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Test bank for Principles of Macroeconomics 7th Canadian Edition by N. Mankiw

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Test bank for Principles of Macroeconomics 7th Canadian Edition by N. Mankiw
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Test bank for Principles of Macroeconomics 7th Canadian Edition by N. Mankiw

Test bank for Principles of Macroeconomics 7th Canadian Edition by N. Mankiw

Principles of Macroeconomics, Seventh Canadian Edition, is designed to appeal to all students through its breakdown of concepts, focus on big ideas, and user-friendly language. As the market leader, its clear, concise, and consistent approach grounds students in difficult concepts and links theory to real-world applications, assisting in making the connection from page to action. Students receive a sophisticated understanding of how the economy operates without losing the big ideas through various pedagogical features that summarize major concepts, apply economic theory to students’ experiences and lives, and develop the building blocks required to achieve higher levels of understanding. As Mankiw states, “My goal in writing my text was to try and remember and to write a text that I would have liked to have read”, and this is the same approach he, Kneebone, and McKenzie have continued with the Seventh Canadian Edition.

Additional ISBNs

0176767770, 9780176767778

Table of Content

HOEA
About the Authors
Brief Contents
Contents
Chapter 1: Ten Principles of Economics
1-1: How People Make Decisions
1-1a: Principle #1: People Face Tradeoffs
1-1b: Principle #2: The Cost of Something Is What You Give Up to Get It
1-1c: Principle #3: Rational People Think at the Margin
1-1d: Principle #4: People Respond to Incentives
1-2: How People Interact
1-2a: Principle #5: Trade Can Make Everyone Better Off
1-2b: Principle #6: Markets Are Usually a Good Way to Organize Economic Activity
1-2c: Principle #7: Governments Can Sometimes Improve Market Outcomes
1-3: How the Economy as a Whole Works
1-3a: Principle #8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Ser
1-3b: Principle #9: Prices Rise When the Government Prints Too Much Money
1-3c: Principle #10: Society Faces a Short-Run Tradeoff between Inflation and Unemployment
1-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 2: Thinking Like an Economist
2-1: The Economist as Scientist
2-1a: The Scientific Method: Observation, Theory, and More Observation
2-1b: The Role of Assumptions
2-1c: Economic Models
2-1d: Our First Model: The Circular-Flow Diagram
2-1e: Our Second Model: The Production Possibilities Frontier
2-1f: Microeconomics and Macroeconomics
2-2: The Economist as Policy Adviser
2-2a: Positive versus Normative Analysis
2-2b: Economists in Ottawa
2-2c: Why Economists’ Advice Is Not Always Followed
2-3: Why Economists Disagree
2-3a: Differences in Scientific Judgments
2-3b: Differences in Values
2-3c: Perception versus Reality
2-4: Let’s Get Going
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Appendix: Graphing: A Brief Review
Graphs of a Single Variable
Graphs of Two Variables: The Coordinate System
Curves in the Coordinate System
Slope
Graphing Functions
Cause and Effect
Chapter 3: Interdependence and the Gains from Trade
3-1: A Parable for the Modern Economy
3-1a: Production Possibilities
3-1b: Specialization and Trade
3-2: Comparative Advantage: The Driving Force of Specialization
3-2a: Absolute Advantage
3-2b: Opportunity Cost and Comparative Advantage
3-2c: Comparative Advantage and Trade
3-2d: The Price of Trade
3-3: Applications of Comparative Advantage
3-3a: Should Sidney Crosby Shovel His Own Sidewalk?
3-3b: Should Canada Trade with Other Countries?
Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 4: The Market Forces of Supply and Demand
4-1: Markets and Competition
4-1a: What Is a Market?
4-1b: What Is Competition?
4-2: Demand
4-2a: The Demand Curve: The Relationship between Price and Quantity Demanded
4-2b: Market Demand versus Individual Demand
4-2c: Shifts in the Demand Curve
4-3: Supply
4-3a: The Supply Curve: The Relationship between Price and Quantity Supplied
4-3b: Market Supply versus Individual Supply
4-3c: Shifts in the Supply Curve
4-4: Supply and Demand Together
4-4a: Equilibrium
4-4b: Three Steps to Analyzing Changes in Equilibrium
4-5: Conclusion: How Prices Allocate Resources
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applicaitons
Chapter 5: Measuring a Nation’s Income
5-1: The Economy’s Income and Expenditure
5-2: The Measurement of Gross Domestic Product
5-2a: “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 GDP
5-3a: Consumption
5-3b: Investment
5-3c: Government Purchases
5-3d: Net Exports
5-4: Real versus Nominal GDP
5-4a: A Numerical Example
5-4b: The GDP Deflator
5-5: GDP and Economic Well-Being
5-6: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 6: Measuring the Cost of Living
6-1: The Consumer Price Index
6-1a: How the Consumer Price Index Is Calculated
6-1b: Problems in Measuring the Cost of Living
6-1c: The GDP Deflator versus the Consumer Price Index
6-2: Correcting Economic Variables for the Effects of Inflation
6-2a: Dollar Figures from Different Times
6-2b: Indexation
6-2c: Real and Nominal Interest Rates
6-3: Conclusion
Summary
Key Concepts
Questions for Reivew
Quick Check Multiple Choice
Problems and Applications
Chapter 7: Production and Growth
7-1: Economic Growth around the World
7-2: Productivity: Its Role and Determinants
7-2a: Why Productivity Is So Important
7-2b: How Productivity Is Determined
7-3: Economic Growth and Public Policy
7-3a: The Importance of Saving, Investment, and Stable Financial Markets
7-3b: Diminishing Returns and the Catch-Up Effect
7-3c: Investment from Abroad
7-3d: Education
7-3e: Health and Nutrition
7-3f: Property Rights and Political Stability
7-3g: Free Trade
7-3h: Research and Development
7-3i: Population Growth
7-4: Conclusion: The Importance of Long-Run Growth
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 8: Saving, Investment, and the Financial System
8-1: Financial Institutions in the Canadian Economy
8-1a: Financial Markets
8-1b: Financial Intermediaries
8-1c: Summing Up
8-2: Saving and Investment in the National Income Accounts
8-2a: Some Important Identities
8-2b: The Meaning of Saving and Investment
8-3: The Market for Loanable Funds
8-3a: Supply and Demand for Loanable Funds
8-3b: Policy 1: Saving Incentives
8-3c: Policy 2: Investment Incentives
8-3d: Policy 3: Government Budget Deficits and Surpluses
Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applicatoins
Chapter 9: Unemployment and Its Natural Rate
9-1: Identifying Unemployment
9-1a: How Is Unemployment Measured?
9-1b: Does the Unemployment Rate Measure What We Want It To?
9-1c: How Long Are the Unemployed without Work?
9-1d: Why Are There Always Some People Unemployed?
9-2: Job Search
9-2a: Why Some Frictional Unemployment Is Inevitable
9-2b: Public Policy and Job Search
9-2c: Employment Insurance
9-3: Minimum-Wage Laws
9-4: Unions and Collective Bargaining
9-4a: The Economics of Unions
9-4b: Are Unions Good or Bad for the Economy?
9-5: The Theory of Efficiency Wages
9-5a: Worker Health
9-5b: Worker Turnover
9-5c: Worker Effort
9-6d: Worker Quality
Conclusion
Summary
Key Concepts
Questions for Reivew
Quick Check Multiple Choice
Problems and Applications
Chapter 10: The Monetary System
10-1: The Meaning of Money
