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Principles of Macroeconomics for AP® Courses

Index

Principles of Macroeconomics for AP® CoursesIndex
  1. Preface
  2. 1 Welcome to Economics!
    1. Introduction
    2. 1.1 What Is Economics, and Why Is It Important?
    3. 1.2 Microeconomics and Macroeconomics
    4. 1.3 How Economists Use Theories and Models to Understand Economic Issues
    5. 1.4 How Economies Can Be Organized: An Overview of Economic Systems
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
  3. 2 Choice in a World of Scarcity
    1. Introduction to Choice in a World of Scarcity
    2. 2.1 How Individuals Make Choices Based on Their Budget Constraint
    3. 2.2 The Production Possibilities Frontier and Social Choices
    4. 2.3 Confronting Objections to the Economic Approach
    5. Key Terms
    6. Key Concepts and Summary
    7. Self-Check Questions
    8. Review Questions
    9. Critical Thinking Questions
    10. Problems
  4. 3 Demand and Supply
    1. Introduction to Demand and Supply
    2. 3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
    3. 3.2 Shifts in Demand and Supply for Goods and Services
    4. 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
    5. 3.4 Price Ceilings and Price Floors
    6. 3.5 Demand, Supply and Efficiency
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  5. 4 Labor and Financial Markets
    1. Introduction to Labor and Financial Markets
    2. 4.1 Demand and Supply at Work in Labor Markets
    3. 4.2 Demand and Supply in Financial Markets
    4. 4.3 The Market System as an Efficient Mechanism for Information
    5. Key Terms
    6. Key Concepts and Summary
    7. Self-Check Questions
    8. Review Questions
    9. Critical Thinking Questions
    10. Problems
  6. 5 The Macroeconomic Perspective
    1. Introduction to the Macroeconomic Perspective
    2. 5.1 Measuring the Size of the Economy: Gross Domestic Product
    3. 5.2 Adjusting Nominal Values to Real Values
    4. 5.3 Tracking Real GDP over Time
    5. 5.4 Comparing GDP among Countries
    6. 5.5 How Well GDP Measures the Well-Being of Society
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  7. 6 Economic Growth
    1. Introduction to Economic Growth
    2. 6.1 The Relatively Recent Arrival of Economic Growth
    3. 6.2 Labor Productivity and Economic Growth
    4. 6.3 Components of Economic Growth
    5. 6.4 Economic Convergence
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  8. 7 Unemployment
    1. Introduction to Unemployment
    2. 7.1 How the Unemployment Rate Is Defined and Computed
    3. 7.2 Patterns of Unemployment
    4. 7.3 What Causes Changes in Unemployment over the Short Run
    5. 7.4 What Causes Changes in Unemployment over the Long Run
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  9. 8 Inflation
    1. Introduction to Inflation
    2. 8.1 Tracking Inflation
    3. 8.2 How Changes in the Cost of Living Are Measured
    4. 8.3 How the U.S. and Other Countries Experience Inflation
    5. 8.4 The Confusion Over Inflation
    6. 8.5 Indexing and Its Limitations
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  10. 9 The International Trade and Capital Flows
    1. Introduction to the International Trade and Capital Flows
    2. 9.1 Measuring Trade Balances
    3. 9.2 Trade Balances in Historical and International Context
    4. 9.3 Trade Balances and Flows of Financial Capital
    5. 9.4 The National Saving and Investment Identity
    6. 9.5 The Pros and Cons of Trade Deficits and Surpluses
    7. 9.6 The Difference between Level of Trade and the Trade Balance
    8. Key Terms
    9. Key Concepts and Summary
    10. Self-Check Questions
    11. Review Questions
    12. Critical Thinking Questions
    13. Problems
  11. 10 The Aggregate Demand/Aggregate Supply Model
    1. Introduction to the Aggregate Demand/Aggregate Supply Model
    2. 10.1 Macroeconomic Perspectives on Demand and Supply
    3. 10.2 Building a Model of Aggregate Demand and Aggregate Supply
    4. 10.3 Shifts in Aggregate Supply
    5. 10.4 Shifts in Aggregate Demand
    6. 10.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
    7. 10.6 Keynes’ Law and Say’s Law in the AD/AS Model
    8. Key Terms
    9. Key Concepts and Summary
    10. Self-Check Questions
    11. Review Questions
    12. Critical Thinking Questions
    13. Problems
  12. 11 The Keynesian Perspective
    1. Introduction to the Keynesian Perspective
    2. 11.1 Aggregate Demand in Keynesian Analysis
    3. 11.2 The Building Blocks of Keynesian Analysis
    4. 11.3 The Expenditure-Output (or Keynesian Cross) Model
    5. 11.4 The Phillips Curve
    6. 11.5 The Keynesian Perspective on Market Forces
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
  13. 12 The Neoclassical Perspective
    1. Introduction to the Neoclassical Perspective
    2. 12.1 The Building Blocks of Neoclassical Analysis
    3. 12.2 The Policy Implications of the Neoclassical Perspective
    4. 12.3 Balancing Keynesian and Neoclassical Models
    5. Key Terms
    6. Key Concepts and Summary
    7. Self-Check Questions
    8. Review Questions
    9. Critical Thinking Questions
    10. Problems
  14. 13 Money and Banking
    1. Introduction to Money and Banking
    2. 13.1 Defining Money by Its Functions
    3. 13.2 Measuring Money: Currency, M1, and M2
    4. 13.3 The Role of Banks
    5. 13.4 How Banks Create Money
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  15. 14 Monetary Policy and Bank Regulation
    1. Introduction to Monetary Policy and Bank Regulation
    2. 14.1 The Federal Reserve Banking System and Central Banks
    3. 14.2 Bank Regulation
    4. 14.3 How a Central Bank Executes Monetary Policy
    5. 14.4 Monetary Policy and Economic Outcomes
    6. 14.5 Pitfalls for Monetary Policy
