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Foundations of Macroeconomics 8th Edition Bade Test Bank

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ISBN-10 ‏ : ‎ 0134492005
ISBN-13 ‏ : ‎ 978-0134492001
Author: Robin Bade

Foundations of Macroeconomics, 8th Edition introduces readers to the economic principles they can use to navigate the financial decisions of their futures. Each chapter concentrates on a manageable number of ideas, usually 3 to 4, with each reinforced several times throughout the text. This patient approach helps guide individuals through unfamiliar terrain and focus them on the most important concepts.

The text does four core things to help readers grasp and apply economic principles: it motivates with compelling issues and questions, focuses on core ideas, offers concise points, and encourages learning with activities and practice questions. After completing this text, readers will have the foundational knowledge of how the economy works and can apply it to their lives going forward.

Table contents:

Part 1 Introduction
Chapter 1 Getting Started
Chapter Checklist
1.1 Definition and Questions
Scarcity
Economics Defined
What, How, and For Whom?
Can the Pursuit of Self-Interest Be in the Social Interest?
Checkpoint 1.1
1.2 The Economic Way of Thinking
A Choice Is a Tradeoff
Cost: What You Must Give Up
Benefit: What You Gain
Rational Choice
How Much? Choosing at the Margin
Choices Respond to Incentives
Checkpoint 1.2
1.3 Economics as a Life Skill
Economics as a Decision Tool
Economics as a Social Science
Economics as an Aid to Critical Thinking
Checkpoint 1.3
Chapter Summary
Chapter Checkpoint
Appendix: Making and Using Graphs
Basic Idea
Interpreting Data Graphs
Interpreting Graphs Used in Economic Models
The Slope of a Relationship
Relationships Among More Than Two Variables
Appendix Checkpoint
Eye on the Benefit and Cost of School Did You Make the Right Decision?
Eye on Your Life Your Time Allocation
Eye on the Past Adam Smith and the Birth of Economics as a Social Science
Chapter 2 The U.S. and Global Economies
Chapter Checklist
2.1 What, How, and for Whom?
What Do We Produce?
How Do We Produce?
For Whom Do We Produce?
Checkpoint 2.1
2.2 The Global Economy
The People
The Economies
What in the Global Economy
How in the Global Economy
For Whom in the Global Economy
Checkpoint 2.2
2.3 The Circular Flows
Households and Firms
Markets
Real Flows and Money Flows
Governments
Governments in the Circular Flow
Circular Flows in the Global Economy
Checkpoint 2.3
Chapter Summary
Chapter Checkpoint
Eye on the U.S. Economy What We Produce
Eye on the Past Changes in What We Produce
Eye on the U.S. Economy Changes in How We Produce in the Information Economy
Eye on the Dreamliner Who Makes the Dreamliner?
Eye on the Global Economy Differences in How We Produce
Eye on Your Life The U.S. and Global Economies in Your Life
Eye on the Past Growing Government
Eye on the Global Economy The Ups and Downs in International Trade
Chapter 3 The Economic Problem
Chapter Checklist
3.1 Production Possibilities
Production Possibilities Frontier
How the PPF Illustrates Scarcity and Its Consequences
Checkpoint 3.1
3.2 Opportunity Cost
The Opportunity Cost of a Smartphone
Opportunity Cost and the Slope of the PPF
Opportunity Cost Is a Ratio
Increasing Opportunity Costs Are Everywhere
Your Increasing Opportunity Cost
Checkpoint 3.2
3.3 Economic Growth
Checkpoint 3.3
3.4 Specialization and Trade
Absolute Advantage and Comparative Advantage
Comparative Advantage: A Model
Achieving Gains from Trade
The Economy’s Production Possibilities Frontier
Checkpoint 3.4
Chapter Summary
Chapter Checkpoint
Eye on Your Life Your Production Possibilities Frontier
Eye on the Environment Is Wind Power Free?
