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Principles of Macroeconomics

by
Edition:
2nd
ISBN13:

9780538868198

ISBN10:
0538868198
Pub. Date:
7/6/1998
Publisher(s):
South-Western College Pub

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Summary

Written for the 2-term principles of economics course offered at every 2- and 4-year school, this text conveys the principles of economics in a superb conversational style through a series of extended examples that students relate and respond to. Students are discouraged from simply memorizing facts and are engaged in active learning. This text focuses on presenting basic concepts in-depth and develops the analysis step-by-step, rather than covering hundreds of topics superficially. Split versions are available for the 1-term principles of macroeconomics or principles of microeconomics course.

Table of Contents

Preface xvii
Learning Guide xxiv
Farewell xxx
Author xxxii
PART 1 THE BASICS OF ECONOMIC ANALYSIS 1(64)
Introduction
2(22)
No One Ever Made an Ounce of Earth
3(3)
Are We Running Out of Natural Resources?
3(1)
Renewable and Nonrenewable Natural Resources
3(1)
Added Perspective: Coal...Then (1865) and Now (1998)
4(1)
How Do You Satisfy Insatiable Wants?
5(1)
Added Perspective: If Not the Depletion of Coal, Then Perhaps Oil
5(1)
Scarcity Forces Us to make Choices
6(1)
What Is Economics?
6(5)
Economics Is Part of Social Science
6(1)
Using Economic Models
7(1)
Ceteris Paribus
8(1)
The Circular Flow Model of Goods and Money
8(2)
Micro-and Macroeconomics
10(1)
Positive and Normative Economics
11(1)
What Do Economists Know?
11(6)
Economic Consultants: Economic Research and Analysis by Students for Professionals
12(1)
Added Perspective: Economists, As Wizards of Odds, Are Usually Off
13(1)
Chapter Review
14(1)
Key Terms
15(1)
Questions
15(1)
Practice Test
16(1)
Appendix On Reading Graphs
17(1)
The Only Thing We Have to Fear Is Fear Itself
17(3)
A Graphic Language
17(1)
Know Your Point of Reference
17(1)
Measuring Distances on Graphs
18(1)
Graphing Relationships
18(1)
Connecting Points to Form Curves
19(1)
The Slope of a Curve
20(4)
U-Shaped and Hill-Shaped Curves
22(1)
Vertical and Horizontal Curves
22(1)
Measuring the Slope of a Point on a Curve
23(1)
Key Terms
23(1)
Production Possibilities and Opportunity Costs
24(19)
Factors of Production
25(1)
Labor
25(1)
Capital
25(1)
Land
26(1)
Entrepreneurship
26(1)
Robinson Crusoe's Production Possibilities
26(6)
Opportunity Cost
28(1)
The Law of Increasing Costs
28(1)
Added Perspective: Guns and Butter
29(2)
Once Rich, It's Easy to Get Richer
31(1)
Once Poor, It's Easy to Stay Poor
32(1)
The Productive Power of Advanced Technology
32(1)
The Indestructible Nature of Ideas
33(1)
Possibilities, Impossibilities, and Less Than Possibilities
33(2)
Added Perspective: The Destruction and Reconstruction of Rotterdam
34(1)
Production Possibilities and Economic Specialization
35(3)
Added Perspective: Chickens, Vaccines, and Pushing Out the Production Possibilities Curve
36(1)
Specialization on the Island
36(1)
International Specialization
37(1)
The Principle of Comparative Advantage
37(1)
The Universality of the Production Possibilities Model
38(5)
Economic Consultants: Economic Research and Analysis by Students for Professionals
39(1)
Chapter Review
39(1)
Key Terms
40(1)
Questions
40(1)
Practice Problems
41(1)
Practice Test
42(1)
Demand and Supply
43(22)
Measuring Consumer Willingness
44(1)
Measuring Consumer Demand
44(2)
Measuring Individual Demand
44(1)
Measuring Market Demand
45(1)
Measuring Supply
46(1)
Market-Day Supply
46(1)
Determining Equilibrium Price
47(2)
Suppose the Price Is $8
47(1)
Suppose the Price is $4
48(1)
Price Always Tends Toward Equilibrium
49(1)
Market-Day, Short-run, and Long-Run Supply
49(2)
Changes in Demand
51(4)
Changes in Income
52(1)
Added Perspective: De Gustibus Non Est Disputandum
53(1)
Changes in Taste
54(1)
Changes in the Prices of Other Goods
54(1)
Changes in Expectations About Future Prices
54(1)
Changes in Population Size
54(1)
A Change in Demand or a Change in Quantity Demanded?