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  16. 15 Exchange Rates and International Capital Flows
    1. Introduction to Exchange Rates and International Capital Flows
    2. 15.1 How the Foreign Exchange Market Works
    3. 15.2 Demand and Supply Shifts in Foreign Exchange Markets
    4. 15.3 Macroeconomic Effects of Exchange Rates
    5. 15.4 Exchange Rate Policies
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  17. 16 Government Budgets and Fiscal Policy
    1. Introduction to Government Budgets and Fiscal Policy
    2. 16.1 Government Spending
    3. 16.2 Taxation
    4. 16.3 Federal Deficits and the National Debt
    5. 16.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
    6. 16.5 Automatic Stabilizers
    7. 16.6 Practical Problems with Discretionary Fiscal Policy
    8. 16.7 The Question of a Balanced Budget
    9. Key Terms
    10. Key Concepts and Summary
    11. Self-Check Questions
    12. Review Questions
    13. Critical Thinking Questions
    14. Problems
  18. 17 The Impacts of Government Borrowing
    1. Introduction to the Impacts of Government Borrowing
    2. 17.1 How Government Borrowing Affects Investment and the Trade Balance
    3. 17.2 Fiscal Policy, Investment, and Economic Growth
    4. 17.3 How Government Borrowing Affects Private Saving
    5. 17.4 Fiscal Policy and the Trade Balance
    6. Key Terms
    7. Key Concepts and Summary
    8. Self-Check Questions
    9. Review Questions
    10. Critical Thinking Questions
    11. Problems
  19. 18 Macroeconomic Policy Around the World
    1. Introduction to Macroeconomic Policy around the World
    2. 18.1 The Diversity of Countries and Economies across the World
    3. 18.2 Improving Countries’ Standards of Living
    4. 18.3 Causes of Unemployment around the World
    5. 18.4 Causes of Inflation in Various Countries and Regions
    6. 18.5 Balance of Trade Concerns
    7. Key Terms
    8. Key Concepts and Summary
    9. Self-Check Questions
    10. Review Questions
    11. Critical Thinking Questions
    12. Problems
  20. A | The Use of Mathematics in Principles of Economics
  21. B | Indifference Curves
  22. C | Present Discounted Value
  23. Answer Key
    1. Chapter 1
    2. Chapter 2
    3. Chapter 3
    4. Chapter 4
    5. Chapter 5
    6. Chapter 6
    7. Chapter 7
    8. Chapter 8
    9. Chapter 9
    10. Chapter 10
    11. Chapter 11
    12. Chapter 12
    13. Chapter 13
    14. Chapter 14
    15. Chapter 15
    16. Chapter 16
    17. Chapter 17
    18. Chapter 18
  24. References
  25. Index
Symbols
401(k)8.4 The Confusion Over Inflation
A
A.W. Phillips11.4 The Phillips Curve
Abhijit Bannerjee18.2 Improving Countries’ Standards of Living
Abraham García6.3 Components of Economic Growth
Adam Smith1.1 What Is Economics, and Why Is It Important?, 2.3 Confronting Objections to the Economic Approach, 10.1 Macroeconomic Perspectives on Demand and Supply
adaptive expectations12.1 The Building Blocks of Neoclassical Analysis
adjustable-rate mortgage (ARM)8.5 Indexing and Its Limitations
adverse selection of wage cuts argument7.3 What Causes Changes in Unemployment over the Short Run
aggregate demandIntroduction to the Aggregate Demand/Aggregate Supply Model, 11.1 Aggregate Demand in Keynesian Analysis, 12.1 The Building Blocks of Neoclassical Analysis, 12.2 The Policy Implications of the Neoclassical Perspective, 12.2 The Policy Implications of the Neoclassical Perspective, 14.4 Monetary Policy and Economic Outcomes, 14.5 Pitfalls for Monetary Policy, 15.3 Macroeconomic Effects of Exchange Rates, 16.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation, 18.3 Causes of Unemployment around the World
aggregate demand (AD)Introduction to the Macroeconomic Perspective, 10.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate demand (AD) curve10.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate demand/aggregate supply (AD/AS)Introduction to Money and Banking
aggregate demand/aggregate supply model10.2 Building a Model of Aggregate Demand and Aggregate Supply, 12.1 The Building Blocks of Neoclassical Analysis
aggregate production function6.2 Labor Productivity and Economic Growth, 6.3 Components of Economic Growth, 6.4 Economic Convergence
aggregate supplyIntroduction to the Aggregate Demand/Aggregate Supply Model, 12.1 The Building Blocks of Neoclassical Analysis, 16.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
aggregate supply (AS)Introduction to the Macroeconomic Perspective, 10.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate supply (AS) curve10.2 Building a Model of Aggregate Demand and Aggregate Supply
aggregate supply curve12.2 The Policy Implications of the Neoclassical Perspective
Alexander Gerschenkron6.4 Economic Convergence
Allocative efficiency2.2 The Production Possibilities Frontier and Social Choices
American Recovery and Reinvestment Act of 200911.2 The Building Blocks of Keynesian Analysis
appreciating15.1 How the Foreign Exchange Market Works
arbitrage15.2 Demand and Supply Shifts in Foreign Exchange Markets
Asian Financial Crisis18.5 Balance of Trade Concerns
asset13.3 The Role of Banks
asset-liability time mismatch13.3 The Role of Banks
assets14.2 Bank Regulation
automatic stabilizers16.5 Automatic Stabilizers, 18.3 Causes of Unemployment around the World
B
balance of payments9.3 Trade Balances and Flows of Financial Capital
balance of tradeIntroduction to the International Trade and Capital Flows, 9.6 The Difference between Level of Trade and the Trade Balance, 15.4 Exchange Rate Policies
balance sheet13.3 The Role of Banks
balanced budget16.1 Government Spending, 16.7 The Question of a Balanced Budget
bank capital13.3 The Role of Banks, 14.2 Bank Regulation
Bank regulation14.2 Bank Regulation
bank run14.2 Bank Regulation
