Principles of Macroeconomics 1st edition

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Senior Contributing Authors Steven A. Greenlaw and Timothy Taylor et al.
Publisher: OpenStax

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  • Chapter 1: Welcome to Economics!
    • 1.1: What Economics Is and Why It's Important
    • 1.2: Microeconomics and Macroeconomics
    • 1.3: How Economists Use Theories and Models to Understand Economic Issues
    • 1.4: How Economies Can Be Organized: An Overview of Economic Systems
    • 1: Review Questions (6)
    • 1: Critical Thinking Questions (2)
    • 1: Problems

  • Chapter 2: Choice in a World of Scarcity
    • 2.1: How Individuals Make Choices Based on Their Budget Constraint
    • 2.2: The Production Possibilities Frontier and Social Choices
    • 2.3: Confronting Objections to the Economic Approach
    • 2: Review Questions (3)
    • 2: Critical Thinking Questions (3)
    • 2: Problems (4)

  • Chapter 3: Demand and Supply
    • 3.1: Demand, Supply, and Equilibrium in Markets for Goods and Services
    • 3.2: Shifts in Demand and Supply for Goods and Services
    • 3.3: Changes in Equilibrium Price and Quantity: The Four-Step Process
    • 3.4: Price Ceilings and Price Floors
    • 3.5: Demand, Supply, and Efficiency
    • 3: Review Questions (10)
    • 3: Critical Thinking Questions (6)
    • 3: Problems (3)

  • Chapter 4: Labor and Financial Markets
    • 4.1: Demand and Supply at Work in Labor Markets
    • 4.2: Demand and Supply in Financial Markets
    • 4.3: The Market System as an Efficient Mechanism for Information
    • 4: Review Questions (4)
    • 4: Critical Thinking Questions (3)
    • 4: Problems (4)

  • Chapter 5: Elasticity
    • 5.1: Price Elasticity of Demand and Price Elasticity of Supply
    • 5.2: Polar Cases of Elasticity and Constant Elasticity
    • 5.3: Elasticity and Pricing
    • 5.4: Elasticity in Areas Other Than Price
    • 5: Review Questions (11)
    • 5: Critical Thinking Questions (4)
    • 5: Problems (6)

  • Chapter 6: The Macroeconomic Perspective
    • 6.1: Measuring the Size of the Economy: Gross Domestic Product
    • 6.2: Adjusting Nominal Values to Real Values
    • 6.3: Tracking Real GDP Over Time
    • 6.4: Comparing GDP among Countries
    • 6.5: How Well GDP Measures the Well-Being of Society
    • 6: Review Questions (3)
    • 6: Critical Thinking Questions (2)
    • 6: Problems (6)

  • Chapter 7: Economic Growth
    • 7.1: The Relatively Recent Arrival of Economic Growth
    • 7.2: Labor Productivity and Economic Growth
    • 7.3: Components of Economic Growth
    • 7.4: Economic Convergence
    • 7: Review Questions (5)
    • 7: Critical Thinking Questions (1)
    • 7: Problems (4)

  • Chapter 8: Unemployment
    • 8.1: How the Unemployment Rate is Defined and Computed
    • 8.2: Patterns of Unemployment
    • 8.3: What Causes Changes in Unemployment over the Short Run
    • 8.4: What Causes Changes in Unemployment over the Long Run
    • 8: Review Questions (15)
    • 8: Critical Thinking Questions (6)
    • 8: Problems (1)

  • Chapter 9: Inflation
    • 9.1: Tracking Inflation
    • 9.2: How Changes in the Cost of Living are Measured
    • 9.3: How the U.S. and Other Countries Experience Inflation
    • 9.4: The Confusion Over Inflation
    • 9.5: Indexing and Its Limitations
    • 9: Review Questions (6)
    • 9: Critical Thinking Questions (5)
    • 9: Problems (4)

  • Chapter 10: The International Trade and Capital Flows
    • 10.1: Measuring Trade Balances
    • 10.2: Trade Balances in Historical and International Context
    • 10.3: Trade Balances and Flows of Financial Capital
    • 10.4: The National Saving and Investment Identity
    • 10.5: The Pros and Cons of Trade Deficits and Surpluses
    • 10.6: The Difference between Level of Trade and the Trade Balance
    • 10: Review Questions (8)
    • 10: Critical Thinking Questions (5)
    • 10: Problems (4)

