Section 1
Basic Economic Concepts
Module 1 The Study of Economics
Individual Choice: The Core of Economics
Resources Are Scarce
Opportunity Cost: The Real Cost of Something Is What You Must Give Up to Get It
Microeconomics Versus Macroeconomics
Positive Versus Normative Economics
When and Why Economists Disagree
FYI: When Economists Agree
Module 1 Review
Module 2 Introduction to Macroeconomics10
The Business Cycle
Employment, Unemployment, and the Business Cycle
FYI: Defining Recessions and Expansions
Aggregate Output and the Business Cycle
Inflation, Deflation, and Price Stability
Economic Growth
The Use of Models in Economics
Module 2 Review
Module 3 The Production Possibilities Curve Model
Trade-offs: The Production Possibilities Curve
Efficiency
Opportunity Cost
Module 3 Review
Module 4 Comparative Advantage and Trade
Gains from Trade
Comparative Advantage and Gains from Trade
Mutually Beneficial Terms of Trade
Comparative Advantage and International Trade
FYI: Rich Nation, Poor Nation
Module 4 Review
Section 1 Review
AP® Exam Practice Questions
Section 1 Appendix Graphs in Economics
Section 2
Supply and Demand
Module 5 Supply and Demand: Introduction and Demand
Supply and Demand: A Model of a Competitive Market
The Demand Curve
The Demand Schedule and the Demand Curve
Shifts of the Demand Curve
Understanding Shifts of the Demand Curve
FYI: Beating the Traffic
Module 5 Review
Module 6 Supply and Demand: Supply
The Supply Curve
The Supply Schedule and the Supply Curve
Shifts of the Supply Curve
Understanding Shifts of the Supply Curve
FYI: Only Creatures Small and Pampered
Module 6 Review
Module 7 Supply and Demand: Equilibrium
Supply, Demand, and Equilibrium
Finding the Equilibrium Price and Quantity
Why Do All Sales and Purchases in a Market Take Place at the Same Time?
Why Does the Market Price Fall If It Is Above the Equilibrium Price?
Why Does the Market Price Rise If It Is Below the Equilibrium Price?
FYI: The Price of Admission
Using Equilibrium to Describe Markets
Changes in Supply and Demand
What Happens When the Demand Curve Shifts
What Happens When the Supply Curve Shifts
Simultaneous Shifts of Supply and Demand Curves
FYI: Makin’ Bacon?
Module 7 Review
Module 8 Supply and Demand: Price Controls (Ceilings and Floors)
Why Governments Control Prices
Price Ceilings
Modeling a Price Ceiling
So Why Are There Price Ceilings?
Price Floors
FYI: Price Floors and School Lunches
How a Price Floor Causes Inefficiency
So Why Are There Price Floors?
Module 8 Review
Module 9 Supply and Demand: Quantity Controls
Controlling Quantities
The Anatomy of Quantity Control
The Costs of Quantity Controls
FYI: The Clams of New Jersey
Module 9 Review
Section 2 Review
Section 3
Measurement of Economic Performance
Module 10 The Circular Flow and Gross Domestic Product
The National Accounts
The Circular-Flow Diagram
Gross Domestic Product
Module 10 Review
Module 11 Interpreting Real Gross Domestic Product
What GDP Tells Us
Real GDP: A Measure of Aggregate Output
FYI: Creating the National Accounts
Calculating Real GDP
What Real GDP Doesn’t Measure
FYI: Miracle in Venezuela?
Module 11 Review
Module 12 The Meaning and Calculation of Unemployment
The Unemployment Rate
Defining and Measuring Unemployment
The Significance of the Unemployment Rate
Growth and Unemployment
FYI: Failure to Launch
Module 12 Review
Module 13 The Causes and Categories of Unemployment
The Natural Rate of Unemployment
Job Creation and Job Destruction
Frictional Unemployment
Structural Unemployment
Changes in the Natural Rate of Unemployment
FYI: Structural Unemployment in Eastern Germany
Module 13 Review
Module 14 Inflation: An Overview
Inflation and Deflation
The Level of Prices Doesn’t Matter . . .