banking system13.2 Measuring Money: Currency, M1, and M2
bankrupt15.3 Macroeconomic Effects of Exchange Rates
bar graphAppendix A The Use of Mathematics in Principles of Economics
Barter13.1 Defining Money by Its Functions
base year8.1 Tracking Inflation
basic quantity equation of money14.5 Pitfalls for Monetary Policy
basket of goods and services8.1 Tracking Inflation
bonds8.5 Indexing and Its Limitations, 13.3 The Role of Banks, 14.3 How a Central Bank Executes Monetary Policy, Appendix C Present Discounted Value
budget constraint2.1 How Individuals Make Choices Based on Their Budget Constraint, Appendix B Indifference Curves
budget deficit16.1 Government Spending
budget lineAppendix B Indifference Curves
budget surplus16.1 Government Spending
Bureau of Economic Analysis (BEA)9.1 Measuring Trade Balances
Bureau of Labor Statistics5.5 How Well GDP Measures the Well-Being of Society
business confidence10.4 Shifts in Aggregate Demand
business cycle5.3 Tracking Real GDP over Time
C
capital deepening6.3 Components of Economic Growth
central bank14.1 The Federal Reserve Banking System and Central Banks, 14.5 Pitfalls for Monetary Policy, 15.3 Macroeconomic Effects of Exchange Rates, 15.4 Exchange Rate Policies
certificates of deposit (CDs)13.2 Measuring Money: Currency, M1, and M2
ceteris paribus3.2 Shifts in Demand and Supply for Goods and Services, 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process, 4.1 Demand and Supply at Work in Labor Markets
circular flow diagram1.3 How Economists Use Theories and Models to Understand Economic Issues
coins and currency in circulation13.2 Measuring Money: Currency, M1, and M2
command economy1.4 How Economies Can Be Organized: An Overview of Economic Systems
commodity money13.1 Defining Money by Its Functions
Commodity-backed currencies13.1 Defining Money by Its Functions
comparative advantage1.1 What Is Economics, and Why Is It Important?, 2.2 The Production Possibilities Frontier and Social Choices, 9.3 Trade Balances and Flows of Financial Capital
complements3.2 Shifts in Demand and Supply for Goods and Services
compound growth rate6.2 Labor Productivity and Economic Growth
consumer confidence10.4 Shifts in Aggregate Demand
Consumer Price Index (CPI)8.2 How Changes in the Cost of Living Are Measured
consumer surplus3.5 Demand, Supply and Efficiency
consumption budget constraint2.2 The Production Possibilities Frontier and Social Choices
consumption demand5.1 Measuring the Size of the Economy: Gross Domestic Product
contractionary fiscal policy11.4 The Phillips Curve, 16.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
contractionary monetary policy14.4 Monetary Policy and Economic Outcomes, 15.4 Exchange Rate Policies, 17.2 Fiscal Policy, Investment, and Economic Growth
contractual rights6.1 The Relatively Recent Arrival of Economic Growth
convergence6.4 Economic Convergence
converging economy18.4 Causes of Inflation in Various Countries and Regions
coordination argument11.2 The Building Blocks of Keynesian Analysis
core competency1.1 What Is Economics, and Why Is It Important?
core inflation index8.2 How Changes in the Cost of Living Are Measured
corporate income tax16.2 Taxation
cost2.2 The Production Possibilities Frontier and Social Choices
cost of living8.2 How Changes in the Cost of Living Are Measured
cost-of-living adjustments (COLAs)8.5 Indexing and Its Limitations
countercyclical14.4 Monetary Policy and Economic Outcomes
credit card13.2 Measuring Money: Currency, M1, and M2
credit union13.3 The Role of Banks
crowding out16.6 Practical Problems with Discretionary Fiscal Policy, 17.2 Fiscal Policy, Investment, and Economic Growth
current account balance9.1 Measuring Trade Balances
cyclical unemployment7.3 What Causes Changes in Unemployment over the Short Run, 10.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation, 12.2 The Policy Implications of the Neoclassical Perspective
D
deadweight loss3.5 Demand, Supply and Efficiency
dealers15.1 How the Foreign Exchange Market Works
debit card13.2 Measuring Money: Currency, M1, and M2
deficit17.1 How Government Borrowing Affects Investment and the Trade Balance
deflation8.3 How the U.S. and Other Countries Experience Inflation, 14.5 Pitfalls for Monetary Policy
demand3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 5.1 Measuring the Size of the Economy: Gross Domestic Product, 10.1 Macroeconomic Perspectives on Demand and Supply, Introduction to Exchange Rates and International Capital Flows
demand and supply diagram3.5 Demand, Supply and Efficiency
demand and supply models4.3 The Market System as an Efficient Mechanism for Information
demand curve3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 3.2 Shifts in Demand and Supply for Goods and Services, 15.2 Demand and Supply Shifts in Foreign Exchange Markets, 17.2 Fiscal Policy, Investment, and Economic Growth
demand deposits13.2 Measuring Money: Currency, M1, and M2
demand schedule3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
deposit insurance14.2 Bank Regulation
depository institutions13.3 The Role of Banks
depreciating15.1 How the Foreign Exchange Market Works
depreciation5.1 Measuring the Size of the Economy: Gross Domestic Product
depression5.3 Tracking Real GDP over Time, 7.2 Patterns of Unemployment
diminishing marginal utilityAppendix B Indifference Curves
direct investment15.4 Exchange Rate Policies
discount rate14.3 How a Central Bank Executes Monetary Policy
Discouraged workers7.1 How the Unemployment Rate Is Defined and Computed
discretionary fiscal policy16.5 Automatic Stabilizers, 18.3 Causes of Unemployment around the World
disposable income11.1 Aggregate Demand in Keynesian Analysis
diversify13.3 The Role of Banks
division of labor1.1 What Is Economics, and Why Is It Important?
