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Principles Of Macroeconomics

by
Edition:
4th
ISBN13:

9780324260199

ISBN10:
0324260199
Format:
Paperback
Pub. Date:
3/10/2004
Publisher(s):
Custom Publishing

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Summary

This newly updated edition of a highly regarded the principles of macroeconomics text provides your students with the most up-to-date information available. Cases, tables, data, and more were updated to reflect 2003 data. The text also has a four-color internal and full supplement package that complements the text?s superb conversational style, which engages students like none other. Principles of Macroeconomics, 4e represents the results Fred Gottheil?s career as an outstanding professor and author. This edition is maintains the proven structure and style of previous editions while updating content to make it even more valuable to professors and students alike. The author continues to use familiar stories, illustrations, scenarios, and a direct-to-student writing style to appeal to students' interests. The narrative is built around questions, which cut the distance between the student and the unfamiliar concepts of economics. Instead of covering hundreds of topics superficially, the book presents basic concepts in depth and develops economic analysis step-by-step. The result?learning economics becomes relative, interactive and appealing versus mere passive course participation.

Table of Contents

PART 1 THE BASICS OF ECONOMIC ANALYSIS
1(72)
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)
Historical Perspective: Coal . . . Then (1865) and Now (2004)
4(1)
How Do You Satisfy Insatiable Wants?
5(1)
Theoretical Perspective: If Not the Depletion of Coal, Then Perhaps Oil
5(1)
Scarcity Forces Us to Make Choices
6(1)
What Is Economics?
6(6)
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)
Microeconomics and Macroeconomics
10(1)
Theoretical Perspective: Consumer Sovereignty and Adam Smith's ``Invisible Hand''
11(1)
Positive and Normative Economics
12(1)
What Do Economists Know?
12(5)
Chapter Review
13(1)
Key Terms
14(1)
Questions
14(1)
Practice Problem
15(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
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(20)
Factors of Production
25(1)
Labor
25(1)
Capital
25(1)
Land
26(1)
Entrepreneurship
26(1)
Robinson Crusoe's Production Possibilities
26(7)
Opportunity Cost
27(1)
The Law of Increasing Costs
28(1)
Applied Perspective: Did You Ever Find a Penny on a Sidewalk?
29(1)
Theoretical Perspective: Guns and Butter
30(2)
Once Rich, It's Easy to Get Richer
32(1)
Once Poor, It's Easy to Stay Poor
32(1)
The Productive Power of Advanced Technology
33(1)
The Indestructible Nature of Ideas
34(1)
Possibilities, Impossibilities, and Less Than Possibilities
34(2)
Historical Perspective: The Destruction and Reconstruction of Rotterdam
35(1)
Production Possibilities and Economic Specialization
36(3)
Specialization on the Island
37(1)
International Specialization
37(1)
The Principle of Comparative Advantage
37(2)
The Universality of the Production Possibilities Model
39(5)
Chapter Review
39(1)
Key Terms
40(1)
Questions
40(1)
Practice Problems
41(1)
What's Wrong with This Graph?
42(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
42(1)
Practice Test
43(1)
Demand and Supply
44(29)
Measuring Consumer Willingness
45(1)
Measuring Consumer Demand
45(2)
Measuring Individual Demand
45(1)
Measuring Market Demand
46(1)
Measuring Supply
47(1)
Market-Day Supply
47(1)
Determining Equilibrium Price
48(2)
Suppose the Price Is $8
48(1)
Suppose the Price Is $4
49(1)
Price Always Tends Toward Equilibrium
50(1)
Market-Day, Short-Run, and Long-Run Supply
50(3)
Theoretical Perspective: How Long Does It Take to Get to the Long Run?
52(1)
Changes in Demand
53(4)
Changes in Income
54(1)
Changes in Taste
54(1)
Applied Perspective: Our Changing Tastes: The Galloping Demand for Bottled Water
55(1)
Changes in the Prices of Other Goods
55(1)
Changes in Expectations About Future Prices
56(1)
Changes in Population Size
56(1)
A Change in Demand or a Change in Quantity Demanded?
56(1)
Changes in Supply
57(1)
Changes in Technology
57(1)
Changes in Resource Prices
58(1)
Changes in the Prices of Other Goods
58(1)
Changes in the Number of Suppliers
58(1)
Why the Price of an Orange Is 30 Cents at the Supermarket
58(2)
Postscript: Price as a Rationing Mechanism
60(7)
Chapter Review
62(1)
Key Terms
63(1)
Questions
63(1)
Practice Problems
64(1)
What's Wrong with This Graph?
