Principles of Economics 8th Edition by Robert Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz – Ebook PDF Instant Download/Delivery: 9781266052309 ,1266052305
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ISBN 10: 1266052305
ISBN 13: 9781266052309
Author: Robert Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz
Principles of Economics 8th Edition Table of contents:
Chapter 1: Thinking Like an Economist
Chapter 1: Introduction
Economics: Studying Choice in a World of Scarcity
Applying the Cost-Benefit Principle
Economic Surplus
Opportunity Cost
The Role of Economic Models
Four Important Decision Pitfalls
Pitfall 1: Measuring Costs and Benefits as Proportions rather than Absolute Dollar Amounts
Pitfall 2: Ignoring Implicit Costs
Pitfall 3: Taking Sunk Costs into Account
Pitfall 4: Failure to Appreciate the Distinction between Marginal and Average Costs and Benefits
Normative Economics versus Positive Economics
The Invisible Hand
When Individual and Collective Interests Are in Conflict
Economics: Micro and Macro
The Approach of This Text
Economic Naturalism
Summary
Core Principles
Key Terms
Review Questions
Problems
Answers to Self-Tests
Appendix: Working with Equations, Graphs, and Tables
Using a Verbal Description to Construct an Equation
Graphing the Equation of a Straight Line
Deriving the Equation of a Straight Line From Its Graph
Changes in the Vertical Intercept and Slope
Constructing Equations and Graphs From Tables
Solving Simultaneous Equations
Key Terms
Answers to Appendix Self-Tests
Chapter 2: Comparative Advantage
Chapter 2: Introduction
Exchange and Opportunity Cost
The Principle of Comparative Advantage
Sources of Comparative Advantage
Comparative Advantage and Production Possibilities
The Production Possibilities Curve
How Individual Productivity Affects the Slope and Position of the PPC
The Gains from Specialization and Exchange
A Production Possibilities Curve for a Many-Person Economy
Factors That Shift the Economy’s Production Possibilities Curve
Why Have Some Countries Been Slow to Specialize?
Can We Have Too Much Specialization?
Comparative Advantage and Outsourcing
Outsourcing
Summary
Core Principles
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 3: Supply and Demand
Chapter 3: Introduction
What, How, and for Whom? Central Planning versus the Market
Buyers and Sellers in Markets
The Demand Curve
The Supply Curve
Market Equilibrium
Rent Controls Reconsidered
Pizza Price Controls?
Predicting and Explaining Changes in Prices and Quantities
Shifts in Demand
Shifts in the Supply Curve
Four Simple Rules
Efficiency and Equilibrium
Cash on the Table
Smart for One, Dumb for All
Summary
Core Principles
Key Terms
Review Questions
Problems
Answers to Self-Tests
Appendix: The Algebra of Supply and Demand
Answer to Appendix Self-Test
Chapter 4: Elasticity
Chapter 4: Introduction
Price Elasticity of Demand
Price Elasticity Defined
Determinants of Price Elasticity of Demand
Some Representative Elasticity Estimates
Using Price Elasticity of Demand
Social Contagion and the Long-Run Price Elasticity of Demand
The Long-Run Response to a Carbon Tax
A Graphical Interpretation of Price Elasticity
Price Elasticity Changes along a Straight-Line Demand Curve
Two Special Cases
Elasticity and Total Expenditure
Income Elasticity and Cross-Price Elasticity of Demand
The Price Elasticity of Supply
Determinants of Supply Elasticity
Unique and Essential Inputs: The Ultimate Supply Bottleneck
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Appendix: The Midpoint Formula
Chapter 5: Demand
Chapter 5: Introduction
The Law of Demand
The Origins of Demand
Needs versus Wants
Translating Wants into Demand
Measuring Wants: The Concept of Utility
Allocating a Fixed Income between Two Goods
The Rational Spending Rule
Income and Substitution Effects Revisited
Applying the Rational Spending Rule
Individual and Market Demand Curves
Horizontal Addition
Demand and Consumer Surplus
Calculating Consumer Surplus
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Appendix: Indifference Curves
