Principles of Microeconomics 13th Edition by Karl Case, Ray Fair, Sharon Oster ISBN 9780135196786 0135196787

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ISBN 10: 0135196787
ISBN 13: 9780135196786
Author: Karl Case, Ray Fair, Sharon Oster

Principles of Microeconomics 13th Edition Table of contents:

Part I Introduction to Economics

1 The Scope and Method of Economics

Learning Objectives

Why Study Economics?

To Learn a Way of Thinking

Opportunity Cost

Marginalism

Efficient Markets—No Free Lunch

To Understand Society

To Be an Informed Citizen

The Scope of Economics

Microeconomics and Macroeconomics

The Diverse Fields of Economics

The Method of Economics

Theories and Models

All Else Equal

Expressing Models in Words, Graphs, and Equations

Cautions and Pitfalls

What Is Really Causal?

Testing Theories and Models: Empirical Economics

Economic Policy

Efficiency

Equity

Growth

Stability

An Invitation

Economic Skills and Economics as a Career

Summary

1.1 Why Study Economics? p. 2

1.2 The Scope of Economics p. 5

1.3 The Method of Economics p. 8

Review Terms and Concepts

Problems

1.1 Why Study Economics?

1.2 The Scope of Economics

1.3 The Method of Economics

Critical Thinking Questions

Chapter 1 Appendix: How to Read and Understand Graphs

Time Series Graphs

Graphing Two Variables

Plotting Income and Consumption Data for Households

Slope

Some Precautions

Appendix Summary

Appendix Review Terms and Concepts

Appendix Problems

Chapter 1 Appendix: How to Read and Understand Graphs

2 The Economic Problem: Scarcity and Choice

Learning Objectives

Scarcity, Choice, and Opportunity Cost

Scarcity and Choice in a One-Person Economy

Opportunity Cost

Scarcity and Choice in an Economy of Two or More

Specialization, Exchange, and Comparative Advantage

A Graphical Presentation of the Production Possibilities and Gains from Specialization