65(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
65(1)
Practice Test
66(1)
Appendix
Applications of Supply and Demand
67(1)
How Much Is That Doggie in the Window?
67(1)
The Case of the Guide Dog
67(2)
From Dogs to Human Beings
69(2)
The Market for Organ Transplants
69(2)
Scalping Tickets at a Yankee Game
71(2)
Questions
72(1)
Practice Problems
72(1)
PART 2 EMPLOYMENT, INFLATION, AND FISCAL POLICY
73(148)
Aggregate Demand and Aggregate Supply
75(25)
Why Recession? Why Prosperity?
76(1)
The Business Cycle
76(1)
Economic Growth
77(1)
Measuring the National Economy
77(5)
Interdisciplinary Perspective: The Phenomenon of Cyclical Activity
78(1)
Adjusting for Prices
79(1)
From Nominal to Real GDP
80(1)
Applied Perspective: What's in the 2002 CPI Basket?
81(1)
Deriving Equilibrium GDP in the Aggregate Demand and Supply Model
82(7)
Explaining Aggregate Supply
83(2)
Explaining Aggregate Demand
85(1)
Global Perspective: Economic Success? Depends on What You Measure
86(1)
Shifts in the Aggregate Demand and Aggregate Supply Curves
87(2)
Macroeconomic Equilibrium
89(1)
Time Line on Equilibrium, Inflation, and Unemployment
90(3)
The Depression of the 1930s
90(1)
Demand-Pull Inflation: The Vietnam War
91(1)
Cost-Push Inflation: The OPEC Legacy
92(1)
The Recession of 1990-91
92(1)
The Longest Prosperity Phase: 1992--2000
93(1)
The 2001--02 Recession and 9/11
94(1)
Can We Avoid Unemployment and Inflation?
94(6)
Chapter Review
96(1)
Key Terms
96(1)
Questions
96(1)
Practice Problems
97(1)
What's Wrong with This Graph?
98(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
98(1)
Practice Test
99(1)
Gross Domestic Product Accounting
100(22)
Two Approaches to Calculating GDP
101(1)
The Expenditure Approach
101(7)
Counting Final Goods and Services
101(2)
The Four Expenditure Categories of GDP
103(2)
Historical Perspective: The Wealth of Nations
105(1)
Theoretical Perspective: An Expanded Circular Flow
106(2)
The Income Approach
108(2)
Compensation of Employees
109(1)
Interest
109(1)
Corporate Profit
109(1)
Rent
110(1)
Proprietors' Income
110(1)
Bringing GDP and National Income into Accord
110(3)
From GDP to GNP
110(1)
Global Perspective: Is the Composition of GDP for the United States Unique?
111(1)
From GDP to NDP
112(1)
From NDP to National Income
113(1)
GDP, GNP, NNP, and National Income for 2003
113(1)
Personal Income and Personal Disposable Income
113(1)
How Comprehensive Is GDP?
114(8)
Value of Housework
114(1)
The Underground Economy
115(1)
Leisure
115(1)
Applied Perspective: Underground Economy Doing Thriving Business
116(1)
Quality of Goods and Services
117(1)
Costs of Environmental Damage
117(1)
Chapter Review
118(1)
Key Terms
118(1)
Questions
119(1)
Practice Problems
119(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
120(1)
Practice Test
121(1)
Consumption and Investment
122(25)
What Determines Consumption Spending?
123(10)
Keynes's Absolute Income Hypothesis
123(2)
Duesenberry's Relative Income Hypothesis
125(2)
Historical Perspective: John Maynard Keynes: A New Macroeconomics
127(1)
Friedman's Permanent Income Hypothesis
128(2)
Modigliani's Life-Cycle Hypothesis
130(1)
Autonomous Consumption Spending
130(1)
Shifts in the Consumption Curve
130(2)
Theoretical Perspective: The Long and Short of It: The Consumption Function in the United States
132(1)
The Consumption Equation
133(1)
What Determines the Level of Saving?
134(3)
Historical Perspective: Propensity to Save
136(1)
The Investment Function
137(1)
What Determines Investment?
137(3)
Determinants of Investment
138(2)
The Volatile Nature of Investment
140(1)
Combining Consumption Spending and Investment
140(7)
Chapter Review
141(1)
Key Terms
142(1)
Questions
142(1)
Practice Problems
143(1)
What's Wrong with This Graph?
