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Table of Contents
About the Author xiii
SECTION I THE ECONOMICS TOOLKIT 1
Chapter 1 An Introduction to the Economic Way of Th inking 3
Chapter 1 Appendix: Working with Graphs 18
Chapter 2 Production Possibilities 23
Chapter 3 Demand and Supply 40
Chapter 4 Consumer Surplus, Producer Surplus, and Economic Efficiency 67
Chapter 5 Elasticity 80
Chapter 5 Appendix: Elasticity and the Slope of Demand 94
Chapter 6 Measuring Economic Activity 97
Chapter 7 Inflation and the Measurement of Prices 115
Chapter 8 The Power and Limits of Markets 131
SECTION II MARKETS, MARKETS EVERYWHERE 143
Chapter 9 Wage Determination and Superstar Salaries 145
Chapter 10 The Minimum Wage 165
Chapter 11 International Trade of Goods 178
Chapter 12 Immigration and the International Trade of Labor 196
Chapter 13 Foreign Exchange and the International Trade of Money 212
Chapter 14 Farm Policy 222
Chapter 15 The Economics of Illegal Drugs 237
Chapter 16 Pollution, The Environment, and Global Warming 253
Chapter 17 The Economics of Education 271
Chapter 17 Appendix: Education as an Investment: Present and
Future Values 288
Chapter 18 Competition and Monopoly 291
SECTION III SOCIAL ISSUES 309
Chapter 19 The Economics of Labor Market Discrimination 311
Chapter 20 Poverty and the Distribution of Income 329
Chapter 21 The Economics of Health Care 347
Chapter 22 Monetary Policy and the Federal Reserve 363
Chapter 23 Fiscal Policy and the Federal Budget 382
Appendix A Answers to “Think for Yourself” Questions 399
Appendix B Glossary 411