10-1a: The Functions of Money
10-1b: The Kinds of Money
10-1c: Money in the Canadian Economy
10-2: The Bank of Canada
10-2a: The Bank of Canada Act
10-2b: Monetary Policy
10-3: Commercial Banks and the Money Supply
10-3a: The Simple Case of 100 Percent-Reserve Banking
10-3b: Money Creation with Fractional-Reserve Banking
10-3c: The Money Multiplier
10-3d: Bank Capital, Leverage, and the Financial Crisis of 2007–09
10-3e: The Bank of Canada’s Tools of Monetary Control
10-3f: Problems in Controlling the Money Supply
Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 11: Money Growth and Inflation
11-1: The Classical Theory of Inflation
11-1a: The Level of Prices and the Value of Money
11-1b: Money Supply, Money Demand, and Monetary Equilibrium
11-1c: The Effects of a Monetary Injection
11-1d: A Brief Look at the Adjustment Process
11-1e: The Classical Dichotomy and Monetary Neutrality
11-1f: Velocity and the Quantity Equation
11-1g: The Inflation Tax
11-1h: The Fisher Effect
11-2: The Costs of Inflation
11-2a: A Fall in Purchasing Power? The Inflation Fallacy
11-2b: Shoeleather Costs
11-2c: Menu Costs
11-2d: Relative-Price Variability and the Misallocation of Resources
11-2e: Inflation-Induced Tax Distortions
11-2f: Confusion and Inconvenience
11-2g: A Special Cost of Unexpected Inflation: Arbitrary Redistributions of Wealth
11-2h: Inflation Is Bad, but Deflation May Be Worse
11-3: Conclusion
Summary
Key Concepts
Questions for Reivew
Quick Check Multiple Choice
Problems and Applications
Chapter 12: Open-Economy Macroeconomics: Basic Concepts
12-1: The International Flows of Goods and Capital
12-1a: The Flow of Goods: Exports, Imports, and Net Exports
12-1b: The Flow of Financial Resources: Net Capital Outflow
12-1c: The Equality of Net Exports and Net Capital Outflow
12-1d: Saving, Investment, and Their Relationship to the International Flows
12-1e: Summing Up
12-2: The Prices for International Transactions: Real and Nominal Exchange Rates
12-2a: Nominal Exchange Rates
12-2b: Real Exchange Rates
12-3: A First Theory of Exchange-Rate Determination: Purchasing-Power Parity
12-3a: The Basic Logic of Purchasing-Power Parity
12-3b: Implications of Purchasing-Power Parity
12-3c: Limitations of Purchasing-Power Parity
12-4: Interest Rate Determination in a Small Open Economy with Perfect Capital Mobility
12-4a: A Small Open Economy
12-4b: Perfect Capital Mobility
12-4c: Limitations to Interest Rate Parity
12-5: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 13: A Macroeconomic Theory of the Small Open Economy
13-1: Supply and Demand for Loanable Funds and for Foreign-Currency Exchange
13-1a: The Market for Loanable Funds
13-1b: The Market for Foreign-Currency Exchange
13-1c: Disentangling Supply and Demand in the Market for Foreign-Currency Exchange
13-2: Equilibrium in the Small Open Economy
13-2a: Net Capital Outflow: The Link between the Two Markets
13-2b: Simultaneous Equilibrium in Two Markets
13-3: How Policies and Events Affect a Small Open Economy
13-3a: Increase in World Interest Rates
13-3b: Government Budget Deficits and Surpluses
13-3c: Trade Policy
13-3d: Political Instability and Capital Flight
13-4: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 14: Aggregate Demand and Aggregate Supply
14-1: Three Key Facts about Economic Fluctuations
14-1a: Fact 1: Economic Fluctuations Are Irregular and Unpredictable
14-1b: Fact 2: Most Macroeconomic Quantities Fluctuate Together
14-1c: Fact 3: As Output Falls, Unemployment Rises
14-2: Explaining Short-Run Economic Fluctuations
14-2a: The Assumptions of Classical Economics
14-2b: The Reality of Short-Run Fluctuations
14-2c: The Model of Aggregate Demand and Aggregate Supply
14-3: The Aggregate-Demand Curve
