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• Half Title
• Title Page
• Copyright
• Dedication
• About The Authors
• Brief Contents
• Contents
• Preface
• Part 1: Introduction
  • Chapter 1: Economics: Foundationsand Models
    • Does Apple Manufacture the iPhone in the United States?
    • 1.1 Three Key Economic Ideas
      • People Are Rational
      • People Respond to Economic Incentives
      • Apply the Concept: Would a Congressional Bill Aimed at Increasing the Pay of Low-Wage Workers Backfi
      • Optimal Decisions Are Made at the Margin
      • Solved Problem 1.1: The Marginal Benefit and Marginal Cost of Delivering Packages for Amazon
    • 1.2 The Economic Problem That Every Society Must Solve
      • What Goods and Services Will Be Produced?
      • How Will the Goods and Services Be Produced?
      • Who Will Receive the Goods and Services Produced?
      • Centrally Planned Economies versus Market Economies
      • The Modern “Mixed” Economy
      • Efficiency and Equity
    • 1.3 Economic Models
      • The Role of Assumptions in Economic Models
      • Forming and Testing Hypotheses in Economic Models
      • Positive and Normative Analysis
      • Don’t Let This Happen to You: Don’t Confuse Positive Analysis with Normative Analysis
      • Economics as a Social Science
      • Apply the Concept: What Can Economics Contribute to the Debate over Tariffs?
    • 1.4 Microeconomics and Macroeconomics
    • 1.5 Economic Skills and Economics as a Career
    • 1.6 A Preview of Important Economic Terms
    • Conclusion
      • An Inside Look: Are Tariffs Bringing Manufacturing Jobs Back Home or Just Raising Prices?
    • *Chapter Summary and Problems
    • Appendix: Using Graphs and Formulas
    • Graphs of One Variable
    • Graphs of Two Variables
      • Slopes of Lines
    • Taking into Account More Than Two Variables on a Graph
      • Positive and Negative Relationships
      • Determining Cause and Effect
      • Are Graphs of Economic Relationships Always Straight Lines?
      • Slopes of Nonlinear Curves
    • Formulas
      • Formula for a Percentage Change
      • Formulas for the Areas of a Rectangle and a Triangle
    • Summary of Using Formulas
      • Problems and Applications
  • Chapter 2: Trade-offs, Comparative Advantage, and the Market System
    • Elon Musk and Tesla Motors Face a Trade-off
    • 2.1 Production Possibilities Frontiers and Opportunity Costs
      • Graphing the Production Possibilities Frontier
      • Solved Problem 2.1: Analyzing Trade-offs Using a Production Possibilities Frontier for Tesla Motors
      • Increasing Marginal Opportunity Costs
      • Economic Growth
    • 2.2 Comparative Advantage and Trade
      • Specialization and Gains from Trade
      • Absolute Advantage versus Comparative Advantage
      • Comparative Advantage and the Gains from Trade
      • Don’t Let This Happen to You: Don’t Confuse Absolute Advantage and Comparative Advantage
      • Solved Problem 2.2: Comparative Advantage and the Gains from Trade
      • Apply the Concept: Comparative Advantage, Opportunity Cost, and Housework
    • 2.3 The Market System
      • The Circular Flow of Income
      • The Gains from Free Markets
      • The Market Mechanism
      • Apply the Concept: A Story of the Market System in Action: How Do You Make an iPad?
      • The Role of the Entrepreneur in the Market System
      • The Legal Basis of a Successful Market System
      • Apply the Concept: What Is Socialism?
    • Conclusion
      • An Inside Look: A Plug-in Porsche?
    • Chapter Summary and Problems
  • Chapter 3: Where Prices Come From: The Interaction of Demand and Supply
    • A Basketball Player Takes a Tumble—And So Does Nike
    • 3.1 The Demand Side of the Market
      • Demand Schedules and Demand Curves
      • The Law of Demand
      • What Explains the Law of Demand?
      • Holding Everything Else Constant: The Ceteris Paribus Condition
      • Variables That Shift Market Demand
      • Apply the Concept: Millennials and Generation Z Shake Up the Markets for Groceries, Big Macs, and Ru
      • A Change in Demand versus a Change in Quantity Demanded
      • Apply the Concept: Forecasting the Demand for Athletic Shoes
    • 3.2 The Supply Side of the Market
      • Supply Schedules and Supply Curves
      • The Law of Supply
      • Variables That Shift Market Supply
      • Apply the Concept: Fracking, the U.S. Oil Boom, and Expected Oil Prices
      • A Change in Supply versus a Change in Quantity Supplied
    • 3.3 Market Equilibrium: Putting Demand and Supply Together
      • How Markets Eliminate Surpluses and Shortages
      • Demand and Supply Both Count
      • Solved Problem 3.3: Demand and Supply Both Count: A Tale of Two Letters
    • 3.4 The Effect of Demand and Supply Shifts on Equilibrium
      • The Effect of Shifts in Demand on Equilibrium
      • The Effect of Shifts in Supply on Equilibrium
      • The Effect of Shifts in Demand and Supply over Time
      • Apply the Concept: Higher Demand for Cobalt—But Lower Prices?
      • Solved Problem 3.4: Can We Predict Changes in the Price and Quantity of Merino Wool?
      • Shifts in a Curve versus Movements along a Curve
      • Don’t Let This Happen to You: Remember: A Change in a Good’s Price Does Not Cause the Demand or
    • Conclusion
      • An Inside Look: If the Shoe Fits . . . Print It?
    • Chapter Summary and Problems
  • Chapter 4: Economic Efficiency, Government Price Setting, and Taxes
    • What Do Food Riots in Venezuela and the Rise of Uber in the United States Have in Common?
    • 4.1 Consumer Surplus and Producer Surplus
      • Consumer Surplus
      • Apply the Concept: The Consumer Surplus from Uber
      • Producer Surplus
      • What Consumer Surplus and Producer Surplus Measure
    • 4.2 The Efficiency of Competitive Markets
      • Marginal Benefit Equals Marginal Cost in Competitive Equilibrium
      • Economic Surplus
      • Deadweight Loss
      • Economic Surplus and Economic Efficiency
    • 4.3 Government Intervention in the Market: Price Floors and Price Ceilings
      • Price Floors: Government Policy in Agricultural Markets
      • Apply the Concept: Price Floors in Labor Markets: The Debate over Minimum Wage Policy
      • Price Ceilings: Government Rent Control Policy in Housing Markets
      • Don’t Let This Happen to You: Don’t Confuse“Scarcity” with “Shortage”
      • Black Markets and Peer-to-Peer Sites
      • Solved Problem 4.3: What’s the Economic Effect of a Black Market in Renting Apartments?
