Contemporary Economics: An Applications Approach

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Cengage Learning, 2005 - Economics - 464 pages
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Contents

Scarcity and Choice
2
Chapter Summary
21
PART2 The Microeconomy
29
Demand and Supply Analysis
30
Supply
36
Shifts in Demand and Supply
42
Chapter Summary
48
Demand and Supply Applications
55
Gross Domestic Product and Economic Growth
231
Real GDP versus Nominal GDP
237
Chapter Summary
251
The Business Cycle Unemployment and Inflation
257
Unemployment
263
Inflation
271
Effects of Severe Inflation
277
MultipleChoice Questions
280

Price Elasticity of Demand and Total Revenue
61
Chapter Summary
69
Production and the Costs of Production
77
ShortRun Production Costs
84
Shifts in Cost Curves
92
Study Questions and Problems
98
Virtues and Vices
101
Profit Maximization in the Short Run
104
Barriers to Entry
111
The Case Against Monopoly
119
Study Questions and Problems
125
Imperfect Competition
131
Advertising
138
Are Airbus Subsidies the Reason for Boeings Nosedive?
146
Labor Market Issues
155
Popeyes Restaurants Fret Over How to Handle a MinimumPay Rise
162
Threat or Opportunity for U S Workers?
168
MultipleChoice Questions
174
Government and Markets
179
Market Failure
180
Buying Power by the Hour
186
Social Regulation
193
The Macroeconomy
203
The Mixed Economy of the United States
204
Chapter Summary
225
Aggregate Demand and Aggregate Supply
285
Stability of the Macroeconomy
286
The Multiplier Effect
292
Chapter Summary
301
Fiscal Policy and the Federal Budget
309
Automatic Stabilizers
316
Chapter Summary
327
Money and the Banking System
333
M1 Money Supply
345
The Federal Deposit Insurance Corporation
351
The Federal Reserve and Monetary Policy
357
Chapter Summary
374
The International Economy
379
The United States and the Global Economy
380
International Finance
401
Foreign Exchange Market
407
Monetary Integration for Europe and the United States
413
Study Questions and Problems
419
Economic Systems and the Developing Countries
423
Transition Economies
428
Tensions between Developing Countries and Advanced Countries
434
Economic Growth Strategies
435
Glossary
441
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453
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