Macroeconomics, 7th edition, Edition: Seventh Edition by N. Gregory Mankiw

By N. Gregory Mankiw

Mankiw's masterful textual content covers the sphere as accessibly and concisely as attainable, in a fashion that emphasizes the relevance of macroeconomics's classical roots and its present perform. that includes the newest facts, new case reports concerned about contemporary occasions, and a few major content material updates, the 7th variation takes the Mankiw legacy even further. It offers the clearest, newest, so much available direction in macroeconomics within the such a lot concise presentation attainable.

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Additional info for Macroeconomics, 7th edition, Edition: Seventh Edition

Sample text

Toward this end, macroeconomists collect data on incomes, prices, unemployment, and many other variables from different time periods and different countries. They then attempt to formulate general theories to explain these data. Like astronomers studying the evolution of stars or biologists studying the evolution of species, macroeconomists cannot conduct controlled experiments in a laboratory. Instead, they must make use of the data that history gives them. Macroeconomists observe that economies differ across countries and that they change over time.

For each chapter in the textbook, the tools on the companion Web site include the following: ➤ Self-Tests. Students can test their knowledge of the material in the book by taking multiple-choice tests on any chapter. After the student responds, the program explains the answer and directs the student to specific sections in the book for additional study. Students may also test their knowledge of key terms using the flashcards. ➤ Web Links. Students can access real-world information via specifically chosen hyperlinks relating to chapter content.

The model shows how changes in the exogenous variables affect the endogenous variables. To make these ideas more concrete, let’s review the most celebrated of all economic models—the model of supply and demand. Imagine that an economist wanted to figure out what factors influence the price of pizza and the quantity of pizza sold. He or she would develop a model that described the behavior of pizza buyers, the behavior of pizza sellers, and their interaction in the market for pizza. For example, the economist supposes that the quantity of pizza demanded by consumers Q d depends on the price of pizza P and on aggregate income Y.

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