Macroeconomics: A Contemporary Introduction by William A. McEachern

By William A. McEachern

Taking a "just-in-time" technique through introducing fabric simply because it is required to advance an issue, MACROECONOMICS: a latest strategy, 8th variation, actually leads via instance. In a decidedly non-condescending tone, McEachern assumes that scholars are already intuitively acquainted with many monetary strategies via their very own existence reviews. those existence stories are then defined to scholars as monetary innovations with transparent and fascinating exposition, correct case reviews, and a fresh targeted layout. The text's significant functions take the shape of case stories that should be learn and hence are built-in into the circulation of every bankruptcy. With this 8th version, the book's well-crafted method is better with resources--such as Aplia and CengageNOW--that can help your scholars enhance their realizing and may assist you streamline initiatives and store invaluable time.

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S. government should increase the minimum wage. d. S. trade restrictions cost consumers $40 billion annually. 8. (Role of Theory) What good is economic theory if it can’t predict the behavior of a specific individual? 18 Part 1 Introduction to Economics PROBLEMS AND EXERCISES 9. (Rational Self-Interest) Discuss the impact of rational self-interest on each of the following decisions: a. Whether to attend college full time or enter the workforce full time b. Whether to buy a new textbook or a used one c.

In a similar vein, not all doctors are healthy (some even smoke), not all carpenters live in perfectly built homes, not all marriage counselors are happily married, and not all child psychologists have well-adjusted children. Still, those who study economics do reap financial rewards, as discussed in this closing case study, which looks at the link between the choice of a college major and annual earnings. 3. As reported by George Anders, “An Economist’s Courtroom Bonanza,” Wall Street Journal, 19 March 2007.

Microeconomics looks at the individual pieces of the economic puzzle; macroeconomics fits the pieces together to shape the big picture. THE SCIENCE OF ECONOMIC ANALYSIS Economic theory, or economic model A simplification of reality used to make predictions about cause and effect in the real world Economists use scientific analysis to develop theories, or models, that help explain economic behavior. An economic theory, or economic model, is a simplification of economic reality that is used to make predictions about the real world.

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