Weighing Present and Expected Future Costs and Benefits

Capital Goods and Consumer Goods

The Production Possibility Frontier

Negative Slope and Opportunity Cost

The Law of Increasing Opportunity Cost

The Efficient Mix of Output

Economic Growth

Sources of Growth and the Dilemma of Poor Countries

The Economic Problem

Economic Systems and the Role of Government

Command Economies

Laissez-Faire Economies: The Free Market

Consumer Sovereignty

Individual Production Decisions: Free Enterprise

Distribution of Output

Price Theory

Mixed Systems, Markets, and Governments

Looking Ahead

Summary

2.1 Scarcity, Choice, and Opportunity Cost p. 24

2.2 Economic Systems and the Role of Government p. 36

Review Terms and Concepts

Problems

2.1 Scarcity, Choice, and Opportunity Cost

2.2 Economic Systems and the Role of Government

Critical Thinking Questions

3 Demand, Supply, and Market Equilibrium

Learning Objectives

Firms and Households: The Basic Decision-Making Units

Input Markets and Output Markets: The Circular Flow

Demand in Product/Output Markets

Changes in Quantity Demanded versus Changes in Demand

Price and Quantity Demanded: The Law of Demand

Demand Curves Slope Downward

Other Properties of Demand Curves

Other Determinants of Household Demand

Income and Wealth

Prices of Other Goods and Services

Tastes and Preferences

Expectations

Shift of Demand versus Movement along a Demand Curve

From Household Demand to Market Demand

Supply in Product/Output Markets

Price and Quantity Supplied: The Law of Supply

Other Determinants of Supply

The Cost of Production

The Prices of Related Products

Shift of Supply versus Movement along a Supply Curve

From Individual Supply to Market Supply

Market Equilibrium

Excess Demand

Excess Supply

Market Equilibrium with Equations

Changes in Equilibrium

Demand and Supply in Product Markets: A Review

Looking Ahead: Markets and the Allocation of Resources

Summary

3.1 Firms and Households: The Basic Decision-Making Units

3.2 Input Markets and Output Markets: The Circular Flow

3.3 Demand in Product/Output Markets

3.4 Supply in Product/Output Markets

3.5 Market Equilibrium

Review Terms and Concepts

Problems

3.1 Firms and Households: The Basic Decision-Making Units

3.2 Input Markets and Output Markets: The Circular Flow

3.3 Demand in Product/Output Markets

3.4 Supply in Product/Output Markets

3.5 Market Equilibrium

Critical Thinking Questions

4 Demand and Supply Applications

Learning Objectives

The Price System: Rationing and Allocating Resources

Price Rationing

Constraints on the Market and Alternative Rationing Mechanisms

Oil, Gasoline, and OPEC

Rationing Mechanisms for Concert and Sports Tickets

Prices and the Allocation of Resources

Price Floor

Supply and Demand Analysis: Tariffs (Tax)

Supply and Demand and Market Efficiency

Consumer Surplus

Producer Surplus

Competitive Markets Maximize the Sum of Producer and Consumer Surplus

Potential Causes of Deadweight Loss From Under- and Overproduction

Looking Ahead

Summary

4.1 The Price System: Rationing and Allocating Resources p. 75

4.2 Supply and Demand Analysis: Tariffs (Tax) p. 82

4.3 Supply and Demand and Market Efficiency p. 84

Review Terms and Concepts

Problems