dollarize15.1 How the Foreign Exchange Market Works
double coincidence of wants13.1 Defining Money by Its Functions
double counting5.1 Measuring the Size of the Economy: Gross Domestic Product
Dow Jones14.5 Pitfalls for Monetary Policy
durable goods5.1 Measuring the Size of the Economy: Gross Domestic Product
E
East Asian Tigers18.2 Improving Countries’ Standards of Living
economic efficiency2.3 Confronting Objections to the Economic Approach
economic growthIntroduction to Money and Banking
economic surplus3.5 Demand, Supply and Efficiency
Economics1.1 What Is Economics, and Why Is It Important?
economies of scale1.1 What Is Economics, and Why Is It Important?
efficiency3.5 Demand, Supply and Efficiency
Efficiency wage theory7.3 What Causes Changes in Unemployment over the Short Run
Employment Cost Index8.2 How Changes in the Cost of Living Are Measured
equilibrium3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 3.5 Demand, Supply and Efficiency, 4.1 Demand and Supply at Work in Labor Markets
equilibrium exchange rate15.2 Demand and Supply Shifts in Foreign Exchange Markets
equilibrium price3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
equilibrium quantity3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
estate and gift tax16.2 Taxation
Esther Duflo18.2 Improving Countries’ Standards of Living
European Union (EU)3.4 Price Ceilings and Price Floors
excess demand3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
excess reserves14.5 Pitfalls for Monetary Policy
excess supply3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
exchange rate5.4 Comparing GDP among Countries, Introduction to Exchange Rates and International Capital Flows, 17.4 Fiscal Policy and the Trade Balance
exchange rates14.5 Pitfalls for Monetary Policy
excise tax16.2 Taxation
expansionary fiscal policy11.4 The Phillips Curve, 16.4 Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
expansionary monetary policy14.4 Monetary Policy and Economic Outcomes, 15.4 Exchange Rate Policies, 17.2 Fiscal Policy, Investment, and Economic Growth, 18.3 Causes of Unemployment around the World
expected inflation12.2 The Policy Implications of the Neoclassical Perspective
expenditure multiplier11.2 The Building Blocks of Keynesian Analysis
Exports1.4 How Economies Can Be Organized: An Overview of Economic Systems, 9.1 Measuring Trade Balances, 10.2 Building a Model of Aggregate Demand and Aggregate Supply, 11.1 Aggregate Demand in Keynesian Analysis, 15.3 Macroeconomic Effects of Exchange Rates
exports of goods and services as a percentage of GDP9.2 Trade Balances in Historical and International Context
F
factors of production3.2 Shifts in Demand and Supply for Goods and Services
Federal Deposit Insurance Corporation (FDIC)14.2 Bank Regulation
federal funds rate14.4 Monetary Policy and Economic Outcomes
Federal Open Market Committee (FOMC)14.3 How a Central Bank Executes Monetary Policy
Federal Reserve14.1 The Federal Reserve Banking System and Central Banks, 14.2 Bank Regulation, 14.5 Pitfalls for Monetary Policy, 17.2 Fiscal Policy, Investment, and Economic Growth, 18.5 Balance of Trade Concerns
Federal Reserve Bank13.2 Measuring Money: Currency, M1, and M2
Federal Reserve Economic Data (FRED)7.2 Patterns of Unemployment, 15.1 How the Foreign Exchange Market Works
fiat money13.1 Defining Money by Its Functions
final goods and services5.1 Measuring the Size of the Economy: Gross Domestic Product
financial capital4.2 Demand and Supply in Financial Markets, 9.3 Trade Balances and Flows of Financial Capital, 9.4 The National Saving and Investment Identity, 14.5 Pitfalls for Monetary Policy, 17.1 How Government Borrowing Affects Investment and the Trade Balance
financial capital market9.4 The National Saving and Investment Identity
financial capital markets16.6 Practical Problems with Discretionary Fiscal Policy, 17.1 How Government Borrowing Affects Investment and the Trade Balance
financial intermediary13.3 The Role of Banks
firm2.2 The Production Possibilities Frontier and Social Choices, 3.2 Shifts in Demand and Supply for Goods and Services
firms15.1 How the Foreign Exchange Market Works
Fiscal policy1.2 Microeconomics and Macroeconomics, Introduction to Government Budgets and Fiscal Policy, 18.3 Causes of Unemployment around the World
floating exchange rate15.4 Exchange Rate Policies
Foreign direct investment (FDI)15.1 How the Foreign Exchange Market Works
foreign exchange market15.1 How the Foreign Exchange Market Works, 15.2 Demand and Supply Shifts in Foreign Exchange Markets
foreign financial capital9.4 The National Saving and Investment Identity
foreign investment capital15.3 Macroeconomic Effects of Exchange Rates
FRED15.4 Exchange Rate Policies
frictional unemployment7.4 What Causes Changes in Unemployment over the Long Run
full-employment GDP10.2 Building a Model of Aggregate Demand and Aggregate Supply
functionAppendix A The Use of Mathematics in Principles of Economics
G
GDP15.1 How the Foreign Exchange Market Works, 15.2 Demand and Supply Shifts in Foreign Exchange Markets
GDP deflator5.2 Adjusting Nominal Values to Real Values, 8.2 How Changes in the Cost of Living Are Measured
GDP per capita5.4 Comparing GDP among Countries, 5.5 How Well GDP Measures the Well-Being of Society, 6.3 Components of Economic Growth, 10.3 Shifts in Aggregate Supply, 18.1 The Diversity of Countries and Economies across the World
globalization1.4 How Economies Can Be Organized: An Overview of Economic Systems
good3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
goods and services market1.3 How Economists Use Theories and Models to Understand Economic Issues
Great Depression5.3 Tracking Real GDP over Time, 10.1 Macroeconomic Perspectives on Demand and Supply, Introduction to the Neoclassical Perspective, 12.3 Balancing Keynesian and Neoclassical Models