The Budget Constraint
Consumer Preferences
The Best Affordable Bundle
Problems
Answers to Appendix Self-Tests
Chapter 6: Perfectly Competitive Supply
Chapter 6: Introduction
Thinking about Supply: The Importance of Opportunity Cost
Individual and Market Supply Curves
Profit-Maximizing Firms in Perfectly Competitive Markets
Profit Maximization
The Demand Curve Facing a Perfectly Competitive Firm
Production in the Short Run
Some Important Cost Concepts
Choosing Output to Maximize Profit
A Note on the Firm’s Shutdown Condition
Average Variable Cost and Average Total Cost
A Graphical Approach to Profit Maximization
Price = Marginal Cost: The Maximum-Profit Condition
The “Law” of Supply
Determinants of Supply Revisited
Technology
Input Prices
The Number of Suppliers
Expectations
Changes in Prices of Other Products
Applying the Theory of Supply
Supply and Producer Surplus
Calculating Producer Surplus
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 7: Efficiency, Exchange, and the Invisible Hand in Action
Chapter 7: Introduction
The Central Role of Economic Profit
Three Types of Profit
The Invisible Hand Theory
Two Functions of Price
Responses to Profits and Losses
The Importance of Free Entry and Exit
Economic Rent versus Economic Profit
The Invisible Hand in Action
The Distinction between an Equilibrium and a Social Optimum
Smart for One, Dumb for All
Market Equilibrium and Efficiency
The Cost of Preventing Price Adjustments
Price Ceilings
Price Subsidies
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 8: Monopoly, Oligopoly, and Monopolistic Competition
Chapter 8: Introduction
Perfect and Imperfect Competition
Different Forms of Imperfect Competition
The Essential Difference between Perfectly and Imperfectly Competitive Firms
Five Sources of Market Power
Exclusive Control over Important Inputs
Patents and Copyrights
Government Licenses or Franchises
Economies of Scale and Natural Monopolies
Network Economies
Economies of Scale and the Importance of Start-Up Costs
Profit Maximization for the Monopolist
Marginal Revenue for the Monopolist
The Monopolist’s Profit-Maximizing Decision Rule
Being a Monopolist Doesn’t Guarantee an Economic Profit
Why the Invisible Hand Breaks Down Under Monopoly
Using Discounts to Expand the Market
Price Discrimination Defined
How Price Discrimination Affects Output
The Hurdle Method of Price Discrimination
Is Price Discrimination a Bad Thing?
Examples of Price Discrimination
Public Policy toward Natural Monopoly
State Ownership and Management
State Regulation of Private Monopolies
Exclusive Contracting for Natural Monopoly
Vigorous Enforcement of Antitrust Laws
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Appendix: The Algebra of Monopoly Profit Maximization
Problems
Answer to Appendix Self-Test
Chapter 9: Games and Strategic Behavior
Chapter 9: Introduction
Using Game Theory to Analyze Strategic Decisions
The Three Elements of a Game
Nash Equilibrium
The Prisoner’s Dilemma
The Original Prisoner’s Dilemma
The Economics of Cartels
Tit-for-Tat and the Repeated Prisoner’s Dilemma
Games in Which Timing Matters
Credible Threats and Promises
Monopolistic Competition When Location Matters
Commitment Problems
Solving Commitment Problems with Psychological Incentives
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 10: An Introduction to Behavioral Economics
Chapter 10: Introduction
Judgmental Heuristics or Rules of Thumb
Availability
Representativeness
Regression to the Mean
Anchoring and Adjustment
Misinterpretation of Contextual Clues
The Psychophysics of Perception
The Difficulty of Actually Deciding
Impulse-Control Problems
Loss Aversion and Status Quo Bias
Beyond Narrow Self-Interest
The Present-Aim Standard of Rationality
The Adaptive Rationality Standard18
Concerns about Fairness
Concerns about Relative Position
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 11: Externalities, Property Rights, and the Environment
Chapter 11: Introduction
External Costs and Benefits
How Externalities Affect Resource Allocation
How Do Externalities Affect Supply and Demand?
