Introduction
To beginning students
About the Authors
Key Contributors and Advisors
To the Student
Tools for Learning...Getting the Most from this Book
Basic Economic Concepts
MODULE 1 The Study of Economics
Individual Choice: The Core of Economics
Microeconomics Versus Macroeconomics
Positive Versus Normative Economics
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MODULE 2 Introduction to Macroeconomics
The Business Cycle
Economic Growth
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MODULE 3 The Production Possibilities Curve Model
Trade-offs: The Production Possibilities Curve
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MODULE 4 Comparative Advantage and Trade
Gains from Trade
Comparative Advantage and Gains from Trade
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SECTION 1 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free Response
SECTION 1 Economics by Example
SECTION 1 Appendix
Getting the Picture
Graphs, Variables, and Economic Models
How Graphs Work
A Key Concept: The Slope of a Curve
Calculating the Area Below or Above a Curve
Graphs That Depict Numerical Information
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Key Terms
Supply and Demand
MODULE 5 Supply and Demand: Introduction and Demand
A Model of a Competitive Market
The Demand Curve
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MODULE 6 Supply and Demand: Supply
The Supply Curve
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MODULE 7 Supply and Demand: Equilibrium
Supply, Demand, and Equilibrium
Changes in Supply and Demand
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MODULE 8 Supply and Demand: Equilibrium
Why Governments Control Prices
Price Ceilings
Price Floors
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MODULE 9 Supply and Demand: Quantity Controls
Controlling Quantities
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SECTION 2 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free Response
SECTION 2 Economics by Example
Measurement of Economic Performance
MODULE 10 The Circular Flow and Gross Domestic Product
The National Accounts
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MODULE 11 Interpreting Real Gross Domestic Product
What GDP Tells Us
Real GDP: A Measure of Aggregate Output
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MODULE 12 The Meaning and Calculation of Unemployment
The Unemployment Rate
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MODULE 13 The Causes and Categories of Unemployment
The Natural Rate of Unemployment
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MODULE 14 Inflation: An Overview
Inflation and Deflation
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MODULE 15 Supply and Demand: Quantity Controls
Price Indexes and the Aggregate Price Level
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SECTION 3 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free Response
SECTION 3 Economics by Example
National Income and Price Determination
MODULE 16 Income and Expenditure
The Spending Multiplier: An Informal Introduction
Consumer Spending
Investment Spending
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MODULE 17 Aggregate Demand: Introduction and Determinants
Aggregate Demand
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MODULE 18 Aggregate Supply Introduction and Determinants
Aggregate Supply
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MODULE 19 Equilibrium in the Aggregate Demand–Aggregate Supply Model
The AD-AS Model
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MODULE 20 Economic Policy and the Aggregate Demand–Aggregate Supply Model
Macroeconomic Policy
Fiscal Policy: The Basics
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MODULE 21 Fiscal Policy and Multiplier Effects
The Spending Multiplier and Estimates of the Influence of Government Policy
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SECTION 4 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free-Response
SECTION 4 Economics by Example
The Financial Sector
MODULE 22 Saving, Investment, and the Financial System
Matching Up Savings and Investment Spending
The Financial System
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MODULE 23 The Definition and Measurement of Money
The Meaning of Money
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MODULE 24 The Time Value of Money
The Concept of Present Value
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MODULE 25 Banking and Money Creation
The Federal Reserve System
An Overview of the Twenty-first Century American Banking System
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MODULE 26 The Federal Reserve System: History and Structure
The Monetary Role of Banks
Determining the Money Supply
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MODULE 27 The Federal Reserve System: Monetary Policy
The Federal Reserve System
What the Fed Does
The European Central Bank
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MODULE 28 The Money Market
The Demand for Money
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MODULE 29 The Market for Loanable Funds
Reconciling the Two Interest Rate Models
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SECTION 5 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free-Response
SECTION 5 Economics by Example
Inflation, Unemployment, and Stabilization Policies