. . . But the Rate of Change of Prices Does
FYI: Israel’s Experience with Inflation
Winners and Losers from Inflation
Inflation is Easy; Disinflation is Hard
Module 14 Review
Module 15 The Measurement and Calculation of Inflation
Price Indexes and the Aggregate Price Level
Market Baskets and Price Indexes
The Consumer Price Index
Other Price Measures
FYI: Indexing to the CPI
Module 15 Review
Section 3 Review
Section 4
National Income and Price Determination
Module 16 Income and Expenditure
The Spending Multiplier: An Informal Introduction
FYI: The Spending Multiplier and the Great Depression
Consumer Spending
Current Disposable Income and Consumer Spending
Shifts of the Aggregate Consumption Function
Investment Spending
The Interest Rate and Investment Spending
Expected Future Real GDP, Production Capacity, and Investment Spending
Inventories and Unplanned Investment Spending
FYI: Interest Rates and the U.S. Housing Boom
Module 16 Review
Module 17 Aggregate Demand: Introduction and Determinants
Aggregate Demand
Why Is the Aggregate Demand Curve Downward Sloping?
Shifts of the Aggregate Demand Curve
Module 17 Review
Module 18 Aggregate Supply: Introduction and Determinants
Aggregate Supply
The Short-Run Aggregate Supply Curve
Shifts of the Short-Run Aggregate Supply Curve
The Long-Run Aggregate Supply Curve
From the Short Run to the Long Run
FYI: Prices and Output During the Great Depression
Module 18 Review
Module 19 Equilibrium in the Aggregate Demand–Aggregate Supply Model
The AD–AS Model
Short-Run Macroeconomic Equilibrium
Shifts of Aggregate Demand: Short-Run Effects
Shifts of the SRAS Curve
Long-Run Macroeconomic Equilibrium
FYI: Supply Shocks Versus Demand Shocks in Practice
Module 19 Review
Module 20 Economic Policy and the Aggregate Demand–Aggregate Supply Model
Macroeconomic Policy
Policy in the Face of Demand Shocks
Responding to Supply Shocks
FYI: Is Stabilization Policy Stabilizing?
Fiscal Policy: The Basics
Taxes, Government Purchases of Goods and Services, Transfers, and Borrowing
The Government Budget and Total Spending
Expansionary and Contractionary Fiscal Policy
A Cautionary Note: Lags in Fiscal Policy
Module 20 Review
Module 21 Fiscal Policy and Multiplier
The Spending Multiplier and Estimates of the Influence of Government Policy
Multiplier Effects of Changes in Government Purchases
Multiplier Effects of Changes in Government Transfers and Taxes
How Taxes Affect the Multiplier
FYI: About That Stimulus Package . . .
Module 21 Review
Section 5
The Financial Sector
Module 22Saving, Investment, and the Financial System
Matching Up Savings and Investment Spending
The Savings–Investment Spending Identity
The Financial System
Three Tasks of a Financial System
Types of Financial Assets
Financial Intermediaries
Module 22 Review
Module 23 The Definition and Measurement of Money
The Meaning of Money
What Is Money?
Roles of Money
Types of Money
FYI: The History of the Dollar
Measuring the Money Supply
FYI: What’s with All the Currency?
Module 23 Review
Module 24 The Time Value of Money
The Concept of Present Value
Borrowing, Lending, and Interest
Defining Present Value
Using Present Value
FYI: How Big Is That Jackpot, Anyway?
Module 24 Review
Module 25 Banking and Money Creation
The Monetary Role of Banks
What Banks Do
The Problem of Bank Runs
FYI: It’s a Wonderful Banking System
Bank Regulation
Determining the Money Supply
How Banks Create Money
Reserves, Bank Deposits, and the Money Multiplier
The Money Multiplier in Reality
Module 25 Review
Module 26 The Federal Reserve System:History and Structure
The Federal Reserve System
An Overview of the Twenty-first Century American Banking System
Crisis in American Banking at the Turn of the Twentieth Century
Responding to Banking Crises: The Creation of the Federal Reserve
The Structure of the Fed
The Effectiveness of the Federal Reserve System
The Savings and Loan Crisis of the 1980s
Back to the Future: The Financial Crisis of 2008
FYI: Regulation After the 2008 Crisis
Module 26 Review
Module 27 The Federal Reserve System: Monetary Policy
The Functions of the Federal Reserve System
What the Fed Does
The Reserve Requirement
The Discount Rate
Open-Market Operations
The European Central Bank
FYI: Who Gets the Interest on the Fed’s Assets?