The Coase Theorem
Remedies for Externalities
Laws and Regulations
The Optimal Amount of Negative Externalities Is Not Zero
Compensatory Taxes and Subsidies
Property Rights and the Tragedy of the Commons
The Problem of Unpriced Resources
The Effect of Private Ownership
When Private Ownership Is Impractical
Positional Externalities
Payoffs That Depend on Relative Performance
Positional Arms Races and Positional Arms Control Agreements
Social Norms as Positional Arms Control Agreements
Using Price Incentives in Environmental Regulation
Taxing Pollution
Auctioning Pollution Permits
Climate Change and Carbon Taxes
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 12: The Economics of Information
Chapter 12: Introduction
How the Middleman Adds Value
The Optimal Amount of Information
The Cost-Benefit Test
The Free-Rider Problem
Two Guidelines for Rational Search
The Gamble Inherent in Search
The Commitment Problem When Search Is Costly
Asymmetric Information
The Lemons Model
The Credibility Problem in Trading
Statistical Discrimination
Disappearing Political Discourse
Insurance
Adverse Selection
Moral Hazard
The Problem with Health Care Provision through Private Insurance
The Affordable Care Act of 2010
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 13: Labor Markets, Poverty, and Income Distribution
Chapter 13: Introduction
The Economic Value of Work
The Equilibrium Wage and Employment Levels
The Demand Curve for Labor
The Supply Curve of Labor
Market Shifts
Explaining Differences in Earnings
Human Capital Theory
Labor Unions
Compensating Wage Differentials
Discrimination in the Labor Market
Winner-Take-All Markets
Recent Trends in Inequality
Is Income Inequality a Moral Problem?
Methods of Income Redistribution
Welfare Payments and In-Kind Transfers
Means-Tested Benefit Programs
The Negative Income Tax
Minimum Wages
The Earned-Income Tax Credit
Public Employment for the Poor
A Combination of Methods
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 14: Public Goods and Tax Policy
Chapter 14: Introduction
Government Provision of Public Goods
Public Goods versus Private Goods
Paying for Public Goods
The Optimal Quantity of a Public Good
The Demand Curve for a Public Good
Private Provision of Public Goods
Laws, Regulations, and the Question of Centralization
Externalities and Property Rights
Local, State, or Federal?
Climate Mitigation: The Ultimate Public Good?
Paying for Climate Mitigation
The Mother of All Cognitive Illusions
Does Government Policy Matter?
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 15: International Trade and Trade Policy
Chapter 15: Introduction
Comparative Advantage as a Basis for Trade
Production and Consumption Possibilities and the Benefits of Trade
The Two-Worker Production Possibilities Curve
The Many-Worker Production Possibilities Curve
Consumption Possibilities with and without International Trade
A Supply and Demand Perspective on Trade
Winners and Losers from Trade
Protectionist Policies: Tariffs and Quotas
Tariffs
Quotas
The Inefficiency of Protectionism
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Appendix: An Algebraic Approach to Trade Analysis
Problems
Answer to Appendix Self-Test
Chapter 16: Macroeconomics: The Bird’s-Eye View of the Economy
Chapter 16: Introduction
The Major Macroeconomic Issues
Economic Growth and Living Standards
Productivity
Recessions and Expansions
Unemployment
Inflation
Economic Interdependence among Nations
Macroeconomic Policy
Types of Macroeconomic Policy
Positive versus Normative Analyses of Macroeconomic Policy
Aggregation
Studying Macroeconomics: A Preview
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 17: Measuring Economic Activity: GDP and Unemployment
Chapter 17: Introduction
Gross Domestic Product: Measuring the Nation’s Output
Market Value
Final Goods and Services
Produced in a Country during a Given Period
Methods for Measuring GDP
The Expenditure Method for Measuring GDP
GDP and the Incomes of Capital and Labor
Nominal GDP versus Real GDP
Real GDP and Economic Well-Being
Why Real GDP Isn’t the Same as Economic Well-Being
But GDP Is Related to Economic Well-Being
Unemployment and the Unemployment Rate
Measuring Unemployment
The Costs of Unemployment
The Duration of Unemployment
The Unemployment Rate versus “True” Unemployment
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 18: Measuring the Price Level and Inflation
Chapter 18: Introduction
The Consumer Price Index and Inflation
Inflation
Adjusting for Inflation
Deflating a Nominal Quantity
Indexing to Maintain Buying Power
Does the CPI Measure “True” Inflation?
