Atjaunināt sīkdatņu piekrišanu

Krugman's Economics for AP* 2nd ed. 2015 [Hardback]

3.62/5 (34 ratings by Goodreads)
, , ,
  • Formāts: Hardback, 944 pages, height x width: 283x218 mm, 944 p., 1 Hardback
  • Izdošanas datums: 23-Jan-2015
  • Izdevniecība: W.H.Freeman & Co Ltd
  • ISBN-10: 1464122180
  • ISBN-13: 9781464122187
Citas grāmatas par šo tēmu:
Krugman's Economics for AP* 2nd ed. 2015Palielināt
  • Formāts: Hardback, 944 pages, height x width: 283x218 mm, 944 p., 1 Hardback
  • Izdošanas datums: 23-Jan-2015
  • Izdevniecība: W.H.Freeman & Co Ltd
  • ISBN-10: 1464122180
  • ISBN-13: 9781464122187
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9781464122187.html
Keywords:
Krugmans Economics for AP®, Second Edition is designed to be easy to read and easy to use. This book is your ultimate tool for success in the AP® Economics course and exam.

The text combines the successful storytelling, vivid examples, and clear explanations of Paul Krugman and Robin Wells with the AP® expertise of Margaret Ray and David Anderson. In this exciting new edition of the AP® text, Ray and Anderson successfully marry Krugmans engaging approach and captivating writing with content based on The College Boards AP® Economics Course outline, all while focusing on the specific needs and interests of high school teachers and students.
Section
1. Basic Economic Concepts		 1(47)
Module 1 The Study of Economics
2(8)
Individual Choice: The Core of Economics
2(3)
Resources Are Scarce
3(1)
Opportunity Cost: The Real Cost of Something Is What You Must Give Up to Get It
4(1)
Microeconomics Versus Macroeconomics
5(1)
Positive Versus Normative Economics
6(2)
When and Why Economists Disagree
7(1)
FYI: When Economists Agree
8(1)
Review
8(2)
Module 2 Introduction to Macroeconomics
10(6)
The Business Cycle
11(1)
Employment, Unemployment, and the Business Cycle
11(1)
FYI: Defining Recessions and Expansions
12(1)
Aggregate Output and the Business Cycle
12(1)
Inflation, Deflation, and Price Stability
12(1)
Economic Growth
13(2)
The Use of Models in Economics
14(1)
Review
15(1)
Module 3 The Production Possibilities Curve Model
16(8)
Trade-offs: The Production Possibilities Curve
16(6)
Efficiency
18(1)
Opportunity Cost
19(1)
Economic Growth
20(2)
Review
22(2)
Module 4 Comparative Advantage and Trade
24(8)
Gains from Trade
24(1)
Comparative Advantage and Gains from Trade
25(5)
Mutually Beneficial Terms of Trade
28(1)
Comparative Advantage and International Trade
28(2)
FYI: Rich Nation, Poor Nation
30(1)
Review
30(2)
Review
32(1)
AP® Exam Practice Questions
33(3)
Appendix Graphs in Economics
36(12)
Section
2. Supply and Demand		 48(56)
Module 5 Supply and Demand: Introduction and Demand
49(11)
Supply and Demand: A Model of a Competitive Market
49(1)
The Demand Curve
50(8)
The Demand Schedule and the Demand Curve
50(1)
Shifts of the Demand Curve
51(2)
Understanding Shifts of the Demand Curve
53(5)
FYI: Beating the Traffic
58(1)
Review
58(2)
Module 6 Supply and Demand: Supply
60(9)
The Supply Curve
60(7)
The Supply Schedule and the Supply Curve
60(1)
Shifts of the Supply Curve
61(1)
Understanding Shifts of the Supply Curve
62(5)
FYI: Only Creatures Small and Pampered
67(1)
Review
67(2)
Module 7 Supply and Demand: Equilibrium
69(11)
Supply, Demand, and Equilibrium
69(4)
Finding the Equilibrium Price and Quantity
70(1)
Why Do All Sales and Purchases in a Market Take Place at the Same Time?
71(1)
Why Does the Market Price Fall If It Is Above the Equilibrium Price?
71(1)
Why Does the Market Price Rise If It Is Below the Equilibrium Price?
71(2)
FYI: The Price of Admission
73(1)
Using Equilibrium to Describe Markets
73(1)
Changes in Supply and Demand
73(4)
What Happens When the Demand Curve Shifts
74(1)
What Happens When the Supply Curve Shifts
75(1)
Simultaneous Shifts of Supply and Demand Curves
76(1)
FYI: Makin' Bacon?