54(1)
Changes in Supply
55(2)
Changes in Technology
55(1)
Changes in Resource Prices
56(1)
Changes in the Prices of Other Goods
56(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
57(1)
Changes in the Number of Suppliers
57(1)
Why the Price of an Orange Is 30 Cents at the Supermarket
57(2)
Price Serves as a Rationing Mechanism
59(6)
Chapter Review
61(1)
Key Terms
62(1)
Questions
62(1)
Practice Problems
63(1)
Practice Test
64(1)
PART 2 INTRODUCTION TO MICROECONOMICS 65(90)
Elasticity
66(24)
Demand Sensitivities and Insensitivities
67(2)
Expressing Demand Sensitivity Graphically
67(1)
Are Our Demand Sensitivities Alike?
68(1)
What Factors Influence Demand Sensitivity?
69(2)
Low-Priced Goods
69(1)
Income Levels
69(1)
Substitute Goods
70(1)
Basic Goods
70(1)
Linked Goods
71(1)
Time to Adjust
71(1)
Form Sensitivity to Elasticity
71(1)
Deriving Price Elasticities of Demand
72(3)
Added Perspective: Planes, Trains and Automobiles
74(1)
Elasticity and Total Revenue
75(1)
Estimates of Price Elasticities of Demand
76(1)
Price Elasticities for Selected Agricultural and Nonagricultural Goods
76(1)
Short-Run and Long-Run Elasticities
76(1)
Cross Elasticity
76(3)
Cross Elasticities Among Substitute Goods
76(2)
Cross Elasticities Among Complementary Goods
78(1)
Income Elasticity
79(2)
Economic Consultants: Economic Research and Analysis by Students for Professionals
80(1)
Income Elasticity of Inferior Goods
81(1)
Supply Elasticity
81(3)
Added Perspective: Cross Elasticities in the Sound Business
82(1)
Market-Day Supply elasticity
83(1)
Short-Run Supply Elasticity
83(1)
Long-Run Supply Elasticity
84(1)
Elasticities and Taxation
84(6)
Per Unit Tax Shifts the Supply Curve
85(1)
The Ultimate Per Unit Tax?
86(1)
Chapter Review
86(1)
Key Terms
87(1)
Questions
87(1)
Practice Problems
88(1)
Practice Test
89(1)
Marginal Utility and Consumer Choice
90(26)
What Is Marginal Utility?
91(3)
The More the Better, Up to a Point
91(1)
The Law of Diminishing Marginal Utility
91(2)
Added Perspective: Beauty and the Beast---An Economist's Abridged Version
93(1)
The Water-Diamond Paradox
94(1)
French Cuisine and Marginal Utility
94(2)
Added Perspective: The Fat Principles
95(1)
Understanding the Law of Demand
96(4)
Making Selections from a Given Budget
96(2)
The MU/P Equalization Principle
98(1)
Added Perspective: Are White Rats Rational Consumers?