Module 27 Review
Module 28 The Money Market
The Demand for Money
The Opportunity Cost of Holding Money
FYI: Long-Term Interest Rates
The Money Demand Curve
Shifts of the Money Demand Curve
Money and Interest Rates
The Equilibrium Interest Rate
Two Models of the Interest Rate
Module 28 Review
Module 29 The Market for Loanable Funds
The Market for Loanable Funds
Reconciling the Two Interest Rate Models
The Interest Rate in the Short Run
The Interest Rate in the Long Run
Module 29 Review
Section 5 Review
Section 6
Inflation, Unemployment, and Stabilization Policies
Module 30 Long-Run Implications of Fiscal Policy: Deficits and the Public Debt
The Budget Balance
The Budget Balance as a Measure of Fiscal Policy
The Business Cycle and the Cyclically Adjusted Budget Balance
Should the Budget Be Balanced?
Long-Run Implications of Fiscal Policy
Deficits, Surpluses, and Debt
Problems Posed by Rising Government Debt
Deficits and Debt in Practice
Implicit Liabilities
FYI: What Happened to the Debt from World War II?
Module 30 Review
Module 31 Monetary Policy and the Interest Rate
Monetary Policy and the Interest Rate
FYI: The Fed Reverses Course
Monetary Policy and Aggregate Demand
Expansionary and Contractionary Monetary Policy
Monetary Policy in Practice
Inflation Targeting
FYI: What the Fed Wants, the Fed Gets
Module 31 Review
Module 32 Money, Output, and Prices in the Long Run
Money, Output, and Prices
Short-Run and Long-Run Effects of an Increase in the Money Supply
Monetary Neutrality
Changes in the Money Supply and the Interest Rate in the Long Run
FYI: International Evidence of Monetary Neutrality
Module 32 Review
Module 33Types of Inflation, Disinflation, and Deflation
Money and Inflation
The Classical Model of Money and Prices
The Inflation Tax
The Logic of Hyperinflation
FYI: Zimbabwe’s Inflation
Moderate Inflation and Disinflation
The Output Gap and the Unemployment Rate
Module 33 Review
Module 34 Inflation and Unemployment: The Phillips Curve
The Short-Run Phillips Curve
Inflation Expectations and the Short-Run Phillips Curve
FYI: From the Scary Seventies to the Nifty Nineties
Inflation and Unemployment in the Long Run
The Long-Run Phillips Curve
The Natural Rate of Unemployment, Revisited
FYI: The Great Disinflation of the 1980s
The Costs of Disinflation
Deflation
Debt Deflation
Effects of Expected Deflation
Module 34 Review
Module 35 History and Alternative Views of Macroeconomics
Classical Macroeconomics
Money and the Price Level
The Great Depression and the Keynesian Revolution
Keynes’s Theory
Policy to Fight Recessions
FYI: The End of the Great Depression
Challenges to Keynesian Economics
The Revival of the Monetary Policy
Monetarism
Inflation and the Natural Rate of Unemployment
The Political Business Cycle
Rational Expectations, Real Business Cycles, and New Classical Macroeconomics
Rational Expectations
Real Business Cycles
Module 35 Review
Module 36 Consensus and Conflict in Modern Macroeconomics
The Modern Consensus
Is Expansionary Monetary Policy Helpful in Fighting Recessions?
Is Expansionary Fiscal Policy Effective in Fighting Recessions?
Can Monetary and/or Fiscal Policy Reduce Unemployment in the Long Run?
Should Fiscal Policy Be Used in a Discretionary Way?
Should Monetary Policy Be Used in a Discretionary Way?
Crisis and Aftermath
FYI: Supply-Side Economics
Module 36 Review
Section 6 Review
Section 7
Economic Growth and Productivity
Module 37 Long-Run Economic Growth
Comparing Economies Across Time and Space
Real GDP per Capita
When Did Long-Run Growth Begin?
Growth Rates
FYI: India Takes Off
The Sources of Long-Run Growth
FYI: The Walmart Effects
The Crucial Importance of Productivity
Explaining Growth in Productivity
Module 37 Review
Module 38 Productivity and Growth
Accounting for Growth: The Aggregate Production Function
What About Natural Resources?
FYI: The Information Technology Paradox
Success, Disappointment, and Failure
East Asia’s Miracle
Latin America’s Disappointment
Africa’s Troubles
FYI: Are Economies Converging?