4.1 The Price System: Rationing and Allocating Resources

4.2 Supply and Demand Analysis: Tariffs (Tax)

4.3 Supply and Demand and Market Efficiency

Critical Thinking Questions

5 Elasticity

Learning Objectives

Price Elasticity of Demand

Slope and Elasticity

Types of Elasticity

Calculating Elasticities

Calculating Percentage Changes

Elasticity Is a Ratio of Percentages

The Midpoint Formula

Point Elasticity

Elasticity Changes along a Straight-Line Demand Curve

Elasticity and Total Revenue

The Determinants of Demand Elasticity

Availability of Substitutes

The Importance of Being Unimportant

Luxuries versus Necessities

The Time Dimension

Other Important Elasticities

Income Elasticity of Demand

Cross-Price Elasticity of Demand

Elasticity of Supply

What Happens when We Raise Taxes: Using Elasticity

Looking Ahead

Summary

5.1 Price Elasticity of Demand p. 93

5.2 Calculating Elasticities p. 95

5.3 The Determinants of Demand Elasticity p. 101

5.4 Other Important Elasticities p. 103

5.5 What Happens When we Raise Taxes: Using Elasticity p. 105

Review Terms and Concepts

Problems

5.1 Price Elasticity of Demand

5.2 Calculating Elasticities

5.3 The Determinants of Demand Elasticity

5.4 Other Important Elasticities

5.5 What Happens When we Raise Taxes: Using Elasticity

Critical Thinking Questions

Part II The Market System Choices Made by Households and Firms

6 Household Behavior and Consumer Choice

Learning Objectives

Household Choice in Output Markets

The Determinants of Household Demand

The Budget Constraint

Preferences, Tastes, Trade-Offs, and Opportunity Cost

The Budget Constraint More Formally

The Equation of the Budget Constraint

Budget Constraints Change When Prices Rise or Fall

The Basis of Choice: Utility

Diminishing Marginal Utility

Allocating Income to Maximize Utility

The Utility-Maximizing Rule

Diminishing Marginal Utility and Downward-Sloping Demand

Income and Substitution Effects

The Income Effect

The Substitution Effect

Household Choice in Input Markets

The Labor Supply Decision

The Price of Leisure

Income and Substitution Effects of a Wage Change

Saving and Borrowing: Present versus Future Consumption

A Review: Households in Output and Input Markets

Summary

6.1 Household Choice in Output Markets p. 117

6.2 The Basis of Choice: Utility p. 121

6.3 Income and Substitution Effects p. 126

6.4 Household Choice in Input Markets p. 128

Review Terms and Concepts

Problems

6.1 Household Choice in Output Markets

6.2 The Basis of Choice: Utility

6.3 Income and Substitution Effects

6.4 Household Choice in Input Markets

Critical Thinking Questions

Chapter 6 Appendix: Indifference Curves

Assumptions

Deriving Indifference Curves

Properties of Indifference Curves

Consumer Choice

Deriving a Demand Curve from Indifference Curves and Budget Constraints

Appendix Summary

Appendix Review Terms and Concepts

Appendix Problems

Appendix 6A: Indifference Curves

7 The Production Process: The Behavior of Profit-Maximizing Firms

Learning Objectives

The Behavior of Profit-Maximizing Firms

Profits and Economic Costs

Normal Rate of Return

Short-Run versus Long-Run Decisions

The Bases of Decisions: Market Price of Outputs, Available Technology, and Input Prices