99(1)
The MU/P Equalization Principle and the Law of Demand
99(1)
The MU/P Guide to Auction Bidding
100(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
101(1)
Creating Consumer Surplus
101(2)
Interpresonal Comparisons of Utility
103(5)
Chapter Review
103(1)
Key Terms
104(1)
Questions
104(1)
Practice Problems
105(2)
Practice Test
107(1)
Appendix The Indifference Curve Approach to Demand Curves
108(1)
Identifying Equally Preferred Sets of Goods
108(2)
Marginal Rate of Substitution
109(1)
Constructing Indifference Maps
110(1)
The Budget Constraint
110(2)
Price Changes Shift the Budget Constraint
111(1)
Income Changes, Too, Shift the Budget Constraint
112(1)
Deriving the Demand Curve for Amusement Goods
112(4)
Relating Quantity Demanded to Price
113(1)
Appendix Review
114(1)
Questions
115(1)
Price Ceilings and Price Floors
116(22)
The Fishing Economy, Once Again
117(2)
Now, a National Security Crisis
117(1)
Mobilizing Fishermen
117(1)
Who can Afford a $10 Fish?
118(1)
Setting a Ceiling on Price
119(2)
Living with Chronic Excess Demand
119(1)
Price Ceilings and Ration Coupons During World War II
120(1)
Did the Price Control System Work?
120(1)
There's Also Reason for Price Floors
121(2)
Setting a Floor on Price
121(1)
Living with Chronic Excess Supply
122(1)
Agriculture's Technological Revolution
123(2)
The Effect of Technological Change on Agricultural Supply
125(1)
To Intervene or Not to Intervene: That Is the Question
126(1)
Parity Pricing as a Price Floor
126(7)
Economic Consultants: Economic Research and Analysis by Students for Professionals
127(1)
The Invention of Parity Pricing
127(2)
Deriving Parity Price Ratios
129(1)
Living Under Parity
129(1)
Added Perspective: Who Gets the farm Subsidies?
130(1)
Target Prices and Deficiency Payments
131(2)
Added Perspective: ``Crop'' Limitations of Another Kind
133(1)
A Long Tradition of Price Ceilings and Price Floors
133(5)
Chapter Review
134(1)
Key Terms
135(1)
Questions
135(1)
Practice Problems
135(2)
Practice Test
137(1)
Business Ownership and Organization: Proprietorships, Partnerships, and Corporations
138(17)
Sole Proprietorship
139(1)
Partnership
140(1)
Corporation
140(5)
The Security of Limited Liability
140(1)
Setting Up the Corporation
141(1)
The Sky's the Limit in Stock Issues
142(1)
Added Perspective: Want to Minimize Risk? Try a Mutual Fund
143(2)
Economic Consultants: Economic Research and Analysis by Students for Professionals
145(1)
How U.S. Business Is Organized
145(1)
Profile of Stockholders
146(2)
Indirect Stock Ownership
148(1)
International and Multinational Corporations
148(7)
Added Perspective: Multinational Are Becoming More and More Multi
149(2)
Chapter Review
151(1)
Key Terms
152(1)
Questions
152(2)
Practice Test
154(1)
PART 3 THE MICROECONOMICS OF PRODUCT MARKETS 155(166)
Costs of Production
157(28)
Getting into the Fishing Business
158(1)
Total Fixed Costs
158(1)
Committing to Fixed Costs
158(1)
Calculating Fixed Costs
159(1)
Total Variable Costs
159(7)
The Cost of Labor
161(1)
Added Perspective: The Law of Diminishing Returns
162(2)
Added Perspective: How Driving Costs can Vary
164(1)
The Cost of Fuel
165(1)
The Costs of Bait, Ice, and Equipment
165(1)
Adding Up the Variable Costs
165(1)
Total Costs
166(1)
What's the Average Cost of Producing Fish?
