K E Case - principles of economics -10th edition

... 508 The Money Multiplier 510 The Federal Reserve System 511 Functions of the Federal Reserve 512 Expanded Fed Activities Beginning in 2008 513 The Federal Reserve Balance Sheet 513 How the Federal ... unusual nature of both the events leading up to it and some of the remedies employed by the govern- ment to deal with it. Ⴇ In June 2010, the balance sheet of the Federal Reserve had ass...

Ngày tải lên: 09/04/2014, 13:16

... resources efficiently. One possible cause of market failure is an externality. An externality is the im- pact of one person’s actions on the well-being of a bystander. The classic example of an external ... classic example of an external benefit is the creation of knowledge. When a scientist makes an important discovery, he produces a valuable resource that other people can use. I...

Ngày tải lên: 09/04/2014, 14:31

... reviewers recorded their day-to-day experience over the course of a semester, offering detailed suggestions about how to improve the text. John Crooker, University of Central Missouri Rachel Friedberg, ... assembling an extensive and thoughtful group of reviewers to give me feedback on the previous edition, while putting together an excellent team to revise the supplements. Colleen Far...

Ngày tải lên: 09/04/2014, 14:41

... com- plete equalization of incomes because they accept one of the Ten Principles of Economics presented in Chapter 1: People respond to incentives. To take from Peter to pay Paul, the government ... not take account of these in-kind transfers. Because in-kind transfers are received mostly by the poorest members of soci- ety, the failure to include in-kind transfers as part of...

Ngày tải lên: 18/10/2013, 00:15

... periods of time, does in fact slope backward. A hun- dred years ago many people worked six days a week. Today five-day workweeks are the norm. At the same time that the length of the workweek ... the potatoes have become more expensive relative to meat, the substitution effect makes the consumer want to buy more meat and less potatoes. In this particular case, however, the income ef- fec...

Ngày tải lên: 24/10/2013, 18:15

... higher expenditure, GDP per per- son seems a natural measure of the economic well-being of the average individual. Yet some people dispute the validity of GDP as a measure of well-being. When Senator ... the price level increased by 71 percent. The GDP deflator is one measure that economists use to monitor the average level of prices in the economy. We examine another—the consumer p...

Ngày tải lên: 29/10/2013, 01:15

... because people prefer higher to lower incomes. But it is not a perfect measure of well-being. For example, GDP excludes the value of leisure and the value of a clean environment. Key Concepts microeconomics, ... cate- gories—say, women’s tops. The price- taker then asks a store employee to help zero in on an item of the price-taker’s choosing. They narrow to the size of the top, its...

Ngày tải lên: 29/10/2013, 01:15

... policies have the benefit of achieving greater equity, they have a cost in terms of reduced effi- ciency. When the government redistributes income from the rich to the poor, it re- duces the reward ... higher. At the same time, apple orchards decide to hire more workers and harvest more apples, be- cause the benefit of selling an apple is also higher. As we will see, the effect of pri...

Ngày tải lên: 08/11/2013, 00:15

... and unemployment that the economy experiences. Because these instruments of Phillips curve a curve that shows the short-run tradeoff between inflation and unemployment CHAPTER 1 TEN PRINCIPLES OF ECONOMICS ... CHAPTER 1 TEN PRINCIPLES OF ECONOMICS 13 In the 1980s and 1990s, for example, much debate in the United States centered on the government’s budget deficit—the excess of...

Ngày tải lên: 08/11/2013, 00:15