144(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
145(1)
Practice Test
146(1)
Equilibrium National Income
147(24)
Interaction Between Consumers and Producers
148(1)
The Economy Moves Toward Equilibrium
149(4)
How Consumers and Producers Behave When Y = $900 Billion
149(1)
Applied Perspective: Interview with the Author's Brother, Irving Gottheil, CEO of the Artistic Hat Company, Montreal, Canada
150(1)
How Consumers and Producers Behave When Y = $700 Billion
151(1)
How Consumers and Producers Behave When Y = $800 Billion
152(1)
Equilibrium National Income
153(2)
Changes in Investment Change National Income Equilibrium
155(3)
Y = $950 Billion: The New Equilibrium
156(1)
Interdisciplinary Perspective: A Fractured Version of the Exodus Story
157(1)
An Alternative Method of Calculating Equilibrium
158(1)
The Income Multiplier
158(6)
Deriving the Multiplier
158(2)
What If MPC = 0.90?
160(1)
Global Perspective: How the Income Multiplier Can Affect Different Regions in an Economy Differently
161(1)
The Income Multiplier Works in Either Direction
162(1)
Aggregate Expenditure and Aggregate Demand
162(2)
The Paradox of Thrift
164(7)
Applied Perspective: Morocco, Coca-Cola, and Multipliers
165(1)
Chapter Review
166(1)
Key Terms
167(1)
Questions
167(1)
Practice Problems
168(1)
What's Wrong with This Graph?
169(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
169(1)
Practice Test
170(1)
Fiscal Policy: Coping with Inflation and Unemployment
171(25)
Equilibrium and Full Employment
172(5)
Identifying Unemployment
172(2)
Interdisciplinary Perspective: From John Steinbeck's Cannery Row
174(1)
Calculating an Economy's Rate of Unemployment
174(1)
The Bureau of Labor Statistics Definition of Unemployment
175(1)
The Natural Rate of Unemployment
175(1)
Full-Employment Level
176(1)
Understanding Inflation
177(3)
Winners and Losers from Inflation
178(1)
Historical Perspective: Inflation and Hyperinflation
179(1)
Living in a World of Inflation and Unemployment
180(2)
Identifying the Recessionary Gap
181(1)
Identifying the Inflationary Gap
181(1)
Closing Recessionary and Inflationary Gaps
182(4)
Historical Perspective: J.M. Keynes and Say's Law
183(1)
Enter Government
184(1)
Government Spending Is Not Problem-Free
184(1)
Applied Perspective: Are Deficit Budgets Strictly Tools of Countercyclical Fiscal Policy?
185(1)
Closing the Inflationary Gap
185(1)
Making Fiscal Policy
186(10)
Choosing the Tax Option
186(1)
Full Employment, Zero Inflation, and a Balanced Budget
186(2)
The Balanced Budget Multiplier
188(1)
Balancing the Budget at $80 Billion
188(1)
How to Get to Full-Employment National Income and Balance the Budget
188(1)
Just a Spoonful of Deficit Makes the Medicine Go Down
189(1)
How Mixed Is the Mixed Economy?
189(1)
Creating Surplus Budgets
190(1)
Are Fiscal Policy Options Really That Straightforward?
190(1)
Chapter Review
191(1)
Key Terms
192(1)
Questions
192(1)
Practice Problems
192(1)
What's Wrong with This Graph?
193(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
194(1)
Practice Test
195(1)
Long-Run Economic Growth and Business Cycles
196(25)
Long-Run Economic Growth
197(9)
Creating the Environment for Long-Run Growth
197(2)
Interdisciplinary Perspective: Political Risk and Economic Growth
199(1)
What Causes Economic Growth?
200(1)
A Simple Model of Economic Growth
200(3)
Theoretical Perspective: A View From the Past: Zero Long-Run Economic Growth
203(1)
U.S. Economic Growth: 1947-2003
204(1)
Global Perspective: I've Got to Admit It's Getting Better, a Little Better All the Time
205(1)
The Business Cycle
206(1)
Traditional Theories of the Business Cycle
207(5)
External Theories of Cycles
207(1)
Applied Perspective: Time Line on Economic Growth
208(2)
Internal Cycles
210(2)
Real Business Cycle Theory
212(1)
Countercyclical Fiscal Policy
213(8)
Interdisciplinary Perspective: Congressional Phase of an Administrative Lag
214(2)
Chapter Review
216(1)
Key Terms
216(1)
Questions
216(1)
Practice Problems
217(1)
What's Wrong with This Graph?