77(1)
Review
78(2)
Module 8 Supply and Demand: Price Controls (Ceilings and Floors)
80(12)
Why Governments Control Prices
80(1)
Price Ceilings
81(4)
Modeling a Price Ceiling
81(3)
So Why Are There Price Ceilings?
84(1)
Price Floors
85(2)
FYI: Price Floors and School Lunches
87(2)
How a Price Floor Causes Inefficiency
87(1)
So Why Are There Price Floors?
88(1)
Review
89(3)
Module 9 Supply and Demand: Quantity Controls
92(6)
Controlling Quantities
92(4)
The Anatomy of Quantity Control
93(2)
The Costs of Quantity Controls
95(1)
FYI: The Clams of New Jersey
96(1)
Review
97(1)
Review
98(2)
AP® Exam Practice Questions
100(4)
Section
3. Measurement of Economic Performance		 104(54)
Module 10 The Circular Flow and Gross Domestic Product
105(10)
The National Accounts
105(9)
The Circular-Flow Diagram
105(4)
Gross Domestic Product
109(5)
Review
114(1)
Module 11 Interpreting Real Gross Domestic Product
115(6)
What GDP Tells Us
115(1)
Real GDP: A Measure of Aggregate Output
115(1)
FYI: Creating the National Accounts
116(3)
Calculating Real GDP
116(2)
What Real GDP Doesn't Measure
118(1)
FYI: Miracle in Venezuela?
119(1)
Review
119(2)
Module 12 The Meaning and Calculation of Unemployment
121(8)
The Unemployment Rate
121(6)
Defining and Measuring Unemployment
121(1)
The Significance of the Unemployment Rate
122(3)
Growth and Unemployment
125(2)
FYI: Failure to Launch
127(1)
Review
127(2)
Module 13 The Causes and Categories of Unemployment
129(9)
The Natural Rate of Unemployment
129(7)
Job Creation and Job Destruction
129(1)
Frictional Unemployment
130(1)
Structural Unemployment
131(2)
The Natural Rate of Unemployment
133(1)
Changes in the Natural Rate of Unemployment
133(3)
FYI: Structural Unemployment in Eastern Germany
136(1)
Review
136(2)
Module 14 Inflation: An Overview
138(8)
Inflation and Deflation
138(3)
The Level of Prices Doesn't Matter
138(1)
But the Rate of Change of Prices Does
139(2)
FYI: Israel's Experience with Inflation
141(3)
Winners and Losers from Inflation
142(1)
Inflation is Easy; Disinflation is Hard
143(1)
Review
144(2)
Module 15 The Measurement and Calculation of Inflation
146(7)
Price Indexes and the Aggregate Price Level
146(5)
Market Baskets and Price Indexes
146(2)
The Consumer Price Index
148(2)
Other Price Measures
150(1)
FYI: Indexing to the CPI
151(1)
Review
151(2)
Review
153(2)
AP® Exam Practice Questions
155(3)
Section
4. National Income and Price Determination		 158(64)
Module 16 Income and Expenditure
159(13)
The Spending Multiplier: An Informal Introduction
159(3)
FYI: The Spending Multiplier and the Great Depression
162(1)
Consumer Spending
162(4)
Current Disposable Income and Consumer Spending
162(2)
Shifts of the Aggregate Consumption Function
164(2)
Investment Spending
166(3)
The Interest Rate and Investment Spending
167(1)
Expected Future Real GDP, Production Capacity, and Investment Spending
167(1)
Inventories and Unplanned Investment Spending
168(1)
FYI: Interest Rates and the U.S. Housing Boom
169(1)
Review
170(2)
Module 17 Aggregate Demand: Introduction and Determinants
172(8)
Aggregate Demand
172(6)
Why Is the Aggregate Demand Curve Downward Sloping?
173(1)
Shifts of the Aggregate Demand Curve
174(4)
Review
178(2)
Module 18 Aggregate Supply: Introduction and Determinants
180(12)
Aggregate Supply
180(9)
The Short-Run Aggregate Supply Curve
180(2)
Shifts of the Short-Run Aggregate Supply Curve
182(4)
The Long-Run Aggregate Supply Curve
186(2)
From the Short Run to the Long Run
188(1)
FYI: Prices and Output During the Great Depression
189(1)
Review
190(2)
Module 19 Equilibrium in the Aggregate Demand-Aggregate Supply Model
192(9)
The AD AS Model
192(7)
Short-Run Macroeconomic Equilibrium
192(1)
Shifts of Aggregate Demand: Short-Run Effects
193(1)
Shifts of the SRAS Curve
194(2)
Long-Run Macroeconomic Equilibrium
196(3)
FYI: Supply Shocks Versus Demand Shocks in Practice
199(1)
Review
199(2)
Module 20 Economic Policy and the Aggregate Demand-Aggregate Supply Model
201(10)
Macroeconomic Policy
201(2)
Policy in the Face of Demand Shocks
202(1)
Responding to Supply Shocks
202(1)
FYI: Is Stabilization Policy Stabilizing?
203(1)
Fiscal Policy: The Basics
203(6)
Taxes, Government Purchases of Goods and Services, Transfers, and Borrowing
204(2)
The Government Budget and Total Spending
206(1)
Expansionary and Contractionary Fiscal Policy
206(1)
A Cautionary Note: Lags in Fiscal Policy
207(2)
Review
209(2)
Module 21 Fiscal Policy and Multiplier
211(6)
The Spending Multiplier and Estimates of the Influence of Government Policy
211(4)
Multiplier Effects of Changes in Government Purchases
211(1)
Multiplier Effects of Changes in Government Transfers and Taxes
212(2)
How Taxes Affect the Multiplier
214(1)
FYI: About That Stimulus Package
215(1)
Review
216(1)
Review
217(2)
AP® Exam Practice Questions
219(3)
Section
5. The Financial Sector		 222(70)
Module 22 Saving, Investment, and the Financial System
223(9)
Matching Up Savings and Investment Spending
223(2)
The Savings-Investment Spending Identity
224(1)
The Financial System
225(6)
Three Tasks of a Financial System
226(1)
Types of Financial Assets
227(2)
Financial Intermediaries
229(2)
Review
231(1)
Module 23 The Definition and Measurement of Money
232(6)
The Meaning of Money
232(3)
What Is Money?
232(1)
Roles of Money
233(1)
Types of Money
234(1)
FYI: The History of the Dollar
235(1)
Measuring the Money Supply
236(1)
FYI: What's with All the Currency?
236(1)
Review
237(1)
Module 24 The Time Value of Money
238(6)
The Concept of Present Value
238(4)
Borrowing, Lending, and Interest
238(1)
Defining Present Value
239(2)
Using Present Value
241(1)
FYI: How Big Is That Jackpot, Anyway?
242(1)
Review
243(1)
Module 25 Banking and Money Creation
244(10)
The Monetary Role of Banks
244(2)
What Banks Do
244(2)
The Problem of Bank Runs
246(1)
FYI: It's a Wonderful Banking System
246(2)
Bank Regulation
247(1)
Determining the Money Supply
248(4)
How Banks Create Money
248(1)
Reserves, Bank Deposits, and the Money Multiplier
249(1)
The Money Multiplier in Reality
250(2)
Review
252(2)
Module 26 The Federal Reserve System: History and Structure
254(7)
The Federal Reserve System
254(1)
An Overview of the Twenty-first Century American Banking System
254(1)
Crisis in American Banking at the Turn of the Twentieth Century
255(4)
Responding to Banking Crises: The Creation of the Federal Reserve
256(1)
The Structure of the Fed
256(1)
The Effectiveness of the Federal Reserve System
257(1)
The Savings and Loan Crisis of the 1980s
258(1)
Back to the Future: The Financial Crisis of 2008
259(1)
FYI: Regulation After the 2008 Crisis
259(1)
Review
260(1)
Module 27 The Federal Reserve System: Monetary Policy
261(6)
The Federal Reserve System
261(1)
The Functions of the Federal Reserve System
261(1)
What the Fed Does
262(2)
The Reserve Requirement
262(1)
The Discount Rate
262(1)
Open-Market Operations
263(1)
The European Central Bank
264(1)
FYI: Who Gets the Interest on the Fed's Assets?
265(1)
Review
266(1)
Module 28 The Money Market
267(9)
The Demand for Money
267(2)
The Opportunity Cost of Holding Money
267(2)
FYI: Long-Term Interest Rates
269(3)
The Money Demand Curve
269(1)
Shifts of the Money Demand Curve
270(2)
Money and Interest Rates
272(2)
The Equilibrium Interest Rate
272(1)
Two Models of the Interest Rate
273(1)
Review
274(2)
Module 29 The Market for Loanable Funds
276(11)
The Market for Loanable Funds
276(7)
Reconciling the Two Interest Rate Models
283(2)
The Interest Rate in the Short Run
283(1)
The Interest Rate in the Long Run
284(1)
Review
285(2)
Review
287(3)
AP® Exam Practice Questions
290(2)
Section
6. Inflation, Unemployment, and Stabilization Policies		 292(72)
Module 30 Long-Run Implications of Fiscal Policy: Deficits and the Public Debt
293(11)
The Budget Balance
293(4)
The Budget Balance as a Measure of Fiscal Policy
293(1)
The Business Cycle and the Cyclically Adjusted Budget Balance
294(2)
Should the Budget Be Balanced?
