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- Full title: 3N3-EBK: PRINCIPLES OF MACROECONOMICS 8CE, 8th Edition
- Edition: 8th
- Copyright year: 2020
- Publisher: Cengage Learning Canada Inc.
- Author: Mankiw, Kneebone, McKenzie
- ISBN: 9780176872830, 9780176888237
- Format: PDF
Description of 3N3-EBK: PRINCIPLES OF MACROECONOMICS 8CE, 8th Edition:
Principles of Macroeconomics, Eighth Canadian Edition is designed with the student experience in mind by providing a breakdown of concepts and emphasizing big ideas throughout its entirety. As the market leader, it continues to be the most widely-used text in an economics classroom, perfectly complementing instructor teachings. Students can expect to receive a constructive understanding of economic practices through real-world context, as it consistently relays economic theory through applications. The 8th edition continues this approach while lessening the mathematical details without losing rigour. It provides students with a foundation to continue on to advanced work in economics but also speaks to those who may pursue another discipline. Figures in the book have been updated with recent data from Statistics Canada. New “Ask the Experts” boxes feature opinions from the world’s most prominent economists, including topics such as minimum wage impact and trade deals. Mankiw emphasizes big-picture ideas, ensuring students are grounded in the key concepts and principles that every first-year student should know in order to flourish.
Table of Contents of 3N3-EBK: PRINCIPLES OF MACROECONOMICS 8CE, 8th Edition PDF ebook:
CoverTitleCopyrightAbout the AuthorsBrief ContentsContentsPrefaceAcknowledgmentsPART 1 INTRODUCTIONCHAPTER 1 Ten Principles of Economics1-1 How People Make Decisions1-1a Principle #1: People Face Tradeoffs1-1b Principle #2: The Cost of Something Is What You Give Up to Get It1-1c Principle #3: Rational People Think at the Margin1-1d Principle #4: People Respond to IncentivesIn the News: Even Criminals Respond to IncentivesCase Study: Ready, Set, Go . . .1-2 How People Interact1-2a Principle #5: Trade Can Make Everyone Better Off1-2b Principle #6: Markets Are Usually a Good Way to Organize Economic ActivityCase Study: Adam Smith Would Have Loved Uber1-2c Principle #7: Governments Can Sometimes Improve Market Outcomes1-3 How the Economy as a Whole Works1-3a Principle #8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Services1-3b Principle #9: Prices Rise When the Government Prints Too Much Money1-3c Principle #10: Society Faces a Short-Run Tradeoff between Inflation and Unemployment1-4 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsCHAPTER 2 Thinking Like an Economist2-1 The Economist as Scientist2-1a The Scientific Method: Observation, Theory, and More Observation2-1b The Role of Assumptions2-1c Economic Models2-1d Our First Model: The Circular-Flow Diagram2-1e Our Second Model: The Production Possibilities Frontier2-1f Microeconomics and Macroeconomics2-2 The Economist as Policy Adviser2-2a Positive versus Normative Analysis2-2b Economists in Ottawa2-2c Why Economists’ Advice Is Not Always Followed2-3 Why Economists Disagree2-3a Differences in Scientific Judgments2-3b Differences in Values2-3c Perception versus RealityAsk the Experts: Ticket Resale2-4 Let’s Get GoingSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsAppendix Graphing: A Brief ReviewGraphs of a Single VariableGraphs of Two Variables: The Coordinate SystemCurves in the Coordinate SystemSlopeGraphing FunctionsCause and EffectOmitted VariablesReverse CausalityProblems and ApplicationsCHAPTER 3 Interdependence and the Gains from Trade3-1 A Parable for the Modern Economy3-1a Production Possibilities3-1b