Frontmatter

Introduction

To beginning students

About the Authors

Key Contributors and Advisors

To the Student

Tools for Learning...Getting the Most from this Book

SECTION 1

Basic Economic Concepts

MODULE 1 The Study of Economics

Individual Choice: The Core of Economics

Microeconomics Versus Macroeconomics

Positive Versus Normative Economics

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 2 Introduction to Macroeconomics

The Business Cycle

Economic Growth

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 3 The Production Possibilities Curve Model

Trade-offs: The Production Possibilities Curve

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 4 Comparative Advantage and Trade

Gains from Trade

Comparative Advantage and Gains from Trade

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

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

Check Your Understanding

Key Terms

SECTION 2

Supply and Demand

MODULE 5 Supply and Demand: Introduction and Demand

A Model of a Competitive Market

The Demand Curve

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 6 Supply and Demand: Supply

The Supply Curve

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 7 Supply and Demand: Equilibrium

Supply, Demand, and Equilibrium

Changes in Supply and Demand

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 8 Supply and Demand: Equilibrium

Why Governments Control Prices

Price Ceilings

Price Floors

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 9 Supply and Demand: Quantity Controls

Controlling Quantities

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 2 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free Response

SECTION 2 Economics by Example

SECTION 3

Measurement of Economic Performance

MODULE 10 The Circular Flow and Gross Domestic Product

The National Accounts

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 11 Interpreting Real Gross Domestic Product

What GDP Tells Us

Real GDP: A Measure of Aggregate Output

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 12 The Meaning and Calculation of Unemployment

The Unemployment Rate

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 13 The Causes and Categories of Unemployment

The Natural Rate of Unemployment

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 14 Inflation: An Overview

Inflation and Deflation

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 15 Supply and Demand: Quantity Controls

Price Indexes and the Aggregate Price Level

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 3 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free Response

SECTION 3 Economics by Example

SECTION 4

National Income and Price Determination

MODULE 16 Income and Expenditure

The Spending Multiplier: An Informal Introduction

Consumer Spending

Investment Spending

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 17 Aggregate Demand: Introduction and Determinants

Aggregate Demand

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 18 Aggregate Supply Introduction and Determinants

Aggregate Supply

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 19 Equilibrium in the Aggregate Demand–Aggregate Supply Model

The AD-AS Model

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 20 Economic Policy and the Aggregate Demand–Aggregate Supply Model

Macroeconomic Policy

Fiscal Policy: The Basics

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 21 Fiscal Policy and Multiplier Effects

The Spending Multiplier and Estimates of the Influence of Government Policy

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 4 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free-Response

SECTION 4 Economics by Example

SECTION 5

The Financial Sector

MODULE 22 Saving, Investment, and the Financial System

Matching Up Savings and Investment Spending

The Financial System

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 23 The Definition and Measurement of Money

The Meaning of Money

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 24 The Time Value of Money

The Concept of Present Value

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 25 Banking and Money Creation

The Federal Reserve System

An Overview of the Twenty-first Century American Banking System

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 26 The Federal Reserve System: History and Structure

The Monetary Role of Banks

Determining the Money Supply

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 27 The Federal Reserve System: Monetary Policy

The Federal Reserve System

What the Fed Does

The European Central Bank

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 28 The Money Market

The Demand for Money

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 29 The Market for Loanable Funds

Reconciling the Two Interest Rate Models

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 5 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free-Response

SECTION 5 Economics by Example

SECTION 6

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

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 31 The Monetary Policy and the Interest Rate

Monetary Policy and the Interest Rate

Monetary Policy and Aggregate Demand

Monetary Policy in Practice

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 32 Money, Output, and Prices in the Long Run

Money, Output, and Prices

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 33 Types of Inflation, Disinflation, and Deflation

Money and Inflation

Moderate Inflation and Disinflation

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 34 Inflation and Unemployment: The Phillips Curve

Inflation and Unemployment in the Long Run

Deflation

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

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

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 36 Consensus and Conflict in Modern Macroeconomics

The Modern Consensus

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 6 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free-Response

SECTION 6 Economics by Example

SECTION 7

Economic Growth and Productivity

MODULE 37 Long-Run Economic Growth

Comparing Economies Across Time and Space

The Sources of Long-Run Growth

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 38 Productivity and Growth

Accounting for Growth: The Aggregate Production Function

Success, Disappointment, and Failure

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 39 Growth Policy: Why Economic Growth Rates Differ

Why Growth Rates Differ

Is World Growth Sustainable?