296(1)
Long-Run Implications of Fiscal Policy
297(3)
Deficits, Surpluses, and Debt
297(1)
Problems Posed by Rising Government Debt
298(1)
Deficits and Debt in Practice
299(1)
Implicit Liabilities
300(1)
FYI: What Happened to the Debt from World War II?
300(2)
Review
302(2)
Module 31 Monetary Policy and the Interest Rate
304(8)
Monetary Policy and the Interest Rate
304(2)
FYI: The Fed Reverses Course
306(1)
Monetary Policy and Aggregate Demand
306(1)
Expansionary and Contractionary Monetary Policy
307(1)
Monetary Policy in Practice
307(3)
Inflation Targeting
309(1)
FYI: What the Fed Wants, the Fed Gets
310(1)
Review
310(2)
Module 32 Money, Output, and Prices in the Long Run
312(6)
Money, Output, and Prices
313(2)
Short-Run and Long-Run Effects of an Increase in the Money Supply
313(1)
Monetary Neutrality
314(1)
Changes in the Money Supply and the Interest Rate in the Long Run
314(1)
FYI: International Evidence of Monetary Neutrality
315(1)
Review
316(2)
Module 33 Types of Inflation, Disinflation, and Deflation
318(10)
Money and Inflation
318(5)
The Classical Model of Money and Prices
319(1)
The Inflation Tax
320(2)
The Logic of Hyperinflation
322(1)
FYI: Zimbabwe's Inflation
323(1)
Moderate Inflation and Disinflation
323(3)
The Output Gap and the Unemployment Rate
324(2)
Review
326(2)
Module 34 Inflation and Unemployment: The Phillips Curve
328(13)
The Short-Run Phillips Curve
328(3)
Inflation Expectations and the Short-Run Phillips Curve
331(1)
FYI: From the Scary Seventies to the Nifty Nineties
332(1)
Inflation and Unemployment in the Long Run
333(2)
The Long-Run Phillips Curve
333(2)
The Natural Rate of Unemployment, Revisited
335(1)
FYI: The Great Disinflation of the 1980s
335(1)
The Costs of Disinflation
336(1)
Deflation
336(1)
Debt Deflation
336(3)
Effects of Expected Deflation
337(2)
Review
339(2)
Module 35 History and Alternative Views of Macroeconomics
341(12)
Classical Macroeconomics
341(1)
Money and the Price Level
341(1)
The Business Cycle
342(1)
The Great Depression and the Keynesian Revolution
342(2)
Keynes's Theory
342(2)
Policy to Fight Recessions
344(1)
FYI: The End of the Great Depression
344(1)
Challenges to Keynesian Economics
345(4)
The Revival of the Monetary Policy
345(1)
Monetarism
346(2)
Inflation and the Natural Rate of Unemployment
348(1)
The Political Business Cycle
349(1)
Rational Expectations, Real Business Cycles, and New Classical Macroeconomics
349(2)
Rational Expectations
350(1)
Real Business Cycles
350(1)
Review
351(2)
Module 36 Consensus and Conflict in Modern Macroeconomics
353(5)
The Modern Consensus
353(3)
Is Expansionary Monetary Policy Helpful in Fighting Recessions?
354(1)
Is Expansionary Fiscal Policy Effective in Fighting Recessions?
354(1)
Can Monetary and/or Fiscal Policy Reduce Unemployment in the Long Run?
354(1)
Should Fiscal Policy Be Used in a Discretionary Way?
355(1)
Should Monetary Policy Be Used in a Discretionary Way?
355(1)
Crisis and Aftermath
355(1)
FYI: Supply-Side Economics
356(1)
Review
357(1)
Review
358(3)
AP® Exam Practice Questions
361(3)
Section
7. Economic Growth and Productivity		 364(41)
Module 37 Long-Run Economic Growth
365(8)
Comparing Economies Across Time and Space
365(3)
Real GDP per Capita
365(2)
When Did Long-Run Growth Begin?
367(1)
Growth Rates
368(1)
FYI: India Takes Off
368(2)
The Sources of Long-Run Growth
369(1)
FYI: The Walmart Effects
370(1)
The Crucial Importance of Productivity
370(1)
Explaining Growth in Productivity
370(1)
Review
371(2)
Module 38 Productivity and Growth
373(11)
Accounting for Growth: The Aggregate Production Function
373(5)
What About Natural Resources?
377(1)
FYI: The Information Technology Paradox
378(1)
Success, Disappointment, and Failure
378(3)
East Asia's Miracle
378(2)
Latin America's Disappointment
380(1)
Africa's Troubles
380(1)
FYI: Are Economies Converging?
381(1)
Review
382(2)
Module 39 Growth Policy: Why Economic Growth Rates Differ
384(11)
Why Growth Rates Differ
384(2)
Explaining Differences in Growth Rates
384(2)
FYI: Inventing R&D
386(2)
The Role of Government in Promoting Economic Growth
386(2)
FYI: The Brazilian Breadbasket
388(1)
Is World Growth Sustainable?
388(3)
Natural Resources and Growth, Revisited
388(2)
Economic Growth and the Environment
390(1)
FYI: Coal Comfort on Resources
391(1)
FYI: The Cost of Climate Protection
392(1)
Review
393(2)
Module 40 Economic Growth in Macroeconomic Models
395(7)
Long-Run Economic Growth and the Production Possibilities Curve
396(2)
Long-Run Economic Growth and the Aggregate Demand-Aggregate Supply Model
398(1)
Distinguishing Between Long-Run Growth and Short-Run Fluctuations
398(2)
Review
400(2)
Review
402(1)
AP® Exam Practice Questions
403(2)
Section
8. The Open Economy: International Trade and Finance		 405(53)
Module 41 Capital Flows and the Balance of Payments
406(11)
Capital Flows and the Balance of Payments
406(4)
Balance of Payments Accounts
406(4)
FYI: GDP, GNP, and the Current Account
410(4)
Modeling the Financial Account
411(2)
Underlying Determinants of International Capital Flows
413(1)
FYI: A Global Savings Glut?
414(1)
Two-Way Capital Flows
414(1)
Review
415(2)
Module 42 The Foreign Exchange Market
417(10)
The Role of the Exchange Rate
417(6)
Understanding Exchange Rates
417(1)
The Equilibrium Exchange Rate
418(3)
Inflation and Real Exchange Rates
421(2)
Purchasing Power Parity
423(1)
FYI: Burgernomics
423(1)
FYI: Low-Cost America
424(1)
Review
425(2)
Module 43 Exchange Rate Policy and Macroeconomic Policy
427(10)
Exchange Rate Policy
427(3)
Exchange Rate Regimes
427(1)
How Can an Exchange Rate Be Held Fixed?
428(1)
The Exchange Rate Regime Dilemma
429(1)
FYI: China Pegs the Yuan
430(1)
Exchange Rates and Macroeconomic Policy
431(1)
Devaluation and Revaluation of Fixed Exchange Rates
431(1)
FYI: From Bretton Woods to the Euro
432(2)
Monetary Policy Under a Floating Exchange Rate Regime
432(1)
International Business Cycles
433(1)
FYI: The Joy of a Devalued Pound
434(1)
Review
435(2)
Module 44 Barriers to Trade
437(7)
Trade Restrictions
437(4)
Tariffs
438(2)
Import Quotas
440(1)
FYI: Bringing Down the Walls
441(1)
Review
442(2)
Module 45 Putting It All Together
444(9)
A Structure for Macroeconomic Analysis
444(5)
The Starting Point
445(1)
The Pivotal Event
445(3)
The Initial Effect of the Event
448(1)
Secondary and Long-Run Effects of the Event
448(1)
Analyzing Our Scenario
449(2)
Review
451(2)
Review
453(2)
AP® Exam Practice Questions
455(3)
Section
9. Behind the Demand Curve: Consumer Choice		 458(74)
Module 46 Income Effects, Substitution Effects, and Elasticity
459(8)
Explaining the Law of Demand
459(1)
The Substitution Effect
459(1)
The Income Effect
460(1)
FYI: Giffen Goods
460(1)
Defining and Measuring Elasticity
461(3)
Calculating the Price Elasticity of Demand
461(2)
An Alternative Way to Calculate Elasticities: The Midpoint Method
463(1)
FYI: Estimating Elasticities
464(1)
Review
465(2)
Module 47 Interpreting Price Elasticity of Demand
467(10)
Interpreting the Price Elasticity of Demand
467(7)
How Elastic Is Elastic?
467(5)
Price Elasticity Along the Demand Curve
472(1)
What Factors Determine the Price Elasticity of Demand?
472(2)
FYI: Responding to Your Tuition Bill
474(1)
Review
475(2)
Module 48 Other Important Elasticities
477(8)
Other Important Elasticities
477(2)
The Cross-Price Elasticity of Demand
477(1)
The Income Elasticity of Demand
478(1)
FYI: Where Have All the Farmers Gone?
479(1)
The Price Elasticity of Supply
479(3)
Measuring the Price Elasticity of Supply
480(1)
What Factors Determine the Price Elasticity of Supply?
