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Macroeconomics

by: Arnold, Roger A.

Macroeconomics

by: Arnold, Roger A.

ISBN 13:
9780324538038
ISBN 10:
0324538030
Edition: 8th
Format: Paperback
Copyright: 01/19/2007
Publisher: South-Western College Pub
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Summary

What do John Elway, Mick Jagger, Arnold Schwarzenegger, Sandra Day O'Connor and Young MC all have in common? They all studied economics! In beginning your study of economics with this text, you have a unique opportunity to learn the basics through a clear presentation of concepts and exciting real-world applications that demonstrate how economics affects you, every day, in ways you may not even expect. Why do airlines overbook? How did Hurricane Katrina affect the economy? Do drug busts make a difference in crime? Will a higher minimum wage lead to fewer jobs? Are you more likely to be late to some classes than others? Economic analysis seeks answers to questions like these and so much more. Your journey down Economics Road begins with Chapter 1 - Enjoy!

Preface	p. xix
An Introduction to Economics
Economics: The Science of Scarcity
What Economics Is About	p. 1
A Definition of Economics	p. 2
Goods and Bads	p. 2
Resources	p. 2
Scarcity and a Definition of Economics	p. 2
Key Concepts in Economics	p. 5
Opportunity Cost	p. 5
Benefits and Costs	p. 6
Decisions Made at the Margin	p. 8
Efficiency	p. 8
Unintended Effects	p. 10
Exchange	p. 11
Economic Categories	p. 12
Positive and Normative Economics	p. 12
Microeconomics and Macroeconomics	p. 13
A Reader Asks	p. 13
Analyzing the Scene	p. 14
Chapter Summary	p. 15
Key Terms and Concepts	p. 16
Questions and Problems	p. 16
Working with Diagrams	p. 17
Two-Variable Diagrams	p. 17
Slope of a Line	p. 18
Slope of a Line Is Constant	p. 18
Slope of a Curve	p. 20
The 45[Degree] Line	p. 20
Pie Charts	p. 21
Bar Graphs	p. 21
Line Graphs	p. 21
Appendix Summary	p. 24
Questions and Problems	p. 24
Should You Major in Economics?	p. 25
Five Myths about Economics and an Economics Major	p. 26
What Awaits You as an Economics Major?	p. 28
What Do Economists Do?	p. 29
Places to Find More Information	p. 30
Concluding Remarks	p. 30
Economic Activities: Producing and Trading	p. 31
The Production Possibilities Frontier	p. 32
The Straight-Line PPF: Constant Opportunity Costs	p. 32
The Bowed-Outward (Concave-Downward) PPF: Increasing Opportunity Costs	p. 33
Law of Increasing Opportunity Costs	p. 34
Economic Concepts within a PPF Framework	p. 35
Exchange or Trade	p. 38
Periods Relevant to Trade	p. 39
Trade and the Terms of Trade	p. 40
Costs of Trades	p. 40
Trades and Third-Party Effects	p. 42
Production, Trade, and Specialization	p. 42
Producing and Trading	p. 42
Profit and a Lower Cost of Living	p. 45
A Benevolent and All-Knowing Dictator Versus the Invisible Hand	p. 45
A Reader Asks	p. 46
Analyzing the Scene	p. 47
Chapter Summary	p. 47
Key Terms and Concepts	p. 48
Questions and Problems	p. 48
Working with Numbers and Graphs	p. 49
Supply and Demand: Theory	p. 50
A Note about Theories	p. 51
What Is Demand?	p. 51
The Law of Demand	p. 52
What Does Ceteris Paribus Mean?	p. 52
Four Ways to Represent the Law of Demand	p. 52
Two Prices: Absolute and Relative	p. 53
Why Does Quantity Demanded Go Down as Price Goes Up?	p. 53
