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Macroeconomics

ISBN-10: 0324538030
ISBN-13: 9780324538038
Edition: 8th 2008
Authors: Roger A. Arnold
List price: $222.95
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Description: Arnold continues to set the standard for clear, balanced, and thorough coverage of principles of economics that is truly engaging. With six new chapters, easy customization, and fully integrated digital and course management options, MACROECONOMICS,  More...

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Book details

List price: $222.95
Edition: 8th
Copyright year: 2008
Publisher: Cengage South-Western
Publication date: 1/19/2007
Binding: Paperback
Pages: 504
Size: 8.75" wide x 10.00" long x 0.50" tall
Weight: 1.980
Language: English

Arnold continues to set the standard for clear, balanced, and thorough coverage of principles of economics that is truly engaging. With six new chapters, easy customization, and fully integrated digital and course management options, MACROECONOMICS, 8th Edition is the perfect text to help you learn the basics. Packed with intriguing pop culture examples to which you can relate, the text bolsters interest in economics by illustrating unexpected places economics occurs, how economic forces link events around the world to your lives, and how economics can be used as a tool in understanding the world. In addition, the eighth edition is integrated with such powerful resources as ThomsonNOW, Aplia, and the Tomlinson Videos. These resources allow you to gain a customized learning path tailored to your specific areas of strength and weakness, ensuring you gain complete mastery of course content. With new content reflecting a changing economy and new resources catering to the needs of a changing classroom, Macroeconomics, 8e is your ideal solution for the principles course.

Dr. Roger A. Arnold is Professor of Economics at California State University San Marcos, where his fields of specialization include general microeconomic theory and monetary theory. A widely respected authority on economic issues, Dr. Arnold is a regularly featured expert on talk radio discussing the state of the economy. He is also a proven author, who has written numerous academic articles, hundreds of newspaper columns, as well as the popular ECONOMICS: NEW WAYS OF THINKING and principles of macroeconomics supplementary text, HOW TO THINK LIKE AN ECONOMIST. Dr. Arnold has been a member of the economics faculty at California State University Northridge, University of Oklahoma, Hillsdale College, University of Nevada Las Vegas, and California State University San Marcos. He served as chair of the economics department for two years at University of Nevada Las Vegas and for seven years at California State University San Marcos. He is currently chair of the economics department at California State University San Marcos. During his tenure at UNLV he was regularly one of the top five finalists for the teacher of the year honor (in the College of Business and Economics), and in 1987 he received the best researcher of the year award. Dr. Arnold earned a B.S. in Economics in 1974 from the University of Birmingham in England and received his M.A. in 1976 and his Ph.D. in 1979 from Virginia Polytechnic Institute and State University.