  • Chapter 11: The Aggregate Demand/Aggregate Supply Model
    • 11.1: Macroeconomic Perspectives on Demand and Supply
    • 11.2: Building a Model of Aggregate Demand and Aggregate Supply
    • 11.3: Shifts in Aggregate Supply
    • 11.4: Shifts in Aggregate Demand
    • 11.5: How the AD/AS Model Incorporates Growth, Unemployment, and Inflation
    • 11.6: Keynes' Law and Say's Law in the AD/AS Model
    • 11: Review Questions (14)
    • 11: Critical Thinking Questions (8)
    • 11: Problems (3)

  • Chapter 12: The Keynesian Perspective
    • 12.1: Aggregate Demand in Keynesian Analysis
    • 12.2: The Building Blocks of Keynesian Analysis
    • 12.3: The Phillips Curve
    • 12.4: The Keynesian Perspective on Market Forces
    • 12: Review Questions (6)
    • 12: Critical Thinking Questions (2)
    • 12: Problems

  • Chapter 13: The Neoclassical Perspective
    • 13.1: The Building Blocks of Neoclassical Analysis
    • 13.2: The Policy Implications of the Neoclassical Perspective
    • 13.3: Balancing Keynesian and Neoclassical Models
    • 13: Review Questions (8)
    • 13: Critical Thinking Questions (3)
    • 13: Problems (1)

  • Chapter 14: Money and Banking
    • 14.1: Defining Money by Its Functions
    • 14.2: Measuring Money: Currency, M1, and M2
    • 14.3: The Role of Banks
    • 14.4: How Banks Create Money
    • 14: Review Questions (10)
    • 14: Critical Thinking Questions (3)
    • 14: Problems (2)

  • Chapter 15: Monetary Policy and Bank Regulation
    • 15.1: The Federal Reserve Banking System and Central Banks
    • 15.2: Bank Regulation
    • 15.3: How a Central Bank Executes Monetary Policy
    • 15.4: Monetary Policy and Economic Outcomes
    • 15.5: Pitfalls for Monetary Policy
    • 15: Review Questions (11)
    • 15: Critical Thinking Questions (1)
    • 15: Problems (6)

  • Chapter 16: Exchange Rates and International Capital Flows
    • 16.1: How the Foreign Exchange Market Works
    • 16.2: Demand and Supply Shifts in Foreign Exchange Markets
    • 16.3: Macroeconomic Effects of Exchange Rates
    • 16.4: Exchange Rate Policies
    • 16: Review Questions (9)
    • 16: Critical Thinking Questions (5)
    • 16: Problems (2)

  • Chapter 17: Government Budgets and Fiscal Policy
    • 17.1: Government Spending
    • 17.2: Taxation
    • 17.3: Federal Deficits and the National Debt
    • 17.4: Using Fiscal Policy to Fight Recession, Unemployment, and Inflation
    • 17.5: Automatic Stabilizers
    • 17.6: Practical Problems with Discretionary Fiscal Policy
    • 17.7: The Question of a Balanced Budget
    • 17: Review Questions (6)
    • 17: Critical Thinking Questions (9)
    • 17: Problems (2)

  • Chapter 18: The Impacts of Government Borrowing
    • 18.1: How Government Borrowing Affects Investment and the Trade Balance
    • 18.2: Fiscal Policy, Investment, and Economic Growth
    • 18.3: How Government Borrowing Affects Private Saving
    • 18.4: Fiscal Policy and the Trade Balance
    • 18: Review Questions (5)
    • 18: Critical Thinking Questions (3)
    • 18: Problems (2)

  • Chapter 19: Macroeconomic Policy Around the World
    • 19.1: The Diversity of Countries and Economies across the World
    • 19.2: Improving Countries' Standards of Living
    • 19.3: Causes of Unemployment around the World
    • 19.4: Causes of Inflation in Various Countries and Regions
    • 19.5: Balance of Trade Concerns
    • 19: Review Questions (4)
    • 19: Critical Thinking Questions (3)
    • 19: Problems (1)