167(2)
Average Fixed and Average Variable Costs
167(2)
Average total Cost
169(1)
To Produce or Not to Produce, That Is the Question
169(1)
Marginal Cost
169(3)
Economies and Diseconomies of Scale
172(3)
Added Perspective: Big, Bigger, Biggest
173(2)
Long-Run and Short-Run Average Total Cost Curves
175(3)
Rightsizing or Downsizing Along the Long-Run Average Total Cost Curve
176(1)
What Is True for the Fishing Industry Is True for All Industries
177(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
178(1)
What Businesspeople Think About the Character of Their Average total Costs
178(2)
Behind Every Cost Curve Is a Socioeconomic Environment
180(5)
Chapter Review
181(1)
Key Terms
182(1)
Questions
182(1)
Practice Problems
183(1)
Practice Test
184(1)
Maximizing Profit
185(17)
Entrepreneurs and Profit Making
186(1)
Profit-Maximizing Fishermen
186(2)
Profit Depends on Price and Costs
186(1)
Should Fishermen Produce More Fish?
187(1)
The MR=MC rule
188(2)
Thinking on the Margin
188(1)
Total, Average, and Marginal Revenue
188(2)
Applying the MR=MC Rule
190(3)
Added Perspective: Maximizing Profit on Israel's Kibbutzim
192(1)
How Much Profit Is Maximum Profit?
193(1)
Maximizing Profit and Minimizing Loss
193(2)
Do Firms Really Behave This Way?
195(3)
The Lester-Machlup Controversy
195(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
196(1)
Empire Building
196(1)
Added Perspective: Why Profit Maximization? Of the Origin of Ambition, and of the Distinction of Ranks
197(1)
What Survives of Marginalism?
198(4)
Chapter Review
199(1)
Key Terms
199(1)
Questions
199(1)
Practice Problems
200(1)
Practice Test
201(1)
Identifying Markets and Market Structures
202(24)
Defining the Relevant Market
203(1)
Rose Is a Rose Is a Rose Is a Rose?
203(1)
Movies and Entertainment
203(1)
Automobiles and Transportation
203(1)
Courts and Markets
204(1)
Cross Elasticity Defines the Market
205(2)
Cross Elasticities in the Flower Market
205(1)
Added Perspective: Nike: From Shoes to Swoosh
206(1)
How High Is a High Cross Elasticity?
207(1)
Markets and Market Structures
207(2)
The World of Monopoly
209(3)
Size Is Not Important
209(1)
The Firm Is the Industry
209(1)
No Entry into the Industry
210(2)
The World of Monopolistic Competition and Oligopoly
212(7)
No Easy Entry, but Entry Nonetheless
212(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
213(1)
Firms Producing Close Substitutes
213(2)
Added Perspective: It's Hard to Make a Profit When You're Competing Against Yourself
215(1)
As More Firms Enter the Market, Firm Demand Curves Become More Elastic
215(1)
Added Perspective: Who can Be Loyal to a Trash Bag?
216(2)
The Role of Advertising
218(1)
The World of Perfect Competition
219(2)
Prefectly Competitive Firms Produce Perfect Substitutes
219(1)
Perfectly Competitive Firms Have Insignificant Market Share
219(1)
Perfectly Competitive Firms Have Free Entry
220(1)
Perfectly Competitive Firms Cannot Influence Price
220(1)
Putting Together a Scorecard on Market Structures
221(5)
Chapter Review
222(1)
Key Terms
223(1)
Questions
223(1)
Practice Problems
224(1)
Practice Test
225(1)
Price and Output in Monopoly, Monopolistic Competition, and Perfect Competition
226(25)
Price and Output Under Monopoly
227(3)
The MR=MC Rule Applied
227(2)
Maximum Profit, but Less Than Maximum Efficiency
229(1)
Price and Output in Monopolistic Competition
230(4)
Product Differentiation in Monopolistic Competition
230(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
230(1)
Rudd's Short-Run Equilibrium Position in a Monopolistically Competitive Market
231(1)
Rudd's Long-Run Equilibrium Position in a Monopolistically Competitive Market
232(1)
Added Perspective: Consumers Face Flood of Products
233(1)
Making Normal Profit
234(1)
Price and Output in Perfect Competition
234(4)
There's No Product Differentiation in Perfectly Competitive Markets
234(1)
Added Perspective: Explicit and Implicit Costs
235(1)
The Firm in Perfect Competition
236(2)
Short-Run Equilibrium Price and Output for the Firm in Perfect Competition
238(2)
Long-Run Equilibrium Price and Output for the Firm in Perfect Competition
240(3)
Lowest Prices and Greatest Output
241(1)
The Firm's Supply Curve
241(1)
The Market's Supply Curve
242(1)
Innovators and Imitators in the Perfectly Competitive Market
243(1)
Does Competition Always Generate Lowest Prices and Highest Output?