Individual Demand Curve and Market Demand Curve	p. 54
A Change in Quantity Demanded Versus a Change in Demand	p. 55
What Factors Cause the Demand Curve to Shift?	p. 57
Movement Factors and Shift Factors	p. 59
Supply	p. 60
The Law of Supply	p. 61
Why Most Supply Curves Are Upward Sloping	p. 61
Changes in Supply Mean Shifts in Supply Curves	p. 62
What Factors Cause the Supply Curve to Shift?	p. 63
A Change in Supply Versus a Change in Quantity Supplied	p. 64
The Market: Putting Supply and Demand Together	p. 65
Supply and Demand at Work at an Auction	p. 65
The Language of Supply and Demand: A Few Important Terms	p. 66
Moving to Equilibrium: What Happens to Price When There Is a Surplus or a Shortage?	p. 67
Speed of Moving to Equilibrium	p. 68
Moving to Equilibrium: Maximum and Minimum Prices	p. 68
Equilibrium in Terms of Consumers' and Producers' Surplus	p. 70
What Can Change Equilibrium Price and Quantity?	p. 71
Price Controls	p. 73
Price Ceiling: Definition and Effects	p. 73
Do Buyers Prefer Lower Prices to Higher Prices?	p. 76
Price Floor: Definition and Effects	p. 76
A Reader Asks	p. 77
Analyzing the Scene	p. 78
Chapter Summary	p. 78
Key Terms and Concepts	p. 79
Questions and Problems	p. 80
Working with Numbers and Graphs	p. 80
Supply and Demand: Practice	p. 82
Why Do Colleges Use GPAs, ACTs, and SATs for Purposes of Admission?	p. 83
What Will Happen to the Price of Marijuana If the Purchase and Sale of Marijuana Are Legalized?	p. 84
Where Did You Get That Music?	p. 85
Television Shows During the Olympics	p. 86
Who Feeds Cleveland?	p. 86
The Minimum Wage Law	p. 87
Loud Talking at a Restaurant	p. 88
Price Ceiling in the Kidney Market	p. 89
Healthcare and the Right to Sue Your HMO	p. 91
Being Late to Class	p. 92
If Gold Prices Are the Same Everywhere, Then Why Aren't House Prices?	p. 93
Do You Pay for Good Weather?	p. 94
Paying Ail Professors the Same Salary	p. 94
Price Floors and Winners and Losers	p. 96
College Superathletes	p. 97
Supply and Demand on a Freeway	p. 99
What Does Price Have to Do with Getting to Class on Time?	p. 101
The Space Within Space	p. 102
10 A.M. Classes in College	p. 102
Who Pays the Tax?	p. 103
A Reader Asks	p. 105
Analyzing the Scene	p. 105
Chapter Summary	p. 106
Key Terms and Concepts	p. 107
Questions and Problems	p. 108
Working with Numbers and Graphs	p. 109
Macroeconomics
Macroeconomic Fundamentals
Macroeconomic Measurements, Part I: Prices and Unemployment	p. 111
How to Approach the Study of Macroeconomics	p. 112
Macroeconomic Problems	p. 112
Macroeconomic Theories	p. 112
Macroeconomic Policies	p. 113
Different Views of How the Economy Works	p. 113
Three Macroeconomic Organizational Categories	p. 113
Macroeconomic Measures	p. 115
Measuring Prices Using the CPI	p. 115
Inflation and the CPI	p. 117
The Substitution Bias in Fixed-Weighted Measures	p. 118
GDP Implicit Price Deflator	p. 119
Converting Dollars from One Year to Another	p. 119
Measuring Unemployment	p. 120
Who Are the Unemployed?	p. 121
The Unemployment and Employment Rates	p. 122
Reasons for Unemployment	p. 123
Discouraged Workers	p. 123
Types of Unemployment	p. 123
What Is Full Employment?	p. 125
Cyclical Unemployment	p. 125
A Reader Asks	p. 127
Analyzing the Scene	p. 127
Chapter Summary	p. 128
Key Terms and Concepts	p. 129
Questions and Problems	p. 129
