By N. Gregory Mankiw
In penning this textbook, Mankiw has attempted to place himself within the place of somebody seeing economics for the 1st time. The author's conversational writing type is great for offering the politics and technology of financial theories to tomorrow's decision-makers. simply because Mankiw wrote it for the scholars, the publication sticks out between all different ideas texts via encouraging scholars to use an financial mind set of their day-by-day lives. Receiving any such compliment as "perhaps the simplest ever" textbook in fiscal rules, it really is no ask yourself Mankiw's prize undertaking has fast turn into probably the most winning books ever to be released within the university market.
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Extra resources for Principles of Economics, 2nd Edition
Suppose that Emma’s income is $30,000 per year. If we place the number of novels Emma purchases on the x-axis and the price of novels on the y-axis, we can 40 PA R T O N E INTRODUCTION graphically represent the middle column of Table 2A-1. When the points that represent these entries from the table—(5 novels, $10), (9 novels, $9), and so on—are connected, they form a line. This line, pictured in Figure 2A-3, is known as Emma’s demand curve for novels; it tells us how many novels Emma purchases at any given price.
7. What is the difference between a positive and a normative statement? Give an example of each. 8. What is the Council of Economic Advisers? 9. Why do economists sometimes offer conflicting advice to policymakers? CHAPTER 2 THINKING LIKE AN ECONOMIST 35 Problems and Applications 1. Describe some unusual language used in one of the other fields that you are studying. Why are these special terms useful? 2. One common assumption in economics is that the products of different firms in the same industry are indistinguishable.
Does this frontier limit Crusoe’s consumption of coconuts and fish if he lives by himself? Does he face the same limits if he can trade with natives on the island? T H E P R I N C I P L E O F C O M PA R AT I V E A D VA N TA G E The rancher’s explanation of the gains from trade, though correct, poses a puzzle: If the rancher is better at both raising cattle and growing potatoes, how can the farmer ever specialize in doing what he does best? The farmer doesn’t seem to do CHAPTER 3 INTERDEPENDENCE AND THE GAINS FROM TRADE 53 anything best.