宏观经济学经济学答案IM Front matter

ECONOMICS Hubbard/O’Brien Part 1:  Introduction  Chapter 1: Economics:  Foundations and Models Appendix:  Using Graphs and Formulas Chapter 2: Tradeoffs, Comparative Advantage, and the Market System Chapter 3: Where Prices Come From: The Interaction of Demand & Supply Chapter 4: Economic Efficiency, Government Price Setting, and Taxes Appendix:  Calculating Consumer Surplus and Producer Surplus   Part 2:  Markets in Action Chapter 5:Externalities, Environmental Policy, and Public Goods Chapter 6: Elasticity:  The Responsiveness of Demand and Supply   Part 3: Firms in the Domestic & International Economies Chapter 7: Firms, the Stock Market, and Corporate Governance Appendix:  Tools to Analyze Firms' Financial Information Chapter 8: Comparative Advantage and the Gains from International Trade Appendix:  Multinational Firms   Part 4:  Microeconomic Foundations: Consumers and Firms Chapter 9: Consumer Choice & Behavioral Economics Appendix:  Indifference Curves Chapter 10: Production, Technology, and Costs Appendix:  Isoquants and Isocosts   Part 5:  Market Structure and Firm Strategy Chapter 11: Firms in Perfectly Competitive Markets Chapter 12: Monopolistic Competition:  The Competitive Model in a More Realistic Setting Chapter 13: Oligopoly:  Firms in Less Competitive Markets Chapter 14: Monopoly and Antitrust Policy Chapter 15: Pricing Strategy   Part 6:  Markets for Factors of Production Chapter 16: The Markets for Labor and Other Factors of Production   Part 7:  Information, Taxes, and the Distribution of Income Chapter 17: The Economics of Information Chapter 18: The Tax System and the Distribution of Income   Part 8:  Macroeconomic Foundations and Long-Run Growth Chapter 19: GDP: Measuring Total Production and Income Chapter 20: Unemployment & Inflation Chapter 21: Business Cycles, the Financial System, and Economic Growth Chapter 22: Long-Run Growth: Sources & Policies   Part 9:  Short-Run Fluctuations Chapter 23: Output & Expenditure in the Short Run Appendix:  The Algebra of Macroeconomic Equilibrium  Chapter 24: AD/AS Analysis Appendix:  Schools of Macro Thought   Part 10:  Monetary and Fiscal Policy Chapter 25: Money, Banks, and the Federal Reserve System Chapter 26: Monetary Policy Chapter 27: Fiscal Policy Chapter 28: Inflation, Unemployment, & Federal Reserve Policy   Part 11:  The International Economy Chapter 29: Macroeconomics in an Open Economy Chapter 30: The International Financial System PREFACE Each chapter of this Instructor’s Manual contains the following elements: Chapter Summary: An overview of the main economic concepts covered in each chapter of the book. Learning Objectives: A list of the student learning goals listed at the beginning of each text chapter. Chapter Outline: Detailed descriptions of the economic concepts in the book, key term definitions, teaching tips, and recommendations on how to integrate special features such as the “Inside Look” newspaper feature, “Making the Connection,” and “Don’t Let This Happen to You.” Solved Problems: Each chapter of the book has a Solved Problem to support two of the chapter’s learning objectives. This Instructor’s Manual includes Solved Problems for the remaining learning objectives. Solved Problems can be assigned as homework or presented during classroom lectures. Solutions to Review Questions and Applications: Solutions to the Thinking Critically questions that accompany the “Inside Look” newspaper feature and the end-of-chapter Review Questions and Problems and Applications. Organizing Your Syllabus: The Instructor’s Manual can be a valuable resource for both experienced and first-time instructors. Both the textbook and Instructor’s Manual provide comprehensive coverage of traditional microeconomic theory and applications along with relatively new developments in the field such as behavioral and personnel economics (Chapter 9) and the economics of information (Chapter 17). The authors include business applications in each chapter and have a dedicated chapter on firms, the stock market, and corporate governance (Chapter 7). The comprehensive coverage of microeconomics and business topics allows instructors to select chapters for diverse groups of students. Most instructors will not want to cover indifference curve analysis or isoquant and isocost curves, but those who wish to will find these topics covered in the appendices to Chapter 9, “Consumer Choice and