218(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
219(1)
Practice Test
220(1)
PART 3 MONEY, BANKING, AND MONETARY POLICY
221(76)
Money
223(22)
The Invention of Money
224(3)
Gold as Money
225(1)
Gold-Backed Paper as Money
225(1)
Historical Perspective: Fluffy Rabbits and Gresham's Law
226(1)
Fiat, or Paper, Money
227(1)
Money in a Modern Economy
227(5)
Money and Liquidity
227(1)
The Liquidity Character of Our Money Supply
228(1)
Applied Perspective: Have You Written a Check Lately?
229(1)
Money and ``Near'' Money
230(1)
What Isn't Money?
230(1)
Historical Perspective: Explaining the Impressive Growth of M2 Money
231(1)
Adding Up Our Money Supply
231(1)
The Quantity Theory of Money
232(6)
The Velocity of Money
232(2)
Global Perspective: Know Your Currencies?
234(1)
The Classical View
235(1)
Interdisciplinary Perspective: Velocity of Another Kind
236(1)
Monetarism: A Modification of the Classical View
237(1)
The Keynesian View
237(1)
The Demand for Money
238(7)
The Classical View
238(1)
The Keynesian View
238(3)
Chapter Review
241(1)
Key Terms
241(1)
Questions
241(1)
What's Wrong with This Graph?
242(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
243(1)
Practice Test
244(1)
Money Creation and the Banking System
245(21)
How Banks Create Money
246(6)
Attracting Depositors
246(1)
Making Loans
247(1)
Theoretical Perspective: Cyberspace Banking
248(1)
The Interaction of Deposits and Loans
249(3)
Reversing the Money Creation Process
252(2)
Interdisciplinary Perspective: If William Shakespeare Ran the Fed
253(1)
Why Banks Sometimes Fail
254(1)
Theoretical Perspective: Federal Deposit Insurance and Moral Hazard
255(1)
Safeguarding the System
255(5)
The Federal Deposit Insurance Corporation
256(1)
Bank Audits and Examinations
256(1)
Still, Banks Do Go Under
256(2)
Global Perspective: Deposit Insurance, Assurance-Depots, Tutela Dei Depositi, Proteccion Al Ahorro Bancario, Etc., Etc.
258(2)
Controlling the Financial Institutions That Control the Money Supply
260(6)
Chapter Review
261(1)
Key Terms
262(1)
Questions
262(1)
Practice Problems
263(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
264(1)
Practice Test
265(1)
The Federal Reserve System and Monetary Policy
266(31)
A Glimpse at History
267(3)
Continental Notes
268
The Chartering of State Banks
267(1)
The First Bank of the United States
268(1)
The Second Bank of the United States
268(1)
The National Bank Act
269(1)
The Knickerbocker Trust Disaster
270(1)
The Federal Reserve System
270(8)
Who Owns the Fed?
270(2)
The Fed's Purpose and Organization
272(1)
The Fed as Money Printer
273(1)
The Fed as the Bankers' Bank
274(2)
Global Perspective: Canada Chooses a Zero Reserve Ratio
276(2)
Controlling the Money Supply
278(6)
Changing the Legal Reserve Requirement
279(1)
Changing the Discount Rate
279(1)
Applied Perspective: How the Interest Rate on Government Securities Is Determined
280(2)
Engaging in Open Market Operations
282(2)
Controlling the Interest Rate: The Fed's Alternative Target Option
284(6)
Choosing the Money Supply Option
285(1)
Choosing the Interest Rate Option
285(1)
Applied Perspective: The U.S. Banking System in a Nutshell
286(1)
Is There Really a Preferred Target Option?
287(1)
What the Fed Ended Up Choosing
287(1)
Ancillary Tools Available to the Fed
287(1)
Applied Perspective: Past Fed Governor Martha Seger Describes How the FOMC Works
288(2)
The Fed's Countercyclical Monetary Policy
290(7)
Interdisciplinary Perspective: The Case of the Missing Currency
291(1)
The Fed and the Government Don't Always Agree
292(1)
Chapter Review
293(1)
Key Terms
294(1)
Questions
294(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
295(1)
Practice Test
296(1)
PART 4 GOVERNMENT AND THE MACROECONOMY
297(72)
Can Government Really Stabilize the Economy?
298(29)
The Nature of Economic Advice
299(1)
Why Does the Economy Generate Inflation and Unemployment?