      • The Results of Government Price Controls: Winners, Losers, and Inefficiency
      • Apply the Concept: Price Controls Lead to Economic Crisis in Venezuela
      • Positive and Normative Analysis of Price Ceilings and Price Floors
    • 4.4 The Economic Effect of Taxes
      • The Effect of Taxes on Economic Efficiency
      • Tax Incidence: Who Actually Pays a Tax?
      • Solved Problem 4.4: Who Bears the Burden of the Seattle Beverage Tax?
      • Apply the Concept: Is the Burden of the Social Security Tax Really Shared Equally between Workers an
    • Conclusion
      • An Inside Look: Uber Fights to Repeal New York City Restrictions
    • Chapter Summary and Problems
    • Appendix: Quantitative Demand and Supply Analysis
    • Demand and Supply Equations
    • Calculating Consumer Surplus and Producer Surplus
      • Review Questions
      • Problems and Applications
• Part 2: Markets in Action: Policy and Applications
  • Chapter 5: Externalities, Environmental Policy, and Public Goods
    • Are NextEra Energy and Green Power the Future?
    • 5.1 Externalities and Economic Efficiency
      • The Effect of Externalities
      • Externalities and Market Failure
      • What Causes Externalities?
    • 5.2 Private Solutions to Externalities: The Coase Theorem
      • The Economically Efficient Level of Pollution Reduction
      • Apply the Concept: The Clean Air Act: How a Government Policy Reduced Infant Mortality
      • The Basis for Private Solutions to Externalities
      • Don’t Let This Happen to You: Remember That It’s the Net Benefit That Counts
      • Do Property Rights Matter?
      • The Problem of Transactions Costs
      • The Coase Theorem
      • Apply the Concept: How Can You Defend Your Knees on a Plane Flight?
    • 5.3 Government Policies to Deal with Externalities
      • Imposing a Tax When There Is a Negative Externality
      • Providing a Subsidy When There Is a Positive Externality
      • Apply the Concept: Should the Government Tax Cigarettes and Soda?
      • Solved Problem 5.3: Are Congestion Fees the Answer to Big City Traffic Problems?
      • Command-and-Control versus Market-Based Approaches
      • The End of the Sulfur Dioxide Cap-and-Trade System
      • Are Tradable Emission Allowances Licenses to Pollute?
      • Apply the Concept: Does the United States Need a Green New Deal?
    • 5.4 Four Categories of Goods
      • The Demand for a Public Good
      • The Optimal Quantity of a Public Good
      • Solved Problem 5.4: Determining the Optimal Level of Public Goods
      • Common Resources
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 6: Elasticity: The Responsiveness of Demand and Supply
    • Do Soda Taxes Work?
    • 6.1 The Price Elasticity of Demand and Its Measurement
      • Measuring the Price Elasticity of Demand
      • Elastic Demand and Inelastic Demand
      • An Example of Calculating Price Elasticities
      • The Midpoint Formula
      • Solved Problem 6.1: Calculating the Price Elasticity of Demand
      • When Demand Curves Intersect, the Flatter Curve Is More Elastic
      • Polar Cases of Perfectly Inelastic and Perfectly Elastic Demand
      • Don’t Let This Happen to You: Don’t Confuse Inelastic with Perfectly Inelastic
    • 6.2 The Determinants of the Price Elasticity of Demand
      • Availability of Close Substitutes
      • Passage of Time
      • Luxuries versus Necessities
      • Definition of the Market
      • Share of a Good in a Consumer’s Budget
      • Some Estimated Price Elasticities of Demand
    • 6.3 The Relationship between Price Elasticity of Demand and Total Revenue
      • Elasticity and Revenue with a Linear Demand Curve
      • Solved Problem 6.3: Price and Revenue Don’t Always Move in the Same Direction
      • Apply the Concept: Amazon and Netflix Test the Price Elasticity of Demand for Their Services
    • 6.4 Other Demand Elasticities
      • Cross-Price Elasticity of Demand
      • Income Elasticity of Demand
      • Apply the Concept: Price Elasticity, Cross-Price Elasticity, and Income Elasticity in the Market for
    • 6.5 Using Elasticity to Analyze the Disappearing Family Farm
      • Solved Problem 6.5: Using Price Elasticity to Analyze the Effects of a Soda Tax
    • 6.6 The Price Elasticity of Supply and Its Measurement
      • Measuring the Price Elasticity of Supply
      • Determinants of the Price Elasticity of Supply
      • Apply the Concept: Why Are Oil Prices So Unstable?
      • Polar Cases of Perfectly Elastic and Perfectly Inelastic Supply
      • Using Price Elasticity of Supply to Predict Changes in Price
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 7: The Economics of Health Care
    • Goodbye to Blue Cross and Blue Shield?
    • 7.1 The Improving Health of People in the United States
      • Changes over Time in U.S. Health
      • Reasons for Long-Run Improvements in U.S. Health
    • 7.2 Health Care around the World
      • The U.S. Health Care System
      • Apply the Concept: The Increasing Importance of Health Care in the U.S. Economy
      • The Health Care Systems of Canada, Japan, and the United Kingdom
      • Comparing Health Care Outcomes around the World
      • How Useful Are Cross-Country Comparisons of Health Outcomes?
    • 7.3 Information Problems and Externalities in the Market for Health Care
      • Adverse Selection and the Market for “Lemons”
      • Asymmetric Information in the Market for Health Insurance
      • Don’t Let This Happen to You: Don’t Confuse Adverse Selection with Moral Hazard
      • Externalities in the Market for Health Care
      • Should the Government Run the Health Care System?
    • 7.4 The Debate over Health Care Policy in the United States
      • The Rising Cost of Health Care
      • Apply the Concept: Are U.S. Firms Handicapped by Paying for Their Employees’ Health Insurance?
      • Explaining Increases in Health Care Spending
      • The Continuing Debate over Health Care Policy
      • Market-Based Reforms
      • Apply the Concept: Medicare for All?
    • Conclusion
    • Chapter Summary and Problems
• Part 3: Firms in the Domestic and International Economies
  • Chapter 8: Firms, the Stock Market, and Corporate Governance
    • Investing in Lyft, a Company That Has Never Earned a Profit?
    • 8.1 Types of Firms
      • Who Is Liable? Limited and Unlimited Liability
      • Corporations Earn the Majority of Revenue and Profits
      • Apply the Concept: Why Are Fewer Young People Starting Businesses?
