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TABLE OF CONTENTS Chapter 1 What is Economics?
The Economic Problem
An Initial Look
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absolute advantage aggregate demand curve aggregate supply curve autonomous spending BASIC EXERCISES billion budget capital CHAPTER REVIEW comparative advantage CONCEPTS QUIZ consumption function consumption spending countries currency decline decrease demand and supply deposit creation multiplier deposits depreciation disposable income dollar domestic economists equilibrium level euro expenditure schedule explain exports Federal Reserve firms fiscal policy fixed exchange rates floating exchange rates full employment government purchases graph growth impact IMPORTANT TERMS increase increase/decrease inflationary investment spending labor productivity lead level of GDP level of income level of output measure monetary policy multiplier national income nominal GDP nominal interest rates open market opportunity cost percent Phillips curve price level production possibilities frontier quantity demanded rate of inflation rate of unemployment real GDP recessionary gap reduce SELF-TESTS FOR UNDERSTANDING shift the aggregate slope stabilization policy stock of money TERMS AND CONCEPTS TEST B Circle Tiat total spending variable