The Costs of Inflation: Not What You Think
The True Costs of Inflation
Hyperinflation
Inflation and Interest Rates
Inflation and the Real Interest Rate
The Fisher Effect
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 19: Economic Growth, Productivity, and Living Standards
Chapter 19: Introduction
The Remarkable Rise in Living Standards: The Record
Why “Small” differences in Growth Rates Matter
Why Nations Become Rich: The Crucial Role of Average Labor Productivity
The Determinants of Average Labor Productivity
Human Capital
Physical Capital
Land and Other Natural Resources
Technology
Entrepreneurship and Management
The Political and Legal Environment
The Costs of Economic Growth
Promoting Economic Growth
Policies to Increase Human Capital
Policies That Promote Saving and Investment
Policies That Support Research and Development
The Legal and Political Framework
The Poorest Countries: A Special Case?
Are There Limits to Growth?
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 20: The Labor Market: Workers, Wages, and Unemployment
Chapter 20: Introduction
Five Important Labor Market Trends
Trends in Real Wages
Trends in Employment and Unemployment
Supply and Demand in the Labor Market
Wages and the Demand for Labor
Shifts in the Demand for Labor
The Supply of Labor
Shifts in the Supply of Labor
Explaining the Trends in Real Wages and Employment
Large Increases in Real Wages in Industrialized Countries
Real Wage Growth in the United States Has Stagnated since the Early 1970s, while Employment Growth Has Been Rapid
Increasing Wage Inequality: The Effects of Globalization and Technological Change
Unemployment
Types of Unemployment and Their Costs
Impediments to Full Employment
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 21: Saving and Capital Formation
Chapter 21: Introduction
Saving and Wealth
Stocks and Flows
Capital Gains and Losses
Why Do People Save?
Saving and the Real Interest Rate
Saving, Self-Control, and Demonstration Effects
National Saving and Its Components
The Measurement of National Saving
Private and Public Components of National Saving
Public Saving and the Government Budget
Is Low Household Saving a Problem?
Investment and Capital Formation
Saving, Investment, and Financial Markets
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 22: Money, Prices, and the Federal Reserve
Chapter 22: Introduction
Money and Its Uses
Measuring Money
Commercial Banks and the Creation of Money
The Money Supply with Both Currency and Deposits
The Federal Reserve System
The History and Structure of the Federal Reserve System
Controlling the Money Supply: Open-Market Operations
The Fed’s Role in Stabilizing Financial Markets: Banking Panics
Money and prices
Velocity
Money and Inflation in the Long Run
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 23: Financial Markets and International Capital Flows
Chapter 23: Introduction
The Financial System and the Allocation of Saving to Productive Uses
The Banking System
Bonds and Stocks
Bond Markets, Stock Markets, and the Allocation of Savings
The Informational Role of Bond and Stock Markets
Risk Sharing and Diversification
International Capital Flows
Capital Flows and the Balance of Trade
The Determinants of International Capital Flows
Saving, Investment, and Capital Inflows
The Saving Rate and the Trade Deficit
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 24: Short-Term Economic Fluctuations: An Introduction
Chapter 24: Introduction
Recessions and Expansions
Some Facts about Short-Term Economic Fluctuations
Output Gaps and Cyclical Unemployment
Potential Output
The Output Gap
The Natural Rate of Unemployment and Cyclical Unemployment
Okun’s Law
Why Do Short-Term Fluctuations Occur? A Preview and a Tale
Alice’s Ice Cream Store: A Tale about Short-Run Fluctuations
