems, 374

Working with Graphs and Data, 375

6. The Global Economy, 376

15. Into the International Marketplace, 377

15.1. Measuring International Transactions, 378

15.2. The Impact of International Commerce, 381

15.3. Exchange Rates, 385

15.4. The Euro—You Can Keep the Change, 394

Summary and Learning Objectives, 399

Test Yourself, 400

Questions and Problems, 402

Working with Graphs and Data, 403

16. Policy Toward Trade, 405

16.1. Assessing Gains from Trade, 406

16.2. Trade Agreements, 410

16.3. Trade Policy Options, 412

16.4. The Free Trade Debate, 416

16.5. Energy Security and Alternative Fuels—An Issue of Oil Imports, 419

Summary and Learning Objectives, 422

Test Yourself, 424

Questions and Problems, 425

Working with Graphs and Data, 426

17. Economic Development, 429

17.1. Developing Economies and Poverty, 430

17.2. Population Growth, 436

17.3. Prices and Property Rights, 440

17.4. Countries Helping Countries: Foreign Aid, the IMF, and the World Bank, 442

17.5. Russia—A Rough Transition to the Price System, 447

Summary and Learning Objectives, 450

Test Yourself, 451

Questions and Problems, 453

Working with Graphs and Data, 454

Answers to Test Yourself, 465

Chapter 10, 466

Chapter 11, 466

Chapter 12, 466

Chapter 13, 466

Chapter 14, 466

Chapter 15, 466

Chapter 16, 466

Chapter 17, 466

Solutions to Even-Numbered Questions and Problems, 467

Chapter 10, 472

Chapter 11, 472

Chapter 12, 473

Chapter 13, 474

Chapter 14, 475

Chapter 15, 475

Chapter 16, 476

Chapter 17, 476

Photo Credits, 489

Chapter 10, 489

Chapter 11, 489

Chapter 12, 489

Chapter 13, 489

Chapter 14, 489

Chapter 15, 489

Chapter 16, 489

Chapter 17, 489

Inside Front Cover, FrontCover

Inside Back Cover, InsideBackCover

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ABOUT THIS TITLE - DESCRIPTION

For two-semester courses in Principles of Economics. This easy to read, accessible, macro-first principles text engages students with familiar real-world examples and applications that bring economics to life. The authors follow an Explore & Apply theme to show students how economics is a part of their everyday lives and how it can be a useful tool in making personal decisions and evaluating policy decisions.

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