MODULE 30 Long-Run Implications of Fiscal Policy: Deficits and the Public Debt
The Budget Balance
Long-Run Implications of Fiscal Policy
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MODULE 31 The Monetary Policy and the Interest Rate
Monetary Policy and the Interest Rate
Monetary Policy and Aggregate Demand
Monetary Policy in Practice
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MODULE 32 Money, Output, and Prices in the Long Run
Money, Output, and Prices
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MODULE 33 Types of Inflation, Disinflation, and Deflation
Money and Inflation
Moderate Inflation and Disinflation
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MODULE 34 Inflation and Unemployment: The Phillips Curve
Inflation and Unemployment in the Long Run
Deflation
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MODULE 35 History and Alternative Views of Macroeconomics
Classical Macroeconomics
The Great Depression and the Keynesian Revolution
Challenges to Keynesian Economics
Rational Expectations, Real Business Cycles, and New Classical Macroeconomics
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MODULE 36 Consensus and Conflict in Modern Macroeconomics
The Modern Consensus
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SECTION 6 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free-Response
SECTION 6 Economics by Example
Economic Growth and Productivity
MODULE 37 Long-Run Economic Growth
Comparing Economies Across Time and Space
The Sources of Long-Run Growth
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MODULE 38 Productivity and Growth
Accounting for Growth: The Aggregate Production Function
Success, Disappointment, and Failure
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MODULE 39 Growth Policy: Why Economic Growth Rates Differ
Why Growth Rates Differ
Is World Growth Sustainable?
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MODULE 40 Economic Growth in Macroeconomic Models
Long-Run Economic Growth and the Production Possibilities Curve
Long-Run Economic Growth and the Aggregate Demand-Aggregate Supply Model
Distinguishing Between Long-Run Growth and Short-Run Fluctuations
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SECTION 7 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free-Response
SECTION 7 Economics by Example
The Open Economy: International Trade and Finance
MODULE 41 Capital Flows and the Balance of Payments
Capital Flows and the Balance of Payments
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MODULE 42 The Role of the Exchange Rate
The Role of the Exchange Rate
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MODULE 43 Exchange Rate Policy and Macroeconomic Policy
Exchange Rate Policy
Exchange Rates and Macroeconomic Policy
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MODULE 44 Barriers to Trade
Trade Restrictions
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MODULE 45 Putting It All Together
A Structure for Macroeconomic Analysis
Analyzing Our Scenario
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SECTION 8 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free-Response
SECTION 8 Economics by Example
Behind the Demand Curve: Consumer Choice
MODULE 46 Income Effects, Substitution Effects, and Elasticity
Explaining the Law of Demand
Defining and Measuring Elasticity
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MODULE 47 Interpreting Price Elasticity of Demand
What the Price Elasticity of Demand Tells Us
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MODULE 48 Other Important Elasticities
Measuring Responses to Other Changes
The Price Elasticity of Supply
An Elasticity Menagerie
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MODULE 49 Consumer and Producer Surplus
Consumer Surplus and the Demand Curve
Producer Surplus and the Supply Curve
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MODULE 50 Efficiency and Deadweight Loss
Consumer Surplus, Producer Surplus, and Efficiency
The Effects of Taxes on Total Surplus
The Benefits and Costs of Taxation
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MODULE 51 Utility Maximization
Utility: It's All About Getting Satisfaction
Budgets and Optimal Consumption
Spending the Marginal Dollar
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SECTION 9 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free-Response
SECTION 9 Economics by Example
Behind the Supply Curve: Profit, Production, and Costs
MODULE 52 Defining Profit
Understanding Profit
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MODULE 53 Profit Maximization
Maximizing Profit
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MODULE 54 The Production Function
The Production Function
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MODULE 55 Firm Costs
From the Production Function to Cost Curves
Two Key Concepts: Marginal Cost and Average Cost
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MODULE 56 Long-Run Costs and Economies of Scale
Short-Run Versus Long-Run Costs
Sunk Costs
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MODULE 57 Introduction to Market Structure
Types of Market Structure
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition
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SECTION 10 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free-Response
SECTION 10 Economics by Example