Behavioral Economics,” and Chapter 10, “Production, Technology, and Costs,” respectively. Chapter 13 of this instructor’s manual, “Oligopoly: Firms in Less Competitive Markets,” includes coverage of the kinked demand curve that does not appear in the main book. First-time users of the textbook should be aware that some topics introduced in one chapter are applied in a later chapter. Chapter 4, “Economic Efficiency, Government, Price Setting, and Taxes,” introduces consumer, producer and economic surplus to describe the impact of government-imposed price controls. The appendix to chapter 4, “Quantitative Demand and Supply Analysis,” explains in detail how consumer and producer surplus are calculated using linear demand and supply curves. Chapter 8, “Comparative Advantage and the Gains from International Trade,” uses the same tools to measure the impact of tariffs and quotas on international trade. Chapter 19, “GDP: Measuring Total Production and Income,” and Chapter 20, “Unemployment and Inflation” carefully provide definitions of macroeconomic statistics such as GDP, CPI, and payroll employment, that dominate news headlines. The comprehensive coverage of macroeconomic models and policy issues allows instructors with somewhat different course objectives the flexibility to choose different chapter sequences. The authors provide an overview of issues of long-run growth, business cycles, and the financial system in Chapter 21, “Economic Growth, the Financial System, and Business Cycles.” Instructors who wish to explore more deeply the sources of long-run growth and government policies towards growth can also assign Chapter 22, “Long-Run Economic Growth: Sources and Policies.” Monetary policy has a central role in the economy, so the book includes two chapters on monetary policy: Chapter 26, “Monetary Policy,” and Chapter 28, “Inflation, Unemployment, and Federal Reserve Policy.” Chapter 28 discusses the role of the Fed and inflation targeting with an insider’s perspective. Chapter 23, “Output and Expenditure in the Short Run,” contains a thorough discussion of the traditional Keynesian 45o-line aggregate expenditure model. Many instructors find this model useful in introducing students to the short-run relationship between spending and production. However, instructors may also safely omit Chapter 23 and proceed directly to Chapter 24, “Aggregate Demand and Aggregate Supply Analysis.” The discussion of macroeconomic policy issues in Chapter 26, “Monetary Policy” and Chapter 27, “Fiscal Policy” assumes only a knowledge of the material in Chapter 24. The following chart helps you organize your syllabus based on your teaching preferences and objectives: CORE POLICY OPTIONAL Chapter 1: Economics: Foundations and Models Uses the debate of outsourcing to discuss the role of models in economic analysis. Chapter 2: Trade-offs, Comparative Advantage, and the Market System Includes coverage of the role of the entrepreneur, property rights, and the legal system in a successful market system. Chapter 3: Where Prices Come From: The Interaction of Demand and Supply Chapter 6: Elasticity: The Responsiveness of Demand and Supply Chapter 8: Comparative Advantage and the Gains from International Trade This chapter may be delayed until after Chapter 16.. Chapter 10: Technology, Production, and Costs Chapter 11: Firms in Perfectly Competitive Markets Chapter 12: Monopolistic Competition: The Competitive Model in a More Realistic Setting Chapter 13: Oligopoly: Firms in Less Competitive Markets Includes full coverage of game theory and unique coverage of Porter’s Five Forces Model of Competition. Chapter 14: Monopoly and Antitrust Policy This chapter may be covered after chapter 11. Chapter 16: The Markets for Labor and Other Factors of Production Covers all factors of production in one chapter and includes coverage of discrimination, unions, compensating differentials, and personnel economics. Chapter 17: The Economics of Information Covers asymmetric information and moral hazard. Chapter 19: GDP: Measuring Total Production and Income Covers how total production is measured and the difference between real and nominal variables. Chapter 20: Unemployment and Inflation Covers the three types of unemployment, how inflation is measured, and the difference between real and nominal interest rates. Chapter 21: Economic Growth, the Financial System, and Business Cycles Provides an overview of key