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Contents

  1. About the Author

  2. I. Chapter 1: Ten Principles of Macroeconomics

    1. 1.1 How People Make Decisions

    2. 1.2 How People Interact

    3. 1.3 How the Economy as a Whole Works

    4. Quizzes

    5. References

  3. II. Chapter 2: Thinking Like an Economist

    1. 2.1 The Economist as a Scientist

    2. 2.2 The Economist as Policy Adviser

    3. 2.3 Why Economists Disagree

    4. Quizzes

    5. References

  4. III. Chapter 3: Interdependence and the Gains from Trade

    1. 3.1 Parable for the Modern Economy

    2. 3.2 Comparative Advantage: The Driving Force of Specialization

    3. 3.3 Applications of Comparative Advantage

    4. Quizzes

    5. References

  5. IV. Chapter 4: The Market Forces of Supply and Demand

    1. 4.1 Markets and Competition

    2. 4.2 Demand

    3. 4.3 Supply

    4. 4.4 Supply and Demand Together

    5. Quizzes

    6. References

  6. V. Chapter 5: Elasticity and Its Application

    1. 5.1 The Elasticity of Demand

    2. 5.2 The Elasticity of Supply

    3. Quizzes

    4. References

  7. VI. Chapter 6: Supply, Demand, and Government Policies

    1. 6.1 Controls on Prices

    2. 6.2 Taxes

    3. Quizzes

    4. References

  8. VII. Chapter 7: Consumers, Producers, and the Efficiency of Markets

    1. 7.1 Consumer Surplus

    2. 7.2 Producer Surplus

    3. 7.3 Market Efficiency

    4. Quizzes

    5. References

  9. VIII. Chapter 8: Application: The Cost of Taxation

    1. 8.1 The Deadweight Loss of Taxation

    2. 8.2 The Determinants of the Deadweight Loss

    3. 8.3 Deadweight Loss and Tax Revenue as Taxes Vary

    4. Quizzes

    5. References

  10. IX. Chapter 9: Application: International Trade

    1. 9.1 The Determinants of Trade

    2. 9.2 The Winners and Losers from Trade

    3. 9.3 The Arguments for Restricting Trade

    4. Quizzes

    5. References

  11. X. Chapter 10: Measuring a Nation's Income

    1. 10.1 The Economy's Income and Expenditure

    2. 10.2 Measurement of GDP

    3. 10.3 The Components of GDP

    4. 10.4 Real versus Normal GDP

    5. 10.5 Is GDP a Good Measure of Economic Well-Being?

    6. Quizzes

    7. References

  12. XI. Chapter 11: Measuring the Cost of Living

    1. 11.1 The Consumer Price Index

    2. 11.2 Correcting Economic Variables for the Effects of Inflation

    3. Quizzes

    4. References

  13. XII. Chapter 12: Production and Growth

    1. 12.1 Economic Growth around the World

    2. 12.2 Productivity: Its Role and Determinants

    3. 12.3 Economic Growth and Public Policy

    4. Quizzes

    5. References

  14. XIII. Chapter 13: Saving, Investment and the Financial System

    1. 13.1 Financial Institutions in the US Economy

    2. 13.2 Saving and Investment in the National Income Accounts

    3. 13.3 The Market of Loanable Funds

    4. Quizzes

    5. References

  15. XIV. Chapter 14: The Basic Tools of Finance

    1. 14.1 Present Value: Measuring the Time Value of Money

    2. 14.2 Managing Risk

    3. 14.3 Asset Valuation

    4. Quizzes

    5. References

  16. XV. Chapter 15: Employment

    1. 15.1 Identifying Unemployment

    2. 15.2 Job Search

    3. 15.3 Minimum-Wage Laws

    4. 15.4 Unions and Collective Bargaining

    5. 15.5 The Theory of Efficiency Wages

    6. Quizzes

    7. References

  17. XVI. Chapter 16: The Monetary System

    1. 16.1 The Meaning of Money

    2. 16.2 The Federal Reserve System

    3. 16.3 Banks and the Money Supply

    4. 16.4 The Fed's Tools of Money Currency

    5. Quizzes

    6. References

  18. XVII. Chapter 17: Money Growth and Inflation

    1. 17.1 The Classical Theory of Inflation

    2. 17.2 The Costs of Inflation

    3. Quizzes

    4. References

  19. XVIII. Chapter 18: Open-Economy Macroeconomics: Basic Concepts

    1. 18.1 The International Flow of Goods and Capital

    2. 18.2 The Prices of International Transactions: Real and Nominal Exchange Rates

    3. 18.3 A First Theory of Exchange-Rate Determination: Purchasing-Power Parity

    4. Quizzes

    5. References

  20. XIX. Chapter 19: A Macroeconomic Theory of the Open Economy

    1. 19.1 Supply and Demand for Loanable Funds and for Foreign-Currency Exchange

    2. 19.2 Equilibrium in the Open Economy

    3. 19.3 How Policies and Events Affect an Open Economy

    4. Quizzes

    5. References

  21. XX. Chapter 20: Aggregate Demand and Aggregate Supply

    1. 20.1 Three Key Factors about Economic Fluctuations

    2. 20.2 Explaining Short-Run Economic Fluctuations

    3. 20.3 The Aggregate-Demand Curve

    4. 20.4 The Aggregate-Supply Curve

    5. 20.5 Two Cause of Economic Fluctuations

    6. Quizzes

    7. References

  22. XXI. Chapter 21: The Influence of Monetary and Fiscal Policy on Aggregate Demand

    1. 21.1 How Monetary Policy Influences Aggregate Demand

    2. 21.2 How Fiscal Policy Influences Aggregate Demand

    3. 21.3 Using Policy to Stabilize the Economy

    4. Quizzes

    5. References

  23. XXII. Chapter 22: The Short-Run Trade-off between Inflation and Unemployment

    1. 22.1 The Phillips Curve

    2. 22.2 Shifts in the Phillips Curve: The Role of Expectations

    3. 22.3 Shifts in the Phillips Curve: The Role of Supply Shocks

    4. 22.4 The Cost of Reducing Inflation

    5. Quizzes

    6. References

  24. XXIII. Chapter 23: Six Debates over Macroeconomic Policy

    1. 23.1 Should Monetary and Fiscal Policymakers Try to Stabilize the Economy?

    2. 23.2 Should the Government Fight Recessions with Spending Hikes Rather Than Tax Cuts?

    3. 23.3 Should Monetary Policy Be Made by Rule Rather Than by Discretion?

    4. 23.4 Should the Central Bank Aim for Zero Inflation?

    5. 23.5 Should the Government Balance Its Budget?

    6. 23.6 Should the Tax Laws Be Reformed to Encourage Saving?

    7. Quizzes

    8. References

  25. Appendix