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

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

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 7 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free-Response

SECTION 7 Economics by Example

SECTION 8

The Open Economy: International Trade and Finance

MODULE 41 Capital Flows and the Balance of Payments

Capital Flows and the Balance of Payments

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 42 The Role of the Exchange Rate

The Role of the Exchange Rate

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 43 Exchange Rate Policy and Macroeconomic Policy

Exchange Rate Policy

Exchange Rates and Macroeconomic Policy

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 44 Barriers to Trade

Trade Restrictions

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 45 Putting It All Together

A Structure for Macroeconomic Analysis

Analyzing Our Scenario

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 8 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free-Response

SECTION 8 Economics by Example

SECTION 9

Behind the Demand Curve: Consumer Choice

MODULE 46 Income Effects, Substitution Effects, and Elasticity

Explaining the Law of Demand

Defining and Measuring Elasticity

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 47 Interpreting Price Elasticity of Demand

What the Price Elasticity of Demand Tells Us

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 48 Other Important Elasticities

Measuring Responses to Other Changes

The Price Elasticity of Supply

An Elasticity Menagerie

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 49 Consumer and Producer Surplus

Consumer Surplus and the Demand Curve

Producer Surplus and the Supply Curve

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

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

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 51 Utility Maximization

Utility: It's All About Getting Satisfaction

Budgets and Optimal Consumption

Spending the Marginal Dollar

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 9 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free-Response

SECTION 9 Economics by Example

SECTION 10

Behind the Supply Curve: Profit, Production, and Costs

MODULE 52 Defining Profit

Understanding Profit

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 53 Profit Maximization

Maximizing Profit

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 54 The Production Function

The Production Function

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 55 Firm Costs

From the Production Function to Cost Curves

Two Key Concepts: Marginal Cost and Average Cost

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 56 Long-Run Costs and Economies of Scale

Short-Run Versus Long-Run Costs

Sunk Costs

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 57 Introduction to Market Structure

Types of Market Structure

Perfect Competition

Monopoly

Oligopoly

Monopolistic Competition

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 10 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free-Response

SECTION 10 Economics by Example

SECTION 11

Market Structures: Perfect Competition and Monopoly

MODULE 58 Introduction to Perfect Competition

Production and Profit

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 59 Graphing Perfect Competition

Interpreting Perfect Competition Graphs

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 60 Long-Run Outcomes in Perfect Competition

The Industry Supply Curve

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

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

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 62 Monopoly and Public Policy

Welfare Effects of Monopoly

Preventing Monopoly Power

Dealing with a Natural Monopoly

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 63 Price Discrimination

Price Discrimination Defined

The Logic of Price Discrimination

Price Discrimination and Elasticity

Perfect Price Discrimination

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 11 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free-Response

SECTION 11 Economics by Example

SECTION 12

Market Structures: Imperfect Competition

MODULE 64 Introduction to Oligopoly

Understanding Oligopoly

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 65 Game Theory

Games Oligopolists Play

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 66 Oligopoly in Practice

The Legal Framework

Tacit Collusion

Constraints on Collusion

Product Differentiation and Price Leadership

How Important Is Oligopoly?

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 67 Introduction to Monopolistic Competition

Understanding Monopolistic Competition

Monopolistic Competition Versus Perfect Competition

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 68 Product Differentiation and Advertising

How Firms Differentiate Their Products

Controversies About Product Differentiation

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 12 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free-Response

SECTION 12 Economics by Example

SECTION 13

Factor Markets

MODULE 69 Introduction and Factor Demand

The Economy's Factors of Production

Marginal Productivity and Factor Demand

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 70 The Markets for Land and Capital

Land and Capital

Marginal Productivity Theory

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 71 The Market for Labor

The Supply of Labor

Equilibrium in the Labor Market

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 72 The Cost-Minimizing Input Combination

Alternative Input Combinations

Determining the Optimal Input Mix

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 73 The Cost-Minimizing Input Combination

The Marginal Productivity Theory of Income Distribution

Is the Marginal Productivity Theory of Income Distribution Really True?