Market Structures: Perfect Competition and Monopoly
MODULE 58 Introduction to Perfect Competition
Production and Profit
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MODULE 59 Graphing Perfect Competition
Interpreting Perfect Competition Graphs
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MODULE 60 Long-Run Outcomes in Perfect Competition
The Industry Supply Curve
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MODULE 61 Introduction to Monopoly
The Monopolist's Demand Curve and Marginal Revenue
The Monopolist's Profit-Maximizing Output and Price
Monopoly Versus Perfect Competition
Monopoly: The General Picture
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MODULE 62 Monopoly and Public Policy
Welfare Effects of Monopoly
Preventing Monopoly Power
Dealing with a Natural Monopoly
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MODULE 63 Price Discrimination
Price Discrimination Defined
The Logic of Price Discrimination
Price Discrimination and Elasticity
Perfect Price Discrimination
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SECTION 11 Review
Key Terms
AP® Exam Practice Questions: MC
AP® Exam Practice Questions: Free-Response
SECTION 11 Economics by Example
Market Structures: Imperfect Competition
MODULE 64 Introduction to Oligopoly
Understanding Oligopoly
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MODULE 65 Game Theory
Games Oligopolists Play
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MODULE 66 Oligopoly in Practice
The Legal Framework
Tacit Collusion
Constraints on Collusion
Product Differentiation and Price Leadership
How Important Is Oligopoly?
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MODULE 67 Introduction to Monopolistic Competition
Understanding Monopolistic Competition
Monopolistic Competition Versus Perfect Competition
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MODULE 68 Product Differentiation and Advertising
How Firms Differentiate Their Products
Controversies About Product Differentiation
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SECTION 12 Review
Key Terms
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SECTION 12 Economics by Example
Factor Markets
MODULE 69 Introduction and Factor Demand
The Economy's Factors of Production
Marginal Productivity and Factor Demand
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MODULE 70 The Markets for Land and Capital
Land and Capital
Marginal Productivity Theory
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MODULE 71 The Market for Labor
The Supply of Labor
Equilibrium in the Labor Market
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MODULE 72 The Cost-Minimizing Input Combination
Alternative Input Combinations
Determining the Optimal Input Mix
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MODULE 73 The Cost-Minimizing Input Combination
The Marginal Productivity Theory of Income Distribution
Is the Marginal Productivity Theory of Income Distribution Really True?
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SECTION 13 Review
Key Terms
AP® Exam Practice Questions: MC
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SECTION 13 Economics by Example
Market Failure and the Role of Government
MODULE 74 Introduction to Externalities
The Economics of Pollution
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MODULE 75 Externalities and Public Policy
Policies Toward Pollution
Production, Consumption, and Externalities
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MODULE 76 Public Goods
Private Goods and Others
Public Goods
Common Resources
Artificially Scarce Goods
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MODULE 77 Public Policy to Promote Competition
Promoting Competition
Antitrust Policy
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MODULE 78 Income Inequality and Income Distribution
The Problem of Poverty
Economic Inequality
Economic Insecurity
U.S. Antipoverty Programs
The Debate Over Income Redistribution
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SECTION 14 Review
Key Terms
AP® Exam Practice Questions: MC
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SECTION 14 Economics by Example
Enrichment Module A: Financial Markets and Crises
The Role of Financial Markets
The Importance of an Efficient Financial System
Financial Crises: Consequences and Prevention
Financial Crises and the Future
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Enrichment Module B: Behavioral Economics
Consumers and Rationality
Psychology and Economics
Evolving Models
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Enrichment Module C: The Economics of Information
Private Information: What You Don't Know Can Hurt You
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Multiple-Choice Questions
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Enrichment Module D: Indifference Curves and Consumer Choice
Mapping the Utility Function
Indifference Curves and Consumer Choice
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Financial Literacy Handbook
PART 1 Take It to the Bank
Overview of Banks
Types of Financial Institutions
Why Keep Money in a Bank?
Types of Bank Accounts
How Old Do You Have to Be to Open a Bank Account?
How to Maintain a Checking Account
How to Choose the Best Bank
Common Banking Terms to Know
Part 1 Review Questions
PART 2 Get Interested in Money Math
Pay Attention to Interest
What is the Rule of 72?
