Cover: Macroeconomics for AP®, 2nd Edition by Margaret Ray; David A. Anderson; Paul Krugman

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Macroeconomics for AP®

Second  Edition©2015  Margaret Ray; David A. Anderson; Paul Krugman

About

Krugman’s Macroeconomics for AP®, Second Edition is easy to read and easy to use. The authors combine vivid examples, clear explanations, and AP® practice questions to prepare students better than any other book available. This text is available in print and digital formats. You may also purchase "Strive for a 5" study/prep guides for even more AP® practice and support.

NOTE: This edition contains only macroeconomics content and exam prep.

Table of Contents

Section 1 Basic Economic Concepts

Module 1 The Study of Economics
Module 2 Introduction to Macroeconomics
Module 3 The Production Possibilities Curve Model
Module 4 Comparative Advantage and Trade
Appendix Graphs in Economics

Section 2 Supply and Demand
Module 5 Supply and Demand: Introduction and Demand
Module 6 Supply and Demand: Supply
Module 7 Supply and Demand: Equilibrium
Module 8 Supply and Demand: Price Controls (Ceilings and Floors)
Module 9 Supply and Demand: Quantity Controls

Section 3 Measurement of Economic Performance
Module 10 The Circular Flow and Gross Domestic Product
Module 11 Interpreting Real Gross Domestic Product
Module 12 The Meaning and Calculation of Unemployment
Module 13 The Causes and Categories of Unemployment
Module 14 Inflation: An Overview
Module 15 The Measurement and Calculation of Inflation

Section 4 National Income and Price Determination
Module 16 Income and Expenditure
Module 17 Aggregate Demand: Introduction and Determinants
Module 18 Aggregate Supply: Introduction and Determinants
Module 19 Equilibrium in the Aggregate Demand–Aggregate Supply Model
Module 20 Economic Policy and the Aggregate Demand–Aggregate Supply Model
Module 21 Fiscal Policy and Multiplier Effects

Section 5 The Financial Sector
Module 22 Saving, Investment, and the Financial System
Module 23 The Definition and Measurement of Money
Module 24 The Time Value of Money
Module 25 Banking and Money Creation
Module 26 The Federal Reserve System: History and Structure
Module 27 The Federal Reserve System: Monetary Policy
Module 28 The Money Market
Module 29 The Market for Loanable Funds

Section 6 Inflation, Unemployment, and Stabilization Policies
Module 30 Long-Run Implications of Fiscal Policy: Deficits and the Public Debt
Module 31 Monetary Policy and the Interest Rate
Module 32 Money, Output, and Prices in the Long Run
Module 33 Types of Inflation, Disinflation, and Deflation
Module 34 Inflation and Unemployment: The Phillips Curve
Module 35 History and Alternative Views of Macroeconomics
Module 36 Consensus and Conflict in Modern Macroeconomics

Section 7 Economic Growth and Productivity
Module 37 Long-Run Economic Growth
Module 38 Productivity and Growth
Module 39 Growth Policy: Why Economic Growth Rates Differ
Module 40 Economic Growth in Macroeconomic Models

Section 8 The Open Economy: International Trade and Finance
Module 41 Capital Flows and the Balance of Payments
Module 42 The Foreign Exchange Market
Module 43 Exchange Rate Policy and Macroeconomic Policy
Module 44 Barriers to Trade
Module 45 Putting It All Together

AP® Practice Exam

Enrichment Module
Module A: Financial Markets and Crises

Financial Literacy Handbook

Glossary

Index

Margaret Ray

Margaret Ray teaches economics at both the university and high school levels. She is an AP® Economics instructor for Johns Hopkins University’s Center for Talented Youth and is a member of the economics department faculty at Texas A&M University in College Station, Texas. She received her BS in economics from Oklahoma State University and her PhD in economics from the University of Tennessee. In 2012, she received her MEd in curriculum and instruction and became certified to teach K–12 social studies. She has taught AP® Economics at several high schools in Virginia and has received the Council on Economic Education’s Excellence in Teaching Economics award. She has been involved in the AP® Economics program since 1992, serving as a reader and question leader, writing test items, overseeing the AP® course audit, writing College Board® “Special Focus” articles, and editing the Council on Economic Education’s AP® Macroeconomics resource. She has been a College Board® Endorsed Consultant for economics since 2001, and she conducts several professional development workshops and institutes each year. Her favorite hobby is showing hunter-jumper horses adopted from bracehorse rescue organizations. She lives on a small farm in central Texas.

David A. Anderson

David Anderson is the Paul G. Blazer Professor of Economics at Centre College. He received his BA in economics from the University of Michigan and his MA and PhD in economics from Duke University. Anderson has been involved in the AP® Economics programs for more than two decades. For five years he led the grading of one or both of the AP® Economics exams, and he speaks regularly at AP® conferences and workshops. He has authored dozens of scholarly articles and 15 books, including Explorations in Economics, Survey of Economics, Cracking the AP® Economics Exam, Economics by Example, Favorite Ways to Learn Economics, and Environmental Economics and Natural Resource Management . His research is primarily on economic education, environmental economics, law and economics, and labor economics. Anderson loves teaching introductory economics and has won awards for excellence and innovation in the classroom. His favorite hobby is running, and he competes in marathons and triathlons. He lives in Danville, Kentucky, with his wife and two children.

Paul Krugman

Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, is a faculty member of the Graduate Center of the City University of New York, associated with the Luxembourg Income Study, which tracks and analyzes income inequality around the world. Prior to that, he taught at Princeton University for 14 years. He received his Barroom Yale and his PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 1982–1983. His research has included pathbreaking work on international trade, economic geography, and currency crises. In 1991, Krugman received the American Economic Association’s John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences. He is a regular-ed columnist for the New York Times. His best-selling trade books include End This Depression Now!, The Return of Depression Economics and the Crisis of 2008, a history of recent economic troubles and their implications for economic policy, and The Conscience of a Liberal, a study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics.