Macroeconomics Canadian 2nd Edition Hubbard Test Bank

1. PART 1 The Power of Economics
2. Chapter 1 Macroeconomics and Life
3. Making an Impact with Small Loans
4. The Basic Insights of Macroeconomics
5. Scarcity
6. Performance and Decision Making
7. Incentives
8. Efficiency
9. An Economist’s Problem-Solving Toolbox
10. Correlation and Causation
11. Models
12. Positive and Normative Analysis
13. Conclusion
14. Chapter 2 Specialization and Exchange
15. The Origins of a T-Shirt
16. Production Possibilities
17. Drawing the Production Possibilities Frontier
18. Choosing Among Production Possibilities
19. Shifting the Production Possibilities Frontier
20. Absolute and Comparative Advantage
21. Absolute Advantage
22. Comparative Advantage
23. Why Trade?
24. Specialization
25. Gains from Trade
26. Comparative Advantage Over Time
27. Conclusion
28. APPENDIX A Math Essentials: Understanding Graphs and Slope
29. Creating a Graph
30. Graphs of One Variable
31. Graphs of Two Variables
32. Slope
33. Calculating Slope
34. The Direction of a Slope
35. The Steepness of a Slope
36. PART 2 Supply and Demand
37. Chapter 3 Markets
38. Mobiles Go Global
39. Markets
40. What Is a Market?
41. What Is a Competitive Market?
42. Demand
43. The Demand Curve
44. Determinants of Demand
45. Shifts in the Demand Curve
46. Supply
47. The Supply Curve
48. Determinants of Supply
49. Shifts in the Supply Curve
50. Market Equilibrium
51. Reaching Equilibrium
52. Changes in Equilibrium
53. Conclusion
54. APPENDIX B Math Essentials: Working with Linear Equations
55. Interpreting the Equation of a Line
56. Turning a Graph into an Equation
57. Turning an Equation into a Graph
58. Equations with x and y Reversed
59. Shifts and Pivots
60. Solving for Equilibrium
61. Chapter 4 Elasticity
62. Canada’s Everyday Drink
63. What Is Elasticity?
64. Price Elasticity of Demand
65. Calculating Price Elasticity of Demand
66. Using the Mid-point Method
67. Determinants of Price Elasticity of Demand
68. Using Price Elasticity of Demand
69. Price Elasticity of Supply
70. Calculating Price Elasticity of Supply
71. Determinants of Price Elasticity of Supply
72. Other Elasticities
73. Cross-Price Elasticity of Demand
74. Income Elasticity of Demand
75. Conclusion
76. APPENDIX C Math Essentials: Calculating Percentage Change, Slope, and Elasticity
77. Percentage Change
78. Slope and Elasticity
79. Q over P, or P over Q?
80. Elasticity Changes Along Lines with Constant Slope
81. Chapter 5 Efficiency
82. A Broken Laser Pointer Starts an Internet Revolution
83. Willingness to Pay and Sell
84. Willingness to Pay and the Demand Curve
85. Willingness to Sell and the Supply Curve
86. Measuring Surplus
87. Consumer Surplus
88. Producer Surplus
89. Total Surplus
90. Using Surplus to Compare Alternatives
91. Market Equilibrium and Efficiency
92. Changing the Distribution of Total Surplus
93. Deadweight Loss
94. Missing Markets
95. Conclusion
96. APPENDIX D Math Essentials: The Area Under a Linear Curve
97. The Area Under a Linear Curve
98. Chapter 6 Government Intervention
99. Feeding the World, One Price Control at a Time
100. Why Intervene?
101. Three Reasons to Intervene
102. Four Real-World Interventions
103. Price Controls
104. Price Ceilings
105. Price Floors
106. Taxes and Subsidies
107. Taxes
108. Subsidies
109. Evaluating Government Interventions
110. How Big is the Effect of a Tax or Subsidy?
111. Long-Run versus Short-Run Impact
112. Conclusion
113. PART 3 The Data of Macroeconomics
114. Chapter 7 Measuring GDP
115. It’s More than Counting Berries
116. Valuing an Economy
117. Unpacking the Definition of GDP
118. Production Equals Expenditure Equals Income
119. Approaches to Measuring GDP
120. The Expenditure Approach
121. The Income Approach
122. The Value-Added Approach
123. Using GDP to Compare Economies
124. Real versus Nominal GDP
125. The GDP Deflator
126. Using GDP to Assess Economic Health
127. Limitations of GDP Measures
