Principles of Economics 8th Edition by Robert Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz ISBN 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