Preface
An Introduction to Economics
Economics: The Science of Scarcity
What Economics Is About
A Definition of Economics
Goods and Bads
Resources
Scarcity and a Definition of Economics
Key Concepts in Economics
Opportunity Cost
Benefits and Costs
Decisions Made at the Margin
Efficiency
Unintended Effects
Exchange
Economic Categories
Positive and Normative Economics
Microeconomics and Macroeconomics
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Diagrams
Two-Variable Diagrams
Slope of a Line
Slope of a Line Is Constant
Slope of a Curve
The 45[Degree] Line
Pie Charts
Bar Graphs
Line Graphs
Appendix Summary
Questions and Problems
Should You Major in Economics?
Five Myths about Economics and an Economics Major
What Awaits You as an Economics Major?
What Do Economists Do?
Places to Find More Information
Concluding Remarks
Economic Activities: Producing and Trading
The Production Possibilities Frontier
The Straight-Line PPF: Constant Opportunity Costs
The Bowed-Outward (Concave-Downward) PPF: Increasing Opportunity Costs
Law of Increasing Opportunity Costs
Economic Concepts within a PPF Framework
Exchange or Trade
Periods Relevant to Trade
Trade and the Terms of Trade
Costs of Trades
Trades and Third-Party Effects
Production, Trade, and Specialization
Producing and Trading
Profit and a Lower Cost of Living
A Benevolent and All-Knowing Dictator Versus the Invisible Hand
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Supply and Demand: Theory
A Note about Theories
What Is Demand?
The Law of Demand
What Does Ceteris Paribus Mean?
Four Ways to Represent the Law of Demand
Two Prices: Absolute and Relative
Why Does Quantity Demanded Go Down as Price Goes Up?
Individual Demand Curve and Market Demand Curve
A Change in Quantity Demanded Versus a Change in Demand
What Factors Cause the Demand Curve to Shift?
Movement Factors and Shift Factors
Supply
The Law of Supply
Why Most Supply Curves Are Upward Sloping
Changes in Supply Mean Shifts in Supply Curves
What Factors Cause the Supply Curve to Shift?
A Change in Supply Versus a Change in Quantity Supplied
The Market: Putting Supply and Demand Together
Supply and Demand at Work at an Auction
The Language of Supply and Demand: A Few Important Terms
Moving to Equilibrium: What Happens to Price When There Is a Surplus or a Shortage?
Speed of Moving to Equilibrium
Moving to Equilibrium: Maximum and Minimum Prices
Equilibrium in Terms of Consumers' and Producers' Surplus
What Can Change Equilibrium Price and Quantity?
Price Controls
Price Ceiling: Definition and Effects
Do Buyers Prefer Lower Prices to Higher Prices?
Price Floor: Definition and Effects
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Supply and Demand: Practice
Why Do Colleges Use GPAs, ACTs, and SATs for Purposes of Admission?
What Will Happen to the Price of Marijuana If the Purchase and Sale of Marijuana Are Legalized?
Where Did You Get That Music?
Television Shows During the Olympics
Who Feeds Cleveland?
The Minimum Wage Law
Loud Talking at a Restaurant
Price Ceiling in the Kidney Market
Healthcare and the Right to Sue Your HMO
Being Late to Class
If Gold Prices Are the Same Everywhere, Then Why Aren't House Prices?
Do You Pay for Good Weather?
Paying Ail Professors the Same Salary
Price Floors and Winners and Losers
College Superathletes
Supply and Demand on a Freeway
What Does Price Have to Do with Getting to Class on Time?
The Space Within Space
10 A.M. Classes in College
Who Pays the Tax?
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Macroeconomics
Macroeconomic Fundamentals
Macroeconomic Measurements, Part I: Prices and Unemployment
How to Approach the Study of Macroeconomics
Macroeconomic Problems
Macroeconomic Theories
Macroeconomic Policies
Different Views of How the Economy Works
Three Macroeconomic Organizational Categories
Macroeconomic Measures
Measuring Prices Using the CPI
Inflation and the CPI
The Substitution Bias in Fixed-Weighted Measures
GDP Implicit Price Deflator
Converting Dollars from One Year to Another
Measuring Unemployment
Who Are the Unemployed?
The Unemployment and Employment Rates
Reasons for Unemployment
Discouraged Workers
Types of Unemployment
What Is Full Employment?
Cyclical Unemployment
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Macroeconomic Measurements, Part II: GDP and Real GDP
Gross Domestic Product
Three Ways to Compute GDP
What GDP Omits
GDP Is Not Adjusted for Bads Generated in the Production of Goods
Per Capita GDP
Is Either GDP or Per Capita GDP a Measure of Happiness or Well-Being?
The Expenditure Approach to Computing GDP for a Real-World Economy
Expenditures in a Real-World Economy
Computing GDP Using the Expenditure Approach
The Income Approach to Computing GDP for a Real-World Economy
Computing National Income
From National Income to GDP: Making Some Adjustments
Other National Income Accounting Measurements
Net Domestic Product
Personal Income
Disposable Income
Real GDP
Why We Need Real GDP
Computing Real GDP
The General Equation for Real GDP
What Does It Mean If Real GDP Is Higher in One Year Than in Another Year?
Real GDP, Economic Growth, and Business Cycles
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Macroeconomic Stability, Instability, and Fiscal Policy
Aggregate Demand and Aggregate Supply
The Two Sides to an Economy
Aggregate Demand
Why Does the Aggregate Demand Curve Slope Downward?
A Change in the Quantity Demanded of Real GDP Versus a Change in Aggregate Demand
