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Economics Problem Solver (Problem Solvers Solution Guides), by Robert S. Rycroft, Editors of REA
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Each Problem Solver is an insightful and essential study and solution guide chock-full of clear, concise problem-solving gems. All your questions can be found in one convenient source from one of the most trusted names in reference solution guides. More useful, more practical, and more informative, these study aids are the best review books and textbook companions available. Nothing remotely as comprehensive or as helpful exists in their subject anywhere. Perfect for undergraduate and graduate studies.
Here in this highly useful reference is the finest overview of economics currently available, with hundreds of economics problems that cover everything from fundamental economic concepts to the capitalist economy and business cycles. Each problem is clearly solved with step-by-step detailed solutions.
DETAILS
- The PROBLEM SOLVERS are unique - the ultimate in study guides.
- They are ideal for helping students cope with the toughest subjects.
- They greatly simplify study and learning tasks.
- They enable students to come to grips with difficult problems by showing them the way, step-by-step, toward solving problems. As a result, they save hours of frustration and time spent on groping for answers and understanding.
- They cover material ranging from the elementary to the advanced in each subject.
- They work exceptionally well with any text in its field.
- PROBLEM SOLVERS are available in 41 subjects.
- Each PROBLEM SOLVER is prepared by supremely knowledgeable experts.
- Most are over 1000 pages.
- PROBLEM SOLVERS are not meant to be read cover to cover. They offer whatever may be needed at a given time. An excellent index helps to locate specific problems rapidly.
TABLE OF CONTENTS
Introduction
Chapter 1: Fundamental Economic Concepts
The Method of Economics
Scarcity
Resources
The Production-Possibilities Curve
Resources and Production
Short Answer Questions for Review
Chapter 2: The Capitalist Economy
Essential Characteristics
Specialization
Use of Money
Use of Capital Goods
The Circular Flow Model
Short Answer Questions for Review
Chapter 3: Business Organization
The Sole Proprietorship
The Partnership
The Corporation
Short Answer Questions for Review
Chapter 4: National Income and Price Indices
Purpose
Defining Gross National Product
Other Accounts
Calculating National Product and Income
Real vs. Monetary Measurement
Limitations
Short Answer Questions for Review
Chapter 5: Consumption, Savings, and Investment
The Consumption and Savings Functions
The Marginal Propensity to Consume
The Average Propensity to Consume
The Investment Function
Short Answer Questions for Review
Chapter 6: Income Determination: The Simple Multiplier Theory
Equilibrium Income Determination
Leakage-Injections Approach to Equilibrium
Multiplier Analysis
Disequilibrium NNP Analysis
Short Answer Questions for Review
Chapter 7: Fiscal Policy and Thriftiness
Budgetary Expenditure Patterns
Balancing the Budget
The Public Debt
Fiscal Policy and Taxation
The Paradox of Thrift
The Deflationary Gap
Stabilizing and Destabilizing Factors
Short Answer Questions for Review
Chapter 8: Taxation
Basic Concepts
Rate Structure
Incidence
Corporate Taxation
Tax Subsidies
Externalities
Short Answer Questions for Review
Chapter 9: Business Cycles
Definition
Measurement
Role of Investment
The Accelerator
Alternative Theories
Short Answer Questions for Review
Chapter 10: Inflation and Unemployment
Inflation, Deflation, and Stagflation
Unemployment
Inflation vs. Unemployment: The Phillips Curve
The Government, Firm and Individual: Fighting Inflation
Inflation and Interest Rates
The Federal Reserve and the Money Supply
Milton Friedman and Monetarism
Short Answer Questions for Review
Chapter 11: Money
Nature and Function
Types of Money
The Supply of Money
The Demand for Money
The Value of Money
IS-LM Analysis
Short Answer Questions for Review
Chapter 12: The Banking System
Institutions
The Balance Sheet
Fractional Reserve Banking
Multiple Deposit Creation
Short Answer Questions for Review
Chapter 13: Federal Reserve Banks and Monetary Policy
Explanation
Function of the Fed
The Reserve Requirement
Operations by the Fed
Short Answer Questions for Review
Chapter 14: Supply and Demand
Definition
The Demand Curve
The Law of Demand
Demand vs. Quantity Demanded
The Supply Curve
The Law of Supply
Supply vs. Quantity Supplied
Market Equilibrium
Surplus and Shortage
Short Answer Questions for Review
Chapter 15: Demand and Utility Theory
Utility
Utility Maximization
Indifference
The Budget Line
The Demand Curve
Consumer's Surplus
Short Answer Questions for Review
Chapter 16: Elasticity of Supply and Demand
The Elasticity Concept
Cross Elasticities
Determinants of Elasticity
Measures of Elasticity
Demand Elasticity and Revenue
Elasticity and Market Equilibrium
Short Answer Questions for Review
Chapter 17: Analysis of Costs
Implicit, Explicit, and Opportunity Costs
Total, Average, and Marginal Costs
Fixed and Variable Costs
Law of Diminishing Returns
Short Run vs. Long Run
Short Answer Questions for Review
Chapter 18: Perfect Competition
Characteristics of Perfect Competition
Individual and Market Supply
Short Run Profit Maximization
Long Run Industry Equilibrium
Short Answer Questions for Review
Chapter 19: Monopoly
Basic Concepts
Demand and Marginal Revenue
Profit Maximization
Effect of a Tax
Price Discrimination
Sources of Money
Short Answer Questions for Review
Chapter 20: Monopolistic Competition
Basic Concepts
Demand and Marginal Revenue
Profit Maximization
Industry Equilibrium
Efficiency and Welfare
Short Answer Questions for Review
Chapter 21: Oligopoly
Basic Concepts
Interdependence
Demand and Marginal Revenue
Collusion
Comparison with Other Market Forms
Short Answer Questions for Review
Chapter 22: Theory of Production
Factors of Production
Capital Goods
Marginal Products and Diminishing Returns
Demand for Factors and Production
Supply of Labor and Productivity
Economics vs. Diseconomics of Scale
Production Methods and Input Combination Decisions