Eye on the U.S. Economy Expanding Our Production Possibilities
Eye on the Global Economy Hong Kong’s Rapid Economic Growth
Eye on the U.S. Economy No One Knows How to Make a Pencil
Eye on Your Life Your Comparative Advantage
Chapter 4 Demand and Supply
Chapter Checklist
Competitive Markets
4.1 Demand
The Law of Demand
Demand Schedule and Demand Curve
Changes in Demand
Illustrating Changes in Buying Plans
Checkpoint 4.1
4.2 Supply
The Law of Supply
Supply Schedule and Supply Curve
Changes in Supply
Illustrating a Change in Selling Plans
Checkpoint 4.2
4.3 Market Equilibrium
Price: A Market’s Automatic Regulator
Predicting Price Changes: Three Questions
Effects of Changes in Demand
Effects of Changes in Supply
Effects of Changes in Both Demand and Supply
Checkpoint 4.3
4.4 Price Rigidities
Price Floor
Price Ceiling or Price Cap
Sticky Price
Checkpoint 4.4
Chapter Summary
Chapter Checkpoint
Eye on Your Life Understanding and Using Demand and Supply
Eye on the Global Economy The Markets for Cocoa and Chocolate
Eye on the Price of Coffee Why Did the Price of Coffee Rise in 2014?
Eye on the U.S. Economy The Federal Minimum Wage
Part 2 Monitoring the Macroeconomy
Chapter 5 GDP: A Measure of Total Production and Income
Chapter Checklist
5.1 GDP, Income, and Expenditure
GDP Defined
Circular Flows in the U.S. Economy
Expenditure Equals Income
Checkpoint 5.1
5.2 Measuring U.S. GDP
The Expenditure Approach
The Income Approach
GDP and Related Measures of Production and Income
Real GDP and Nominal GDP
Calculating Real GDP
Using the Real GDP Numbers
Checkpoint 5.2
5.3 The Uses and Limitations of Real GDP
The Standard of Living Over Time
Tracking the Course of the Business Cycle
The Standard of Living Among Countries
Goods and Services Omitted from GDP
Other Influences on the Standard of Living
Checkpoint 5.3
Chapter Summary
Chapter Checkpoint
Appendix: Measuring Real GDP
The Problem With Base Year Prices
Value Production in the Prices of Adjacent Years
Appendix Checkpoint
Eye on the U.S. Economy Is a Computer Program an Intermediate Good or a Final Good?
Eye on Booms and Busts How Do We Track Economic Booms and Busts?
Eye on Your Life Making GDP Personal
Eye on the Global Economy Which Country Has the Highest Standard of Living?
Chapter 6 Jobs and Unemployment
Chapter Checklist
6.1 Labor Market Indicators
Current Population Survey
Population Survey Criteria
Three Labor Market Indicators
Alternative Measures of Unemployment
Checkpoint 6.1
6.2 Labor Market Trends and Fluctuations
Unemployment Rate
The Participation Rate
Alternative Measures of Unemployment
Checkpoint 6.2
6.3 Unemployment and Full Employment
Frictional Unemployment
Structural Unemployment
Cyclical Unemployment
“Natural” Unemployment
Unemployment and Real GDP
Checkpoint 6.3
Chapter Summary
Chapter Checkpoint
Eye on the U.S. Economy The Current Population Survey
Eye on the Global Economy Unemployment and Labor Force Participation
Eye on the U.S. Economy How Long Does it Take to Find a Job?
Eye on Full Employment Are We Back at Full Employment?
Eye on Your Life Your Labor Market Status and Activity
Chapter 7 The CPI and the Cost of Living
Chapter Checklist
7.1 The Consumer Price Index
Reading the CPI Numbers
Constructing the CPI
The CPI Market Basket
The Monthly Price Survey
Calculating the CPI
Measuring Inflation and Deflation
The Price Level, Inflation, and Deflation in the United States
Checkpoint 7.1
7.2 The CPI and Other Price Level Measures
Sources of Bias in the CPI
The Magnitude of the Bias
Two Consequences of the CPI Bias
Alternative Consumer Price Indexes
Checkpoint 7.2
7.3 Nominal and Real Values
Dollars and Cents at Different Dates
Nominal and Real Values in Macroeconomics
Nominal GDP and Real GDP
Nominal Wage Rate and Real Wage Rate
Nominal Interest Rate and Real Interest Rate
Checkpoint 7.3
Chapter Summary
Chapter Checkpoint
Eye on the Past 700 Years of Inflation and Deflation
Eye on the U.S. Economy Measuring and Forecasting Inflation: The Sticky-Price CPI
Eye on the U.S. Economy Deflating the GDP Balloon
Eye on the Past The Nominal and Real Wage Rates of Presidents of the United States
Eye on Box Office Hits Which Movie Really Was the Biggest Box Office Hit?