Changes in Aggregate Demand: Shifts in the AD Curve
How Spending Components Affect Aggregate Demand
Factors That Can Change C, I, G, and NX (EX - IM) and Therefore Can Change AD
Can a Change in the Money Supply Change Aggregate Demand?
Short-Run Aggregate Supply
Short-Run Aggregate Supply Curve: What It Is and Why It Is Upward Sloping
What Puts the "Short Run" in SRAS?
Changes in Short-Run Aggregate Supply: Shifts in the SRAS Curve
Putting AD and SRAS Together: Short-Run Equilibrium
How Short-Run Equilibrium in the Economy Is Achieved
Thinking in Terms of Short-Run Equilibrium Changes in the Economy
An Important Exhibit
Long-Run Aggregate Supply
Going from the Short Run to the Long Run
Short-Run Equilibrium, Long-Run Equilibrium, and Disequilibrium
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
The Self-Regulating Economy
The Classical View
Classical Economists and Say's Law
Classical Economists and Interest Rate Flexibility
Classical Economists on Prices and Wages
Three States of the Economy
Real GDP and Natural Real GDP: Three Possibilities
The Labor Market and the Three States of the Economy
One Nagging Question: How Can the Unemployment Rate Be Less Than the Natural Unemployment Rate?
The Self-Regulating Economy
What Happens If the Economy Is in a Recessionary Gap?
What Happens If the Economy Is in an Inflationary Gap?
The Self-Regulating Economy: A Recap
Policy Implication of Believing the Economy Is Self-Regulating
Changes in a Self-Regulating Economy: Short Run and Long Run
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Economic Instability: A Critique of the Self-Regulating Economy
Questioning the Classical Position
Keynes's Criticism of Say's Law in a Money Economy
Keynes on Wage Rates
New Keynesians and Wage Rates
Keynes on Prices
Is It a Question of the Time It Takes for Wages and Prices to Adjust?
The Simple Keynesian Model
Assumptions
The Consumption Function
Consumption and Saving
The Multiplier
The Multiplier and Reality
The Simple Keynesian Model in the AD-AS Framework
Shifts in the Aggregate Demand Curve
The Keynesian Aggregate Supply Curve
The Economy in a Recessionary Gap
Government's Role in the Economy
The Theme of the Simple Keynesian Model
The Simple Keynesian Model in the TE-TP Framework
Deriving a Total Expenditures (TE) Curve
What Will Shift the TE Curve?
Comparing Total Expenditures (TE) and Total Production (TP)
Moving from Disequilibrium to Equilibrium
The Graphical Representation of the Three States of the Economy in the TE-TP Framework
The Economy in a Recessionary Gap and the Role of Government
The Theme of the Simple Keynesian Model
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
The Federal Budget and Fiscal Policy
The Federal Budget
Government Expenditures
Government Tax Revenues
Budget Deficit, Surplus, or Balance
Structural and Cyclical Deficits
The Public Debt
Fiscal Policy
Some Relevant Fiscal Policy Terms
Two Important Notes
Demand-Side Fiscal Policy
Shifting the Aggregate Demand Curve
Fiscal Policy: A Keynesian Perspective
Crowding Out: Questioning Expansionary Fiscal Policy
Lags and Fiscal Policy
Crowding Out, Lags, and the Effectiveness of Fiscal Policy
Supply-Side Fiscal Policy
Marginal Tax Rates and Aggregate Supply
The Laffer Curve: Tax Rates and Tax Revenues
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Money, the Economy, and Monetary Policy
Money and Banking
Money: What Is It and How Did It Come to Be?
Money: A Definition
Three Functions of Money
From a Barter to a Money Economy: The Origins of Money
Money in a Prisoner of War Camp
Money, Leisure, and Output
What Gives Money Its Value?
Defining the Money Supply
M1
M2
Where Do Credit Cards Fit In?
How Banking Developed
The Early Bankers
The Federal Reserve System
The Money Creation Process
The Bank's Reserves and More
The Banking System and the Money Expansion Process
Why Maximum? Answer: No Cash Leakages and Zero Excess Reserves
Who Created What?
It Works in Reverse: The "Money Destruction" Process
We Change Our Example
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
The Federal Reserve System
The Structure and Functions of the Fed
The Structure of the Fed
The Functions of the Fed
Fed Tools for Controlling the Money Supply
Open Market Operations
The Required Reserve Ratio
The Discount Rate
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Money and the Economy
Money and the Price Level
The Equation of Exchange
From the Equation of Exchange to the Simple Quantity Theory of Money
The Simple Quantity Theory of Money in an AD-AS Framework
Dropping the Assumptions That V and Q Are Constant
Monetarism
Monetarist Views
Monetarism and AD-AS
The Monetarist View of the Economy
Inflation
One-Shot Inflation
Continued Inflation
Money and Interest Rates
What Economic Variables Are Affected by a Change in the Money Supply?
The Money Supply, the Loanable Funds Market, and Interest Rates
So What Happens to the Interest Rate as the Money Supply Changes?
The Nominal and Real Interest Rates
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Monetary Policy
The Money Market
The Demand for Money
The Supply of Money
Equilibrium in the Money Market
Transmission Mechanisms
The Keynesian Transmission Mechanism: Indirect
The Keynesian Mechanism May Get Blocked
The Monetarist Transmission Mechanism: Direct
Monetary Policy and the Problem of Inflationary and Recessionary Gaps
Monetary Policy and the Activist-Nonactivist Debate
The Case for Activist (or Discretionary) Monetary Policy