macroeconomic issues by discussing the business cycle in the context of long-run growth. Discusses the roles of entrepreneurship, financial institutions, and policy in economic growth Chapter 22: Long-Run Economic Growth: Sources and Policies Highlights the importance of institutions, policies, and technological change for economic growth. Chapter 24: Aggregate Demand and Aggregate Supply Analysis Carefully develops the AD-AS model and then makes the model dynamic to account better for actual movements in real GDP and the price level. Chapter 25: Money, Banks, and the Federal Reserve System Explores the role of money in the economy, the money supply process, and the structure of the Federal Reserve. Chapter 4: Economic Efficiency, Government Price Setting, and Taxes Chapter 5: Externalities, Environmental Policy, and Public Goods This chapter may be delayed until after Chapter 14. Chapter 18: The Tax System and the Distribution of Income Chapter 26: Monetary Policy Uses the aggregate demand and aggregate supply model to show the effects of monetary policy on real GDP and the price level. Chapter 26 is a self-contained discussion, so instructors may safely omit the material in Chapter 28. Chapter 27: Fiscal Policy Uses the aggregate demand and aggregate supply model to show how taxes and government spending affect the economy. Includes significant coverage of the supply-side effects of fiscal policy. Chapter 1: Appendix: Using Graphs and Formulas Chapter 4 Appendix: Quantitative Demand and Supply Analysis Provides a quantitative analysis of rent control. Chapter 7: Firms, the Stock Market, and Corporate Governance Unique chapter that includes coverage of the Sarbanes-Oxley Act. Chapter 7 Appendix: Tools to Analyze Firms’ Financial Information Covers present value and financial statements. Chapter 8: Comparative Advantage and the Gains from International Trade This chapter may be delayed until after Chapter 28. Chapter 8 Appendix: Multinational Firms Covers the benefits and challenges of operating overseas businesses. Chapter 9: Consumer Behavior and Behavioral Economics Covers utility theory and unique coverage of social influences on behavior and network externalities. Chapter 9 Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior Complete and intuitive coverage for those instructors who prefer to cover indifference curves rather than utility theory. Chapter 10 Appendix: Isoquants and Isocosts Provides a formal analysis of how firms choose the combination of inputs to produce a given level of output. Chapter 15: Pricing Strategy Unique chapter that covers price discrimination, cost-plus pricing, and two-part tariffs. Chapter 23: Output and Expenditure in the Short Run Uses the Keynesian 45º-line aggregate expenditure model to introduce students to the short-run relationship between spending and production. The discussion of monetary and fiscal policy in later chapters uses only the aggregate demand and aggregate supply model, which allows instructors to omit Chapter 23. Chapter 23 Appendix: The Algebra of Macroeconomic Equilibrium Uses equations to represent the aggregate expenditure model described in the chapter. Chapter 24 Appendix: Macroeconomic Schools of Thought Covers the monetarist model, the new classical model, and the real business cycle model. Chapter 28: Inflation, Unemployment, and Federal Reserve Policy Discusses the short-run and long-run Phillips curves. Also covers the roles of expectations formation and central bank credibility in monetary policy. Chapter 29: Macroeconomics in an Open Economy Explains the linkages among countries at the macroeconomic level and how policymakers in all countries take these linkages into account when conducting monetary and fiscal policy. Chapter 30: The International Financial System Covers the international financial system and explores the role central banks play in the system. SUPPLEMENTS FOR INSTRUCTORS In addition to the Instructor’s Manual, the following supplements are available: Two Test Banks: Two test banks to accompany the text. Each test bank includes more than 1,500 multiple-choice, short answer, and graphing questions. TestGen: This computerized package allows instructors to customize, save, and generate classroom tests. The test program permits instructors to edit, add, or delete questions from the test banks; edit existing graphics and create new graphics; analyze test results; and organize a database of tests and student results. This software allows for extensive flexibility and ease of use. It provides many options for organizing and displaying tests, along with search and sort features. The software and the test banks can be downloaded from the Instructor’s Resource Center (www.prenhall.com/hubbard). PowerPoint ® Slides (2 sets): 1. A comprehensive set of PowerPoint® slides that can be used by instructors for class presentations or by students for lecture preview or review. The presentation includes all the graphs, tables, and equations in the textbook. It displays figures in step-by-step, automated mode, using a single click per slide. 