Download Solution Manual for Economics USA, 8th Edition, Nariman Behravesh, ISBN: 978-0-393-91969-1, ISBN: 9780393919691 |

Solution Manual for Economics USA, 8th Edition, Nariman Behravesh, ISBN: 978-0-393-91969-1, ISBN: 9780393919691

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Solution Manual for Economics USA, 8/e, Behravesh

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Product Description

Solution Manual for Economics USA, 8th Edition, Nariman Behravesh, ISBN: 978-0-393-91969-1, ISBN: 9780393919691

Part One: Introduction to Economics

Prologue: Economic Problems: A Sampler
**Financial Crises
Unemployment and Inflation
Labor Productivity and Rising Standard of Living
Challenges Facing Emerging Market Economies
Eliminating Poverty
Looking Ahead

Chapter 1: What Is Economics?
What Is Economics?
Opportunity Cost: A Fundamental Concept
Case Study 1.1: Land Use in Alaska
The Impact of Economics on Society
Case Study 1.2: Eliminating Brown Lung Disease
The Methodology of Economics
The Tasks of an Economic System
Case Study 1.3: Adam Smith, Father of Modern Economics
Exploring Further: A Simple Introductory Model of the Economic System
Case Study 1.4: Producing Both Guns and Butter, 1939 to 1941
Review and Practice

Chapter 2: Markets and Prices
Consumers and Firms
The Demand Side of a Market
The Supply Side of a Market
Equilibrium Price
Actual Price
How the Price System Determines What Is Produced
Case Study 2.1: Low-Cost Homes after World War II
How the Price System Determines How Goods Are Produced
How the Price System Determines Who Gets What
Case Study 2.2: Why Do Some Sports Stars Earn More Than the President of the United States?
The Price System and Economic Growth
The Circular Flow of Money and Products
Limitations of the Price System
Case Study 2.3: The Food Stamp Program and the Allocation of Resources
Exploring Further: Shifts in the Demand and Supply Curves
Review and Practice

Cross Chapter Case—Part 1: The Key Role of Saving and Investment in Raising Per Capita Income

Part Two: Economic Decision Making: The Firm, the Consumer, and Society

Chapter 3: The Business Firm: Organization, Motivation, and Optimal Input Decision
General Motors: A Study
Case Study 3.1: Studebaker and the Low-Volume Trap
U.S. Firms, Large and Small
Case Study 3.2: The Collapse of Enron and the Importance of Corporate Governance
Motivation of the Firm
Technology, Inputs, and the Production Function
Types of Inputs
The Short Run and the Long Run
Average Product and Marginal Product of an Input
The Law of Diminishing Marginal Returns
**Case Study 3.3: To Offshore or Not? That Is the Question
The Optimal Input Decision
Exploring Further: How to Produce Kansas Corn
Review and Practice

Chapter 4: Getting behind the Demand and Supply Curves
The Demand Curve
Consumer Expenditures
A Model of Consumer Behavior
The Equilibrium Market Basket
The Consumer’s Demand Curve
Deriving the Market Demand Curve
The Supply Curve
What Are Costs?
Case Study 4.1: Conserving Water in a California Drought
Short-Run Cost Functions
Average Costs in the Short Run
Case Study 4.2: Oil Price Swings and Drilling Activity
Marginal Cost in the Short Run
Long-Run Average Cost Function
Returns to Scale
Review and Practice

Chapter 5: Market Demand and Price Elasticity
Market Demand Curves
Price Elasticity of Demand
Determinants of the Price Elasticity of Demand
Price Elasticity and Total Money Expenditure
Case Study 5.1: Instability of Farm Prices and the Price Elasticity of Demand
Industry and Firm Demand Curves
Income Elasticity of Demand
Cross Elasticity of Demand
Exploring Further: The Farm Problem
Review and Practice

Chapter 6: Economic Efficiency, Market Supply, and Perfect Competition
Market Structure and Economic Performance
Perfect Competition
The Output of the Firm
The Market Supply Curve
Price and Output: The Short Run
Price and Output: The Long Run
The Allocation of Resources under Perfect Competition: A More Detailed View
Case Study 6.1: Price Ceilings and Price Supports
Case Study 6.2: Starting from Scratch: The Transition from Communism to Capitalism
Review and Practice

Chapter 7: Monopoly and Its Regulation
Causes of Monopoly
Demand Curve and Marginal Revenue under Monopoly
Price and Output: The Short Run
Price and Output: The Long Run
Perfect Competition and Monopoly: A Comparison
The Case against Monopoly
Case Study 7.1: John D. Rockefeller and Standard Oil of Ohio
Public Regulation of Monopoly
Case Study 7.2: Network Effects and the Case against Microsoft
The Deregulation Movement
Exploring Further: The Defense of Monopoly Power
Case Study 7.3: The Saga of AT&T
Review and Practice