Working with Numbers and Graphs	p. 129
Macroeconomic Measurements, Part II: GDP and Real GDP	p. 131
Gross Domestic Product	p. 132
Three Ways to Compute GDP	p. 132
What GDP Omits	p. 133
GDP Is Not Adjusted for Bads Generated in the Production of Goods	p. 134
Per Capita GDP	p. 134
Is Either GDP or Per Capita GDP a Measure of Happiness or Well-Being?	p. 134
The Expenditure Approach to Computing GDP for a Real-World Economy	p. 136
Expenditures in a Real-World Economy	p. 136
Computing GDP Using the Expenditure Approach	p. 137
The Income Approach to Computing GDP for a Real-World Economy	p. 138
Computing National Income	p. 141
From National Income to GDP: Making Some Adjustments	p. 141
Other National Income Accounting Measurements	p. 143
Net Domestic Product	p. 143
Personal Income	p. 143
Disposable Income	p. 144
Real GDP	p. 144
Why We Need Real GDP	p. 144
Computing Real GDP	p. 145
The General Equation for Real GDP	p. 145
What Does It Mean If Real GDP Is Higher in One Year Than in Another Year?	p. 145
Real GDP, Economic Growth, and Business Cycles	p. 146
A Reader Asks	p. 148
Analyzing the Scene	p. 148
Chapter Summary	p. 149
Key Terms and Concepts	p. 150
Questions and Problems	p. 150
Working with Numbers and Graphs	p. 151
Macroeconomic Stability, Instability, and Fiscal Policy
Aggregate Demand and Aggregate Supply	p. 152
The Two Sides to an Economy	p. 153
Aggregate Demand	p. 153
Why Does the Aggregate Demand Curve Slope Downward?	p. 153
A Change in the Quantity Demanded of Real GDP Versus a Change in Aggregate Demand	p. 156
Changes in Aggregate Demand: Shifts in the AD Curve	p. 156
How Spending Components Affect Aggregate Demand	p. 157
Factors That Can Change C, I, G, and NX (EX - IM) and Therefore Can Change AD	p. 158
Can a Change in the Money Supply Change Aggregate Demand?	p. 161
Short-Run Aggregate Supply	p. 162
Short-Run Aggregate Supply Curve: What It Is and Why It Is Upward Sloping	p. 162
What Puts the "Short Run" in SRAS?	p. 163
Changes in Short-Run Aggregate Supply: Shifts in the SRAS Curve	p. 163
Putting AD and SRAS Together: Short-Run Equilibrium	p. 165
How Short-Run Equilibrium in the Economy Is Achieved	p. 166
Thinking in Terms of Short-Run Equilibrium Changes in the Economy	p. 167
An Important Exhibit	p. 169
Long-Run Aggregate Supply	p. 170
Going from the Short Run to the Long Run	p. 170
Short-Run Equilibrium, Long-Run Equilibrium, and Disequilibrium	p. 172
A Reader Asks	p. 173
Analyzing the Scene	p. 173
Chapter Summary	p. 174
Key Terms and Concepts	p. 175
Questions and Problems	p. 175
Working with Numbers and Graphs	p. 176
The Self-Regulating Economy	p. 177
The Classical View	p. 178
Classical Economists and Say's Law	p. 178
Classical Economists and Interest Rate Flexibility	p. 178
Classical Economists on Prices and Wages	p. 180
Three States of the Economy	p. 181
Real GDP and Natural Real GDP: Three Possibilities	p. 181
The Labor Market and the Three States of the Economy	p. 182
One Nagging Question: How Can the Unemployment Rate Be Less Than the Natural Unemployment Rate?	p. 184
The Self-Regulating Economy	p. 185
What Happens If the Economy Is in a Recessionary Gap?	p. 185
What Happens If the Economy Is in an Inflationary Gap?	p. 186
The Self-Regulating Economy: A Recap	p. 188
Policy Implication of Believing the Economy Is Self-Regulating	p. 189