      • The Structure of Corporations and the Principal–Agent Problem
    • 8.2 How Firms Raise Funds
      • Sources of External Funds
      • Apply the Concept: The Rating Game: Are Federal, State, or City Governments Likely to Default on The
      • Stock and Bond Markets Provide Capital—and Information
      • The Fluctuating Stock Market
      • Don’t Let This Happen to You: When Lyft Shares Are Sold, Lyft Doesn’t Get the Money
      • Why Is It So Hard to Beat the Market?
      • Apply the Concept: Why Would Anyone Buy Lyft’s Stock?
      • Solved Problem 8.2: Why Does Warren Buffett Like Mutual Funds?
    • 8.3 Using Financial Statements to Evaluate a Corporation
      • The Income Statement
      • The Balance Sheet
      • Problems in Corporate Governance
      • Apply the Concept: Should Investors Worry about Corporate Governance at Lyft?
    • Conclusion
    • Chapter Summary and Problems
    • Appendix: Using Present Value
      • The Concept of Present Value
        • Solved Problem 8A.1: How to Receive Your Contest Winnings
        • Using Present Value to Calculate Bond Prices
        • Using Present Value to Calculate Stock Prices
        • A Simple Formula for Calculating Stock Prices
        • Review Questions
        • Problems and Applications
    • Online Appendix: Income Statements and Balance Sheets
  • Chapter 9: Comparative Advantage and the Gains from International Trade
    • Being Careful What You Wish For: Trade Wars and Whirlpool
    • 9.1 The United States in the International Economy
      • The Importance of Trade to the U.S. Economy
      • U.S. International Trade in a World Context
    • 9.2 Comparative Advantage in International Trade
      • A Brief Review of Comparative Advantage
      • Comparative Advantage and Absolute Advantage
    • 9.3 How Countries Gain from International Trade
      • Increasing Consumption through Trade
      • Solved Problem 9.3: The Gains from Trade
      • Why Don’t We See Complete Specialization?
      • Does Anyone Lose as a Result of International Trade?
      • Don’t Let This Happen to You: Remember That Trade Creates Both Winners and Losers
      • Apply the Concept: Who Gains and Who Loses from U.S. Trade with China?
      • Where Does Comparative Advantage Come From?
    • 9.4 Government Policies That Restrict International Trade
      • Tariffs
      • Quotas and Voluntary Export Restraints
      • Measuring the Economic Effect of the Sugar Quota
      • Solved Problem 9.4: Measuring the Economic Effect of a Quota
      • The High Cost of Preserving Jobs with Tariffs and Quotas
      • Apply the Concept: Smoot-Hawley, the Politics of Tariffs, and the Cost of Protecting a Vanishing Ind
      • Gains from Unilateral Elimination of Tariffs and Quotas
      • Other Barriers to Trade
    • 9.5 The Debate over Trade Policies and Globalization
      • Why Do Some People Oppose the World Trade Organization?
      • Dumping
      • Apply the Concept: The Trade War of 2018
      • Positive versus Normative Analysis (Once Again)
    • Conclusion
    • Chapter Summary and Problems
• Part 4: Microeconomic Foundations:Consumers and Firms
  • Chapter 10: Consumer Choice andBehavioral Economics
    • What Happened to Sears and the Other Department Stores?
    • 10.1 Utility and Consumer Decision Making
      • An Overview of the Economic Model of Consumer Behavior
      • Utility
      • The Principle of Diminishing Marginal Utility
      • The Rule of Equal Marginal Utility per Dollar Spent
      • Solved Problem 10.1: Finding the Optimal Level of Consumption
      • What if the Rule of Equal Marginal Utility per Dollar Does Not Hold?
      • Don’t Let This Happen to You: Equalize Marginal Utilities per Dollar
      • The Income Effect and Substitution Effect of a Price Change
      • Don’t Let This Happen to You: The Income Effect Doesn’t Involve an Increase in Money Income
    • 10.2 Where Demand Curves Come From
      • Apply the Concept: Are There Any Upward-Sloping Demand Curves in the Real World?
    • 10.3 Social Influences on Decision Making
      • The Effects of Celebrity Endorsements
      • Network Externalities
      • Does Fairness Matter?
      • Apply the Concept: Taylor Swift Tries to Please Fans and Make Money
      • Solved Problem 10.3: Why Doesn’t Tesla Charge Its Employees to Park Their Cars?
    • 10.4 Behavioral Economics: Do People Make Rational Choices?
      • Pitfalls in Decision Making
      • Apply the Concept: Sunk Costs and Sports Teams
      • “Nudges”: Using Behavioral Economics to Guide Behavior
      • The Behavioral Economics of Shopping
      • Apply the Concept: Trying to Use the Apple Approach to Save J.C. Penney
    • Conclusion
    • Chapter Summary and Problems
    • Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior
      • Consumer Preferences
        • Indifference Curves
        • The Slope of an Indifference Curve
        • Can Indifference Curves Ever Cross?
    • The Budget Constraint
    • Choosing the Optimal Consumption of Pizza and Coke
      • Apply the Concept: Apple Determines the Optimal Mix of iPhone Features
      • Deriving the Demand Curve
      • Solved Problem 10A.1: When Does a Price Change Make a Consumer Better Off?
      • The Income Effect and the Substitution Effect of a Price Change
      • How a Change in Income Affects Optimal Consumption
    • The Slope of the Indifference Curve, the Slope of the Budget Line, and the Rule of Equal Marginal Ut
      • The Rule of Equal Marginal Utility per Dollar Spent Revisited
      • Review Questions
      • Problems and Applications
  • Chapter 11: Technology, Production, and Costs
    • Fracking Lowers the Cost of Oil and Revolutionizes the World Market
    • 11.1 Technology: An Economic Definition
      • Apply the Concept: Oil Roughnecks Encounter Robots and Drones
    • 11.2 The Short Run and the Long Run in Economics
      • The Difference between Fixed Costs and Variable Costs
      • Apply the Concept: Fixed Costs in the Publishing Industry
      • Implicit Costs versus Explicit Costs
      • The Production Function
      • A First Look at the Relationship between Production and Cost
    • 11.3 The Marginal Product of Labor and the Average Product of Labor
      • The Law of Diminishing Returns
      • Graphing Production
      • Apply the Concept: Adam Smith’s Famous Account of the Division of Labor in a Pin Factory
      • The Relationship between Marginal Product and Average Product
      • An Example of Marginal and Average Values: College Grades
    • 11.4 The Relationship between Short-Run Production and Short-Run Cost
      • Marginal Cost
      • Why Are the Marginal and Average Cost Curves U Shaped?