481(1)
An Elasticity Menagerie
482(1)
Review
483(2)
Module 49 Consumer and Producer Surplus
485(13)
Consumer Surplus and the Demand Curve
486(1)
Willingness to Pay and the Demand Curve
486(5)
Willingness to Pay and Consumer Surplus
487(2)
How Changing Prices Affect Consumer Surplus
489(2)
FYI: A Matter of Life and Death
491(1)
Producer Surplus and the Supply Curve
492(4)
Cost and Producer Surplus
492(2)
How Changing Prices Affect Producer Surplus
494(2)
Review
496(2)
Module 50 Efficiency and Deadweight Loss
498(16)
Consumer Surplus, Producer Surplus, and Efficiency
498(5)
The Gains from Trade
498(1)
The Efficiency of Markets
499(3)
Equity and Efficiency
502(1)
The Effects of Taxes on Total Surplus
503(5)
The Effect of an Excise Tax on Quantities and Prices
503(3)
Price Elasticities and Tax Incidence
506(2)
The Benefits and Costs of Taxation
508(4)
The Revenue from an Excise Tax
508(1)
The Costs of Taxation
509(3)
Review
512(2)
Module 51 Utility Maximization
514(12)
Utility: It's All About Getting Satisfaction
514(2)
Utility and Consumption
514(2)
The Principle of Diminishing Marginal Utility
516(1)
FYI: Is Marginal Utility Really Diminishing?
516(1)
Budgets and Optimal Consumption
517(4)
Budget Constraints and Budget Lines
517(2)
The Optimal Consumption Bundle
519(2)
Spending the Marginal Dollar
521(3)
Marginal Utility per Dollar
521(1)
Optimal Consumption
522(2)
Review
524(2)
Review
526(2)
AP® Exam Practice Questions
528(4)
Section
10. Behind the Supply Curve: Profit, Production, and Costs		 532(55)
Module 52 Defining Profit
533(6)
Understanding Profit
533(3)
Explicit Versus Implicit Costs
533(1)
Accounting Profit Versus Economic Profit
534(2)
FYI: Farming in the Shadow of Suburbia
536(1)
Normal Profit
536(1)
Review
537(2)
Module 53 Profit Maximization
539(6)
Maximizing Profit
539(4)
Using Marginal Analysis to Choose the Profit-Maximizing Quantity of Output
540(2)
When Is Production Profitable?
542(1)
Review
543(2)
Module 54 The Production Function
545(7)
The Production Function
545(4)
Inputs and Output
545(4)
FYI: Was Malthus Right?
549(1)
Review
550(2)
Module 55 Firm Costs
552(12)
From the Production Function to Cost Curves
552(2)
Two Key Concepts: Marginal Cost and Average Cost
554(8)
Marginal Cost
554(2)
Average Cost
556(3)
Minimum Average Total Cost
559(1)
Does the Marginal Cost Curve Always Slope Upward?
559(3)
Review
562(2)
Module 56 Long-Run Costs and Economies of Scale
564(8)
Short-Run versus Long-Run Costs
564(4)
Returns to Scale
567(1)
Sunk Costs
568(1)
FYI: There's No Business Like Snow Business
569(1)
Summing Up Costs: The Short and Long of It
569(1)
Review
570(2)
Module 57 Introduction to Market Structure
572(10)
Types of Market Structure
572(1)
Perfect Competition
573(2)
Defining Perfect Competition
573(1)
Two Necessary Conditions for Perfect Competition
574(1)
FYI: What's a Standardized Product?
575(1)
Free Entry and Exit
575(1)
Monopoly
575(2)
Defining Monopoly
575(1)
Why Do Monopolies Exist?
576(1)
Oligopoly
577(2)
Is It an Oligopoly or Not?
578(1)
Monopolistic Competition
579(2)
Defining Monopolistic Competition
580(1)
Review
581(1)
Review
582(2)
AP® Exam Practice Questions
584(3)
Section
11. Market Structures: Perfect Competition and Monopoly		 587(54)
Module 58 Introduction to Perfect Competition
588(6)
Production and Profit
588(4)
When Is Production Profitable?
590(2)
Review
592(2)
Module 59 Graphing Perfect Competition
594(9)
Interpreting Perfect Competition Graphs
594(2)
The Short-Run Production Decision
596(1)
The Shut-Down Price
597(2)
Changing Fixed Cost
599(1)
Summing Up: The Perfectly Competitive Firm's Profitability and Production Conditions
599(1)
FYI: Prices Are Up...but So Are Costs
600(1)
Review
601(2)
Module 60 Long-Run Outcomes in Perfect Competition
603(11)
The Industry Supply Curve
603(9)
The Short-Run Industry Supply Curve
603(1)
The Long-Run Industry Supply Curve
604(7)
The Cost of Production and Efficiency in Long-Run Equilibrium
611(1)
FYI: A Crushing Reversal
612(1)
Review
612(2)
Module 61 Introduction to Monopoly
614(9)
The Monopolist's Demand Curve and Marginal Revenue
614(4)
The Monopolist's Profit-Maximizing Output and Price
618(1)
Monopoly Versus Perfect Competition
619(1)
FYI: Monopoly Behavior and the Price Elasticity of Demand
620(1)
Monopoly: The General Picture
620(1)
Review
621(2)
Module 62 Monopoly and Public Policy
623(7)
Welfare Effects of Monopoly
623(2)
Preventing Monopoly Power
625(1)
Dealing with a Natural Monopoly
625(2)
Public Ownership
625(1)
Regulation
625(2)
Must Monopoly Be Controlled?