299(1)
The Classical School
300(2)
Why Unemployment?
300(1)
Why Inflation?
301(1)
The Keynesian School
302(3)
Why Unemployment?
302(2)
Why Inflation?
304(1)
The Economics of Fine-Tuning
305(1)
The Neo-Keynesian School
305(6)
Phillips Curve Trade-Offs
305(3)
The Phillips Curve and Countercyclical Policy
308(1)
The Humphrey-Hawkins Act of 1978
308(1)
Long-Run Phillips Curves
309(2)
The Rational Expectations School
311(5)
Theoretical Perspective: Finding The Right Natural Rate of Unemployment
312(1)
Anticipating Fiscal Policy Undermines the Policy
313(1)
Historical Perspective: Need for Stabilzation: The Historical Record
314(1)
Anticipating Monetary Policy Undermines the Policy
315(1)
Nairu: 1992--2003
315(1)
Supply-Side Economics
316(4)
Theoretical Perspective: Crossing Ideological Boundaries
317(1)
Lower Tax Rates
317(1)
Less Government Regulation
318(1)
Global Perspective: NAIRU Estimates for OECD Economies
319(1)
Less Government Spending
319(1)
Is There a Macro Consensus?
320(1)
Automatic Stabilizers
321(6)
Unemployment Insurance
321(1)
Personal and Corporate Income Taxes
321(1)
Chapter Review
322(1)
Key Terms
323(1)
Questions
323(1)
What's Wrong with This Graph?
324(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
325(1)
Practice Test
326(1)
Government Spending
327(19)
Government Spending and Public Goods
328(1)
Government Spending and Merit Goods
329(1)
Government Spending and Transfer Payments
329(2)
Global Perspective: Government Spending on the Arts
330(1)
Government Spending and the Public Debt
331(1)
How Much Does Government Spend?
331(9)
Security
331(2)
Education
333(1)
Transportation, Natural Resources, and Space
333(1)
Agriculture and Public Assistance
334(2)
Applied Perspective: Looking Ahead: Prescription Drug Coverage
336(1)
Social Insurance
337(1)
Applied Perspective: Are the Social Security and Medicare Systems in Jeopardy?
338(2)
Interest
340(1)
Is the Level of Government Spending Too High?
340(2)
The Growth of Government Spending
340(1)
Government Spending in Other Economies
341(1)
Government Spending and Resource Allocation
342(4)
Chapter Review
342(1)
Key Terms
343(1)
Questions
343(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
344(1)
Practice Test
345(1)
Financing Government: Taxes and Debt
346(23)
Opportunity Costs and Taxes
347(1)
Commandeering Resources
347(1)
The Tax System
348(1)
There's More Than One Way to Levy Taxes
348(3)
The Poll (or Head) Tax
348(1)
The Income Tax
348(1)
The Corporate Income Tax
349(1)
Applied Perspective: Are We Really Paying High Taxes?
350(1)
The Property Tax
350(1)
Excise Taxes
351(1)
The Social Security Tax
351(1)
Actually, Everything Is Taxable!
352(1)
The U.S. Tax Structure
352(1)
Federal, State, and Local Tax Revenues
353(2)
Interdisciplinary Perspective: Don't Mess with the IRS: Al Capone's Ultimate Mistake
354(1)
Taxes, Spending, and Deficits
355(1)
Financing Government Spending Through Debt
355(1)
Treasury Bonds, Bills, and Notes
356(1)
Tracking Government Debt
356(2)
Looking at Ratios, Not Dollars
357(1)
Does Debt Endanger Future Generations?
358(5)
Global Perspective: Hatred of Tax Collection Is the Way of the World
359(2)
Are There No Problems with Incurring Debt?
361(1)
External Debt Is a Different Matter
362(1)
Are Deficits and Debt Inevitable?
363(6)
Tax Reforms of the 1980s
363(1)
Tax Reform of 2003
364(1)
Chapter Review
365(1)
Key Terms
365(1)
Questions
366(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
367(1)
Practice Test
368(1)
PART 5 THE WORLD ECONOMY
369
International Trade
371(29)
Intrastate Trade
372(1)
Illinois Corn for Illinois Oil
372(1)
Oklahoma Corn for Oklahoma Oil
373(1)
Interstate Trade
373(2)
The Case for Geographic Specialization
373(2)
Nobody Loses?