      • Solved Problem 11.4: Calculating Marginal Cost and Average Total Cost
    • 11.5 Graphing Cost Curves
    • 11.6 Costs in the Long Run
      • Economies of Scale
      • Long-Run Average Cost Curves for Automobile Factories
      • Solved Problem 11.6: Using Long-Run Average Cost Curves to Understand a Business Merger
      • Apply the Concept: The Colossal River Rouge: Diseconomies of Scale at Ford Motor Company
      • Don’t Let This Happen to You: Don’t Confuse Diminishing Returns with Diseconomiesof Scale
    • Conclusion
    • Chapter Summary and Problems
    • Online Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost
• Part 5: Market Structure and Firm Strategy
  • Chapter 12: Firms in Perfectly CompetitiveMarkets
    • Are Cage-Free Eggs the Road to Riches?
    • 12.1 Perfectly Competitive Markets
      • A Perfectly Competitive Firm Cannot Affect the Market Price
      • The Demand Curve for the Output of a Perfectly Competitive Firm
      • Don’t Let This Happen to You: Don’t Confuse the Demand Curve for Farmer Parker’s Wheat with th
    • 12.2 How a Firm Maximizes Profit in a Perfectly Competitive Market
      • Revenue for a Firm in a Perfectly Competitive Market
      • Determining the Profit-Maximizing Level of Output
    • 12.3 Illustrating Profit or Loss on the Cost Curve Graph
      • Showing Profit on a Graph
      • Solved Problem 12.3: Determining Profit-Maximizing Price and Quantity
      • Don’t Let This Happen to You: Remember That Firms Maximize Their Total Prof it, Not Their Prof it
      • Illustrating When a Firm Is Breaking Evenor Operating at a Loss
    • 12.4 Deciding Whether to Produce or to Shut Down in the Short Run
      • The Supply Curve of a Firm in the Short Run
      • Apply the Concept: What Does “Break Even” Mean in the Oil Fields?
      • Solved Problem 12.4: When to Shut Down a Farm
      • The Market Supply Curve in a Perfectly Competitive Industry
    • 12.5 “If Everyone Can Do It, You Can’t Make Money at It”: The Entry and Exit of Firms in the L
      • Economic Profit and the Entry or Exit Decision
      • Long-Run Equilibrium in a Perfectly Competitive Market
      • The Long-Run Supply Curve in a Perfectly Competitive Market
      • Apply the Concept: The Winding Path to Long-Run Equilibrium in the Egg Market
      • Increasing-Cost and Decreasing-Cost Industries
    • 12.6 Perfect Competition and Economic Efficiency
      • Productive Efficiency
      • Solved Problem 12.6: How Productive Efficiency Benefits Consumers
      • Allocative Efficiency
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 13: Monopolistic Competition: The Competitive Model in a More Realistic Setting
    • The Coffee Industry: From Supermarket Cans to Third Wave Coffeehouse
    • 13.1 Demand and Marginal Revenue for a Firm in a Monopolistically Competitive Market
      • The Demand Curve for a Monopolistically Competitive Firm
      • Marginal Revenue for a Firm with a Downward-Sloping Demand Curve
    • 13.2 How a Monopolistically Competitive Firm Maximizes Profit in the Short Run
      • Solved Problem 13.2: Does Minimizing Cost Maximize Profit at Apple?
    • 13.3 What Happens to Profits in the Long Run?
      • How Does the Entry of New Firms Affect the Profits of Existing Firms?
      • Don’t Let This Happen to You: Don’t Confuse Zero Economic Profit with Zero Accounting Profit
      • Apply the Concept: Can Third Wave Coffeehouses Remain Profitable?
      • Is Zero Economic Profit Inevitable in the Long Run?
      • Solved Problem 13.3: The Profitability of Amazon Go
    • 13.4 Comparing Monopolistic Competition and Perfect Competition
      • Excess Capacity under Monopolistic Competition
      • Is Monopolistic Competition Inefficient?
      • How Consumers Benefit from Monopolistic Competition
      • Apply the Concept: Are Ghost and Virtual Restaurants the Wave of the Future?
    • 13.5 How Marketing Differentiates Products
      • Brand Management
      • Advertising
      • Defending a Brand Name
    • 13.6 What Makes a Firm Successful?
      • Apply the Concept: Is Being the First Firm in the Market a Key to Success?
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 14: Oligopoly: Firms in LessCompetitive Markets
    • Apple, Spotify, and the Music Streaming Revolution
    • 14.1 Oligopoly and Barriers to Entry
      • Barriers to Entry
      • Apply the Concept: Are Unlicensed Yoga Instructors a Menace to Public Health?
    • 14.2 Game Theory and Oligopoly
      • A Duopoly Game: Price Competition between Two Firms
      • Firm Behavior and the Prisoner’s Dilemma
      • Don’t Let This Happen to You: Don’t Misunderstand Why Each Firm Ends Up Charging a Price of $9.9
      • Solved Problem 14.2: Is Offering a College Student Discount a Prisoner’s Dilemma for Apple and Spo
      • Can Firms Escape the Prisoner’s Dilemma?
      • Apply the Concept: Are the Big Four Airlines Colluding?
      • Cartels: The Case of OPEC
    • 14.3 Sequential Games and Business Strategy
      • Deterring Entry
      • Solved Problem 14.3: Is Deterring EntryAlways a Good Idea?
      • Bargaining
    • 14.4 The Five Competitive Forces Model
      • Competition from Existing Firms
      • The Threat from Potential Entrants
      • Competition from Substitute Goods or Services
      • The Bargaining Power of Buyers
      • The Bargaining Power of Suppliers
      • Apply the Concept: Do Large Firms Live Forever?
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 15: Monopoly and Antitrust Policy
    • The Monopoly in Your Mailbox
    • 15.1 Is Any Firm Ever Really a Monopoly?
      • Apply the Concept: Has the USPS Outlived Its Usefulness?
    • 15.2 Where Do Monopolies Come From?
      • Government Action Blocks Entry
      • Apply the Concept: Does Hasbro Have a Monopoly on Monopoly?
      • Control of a Key Resource
      • Apply the Concept: Are Diamond Profits Forever? The De Beers Diamond Monopoly
      • Network Externalities
      • Natural Monopoly
    • 15.3 How Does a Monopoly Choose Price and Output?