Changes in a Self-Regulating Economy: Short Run and Long Run	p. 189
A Reader Asks	p. 191
Analyzing the Scene	p. 191
Chapter Summary	p. 192
Key Terms and Concepts	p. 193
Questions and Problems	p. 193
Working with Numbers and Graphs	p. 194
Economic Instability: A Critique of the Self-Regulating Economy	p. 195
Questioning the Classical Position	p. 196
Keynes's Criticism of Say's Law in a Money Economy	p. 196
Keynes on Wage Rates	p. 198
New Keynesians and Wage Rates	p. 198
Keynes on Prices	p. 199
Is It a Question of the Time It Takes for Wages and Prices to Adjust?	p. 200
The Simple Keynesian Model	p. 201
Assumptions	p. 201
The Consumption Function	p. 201
Consumption and Saving	p. 203
The Multiplier	p. 203
The Multiplier and Reality	p. 205
The Simple Keynesian Model in the AD-AS Framework	p. 206
Shifts in the Aggregate Demand Curve	p. 206
The Keynesian Aggregate Supply Curve	p. 206
The Economy in a Recessionary Gap	p. 208
Government's Role in the Economy	p. 209
The Theme of the Simple Keynesian Model	p. 209
The Simple Keynesian Model in the TE-TP Framework	p. 210
Deriving a Total Expenditures (TE) Curve	p. 210
What Will Shift the TE Curve?	p. 211
Comparing Total Expenditures (TE) and Total Production (TP)	p. 212
Moving from Disequilibrium to Equilibrium	p. 212
The Graphical Representation of the Three States of the Economy in the TE-TP Framework	p. 213
The Economy in a Recessionary Gap and the Role of Government	p. 214
The Theme of the Simple Keynesian Model	p. 216
A Reader Asks	p. 216
Analyzing the Scene	p. 217
Chapter Summary	p. 218
Key Terms and Concepts	p. 219
Questions and Problems	p. 219
Working with Numbers and Graphs	p. 220
The Federal Budget and Fiscal Policy	p. 221
The Federal Budget	p. 222
Government Expenditures	p. 222
Government Tax Revenues	p. 223
Budget Deficit, Surplus, or Balance	p. 225
Structural and Cyclical Deficits	p. 226
The Public Debt	p. 226
Fiscal Policy	p. 226
Some Relevant Fiscal Policy Terms	p. 227
Two Important Notes	p. 227
Demand-Side Fiscal Policy	p. 227
Shifting the Aggregate Demand Curve	p. 227
Fiscal Policy: A Keynesian Perspective	p. 228
Crowding Out: Questioning Expansionary Fiscal Policy	p. 229
Lags and Fiscal Policy	p. 232
Crowding Out, Lags, and the Effectiveness of Fiscal Policy	p. 233
Supply-Side Fiscal Policy	p. 233
Marginal Tax Rates and Aggregate Supply	p. 233
The Laffer Curve: Tax Rates and Tax Revenues	p. 234
A Reader Asks	p. 237
Analyzing the Scene	p. 238
Chapter Summary	p. 238
Key Terms and Concepts	p. 239
Questions and Problems	p. 240
Working with Numbers and Graphs	p. 240
Money, the Economy, and Monetary Policy
Money and Banking	p. 241
Money: What Is It and How Did It Come to Be?	p. 242
Money: A Definition	p. 242
Three Functions of Money	p. 242
From a Barter to a Money Economy: The Origins of Money	p. 243
Money in a Prisoner of War Camp	p. 244
Money, Leisure, and Output	p. 244
What Gives Money Its Value?	p. 245
Defining the Money Supply	p. 246
M1	p. 246
M2	p. 246
Where Do Credit Cards Fit In?	p. 247
How Banking Developed	p. 249
The Early Bankers	p. 249
The Federal Reserve System	p. 249
The Money Creation Process	p. 249
The Bank's Reserves and More	p. 250
The Banking System and the Money Expansion Process	p. 251
Why Maximum? Answer: No Cash Leakages and Zero Excess Reserves	p. 254
Who Created What?	p. 254