375(1)
International Trade
375(1)
Absolute and Comparative Advantage
376(2)
Comparative Advantage
376(1)
How Much Is Gained from Free Trade Depends on Price
377(1)
Calculating Terms of Trade
378(2)
The Dilemma of the Less-Developed Countries
378(1)
Looking at Real World Numbers
379(1)
Who Trades with Whom? Tracking International Trade
380(1)
The Major Leagues
381(1)
Who Does the United States Trade With?
381(2)
Interdisciplinary Perspective: Trade and Culture
382(1)
Do We Need Protection Against Free Trade?
383(3)
The National Security Argument
384(1)
The Infant Industries Argument
384(1)
The Cheap Foreign Labor Argument
385(1)
The Diversity-of-Industry Argument
385(1)
The Antidumping Argument
385(1)
The Retaliation Argument
386(1)
The Economics of Trade Protection
386(3)
Tariffs
386(1)
Quotas
387(1)
Other Nontariff Barriers
388(1)
Negotiating Tariff Structures
389(3)
GATT and WTO
389(1)
Global Perspective: U2 Can Be Irish!
390(1)
Customs Unions
391(1)
Free Trade Areas
392(1)
The North American Free Trade Agreement
392(1)
Tracking Tariffs Since 1860
392(8)
Applied Perspective: Is NAFTA Worker Friendly?
394(1)
Chapter Review
395(1)
Key Terms
396(1)
Questions
396(1)
Practice Problems
397(1)
What's Wrong with This Graph?
397(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
398(1)
Practice Test
399(1)
Exchange Rates, Balance of Payments, and International Debt
400(25)
The Money Tower of Babel
401(1)
The Foreign Exchange Market: The Buying and Selling of Currencies
401(3)
The Demand Curve for Yaps
401(1)
The Supply Curve of Yaps
402(1)
Shifts in the Demand Curve for Yaps
402(1)
Shifts in the Supply Curve of Yaps
403(1)
Floating Exchange Rates
404(5)
Depreciation and Appreciation
404(1)
Applied Perspective: Tourists at the Mall
405(1)
Arbitrage Creates Mutually Consistent Exchange Rates
406(1)
Problems with Floating Exchange Rates
406(1)
Fixing Exchange Rates
406(2)
Global Perspective: IMF Advice to Brazil
408(1)
What If the Government Runs Out of Foreign Exchange Reserves?
409(1)
Balance of Payments
409(4)
Balance on Current Account
410(3)
Balance on Capital Account
413(1)
What Is a Balance of Payments Problem?
413(2)
Global Perspective: The European Union's Euro
414(1)
Do Trade Imbalances Always Create Problems?
415(1)
How Deficits on Current Account Develop
415(1)
The Trouble with Being Popular
415(1)
The High Cost of High Interest Rates
416(1)
The High Cost of Budgetary Deficits
416(1)
The High Cost of Low Productivity
416(1)
International Debt
416(1)
Will It All Work Out Right in the Long Run?
417(8)
Applied Perspective: Forgiving LDC Debt
418(1)
Chapter Review
419(1)
Key Terms
420(1)
Questions
421(1)
Practice Problems
421(1)
What's Wrong with This Graph?
422(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
423(1)
Practice Test
424(1)
The Economic Problems of Less-Developed Economies
425
Confronting National Poverty
426(1)
The Language of National Poverty
426(1)
There Are Important Differences Among the Less-Developed Economies
426(1)
LDC Per Capita Incomes
427(2)
Other Indicators of the LDCs' Lack of Economic Well-Being
429(1)
Economic Dualism
430(3)
Applied Perspective: China's Population Policy: One Couple, One Child
431(2)
The Absence of Basic Prerequisites
433(3)
Political Instability
433(1)
Nonscientific Perceptions
433(1)
The Absence of Infrastructure
434(1)
Global Perspective: Internet and Infrastructure
435(1)
Pursuing Strategies of Development
436(5)
The Big Push
437(1)
The Unbalanced Development Strategy
438(2)
Applied Perspective: Tracing Linkages: The Canned Pineapple Industry in Indonesia
440(1)
Foreign Direct Investment
441(1)
Images from the Colonial Past
441(1)
Foreign Economic Aid
442
Chapter Review
444(1)
Key Terms
445(1)
Questions
445(1)
What's Wrong with This Graph?
446(1)
Economic Consultants: Economic Research and Analysis by Students for Professionals
446(1)
Practice Test
447
Photo Credits 1(1)
Practice Test Answer Key 1(1)
Glossary 1(1)
Index 1


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