The Production Process

Production Functions: Total Product, Marginal Product, and Average Product

Marginal Product and the Law of Diminishing Returns

Marginal Product versus Average Product

Production Functions with Two Variable Factors of Production

Choice of Technology

Looking Ahead: Cost and Supply

Summary

7.1 The Behavior of Profit-Maximizing Firms p. 146

7.2 The Production Process p. 150

7.3 Choice of Technology p. 154

Review Terms and Concepts

Problems

7.1 The Behavior of Profit-Maximizing Firms

7.2 The Production Process

7.3 Choice of Technology

Critical Thinking Questions

Chapter 7 Appendix: Isoquants and Isocosts

New Look at Technology: Isoquants

Factor Prices and Input Combinations: Isocosts

Finding the Least-Cost Technology with Isoquants and Isocosts

The Cost-Minimizing Equilibrium Condition

Appendix Summary

Appendix Review Terms and Concepts

Appendix Problems

Appendix 7A: Isoquants and Isocosts

8 Short-Run Costs and Output Decisions

Learning Objectives

Costs in the Short Run

Fixed Costs

Total Fixed Cost (TFC)

Average Fixed Cost (AFC)

Variable Costs

Total Variable Cost (TVC)

Marginal Cost (MC)

The Shape of the Marginal Cost Curve in the Short Run

Graphing Total Variable Costs and Marginal Costs

Average Variable Cost (AVC)

Graphing Average Variable Costs and Marginal Costs

Total Costs

Average Total Cost (ATC)

The Relationship between Average Total Cost and Marginal Cost

Short-Run Costs: A Review

Output Decisions: Revenues, Costs, and Profit Maximization

Perfect Competition

Total Revenue and Marginal Revenue

Comparing Costs and Revenues to Maximize Profit

The Profit-Maximizing Level of Output

A Numerical Example

The Short-Run Supply Curve

Looking Ahead

Summary

8.1 Costs in the Short Run p. 169

8.2 Output Decisions: Revenues, Costs, and Profit Maximization p. 179

Review Terms and Concepts

Problems

8.1 Costs in the Short Run

8.2 Output Decisions: Revenues, Costs, and Profit Maximization

Critical Thinking Questions

9 Long-Run Costs and Output Decisions

Learning Objectives

Short-Run Conditions and Long-Run Directions

Maximizing Profits

Example: The Blue Velvet Car Wash

Graphic Presentation

Minimizing Losses

Producing at a Loss to Offset Fixed Costs

The Short-Run Industry Supply Curve

Long-Run Directions: A Review

Long-Run Costs: Economies and Diseconomies of Scale

Increasing Returns to Scale

The Sources of Economies of Scale

Constant Returns to Scale

Diseconomies of Scale

U-Shaped Long-Run Average Costs

Long-Run Adjustments to Short-Run Conditions

Short-Run Profits: Moves In and Out of Equilibrium

The Long-Run Adjustment Mechanism: Investment Flows Toward Profit Opportunities

Output Markets: A Final Word

Summary

9.1 Short-Run Conditions and Long-Run Directions p. 189

9.2 Long-Run Costs: Economies and Diseconomies of Scale p. 194

9.3 Long-Run Adjustments to Short-Run Conditions p. 199

Review Terms and Concepts

Problems

9.1 Short-Run Conditions and Long-Run Directions

9.2 Long-Run Costs: Economies and Diseconomies of Scale

9.3 Long-Run Adjustments to Short-Run Conditions

Critical Thinking Questions

Chapter 9 Appendix: External Economies and Diseconomies

The Long-Run Industry Supply Curve

Appendix Summary

External Economies and Diseconomies p. 208

The Long-run Industry Supply Curve p. 209

Appendix Review Terms And Concepts

Appendix Problems

Appendix 9A: External Economies and Diseconomies and the Long-run Industry Supply Curve