      • Marginal Revenue Once Again
      • Profit Maximization for a Monopolist
      • Solved Problem 15.3: Finding the Profit-Maximizing Price and Output for a Cable Monopoly
      • Don’t Let This Happen to You: Don’t Assume That Charging a Higher Price Is Always More Prof itab
    • 15.4 Does Monopoly Reduce Economic Efficiency?
      • Comparing Monopoly and Perfect Competition
      • Measuring the Efficiency Losses from Monopoly
      • How Large Are the Efficiency Losses Due to Monopoly?
      • Market Power and Technological Change
    • 15.5 Price Discrimination: Charging Different Prices for the Same Product
      • The Requirements for Successful Price Discrimination
      • An Example of Price Discrimination
      • Don’t Let This Happen to You: Don’t Confuse Price Discrimination with Other Types of Discriminat
      • Solved Problem 15.5: How Apple Uses Price Discrimination to Increase Profits
      • Airlines: The Kings of Price Discrimination
      • Big Data and Dynamic Pricing
      • Perfect Price Discrimination
      • Price Discrimination across Time
      • Can Price Discrimination Be Illegal?
    • 15.6 Government Policy toward Monopoly
      • Antitrust Laws and Antitrust Enforcement
      • Mergers: The Trade-off between Market Power and Efficiency
      • The Department of Justice and FTC Merger Guidelines and the Herfindahl-Hirschman Index of Concentrat
      • Regulating Natural Monopolies
      • Apply the Concept: Should the Justice Department Break Up Google, Amazon, and Facebook?
    • Conclusion
    • Chapter Summary and Problems
• Part 6: Labor Markets, Public Choice, and the Distribution of Income
  • Chapter 16: The Markets for Labor and Other Factors of Production
    • Great Hamburger? Thank a Robot
    • 16.1 The Demand for Labor
      • The Marginal Revenue Product of Labor
      • Solved Problem 16.1: Hiring Decisions by a Firm That Is a Price Maker
      • The Market Demand Curve for Labor
      • Factors That Shift the Market Demand Curve for Labor
    • 16.2 The Supply of Labor
      • The Market Supply Curve of Labor
      • Factors That Shift the Market Supply Curveof Labor
    • 16.3 Equilibrium in the Labor Market
      • The Effect on Equilibrium Wages of a Shift in Labor Demand
      • Apply the Concept: Does It Matter Which College You Attend?
      • The Effect of Immigration on the U.S. Labor Market
      • Apply the Concept: Will You Compete with a Robot for a Job—Or Work with One?
    • 16.4 Explaining Differences in Wages
      • Don’t Let This Happen to You: Remember That Prices and Wages Are Determined at the Margin
      • Apply the Concept: Technology and the Earnings of “Superstars”
      • Compensating Differentials
      • Discrimination
      • Solved Problem 16.4: Is Passing “Comparable Worth” Legislation a Good Way to Close the Gap betwe
      • Apply the Concept: Does Greg Have an Easier Time Finding a Job Than Jamal?
      • Labor Unions
    • 16.5 Personnel Economics
      • Should Workers’ Pay Depend on How Much They Work or on How Much They Produce?
      • Apply the Concept: A Better Way to Sell Contact Lenses
      • Other Considerations in Setting Compensation Systems
    • 16.6 The Markets for Capital and Natural Resources
      • The Market for Capital
      • The Market for Natural Resources
      • Monopsony
      • The Marginal Productivity Theory of Income Distribution
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 17: Public Choice, Taxes, and the Distribution of Income
    • Should Your Small Business Be Taxed Like Apple?
    • 17.1 Public Choice
      • How Do We Know the Public Interest? Models of Voting
      • Government Failure?
      • Is Government Regulation Necessary?
    • 17.2 The Tax System
      • An Overview of the U.S. Tax System
      • Progressive and Regressive Taxes
      • Apply the Concept: Which Groups Pay the Most in Federal Taxes?
      • Marginal and Average Income Tax Rates
      • The Corporate Income Tax
      • International Comparison of Corporate Income Taxes
      • Evaluating Taxes
      • Apply the Concept: Should the Federal Government Begin to Tax Wealth?
    • 17.3 Tax Incidence Revisited: The Effect of Price Elasticity
      • Don’t Let This Happen to You: Don’t Confuse Who Pays a Tax with Who Bears the Burden of the Tax
      • Apply the Concept: Do Corporations Really Bear the Burden of the Federal Corporate Income Tax?
      • Solved Problem 17.3: The Effect of Price Elasticity on the Excess Burden of a Tax
    • 17.4 Income Distribution and Poverty
      • Measuring the Income Distribution and Measuring Poverty
      • Showing the Income Distribution with a Lorenz Curve
      • Problems in Measuring Poverty and the Distribution of Income
      • Explaining Income Inequality
      • Policies to Reduce Income Inequality
      • Apply the Concept: Who Are the 1 Percent, and How Do They Earn Their Incomes?
      • Poverty around the World
    • Conclusion
    • Chapter Summary and Problems
• Part 7: Macroeconomic Foundations and Long-Run Growth
  • Chapter 18: GDP: Measuring Total Production and Income
    • Politics, Macroeconomics, and General Motors
    • 18.1 Gross Domestic Product Measures Total Production
      • Measuring Total Production: Gross Domestic Product
      • Solved Problem 18.1: Calculating GDP
      • Production, Income, and the Circular-Flow Diagram
      • Components of GDP
      • Don’t Let This Happen to You: Remember What Economists Mean by Investment
      • An Equation for GDP and Some Actual Values
      • Apply the Concept: Microsoft’s Steve Ballmer Uses the U.S. Constitution to Reorganize Government D
      • Measuring GDP Using the Value-Added Method
    • 18.2 Does GDP Measure What We Want It to Measure?
      • Shortcomings in GDP as a Measure of Total Production
      • Apply the Concept: Why Do Many Developing Countries Have Such Large Underground Economies?
      • Shortcomings of GDP as a Measure of Well-Being
    • 18.3 Real GDP versus Nominal GDP
      • Calculating Real GDP
      • Solved Problem 18.3: Calculating Real GDP
      • Comparing Real GDP and Nominal GDP
      • The GDP Deflator
    • 18.4 Other Measures of Total Production and Total Income
      • Gross National Product
      • National Income
      • Personal Income
      • Disposable Personal Income
      • The Division of Income
      • Apply the Concept: Should We Pay More Attention to Gross Domestic Income?