Chapter 8: Monopolistic Competition, Oligopoly, and Antitrust Policy
Monopolistic Competition and Oligopoly: Their Major Characteristics
Monopolistic Competition
Price and Output under Monopolistic Competition
The Theory of Games
Collusion and Cartels
Barriers to Collusion
Case Study 8.1: The Electrical Conspiracy
Price Leadership
Nonprice Competition
Case Study 8.2: How Ford Became Number Two and General Motors Became Number One
Comparing Oligopoly with Perfect Competition
The Antitrust Laws
Case Study 8.3: Airline Deregulation: Success or Failure?
The Role of the Courts
The Role of the Justice Department
The Effectiveness of Antitrust Policy
Review and Practice

Chapter 9: Pollution and the Environment
Our Environmental Problems
The Important Role of External Diseconomies
Case Study 9.1: Reserve Mining: The Price of Cleaner Water
Economic Growth and Environmental Pollution
Public Policy toward Pollution
Case Study 9.2: The Uphill Battle to Ratify the Kyoto Climate Treaty and Cap-and-Trade Legislation in the United States
Pollution Control Programs in the United States
How Clean Should the Environment Be?
Case Study 9.3: Dolphin-Safe Tuna
Review and Practice

**Cross Chapter Case—Part 2: What Should Be Done about Global Warming?

Part Three: The Distribution of Income and the Role of Government in Markets

Chapter 10: The Supply and Demand for Labor
The Labor Force and the Price of Labor
Wage and Employment Determination under Perfect Competition
The Market Demand Curve for Labor
The Market Supply Curve for Labor
Equilibrium Price and Quantity of Labor
Labor Unions
The U.S. Labor Movement
**Case Study 10.1: The Battle between Walmart and Labor Unions
How Unions Increase Wages
Collective Bargaining
Case Study 10.2: The Closing of the Herald Tribune
Recent Trends
Case Study 10.3: Why Was Europe’s Unemployment Rate Higher than America’s in the 1990s?
Review and Practice

Chapter 11: Interest, Rent, and Profit
The Nature of Interest
Determining the Interest Rate
Case Study 11.1: Anti-Usury Laws and Mortgage Activity
Functions of the Interest Rate
Capitalization of Assets
The Present Value of Future Income
Rent: Nature and Significance
**Case Study 11.2: Are Drug Company Profits Too High?
The Functions of Profits
Case Study 11.3: eBay: The Story of a Successful Internet Company
Review and Practice

Chapter 12: Poverty, Income Inequality, and Discrimination
How Much Inequality of Income?
Some Causes of Inequality
How the Tax Structure Affects Income Inequality
Factors behind the Recent Rise in Inequality
Income Inequality: The Pros and Cons
The Trade-off between Equality and Efficiency
What Is Poverty?
Social Insurance
Case Study 12.1: Job Training Programs and the War on Poverty
Antipoverty Programs
Case Study 12.2: Is Welfare Reform Working?
The Problem of Discrimination
**Case Study 12.3: Inequality of Outcomes versus Inequality of Opportunities
Case Study 12.4: Equal Pay for Work of “Comparable Worth”
Review and Practice

Chapter 13: Economic Growth
What Is Economic Growth?
Economic Growth as a Policy Objective
Thomas Malthus and Population Growth
David Ricardo and Capital Formation
Case Study 13.1: The Club of Rome’s “Limits to Growth” Report
Capital Formation and Economic Growth
The Role of Human Capital
The Role of Technological Change
Case Study 13.2: Computer-Assisted Design and Manufacture at Boeing Aircraft
Endogenous Technological Change
Entrepreneurship and the Social Environment
The Gap between Actual and Potential Output
Case Study 13.3: The Ford Assembly Line
Case Study 13.4: Technology and the Rapid Rise in Living Standards
Review and Practice

Chapter 14: Public Goods and the Role of the Government
What Functions Should the Government Perform?
Establishing “Rules of the Game”
Redistribution of Income
Providing Public Goods
**Case Study 14.1: The Case of 9/11—Why Airports Can Be Privatized, But Airport Security Cannot
The Theory of Public Choice
Case Study 14.2: The Tennessee Valley Authority
Principles of Taxation
The Personal Income Tax
The Property Tax and the Sales Tax
Case Study 14.3: Proposition 13 000
Tax Incidence
Review and Practice