10 Input Demand: The Labor and Land Markets

Learning Objectives

Input Markets: Basic Concepts

Demand for Inputs: A Derived Demand

Marginal Revenue Product

Labor Supply

Labor Markets

The Firm’s Labor Market Decision

Comparing Marginal Revenue and Marginal Cost to Maximize Profits

Many Labor Markets

Land Markets

Rent and the Value of Output Produced on Land

Input Demand Curves

Shifts in Factor Demand Curves

The Demand for Outputs

The Quantity of Complementary and Substitutable Inputs

The Prices of Other Inputs

Technological Change

Profit-maximizing Condition in Input Markets

Looking Ahead

Summary

10.1 Input Markets: Basic Concepts p. 213

10.2 Labor Markets p. 217

10.3 Land Markets p. 219

10.4 Input Demand Curves p. 221

10.5 The Firm’S Profit-Maximizing Condition in Input Markets p. 223

Review Terms and Concepts

Problems

10.1 Input Markets: Basic Concepts

10.2 Labor Markets

10.3 Land Markets

10.4 Input Demand Curves

10.5 The Firm’s Profit-Maximizing Condition in Input Markets

Critical Thinking Questions

11 Input Demand: The Capital Market and the Investment Decision

Learning Objectives

Capital and Investment

Capital

Tangible Capital

Social Capital: Infrastructure

Intangible Capital

Measuring Capital

The Demand for New Capital and the Investment Decision

Forming Expectations

The Expected Benefits of Investments: Accounting for Risks

Comparing Costs and Expected Returns

The Capital Market

Capital Income: Interest and Profits

Interest

Profits

Functions of Interest and Profit

Financial Markets in Action

Case A: Business Loans

Case B: Venture Capital

Case C: Retained Earnings

Case D: The Stock Market

Capital Accumulation and Allocation

A Final Word on Capital

Summary

11.1 Capital and Investment p. 229

11.2 The Demand for New Capital and the Investment Decision p. 230

11.3 The Capital Market p. 234

Review Terms and Concepts

Problems

11.1 Capital and Investment

11.2 The Demand for New Capital and the Investment Decision

11.3 The Capital Market

Critical Thinking Questions

Chapter 11 Appendix Calculating Present Value

Present Value

Lower Interest Rates, Higher Present Values

Appendix Summary

Appendix Review Terms and Concepts

Appendix Problems

Appendix: 11A Calculating Present Value

12 General Equilibrium and the Efficiency of Perfect Competition

Learning Objectives

Market Adjustment to Changes in Demand

Allocative Efficiency and Competitive Equilibrium

Pareto Efficiency

Example: Budget Cuts in Massachusetts

The Efficiency of Perfect Competition

Efficient Allocation of Resources Among Firms

Efficient Distribution of Outputs Among Households

Producing What People Want: The Efficient Mix of Output

Perfect Competition versus Real Markets

The Sources of Market Failure

Imperfect Competition

Public Goods

Externalities

Imperfect Information

Evaluating the Market Mechanism

Summary

12.1 Market Adjustment to Changes in Demand p. 250

12.2 Allocative Efficiency and Competitive Equilibrium p. 252

12.3 The Sources of Market Failure p. 258

12.4 Evaluating the Market Mechanism p. 260

Review Terms and Concepts

Problems

12.1 Market Adjustments to Changes in Demand

12.2 Allocative Efficiency and Competitive Equilibrium

12.3 The Sources of Market Failure

Critical Thinking Questions

Part III Market Imperfections and the Role of Government

13 Monopoly and Antitrust Policy

Learning Objectives

Imperfect Competition and Market Power: Core Concepts

Forms of Imperfect Competition and Market Boundaries

Price and Output Decisions in Pure Monopoly Markets

Demand in Monopoly Markets

Marginal Revenue and Market Demand

The Monopolist’s Profit-Maximizing Price and Output

The Absence of a Supply Curve in Monopoly

Perfect Competition and Monopoly Compared

Monopoly in the Long Run: Barriers to Entry

Economies of Scale

Patents

Government Rules

Ownership of a Scarce Factor of Production

Network Effects

The Social Costs of Monopoly

Inefficiency and Consumer Loss

Rent-Seeking Behavior

Price Discrimination

Examples of Price Discrimination

Remedies for Monopoly: Antitrust Policy

Major Antitrust Legislation

The Sherman Act of 1890

The Clayton Act and the Federal Trade Commission, 1914

Imperfect Markets: A Review and a Look Ahead

Summary

13.1 Imperfect Competition and Market Power: Core Concepts p. 265

13.2 Price and Output Decisions in Pure Monopoly Markets p. 266

13.3 The Social Costs of Monopoly p. 276

13.4 Price Discrimination p. 279

13.5 Remedies for Monopoly: Antitrust Policy p. 282

Review Terms and Concepts

Problems

13.1 Imperfect Competition and Market Power: Core Concepts

13.2 Price and Output Decisions in Pure Monopoly Markets

13.3 The Social Costs of Monopoly

13.4 Price Discrimination

13.5 Remedies for Monopoly: Antitrust Policy

Critical Thinking Question

14 Oligopoly

Learning Objectives

Market Structure in an Oligopoly

Oligopoly Models

The Collusion Model

The Price-Leadership Model

The Cournot Model

Game Theory

Repeated Games

A Game with Many Players: Collective Action Can Be Blocked by a Prisoner’s Dilemma

Oligopoly and Economic Performance

Industrial Concentration and Technological Change

The Role of Government

Regulation of Mergers

A Proper Role for Government?

Summary

14.1 Market Structure in an Oligopoly p. 290

14.2 Oligopoly Models p. 293

14.3 Game Theory p. 298

14.4 Oligopoly and Economic Performance p. 303

14.5 The Role of Government p. 305

Review Terms and Concepts

Problems

14.1 Market Structure in an Oligopoly

14.2 Oligopoly Models

14.3 Game Theory

14.4 Oligopoly and Economic Performance

14.5 The Role of Government

Critical Thinking Questions

15 Monopolistic Competition

Learning Objectives

Industry Characteristics

Product Differentiation and Advertising

How Many Varieties?

How Do Firms Differentiate Products?