Specialization and Trade3-2 Comparative Advantage: The Driving Force of Specialization3-2a Absolute Advantage3-2b Opportunity Cost and Comparative Advantage3-2c Comparative Advantage and TradeFYI: The Legacy of Adam Smith and David Ricardo3-2d The Price of Trade3-3 Applications of Comparative Advantage3-3a Should Connor McDavid Shovel His Own Sidewalk?In the News: The Future of Free Trade in Canada3-3b Should Canada Trade with Other Countries?Ask the Experts: Trade with China3-4 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsPART 2 HOW MARKETS WORKCHAPTER 4 The Market Forces of Supply and Demand4-1 Markets and Competition4-1a What Is a Market?4-1b What Is Competition?4-2 Demand4-2a The Demand Curve: The Relationship between Price and Quantity Demanded4-2b Market Demand versus Individual Demand4-2c Shifts in the Demand CurveCase Study: Two Ways to Reduce the Quantity of Smoking Demanded4-3 Supply4-3a The Supply Curve: The Relationship between Price and Quantity Supplied4-3b Market Supply versus Individual Supply4-3c Shifts in the Supply Curve4-4 Supply and Demand Together4-4a Equilibrium4-4b Three Steps to Analyzing Changes in EquilibriumCase Study: Marijuana LegalizationIn the News: Supply, Demand, and Technology4-5 Conclusion: How Prices Allocate ResourcesSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsAppendix the Mathematics of Market equilibriumProblems and ApplicationsPART 3 THE DATA OF MACROECONOMICSCHAPTER 5 Measuring a Nation’s Income5-1 The Economy’s Income and Expenditure5-2 the Measurement of Gross Domestic product5-2a “GDP Is the Market Value ”5-2b “ Of All ”5-2c “ Final ”5-2d “ Goods and Services ”5-2e “ Produced ”5-2f “ Within a Country ”5-2g “ In a Given Period of Time”5-3 the Components of GDP5-3a Consumption5-3b Investment5-3c Government Purchases5-3d Net ExportsCase Study: The Components of Canadian GDP5-4 real versus Nominal GDP5-4a A Numerical Example5-4b The GDP DeflatorCase Study: Real GDP over Recent History5-5 GDp and Economic Well-BeingFYI: Canada’s Official Poverty LineCase Study: Measuring Economic Well-Being in CanadaCase Study: International Differences in GDP and the Quality of LifeIn the News: Identifying the 1 Percent5-6 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsCHAPTER 6 Measuring the Cost of Living6-1 The Consumer Price Index6-1a How the Consumer Price Index Is Calculated6-1b Problems in Measuring the Cost of LivingFYI: What Is in the CPI’s Basket?6-1c The GDP Deflator versus the Consumer Price Index6-2 Correcting Economic Variables for the Effects of Inflation6-2a Dollar Figures from Different TimesFYI: The Bank of Canada’s Inflation CalculatorCase Study: Mr. Index Goes to Hollywood6-2b Indexation6-2c Real and Nominal Interest RatesCase Study: Interest Rates in the Canadian Economy6-3 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsPART 4 THE REAL ECONOMY IN THE LONG RUNCHAPTER 7 Production and Growth7-1 Economic Growth Around the WorldFYI: Are You Richer Than the Richest American?7-2 Productivity: Its Role and Determinants7-2a Why Productivity Is So Important7-2b How Productivity Is DeterminedFYI: The Production FunctionCase Study: Are Natural Resources a Limit to Growth?7-3 Economic Growth and Public Policy7-3a The Importance of Saving, Investment, and Stable Financial Markets7-3b Diminishing Returns and the Catch-Up Effect7-3c Investment from Abroad7-3d EducationIn the News: Using Experiments to Evaluate Aid7-3e Health and Nutrition7-3f Property Rights and Political Stability7-3g Free TradeIn the News: One Economist’s Answer7-3h Research and DevelopmentCase Study: Productivity Slowdowns and Speedups7-3i Population GrowthAsk the Experts: Innovation and Growth7-4 Conclusion: The Importance of Long-Run GrowthSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsCHAPTER 8 Saving, Investment, and the Financial System8-1 Financial Institutions in the Canadian Economy8-1a Financial MarketsFYI: How to Read Stock Tables8-1b Financial Intermediaries8-1c Summing Up8-2 Saving and Investment in the National Income AccountsFYI: Financial Institutions in Crisis8-2a Some Important Identities8-2b The Meaning of Saving and Investment8-3 The Market for Loanable Funds8-3a Supply and Demand for Loanable Funds8-3b Policy 1: Saving Incentives8-3c Policy 2: Investment Incentives8-3d Policy 3: Government Budget Deficits and SurplusesAsk the Experts: Fiscal Policy and SavingCase Study: The Accumulation of Government Debt in CanadaFYI: How Large Is Government Debt?8-4 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsCHAPTER 9 Unemployment and Its Natural Rate9-1 Identifying Unemployment9-1a How Is Unemployment Measured?Case Study: Labour-Force Participation of Women in the Canadian Economy9-1b Does the Unemployment Rate Measure What We Want It To?FYI: The Employment Rate9-1c How Long Are the Unemployed without Work?9-1d Why Are There Always Some People Unemployed?FYI: A Tale of Two Recessions9-2 Job Search9-2a Why Some Frictional Unemployment Is Inevitable9-2b Public Policy and Job Search9-2c Employment Insurance9-3 Minimum-Wage LawsFYI: Who Earns the Minimum Wage?9-4 Unions and Collective Bargaining9-4a The Economics of Unions9-4b Are Unions Good or Bad for the Economy?9-5 The Theory of Efficiency Wages9-5a Worker Health9-5b Worker Turnover9-5c Worker Effort9-5d Worker QualityCase Study: Henry Ford and the Very Generous $5-a-Day WageFYI: Minimum, Efficiency, and Living Wages9-6 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsPART 5 MONEY AND PRICES IN THE LONG RUNCHAPTER 10 The Monetary System10-1 The Meaning of Money10-1a The Functions of Money10-1b The Kinds of Money10-1c Money in the Canadian EconomyIn the News: Why Gold?FYI: Credit Cards, Debit Cards, and MoneyCase Study: Where Is All the Currency?10-2 The Bank of Canada10-2a The Bank of Canada Act10-2b Monetary Policy10-3 Commercial Banks and the Money Supply10-3a The Simple Case of 100 Percent-Reserve Banking10-3b Money Creation with Fractional-Reserve Banking10-3c The Money Multiplier10-3d Bank Capital, Leverage, and the Financial Crisis of 20070910-3e The Bank of Canada’s Tools of Monetary Control10-3f Problems in Controlling the Money SupplyFYI: The Bank of Canada’s Response to the 200709 Financial CrisisCase Study: Bank Runs and the Money Supply10-4 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsCHAPTER 11 Money Growth and Inflation11-1 The Classical Theory of Inflation11-1a The Level of Prices and the Value of Money11-1b Money Supply, Money Demand, and Monetary Equilibrium11-1c The Effects of a Monetary Injection11-1d A Brief Look at the Adjustment Process11-1e The Classical Dichotomy and Monetary Neutrality11-1f Velocity and the Quantity EquationCase Study: Money and Prices during Hyperinflations11-1g The Inflation TaxFYI: Hyperinflation in Zimbabwe11-1h The Fisher Effect11-2 The Costs of Inflation11-2a A Fall in Purchasing Power? The Inflation Fallacy11-2b Shoeleather Costs11-2c Menu Costs11-2d Relative-Price Variability and the Misallocation of Resources11-2e Inflation-Induced Tax Distortions11-2f Confusion and Inconvenience11-2g A Special Cost of Unexpected Inflation: Arbitrary Redistributions of Wealth11-2h Inflation Is Bad, but Deflation May Be WorseCase Study: Money Growth, Inflation, and the Bank of CanadaFYI: Total and Core Inflation and the Bank of Canada’s Inflation Target11-3 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsPART 6 THE