By N. Gregory Mankiw
With its transparent and fascinating writing kind, short ideas OF MACROECONOMICS, 5E, remains to be some of the most renowned books on economics on hand this present day. Mankiw emphasizes fabric that you're more likely to locate attention-grabbing in regards to the economic system (particularly if you're learning economics for the 1st time), together with real-life situations, precious evidence, and the various methods monetary strategies play a job within the judgements you are making on a daily basis.
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Extra info for Brief Principles of Macroeconomics
Why should policymakers think about incentives? 5. Why isn’t trade among countries like a game with some winners and some losers? 6. What does the “invisible hand” of the marketplace do? 7. Explain the two main causes of market failure and give an example of each. 8. Why is productivity important? 9. What is inflation and what causes it? 10. How are inflation and unemployment related in the short run? PROBLEMS AND APPLICATIONS 1. Describe some of the trade-offs faced by each of the following: a.
For example, it might be tempting to credit labor unions or minimum-wage laws for the rise in living standards of American workers over the past century. Yet the real hero of American workers is their rising productivity. S. incomes during the 1970s and 1980s. Yet the real villain was not competition from abroad but flagging productivity growth in the United States. The relationship between productivity and living standards also has profound implications for public policy. When thinking about how any policy will affect living standards, the key question is how it will affect our ability to produce goods and services.
You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the $100 now? 5. The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $3 million. If it would cost $1 million to finish development and make the product, should you go ahead and do so?