244(7)
The Schumpeter Hypothesis
244(2)
Some, But Not All, Economists Agree
246(1)
Chapter Review
247(1)
Key Terms
248(1)
Questions
248(1)
Practice Problems
249(1)
Practice Test
250(1)
Price and Output Determination Under Oligopoly
251(26)
Oligopoly and Concentration Ratios
252(4)
Tracking Concentration Ratios Through the U.S. Economy
252(1)
How Oligopolistic Is the U.S. Economy?
253(1)
Is the U.S. Economy Becoming More Oligopolistic?
253(1)
Added Perspective: A Cautionary Note on Concentration Ratios
254(1)
Concentration Ratios and Market Power
254(2)
Does the United States Have a Monopoly on Oligopoly?
256(1)
Concentrating the Concentration
256(5)
Horizontal Mergers
256(1)
Added Perspective: The Herfindahl-Hirschman Index
257(1)
Vertical Mergers
258(1)
Conglomerate Mergers
259(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
259(1)
Cartels: Mergers Without Merging
260(1)
Concentration Ratios and Oligopoly Prices
261(1)
Theories of Oligopoly Pricing
261(6)
Game Theory Pricing
262(1)
Added Perspective: The Prisoners' Dilemma
263(1)
Godfathers and Price Leadership
264(1)
The Kinked Demand Curve
264(3)
Oligopoly and Brand Multiplication
267(2)
Added Perspective: When Patents Expire: Preparing for Market Segmentation
268(1)
Why Oligopolists Sometimes Price Discriminate
269(2)
Segmenting the Market
269(1)
Price Discrimination Almost Everywhere
270(1)
Gray Area of Price Discrimination
271(1)
Cartel Pricing
271(6)
Chapter Review
273(1)
Key Terms
273(1)
Questions
274(1)
Practice Problems
274(2)
Practice Test
276(1)
Antitrust and Regulation
277(24)
Learning to Cope Without Perfect Competition
278(2)
Regulating Monopoly
278(1)
Nationalizing the Industry
278(1)
Taking a Laissez-Faire Approach
279(1)
Encouraging Concentration
279(1)
Splitting Up Monopoly
279(1)
The Economics of Regulation
280(5)
Regulating a City Bus Monopoly
280(1)
Setting a ``Fair'' Price: P = ATC
281(1)
Applying Marginal Costs Pricing: P = MC
282(1)
Who Regulates the Regulators?
282(1)
The Economics of Deregulation
283(2)
The Economics of Nationalization
285(2)
Price Options Facing Government
285(1)
Can the Government Run Industry Efficiently?
285(2)
The Economics of Laissez-Faire
287(2)
The Theory of Contestable Markets
287(1)
The Theory of Countervailing Power
287(1)
The Theory of Creative Destruction
288(1)
The Economics of Encouraging Monopoly
289(1)
The Economics of Splitting Up Monopoly
290(1)
The History of Antitrust Legislation
290(3)
The Sherman Antitrust Act of 1890
290(1)
The Clayton Act of 1914
291(1)
The Federal Trade Commission Act of 1914
291(1)
Added Perspective: Drug Firms Accused of Violating Antitrust Laws
292(1)
Plugging the Loopholes
293(1)
Funding Antitrust Legislation
293(1)
Antitrust Goes to Court
293(3)
The Rule of Reason
294(1)
The Per Se Criterion
294(1)
Rethinking the Reinterpretation
294(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
295(1)
Conglomerates and the Court
295(1)
But FTC Justice Are Still in Business
296(1)
Using the Herfindahl-Hirschman Index
296(1)
Going After the Precedent
296(1)
Do We Have a Policy on Monopoly?