Module 38 Review
Module 39 Growth Policy: Why Economic Growth Rates Differ
Why Growth Rates Differ
Explaining Differences in Growth Rates
FYI: Inventing R&D
The Role of Government in Promoting Economic Growth
FYI: The Brazilian Breadbasket
Is World Growth Sustainable?
Natural Resources and Growth, Revisited
Economic Growth and the Environment
FYI: Coal Comfort on Resources
FYI: The Cost of Climate Protection
Module 39 Review
Module 40 Economic Growth in Macroeconomic Models
Long-Run Economic Growth and the Production Possibilities Curve
Long-Run Economic Growth and the AggregateDemand–Aggregate Supply Model
Distinguishing Between Long-Run Growth and Short-Run Fluctuations
Module 40 Review
Section 7 Review
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
Balance of Payments Accounts
FYI: GDP, GNP, and the Current Account
Modeling the Financial Account
Underlying Determinants of International Capital Flows
FYI: A Global Savings Glut?
Two-Way Capital Flows
Module 41 Review
Module 42 The Foreign Exchange Market
The Role of the Exchange Rate
Understanding Exchange Rates
The Equilibrium Exchange Rate
Inflation and Real Exchange Rates
Purchasing Power Parity
FYI: Burgernomics
FYI: Low-Cost America
Module 42 Review
Module 43 Exchange Rate Policy and Macroeconomic Policy
Exchange Rate Policy
Exchange Rate Regimes
How Can an Exchange Rate Be Held Fixed?
The Exchange Rate Regime Dilemma
FYI: China Pegs the Yuan
Exchange Rates and Macroeconomic Policy
Devaluation and Revaluation of Fixed Exchange Rates
FYI: From Bretton Woods to the Euro
Monetary Policy Under a Floating Exchange Rate Regime
International Business Cycles
FYI: The Joy of a Devalued Pound
Module 43 Review
Module 44 Barriers to Trade
Trade Restrictions
Tariffs
Import Quotas
FYI: Bringing Down the Walls
Module 44 Review
Module 45 Putting It All Together
A Structure for Macroeconomic Analysis
The Starting Point
The Pivotal Event
The Initial Effect of the Event
Secondary and Long-Run Effects of the Event
Analyzing Our Scenario
Module 45 Review
Section 8 Review
Section 9
Behind the Demand Curve: Consumer Choice
Module 46 Income Effects, Substitution Effects, and Elasticity
Explaining the Law of Demand
The Substitution Effect
The Income Effect
FYI: Giffen Goods
Defining and Measuring Elasticity
Calculating the Price Elasticity of Demand
An Alternative Way to Calculate Elasticities:The Midpoint Method
FYI: Estimating Elasticities
Module 46 Review
Module 47 Interpreting Price Elasticity of Demand
Interpreting the Price Elasticity of Demand
How Elastic Is Elastic?
Price Elasticity Along the Demand Curve
What Factors Determine the Price Elasticity of Demand?
FYI: Responding to Your Tuition Bill
Module 47 Review
Module 48 Other Important Elasticities
Other Important Elasticities
The Cross-Price Elasticity of Demand
The Income Elasticity of Demand
FYI: Where Have All the Farmers Gone?
The Price Elasticity of Supply
Measuring the Price Elasticity of Supply
What Factors Determine the Price Elasticity of Supply?
An Elasticity Menagerie
Module 48 Review
Module 49 Consumer and Producer Surplus
Consumer Surplus and the Demand Curve
Willingness to Pay and the Demand Curve
Willingness to Pay and Consumer Surplus
How Changing Prices Affect Consumer Surplus
FYI: A Matter of Life and Death
Producer Surplus and the Supply Curve
Cost and Producer Surplus
How Changing Prices Affect Producer Surplus
Module 49 Review
Module 50 Efficiency and Deadweight Loss
Consumer Surplus, Producer Surplus, and Efficiency
The Gains from Trade
The Efficiency of Markets
Equity and Efficiency
The Effects of Taxes on Total Surplus
The Effect of an Excise Tax on Quantities and Prices
Price Elasticities and Tax Incidence
The Benefits and Costs of Taxation
The Revenue from an Excise Tax
The Costs of Taxation
Module 50 Review
Module 51 Utility Maximization
Utility: It’s All About Getting Satisfaction
Utility and Consumption
The Principle of Diminishing Marginal Utility
FYI: Is Marginal Utility Really Diminishing?