  • Chapter 20: International Trade
    • 20.1: Absolute and Comparative Advantage
    • 20.2: What Happens When a Country Has an Absolute Advantage in All Goods
    • 20.3: Intra-industry Trade between Similar Economies
    • 20.4: The Benefits of Reducing Barriers to International Trade
    • 20: Review Questions (6)
    • 20: Critical Thinking Questions (1)
    • 20: Problems (4)

  • Chapter 21: Globalization and Protectionism
    • 21.1: Protectionism: An Indirect Subsidy from Consumers to Producers
    • 21.2: International Trade and Its Effects on Jobs, Wages, and Working Conditions
    • 21.3: Arguments in Support of Restricting Imports
    • 21.4: How Trade Policy Is Enacted: Globally, Regionally, and Nationally
    • 21.5: The Tradeoffs of Trade Policy
    • 21: Review Questions (9)
    • 21: Critical Thinking Questions (6)
    • 21: Problems (2)


WebAssign is proud to support the open source teaching community through our partnership with OpenStax College. Principles of Macroeconomics from OpenStax College covers the scope and sequence for a one-semester economics course. Senior Contributing Author Timothy Taylor provided valuable guidance for this title and the outcome is a balanced approach to economics, to both Keynesian and classical views, and to the theory and application of economics concepts. The online WebAssign question content for this title is enriched with links to the eBook and is offered as a low-cost solution.

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Group Quantity Questions
Chapter 1: Welcome to Economics!
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1.R 6 012 013 014 015 016 017
Chapter 2: Choice in a World of Scarcity
2.CT 3 019 020 022
2.P 4 024 025 026 027
2.R 3 010 012 014
Chapter 3: Demand and Supply
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3.P 3 052 053 057
3.R 10 013 014 015 016 017 018 027 028 029 030
Chapter 4: Labor and Financial Markets
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4.P 4 029 030 031 033
4.R 4 013 017 018 020
Chapter 5: Elasticity
5.CT 4 028 029 030 032
5.P 6 033 034 035 036 038 039
5.R 11 010 013 014 015 016 017 018 021 022 023 024
Chapter 6: The Macroeconomic Perspective
6.CT 2 021 025
6.P 6 028 029 030 031 032 033
6.R 3 013 015 018
Chapter 7: Economic Growth
7.CT 1 022
7.P 4 032 033 034 035
7.R 5 014 015 016 017 018
Chapter 8: Unemployment
8.CT 6 030 033 036 038 042 044
8.P 1 045
8.R 15 009 010 011 013 014 015 016 017 019 022 024 025 026 027 029
Chapter 9: Inflation
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9.P 4 033 034 036 037
9.R 6 012 013 014 015 018 020
Chapter 10: The International Trade and Capital Flows
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10.P 4 043 044 045 046
10.R 8 022 023 024 025 026 027 029 031
Chapter 11: The Aggregate Demand/Aggregate Supply Model
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11.P 3 059 060 061
11.R 14 017 019 020 021 023 024 026 029 031 032 035 036 038 039
Chapter 12: The Keynesian Perspective
12.CT 2 019 020
12.R 6 010 011 012 013 014 015
Chapter 13: The Neoclassical Perspective
13.CT 3 017 019 020
13.P 1 021
13.R 8 005 006 007 008 009 013 014 016
Chapter 14: Money and Banking
14.CT 3 024 026 027
14.P 2 030 031
14.R 10 007 008 009 011 012 014 015 017 018 020
Chapter 15: Monetary Policy and Bank Regulation
15.CT 1 033
15.P 6 038 039 040 042 043 044
15.R 11 010 011 014 016 018 019 020 022 024 028 029
Chapter 16: Exchange Rates and International Capital Flows
16.CT 5 026 027 029 030 031
16.P 2 032 033
16.R 9 010 012 013 014 016 017 018 020 021
Chapter 17: Government Budgets and Fiscal Policy
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17.R 6 023 024 026 028 029 033
Chapter 18: The Impacts of Government Borrowing
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18.R 5 007 010 011 013 015
Chapter 19: Macroeconomic Policy Around the World
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19.P 1 032
19.R 4 012 016 017 022
Chapter 20: International Trade
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20.P 4 029 030 031 034
20.R 6 008 011 012 013 015 016
Chapter 21: Globalization and Protectionism
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21.P 2 055 057
21.R 9 020 023 025 027 028 029 030 033 034
Total 301