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 19: Unemployment and Inflation
    • Former Inmates and Stoughton Trailers Meet in a High-Pressure Economy
    • 19.1 Measuring the Unemployment Rate, the Labor Force Participation Rate, and the Employment–Popul
      • The Household Survey
      • Solved Problem 19.1: What Happens if the BLS Includes the Military?
      • Problems with Measuring the Unemployment Rate
      • Unemployment Rates for Different Groups
      • How Long Are People Typically Unemployed?
      • Trends in Labor Force Participation
      • Apply the Concept: How Large Is the Potential U.S. Labor Force?
      • The Establishment Survey: Another Measure of Employment
      • Revisions in the Establishment Survey Employment Data: How Bad Was the 2007–2009 Recession?
      • Job Creation and Job Destruction over Time
    • 19.2 Types of Unemployment
      • Frictional Unemployment and Job Search
      • Structural Unemployment
      • Cyclical Unemployment
      • Full Employment
      • Apply the Concept: Will Advances in Information Technology Permanently Increase Structural Unemploym
    • 19.3 Explaining Unemployment
      • Government Policies and the Unemployment Rate
      • Labor Unions
      • Efficiency Wages
    • 19.4 Measuring Inflation
      • The Consumer Price Index
      • Is the CPI Accurate?
      • Don’t Let This Happen to You: Don’t Miscalculate the Inflation Rate
      • The Producer Price Index
    • 19.5 Using Price Indexes to Adjust for the Effects of Inflation
      • Solved Problem 19.5: What Has Been Happening to Real Wages in the United States?
    • 19.6 Nominal Interest Rates versus Real Interest Rates
    • 19.7 Does Inflation Impose Costs on the Economy?
      • Inflation Affects the Distribution of Income
      • The Problem with Anticipated Inflation
      • The Problem with Unanticipated Inflation
      • Apply the Concept: What’s So Bad about Falling Prices?
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 20: Economic Growth, the Financial System, and Business Cycles
    • Millennials Experience the iPhone, Snapchat, . . . and the Great Recession
    • 20.1 Long-Run Economic Growth
      • Apply the Concept: The Connection between Economic Prosperity and Health
      • Calculating Growth Rates and the Rule of 70
      • What Determines the Rate of Long-Run Growth?
      • Solved Problem 20.1: Where Does Productivity Come From?
      • Apply the Concept: Can India Sustain Its Rapid Growth?
      • Potential GDP
    • 20.2 Saving, Investment, and the Financial System
      • An Overview of the Financial System
      • The Macroeconomics of Saving and Investment
      • The Market for Loanable Funds
      • Apply the Concept: Ebenezer Scrooge: Accidental Promoter of Economic Growth?
      • Solved Problem 20.2: Are Future Budget Deficits a Threat to the Economy?
    • 20.3 The Business Cycle
      • Some Basic Business Cycle Definitions
      • How Do We Know When the Economy Is in a Recession?
      • What Happens during the Business Cycle?
      • Don’t Let This Happen to You: Don’t Confuse the Price Level and the Inflation Rate
      • Has the U.S. Economy Returned to Stability?
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 21: Long-Run Economic Growth: Sources and Policies
    • Technological Change, Creative Destruction, and Rising Living Standards
    • 21.1 Economic Growth over Time and around the World
      • Economic Growth from 1,000,000 b.c.e. to the Present
      • Apply the Concept: Why Did the Industrial Revolution Begin in England?
      • Small Differences in Growth Rates Are Important
      • The Problem with Slow Economic Growth
      • Don’t Let This Happen to You: Don’t Confuse the Average Annual Percentage Change with the Total
      • The Variation in per Capita Income around the World
      • Is Income All That Matters?
    • 21.2 What Determines How Fast Economies Grow?
      • The Per-Worker Production Function
      • Which Is More Important for Economic Growth: More Capital or Technological Change?
      • Technological Change: The Key to Sustaining Economic Growth
      • Apply the Concept: What Explains the Economic Failure of the Soviet Union?
      • Solved Problem 21.2: Using the Economic Growth Model to Analyze the Failure of the Soviet Economy
      • New Growth Theory
      • Joseph Schumpeter and Creative Destruction
    • 21.3 Economic Growth in the United States
      • Economic Growth in the United States since 1950
      • Is the United States Headed for a Long Period of Slow Growth?
    • 21.4 Why Isn’t the Whole World Rich?
      • Catch-up: Sometimes but Not Always
      • Solved Problem 21.4: The Economic Growth Model’s Prediction of Catch-up
      • Why Haven’t Most Western European Countries, Canada, and Japan Caught Up to the United States?
      • Why Don’t More Low-Income Countries Experience Rapid Growth?
      • Apply the Concept: Why Hasn’t Mexico Grown as Fast as China?
      • The Benefits of Globalization
    • 21.5 Growth Policies
      • Enhancing Property Rights and the Rule of Law
      • Apply the Concept: Will China’s Standard of Living Ever Exceed That of the United States?
      • Improving Health and Education
      • Policies That Promote Technological Change
      • Policies That Promote Saving and Investment
      • Apply the Concept: Is Sub-Saharan Africa on the Road to Economic Growth?
      • Is Economic Growth Good or Bad?
    • Conclusion
    • Chapter Summary and Problems
• Part 8: Short-Run Fluctuations
  • Chapter 22: Aggregate Expenditure and Output in the Short Run
    • Glamping and Airstream’s Ride on the Business Cycle
    • 22.1 The Aggregate Expenditure Model
      • Aggregate Expenditure
      • The Difference between Planned Investment and Actual Investment
      • Macroeconomic Equilibrium
      • Adjustments to Macroeconomic Equilibrium
    • 22.2 Determining the Level of Aggregate Expenditure in the Economy
      • Consumption
      • The Volatility of Consumer Spending on Durables
      • The Relationship between Consumption and National Income
      • Income, Consumption, and Saving
      • Solved Problem 22.2: Calculating the Marginal Propensity to Consume and the Marginal Propensity to S
      • Planned Investment
      • Apply the Concept: Is Student Loan Debt Causing Fewer Young People to Buy Houses?
      • Government Purchases
      • Net Exports
      • Apply the Concept: The iPhone Is Made in China . . . or Is It?