Budgets and Optimal Consumption
Budget Constraints and Budget Lines
The Optimal Consumption Bundle
Spending the Marginal Dollar
Marginal Utility per Dollar
Optimal Consumption
Module 51 Review
Section 9 Review
Section 10
Behind the Supply Curve: Profit, Production, and Costs
Module 52 Defining Profit
Understanding Profit
Explicit Versus Implicit Costs
Accounting Profit Versus Economic Profit
FYI: Farming in the Shadow of Suburbia
Normal Profit
Module 52 Review
Module 53 Profit Maximization
Maximizing Profit
Using Marginal Analysis to Choose the Profit-Maximizing Quantity of Output
When Is Production Profitable?
Module 53 Review
Module 54 The Production Function
The Production Function
Inputs and Output
FYI: Was Malthus Right?
Module 54 Review
Module 55 Firm Costs
From the Production Function to Cost Curves
Two Key Concepts: Marginal Cost and Average Cost
Marginal Cost
Average Cost
Minimum Average Total Cost
Does the Marginal Cost Curve Always Slope Upward?
Module 55 Review
Module 56 Long-Run Costs and Economies of Scale
Short-Run versus Long-Run Costs
Returns to Scale
Sunk Costs
FYI: There’s No Business Like Snow Business
Summing Up Costs: The Short and Long of It
Module 56 Review
Module 57 Introduction to Market Structure
Types of Market Structure
Perfect Competition
Defining Perfect Competition
Two Necessary Conditions for Perfect Competition
FYI: What’s a Standardized Product?
Free Entry and Exit
Monopoly
Defining Monopoly
Why Do Monopolies Exist?
Oligopoly
Is It an Oligopoly or Not?
Monopolistic Competition
Defining Monopolistic Competition
Module 57 Review
Section 10 Review
Section 11
Market Structures: Perfect Competition and Monopoly
Module 58 Introduction to Perfect Competition
Production and Profit
Module 58 Review
Module 59 Graphing Perfect Competition
Interpreting Perfect Competition Graphs
The Short-Run Production Decision
The Shut-Down Price
Changing Fixed Cost
Summing Up: The Perfectly Competitive Firm’s Profitability and Production Conditions
FYI: Prices Are Up . . . but So Are Costs
Module 59 Review
Module 60 Long-Run Outcomes in Perfect Competition
The Industry Supply Curve
The Short-Run Industry Supply Curve
The Long-Run Industry Supply Curve
The Cost of Production and Efficiency in Long-Run Equilibrium
FYI: A Crushing Reversal
Module 60 Review
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
FYI: Monopoly Behavior and the Price Elasticity of Demand
Monopoly: The General Picture
Module 61 Review
Module 62 Monopoly and Public Policy
Welfare Effects of Monopoly
Preventing Monopoly Power
Dealing with a Natural Monopoly
Public Ownership
Regulation
Must Monopoly Be Controlled?
FYI: Cable Dilemmas
Module 62 Review
Module 63 Price Discrimination
Price Discrimination Defined
The Logic of Price Discrimination
Price Discrimination and Elasticity
Perfect Price Discrimination
Module 63 Review
Section 11 Review
Section 12
Market Structures: Imperfect Competition
Module 64 Introduction to Oligopoly
Understanding Oligopoly
A Duopoly Example
Collusion and Competition
FYI: The Great Vitamin Conspiracy
Module 64 Review
Module 65 Game Theory
Games Oligopolists Play
The Prisoners’ Dilemma
FYI: Prisoners of the Arms Race
More Games
Module 65 Review
Module 66 Oligopoly in Practice
The Legal Framework
Tacit Collusion
Overcoming the Prisoners’ Dilemma: Repeated Interaction and Tacit Collusion
Constraints on Collusion
Large Numbers
Complex Products and Pricing Schemes
Differences in Interests
Bargaining Power of Buyers
FYI: The Art of Conspiracy
Product Differentiation and Price Leadership
How Important Is Oligopoly?
Module 66 Review
Module 67 Introduction to Monopolistic Competition
Understanding Monopolistic Competition
Monopolistic Competition in the Short Run
Monopolistic Competition in the Long Run
FYI: Hits and Flops
Monopolistic Competition Versus Perfect Competition
Price, Marginal Cost, and Average Total Cost
Is Monopolistic Competition Inefficient?