It Works in Reverse: The "Money Destruction" Process	p. 255
We Change Our Example	p. 256
A Reader Asks	p. 257
Analyzing the Scene	p. 257
Chapter Summary	p. 258
Key Terms and Concepts	p. 258
Questions and Problems	p. 259
Working with Numbers and Graphs	p. 259
The Federal Reserve System	p. 260
The Structure and Functions of the Fed	p. 261
The Structure of the Fed	p. 261
The Functions of the Fed	p. 262
Fed Tools for Controlling the Money Supply	p. 264
Open Market Operations	p. 264
The Required Reserve Ratio	p. 267
The Discount Rate	p. 267
A Reader Asks	p. 269
Analyzing the Scene	p. 270
Chapter Summary	p. 270
Key Terms and Concepts	p. 270
Questions and Problems	p. 271
Working with Numbers and Graphs	p. 271
Money and the Economy	p. 272
Money and the Price Level	p. 273
The Equation of Exchange	p. 273
From the Equation of Exchange to the Simple Quantity Theory of Money	p. 274
The Simple Quantity Theory of Money in an AD-AS Framework	p. 275
Dropping the Assumptions That V and Q Are Constant	p. 277
Monetarism	p. 278
Monetarist Views	p. 278
Monetarism and AD-AS	p. 279
The Monetarist View of the Economy	p. 281
Inflation	p. 281
One-Shot Inflation	p. 282
Continued Inflation	p. 284
Money and Interest Rates	p. 287
What Economic Variables Are Affected by a Change in the Money Supply?	p. 287
The Money Supply, the Loanable Funds Market, and Interest Rates	p. 288
So What Happens to the Interest Rate as the Money Supply Changes?	p. 292
The Nominal and Real Interest Rates	p. 292
A Reader Asks	p. 293
Analyzing the Scene	p. 294
Chapter Summary	p. 295
Key Terms and Concepts	p. 296
Questions and Problems	p. 296
Working with Numbers and Graphs	p. 297
Monetary Policy	p. 298
The Money Market	p. 299
The Demand for Money	p. 299
The Supply of Money	p. 300
Equilibrium in the Money Market	p. 300
Transmission Mechanisms	p. 300
The Keynesian Transmission Mechanism: Indirect	p. 301
The Keynesian Mechanism May Get Blocked	p. 301
The Monetarist Transmission Mechanism: Direct	p. 305
Monetary Policy and the Problem of Inflationary and Recessionary Gaps	p. 306
Monetary Policy and the Activist-Nonactivist Debate	p. 308
The Case for Activist (or Discretionary) Monetary Policy	p. 309
The Case for Nonactivist (or Rules-Based) Monetary Policy	p. 309
Nonactivist Monetary Proposals	p. 312
A Constant-Money-Growth-Rate Rule	p. 312
A Predetermined-Money-Growth-Rate Rule	p. 312
The Fed and the Taylor Rule	p. 313
Inflation Targeting	p. 314
A Reader Asks	p. 315
Analyzing the Scene	p. 316
Chapter Summary	p. 316
Key Terms and Concepts	p. 317
Questions and Problems	p. 317
Working with Numbers and Graphs	p. 318
Expectations and Growth
Expectations Theory and the Economy	p. 319
Phillips Curve Analysis	p. 320
The Phillips Curve	p. 320
Samuelson and Solow: The Phillips Curve Is Americanized	p. 320
The Controversy Begins: Are There Really Two Phillips Curves?	p. 321
Things Aren't Always as We Thought	p. 321
Friedman and the Natural Rate Theory	p. 321
How Do People Form Their Expectations?	p. 324
Rational Expectations and New Classical Theory	p. 326
Rational Expectations	p. 326
Do People Anticipate Policy?	p. 326
New Classical Theory: The Effects of Unanticipated and Anticipated Policy	p. 327
Policy Ineffectiveness Proposition (PIP)	p. 328
Rational Expectations and Incorrectly Anticipated Policy	p. 329