Advertising

The Case for Advertising

The Case against Product Differentiation and Advertising

Open Questions

Price and Output Determination in Monopolistic Competition

Product Differentiation and Demand Elasticity

Price/Output Determination in the Short Run

Price/Output Determination in the Long Run

Economic Efficiency and Resource Allocation

Summary

15.1 Industry Characteristics p. 313

15.2 Product Differentiation and Advertising p. 314

15.3 Price and Output Determination in Monopolistic Competition p. 321

15.4 Economic Efficieny and Resource Allocation p. 323

Review Terms and Concepts

Problems

15.1 Industry Characteristics

15.2 Product Differentiation and Advertising

15.3 Price and Output Determination in Monopolistic Competition

15.4 Economic Efficiency and Resource Allocation

Critical Thinking Questions

16 Externalities, Public Goods, and Common Resources

Learning Objectives

Externalities and Environmental Economics

Marginal Social Cost and Marginal Cost Pricing

Acid Rain and the Clean Air Act

Other Externalities

Some Examples of Positive Externalities

Costs and Benefits of Pollution

Internalizing Externalities

Private Bargaining and Negotiation

Environmental Standards

Taxes and Subsidies

Measuring Social Costs

Subsidizing External Benefits

Tradeable Emissions Permits: Selling or Auctioning Pollution Rights

Public (Social) Goods

The Characteristics of Public Goods

Public Provision of Public Goods

Optimal Provision of Public Goods

The Samuelson–Musgrave Theory

The Problems of Optimal Provision

Local Provision of Public Goods: Tiebout Hypothesis

Common Resources

Summary

16.1 Externalities and Environmental Economics p. 328

16.2 Public (Social) Goods p. 341

16.3 Common Resources p. 345

Review Terms and Concepts

Problems

16.1 Externalities and Environmental Economics

16.2 Public (Social) Goods

16.3 Common Resources

Critical Thinking Questions

17 Uncertainty and Asymmetric Information

Learning Objectives

Decision Making Under Uncertainty: The Tools

Expected Value

Expected Utility

Attitudes Toward Risk

Asymmetric Information

Adverse Selection

Adverse Selection and Lemons

Adverse Selection and Insurance

Reducing Adverse Selection Problems

Market Signaling

Moral Hazard

Incentives

Labor Market Incentives

Summary

17.1 Decision Making Under Uncertainty: The Tools p. 351

17.2 Asymmetric Information p. 355

17.3 Incentives p. 361

Review Terms and Concepts

Problems

17.1 Decision Making Under Uncertainty: The Tools

17.2 Asymmetric Information

17.3 Incentives

Critical Thinking Questions

18 Income Distribution and Poverty

Learning Objectives

The Sources of Household Income

Wages and Salaries

Income from Property

Income from the Government: Transfer Payments

The Distribution of Market Income

Income Inequality in the United States

Changes in the Distribution of Income

The Lorenz Curve and the Gini Coefficient

Causes of Inequality in Market Income

Inequality in Wage Income

Required Skills and Human Capital

Compensating Differentials

Discrimination

Household Composition

Inequality in Property Income

Arguments for and Against Reducing Market-Income Inequality

Arguments Against Redistribution

Arguments in Favor of Redistribution

Social Obligations

Utilitarian Justice

Social Contract Theory—Rawlsian Justice

Redistribution of Income Through Taxes and Transfers

The Tax System

Income Taxes

The Earned Income Tax Credit (EITC)

The Transfer System

Social Security

Temporary Assistance to Needy Families (TANF)

Unemployment Compensation

Health Care: Medicaid and Medicare

Supplemental Nutrition Assistance Program (SNAP)

Housing Programs

Redistribution Effects of Taxes and Transfers in 2013

Change in U.S. Inequality Over Time: 1979–2013

Poverty

The Minimum Wage

The Distribution of Wealth

Income Inequality in Other Countries

Government or the Market? A Review

Summary

18.1 The Sources of Household Income p. 367

18.2 The Distribution of Market Income p. 367

18.3 Causes of Inequality in Market Income p. 369

18.4 Arguments for and Against Reducing Market-Income Inequality p. 375

18.5 Redistribution of Income Through Taxes and Transfers p. 377

18.6 Poverty p. 382

18.7 The Minimum Wage p. 383

18.8 The Distribution of Wealth p. 384

18.9 Income Inequality in Other Countries p. 384

Review Terms and Concepts

Problems

18.1 The Sources of Household Income

18.2 The Distribution of Market Income

18.3 Causes of Inequality in Market Income

18.4 Arguments for and Against Reducing Market-Income Inequality

18.5 Redistribution of Income Through Taxes and Transfers

18.6 Poverty

18.7 The Minimum Wage

18.8 The Distribution of Wealth

18.9 Income Inequality in Other Countries

Critical Thinking Questions

19 Public Finance: The Economics of Taxation

Learning Objectives

The Basics of Taxation

Taxes: Basic Concepts

Taxes on Stocks versus Taxes on Flows

Proportional, Progressive, and Regressive Taxes

Marginal versus Average Tax Rates

How Much Does a Deduction Save You in Taxes?

Tax Incidence: Who Pays?

The Incidence of Payroll Taxes

Labor Supply and Labor Demand Curves in Perfect Competition: A Review

Imposing a Payroll Tax: Who Pays?

The Incidence of Corporate Profits Taxes

Burden of the Corporate Tax

The Overall Incidence of Taxes in the United States: Empirical Evidence

Excess Burdens and the Principle of Neutrality

Measuring Excess Burdens

Excess Burdens and the Degree of Distortion

The Principle of Second Best

Optimal Taxation

Tax Equity

What Is the “Best” Tax Base?

