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(BQ) Part 1 book Macroeconomics has contents: Economics - the world around you; choice, opportunity costs, and specialization; markets, demand and supply, and the price system; the market system and the private and public sector; national income accounting; unemployment and inflation,...and other contents.
Find more at www.downloadslide.com Find more at www.downloadslide.com Selected International Examples Below, preview just a few of the many global examples found in the eighth edition of this text Canada and Mexico: The effects of NAFTA on Canada and Mexico (Chapter 10) N o r t h A m e r i c a United States: China example of international trade conflicts with the U.S (Chapter 19) S o u t h A m e r i c a Low-income economies $755 or less Lower-middle-income economies $756 to $2,995 Upper-middle-income economies $2,996 to $9,265 High-income economies $9,266 or more No data Global Business Insight “Active Trading Around the World” (Chapter 6) “The Euro” (Chapter 6) “High Unemployment in Europe” (Chapter 7) “Oil and Aggregate Supply” (Chapter 8) “Value-Added Tax” (Chapter 11) “Islamic Banking” (Chapter 12) “The European Central Bank (Chapter 13) “Economic Development in the Americas” (Chapter 17) “The World Trade Organization” (Chapter 18) “The Dutch Disease” (Chapter 19) “Smoot-Hawley Tariff” (Chapter 20) “The IMF and the World Bank” (Chapter 21) Find more at www.downloadslide.com Europe: Analysis of why European unemployment rates are higher than U.S (Chapter 7) Eastern Europe: Analysis of Eastern European countries joining the Euro (Chapter 21) Asia, Indonesia, Thailand, Korea, Malaysia, Philippines: Analysis of Asian financial crisis in Indonesia, Thailand, Korea, Malaysia and the Philippines (Chapter 18) China: Comparison of government revenue sources and spending priorities in China and the United States (Chapter 11) A s i a E u r o p e India: Example of U.S and India wheat trade to illustrate comparative advantage (Chapter 19) A f r i c a Bahrain: Explanation of Islamic banking (Chapter 12) England: Discussion of French residents crossing the English Channel to shop in London taking advantage of depreciation of the British pound (Chapter 6) Description of Bank of England monetary policy during the global financial crisis (Chapter 13) A u s t r a l i a Zimbabwe: Story of hyperinflation in Zimbabwe (Chapter 7) Germany: Example of U.S and Germany competing in strategic trade policy (Chapter 20) Find more at www.downloadslide.com Let the Boyes/Melvin technology eliminate boundaries —in teaching and in learning! Aplia™ Founded in 2000 by Economist and Stanford Professor Paul Romer, Aplia is dedicated to improving learning by increasing student effort and engagement The most successful online product in Economics by far – and most widely used with Mankiw — Aplia has been used by more than 850,000 students at over 850 institutions Visit www aplia.com/cengage for more details For help, questions, or a live demonstration, please contact Aplia at support@aplia.com EconCentral Multiple resources for learning and reinforcing principles concepts are now available in one place! EconCentral is your one-stop shop for the learning tools and activities to help students succeed EconCentral equips students with a portal to a wealth of resources that help them to both study and apply economic concepts As they read and study the chapters, students can access : • Video Tutorials • Flash Cards • 10 Principles Videos • Graphing Workshop • “Ask the Instructor” Videos • Interactive Quizzing Ready to apply chapter concepts to the real world? EconCentral gives you ABC News videos, EconNews articles, Economic debates, Links to Economic Data, and more All the study and application resources in EconCentral are organized by chapter to help your students get the most from the Boyes/Melvin text and from your lectures Visit www.cengage.com/economics/econcentral to see the study options available! Find more at www.downloadslide.com Tomlinson Economics Videos “Like Office Hours 24/7” Steven Tomlinson (Ph.D Economics, Stanford) walks you through all of the topics covered in principles of economics in an online video format Find out more at www.cengage.com/economics/tomlinson Cengage Learning’s Global Economic Watch Lessons from real life right now Cengage Learning’s Global Economic Watch helps instructors bring pivotal current events into the classroom — through a powerful, continuously updated online suite of content, discussion forums, testing tools, and more The Watch, a first of its kind resource, stimulates