Module 67 Review
Module 68 Product Differentiation and Advertising
How Firms Differentiate Their Products
Differentiation by Style or Type
Differentiation by Location
Differentiation by Quality
FYI: Any Color, So Long As It’s Black
Controversies About Product Differentiation
The Role of Advertising
Brand Names
Module 68 Review
Section 12 Review
Section 13
Factor Markets
Module 69 Introduction and Factor Demand
The Economy’s Factors of Production
The Factors of Production
Why Factor Prices Matter: The Allocation of Resources
Factor Incomes and the Distribution of Income
The Factor Distribution of Income in the United States
Marginal Productivity and Factor Demand
Marginal Revenue Product
Marginal Revenue Product and Factor Demand
Shifts of the Factor Demand Curve
Module 69 Review
Module 70 The Markets for Land and Capital
Land and Capital
Demand in the Markets for Land and Capital
Supply in the Markets for Land and Capital
Equilibrium in Land and Capital Markets
Economic Rent
Marginal Productivity Theory
FYI: Help Wanted!
Module 70 Review
Module 71 The Market for Labor
The Supply of Labor
Work Versus Leisure
Wages and Labor Supply
Shifts of the Labor Supply Curve
Equilibrium in the Labor Market
FYI: The Decline of the Summer Job
When the Labor Market Is Not Perfectly Competitive
Equilibrium in the Imperfectly Competitive Labor Market
Module 71 Review
Module 72 The Cost-Minimizing Input Combination
Alternative Input Combinations
Substitutes and Complements in Factor Markets
Determining the Optimal Input Mix
Cost Minimization
The Cost-Minimization Rule
Module 72 Review
Module 73 Theories of Income Distribution
The Marginal Productivity Theory of Income Distribution
Marginal Productivity and Wage Inequality
Market Power
Efficiency Wages
Discrimination
FYI: The Economics of Apartheid
Wage Disparities in Practice
Is the Marginal Productivity Theory of Income Distribution Really True?
So Does Marginal Productivity Theory Hold?
Module 73 Review
Section 13 Review
Section 14
Market Failure and the Role of Government
Module 74 Introduction to Externalities
The Economics of Pollution
Costs and Benefits of Pollution
Pollution: An External Cost
The Inefficiency of Excess Pollution
FYI: Talking and Driving
Private Solutions to Externalities
FYI: Thank You for Not Smoking
Module 74 Review
Module 75 Externalities and Public Policy
Policies Toward Pollution
Environmental Standards
Emissions Taxes
Tradable Emissions Permits
FYI: Cap and Trade
Production, Consumption, and Externalities
Private Versus Social Benefits
Private Versus Social Costs
Network Externalities
Module 75 Review
Module 76 Public Goods
Private Goods—and Others
Characteristics of Goods
Why Markets Can Supply Only Private Goods Efficiently
Public Goods
Providing Public Goods
How Much of a Public Good Should Be Provided?
FYI: Voting as a Public Good
Common Resources
The Problem of Overuse
The Efficient Use and Maintenance of a Common Resource
Artificially Scarce Goods
Module 76 Review
Module 77 Public Policy to Promote Competition
Promoting Competition
Antitrust Policy
The Sherman Antitrust Act of 1890
The Clayton Antitrust Act of 1914
The Federal Trade Commission Act of 1914
Dealing with Natural Monopoly
FYI: The Regulated Price of Power
Module 77 Review
Module 78 Income Inequality and Income Distribution
The Problem of Poverty
Trends in Poverty
Who Are the Poor?
What Causes Poverty?
Consequences of Poverty
FYI: The Impeccable Economic Logic of Early Childhood Intervention Programs
Economic Inequality
FYI: Long-Term Trends in Income Inequality in the United States
Economic Insecurity
U.S. Antipoverty Programs
Means-Tested Programs
Social Security and Unemployment Insurance
The Effects of Programs on Poverty and Inequality
The Debate Over Income Redistribution
Problems with Income Redistribution
The Politics of Income Redistribution
Module 78 Review
Section 14 Review
AP® Practice Exams
AP® Macroeconomics Practice Exam
AP® Microeconomics Practice Exam
Enrichment ModulesFinancial Literacy Handbook
Module A: Financial Markets and Crises
Module B: Behavioral Economics
Module C: The Economics of Information
Module D: Indifference Curves and Consumer Choice
Financial Literacy Handbook
Glossary*
Index
*Glosario available on Book Companion Site at bcs.worthpublishers.com/KrugmanAP2e