Test Bank for Economics Private and Public Choice 14th Edition David A Macpherson Download

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Product details:

• ISBN-10 ‏ : ‎ 1111970211
• ISBN-13 ‏ : ‎ 978-1111970215
• Author:  MACPHERSON GWARTNEY

ECONOMICS: PRIVATE AND PUBLIC CHOICE, 14TH EDITION reflects current economic conditions, enabling you to apply economic concepts to the real world. The up-to-date text includes analysis and explanation of measures of economic activity in today’s market. It also includes highlights of the recession of 2008-2009, and an in-depth look at the lives and contributions of notable economists. ECONOMICS: PRIVATE AND PUBLIC CHOICE dispels common economic myths. The text uses the “invisible hand” metaphor to explain economic theory, demonstrating how it works to stimulate the economy. The 14th edition includes a robust set of online multimedia learning tools with video clips and free quizzes designed to support classroom work. A completely updated Aplia interactive learning system is also available–with practice problems, interactive tutorials, online experiences and more.

Table of contents:

Suggested Outlines for One-Semester Courses

Preface

Acknowledgments

I The Economic Way of Thinking – An Introduction

1 The Economic Approach

What Is Economics About?

Man’s Losing Struggle with Scarcity

The Economic Way of Thinking

Normative and Positive Economics

Looking for Action?—Try Economics

Myths of Economics: “Economics rejects the humanitarian side of man.”

Perspectives in Economics: Do Material Goods Bring Happiness?

2 Some Tools of the Economist

Opportunity Cost Is the Highest Valued Opportunity Lost

The Production Possibilities Curve

Trade Tips and Comparative Advantage

Dependence, Specialization, and Exchange

Three Economizing Decisions Facing All Nations: What, How, and for Whom

Two Methods of Making Decisions—The Market and Government Planning

Myths of Economics: “In exchange, if someone gains, someone else must lose. Trading is a zero-sum game.”

3 Market Decisions and the Market Process

Scarcity Necessitates Rationing

Consumer Choice and the Law of Demand

Producer’s Choice and the Law of Supply

Price and Market Equilibrium

Shifts in Demand and Advice on How to Pass Your First Economics Exam

Shifts in Supply

Time and the Adjustment Process

Supply and Demand in Action

Repealing the Laws of Supply and Demand

Rationing and Motivating, the Two Great Attributes of the Market

Myths of Economics: “Rent controls are an effective method of assuring adequate housing at a price the poor can afford.”

4 A Bird’s-Eye View of the Public Sector

Ideal Economic Efficiency

Why Might the Invisible Hand Fail?

Government—A Potential Vehicle for Gain

Redistribution—Dividing the Economic Pie

The Market and the Public Sector—Two Methods of Economic Organization

Conflicts between Good Economics and Good Politics

Outstanding Economist: James Buchanan

5 Taxes and Government Spending

What Do Federal, State, and Local Governments Buy?

Sources of Tax Revenues

The Concept of Incidence

Who Pays the Tax Bill?

The Taxes Others Paid

Myths of Economics: “The growth of the federal government has been the major source of government expansion.”

Controversies in Economics: Is There an Energy Crisis or a Policy Crisis?

II Macroeconomics

6 Taking the Nation’s Economic Pulse

The Concept of the GNP

Two Ways of Measuring GNP

Gross National Product or Gross National Cost?

Five Problems with GNP as a Measuring Rod

What the GNP Does Not Measure

The Great Contribution of GNP

Other Related Income Measures

Outstanding Economist: Simon Kuznets

7 Unemployment, Inflation, and Business Cycles

Swings in the Economic Pendulum

A Hypothetical Business Cycle

Three Different Views of the Business Cycle

The Normal Rate of Unemployment

Cyclical Unemployment

Actual and Potential GNP

Questions and Answers about Inflation

Myths of Economics: “Unemployed resources would not exist if the economy were operating efficiently.”

8 Aggregate Equilibrium and a Simple Keynesian Model

Keynes and the Views of Classical Economists

Tools of Modern Keynesian Analysis

Equilibrium and the Keynesian Model

Adding Government Demand

Leakages and Injections—Another Way of Looking at Equilibrium

Pulling It Together

Outstanding Economist: John Maynard Keynes

9 The Multiplier, Accelerator, and a Keynesian View of the Business Cycle

The Multiplier Principle

Business Pessimism – A Self-Fulfilling Prophecy

Investment Instability and the Accelerator

A Keynesian View of the Business Cycle

Investment and the Cycle

10 Fiscal Policy

Public Policy to Deal with a Recession

Fiscal Policy to Deal with Inflation

The Central Idea of Fiscal Policy

The Full-Employment Budget Concept

Has Real World Fiscal Policy Been Stabilizing?

Automatic Stabilizers

Spending versus Taxing Alternatives

Outstanding Economist: Walter Heller

Perspectives in Economics: Fact and Fiction about the National Debt

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