Eye on Your Life A Student’s CPI
Part 3 The Real Economy
Chapter 8 Potential GDP and the Natural Unemployment Rate
Chapter Checklist
Macroeconomic Approaches and Pathways
The Three Main Schools of Thought
Today’s Consensus
The Road Ahead
8.1 Potential GDP
The Production Function
The Labor Market
Checkpoint 8.1
8.2 The Natural Unemployment Rate
Job Search
Job Rationing
Checkpoint 8.2
Chapter Summary
Chapter Checkpoint
Eye on the U.S. Economy The Lucas Wedge and the Okun Gap
Eye on the Global Economy Potential GDP in the United States and the European Union
Eye on Potential GDP Why Do Americans Earn More and Produce More Than Europeans?
Eye on the Past The Natural Unemployment Rate Over Seven Decades
Eye on the Global Economy Unemployment Benefits and the Natural Unemployment Rate
Eye on the U.S. Economy The Federal Minimum Wage
Eye on Your Life Natural Unemployment
Chapter 9 Economic Growth
Chapter Checklist
9.1 The Basics of Economic Growth
Calculating Growth Rates
The Magic of Sustained Growth
Checkpoint 9.1
9.2 Labor Productivity Growth
Labor Productivity
Saving and Investment in Physical Capital
Expansion of Human Capital and Discovery of New Technologies
Combined Influences Bring Labor Productivity Growth
Checkpoint 9.2
9.3 Causes and Effects of Economic Growth
Old Growth Theory
New Growth Theory
Economic Growth and the Distribution of Income
Checkpoint 9.3
9.4 Achieving Faster Growth
Preconditions for Economic Growth
Policies to Achieve Faster Growth
How Much Difference Can Policy Make?
Checkpoint 9.4
Chapter Summary
Chapter Checkpoint
Eye on the Past How Fast Has Real GDP per Person Grown?
Eye on the U.S. Economy U.S. Growth Is Slowing
Eye on the U.S. Economy U.S. Labor Productivity Growth Since 1960
Eye on the U.S. Economy The Changing Shares in the Gains from Economic Growth
Eye on Your Life How You Influence and Are Influenced by Economic Growth
Eye on Rich and Poor Nations Why Are Some Nations Rich and Others Poor?
Chapter 10 Finance, Saving, and Investment
Chapter Checklist
10.1 Financial Institutions and Financial Markets
Some Finance Definitions
Markets for Financial Capital
Financial Institutions
Insolvency and Illiquidity
Interest Rates and Asset Prices
Checkpoint 10.1
10.2 The Loanable Funds Market
Flows in the Loanable Funds Market
The Demand for Loanable Funds
The Supply of Loanable Funds
Equilibrium in the Loanable Funds Market
Changes in Demand and Supply
Checkpoint 10.2
10.3 Government in Loanable Funds Market
A Government Budget Surplus
A Government Budget Deficit
Checkpoint 10.3
Chapter Summary
Chapter Checkpoint
Eye on the U.S. Economy Interest Rate Patterns
Eye on the U.S. Economy The Loanable Funds Market in a Financial Crisis
Eye on Your Life Your Participation in the Loanable Funds Market
Eye on Financial Markets Why Have Interest Rates Been So Low?
Part 4 The Money Economy
Chapter 11 The Monetary System
Chapter Checklist
11.1 What Is Money?
Definition of Money
The Functions of Money
Money Today
Official Measures of Money: M1 and M2
Checks, Credit Cards, Debit Cards, and Mobile Wallets
An Embryonic New Money: E-Cash
Checkpoint 11.1
11.2 The Banking System
Commercial Banks
Thrift Institutions
Money Market Funds
Checkpoint 11.2
11.3 The Federal Reserve System
The Structure of the Federal Reserve
The Fed’s Policy Tools
How the Fed’s Policy Tools Work
Checkpoint 11.3
11.4 Regulating the Quantity of Money
Creating Deposits by Making Loans
How Open Market Operations Change the Monetary Base
The Multiplier Effect of an Open Market Operation
The Money Multiplier
Checkpoint 11.4
Chapter Summary
Chapter Checkpoint
Eye on the Past The “Invention” of Banking
Eye on the U.S. Economy Commercial Banks Under Stress in the Financial Crisis
Eye on Your Life Money and Your Role in Its Creation
Eye on Creating Money How Does the Fed Create Money and Regulate Its Quantity?