MACROECONOMICS OF OPEN ECONOMIESCHAPTER 12 Open-Economy Macroeconomics: Basic Concepts12-1 The International Flows of Goods and Capital12-1a The Flow of Goods: Exports, Imports, and Net ExportsCase Study: The Increasing Openness of the Canadian EconomyAsk the Experts: Steel and Aluminum Tariffs12-1b The Flow of Financial Resources: Net Capital OutflowIn the News: Breaking Up the Chain of Production12-1c The Equality of Net Exports and Net Capital OutflowFYI: The Current Account Balance12-1d Saving, Investment, and Their Relationship to the International Flows12-1e Summing UpCase Study: Saving, Investment, and Net Capital Outflow of Canada12-2 The Prices For International Transactions: Real and Nominal Exchange Rates12-2a Nominal Exchange Rates12-2b Real Exchange RatesFYI: The Value of the Canadian DollarFYI: The Euro12-3 A First Theory of Exchange-Rate Determination: Purchasing-Power Parity12-3a The Basic Logic of Purchasing-Power Parity12-3b Implications of Purchasing-Power ParityCase Study: The Nominal Exchange Rate during a Hyperinflation12-3c Limitations of Purchasing-Power ParityCase Study: The Hamburger Standard12-4 Interest Rate Determination in a Small Open Economy with Perfect Capital Mobility12-4a A Small Open Economy12-4b Perfect Capital Mobility12-4c Limitations to Interest Rate Parity12-5 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsCHAPTER 13 A Macroeconomic Theory of the Small Open Economy13-1 Supply and Demand for Loanable Funds and for Foreign-Currency Exchange13-1a The Market for Loanable Funds13-1b The Market for Foreign-Currency Exchange13-1c Disentangling Supply and Demand in the Market for Foreign-Currency ExchangeFYI: Purchasing-Power Parity as a Special Case13-2 Equilibrium in the Small Open Economy13-2a Net Capital Outflow: The Link between the Two Markets13-2b Simultaneous Equilibrium in Two Markets13-3 How Policies and Events Affect a Small Open Economy13-3a Increase in World Interest RatesFYI: Negative Values of Net Capital Outflow13-3b Government Budget Deficits and Surpluses13-3c Trade Policy13-3d Political Instability and Capital FlightIn the News: The Open-Economy Trilemma13-3e Currency Manipulation13-4 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsPART 7 SHORT-RUN ECONOMIC FLUCTUATIONSCHAPTER 14 Aggregate Demand and Aggregate Supply14-1 Three Key Facts about Economic Fluctuations14-1a Fact 1: Economic Fluctuations Are Irregular and Unpredictable14-1b Fact 2: Most Macroeconomic Quantities Fluctuate Together14-1c Fact 3: As Output Falls, Unemployment Rises14-2 Explaining Short-Run Economic Fluctuations14-2a The Assumptions of Classical Economics14-2b The Reality of Short-Run Fluctuations14-2c The Model of Aggregate Demand and Aggregate SupplyIn the News: The Social Influences of Economic Downturns14-3 The Aggregate-Demand Curve14-3a Why the Aggregate-Demand Curve Slopes Downward14-3b Why the Aggregate-Demand Curve Might ShiftCase Study: Housing Wealth14-4 The Aggregate-Supply Curve14-4a Why the Aggregate-Supply Curve Is Vertical in the Long Run14-4b Why the Long-Run Aggregate-Supply Curve Might Shift14-4c Using Aggregate Demand and Aggregate Supply to Depict Long-Run Growth and Inflation14-4d Why the Aggregate-Supply Curve Slopes Upward in the Short Run14-4e Why the Short-Run Aggregate-Supply Curve Might Shift14-5 Two Causes of Economic Fluctuations14-5a The Effects of a Shift in Aggregate DemandFYI: Monetary Neutrality RevisitedCase Study: Big Shifts in Aggregate Demand: Two Depressions and World War IICase Study: The Recession of 20080914-5b The Effects of a Shift in Aggregate SupplyFYI: The Origins of Aggregate Demand and Aggregate SupplyCase Study: Oil and the Economy14-6 