Income versus Consumption as the Best Tax Base

Wealth as the Best Tax Base

No Simple Answer

Social Choice

The Voting Paradox

Government Inefficiency: Theory of Public Choice

Rent-Seeking Revisited

Summary

19.1 The Basics of Taxation p. 391

19.2 Tax Incidence: Who Pays? p. 394

19.3 Excess Burdens and the Principle of Neutrality p. 399

19.4 The Principle of Second Best p. 402

19.5 Tax Equity p. 402

19.6 Social Choice p. 405

Review Terms and Concepts

Problems

19.1 The Basics of Taxation

19.2 Tax Incidence: Who Pays?

19.3 Excess Burdens and the Principle of Neutrality

19.4 The Principle of Second Best

19.5 Tax Equity

19.6 Social Choice

Critical Thinking Questions

Part IV The World Economy

20 International Trade, Comparative Advantage, and Protectionism

Learning Objectives

Trade Surpluses and Deficits

The Economic Basis for Trade: Comparative Advantage

Absolute Advantage versus Comparative Advantage

Gains from Mutual Absolute Advantage

Gains from Comparative Advantage

Why Does Ricardo’s Plan Work?

Terms of Trade

Exchange Rates

Trade and Exchange Rates in a Two-Country/Two-Good World

Exchange Rates and Comparative Advantage

The Sources of Comparative Advantage

The Heckscher-Ohlin Theorem

Other Explanations for Observed Trade Flows

Trade Barriers: Tariffs, Export Subsidies, and Quotas

U.S. Trade Policies, GATT, and the WTO

Economic Integration

Free Trade or Protection?

The Case for Free Trade

The Case for Protection

Protection Saves Jobs

Some Countries Engage in Unfair Trade Practices

Cheap Foreign Labor Makes Competition Unfair

Protection Safeguards National Security

Protection Discourages Dependency

Environmental Concerns

Protection Safeguards Infant Industries

An Economic Consensus

Summary

20.1 Trade Surpluses and Deficits p. 413

20.2 The Economic Basis For Trade: Comparative Advantage p. 413

20.3 The Sources of Comparative Advantage p. 421

20.4 Trade Barriers: Tariffs, Export Subsidies, and Quotas p. 422

20.5 Free Trade or Protection? p. 426

Review Terms and Concepts

Problems

20.1 Trade Surpluses and Deficits

20.2 The Economic Basis For Trade: Comparative Advantage

20.3 The Sources of Comparative Advantage

20.4 Trade Barriers: Tariffs, Export Subsidies, and Quotas

20.5 Free Trade or Protection?

Critical Thinking Questions

21 Economic Growth in Developing Economies

Learning Objectives

Life in the Developing Nations: Population and Poverty

Economic Development: Sources and Strategies

The Sources of Economic Development

Capital Formation

Human Resources and Entrepreneurial Ability

Infrastructure Capital

Strategies for Economic Development

The Role of Government

The Movement from Agriculture to Industry

Exports or Import Substitution?

Microfinance

Two Examples of Development: China and India

Development Interventions

Random and Natural Experiments: Some New Techniques in Economic Development

Education Ideas

Health Improvements

Summary

21.1 Life in the Developing Nations: Population and Poverty p. 437

21.2 Economic Development: Sources and Strategies p. 438

21.3 Development Interventions p. 447

Review Terms and Concepts

Problems

21.1 Life in the Developing Nations: Population and Poverty

21.2 Economic Development: Sources and Strategies

21.3 Development Interventions

Critical Thinking Questions

Part V Methodology

22 Critical Thinking about Research

Learning Objectives

Selection Bias

Causality

Correlation versus Causation

Random Experiments

Regression Discontinuity

Difference-in-Differences

Statistical Significance

Regression Analysis

Summary

22.1 Selection Bias p. 454

22.2 Causality p. 455

22.3 Statistical Significance p. 462

22.4 Regression Analysis p. 463

Review Terms and Concepts

Problems

22.1 Selection Bias

22.2 Causality

22.3 Statistical Significance

22.4 Regression Analysis

Critical Thinking Questions

Glossary

Index

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