Understand Credit Cards
How to Become a Millionaire
Part 2 Review Questions
PART 3 Learn to Earn
What Is a Resume?
What Is a JobApplication?
Types of Income
Getting a Paycheck
Filing an IncomeTax Return
Part 3 Review Questions
PART 4 Save and Invest Money
Types of Savings Accounts
Investing Basics
Types of Investments
Other Types of Investments
What Is Financial Risk?
Ways to Invest
How Much Will Social Security Pay in Retirement?
Investing for Education
Part 4 Review Questions
PART 5 Give Yourself Some Credit
What Is Credit?
Understanding Credit Reports
Understanding Credit Scores
How to Establish Credit
How to Build Your Credit
How to Protect Your Credit
Part 5 Review Questions
PART 6 Borrow Without Sorrow
What to Know About Debt
Installment Loan Basics
Common Types of Installment Loans
Revolving Credit Basics
Part 6 Review Questions
PART 7 manage your money
Setting Financial Goals
Creating a Budget
What Does Pay Yourself First Mean?
Tracking Your Wealth
Paying Bills
Part 7 Review Questions
PART 8 Protect Yourself From Risk
Types of Insurance
What Is an Insurance Deductible?
Extended Product Warranties
Identity Theft
What To Do If You're the Victim of Identity Theft
Part 8 Review Questions
Chapter 1: WHAT’S TO LOVE ABOUT ECONOMICS?
Chapter 2: WHY DID THE CASHIER LET BIFF HENDERSON EAT ALL THE FREE MINTS?
Chapter 3: THE COFFEE MARKET’S HOT; WHY ARE BEAN PRICES NOT?
Chapter 4: WHY WAS THE GREAT NEWSPAPER HEIST SO EASY?
Chapter 5: HOW CAN ECONOMICS INFLUENCE YOUR CHOICE OF A SPOUSE?
Chapter 6: IS ADAM SMITH ROLLING OVER IN HIS GRAVE?
Chapter 7: WHY ARE THERE MORE MEMBERS OF A BAND THAN PROFESSORS IN A CLASS?
Chapter 8: COULD THE FUTURE COST OF ENERGY CHANGE LIFE AS WE KNOW IT?
Chapter 9: WHY IS CASH THE ULTIMATE GIFT?
Chapter 10: WHY SHOULD WE PAY FOR WHAT WE THROW AWAY?
Chapter 11: WHY NOT SPLIT THE CHECK?
Chapter 12: HOW GULLIBLE ARE WE?
Chapter 13: WHAT’S BEHIND THE MUSIC INDUSTRY’S WOES?
Chapter 14: WAL-MART: FRIEND OR FOE?
Chapter 15: WHAT IS THE VALUE OF HUMAN LIFE?
Chapter 16: DO POTENTIAL CRIMINALS CONTEMPLATE THEIR FATES?
Chapter 17: SHOULD DAMAGE AWARDS IN LAWSUITS BE CAPPED?
Chapter 18: WHAT’S TO LOVE ABOUT TAXES?
Chapter 19: WILL TECHNOLOGY PUT US ALL OUT OF WORK?
Chapter 20: DO PHARMACEUTICAL PATENTS COST LIVES OR SAVE THEM?
Chapter 21: WHY DO WE NEGLECT LEISURE AND CHEER FOR DIVORCE?
Chapter 22: DOES THE MONEY SUPPLY MATTER?
Chapter 23: WHAT’S TO LIKE ABOUT OUTSOURCING?
Chapter 24: DO TREE HUGGERS DETER GROWTH AND EMPLOYMENT?
Chapter 25: HOW MUCH DEBT IS TOO MUCH?
Chapter 26: WHAT IS THE ROLE OF GOVERNMENT?
Chapter 27: IS GLOBALIZATION A BAD WORD?
Chapter 28: WHY ARE SOME NATIONS RICH AND OTHERS POOR?
Chapter 29: POLLUTION: HOW MIGHT ECONOMICS HELP SAVE THE PLANET?
Chapter 30: IMMIGRATION: HOW WELCOMING SHOULD LADY LIBERTY BE?