627(1)
FYI: Cable Dilemmas
627(1)
Review
628(2)
Module 63 Price Discrimination
630(6)
Price Discrimination Defined
630(1)
The Logic of Price Discrimination
631(1)
Price Discrimination and Elasticity
632(1)
Perfect Price Discrimination
633(2)
Review
635(1)
Review
636(2)
AP® Exam Practice Questions
638(3)
Section
12. Market Structures: Imperfect Competition		 641(46)
Module 64 Introduction to Oligopoly
642(6)
Understanding Oligopoly
642(4)
A Duopoly Example
642(2)
Collusion and Competition
644(2)
FYI: The Great Vitamin Conspiracy
646(1)
Review
646(2)
Module 65 Game Theory
648(10)
Games Oligopolists Play
648(3)
The Prisoners' Dilemma
648(3)
FYI: Prisoners of the Arms Race
651(5)
More Games
651(5)
Review
656(2)
Module 66 Oligopoly in Practice
658(9)
The Legal Framework
658(1)
Tacit Collusion
659(2)
Overcoming the Prisoners' Dilemma: Repeated Interaction and Tacit Collusion
660(1)
Constraints on Collusion
661(2)
Large Numbers
661(1)
Complex Products and Pricing Schemes
662(1)
Differences in Interests
662(1)
Bargaining Power of Buyers
662(1)
FYI: The Art of Conspiracy
663(1)
Product Differentiation and Price Leadership
663(1)
How Important Is Oligopoly?
664(1)
Review
665(2)
Module 67 Introduction to Monopolistic Competition
667(9)
Understanding Monopolistic Competition
667(4)
Monopolistic Competition in the Short Run
667(2)
Monopolistic Competition in the Long Run
669(2)
FYI: Hits and Flops
671(1)
Monopolistic Competition Versus Perfect Competition
672(2)
Price, Marginal Cost, and Average Total Cost
672(1)
Is Monopolistic Competition Inefficient?
673(1)
Review
674(2)
Module 68 Product Differentiation and Advertising
676(6)
How Firms Differentiate Their Products
676(2)
Differentiation by Style or Type
677(1)
Differentiation by Location
677(1)
Differentiation by Quality
677(1)
FYI: Any Color, So Long As It's Black
678(1)
Controversies About Product Differentiation
678(2)
The Role of Advertising
678(2)
Brand Names
680(1)
Review
680(2)
Review
682(1)
AP® Exam Practice Questions
683(4)
Section
13. Factor Markets		 687(45)
Module 69 Introduction and Factor Demand
688(11)
The Economy's Factors of Production
688(2)
The Factors of Production
688(1)
Why Factor Prices Matter: The Allocation of Resources
689(1)
Factor Incomes and the Distribution of Income
689(1)
The Factor Distribution of Income in the United States
690(1)
Marginal Productivity and Factor Demand
690(7)
Marginal Revenue Product
691(2)
Marginal Revenue Product and Factor Demand
693(2)
Shifts of the Factor Demand Curve
695(2)
Review
697(2)
Module 70 The Markets for Land and Capital
699(6)
Land and Capital
699(3)
Demand in the Markets for Land and Capital
699(1)
Supply in the Markets for Land and Capital
700(1)
Equilibrium in Land and Capital Markets
701(1)
Economic Rent
701(1)
Marginal Productivity Theory
702(1)
FYI: Help Wanted!
703(1)
Review
704(1)
Module 71 The Market for Labor
705(10)
The Supply of Labor
705(3)
Work Versus Leisure
705(1)
Wages and Labor Supply
706(1)
Shifts of the Labor Supply Curve
707(1)
Equilibrium in the Labor Market
708(1)
FYI: The Decline of the Summer Job
709(4)
When the Labor Market Is Not Perfectly Competitive
710(1)
Equilibrium in the Imperfectly Competitive Labor Market
711(2)
Review
713(2)
Module 72 The Cost-Minimizing Input Combination
715(5)
Alternative Input Combinations
715(1)
Substitutes and Complements in Factor Markets
715(1)
Determining the Optimal Input Mix
716(2)
Cost Minimization
716(1)
The Cost-Minimization Rule
717(1)
Review
718(2)
Module 73 Theories of Income Distribution
720(7)
The Marginal Productivity Theory of Income Distribution
720(4)
Marginal Productivity and Wage Inequality
720(2)
Market Power
722(1)
Efficiency Wages
723(1)
Discrimination
723(1)
FYI: The Economics of Apartheid
724(1)
Wage Disparities in Practice
725(1)
Is the Marginal Productivity Theory of Income Distribution Really True?