296(5)
Added Perspective: Consent Decree: The FTC's ``Managed Care'' of the Economy's competitiveness
297(1)
Chapter Review
298(1)
Key Terms
299(1)
Questions
299(1)
Practice Test
300(1)
Externalities, Market Failure, And Public Choice
301(20)
Economic Externalities
302(1)
Identifying Negative Externalities
302(1)
Identifying Positive Externalities
302(1)
Externalities and Property Rights
302(3)
Added Perspective: Celebrities and Property Rights: A Material View
303(2)
Why Should Economists Be Interested in Externalities?
305(3)
Defining Market Failure
305(1)
Too Much Coal-Fired Electricity, Too Low a Price
306(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
307(1)
What About Acid Rain?
307(1)
Correcting Market Failure
308(3)
Government's Attempt to Correct Market Failure
308(1)
Creating New Property Forms
308(1)
Added Perspective: Coase Theorem and Market Failure
309(1)
Levying a Pollution compensation Tax
309(1)
Creating Obligatory Controls
310(1)
The Environmental Protection Agency
310(1)
Added Perspective: Living in an Imaginary Bubble
311(1)
Externalities and Public Goods
311(2)
Positive Externalities and Market Failure
312(1)
Positive Externalities and Public Goods
312(1)
Public Goods and Near-Public Goods
313(1)
Public Goods and Public Choice
313(8)
Voting Your Demand for Public Goods
314(1)
Government Failure
314(2)
Living with Government Failure
316(1)
Chapter Review
316(1)
Key Terms
317(1)
Questions
317(1)
Partical Problems
317(2)
Practice Test
319(2)
PART 4 THE MICROECONOMICS OF FACTOR MARKETS 321(1)
Wage Rates in Competitive Labor Markets
323(31)
You Load Sixteen Tons and What Do You Get?
324(2)
Hiring Miners, One at a Time
324(2)
Converting Tons into Revenue
326(1)
Deriving the Firm's Demand for Labor
326(4)
Deriving Marginal Labor Cost
326(2)
Demanding Miners Until MRP =w
328(1)
What Shifts the Demand for Labor?
329(1)
Industry Demand for Labor
330(1)
The Supply of Labor
331(4)
Added Perspective: Wages and Technology
332(1)
What Shifts the Supply Curve for Labor?
333(1)
The Backward-bending Supply Curve
334(1)
Deriving Equilibrium Wage Rates
335(1)
Explaining Wage Rate Differentials
336(4)
Narrowing Wage Rate Differences
336(3)
Added Perspective: The Market Is Mightier Than the Sword
339(1)
Persisting Wage Differentials
340(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
341(1)
The Economics of Minimum Wage Rates
341(2)
The Ethics of w = MRP
343(1)
The Efficiency Wages Theory
344(5)
Chapter Review
344(1)
Key Terms
345(1)
Questions
345(1)
Practice Problems
346(2)
Practice Test
348(1)
Appendix Who Earns What?
349(1)
Productivity Counts
349(1)
Education Counts
350(1)
Minority Status Counts
351(1)
Disparities According to Race
351(1)
Disparities According to Sex
351(1)
How Important Are Minimum Wages?
