N G Mankiw - Principles of economics 5th edition
Principles of economics 5th edition
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Library of Congress Control Number: 2008934555
ISBN-13: 97 8-0 -3 2 4-5 899 7-9
ISBN-10: 0-3 2 4-5 899 7-2
Instructor’s Edition ... Edition ISBN 13: 97 8-0 -3 2 4-5 913 3-0
Instructor’s Edition ISBN 10: 0-3 2 4-5 913 3-0
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Principles of economics 3rd edition
... and falling beach balls, econ-
omists use different assumptions when studying the short-run and long-run ef-
fects of a change in the quantity of money.
ECONOMIC MODELS
High school biology teachers ... economy-wide
phenomena, including inflation,
unemployment, and economic
growth
28 PART ONE INTRODUCTION
macroeconomist might study the effects of borrowing by the federal government,
the...
Principles of Economics
... 592
Inflation and Aggregate Demand 592
The Long-Run Aggregate Supply Curve,
Potential Output, and the Natural Rate of
Unemployment 593
Contents xv
The Nonaccelerating Inflation Rate of
Unemployment (NAIRU) ... Output
Decisions 189
Short-Run Conditions and Long-Run
Directions 190
Maximizing Profits 190
Minimizing Losses 192
The Short-Run Industry Supply Curve 194
Long-Run Directions: A R...
Ten Principles of Economics - Part 44
... Bill Gates and Andy
Grove and Jack Welch [heads of Mi-
crosoft, Intel, and General Electric] work-
ing long, long after they don’t need to
work. You’re going to want the most able
people working ... income.
To gauge inequality of living standards, the distribution of permanent income
is more relevant than the distribution of annual income. Although permanent in-
come is hard to measur...
Ten Principles of Economics - Part 47
... panel (a), Sam responds to the higher interest rate by con-
suming less when young. In panel (b), Sam responds by consuming more when
young.
Sam’s saving, of course, is his income when young ... minus the amount he con-
sumes when young. In panel (a), consumption when young falls when the interest
rate rises, so saving must rise. In panel (b), Sam consumes more when young, so
saving ... cha...
Ten Principles of Economics - Part 49
... distress: rising
unemployment, falling profits, increased bankruptcies, and so on.
Much of macroeconomics is aimed at explaining the long-run growth
and short-run fluctuations in real GDP. As we ... imports of goods and services are
consumption
spending by households on goods
and services, with the exception of
purchases of new housing
investment
spending on capital equipment,
invento...
Ten Principles of Economics - Part 50
... exception of
purchases of new housing. Investment includes
spending on new equipment and structures, including
households’ purchases of new housing. Government
purchases include spending on goods and ... long-run and short-run determinants of a nation’s gross
domestic product. Why, for example, is GDP higher in the United States and Japan
than in India and Nigeria? What can the govern...
Ten Principles of Economics - Part 1
... term marginal changes to describe small incre-
mental adjustments to an existing plan of action. Keep in mind that “margin”
means “edge,” so marginal changes are adjustments around the edges of what ... deter-
minant of living standards, other explanations must be of secondary importance.
For example, it might be tempting to credit labor unions or minimum-wage laws
for the rise in liv...
Ten Principles of Economics - Part 2
... and falling beach balls, econ-
omists use different assumptions when studying the short-run and long-run ef-
fects of a change in the quantity of money.
ECONOMIC MODELS
High school biology teachers ... 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 government spending ov...
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