    • 22.3 Graphing Macroeconomic Equilibrium
      • Showing a Recession on the 45°-Line Diagram
      • The Important Role of Inventories
      • A Numerical Example of Macroeconomic Equilibrium
      • Don’t Let This Happen to You: Don’t Confuse Aggregate Expenditure with Consumption Spending
      • Solved Problem 22.3: Determining Macroeconomic Equilibrium
    • 22.4 The Multiplier Effect
      • Apply the Concept: The Multiplier in Reverse: The Great Depression of the 1930s
      • A Formula for the Multiplier
      • Summarizing the Multiplier Effect
      • Solved Problem 22.4: Using the Multiplier Formula
      • The Paradox of Thrift
    • 22.5 The Aggregate Demand Curve
    • Conclusion
    • Chapter Summary and Problems
    • Appendix: The Algebra of Macroeconomic Equilibrium
      • Review Questions
  • Chapter 23: Aggregate Demand and Aggregate Supply Analysis
    • General Motors Hopes the Economic Expansion Doesn’t Die of Old Age
    • 23.1 Aggregate Demand
      • Why Is the Aggregate Demand Curve Downward Sloping?
      • Shifts of the Aggregate Demand Curve versus Movements along It
      • The Variables That Shift the Aggregate Demand Curve
      • Don’t Let This Happen to You: Understand Why the Aggregate Demand Curve Is Downward Sloping
      • Solved Problem 23.1: Movements along the Aggregate Demand Curve or Shifts of the Curve?
      • Apply the Concept: Which Components of Aggregate Demand Changed the Most during the 2007–2009 Rece
    • 23.2 Aggregate Supply
      • The Long-Run Aggregate Supply Curve
      • The Short-Run Aggregate Supply Curve
      • Apply the Concept: How Sticky Are Wages?
      • Shifts of the Short-Run Aggregate Supply Curve versus Movements along It
      • Variables That Shift the Short-Run Aggregate Supply Curve
    • 23.3 Macroeconomic Equilibrium in the Long Run and the Short Run
      • Recessions, Expansions, and Supply Shocks
      • Apply the Concept: Does It Matter What Causes a Decline in Aggregate Demand?
      • Apply the Concept: Is the Business Cycle Really a Cycle?
    • 23.4 A Dynamic Aggregate Demand and Aggregate Supply Model
      • What Is the Usual Cause of Inflation?
      • The Recession of 2007–2009
      • Solved Problem 23.4: Showing the Oil Shock of 1974–1975 on a Dynamic Aggregate Demand and Aggregat
    • Conclusion
    • Chapter Summary and Problems
    • Appendix: Macroeconomic Schools of Thought
    • The Monetarist Model
    • The New Classical Model
    • The Real Business Cycle Model
    • The Austrian Model
      • Apply the Concept: Karl Marx: Capitalism’s Severest Critic
• Part 9: Monetary and Fiscal Policy
  • Chapter 24: Money, Banks, and the Federal Reserve System
    • Is Venmo the End of Money?
    • 24.1 What Is Money, and Why Do We Need It?
      • Barter and the Invention of Money
      • The Functions of Money
      • What Can Serve as Money?
      • Apply the Concept: Your Money Is No Good Here!
    • 24.2 How Is Money Measured in the United States Today?
      • M1: A Narrow Definition of the Money Supply
      • M2: A Broad Definition of Money
      • Don’t Let This Happen to You: Don’t Confuse Money with Income or Wealth
      • Solved Problem 24.2: The Def initions of M1 and M2
      • What about Credit Cards and Debit Cards?
      • Apply the Concept: Are Bitcoins Money?
    • 24.3 How Do Banks Create Money?
      • Bank Balance Sheets
      • Apply the Concept: Help for Young Borrowers: Fintech or Ceilings on Interest Rates?
      • Using T-accounts to Show How a Bank Can Create Money
      • The Simple Deposit Multiplier
      • Don’t Let This Happen to You: Don’t Confuse Assets and Liabilities
      • Solved Problem 24.3: Showing How Banks Create Money
      • The Simple Deposit Multiplier versus the Real-World Deposit Multiplier
    • 24.4 The Federal Reserve System
      • The Establishment of the Federal Reserve System
      • How the Federal Reserve Manages the Money Supply
      • The “Shadow Banking System” and the Financial Crisis of 2007–2009
    • 24.5 The Quantity Theory of Money
      • Connecting Money and Prices: The Quantity Equation
      • The Quantity Theory Explanation of Inflation
      • How Accurate Are Forecasts of Inflation Based on the Quantity Theory?
      • High Rates of Inflation
      • Apply the Concept: The German Hyperinflation of the Early 1920s
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 25: Monetary Policy
    • Who Elected the Fed?
    • 25.1 What Is Monetary Policy?
      • The Goals of Monetary Policy
    • 25.2 The Money Market and the Fed’s Choice of Monetary Policy Targets
      • Monetary Policy Targets
      • The Demand for Money
      • Shifts in the Money Demand Curve
      • How the Fed Manages the Money Supply: A Quick Review
      • Equilibrium in the Money Market
      • A Tale of Two Interest Rates
      • Choosing a Monetary Policy Target
      • The Importance of the Federal Funds Rate
      • Managing the Federal Funds Rate Today
    • 25.3 Monetary Policy and Economic Activity
      • How Interest Rates Affect Aggregate Demand
      • The Effects of Monetary Policy on Real GDP and the Price Level
      • Apply the Concept: Quantitative Easing, the Fed’s Balance Sheet, and Negative Interest Rates in Eu
      • Can the Fed Eliminate Recessions?
      • Fed Forecasts
      • Apply the Concept: Trying to Hit a Moving Target: Making Policy with “Real-Time Data”
      • A Summary of How Monetary Policy Works
      • Don’t Let This Happen to You: Remember That with Monetary Policy, It’s the Interest Rates—Not
    • 25.4 Monetary Policy in the Dynamic Aggregate Demand and Aggregate Supply Model
      • The Effects of Monetary Policy on Real GDP and the Price Level: A More Complete Account
      • Using Monetary Policy to Fight Inflation
      • Solved Problem 25.4: The Effects of Monetary Policy
    • 25.5 A Closer Look at the Fed’s Setting of Monetary Policy Targets
      • Should the Fed Target the Money Supply?
      • Why Doesn’t the Fed Target Both the Money Supply and the Interest Rate?
      • The Taylor Rule
      • Solved Problem 25.5: Applying the Taylor Rule
      • Inflation Targeting . . . or Nominal GDP Targeting?
      • Apply the Concept: Should the Fed Worry about the Prices of Food and Gasoline?
    • 25.6 Fed Policies during the 2007–2009 Recession
      • The Inflation and Deflation of the Housing Market Bubble
      • The Changing Mortgage Market
      • The Role of Investment Banks
      • Apply the Concept: The Wonderful World of Leverage
      • The Fed and the Treasury Department Respond
    • Conclusion
    • Chapter Summary and Problems
  • Chapter 26: Fiscal Policy
    • Can Fiscal Policy Increase Economic Growth?
