Solutions for Economics Today The Macro View, 20th Edition Miller (All Chapters included)

Instructor’s Resource Manual

Revised by Nicole Ball

Economics Today
Twentieth Edition



Roger LeRoy Miller



** Immediate Download
** Swift Response
** All Chapters included

,Table of Contents


Part I Introduction
1 The Nature of Economics 1
2 Scarcity and the World of Trade-Offs 20
3 Demand and Supply 39
4 Extensions of Demand and Supply Analysis 59
5 Public Spending and Public Choice 79
6 Funding the Public Sector 103

Part 2 Introduction to Macroeconomics and Economic Growth
7 The Macroeconomy: Unemployment, Inflation, and Deflation 120
8 Measuring the Economy’s Performance 139
9 Global Economic Growth and Development 161

Part 3 Real GDP Determination and Fiscal Policy
10 Real GDP and the Price Level in the Long Run 176
11 Classical and Keynesian Macro Analyses 194
12 Consumption, Real GDP, and the Multiplier 211
13 Fiscal Policy 234
14 Deficit Spending and the Public Debt 257

Part 4 Money, Stabilization, and Growth
15 Money, Banking, and Central Banking 274
16 Domestic and International Dimensions of Monetary Policy 295
17 Stabilization in an Integrated World Economy 317

, 18 Policies and Prospects for Global Economic Growth 335

Part 5 Dimensions of Microeconomics
19 Demand and Supply Elasticity 352
20 Consumer Choice 368
21 Rents, Profits, and the Financial Environment of Business 392

Part 6 Market Structure, Resource Allocation, and Regulation
22 The Firm: Cost and Output Determination 411
23 Perfect Competition 430
24 Monopoly 451
25 Monopolistic Competition 470
26 Oligopoly and Strategic Behavior 490
27 Regulation and Antitrust Policy in a Globalized Economy 509

Part 7 Labor Resources and the Environment
28 The Labor Market 531
29 Income, Poverty, and Health Care 553
30 Environmental Economics 570

Part 8 Global Economics
31 Comparative Advantage and the Open Economy 589
32 Exchange Rates and the Balance of Payments 608

Lecture Extenders 626

, Chapter 1
The Nature of Economics


 Overview
This chapter introduces economics as a science. Economics is defined, and its subareas,
macroeconomics and microeconomics, are introduced. The chapter also discusses the
three fundamental questions faced by every nation of what to produce, how to produce,
and for whom to produce. The chapter then presents the two types of economic systems,
command and control and the price system, that are used to answer the three fundamental
questions. Economic rationality and self-interest are discussed along with their
implications for decision making and economic model building. The concept of
behavioral economics is introduced. Economics as a science is closely associated with the
development of models. To aid understanding, a significant section on the methodology
of economics discusses model construction, the role of assumptions, and determining the
usefulness of a model. Finally, the difference between positive and normative economics
is presented. There is a discussion of why it is important to separate these two areas of
analysis clearly.

 Learning Objectives
After studying this chapter, students should be able to:
1.1 Define economics and discuss the difference between microeconomics and
macroeconomics
1.2 Identify the three basic economic questions and the two opposing sets of answers
1.3 Evaluate the role that rational self-interest plays in economic analysis
1.4 Explain why economics is a science
1.5 Distinguish between positive and normative economics

 Outline
I. The Power of Economic Analysis: The analytical framework of the course is the
economic way of thinking. The economic way of thinking permits the student to
reach informed conclusions about what is happening in the world.