725(1)
So Does Marginal Productivity Theory Hold?
726(1)
Review
726(1)
Review
727(2)
AP® Exam Practice Questions
729(3)
Section
14. Market Failure and the Role of Government		 732
Module 74 Introduction to Externalities
733(7)
The Economics of Pollution
733(3)
Costs and Benefits of Pollution
733(2)
Pollution: An External Cost
735(1)
The Inefficiency of Excess Pollution
736(1)
FYI: Talking and Driving
736(2)
Private Solutions to Externalities
737(1)
FYI: Thank You for Not Smoking
738(1)
Review
738(2)
Module 75 Externalities and Public Policy
740(12)
Policies Toward Pollution
740(5)
Environmental Standards
740(1)
Emissions Taxes
741(2)
Tradable Emissions Permits
743(2)
FYI: Cap and Trade
745(1)
Production, Consumption, and Externalities
745(5)
Private Versus Social Benefits
746(2)
Private Versus Social Costs
748(1)
Network Externalities
749(1)
Review
750(2)
Module 76 Public Goods
752(11)
Private Goods-and Others
752(2)
Characteristics of Goods
752(1)
Why Markets Can Supply Only Private Goods Efficiently
753(1)
Public Goods
754(4)
Providing Public Goods
755(1)
How Much of a Public Good Should Be Provided?
756(2)
FYI: Voting as a Public Good
758(1)
Common Resources
758(2)
The Problem of Overuse
758(1)
The Efficient Use and Maintenance of a Common Resource
759(1)
Artificially Scarce Goods
760(1)
Review
761(2)
Module 77 Public Policy to Promote Competition
763(7)
Promoting Competition
763(1)
Antitrust Policy
763(4)
The Sherman Antitrust Act of 1890
764(1)
The Clayton Antitrust Act of 1914
764(1)
The Federal Trade Commission Act of 1914
765(1)
Dealing with Natural Monopoly
765(2)
FYI: The Regulated Price of Power
767(1)
Review
767(3)
Module 78 Income Inequality and Income Distribution
770(13)
The Problem of Poverty
770(3)
Trends in Poverty
771(1)
Who Are the Poor?
771(1)
What Causes Poverty?
772(1)
Consequences of Poverty
772(1)
FYI: The Impeccable Economic Logic of Early Childhood Intervention Programs
773(1)
Economic Inequality
773(3)
FYI: Long-Term Trends in Income Inequality in the United States
776(1)
Economic Insecurity
777(1)
U.S. Antipoverty Programs
777(3)
Means-Tested Programs
778(1)
Social Security and Unemployment Insurance
779(1)
The Effects of Programs on Poverty and Inequality
779(1)
The Debate Over Income Redistribution
780(2)
Problems with Income Redistribution
780(1)
The Politics of Income Redistribution
781(1)
Review
782(1)
Review
783(2)
AP® Exam Practice Questions
785
AP® Practice Exams
AP® Macroeconomics Practice Exam
PE-1
AP® Microeconomics Practice Exam
PE-7
Enrichment Modules Financial Literacy Handbook
Module A: Financial Markets and Crises
EM-1
Module B: Behavioral Economics
EM-11
Module C: The Economics of Information
EM-19
Module D: Indifference Curves and Consumer Choice
EM-24
Financial Literacy Handbook
FLH-1
Glossary G-1
Index I-1
David Anderson is the Paul G. Blazer Professor of Economics at Centre College. He received his BA in economics from the University of Michigan and his MA and PhD in economics from Duke University. Anderson has been involved in the AP® Economics programs for more than two decades. For five years he led the grading of one or both of the AP® Economics exams, and he speaks regularly at AP® conferences and workshops. He has authored dozens of scholarly articles and 15 books, including Explorations in Economics, Survey of Economics, Cracking the AP® Economics Exam, Economics by Example, Favorite Ways to Learn Economics, and Environmental Economics and Natural Resource Management . His research is primarily on economic education, environmental economics, law and economics, and labor economics. Anderson loves teaching introductory economics and has won awards for excellence and innovation in the classroom. His favorite hobby is running, and he competes in marathons and triathlons. He lives in Danville, Kentucky, with his wife and two children.