**Cross Chapter Case Study—Part 3: U.S. Health Care Reform: The Twin Challenges of Universal Coverage and Cost Control

Part Four: National Income and Output

Chapter 15: National Income and Product
Case Study 15.1: GDP, GNP, and Other Measures of Economic Activity
Measuring Gross Domestic Product
Adjusting GDP for Price Changes
Case Study 15.2: Understanding the New Estimates of GDP
Using Value-Added to Calculate GDP
The Limitations of GDP
Two Approaches to GDP
Case Study 15.3: Using GDP Estimates in World War II
The Expenditures Approach to GDP
The Income Approach to GDP
Review and Practice

Chapter 16: Business Fluctuations and Unemployment
Business Fluctuations
Aggregate Supply and Demand
National Output and the Price Level
Case Study 16.1: Unemployment: The Classical View
Case Study 16.2: Karl Marx on Unemployment
The Costs of Unemployment
Case Study 16.3: John Maynard Keynes and the Great Depression
**Case Study 16.4: A New (and Old) Way of Looking at Booms and Busts
Exploring Further: Effects of Shifts in the Aggregate Demand and Short-Run Aggregate Supply Curves
Exploring Further: The Long-Run Aggregate Supply Curve
Review and Practice

Chapter 17: The Determination of National Output and the Keynesian Multiplier
The Consumption Function
The Saving Function
Determinants of Investment
The Investment Decision
The Equilibrium Level of Gross Domestic Product
Aggregate Flows of Income and Expenditure
Reconciling Aggregate Demand and Supply Curves with Income-Expenditure Analysis
Changes in Equilibrium Output
The Volatility of Investment
Effects of Changes in Intended Investment
Case Study 17.1: Keynes’s Criticisms of the Classical View
The Multiplier
Case Study 17.2: Investment and a Great Crash
Exploring Further: Nonincome Determinants of Consumption
Review and Practice

Chapter 18: Fiscal Policy and National Output
Government Expenditure and Gross Domestic Product
Taxation and Gross Domestic Product
Fiscal Policy: Aggregate Demand and Supply Curves
Makers of Fiscal Policy
Case Study 18.1: The Employment Act of 1946
Automatic Stabilizers
Case Study 18.2: President Eisenhower and Automatic Stabilizers
Discretionary Fiscal Policy
Size and Nature of Government Activities
Case Study 18.3: President Kennedy and the Tax Cut of 1964
**Case Study 18.4: The Obama Fiscal Stimulus of 2009
Exploring Further: Including Net Exports in the Simple Keynesian Model
Review and Practice

Chapter 19: Inflation
What Is Inflation?
Measuring Inflation
The Impact of Inflation
Demand-Side and Supply-Side Inflation
Case Study 19.1: Demand-Side Inflation and the Tax Surcharge of 1968
The Phillips Curve
Case Study 19.2: What Is the NAIRU?
Review and Practice

Cross Chapter Case—Part 4: The Treasury Launches a New Type of Security

Part Five: Money, Banking, and Stabilization Policy

Chapter 20: Money and the Banking System
What Is Money?
The Money Supply, Narrowly Defined
The Money Supply, Broadly Defined
Commercial Banks in the United States
How Banks Operate
Case Study 20.1: The Failure of the Knickerbocker Trust in 1907
The Balance Sheet of an Individual Bank
Fractional Reserve Banking
The Safety of the Banks
Case Study 20.2: Comparing the U.S. Savings and Loan Crisis and the Japanese Banking Crisis
**Case Study 20.3: Financial Re-Regulation after the Financial Crisis of 2008–09
How Banks Can Create Money
Exploring Further: A General Proposition Concerning the Effect of Excess Reserves
Review and Practice

Chapter 21: The Federal Reserve and Monetary Policy
The Aims of Monetary Policy
Makers of Monetary Policy
The Federal Reserve System
Functions of the Federal Reserve
The Federal Reserve Banks: Their Consolidated Balance Sheet
Open Market Operations
Changes in the Legal Reserve Requirements
Case Study 21.1: The Independence of the Federal Reserve
Changes in the Discount Rate
Exploring Further: More on the Effects of Monetary Policy
Case Study 21.2: Crisis Management by the Fed
Review and Practice

Chapter 22: Supply Shocks and Inflation
Supply-Side Inflation
Difficulties in Distinguishing Supply-Side from Demand-Side Inflation
The Instability of the Phillips Curve
Case Study 22.1: Stagflation
The Transitory Nature of the Trade-off between Inflation and Unemployment
Case Study 22.2: How Serious of a Threat Is Deflation?
The Importance of Expectations
How the Phillips Curve Self-Destructs: An Example
Wage and Price Controls
Incomes Policies
Case Study 22.3: The Steel Price Increase: Incomes Policy in Action
Exploring Further: The Fed and Supply-Side Inflation
Review and Practice