The Case for Nonactivist (or Rules-Based) Monetary Policy
Nonactivist Monetary Proposals
A Constant-Money-Growth-Rate Rule
A Predetermined-Money-Growth-Rate Rule
The Fed and the Taylor Rule
Inflation Targeting
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Expectations and Growth
Expectations Theory and the Economy
Phillips Curve Analysis
The Phillips Curve
Samuelson and Solow: The Phillips Curve Is Americanized
The Controversy Begins: Are There Really Two Phillips Curves?
Things Aren't Always as We Thought
Friedman and the Natural Rate Theory
How Do People Form Their Expectations?
Rational Expectations and New Classical Theory
Rational Expectations
Do People Anticipate Policy?
New Classical Theory: The Effects of Unanticipated and Anticipated Policy
Policy Ineffectiveness Proposition (PIP)
Rational Expectations and Incorrectly Anticipated Policy
How to Fall into a Recession Without Really Trying
New Keynesians and Rational Expectations
Looking at Things from the Supply Side: Real Business Cycle Theorists
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Economic Growth
A Few Basics About Economic Growth
Do Economic Growth Rates Matter?
Growth Rates in Selected Countries
Two Types of Economic Growth
Economic Growth and the Price Level
What Causes Economic Growth?
Natural Resources
Labor
Capital
Technological Advances
Free Trade as Technology
Property Rights Structure
Economic Freedom
Policies to Promote Economic Growth
Economic Growth and Special Interest Groups
New Growth Theory
What Was Wrong with the Old Theory? Or What's New with New Growth Theory?
Discovery, Ideas, and Institutions
Expanding Our Horizons
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
The Global Economy
International Economics and Globalization
International Trade
International Trade Theory
How Do Countries Know What to Trade?
How Do Countries Know When They Have a Comparative Advantage?
Trade Restrictions
The Distributional Effects of International Trade
Consumers' and Producers' Surplus
The Benefits and Costs of Trade Restrictions
If Free Trade Results in Net Gain, Why Do Nations Sometimes Restrict Trade?
The World Trade Organization (WTO)
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
International Finance
The Balance of Payments
Current Account
Capital Account
Official Reserve Account
Statistical Discrepancy
What the Balance of Payments Equals
The Foreign Exchange Market
The Demand for Goods
The Demand for and Supply of Currencies
Flexible Exchange Rates
The Equilibrium Exchange Rate
Changes in the Equilibrium Exchange Rate
Factors That Affect the Equilibrium Exchange Rate
Fixed Exchange Rates
Fixed Exchange Rates and Overvalued/Undervalued Currency
What Is So Bad About an Overvalued Dollar?
Government Involvement in a Fixed Exchange Rate System
Options Under a Fixed Exchange Rate System
The Gold Standard
Fixed Exchange Rates Versus Flexible Exchange Rates
Promoting International Trade
Optimal Currency Areas
The Current International Monetary System
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Globalization
What Is Globalization?
A Smaller World
A World Economy
Two Ways to "See" Globalization
No Barriers
A Union of States
Globalization Facts
International Trade
Foreign Exchange Trading
Foreign Direct Investment
Personal Investments
The World Trade Organization
Business Practices
Movement Toward Globalization
The End of the Cold War
Advancing Technology
Policy Changes
Benefits and Costs of Globalization
The Benefits
The Costs
The Continuing Globalization Debate
More or Less Globalization: A Tug of War?
Less Globalization
More Globalization
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Practical Economics
Financial Matters
Stocks, Bonds, Futures, and Options
Financial Markets
Stocks
Where Are Stocks Bought and Sold?
The Dow Jones Industrial Average (DJIA)
How the Stock Market Works
Why Do People Buy Stock?
How to Buy and Sell Stock
Buying Stocks or Buying the Market
How to Read the Stock Market Page
Bonds
The Components of a Bond
Bond Ratings
Bond Prices and Yields (or Interest Rates)
Types of Bonds
How to Read the Bond Market Page
Risk and Return
Futures and Options
Futures
Options
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Web Chapters
Web Chapters
Agriculture: Farmers' Problems, Government Policies, and Unintended Effects
Agriculture: The Issues
A Few Facts
Agriculture and Income Inelasticity
Agriculture and Price Inelasticity
Price Variability and Futures Contracts
Can Bad Weather Be Good for Farmers?
Agricultural Policies
Price Supports
Restricting Supply
Target Prices and Deficiency Payments
Production Flexibility Contract Payments, (Fixed) Direct Payments, and Countercyclical Payments
Nonrecourse Commodity Loans
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
International Impacts on the Economy
International Factors and Aggregate Demand
Net Exports
The J-Curve
International Factors and Aggregate Supply
Foreign Input Prices
Why Do Foreign Input Prices Change?
Factors That Affect Both Aggregate Demand and Aggregate Supply
The Exchange Rate
What Role Do Interest Rates Play?
Deficits: International Effects and Domestic Feedback
The Budget Deficit and Expansionary Fiscal Policy
The Budget Deficit and Contractionary Fiscal Policy
The Effects of Monetary Policy
A Reader Asks
Analyzing the Scene
Chapter Summary
Key Terms and Concepts
Questions and Problems
Working with Numbers and Graphs
Self-Test Appendix
Glossary
Index

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