352(2)
Key Terms
353(1)
Wages and Employment: Monopsony and Labor Unions
354(18)
Monoposony: When There's Only One Buyer of Labor
355(2)
The Supply Curve of Labor as Seen by the Monopsony
355(1)
Reading the Table in Exhibit 2
356(1)
Choosing the Employment/Wage Rate Combination Under Monopsony
357(1)
The Return of Monopsony Power
357(1)
Enter the United Mine Workers' Union
358(3)
Employment and Wages in A Unionized Labor Market
359(1)
Added Perspective: The 1990s Have Been Tough Going for Unions: A Case in Point
360(1)
The Dynamics of Collective Bargaining
360(1)
Higher Wage Rates Versus More Employment
361(3)
Monpsonist Demands More, Union Reluctant to Supply
362(1)
Added Perspective: The UPS Strike Reflects Wide Worry About Part-Time Workers
363(1)
Unions in the United States: A Brief History
364(8)
The Knights of Labor
364(1)
The American Federation of Labor
365(1)
The Congress of Industrial Organizations
365(1)
The AFL-CIO Merger: 1955
366(1)
Labor, Congress, and the Courts
366(2)
Economic Consultants: Economic Research and Analysis by Students for Professionals
368(1)
Chapter Review
368(1)
Key Terms
369(1)
Questions
369(1)
Practice Problems
370(1)
Practice Test
371(1)
Interest, Rent, and Profit
372(21)
From Loanable Funds to Equipment Capital
374(1)
Edward's Demand for Loanable Funds
374(1)
The MRP=MFC Rule
375(1)
Loanable Funds in the Economy: Demand and Supply
375(1)
The Equilibrium Rate of Interest
376(1)
The Ethics of Income from Interest
376(2)
Somebody Did the Saving
377(1)
Property and Property Rights
377(1)
The Marxist View of Interest-Derived Income
378(1)
Present Value
378(3)
Effect of Changing Interest Rates on Property Values
378(1)
Property Values and Price Floors
379(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
380(1)
Almost Anything Is Marketable Property
380(1)
Income from Rent
381(6)
The Derivation of Land Rent
381(1)
Differential Rent
382(1)
Added Perspective: The Corn Laws Controversy in 19th-Century England
383(1)
Location Rent
384(1)
Added Perspective: Big-Time Dreaming
385(1)
Wage-Related Rents
386(1)
Income from Profits
387(6)
We Are a nation of Thomas Edisons
387(1)
The Invisible Entrepreneurs at General Motors
388(1)
Chapter Review
389(1)
Key Terms
390(1)
Questions
390(1)
Practice Problems
391(1)
Practice Test
392(1)
Income Distribution and Poverty
393(26)
Not Too Many Coal Miners Are Millionaires
394(1)
Measuring Income Distribution
395(3)
The Lorenz Curve
395(2)
Gini Coefficients of Inequality
397(1)
How Unequal Is Our Income Distribution?
398(2)
Is Income More Unequal in the United States Than in Other Countries?
399(1)
Distribution of Net Wealth
400(1)
Is There an Optimal Income Distribution?
401(8)
The Case for Equality
401(1)
Added Perspective: Inequality and the Winner-Take-All Society
402(4)
Added Perspective: Climbing Out of Poverty Is Becoming More Difficult
406(1)
The Case for Inequality
407(2)
Do We Have to Live with Poverty?
409(2)
Defining Poverty
409(1)
Who and How Many Air in Poverty?
410(1)
Fighting the War on Poverty
411(2)
Lyndon Johnson's War on Poverty
411(1)
Making an Honest Effort?
411(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
412(1)
The Negative Income Tax Alternative
413(6)
Chapter Review
414(1)
Key Terms
415(1)
Questions
415(1)
Practice Problems
415(1)
Practice Test
416(3)
PART 5 THE WORLD ECONOMY
International Trade
419(26)
Intrastate Trade
419(2)
Illinois Corn for Illinois Oil
420(1)
Oklahoma Corn for Oklahoma Oil
421(1)
Interstate Trade
421(2)
The Case for Geographic Specialization
421(2)
Nobody Loses?
423(1)
International Trade
423(1)
Absolute and Comparative Advantage
424(2)
Comparative Advantage
424(1)
How Much Is Gained from Free Trade Depends on Price
425(1)
Calculating Terms of Trade
426(2)
The Dilemma of the Less-Developed Countries
426(1)
Looking at Real-World Numbers
427(1)
Who Trades with Whom? Tracking International Trade
428(1)
The Major Leagues
429(1)
Who Does the United State Trade With?