discussion and understanding of the global downturn with easy-to-integrate teaching solutions: • A content-rich blog of breaking news, expert analysis and commentary — updated multiple times daily — plus links to many other blogs • A powerful real-time database of hundreds of relevant and vetted journal, newspaper, and periodical articles, videos, and podcasts — updated four times every day • A thorough overview and timeline of events leading up to the global economic crisis Discussion and testing content, PowerPointđ slides on key topics, sample syllabi, and other teaching resources • Instructor and student forums for sharing questions, ideas, and opinions History is happening now Bring it into your classroom For more information on how you can enrich your course with The Watch, please visit www.cengage.com/thewatch Find more at www.downloadslide.com This page intentionally left blank Find more at www.downloadslide.com Eighth Edition Macroeconomics William Boyes Arizona State University Michael Melvin Arizona State University and Barclays Global Investors Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Find more at www.downloadslide.com Macroeconomics, Eighth Edition © 2011, 2008 South-Western, Cengage Learning William Boyes, Michael Melvin ALL RIGHTS RESERVED No part of this work covered by the 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permissionrequest@cengage.com ExamView® is a registered trademark of eInstruction Corp Windows is a registered trademark of the Microsoft Corporation used herein under license Macintosh and Power Macintosh are registered trademarks of Apple Computer, Inc used herein under license Sr Print Buyer: Sandee Milewski Sr Permissions Acquisitions Manager/Images: Jennifer Meyer-Dare Photo Researcher: Diahanne Dowridge Sr Permissions Acquisitions Manager/Text: Mardell Glinski Schultz Text Permissions Researcher: Sue C Howard Production Service and Comp: MPS Limited, A Macmillan Company Sr Art Director: Michelle Kunkler Cover and Internal Designer: Lisa Albonetti Cover Image: ©Dave Cutler/theispot.com Cengage Learning WebTutor™ is a trademark of Cengage Learning Library of Congress Control Number: 2009930590 Student Edition ISBN 13: 978-1-4390-3907-6 Student Edition ISBN 10: 1-4390-3907-0 South-Western Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA Cengage Learning products are represented in Canada by Nelson Education, Ltd For your course and learning solutions, visit www.cengage.com Purchase any of our products at your local college store or at our preferred online store www.ichapters.com Printed in the United States of America 13 12 11 10 09 Find more at www.downloadslide.com To Melissa, Katie, and Lindsey –W B To Bettina, Jason, Jeremy, and Anna –M M Find more at www.downloadslide.com Brief Contents Chapter Number in Econ Macro Micro Introduction to the Price System 1 1A 1A 1A Economics: The World Around You 2 Choice, Opportunity Costs, and Specialization 3 Markets, Demand and Supply, and the Price System 4 The Market System and the Private and Public Sector Appendix: Working with Graphs Macroeconomic Basics 5 National Income Accounting 6 An Introduction to the Foreign Exchange Market and the Balance of Payments 7 Unemployment and Inflation 8 Macroeconomic Equilibrium: Aggregate Demand and Supply 9 9A 9A Appendix: An Algebraic Model of Aggregate Expenditures Aggregate Expenditures 10 10 Income and Expenditures Equilibrium 10A 10A Appendix: An Algebraic Model of Income and Expenditures Equilibrium Macroeconomic Policy 11 11 Fiscal Policy 11A 11A 12 12 Money and Banking 13 13 Monetary Policy 14 14 Macroeconomic Policy: Tradeoffs, Expectations, Credibility, and Sources of Business Cycles 15 15 Macroeconomic Viewpoints: New Keynesian, Monetarist, and New Classical 16 16 Economic Growth 17 17 Development Economies 18 18 Globalization Appendix: An Algebraic Examination of the Balanced-Budget Change in Fiscal Policy Product Market Basics 19 Elasticity: Demand and Supply ix ... London” 11 8 12 6 12 8 12 9 12 9 12 1 12 3 13 0 Chapter Unemployment and Inflation Preview 13 2 Business Cycles 13 3 1. a Definitions 1. b Historical Record 1. c Indicators 13 3 13 5 13 6 Unemployment 13 7 2.a... Underground Economy” 11 3 11 3 11 4 11 4 11 1 11 6 Chapter An Introduction to the Foreign Exchange Market and the Balance of Payments Preview The Foreign Exchange Market 1. a Exchange Rates 1. b Exchange Rate... Expenditures 10 10 Income and Expenditures Equilibrium 10 A 10 A Appendix: An Algebraic Model of Income and Expenditures Equilibrium Macroeconomic Policy 11 11 Fiscal Policy 11 A 11 A 12 12 Money and