Great Recession5.1 Measuring the Size of the Economy: Gross Domestic Product, 5.3 Tracking Real GDP over Time, 8.3 How the U.S. and Other Countries Experience Inflation, Introduction to the Neoclassical Perspective, 18.3 Causes of Unemployment around the World
gross domestic product (GDP)1.4 How Economies Can Be Organized: An Overview of Economic Systems, 5.1 Measuring the Size of the Economy: Gross Domestic Product
gross national product (GNP)5.1 Measuring the Size of the Economy: Gross Domestic Product
growth consensus18.2 Improving Countries’ Standards of Living
growth rateAppendix A The Use of Mathematics in Principles of Economics
H
hard peg15.4 Exchange Rate Policies
Head Start program17.2 Fiscal Policy, Investment, and Economic Growth
hedge15.1 How the Foreign Exchange Market Works
hidden unemployment7.1 How the Unemployment Rate Is Defined and Computed
Human capital6.2 Labor Productivity and Economic Growth, 12.1 The Building Blocks of Neoclassical Analysis, 16.7 The Question of a Balanced Budget, 17.2 Fiscal Policy, Investment, and Economic Growth, 18.2 Improving Countries’ Standards of Living
hyperinflation8.3 How the U.S. and Other Countries Experience Inflation
I
implementation lag16.6 Practical Problems with Discretionary Fiscal Policy
implicit contract7.3 What Causes Changes in Unemployment over the Short Run
Imports1.4 How Economies Can Be Organized: An Overview of Economic Systems, 9.1 Measuring Trade Balances, 10.2 Building a Model of Aggregate Demand and Aggregate Supply, 11.1 Aggregate Demand in Keynesian Analysis
income effectAppendix B Indifference Curves
income payments9.1 Measuring Trade Balances
index number8.1 Tracking Inflation
indexed8.5 Indexing and Its Limitations
indifference curveAppendix B Indifference Curves
individual income tax16.2 Taxation
Industrial Revolution6.1 The Relatively Recent Arrival of Economic Growth
infant industry argument18.5 Balance of Trade Concerns
inferior good3.2 Shifts in Demand and Supply for Goods and Services
InflationIntroduction to Inflation, Introduction to the Aggregate Demand/Aggregate Supply Model, 10.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation, 11.4 The Phillips Curve, Introduction to Money and Banking, 14.1 The Federal Reserve Banking System and Central Banks, 18.4 Causes of Inflation in Various Countries and Regions
inflation rate14.4 Monetary Policy and Economic Outcomes
inflation targeting14.5 Pitfalls for Monetary Policy
inflationary gap11.1 Aggregate Demand in Keynesian Analysis
infrastructure6.3 Components of Economic Growth, 16.7 The Question of a Balanced Budget
innovation6.2 Labor Productivity and Economic Growth
inputs3.2 Shifts in Demand and Supply for Goods and Services
insider-outsider model7.3 What Causes Changes in Unemployment over the Short Run
interbank market15.1 How the Foreign Exchange Market Works
interest rate4.2 Demand and Supply in Financial Markets, 11.1 Aggregate Demand in Keynesian Analysis, Appendix C Present Discounted Value
interest rates14.1 The Federal Reserve Banking System and Central Banks, 14.4 Monetary Policy and Economic Outcomes
Intermediate goods5.1 Measuring the Size of the Economy: Gross Domestic Product
intermediate zone10.6 Keynes’ Law and Say’s Law in the AD/AS Model
international capital flows15.4 Exchange Rate Policies
international financial flows15.4 Exchange Rate Policies
International Price Index8.2 How Changes in the Cost of Living Are Measured
international trade15.3 Macroeconomic Effects of Exchange Rates
intertemporal choices2.3 Confronting Objections to the Economic Approach
intertemporal decision making4.2 Demand and Supply in Financial Markets
invention6.2 Labor Productivity and Economic Growth
inventories5.1 Measuring the Size of the Economy: Gross Domestic Product
Investment demand5.1 Measuring the Size of the Economy: Gross Domestic Product
Investment expenditure5.1 Measuring the Size of the Economy: Gross Domestic Product, 11.1 Aggregate Demand in Keynesian Analysis
investment income9.3 Trade Balances and Flows of Financial Capital
invisible hand2.3 Confronting Objections to the Economic Approach
involuntary unemployment7.3 What Causes Changes in Unemployment over the Short Run
J
James Tobin15.4 Exchange Rate Policies
Jan Luiten van Zanden6.1 The Relatively Recent Arrival of Economic Growth
Janet L. Yellen14.1 The Federal Reserve Banking System and Central Banks
Jean-Baptiste Say10.1 Macroeconomic Perspectives on Demand and Supply
John Maynard Keynes1.3 How Economists Use Theories and Models to Understand Economic Issues, 10.1 Macroeconomic Perspectives on Demand and Supply, 12.1 The Building Blocks of Neoclassical Analysis, 16.6 Practical Problems with Discretionary Fiscal Policy
K
Keynes’ law10.1 Macroeconomic Perspectives on Demand and Supply, 10.6 Keynes’ Law and Say’s Law in the AD/AS Model
Keynesian aggregate supply curve14.4 Monetary Policy and Economic Outcomes
Keynesian economic model18.3 Causes of Unemployment around the World
Keynesian economics12.1 The Building Blocks of Neoclassical Analysis, 12.3 Balancing Keynesian and Neoclassical Models
Keynesian macroeconomic policy16.7 The Question of a Balanced Budget
Keynesian zone10.6 Keynes’ Law and Say’s Law in the AD/AS Model
L
labor force participation rate7.1 How the Unemployment Rate Is Defined and Computed
labor market1.3 How Economists Use Theories and Models to Understand Economic Issues, 4.1 Demand and Supply at Work in Labor Markets, 7.3 What Causes Changes in Unemployment over the Short Run
labor markets8.4 The Confusion Over Inflation
Labor productivity6.2 Labor Productivity and Economic Growth
labor-leisure diagramAppendix B Indifference Curves
law of demand3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 4.2 Demand and Supply in Financial Markets
law of diminishing marginal utility2.1 How Individuals Make Choices Based on Their Budget Constraint