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsCHAPTER 15 The Influence of Monetary Policy on Aggregate Demand15-1 How Monetary Policy Influences Aggregate Demand15-1a The Theory of Liquidity Preference15-1b The Downward Slope of the Aggregate-Demand Curve15-1c Changes in the Money Supply15-1d Open-Economy ConsiderationsFYI: The Zero Lower BoundCase Study: Why Central Banks Watch the Stock Market (and Vice Versa)15-2 Using Monetary Policy to Stabilize the Economy15-2a The Case for Active Monetary Stabilization Policy15-2b The Case against Active Monetary Stabilization Policy15-2c The Flexible Exchange Rate as a StabilizerCase Study: The Monetary Policy Response to the Recession of 20070915-3 A Quick SummaryFYI: Interest Rates in the Long Run and the Short Run15-4 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsCHAPTER 16 The Influence of Fiscal Policy on Aggregate Demand16-1 How Fiscal Policy Influences Aggregate Demand16-1a Changes in Government Purchases16-1b The Multiplier Effect16-1c A Formula for the Spending Multiplier16-1d Other Applications of the Multiplier Effect16-1e The Crowding-Out Effect on Investment16-1f Open-Economy Considerations16-1g Changes in TaxesFYI: How Fiscal Policy Might Affect Aggregate Supply16-2 Using Fiscal Policy to Stabilize the Economy16-2a The Case for Active Fiscal Stabilization Policy16-2b The Case against Active Fiscal Stabilization PolicyFYI: How Large Is the Influence of Fiscal Policy on Aggregate Demand?16-2c Automatic StabilizersCase Study: The Fiscal Policy Recession of 20070916-3 A Quick Summary16-4 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsCHAPTER 17 The Short-Run Tradeoff between Inflation and Unemployment17-1 The Phillips Curve17-1a Origins of the Phillips Curve17-1b Aggregate Demand, Aggregate Supply, and the Phillips Curve17-2 Shifts in the Phillips Curve: The Role of Expectations17-2a The Long-Run Phillips Curve17-2b The Meaning of “Natural”17-2c Reconciling Theory and Evidence17-2d The Short-Run Phillips Curve17-2e The Natural Experiment for the Natural-Rate Hypothesis17-3 Shifts in the Phillips Curve: the Role of Supply Shocks17-4 The Cost of Reducing Inflation17-4a The Sacrifice Ratio17-4b Rational Expectations and the Possibility of Costless DisinflationFYI: Measuring Expectations of Inflation17-4c Disinflation in the 1980s17-4d The Zero-Inflation TargetIn the News: How to Keep Expected Inflation Low17-4e Anchored Expectations17-4f The 200809 Recession17-5 Looking Ahead17-6 ConclusionSummaryKey ConceptsQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsPART 8 FINAL THOUGHTSCHAPTER 18 Five Debates over Macroeconomic Policy18-1 Should Monetary and Fiscal Policymakers Try to Stabilize the Economy?18-1a Pro: Policymakers Should Try to Stabilize the Economy18-1b Con: Policymakers Should Not Try to Stabilize the Economy18-2 Should Monetary Policy Be Made by an Independent Central Bank?18-2a Pro: Monetary Policy Should Be Made by an Independent Central Bank18-2b Con: Monetary Policy Should Not Be Made by an Independent Central Bank18-3 Should the Central Bank Aim for Zero Inflation?18-3a Pro: The Central Bank Should Aim for Zero Inflation18-3b Con: The Central Bank Should Not Aim for Zero InflationFYI: Price-Level Targeting18-4 Should Governments Balance Their Budgets?18-4a Pro: Governments Should Balance Their Budgets18-4b Con: Governments Should Not Balance Their BudgetsFYI: Progress on Debt Reduction?18-5 Should the Tax Laws Be Reformed to Encourage Saving?18-5a Pro: The Tax Laws Should Be Reformed to Encourage Saving18-5b Con: The Tax Laws Should Not Be Reformed to Encourage Saving18-6 ConclusionSummaryQuestions for ReviewQuick Check Multiple ChoiceProblems and ApplicationsGlossaryIndex