Chapter 23: Productivity, Growth, and Technology Policy
Growth of Per Capita Output in the United States
The Productivity Slowdown and Its Consequences
Causes of Productivity Swings
Has There Been a Decline in the U.S. Innovation Rate?
Mechanisms for Federal Support of Civilian Technology
**Case Study 23.1: Positive Externalities and the Role of the Government in Encouraging Innovation
Importance of Investment in Plant and Equipment
Case Study 23.2: Asian Growth: Miraculous or Not?
Case Study 23.3: How Widespread Was the Productivity Boom of the Late 1990s?
Importance of the General Economic Climate
Exploring Further: Supply-Side Government Policies and the Aggregate Supply Curve
Case Study 23.4: Supply-Side Economics and Tax Cuts
Review and Practice

Chapter 24: Surpluses, Deficits, Public Debt, and the Federal Budget
How Big Are U.S. Budget Surpluses or Deficits?
Controversies over Deficits
The Structural Deficit
The National Debt: Size and Growth
The Political Economy of Budget Deficits
Alternative Philosophies Regarding the Federal Budget
Case Study 24.1: Can We Afford Social Security and Medicare?
Case Study 24.2: What Happened to the Federal Budget Surplus?
The Federal Budgetary Process
The Federal Tax Legislative Process
Recent U.S. Experience with Fiscal Policy and Deficits
**Case Study 24.3: Rising National Debt Levels Are Unsustainable
Review and Practice

Chapter 25: Monetary Policy, Interest Rates, and Economic Activity
The Value of Money
Inflation and the Quantity of Money
Unemployment and the Quantity of Money
Determinants of the Quantity of Money
The Demand for Money
How Changes in the Money Supply Affect the National Output
The Monetarists
The Velocity of Circulation of Money
The Equation of Exchange
The Crude Quantity Theory of Money and Prices
Case Study 25.1: The Velocity of Circulation of Money and the Fed’s 1975 Decision
When Is Monetary Policy Tight or Easy?
Should the Fed Pay More Attention to Interest Rates or the Money Supply?
Problems in Formulating Monetary Policy
Case Study 25.2: How Much Attention Should the Fed Pay to the Stock Market (and House Prices)?
Should the Fed Be Governed by a Rule?
**Case Study 25.3: Evaluating the Fed’s Performance Before and After the Financial Crisis of 2008–09
Exploring Further: More on the Velocity of Money
Review and Practice

Chapter 26: Controversies over Stabilization Policy
Monetarists versus Keynesians: The Central Debate of the 1960s and 1970s
Supply-Side Economists
The New Classical Macroeconomists
Case Study 26.1: Inflation Targeting by Central Banks
Unemployment and Business Fluctuations
Case Study 26.2: Recession as a Means to Stop Inflation in 1982
Real Business Cycle Models
The New Keynesians
Menu Costs and Sticky Prices
Long-Term Labor Contracts and Sticky Wages
Implicit Contracts
Policy Activism: Pros and Cons
Policy Rules and Time Inconsistency
**Case Study 26.3: The Troubled Asset Relief Program (TARP)
The New Keynesian Response
Divergent Political Beliefs
Review and Practice

**Cross Chapter Case—Part 5: The Debate over Post-Crisis Fiscal Austerity

Part Six: International Economics

Chapter 27: International Trade
Specialization and Trade
Absolute Advantage
Comparative Advantage
The Terms of Trade
Case Study 27.1: The Maquiladora Program—How the Impact of International Investment Is Very Similar to the Impact of International Trade
International Trade and Individual Markets
Tariffs and Quotas
Arguments for Tariffs and Quotas
Case Study 27.2: Restrictions on U.S. Imports of Japanese Autos
Case Study 27.3: NAFTA: “Jobs, Jobs, Jobs” or a “Giant Sucking Sound”?
Review and Practice

Chapter 28: Exchange Rates and the Balance of Payments
International Transactions and Exchange Rates
Exchange Rates under the Gold Standard
The Foreign Exchange Market
Fixed Exchange Rates
Balance of Payments Deficits and Surpluses
Exchange Rates: Pre-World War II Experience
The Gold Exchange Standard
Case Study 28.1: The Abandonment of the Gold Standard
Fixed versus Flexible Exchange Rates
Case Study 28.2: Are Currency Speculators to Blame for the Volatility in International Financial Markets?
How Well Have Floating Exchange Rates Worked?
Case Study 28.3: The Rise and Fall of the Bretton Woods System
Case Study 28.4: The Euro: Europe’s Single Currency
Should the Value of the Dollar Be Stabilized?
Review and Practice

**Cross Chapter Case—Part 6: Should We Be Worried about the Rise of China, India, and Other Emerging Markets?