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 13 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free Response

SECTION 13 Economics by Example

SECTION 14

Market Failure and the Role of Government

MODULE 74 Introduction to Externalities

The Economics of Pollution

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 75 Externalities and Public Policy

Policies Toward Pollution

Production, Consumption, and Externalities

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 76 Public Goods

Private Goods and Others

Public Goods

Common Resources

Artificially Scarce Goods

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 77 Public Policy to Promote Competition

Promoting Competition

Antitrust Policy

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

MODULE 78 Income Inequality and Income Distribution

The Problem of Poverty

Economic Inequality

Economic Insecurity

U.S. Antipoverty Programs

The Debate Over Income Redistribution

Check Your Understanding

Tackle the Test: Multiple-Choice Questions

Tackle the Test: Free-Response Questions

SECTION 14 Review

Key Terms

AP® Exam Practice Questions: MC

AP® Exam Practice Questions: Free Response

SECTION 14 Economics by Example

Enrichment Modules

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

Check Your Understanding

Enrichment Module B: Behavioral Economics

Consumers and Rationality

Psychology and Economics

Evolving Models

Check Your Understanding

Enrichment Module C: The Economics of Information

Private Information: What You Don't Know Can Hurt You

Check Your Understanding

Multiple-Choice Questions

Free-Response Review Questions

Enrichment Module D: Indifference Curves and Consumer Choice

Mapping the Utility Function

Indifference Curves and Consumer Choice

Check Your Understanding

Multiple-Choice Questions

Free-Response Review Questions

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

ECONOMICS BY EXAMPLES

Part 1: INTRODUCTION

Chapter 1: WHAT’S TO LOVE ABOUT ECONOMICS?

Chapter 2: WHY DID THE CASHIER LET BIFF HENDERSON EAT ALL THE FREE MINTS?

Part 2: SUPPLY AND DEMAND

Chapter 3: THE COFFEE MARKET’S HOT; WHY ARE BEAN PRICES NOT?

Chapter 4: WHY WAS THE GREAT NEWSPAPER HEIST SO EASY?

Part 3: MARKETS AND DECISIONS

Chapter 5: HOW CAN ECONOMICS INFLUENCE YOUR CHOICE OF A SPOUSE?

Chapter 6: IS ADAM SMITH ROLLING OVER IN HIS GRAVE?

Part 4: PRODUCTION

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?

Part 5: CONSUMER CHOICE

Chapter 9: WHY IS CASH THE ULTIMATE GIFT?

Chapter 10: WHY SHOULD WE PAY FOR WHAT WE THROW AWAY?

Part 6: EFFICIENCY

Chapter 11: WHY NOT SPLIT THE CHECK?

Chapter 12: HOW GULLIBLE ARE WE?

Part 7: MARKET POWER

Chapter 13: WHAT’S BEHIND THE MUSIC INDUSTRY’S WOES?

Chapter 14: WAL-MART: FRIEND OR FOE?

Part 8: RISK, UNCERTAINTY, AND THE MARKET

Chapter 15: WHAT IS THE VALUE OF HUMAN LIFE?

Chapter 16: DO POTENTIAL CRIMINALS CONTEMPLATE THEIR FATES?

Part 9: PUBLIC POLICY

Chapter 17: SHOULD DAMAGE AWARDS IN LAWSUITS BE CAPPED?

Chapter 18: WHAT’S TO LOVE ABOUT TAXES?

Part 10: TECHNOLOGY AND INNOVATION

Chapter 19: WILL TECHNOLOGY PUT US ALL OUT OF WORK?

Chapter 20: DO PHARMACEUTICAL PATENTS COST LIVES OR SAVE THEM?

Part 11: THE MACROECONOMY

Chapter 21: WHY DO WE NEGLECT LEISURE AND CHEER FOR DIVORCE?

Chapter 22: DOES THE MONEY SUPPLY MATTER?

Part 12: GROWTH AND EMPLOYMENT

Chapter 23: WHAT’S TO LIKE ABOUT OUTSOURCING?

Chapter 24: DO TREE HUGGERS DETER GROWTH AND EMPLOYMENT?

Part 13: MACROECONOMIC POLICY

Chapter 25: HOW MUCH DEBT IS TOO MUCH?

Chapter 26: WHAT IS THE ROLE OF GOVERNMENT?

Part 14: International Economics

Chapter 27: IS GLOBALIZATION A BAD WORD?

Chapter 28: WHY ARE SOME NATIONS RICH AND OTHERS POOR?

Part 15: GLOBAL ISSUES

Chapter 29: POLLUTION: HOW MIGHT ECONOMICS HELP SAVE THE PLANET?

Chapter 30: IMMIGRATION: HOW WELCOMING SHOULD LADY LIBERTY BE?