128. Data Challenges
129. GDP versus Well-Being
130. Conclusion
131. Chapter 8 The Cost of Living
132. Get Cracking
133. The Cost of Living
134. Measuring Price Changes Over Time
135. The Market Basket
136. Consumer Price Index
137. The Challenges in Measuring Price Changes
138. Using Price Indexes
139. The Inflation Rate
140. Deflating Nominal Variables
141. Adjusting for Inflation: Indexing
142. Accounting for Price Differences Across Places
143. Purchasing Power Parity
144. Purchasing Power Indexes
145. PPP-Adjustment
146. Conclusion
147. PART 4 Labour Market and Economic Growth
148. Chapter 9 Unemployment and the Labour Market
149. What Does It Mean to Be Unemployed?
150. Defining and Measuring Unemployment
151. Where Does the Data Come From?
152. Measuring Unemployment
153. Beyond the Unemployment Rate
154. Equilibrium in the Labour Market
155. Categories of Unemployment
156. Natural Rate of Unemployment
157. Cyclical Unemployment
158. Public Policies and Other Influences on Unemployment
159. Factors That May Stop Wage Rates from Falling
160. Employment Insurance
161. Other Factors: Taxes and Worker Rights
162. Conclusion
163. Chapter 10 Economic Growth
164. Why Economic Growth Matters
165. Economic Growth Through the Ages
166. History of World Growth
167. Compounding and the Rule of 70
168. Determinants of Productivity
169. Productivity Drives Growth
170. Components of Productivity
171. Rates versus Levels
172. Accounting for Growth
173. Convergence
174. Growth and Public Policy
175. Investment and Savings
176. Education and Health
177. Technological Development
178. Laying the Groundwork: Good Government, Property Rights, and Economic Openness
179. The Juggling Act
180. Conclusion
181. PART 5 The Economy in the Short and Long Run
182. Chapter 11 Aggregate Expenditure
183. The Big Crash
184. The Components of Aggregate Expenditure
185. Consumption
186. Investment
187. Government Spending
188. Net Exports
189. Autonomous Expenditure and Simplifying Assumptions
190. Aggregate Expenditure Equilibrium and the Keynesian Cross
191. Actual versus Planned Aggregate Expenditure
192. Keynesian Equilibrium
193. Output Gaps
194. The Multiplier Effect
195. Conclusion
196. APPENDIX E Math Essentials: Algebra and Aggregate Expenditure
197. Using Algebra to Find Equilibrium Aggregate Expenditure
198. Using Algebra to Derive the Expenditure Multiplier
199. Chapter 12 Aggregate Demand and Aggregate Supply
200. Pop! Goes the Bubble
201. Tying It All Together
202. Aggregate Demand
203. The Aggregate Demand Curve
204. Shifting the Aggregate Demand Curve
205. The Multiplier and Shifts in Aggregate Demand
206. Aggregate Supply
207. The Difference Between Short-Run and Long-Run Aggregate Supply
208. Shifts in the Short-Run Aggregate Supply Curve
209. Shifts in the Long-Run Aggregate Supply Curve
210. Do the LRAS and SRAS Always Shift Together?
211. Economic Fluctuations
212. Effects of a Shift in Aggregate Demand
213. Effects of a Shift in Aggregate Supply
214. Comparing Demand and Supply Shocks
215. The Role of Public Policy
216. Government Spending to Counter Negative Demand Shocks
217. Government Spending to Counter Negative Supply Shocks
218. Conclusion
219. Chapter 13 Fiscal Policy
220. From Prosperity to Great Recession
221. Fiscal Policy
222. Expansionary or Contractionary?
223. Policy Response to Economic Fluctuations
224. Real-World Challenges
225. Policy Tools—Discretionary and Automatic
226. Limits of Fiscal Policy: The Money Must Come from Somewhere
227. The Government Budget
228. Revenue and Spending
229. The Budget Deficit
230. The Public Debt
231. Size of the Debt
232. How Does the Government Go Into Debt?
233. Is Government Debt Good or Bad?
234. Conclusion
235. PART 6 The Financial System and Institutions
236. Chapter 14 The Basics of Finance
237. Safe Investment?
238. The Role of Financial Markets
239. What Is a Financial Market?
240. Information Asymmetries and Financial Markets