Production Possibilities Curve
Short Answer Questions for Review
Chapter 23: Wage Determination
Wages and Labor Market Equilibrium
Wages and Labor Productivity
The Minimum Wage
Wage Differentials
Supply Curve of Labor
The Union
Short Answer Questions for Review
Chapter 24: Pricing of Factor Inputs: Land and Other Resources
Demand for Factors: A Derived Demand
Transfer Earnings, Rent and Costs
Factor Pricing and Efficiency
Profits and the Role of Taking Risks
Decisions
Liquidity of an Asset
Short Answer Questions for Review
Chapter 25: Theory of Comparative Advantage
Basic Concepts of International Trade
Comparative Advantage
Short Answer Questions for Review
Chapter 26: Protective Tariffs, Quotas, and Free Trade
Rationale for Protection
Tariffs and Quotas
Regional Economic Integration
Free Trade
Short Answer Questions for Review
Chapter 27: Balance of Payments
Definition and Basic Concepts
Depreciation vs. Devaluation
Exchange Rates and the Flow of Money
Short Answer Questions for Review
Chapter 28: Agricultural Economics
Concepts of Agricultural Economics
The Farming Problem
Elasticity of Farm Products
Government Subsidies
International Agricultural Economics
Short Answer Questions for Review
Chapter 29: Growth and Development
Definition and Significance
Population
Capital Accumulation
Technological Innovation
Efficiency and Resource Utilization
Other Factors
Harrod-Domar Growth Model
Controversy Over Growth
Short Answer Questions for Review
Chapter 30: Economics of Income Distribution
Poverty and Income Inequality
The Lorenz Curve
Income Distribution in the U.S.
Short Answer Questions for Review
Chapter 31: Labor and Industrial Relations
Basic Definitions
Unions and Activities
Short Answer Questions for Review
Chapter 32: Comparative Economic Systems
Function of an Economic System
Types of Systems
Pure Capitalism vs. Pure Socialism
The American vs. The Soviet Economy
Short Answer Questions for Review
Chapter 33: History of Economic Thought
Introduction
Wealth and Growth Theory
Distribution Theory
Value Theory
Competition and Efficiency Theory
International Trade Theory
Business Cycle Theory
Economic Policy
Short Answer Questions for Review
Index
WHAT THIS BOOK IS FOR
Students have generally found economics a difficult subject to understand and learn. Despite the publication of hundreds of textbooks in this field, each one intended to provide an improvement over previous textbooks, students of economics continue to remain perplexed as a result of numerous subject areas that must be remembered and correlated when solving problems. Various interpretations of economics terms also contribute to the difficulties of mastering the subject.
In a study of economics, REA found the following basic reasons underlying the inherent difficulties of economics:
No systematic rules of analysis were ever developed to follow in a step-by-step manner to solve typically encountered problems. This results from numerous different conditions and principles involved in a problem that leads to many possible different solution methods. To prescribe a set of rules for each of the possible variations would involve...
- Sales Rank: #467219 in Books
- Brand: Brand: Research Education Association
- Published on: 1980-11-21
- Released on: 1980-11-21
- Original language: English
- Number of items: 1
- Dimensions: 2.00" h x 6.69" w x 9.92" l,
- Binding: Paperback
- 1200 pages
- Used Book in Good Condition
Most helpful customer reviews
11 of 11 people found the following review helpful.
Learn to think like an economist
By Leo E. Walsh
After receiving my BS, I thought I was done with school forever. Until I realized that an arts and sciences degree and quarter will get you a cup of coffee.
So on to an MBA school to get me some real, practical education.
Most MBA schools require Econ as a prerequisite. I had the option to take the class, and spend several thousand dollars, or take two CLEP tests, one for Macro and one for Micro for seventy bucks a pop. You do the math.
I used Harper Collins' College Outline's Intro to Economics as my main text. I would recommended that book to anyone wanting to understand the subject. However, it has one serious drawback: No solved problems, or even problems to solve.
So I had to pick up this book, REA's Problem Solver in Economics, to complement it. The Problem Solver explains how to think through economics problems. I think both approaches (The expository HCO Intro and the hands-on Problems Solver) are necessary. However, this book can teach you economics all by itself. The explanations heading the chapters are lucid, easy to follow descriptions of the underlying theory. And the problems get into the nuts-and-bolts of thinking like an economist.
It is maybe a little advanced for some, but I am a math nerd, so appreciated the thoroughness. Everything considered, it was money well spent. Both books together cost less than half that of a standard text, and I understood econ better than your average bear in two months' time.
2 of 2 people found the following review helpful.
Excellent practical approach for Macro & Micro Economics.
By Victor L. Nazaire
The ECONOMICS Problem Solver,1980 edition, by the Research and Education Association(REA)is a practical approach for the beginning college student in Economics.
It contains a series of questions (assignments and examinations questions) followed by their answers.
A very thick book of 1073 pages with graphs,tables,and equations added to the text. Here is a text question : What is economic rationality ?
Here is a text plus question : List and give examples of the methods of expressing economic relationships.
Thirty three chapters starting with Fundamental Economic Concepts through Supply and Demand to end with History of Economic Thought.A 12-page detailed Index as well as a 6-page Table of Contents complete the textbook.
Go for it!
0 of 0 people found the following review helpful.
Awesome!
By lipservice
REA's is the best. I've been using these books for years and they are priceless. I love them and I am always searching for new books to add to my library.
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