Chapter 12 Money, Interest, and Inflation
Chapter Checklist
Where We Are and Where We’re Heading
The Real Economy
The Money Economy
Real and Money Interactions and Policy
12.1 Money and the Interest Rate
The Demand for Money
Changes in the Demand for Money
The Supply of Money
The Nominal Interest Rate
Changing the Interest Rate
Checkpoint 12.1
12.2 Money, the Price Level, and Inflation
The Money Market in the Long Run
A Change in the Quantity of Money
The Price Level in a Baby-Sitting Club
The Quantity Theory of Money
Inflation and the Quantity Theory of Money
Hyperinflation
Checkpoint 12.2
12.3 The Cost of Inflation
Tax Costs
Shoe-Leather Costs
Confusion Costs
Uncertainty Costs
How Big Is the Cost of Inflation?
Checkpoint 12.3
Chapter Summary
Chapter Checkpoint
Eye on the U.S. Economy Credit Cards and Money
Eye on Your Life Money Holding and Fed Watching
Eye on Inflation What Causes Inflation?
Eye on the Past Hyperinflation in Germany in the 1920s
Part 5 Economic Fluctuations
Chapter 13 Aggregate Supply and Aggregate Demand
Chapter Checklist
13.1 Aggregate Supply
Aggregate Supply Basics
Changes in Aggregate Supply
Checkpoint 13.1
13.2 Aggregate Demand
Aggregate Demand Basics
Changes in Aggregate Demand
The Aggregate Demand Multiplier
Checkpoint 13.2
13.3 Explaining Economic Trends and Fluctuations
Macroeconomic Equilibrium
Three Types of Macroeconomic Equilibrium
Economic Growth and Inflation Trends
The Business Cycle
Inflation Cycles
Deflation and the Great Depression
Checkpoint 13.3
Chapter Summary
Chapter Checkpoint
Eye on the U.S. Economy U.S. Economic Growth, Inflation, and the Business Cycle
Eye on Your Life Using the AS-AD Model
Eye on the Business Cycle Why Did the U.S. Economy Go into Recession in 2008?
Chapter 14 Aggregate Expenditure Multiplier
Chapter Checklist
14.1 Expenditure Plans and Real GDP
The Consumption Function
Imports and Real GDP
Checkpoint 14.1
14.2 Equilibrium Expenditure
Induced Expenditure and Autonomous Expenditure
Aggregate Planned Expenditure and Real GDP
Equilibrium Expenditure
Convergence to Equilibrium
Checkpoint 14.2
14.3 Expenditure Multipliers
The Basic Idea of the Multiplier
The Size of the Multiplier
The Multiplier and the MPC
The Multiplier, Imports, and Income Taxes
Business-Cycle Turning Points
Checkpoint 14.3
14.4 The AD Curve and Equilibrium Expenditure
Deriving the AD Curve from Equilibrium Expenditure
Checkpoint 14.4
Chapter Summary
Chapter Checkpoint
Eye on the U.S. Economy The U.S. Consumption Function
Eye on the Past Say’s Law and Keynes’ Principle of Effective Demand
Eye on Your Life Looking for Multipliers
Eye on the Multiplier How Big Is the Government Expenditure Multiplier?
Chapter 15 The Short-Run Policy Tradeoff
Chapter Checklist
15.1 The Short-Run Phillips Curve
Aggregate Supply and the Short-Run Phillips Curve
Aggregate Demand Fluctuations
Why Bother with the Phillips Curve?
Checkpoint 15.1
15.2 Short-Run and Long-run Phillips Curves
The Long-Run Phillips Curve
Expected Inflation
The Natural Rate Hypothesis
Changes in the Natural Unemployment Rate
Have Changes in the Natural Unemployment Rate Changed the Tradeoff?
Checkpoint 15.2
15.3 Influencing Inflation and Unemployment
Influencing the Expected Inflation Rate
Targeting the Unemployment Rate
Checkpoint 15.3
Chapter Summary
Chapter Checkpoint
Eye on the Global Economy Inflation and Unemployment
Eye on the Past The U.S. Phillips Curve
Eye on the Past A Live Test of the Natural Rate Hypothesis
Eye on the Tradeoff Can We Have Low Unemployment and Low Inflation?