241. Functions of Banks and Financial Markets
242. The Market for Loanable Funds: A Simplified Financial Market
243. Savings, Investment, and the Price of Loanable Funds
244. Changes in the Supply and Demand for Loanable Funds
245. A Price for Every Borrower: A More Realistic Look at Interest Rates
246. The Modern Financial System
247. Functions of the Financial System
248. Major Financial Assets
249. Major Players in the Financial System
250. Valuing Assets
251. The Trade-Off Between Risk and Return
252. Predicting Returns: The Efficient-Market Hypothesis
253. A National Accounts Approach to Finance
254. The Savings–Investment Identity
255. Private Savings, Public Savings, and Capital Flows
256. Conclusion
257. Chapter 15 Money and the Monetary System
258. Cigarette Money
259. What Is Money?
260. Functions of Money
261. What Makes for Good Money?
262. Commodity-Backed Money versus Fiat Money
263. Banks and the Money-Creation Process
264. “Creating” Money
265. Measuring Money
266. Managing the Money Supply: The Bank of Canada
267. The Role of the Central Bank
268. How Does the Bank of Canada Work?
269. Tools of Monetary Policy
270. The Economic Effects of Monetary Policy
271. Interest Rates and Monetary Policy: The Liquidity-Preference Model
272. Interest Rates and the Economy
273. Conclusion
274. Chapter 16 Inflation
275. A Land of Opportunity . . . and Inflation
276. Changing Price Levels
277. Measuring Inflation
278. The Neutrality of Money
279. The Classical Theory of Inflation
280. The Quantity Theory of Money
281. Other Causes of Changing Price Levels
282. Why Do We Care about Changing Price Levels?
283. Inflation
284. Deflation
285. Controlling Inflation . . . or Not: Disinflation and Hyperinflation
286. Disinflation
287. Hyperinflation
288. Why a Little Inflation Is Good
289. Inflation and Monetary Policy
290. The Competing Goals of Maintaining Price Stability and Full Employment
291. The Output Gap and Monetary Policy
292. Inflation and Unemployment
293. Conclusion
294. Chapter 17 Financial Crises
295. Walking Away from a Mortgage
296. Origins of Financial Crises
297. Irrational Expectations
298. Leverage
299. Two Famous Historical Financial Crises
300. The 1970s and 1980s
301. The Turn of the Century
302. The Financial and Economic Crisis in Canada: Case Study
303. Subprime Lending
304. The Creation of the Housing Bubble
305. Effects of the Housing Bubble Collapse
306. A Domino Effect Toward Reduced Output
307. The Immediate Response to the Crisis
308. Stimulus at the Zero Lower Bound
309. Recurrence of the Financial Crisis
310. Conclusion
311. PART 7 International Policy Issues
312. Chapter 18 Open-Market Macroeconomics
313. From Factory to Figures
314. International Flows of Goods and Capital
315. Imports and Exports
316. Foreign Investment
317. Balance of Payments
318. International Capital Flows
319. Determinants of International Capital Flows
320. Effects of Foreign Investment
321. Can a Country Save Too Much?
322. Exchange Rates
323. The Foreign-Exchange Market
324. A Model of the Exchange-Rate Market
325. Exchange-Rate Regimes
326. Macroeconomic Policy and Exchange Rates
327. The Real Exchange Rate
328. Global Financial Crises
329. The Role of the IMF
330. Debt Crises
331. Exchange-Rate Crises
332. Conclusion
333. Chapter 19 Development Economics
334. Poverty Amid Plenty
335. Development and Capabilities
336. The Capabilities Approach
337. Economic Growth and Economic Development
338. The Basics of Development Economics
339. Human Capital
340. Institutions
341. Investment
342. Trade
343. Migration
344. What Can Aid Do?
345. Perspectives on Foreign Aid
346. Poverty Traps and the Millennium Development Goals
347. The Major Distributors of Aid
348. Problems with Foreign Aid
349. Impact Investing
350. How Do We Know What Works?
351. Conclusion
352. Glossary
353. Endnotes
354. Index

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