14-3a: Why the Aggregate-Demand Curve Slopes Downward
14-3b: Why the Aggregate-Demand Curve Might Shift
14-4: The Aggregate-Supply Curve
14-4a: Why the Aggregate-Supply Curve Is Vertical in the Long Run
14-4b: Why the Long-Run Aggregate-Supply Curve Might Shift
14-4c: Using Aggregate Demand and Aggregate Supply to Depict Long-Run Growth and Inflation
14-4d: Why the Aggregate-Supply Curve Slopes Upward in the Short Run
14-4e: Why the Short-Run Aggregate-Supply Curve Might Shift
14-5: Two Causes of Economic Fluctuations
14-5a: Effects of a Shift in Aggregate Demand
14-5b: The Effects of a Shift in Aggregate Supply
14-6: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 15: The Influence of Monetary and Fiscal Policy on Aggregate Demand
15-1: How Monetary Policy Influences Aggregate Demand
15-1a: The Theory of Liquidity Preference
15-1b: The Downward Slope of the Aggregate-Demand Curve
15-1c: Changes in the Money Supply
15-1d: Open-Economy Considerations
15-2: How Fiscal Policy Influences Aggregate Demand
15-2a: Changes in Government Purchases
15-2b: The Multiplier Effect
15-2c: A Formula for the Spending Multiplier
15-2d: Other Applications of the Multiplier Effect
15-2e: The Crowding-Out Effect on Investment
15-2f: Open-Economy Considerations
15-2g: Changes in Taxes
15-2h: Deficit Reduction
15-3: Using Policy to Stabilize the Economy
15-3a: The Case for Active Stabilization Policy
15-3b: The Case against Active Stabilization Policy
15-3c: Automatic Stabilizers
15-3d: A Flexible Exchange Rate as an Automatic Stabilizer
15-4: A Quick Summary
15-5: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 16: The Short-Run Tradeoff between Inflation and Unemployment
16-1: The Phillips Curve
16-1a: Origins of the Phillips Curve
16-1b: Aggregate Demand, Aggregate Supply, and the Phillips Curve
16-2: Shifts in the Phillips Curve: The Role of Expectations
16-2a: The Long-Run Phillips Curve
16-2b: The Meaning of “Natural”
16-2c: Reconciling Theory and Evidence
16-2d: The Short-Run Phillips Curve
16-2e: The Natural Experiment for the Natural-Rate Hypothesis
16-3: Shifts in the Phillips Curve: The Role of Supply Shocks
16-4: The Cost of Reducing Inflation
16-4a: The Sacrifice Ratio
16-4b: Rational Expectations and the Possibility of Costless Disinflation
16-4c: Disinflation in the 1980s
16-4d: The Zero-Inflation Target
16-4e: Anchored Expectations
16-4f: The 2008–09 Recession
16-5: Looking Ahead
16-6: Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
Chapter 17: Five Debates over Macroeconomic Policy
17-1: Should Monetary and Fiscal Policymakers Try to Stabilize the Economy?
17-1a: Pro: Policymakers Should Try to Stabilize the Economy
17-1b: Con: Policymakers Should Not Try to Stabilize the Economy
17-2: Should Monetary Policy Be Made by an Independent Central Bank?
17-2a: Pro: Monetary Policy Should Be Made by an Independent Central Bank
17-2b: Con: Monetary Policy Should Not Be Made by an Independent Central Bank
17-3: Should the Central Bank Aim for Zero Inflation?
17-3a: Pro: The Central Bank Should Aim for Zero Inflation
17-3b: Con: The Central Bank Should Not Aim for Zero Inflation
17-4: Should Governments Balance Their Budgets?
17-4a: Pro: Governments Should Balance Their Budgets
17-4b: Con: Governments Should Not Balance Their Budgets
17-5: Should the Tax Laws Be Reformed to Encourage Saving?
17-5a: Pro: The Tax Laws Should Be Reformed to Encourage Saving
17-5b: Con: The Tax Laws Should Not Be Reformed to Encourage Saving
17-6: Conclusion
Summary
Questions for Review
Quick Check Multiple Choice
Problems and Applicaitons
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Test bank for Principles of Macroeconomics 7th Canadian Edition by N. Mankiw