429(1)
Do We Need Protection Against Free Trade?
430(3)
The National Security Argument
430(1)
The Infant-Industries Argument
431(1)
The Cheap Foreign Labor Argument
431(1)
The Diversity of Industry Argument
432(1)
The Antidumping Argument
432(1)
The Retaliation Argument
432(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
433(1)
The Economics of Trade Protection
433(3)
Tariffs
433(2)
Quotas
435(1)
Other Nontariff Barriers
436(1)
Negotiating Tariff Structures
436(4)
Gatt
436(1)
Added Perspective: How Much Do barriers to Imports Cost Japanese Consumers?
437(1)
Gatt Concessions to Less-Developed Countries
438(1)
Customs Unions
438(1)
Free Trade Areas
439(1)
The North American Free Trade Agreement
439(1)
Tracking Tariffs Since 1860
440(5)
Chapter Review
441(1)
Key Terms
442(1)
Questions
442(1)
Practice Problems
443(1)
Practice Test
444(1)
Exchange Rates, Balance of Payments, and International Debt
445(23)
The Money Tower of Bebel
446(1)
The Foreign Exchange Market: The buying and Selling of Currencies
446(3)
The Demand Curve for Yaps
446(1)
The Supply Curve of Yaps
447(1)
Shifts in the Demand Curve for Yaps
447(1)
Shifts in the Supply Curve of Yaps
448(1)
Floating Exchange Rates
449(6)
Depreciation and Appreciation
449(1)
Added Perspective: Tourists at the Mall
450(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
451(1)
Arbitrage Creates Mutually Consistent Exchange Rates
451(1)
Problems with Floating Exchange Rates
452(1)
Fixing Exchange Rates
452(1)
What If the Government Runs Out of Foreign Exchange Reserves?
453(1)
Added Perspective: Brazil Ponders Devaluation, Inflation, and the IMF
454(1)
Balance of Payments
455(4)
Balance on Current Account
455(3)
Balance on Capital Account
458(1)
What Is a Balance of Payments Problems?
459(2)
Do Trade Imbalances Always Create Problems?
459(1)
Added Perspective: Asian Crisis Prompts Drop in PC Prices
460(1)
How Deficits on Current Account Develop
461(1)
The Trouble with Being Popular
461(1)
The High Cost of High Interest Rates
461(1)
The High Cost of Budgetary Deficits
461(1)
The High Cost of Low Productivity
461(1)
International Debt
462(1)
Will It All work Out Right in the Long Run?
463(5)
Chapter Review
463(1)
Key Terms
464(1)
Questions
465(1)
Practice Problems
465(2)
Practice Test
467(1)
The Economic Problems of Less-Developed Economies
468(1)
Confronting National Poverty
469(1)
The language of National Poverty
469(1)
There Are Important Differences Among the Less-Developed Economies
469(1)
LCD Per Capita Incomes
470(2)
Other Indicators of the LCDs' Lack of Economic Well-Being
472(1)
Economic Dualism
473(1)
The Absence of Basic Prerequisites
474(4)
Political Instability
475(1)
Nonscientific Perceptions
475(1)
The Absence of Infrastructure
476(1)
Added Perspective: Wiring the World
477(1)
Pursuing Strategies of Development
478(5)
The Big Push
478(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
479(1)
The Unbalanced Development Strategy
480(2)
Added Perspective: The Road to Better Farming
482(1)
Foreign Direct Investment
483(1)
Images from the Colonial Past
483(1)
Foreign Economic Acid
484(1)
Chapter Review
485(1)
Key Terms
485(1)
Questions
485(2)
Practice Test
487(1)
Practice Test Answer Key AK-1(1)
Glossary G-1(1)
Index I-1(1)
Photo Credits PC-1


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