    • 26.1 What Is Fiscal Policy?
      • What Fiscal Policy Is and What It Isn’t
      • Automatic Stabilizers versus Discretionary Fiscal Policy
      • An Overview of Government Spending and Taxes
      • Apply the Concept: Is Spending on Social Security and Medicare a Fiscal Time Bomb?
    • 26.2 The Effects of Fiscal Policy on Real GDP and the Price Level
      • Short-Run Expansionary and Contractionary Fiscal Policy
      • A Summary of How Fiscal Policy Affects Aggregate Demand
      • Don’t Let This Happen to You: Don’t Confuse Fiscal Policy and Monetary Policy
    • 26.3 Fiscal Policy in the Dynamic Aggregate Demand and Aggregate Supply Model
    • 26.4 The Government Purchases and Tax Multipliers
      • The Effect of Changes in the Tax Rate
      • Taking into Account the Effects of Aggregate Supply
      • The Multipliers Work in Both Directions
      • Solved Problem 26.4: Fiscal Policy Multipliers
    • 26.5 The Limits to Using Fiscal Policy to Stabilize the Economy
      • Apply the Concept: Why Was the Recession of 2007–2009 So Severe?
      • Does Government Spending Reduce Private Spending?
      • Crowding Out in the Short Run
      • Crowding Out in the Long Run
      • Fiscal Policy in Action: Did the Stimulus Package of 2009 Succeed?
    • 26.6 Deficits, Surpluses, and Federal Government Debt
      • How the Federal Budget Can Serve as an Automatic Stabilizer
      • Should the Federal Budget Always Be Balanced?
      • Solved Problem 26.6: The Italian Government Confronts a Budget Deficit
      • The Federal Government Debt
      • Is Government Debt a Problem?
      • Apply the Concept: Modern Monetary Theory: Should We Stop Worrying and Love the Debt?
    • 26.7 Long-Run Fiscal Policy and Economic Growth
      • Explaining Long-Run Increases in Real GDP
      • How Can Fiscal Policy Affect Long-Run Economic Growth? The Long-Run Effects of Tax Policy
      • Tax Simplification
      • The Economic Effects of Tax Reform
      • How Large Are Supply-Side Effects?
      • Apply the Concept: Will President Trump’s Fiscal Policy Raise the Rate of Economic Growth?
    • Conclusion
    • Chapter Summary and Problems
    • Appendix: A Closer Look at the Multiplier
    • An Expression for Equilibrium Real GDP
    • A Formula for the Government Purchases Multiplier
    • A Formula for the Tax Multiplier
    • The “Balanced Budget” Multiplier
    • The Effects of Changes in Tax Rates on the Multiplier
    • The Multiplier in an Open Economy
      • Problem and Applications
  • Chapter 27: Inflation, Unemployment, and Federal Reserve Policy
    • The Fed Deals with Inflation, Unemployment, . . . and the President
    • 27.1 The Discovery of the Short-Run Trade-off between Unemployment and Inflation
      • Explaining the Phillips Curve with Aggregate Demand and Aggregate Supply Curves
      • Is the Phillips Curve a Policy Menu?
      • Is the Short-Run Phillips Curve Stable?
      • The Long-Run Phillips Curve
      • The Role of Expectations of Future Inflation
      • Apply the Concept: Do Workers Understand Inflation?
    • 27.2 The Short-Run and Long-Run Phillips Curves
      • Shifts in the Short-Run Phillips Curve
      • How Does a Vertical Long-Run Phillips Curve Affect Monetary Policy?
      • Apply the Concept: Does the Natural Rate of Unemployment Ever Change?
      • Solved Problem 27.2: Changing Views of the Phillips Curve
    • 27.3 Monetary Policy and Expectations of the Inflation Rate
      • The Implications of Rational Expectations for Monetary Policy
      • Is the Short-Run Phillips Curve Really Vertical?
      • Real Business Cycle Models
    • 27.4 Federal Reserve Policy from the 1970s to the Present
      • The Effect of a Supply Shock on the Phillips Curve
      • Paul Volcker and Disinflation
      • Don’t Let This Happen to You: Don’t Confuse Disinflation with Deflation
      • Solved Problem 27.4: Using Monetary Policy to Lower the Inflation Rate
      • Recent Fed Chairs and the Debate over the Fed’s Future
      • Apply the Concept: Has the Phillips Curve Disappeared?
      • Should the Fed Be Independent of Congress and the President?
    • Conclusion
    • Chapter Summary and Problems
• Part 10: The International Economy
  • Chapter 28: Macroeconomics in an Open Economy
    • Amazon Deals with a Fluctuating Dollar
    • 28.1 The Balance of Payments: Linking the United States to the International Economy
      • The Current Account
      • The Financial Account
      • The Capital Account
      • Why Is the Balance of Payments Always Zero?
      • Don’t Let This Happen to You: Don’t Confuse the Trade Balance, the Current Account Balance, and
    • 28.2 The Foreign Exchange Market and Exchange Rates
      • Equilibrium in the Market for Foreign Exchange
      • Shifts in Demand and Supply in the Foreign Exchange Market
      • How Movements in the Exchange Rate Affect Exports and Imports
      • Apply the Concept: Is a Strong Currency Good for a Country?
      • Don’t Let This Happen to You: Don’t Confuse What Happens When a Currency Appreciates with What H
      • Solved Problem 28.2: Toyota Rides the Exchange Rate Rollercoaster
      • The Real Exchange Rate
      • Exchange Rates in the Long Run
      • Apply the Concept: The Big Mac Theory of Exchange Rates
    • 28.3 Exchange Rate Systems
      • The Floating Dollar
      • The Euro
      • Pegging against the Dollar
      • Apply the Concept: The Chinese Yuan: The World’s Most Controversial Currency
    • 28.4 The International Sector and National Saving and Investment
      • Net Exports Equal Net Foreign Investment
      • Domestic Saving, Domestic Investment, and Net Foreign Investment
      • Solved Problem 28.4: Arriving at the Saving and Investment Equation
    • 28.5 The Effect of a Government Budget Deficit on Investment
    • 28.6 Monetary Policy and Fiscal Policy in an Open Economy
      • Monetary Policy in an Open Economy
      • Fiscal Policy in an Open Economy
    • Conclusion
    • Chapter Summary and Problems
    • Online Appendix: The Gold Standard and the Bretton Woods System
• Glossary
• Company Index
• Subject Index
• Credits

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