How to Fall into a Recession Without Really Trying	p. 330
New Keynesians and Rational Expectations	p. 332
Looking at Things from the Supply Side: Real Business Cycle Theorists	p. 333
A Reader Asks	p. 335
Analyzing the Scene	p. 335
Chapter Summary	p. 336
Key Terms and Concepts	p. 337
Questions and Problems	p. 337
Working with Numbers and Graphs	p. 338
Economic Growth	p. 339
A Few Basics About Economic Growth	p. 340
Do Economic Growth Rates Matter?	p. 340
Growth Rates in Selected Countries	p. 341
Two Types of Economic Growth	p. 342
Economic Growth and the Price Level	p. 343
What Causes Economic Growth?	p. 345
Natural Resources	p. 345
Labor	p. 345
Capital	p. 346
Technological Advances	p. 347
Free Trade as Technology	p. 347
Property Rights Structure	p. 347
Economic Freedom	p. 347
Policies to Promote Economic Growth	p. 349
Economic Growth and Special Interest Groups	p. 350
New Growth Theory	p. 351
What Was Wrong with the Old Theory? Or What's New with New Growth Theory?	p. 351
Discovery, Ideas, and Institutions	p. 353
Expanding Our Horizons	p. 353
A Reader Asks	p. 354
Analyzing the Scene	p. 355
Chapter Summary	p. 355
Key Terms and Concepts	p. 356
Questions and Problems	p. 357
Working with Numbers and Graphs	p. 357
The Global Economy
International Economics and Globalization
International Trade	p. 359
International Trade Theory	p. 360
How Do Countries Know What to Trade?	p. 360
How Do Countries Know When They Have a Comparative Advantage?	p. 363
Trade Restrictions	p. 365
The Distributional Effects of International Trade	p. 365
Consumers' and Producers' Surplus	p. 365
The Benefits and Costs of Trade Restrictions	p. 366
If Free Trade Results in Net Gain, Why Do Nations Sometimes Restrict Trade?	p. 369
The World Trade Organization (WTO)	p. 373
A Reader Asks	p. 374
Analyzing the Scene	p. 374
Chapter Summary	p. 375
Key Terms and Concepts	p. 376
Questions and Problems	p. 376
Working with Numbers and Graphs	p. 377
International Finance	p. 378
The Balance of Payments	p. 379
Current Account	p. 380
Capital Account	p. 383
Official Reserve Account	p. 383
Statistical Discrepancy	p. 383
What the Balance of Payments Equals	p. 384
The Foreign Exchange Market	p. 384
The Demand for Goods	p. 385
The Demand for and Supply of Currencies	p. 385
Flexible Exchange Rates	p. 387
The Equilibrium Exchange Rate	p. 387
Changes in the Equilibrium Exchange Rate	p. 388
Factors That Affect the Equilibrium Exchange Rate	p. 388
Fixed Exchange Rates	p. 391
Fixed Exchange Rates and Overvalued/Undervalued Currency	p. 392
What Is So Bad About an Overvalued Dollar?	p. 393
Government Involvement in a Fixed Exchange Rate System	p. 394
Options Under a Fixed Exchange Rate System	p. 394
The Gold Standard	p. 396
Fixed Exchange Rates Versus Flexible Exchange Rates	p. 398
Promoting International Trade	p. 398
Optimal Currency Areas	p. 399
The Current International Monetary System	p. 400
A Reader Asks	p. 402
Analyzing the Scene	p. 403
Chapter Summary	p. 403
Key Terms and Concepts	p. 404
Questions and Problems	p. 405
Working with Numbers and Graphs	p. 405
Globalization	p. 406
What Is Globalization?	p. 407
A Smaller World	p. 407
A World Economy	p. 407
Two Ways to "See" Globalization	p. 408
No Barriers	p. 408
A Union of States	p. 408
Globalization Facts	p. 408
International Trade	p. 409