2. A comprehensive set of PowerPoint® slides with CRS (Classroom Response Systems) questions built in so instructors can incorporate CRS “clickers” into their classroom lectures. For more information on Prentice Hall’s partnership with CRS systems, see the facing page. Instructors may download these PowerPoint® presentations from the Instructor’s Resource Center (www.prenhall.com/hubbard). Acetates: All figures and tables from the text are reproduced and provided as full-page, four-color acetates. Instructor’s Resource CD-ROM: The Instructor’s Resource CD-ROM contains all faculty and student resources that support this text. Instructors have the ability to access and edit the Instructor’s Manual, Test Banks, and PowerPoint® presentations. By simply clicking on a chapter or searching for a keyword, faculty can access an interactive library of resources. Faculty can pick and choose from the various supplements and export them to their hard drive. Blackboard and WebCT Course Content: Prentice Hall offers fully customizable course content for the Bb and WebCT Course Management Systems. Classroom Response Systems: Classroom Response Systems (CRS) is an exciting new wireless polling technology that makes large and small classrooms even more interactive because it enables instructors to pose questions to their students, record results, and display those results instantly. Students can answer questions easily using compact remote-control transmitters. Prentice Hall has partnerships with leading classroom response systems providers and can show you everything you need to know about setting up and using a CRS system. We’ll provide the classroom hardware, text-specific PowerPoint® slides, software, and support, and we’ll also show you how your students can benefit. Learn more at www.prenhall.com/crs. MyEconLab MyEconLab is an interactive and instructive multimedia resource that can be used as a supplement to a traditional lecture course or as a core component for an online or hybrid course. MyEconLab's power lies in its design as an all-inclusive tool, combining self-assessment and study tools with a powerful economic graphing tool tied to graded homework. Fully customizable, MyEconLab meets the individual teaching and learning needs of every instructor and student. It saves instructors and students time, and it helps increase student success in their course. Please visit http://www.myeconlab.com/ for more information. SUPPLEMENTS FOR STUDENTS Study Guide The study guide contains the following features: A chapter summary Learning tips Section-by-section review of the concepts presented Discussion of each Learning Objective Discussion and further explanation of the “Making the Connections,” Solved Problems, and “Don’t Let This Happen To You!” boxes in each section Additional Solved Problems to augment those found in the text (with solution) Additional applications and exercises PowerPoint® Slides For student use as a study aide or note-taking guide, these PowerPoint® slides may be downloaded from the companion Web site at www.prenhall.com/hubbard. The slides include: All graphs, tables, and equations in the text Figures in step-by-step, automated mode, using a single click per slide End-of-chapter key terms with hyperlinks to relevant slides Companion Web Site This free Web site, www.prenhall.com/hubbard, gives students access to select solutions to end-of-chapter problems, an interactive study guide quiz, economics updates, and student PowerPoint® slides. SafariX WebBooks SafariX WebBooks (online versions of the printed texts) will be available for students to purchase in lieu of a standard print text, without any modifications needed to how the instructor or professor teaches the course. Learn more at www.prenhall.com/safariX. PAGE x