law of diminishing returns2.2 The Production Possibilities Frontier and Social Choices, 6.4 Economic Convergence
law of supply3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
legislative lag16.6 Practical Problems with Discretionary Fiscal Policy
lender of last resort14.2 Bank Regulation
level of trade9.6 The Difference between Level of Trade and the Trade Balance
leverage cycle14.5 Pitfalls for Monetary Policy
liability13.3 The Role of Banks
line graphsAppendix A The Use of Mathematics in Principles of Economics
Liquidity13.2 Measuring Money: Currency, M1, and M2
living wage4.1 Demand and Supply at Work in Labor Markets
loan market13.3 The Role of Banks
long run aggregate supply (LRAS) curve10.2 Building a Model of Aggregate Demand and Aggregate Supply
loose monetary policy14.4 Monetary Policy and Economic Outcomes
low-income countries7.2 Patterns of Unemployment
M
M114.5 Pitfalls for Monetary Policy
M1 money supply13.2 Measuring Money: Currency, M1, and M2
M214.5 Pitfalls for Monetary Policy
M2 money supply13.2 Measuring Money: Currency, M1, and M2
macro economy7.3 What Causes Changes in Unemployment over the Short Run
macroeconomic externality11.2 The Building Blocks of Keynesian Analysis
Macroeconomics1.2 Microeconomics and Macroeconomics
marginal analysis2.1 How Individuals Make Choices Based on Their Budget Constraint
marginal rate of substitutionAppendix B Indifference Curves
marginal tax rates16.2 Taxation
marginal utilityAppendix B Indifference Curves
market1.4 How Economies Can Be Organized: An Overview of Economic Systems
market economy1.4 How Economies Can Be Organized: An Overview of Economic Systems, 2.2 The Production Possibilities Frontier and Social Choices, 7.4 What Causes Changes in Unemployment over the Long Run, 8.4 The Confusion Over Inflation
medianAppendix A The Use of Mathematics in Principles of Economics
medium of exchange13.1 Defining Money by Its Functions
menu costs11.2 The Building Blocks of Keynesian Analysis
merchandise trade balance9.1 Measuring Trade Balances
merged currency15.4 Exchange Rate Policies
Microeconomics1.2 Microeconomics and Macroeconomics
Milton Friedman12.2 The Policy Implications of the Neoclassical Perspective, 14.5 Pitfalls for Monetary Policy, 15.4 Exchange Rate Policies
minimum wage4.1 Demand and Supply at Work in Labor Markets, 7.3 What Causes Changes in Unemployment over the Short Run, 8.4 The Confusion Over Inflation
model1.3 How Economists Use Theories and Models to Understand Economic Issues
modern economic growth6.1 The Relatively Recent Arrival of Economic Growth
Monetary policy1.2 Microeconomics and Macroeconomics, 14.1 The Federal Reserve Banking System and Central Banks, 14.3 How a Central Bank Executes Monetary Policy, 15.4 Exchange Rate Policies, Introduction to Government Budgets and Fiscal Policy
money13.1 Defining Money by Its Functions
money market funds13.2 Measuring Money: Currency, M1, and M2
money multiplier14.5 Pitfalls for Monetary Policy
money multiplier formula13.4 How Banks Create Money
N
Nasdaq14.5 Pitfalls for Monetary Policy
National Bureau of Economic Research18.5 Balance of Trade Concerns
National Bureau of Economic Research (NBER)5.3 Tracking Real GDP over Time
National Credit Union Administration (NCUA)14.2 Bank Regulation
national debt16.3 Federal Deficits and the National Debt
national income5.1 Measuring the Size of the Economy: Gross Domestic Product
national saving and investment identity9.4 The National Saving and Investment Identity
natural rate of unemployment7.4 What Causes Changes in Unemployment over the Long Run, 10.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation, 12.2 The Policy Implications of the Neoclassical Perspective
negative slopeAppendix A The Use of Mathematics in Principles of Economics
neoclassical determinants of growth18.1 The Diversity of Countries and Economies across the World
neoclassical economists10.1 Macroeconomic Perspectives on Demand and Supply
neoclassical model14.5 Pitfalls for Monetary Policy
neoclassical perspective12.1 The Building Blocks of Neoclassical Analysis
neoclassical zone10.6 Keynes’ Law and Say’s Law in the AD/AS Model
Net national product (NNP)5.1 Measuring the Size of the Economy: Gross Domestic Product
net worth13.3 The Role of Banks, 14.2 Bank Regulation
nominal GDP5.2 Adjusting Nominal Values to Real Values, 14.5 Pitfalls for Monetary Policy
nominal interest rate8.4 The Confusion Over Inflation, 14.5 Pitfalls for Monetary Policy
nominal value5.2 Adjusting Nominal Values to Real Values
nondurable goods5.1 Measuring the Size of the Economy: Gross Domestic Product
normal good3.2 Shifts in Demand and Supply for Goods and Services
normative statements2.3 Confronting Objections to the Economic Approach
North American Free Trade Agreement (NAFTA)18.5 Balance of Trade Concerns
O
open market operations14.3 How a Central Bank Executes Monetary Policy
opportunity cost2.1 How Individuals Make Choices Based on Their Budget Constraint, Introduction to Unemployment, 15.4 Exchange Rate Policies
opportunity set2.1 How Individuals Make Choices Based on Their Budget Constraint, Appendix B Indifference Curves
out of the labor force7.1 How the Unemployment Rate Is Defined and Computed
P
payment system13.3 The Role of Banks
payroll tax16.2 Taxation
peak5.3 Tracking Real GDP over Time
pensions8.4 The Confusion Over Inflation
per capita GDP8.1 Tracking Inflation, 9.5 The Pros and Cons of Trade Deficits and Surpluses
percentage change8.1 Tracking Inflation
Pew Research Center for People and the Press3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process
Phillips curve11.4 The Phillips Curve, 12.2 The Policy Implications of the Neoclassical Perspective
physical capital6.3 Components of Economic Growth, 17.2 Fiscal Policy, Investment, and Economic Growth, 18.2 Improving Countries’ Standards of Living