Foreign Exchange Trading	p. 409
Foreign Direct Investment	p. 409
Personal Investments	p. 411
The World Trade Organization	p. 411
Business Practices	p. 411
Movement Toward Globalization	p. 411
The End of the Cold War	p. 411
Advancing Technology	p. 412
Policy Changes	p. 412
Benefits and Costs of Globalization	p. 414
The Benefits	p. 414
The Costs	p. 416
The Continuing Globalization Debate	p. 417
More or Less Globalization: A Tug of War?	p. 418
Less Globalization	p. 418
More Globalization	p. 419
A Reader Asks	p. 420
Analyzing the Scene	p. 420
Chapter Summary	p. 421
Key Terms and Concepts	p. 421
Questions and Problems	p. 422
Practical Economics
Financial Matters
Stocks, Bonds, Futures, and Options	p. 423
Financial Markets	p. 24
Stocks	p. 424
Where Are Stocks Bought and Sold?	p. 424
The Dow Jones Industrial Average (DJIA)	p. 426
How the Stock Market Works	p. 427
Why Do People Buy Stock?	p. 429
How to Buy and Sell Stock	p. 430
Buying Stocks or Buying the Market	p. 430
How to Read the Stock Market Page	p. 432
Bonds	p. 434
The Components of a Bond	p. 434
Bond Ratings	p. 434
Bond Prices and Yields (or Interest Rates)	p. 435
Types of Bonds	p. 435
How to Read the Bond Market Page	p. 436
Risk and Return	p. 437
Futures and Options	p. 438
Futures	p. 438
Options	p. 440
A Reader Asks	p. 441
Analyzing the Scene	p. 442
Chapter Summary	p. 443
Key Terms and Concepts	p. 443
Questions and Problems	p. 443
Working with Numbers and Graphs	p. 444
Web Chapters
Web Chapters
Agriculture: Farmers' Problems, Government Policies, and Unintended Effects	p. 741
Agriculture: The Issues	p. 742
A Few Facts	p. 742
Agriculture and Income Inelasticity	p. 743
Agriculture and Price Inelasticity	p. 743
Price Variability and Futures Contracts	p. 744
Can Bad Weather Be Good for Farmers?	p. 745
Agricultural Policies	p. 746
Price Supports	p. 746
Restricting Supply	p. 746
Target Prices and Deficiency Payments	p. 748
Production Flexibility Contract Payments, (Fixed) Direct Payments, and Countercyclical Payments	p. 749
Nonrecourse Commodity Loans	p. 749
A Reader Asks	p. 750
Analyzing the Scene	p. 751
Chapter Summary	p. 751
Key Terms and Concepts	p. 751
Questions and Problems	p. 752
Working with Numbers and Graphs	p. 753
International Impacts on the Economy	p. 753
International Factors and Aggregate Demand	p. 754
Net Exports	p. 754
The J-Curve	p. 755
International Factors and Aggregate Supply	p. 756
Foreign Input Prices	p. 756
Why Do Foreign Input Prices Change?	p. 757
Factors That Affect Both Aggregate Demand and Aggregate Supply	p. 757
The Exchange Rate	p. 757
What Role Do Interest Rates Play?	p. 758
Deficits: International Effects and Domestic Feedback	p. 759
The Budget Deficit and Expansionary Fiscal Policy	p. 759
The Budget Deficit and Contractionary Fiscal Policy	p. 760
The Effects of Monetary Policy	p. 761
A Reader Asks	p. 763
Analyzing the Scene	p. 764
Chapter Summary	p. 764
Key Terms and Concepts	p. 765
Questions and Problems	p. 765
Working with Numbers and Graphs	p. 766
Self-Test Appendix	p. 445
Glossary	p. 459
Index	p. 467
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Macroeconomics

Macroeconomics

9780324538038

0324538030

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Macroeconomics

Macroeconomics

9780324538038

0324538030

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