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MACROECONOMICS: PRINCIPLES AND POLICY, Twelfth Edition, takes a policy-based approach to the teaching of introductory macroeconomics. Written by two of the most respected economists in the world, this text is also one of the most current texts on the market that includes data through the spring of 2011. The text includes significant updates based on the current economic crisis, providing the right level of rigor and detail.
- More material on health care costs and the health care reform bill have been added.
- The traditional one-interest-rate model is replaced with a more complex model that includes two interest rates. One would be the riskless rate (such as on T-bills); the other would be a risky, private-sector rate. Doing so requires teaching students about the effect of perceived default risk on interest rates (“risk premiums”).
- The new edition is the only principles book to reflect 2010 year-end data.
- New boxes are updated to reflect the changes in the economic environment that have occurred since the last edition.
- The comprehensive online, interactive problem sets, analyses, tutorials, experiments, and critical-thinking exercises give students hands-on application without adding to instructors’ workload. Aplia requires students to take an active role in the learning process, helping them improve their economic understanding and relate to the economic concepts presented. Instructors can assign homework that is automatically graded and recorded.
- Each chapter opens with a real-life economic puzzle or issue to launch the material covered in the chapter, bringing economics into students’ everyday lives. This chapter-opening economic problem is revisited within the body of the chapter to illustrate how it can be addressed with the theoretical tools and concepts being presented.
- This text includes special “Policy Debate” boxes to enliven the chapters as well as open the way for classroom discussion.
- The “Ideas for Beyond the Final Exam” feature is introduced in Chapter 1, and then integrated throughout the text to reinforce important concepts for students.
- Each chapter ends with a summary; key concepts and terms; and questions and problems for review to help student’s complete homework and prepare for exams.
1 What Is Economics?
2 The Economy: Myth and Reality.
3 The Fundamental Economic Problem: Scarcity and Choice.
4 Supply and Demand: An Initial Look.
Part II THE MACROECONOMY: AGGREGATE SUPPLY AND DEMAND.
5 An Introduction to Macroeconomics.
6 The Goals of Macroeconomic Policy.
7 Economic Growth: Theory and Policy.
8 Aggregate Demand and the Powerful Consumer.
9 Demand-Side Equilibrium: Unemployment or Inflation?
10 Bringing in the Supply Side: Unemployment and Inflation?
Part III FISCAL AND MONETARY POLICY.
11 Managing Aggregate Demand: Fiscal Policy.
12 Money and the Banking System.
13 Monetary Policy: Conventional and Unconventional.
14 The Financial Crisis and the Great Recession.
15 The Debate over Monetary and Fiscal Policy.
16 Budget Deficits in the Short and Long Run.
17 The Trade-Off between Inflation and Unemployment.
Part IV THE UNITED STATES IN THE WORLD ECONOMY.
18 International Trade and Comparative Advantage.
19 The International Monetary System: Order or Disorder?
20 Exchange Rates and the Macroeconomy.
Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.
Instructor's Companion Website
The Instructor Online Resource Website contains key supplements designed to aid instructors, including the Instructor's Manual, Test Bank (powered by Cognero®), and PowerPoint® lecture and exhibit slides. All supplements are updated to match revisions made to the text.
Cengage Learning Testing, powered by Cognero® Instant Access for Baumol's Macroeconomics: Principles and Policy
Cengage Learning Testing, Powered by Cognero®, is a flexible online system that allows you to author, edit, and manage test bank content. You can create multiple test versions in an instant and deliver tests from your LMS in your classroom.