Physical capital per person12.1 The Building Blocks of Neoclassical Analysis
pie chartAppendix A The Use of Mathematics in Principles of Economics
pie graphAppendix A The Use of Mathematics in Principles of Economics
Pierre Mohnen6.3 Components of Economic Growth
portfolio investment15.1 How the Foreign Exchange Market Works, 15.4 Exchange Rate Policies
positive slopeAppendix A The Use of Mathematics in Principles of Economics
positive statements2.3 Confronting Objections to the Economic Approach
potential GDP10.2 Building a Model of Aggregate Demand and Aggregate Supply, 11.1 Aggregate Demand in Keynesian Analysis, 11.4 The Phillips Curve, 12.1 The Building Blocks of Neoclassical Analysis, 14.4 Monetary Policy and Economic Outcomes, 14.5 Pitfalls for Monetary Policy
present discounted value (PDV)Appendix C Present Discounted Value
price2.1 How Individuals Make Choices Based on Their Budget Constraint, 3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 3.2 Shifts in Demand and Supply for Goods and Services
price ceiling3.4 Price Ceilings and Price Floors, 3.5 Demand, Supply and Efficiency
price control3.5 Demand, Supply and Efficiency
Price controls3.4 Price Ceilings and Price Floors, 4.3 The Market System as an Efficient Mechanism for Information
price floor3.4 Price Ceilings and Price Floors, 3.5 Demand, Supply and Efficiency
price level8.1 Tracking Inflation
private enterprise1.4 How Economies Can Be Organized: An Overview of Economic Systems
private markets8.5 Indexing and Its Limitations
Producer Price Index (PPI)8.2 How Changes in the Cost of Living Are Measured
producer surplus3.5 Demand, Supply and Efficiency
production function6.2 Labor Productivity and Economic Growth
production possibilities frontier (PPF)2.2 The Production Possibilities Frontier and Social Choices
Productive efficiency2.2 The Production Possibilities Frontier and Social Choices
Productivity growth6.2 Labor Productivity and Economic Growth, 10.3 Shifts in Aggregate Supply
progressive tax16.2 Taxation
property rights6.1 The Relatively Recent Arrival of Economic Growth
proportional tax16.2 Taxation
purchasing power parity18.1 The Diversity of Countries and Economies across the World
purchasing power parity (PPP)5.4 Comparing GDP among Countries, 15.2 Demand and Supply Shifts in Foreign Exchange Markets
Q
quality/new goods bias8.2 How Changes in the Cost of Living Are Measured
quantitative easing (QE)14.4 Monetary Policy and Economic Outcomes
quantity demanded3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 15.4 Exchange Rate Policies
quantity supplied3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 15.4 Exchange Rate Policies
R
rational expectations12.1 The Building Blocks of Neoclassical Analysis
real GDP5.2 Adjusting Nominal Values to Real Values, Introduction to the International Trade and Capital Flows, 9.5 The Pros and Cons of Trade Deficits and Surpluses, 11.1 Aggregate Demand in Keynesian Analysis, 12.1 The Building Blocks of Neoclassical Analysis, 14.5 Pitfalls for Monetary Policy, 14.5 Pitfalls for Monetary Policy
real interest rate8.4 The Confusion Over Inflation
real value5.2 Adjusting Nominal Values to Real Values
recession5.3 Tracking Real GDP over Time, 7.2 Patterns of Unemployment, 10.1 Macroeconomic Perspectives on Demand and Supply, 10.4 Shifts in Aggregate Demand, 11.2 The Building Blocks of Keynesian Analysis, 14.5 Pitfalls for Monetary Policy, 17.4 Fiscal Policy and the Trade Balance, 18.3 Causes of Unemployment around the World
recessionary gap11.1 Aggregate Demand in Keynesian Analysis
recognition lag16.6 Practical Problems with Discretionary Fiscal Policy
redistributions8.4 The Confusion Over Inflation, 8.4 The Confusion Over Inflation
regressive tax16.2 Taxation
relative wage coordination argument7.3 What Causes Changes in Unemployment over the Short Run
reserve requirement14.3 How a Central Bank Executes Monetary Policy
reserves13.3 The Role of Banks, 14.2 Bank Regulation, 14.3 How a Central Bank Executes Monetary Policy, 15.4 Exchange Rate Policies
revenue16.3 Federal Deficits and the National Debt
Ricardian equivalence17.3 How Government Borrowing Affects Private Saving
Richard Easterlin6.1 The Relatively Recent Arrival of Economic Growth
Robert Shiller8.4 The Confusion Over Inflation
Robert Solow12.3 Balancing Keynesian and Neoclassical Models
rule of law6.1 The Relatively Recent Arrival of Economic Growth
S
salary4.1 Demand and Supply at Work in Labor Markets
savings deposits13.2 Measuring Money: Currency, M1, and M2
Say’s law10.1 Macroeconomic Perspectives on Demand and Supply, 10.6 Keynes’ Law and Say’s Law in the AD/AS Model
Scarcity1.1 What Is Economics, and Why Is It Important?, 2.3 Confronting Objections to the Economic Approach
Sebastian Edwards18.5 Balance of Trade Concerns
Securitization13.3 The Role of Banks
service3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
services5.1 Measuring the Size of the Economy: Gross Domestic Product, 11.1 Aggregate Demand in Keynesian Analysis
shift in demand3.2 Shifts in Demand and Supply for Goods and Services
shift in supply3.2 Shifts in Demand and Supply for Goods and Services
short run aggregate supply (SRAS) curve10.2 Building a Model of Aggregate Demand and Aggregate Supply
shortage3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
shortages8.4 The Confusion Over Inflation
slope2.2 The Production Possibilities Frontier and Social Choices, Appendix A The Use of Mathematics in Principles of Economics
smart card13.2 Measuring Money: Currency, M1, and M2
Social Security Indexing Act of 19728.5 Indexing and Its Limitations
social surplus3.5 Demand, Supply and Efficiency
soft peg15.4 Exchange Rate Policies
special economic zones (SEZ)6.3 Components of Economic Growth
specialization1.1 What Is Economics, and Why Is It Important?