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Chapter 25: Spending and Output in the Short Run
Chapter 25: Introduction
The Keynesian Model’s Crucial Assumption: Firms Meet Demand at Preset Prices
Planned Aggregate Expenditure
Planned Spending versus Actual Spending
Consumer Spending and the Economy
Planned Aggregate Expenditure and Output
Short-Run Equilibrium Output
Finding Short-Run Equilibrium Output: Numerical Approach
Finding Short-Run Equilibrium Output: Graphical Approach
Planned Spending and the Output Gap
The Multiplier
Stabilizing Planned Spending: The Role of Fiscal Policy
Government Purchases and Planned Spending
Taxes, Transfers, and Aggregate Spending
Fiscal Policy as a Stabilization Tool: Three Qualifications
Fiscal Policy and the Supply Side
The Problem of Deficits
The Relative Inflexibility of Fiscal Policy
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Appendix A: An Algebraic Solution of the Basic Keynesian Model
Answer to Appendix Self-Test
Appendix B: The Multiplier in the Basic Keynesian Model
Chapter 26: Stabilizing the Economy: The Role of the Fed
Chapter 26: Introduction
The Federal Reserve and Interest Rates: The Traditional Model
The Demand for Money
Macroeconomic Factors That Affect the Demand for Money
The Money Demand Curve
The Supply of Money and Money Market Equilibrium with Limited Reserves
How the Fed Controls the Nominal Interest Rate
The Role of the Federal Funds Rate in Monetary Policy
Can the Fed Control the Real Interest Rate?
The Federal Reserve and Interest Rates: A Closer Look and Post-2008 Developments
How Does the Fed Use Bank Reserves Nowadays to Affect the Money Supply Curve?
Do Interest Rates Always Move Together?
The Effects of Federal Reserve Actions on the Economy
Planned Aggregate Expenditure and the Real Interest Rate
The Fed Fights a Recession
The Fed Fights Inflation
The Fed’s Policy Reaction Function
Monetary Policymaking: Art or Science?
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Appendix: Monetary Policy in the Basic Keynesian Model
Chapter 27: Aggregate Demand, Aggregate Supply, and Inflation
Chapter 27: Introduction
Inflation, Spending, and Output: The Aggregate Demand Curve
Inflation, the Fed, and Why the AD Curve Slopes Downward
Other Reasons for the Downward Slope of the AD Curve
Factors That Shift the Aggregate Demand Curve
Shifts of the AD Curve versus Movements along the AD Curve
Inflation and Aggregate Supply
Inflation Inertia
The Output Gap and Inflation
The Aggregate Demand–Aggregate Supply Diagram
The Self-Correcting Economy
Sources of Inflation
Excessive Aggregate Spending
Inflation Shocks
Shocks to Potential Output
Controlling Inflation
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Appendix: The Algebra of Aggregate Demand and Aggregate Supply
The Aggregate Demand Curve
Shifts of the Aggregate Demand Curve
Short-Run Equilibrium
Long-Run Equilibrium
Answer to Appendix Self-Test
Chapter 28: Exchange Rates and the Open Economy
Chapter 28: Introduction
Exchange Rates
Nominal Exchange Rates
Flexible versus Fixed Exchange Rates
The Real Exchange Rate
The Determination of the Exchange Rate in the Long Run
A Simple Theory of Exchange Rates: Purchasing Power Parity (PPP)
Shortcomings of the PPP Theory
The Determination of the Exchange Rate in the Short Run
The Foreign Exchange Market: A Supply and Demand Analysis
Changes in the Supply of Dollars
Changes in the Demand for Dollars
Monetary Policy and the Exchange Rate
The Exchange Rate as a Tool of Monetary Policy
Fixed Exchange Rates
How to Fix an Exchange Rate
Speculative Attacks
Monetary Policy and the Fixed Exchange Rate
Should Exchange Rates be Fixed or Flexible?
Summary
Key Terms
Review Questions
Problems
Answers to Self-Tests
Glossary
Glossary
Index
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Tags: Robert Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz, Economics, Principles