Eye on Your Life The Short-Run Tradeoff in Your Life
Part 6 Macroeconomic Policy
Chapter 16 Fiscal Policy
Chapter Checklist
16.1 The Federal Budget
The Institutions and Laws
Budget Balance and Debt
The Federal Budget in Fiscal 2017
A Fiscal Policy Challenge
Generational Accounting
Checkpoint 16.1
16.2 Fiscal Stimulus
Fiscal Policy and Aggregate Demand
Automatic Fiscal Policy
Cyclical and Structural Budget Balances
Discretionary Fiscal Policy
A Successful Fiscal Stimulus
Limitations of Discretionary Fiscal Policy
Checkpoint 16.2
16.3 The Supply Side: Potential GDP and Growth
Full Employment and Potential GDP
Fiscal Policy, Employment, and Potential GDP
Fiscal Policy and Potential GDP: A Graphical Analysis
Taxes, Deficits, and Economic Growth
The Supply-Side Debate
Long-Run Fiscal Policy Effects
Checkpoint 16.3
Chapter Summary
Chapter Checkpoint
Eye on the Global Economy The U.S. Budget in Global Perspective
Eye on the Past Federal Tax Revenues, Outlays, Deficits, and Debt
Eye on the U.S. Economy Fiscal and Generational Imbalances
Eye on the U.S. Economy The U.S. Structural and Cyclical Budget Balances
Eye on Fiscal Stimulus Can Fiscal Stimulus End a Recession?
Eye on the Global Economy Some Real-World Tax Wedges
Eye on Your Life Your Views on Fiscal Policy and How Fiscal Policy Affects You
Chapter 17 Monetary Policy
Chapter Checklist
17.1 How the Fed Conducts Monetary Policy
Monetary Policy Objectives
Operational “Maximum Employment” Goal
Operational “Stable Prices” Goal
Responsibility for Monetary Policy
Policy Instrument
Hitting the Federal Funds Rate Target
Restoring Financial Stability in a Financial Crisis
Checkpoint 17.1
17.2 Monetary Policy Transmission
Quick Overview
Interest Rate Changes
Exchange Rate Changes
Money and Bank Loans
The Long-Term Real Interest Rate
Expenditure Plans
The Fed Fights Recession
The Fed Fights Inflation
Loose Links and Long and Variable Lags
A Final Reality Check
Checkpoint 17.2
17.3 Alternative Monetary Policy Strategies
An Interest Rate Rule
A Monetary Base Rule
Inflation Targeting
Money Targeting Rule
Checkpoint 17.3
Chapter Summary
Chapter Checkpoint
Eye on the Fed in a Crisis Did the Fed Save Us from Another Great Depression?
Eye on the U.S. Economy The Fed’s Decisions Versus Two Rules
Eye on the Global Economy Inflation Targeting Around the World
Eye on Your Life Your Views on Monetary Policy and How Monetary Policy Affects You
Chapter 18 International Trade Policy
Chapter Checklist
18.1 How Global Markets Work
International Trade Today
What Drives International Trade?
Why the United States Imports T-shirts
Why the United States Exports Airplanes
Winners, Losers, and Net Gains from Trade
Checkpoint 18.1
18.2 International Trade Restrictions
Tariffs
Import Quotas
Other Import Barriers
Checkpoint 18.2
18.3 The Case Against Protection
Three Traditional Arguments for Protection
Four Newer Arguments for Protection
Why Is International Trade Restricted?
Checkpoint 18.3
Chapter Summary
Chapter Checkpoint
Eye on the U.S. Economy U.S. Exports and Imports
Eye on Globalization Who Wins and Who Loses from Globalization?
Eye on the Past The History of U.S. Tariffs
Eye on Your Life International Trade
Chapter 19 International Finance
Chapter Checklist
19.1 Financing International Trade
Balance of Payments Accounts
Borrowers and Lenders, Debtors and Creditors
Current Account Balance
Checkpoint 19.1
19.2 The Exchange Rate
Demand in the Foreign Exchange Market
The Law of Demand for Foreign Exchange
Changes in the Demand for Dollars
Supply in the Foreign Exchange Market
The Law of Supply of Foreign Exchange
Changes in the Supply of Dollars
Market Equilibrium
Exchange Rate Expectations
Purchasing Power Parity
Monetary Policy and the Exchange Rate
Pegging the Exchange Rate
The People’s Bank of China in the Foreign Exchange Market
Checkpoint 19.2
Chapter Summary
Chapter Checkpoint
Eye on the U.S. Economy The U.S. Balance of Payments
Eye on the Global Economy Current Account Balances Around the World
Eye on the Dollar Why Does Our Dollar Fluctuate?
Eye on the Global Economy Purchasing Power Parity
Eye on the Global Economy The Managed Yuan
Eye on Your Life Your Foreign Exchange Transactions
Glossary
Index
Credits

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