stagflation10.3 Shifts in Aggregate Supply, 11.4 The Phillips Curve
standard of deferred payment13.1 Defining Money by Its Functions
standard of living5.5 How Well GDP Measures the Well-Being of Society
standardized employment budget16.5 Automatic Stabilizers
standards of living18.1 The Diversity of Countries and Economies across the World
sticky7.3 What Causes Changes in Unemployment over the Short Run
sticky wages and prices11.2 The Building Blocks of Keynesian Analysis
stocksAppendix C Present Discounted Value
store of value13.1 Defining Money by Its Functions
structural unemployment7.4 What Causes Changes in Unemployment over the Long Run
structures5.1 Measuring the Size of the Economy: Gross Domestic Product
subprime loans13.3 The Role of Banks
substitute3.2 Shifts in Demand and Supply for Goods and Services
substitution bias8.2 How Changes in the Cost of Living Are Measured
substitution effectAppendix B Indifference Curves
sunk costs2.1 How Individuals Make Choices Based on Their Budget Constraint
supply3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 10.1 Macroeconomic Perspectives on Demand and Supply, Introduction to Exchange Rates and International Capital Flows
supply curve3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 3.2 Shifts in Demand and Supply for Goods and Services, 15.2 Demand and Supply Shifts in Foreign Exchange Markets, 17.2 Fiscal Policy, Investment, and Economic Growth
supply schedule3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services
surplus3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services, 9.1 Measuring Trade Balances, 17.1 How Government Borrowing Affects Investment and the Trade Balance
surpluses8.4 The Confusion Over Inflation
T
T-account13.3 The Role of Banks
tax10.4 Shifts in Aggregate Demand
Technological change6.2 Labor Productivity and Economic Growth
technology6.3 Components of Economic Growth, 18.2 Improving Countries’ Standards of Living
The Land of Funny Money8.4 The Confusion Over Inflation
theory1.3 How Economists Use Theories and Models to Understand Economic Issues
tight monetary policy14.4 Monetary Policy and Economic Outcomes
time deposits13.2 Measuring Money: Currency, M1, and M2
time seriesAppendix A The Use of Mathematics in Principles of Economics
Tobin taxes15.4 Exchange Rate Policies
trade balance5.1 Measuring the Size of the Economy: Gross Domestic Product
trade deficit5.1 Measuring the Size of the Economy: Gross Domestic Product, Introduction to the International Trade and Capital Flows, 18.5 Balance of Trade Concerns
trade surplus5.1 Measuring the Size of the Economy: Gross Domestic Product, Introduction to the International Trade and Capital Flows, 18.5 Balance of Trade Concerns
tradeoffs2.3 Confronting Objections to the Economic Approach
traditional economy1.4 How Economies Can Be Organized: An Overview of Economic Systems
Transaction costs13.3 The Role of Banks
Treasury bills14.4 Monetary Policy and Economic Outcomes
Treasury bonds14.4 Monetary Policy and Economic Outcomes
trough5.3 Tracking Real GDP over Time
twin deficits17.3 How Government Borrowing Affects Private Saving
U
U.S. Census Bureau3.2 Shifts in Demand and Supply for Goods and Services
U.S. Department of Commerce9.1 Measuring Trade Balances
U.S. Patent and Trademark Office6.3 Components of Economic Growth
underemployed7.1 How the Unemployment Rate Is Defined and Computed
underground economies1.4 How Economies Can Be Organized: An Overview of Economic Systems
unemploymentIntroduction to the Aggregate Demand/Aggregate Supply Model, 10.5 How the AD/AS Model Incorporates Growth, Unemployment, and Inflation, 11.4 The Phillips Curve, Introduction to Money and Banking, 14.1 The Federal Reserve Banking System and Central Banks, 18.3 Causes of Unemployment around the World
unemployment rate7.1 How the Unemployment Rate Is Defined and Computed, 14.4 Monetary Policy and Economic Outcomes
unilateral transfers9.1 Measuring Trade Balances
unit of account13.1 Defining Money by Its Functions
usury laws4.2 Demand and Supply in Financial Markets
utility2.1 How Individuals Make Choices Based on Their Budget Constraint, Appendix B Indifference Curves
V
variableAppendix A The Use of Mathematics in Principles of Economics
velocity14.5 Pitfalls for Monetary Policy
W
wage4.1 Demand and Supply at Work in Labor Markets
Wages7.4 What Causes Changes in Unemployment over the Long Run, 8.1 Tracking Inflation, 8.4 The Confusion Over Inflation
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