Economics Today Plus MyEconLab Student Access Code:International Edition

Description

Features

• Current topics that Students Want to Read: International, Policy, E-Commerce, International Policy, and daily life.  Five types of boxed examples are based on current topics that students want to read. This edition's boxed examples feature current issues such as how the presence of illegal aliens affects U.S. employment statistics and the costs and benefits of alternative pollution abatement efforts.
• Wouldn't you like a Coherent Framework to Enhance Student Learning? By beginning and ending each chapter with the feature, Issues and Applications, Miller's Economics Today provides a coherent framework to enhance learning in each chapter.  In the beginning of each chapter, Miller gives students a quick snapshot of a relevant issue. The chapter then ends with an Issues and Applications section that explores that same issue in depth using the economic concepts from that chapter.
• Miller Provides Balance and Flexibility!  The balance of Keynesian and Classical analysis gives instructors the flexibility to teach the models and schools of thought they want to include in their course.
• Have Your Students Been Exposed to the Global Economy?  Strong International Chapters and Consistent use of International Applications give students Exposure to the global economy.
• Wouldn't you like more flexibility in teaching long-run topics?  Economic growth and development are covered conceptually in an early macro chapter, and then explored in more depth later, allowing an instructor the flexibility to deal with long-run topics both early on and later in the course.
• Entire chapters are devoted to high-interest applications such as unions and labor markets; income, poverty, and health care; and environmental economics.
• Do you want your students to spend more time doing Economics without spending too much time grading their work?  With MyEconLab®–the online tutorial and assessment resource–students spend more time doing economics, and instructors spend less time grading. Visit MyEconLab to learn more, take a tour, and request access.
  • Complete integration between the book and MyEconLab: Each new student copy comes with prepaid access to a MyEconLab course developed specifically to accompany this text. End-of-chapter questions are available within MyEconLab so students can make the most of their study time.
  • Learning through practice: For each chapter, students can self-study using the preloaded sample tests and tutorial resources, or they can complete instructor-assigned problems. MyEconLab automatically grades exercises–even graphing problems–so students get instant feedback and personalized Study Plans with links to additional learning tools.
  • Online instructor tools: Within MyEconLab, instructors can assign preloaded or customized multiple-choice, graphing, algorithmic, and free-response questions. Exercises are auto-graded, and MyEconLab records the results in an online gradebook to effortlessly track student progress.
  • Economic Videos featuring ABC News: Each video in this series presents an issue using ABC News footage accompanied by commentary from economists to show students the economics behind the news. Visit Economics Videos for more information and to view a demo.
• Instantly Quiz Students in Class & Receive Immediate Feedback!  Clicker PowerPoint®slides allow professors to instantly quiz students in class and receive immediate feedback through Clicker Response System technology. These slides provide multiple-choice questions for each chapter from the Test Banks. The Clicker PowerPoint slides are available for instructors to download from the Instructor Resource Center.

New to this Edition

The text’s fundamental goals remain firmly in place: demonstrating to students the relevance of economics to their lives and offering them numerous opportunities in every chapter to confirm that they understand key concepts before continuing on. Cutting-edge developments have been incorporated throughout.  These include:

• Evaluation of the U.S. government deficit and public debt:  Chapter 14 provides a thorough discussion of the exploding U.S. government deficit, the upswing in the U.S. public debt, and prospects for eventually reducing both annual deficit flows and the outstanding stock of government debt.
• A full revision of the nuts and bolts of modern monetary policy: Chapters 15 and 16 have been thoroughly updated to take into account the considerably altered nature of Federal Reserve monetary policymaking since 2008.
• Evaluation of the recent performance of the U.S. stock market: Chapter 21 compares the behavior of average stock prices during and after the 2008 meltdown with stock price behavior during the Great Depression and other periods in which significant declines in stock prices occurred.
• Coverage of the economic effects of the new federal health care legislation: Chapter 30 provides an organized discussion of the key features of the health care law passed in 2010 and evaluates fundamental economic implications of the legislation.

• The Misery Index value has increased in recent years.  Chapter 7 explains the concept of the misery index, evaluates why its value has increased in recent years, and compares its current level with those of previous years.
• An analysis of the Consumption Decline that Occurred during the late 2000s.  Chapter 11 provides an analysis of the consumption decline that occurred.
• "Why did the Federal Government's Provision of one-time tax rebates fail to combat the economic downturn?"  Chapter 13 offers an explanation
• "Is future inflation in financial markets consistent with key implications of the new Keynesian theory?"  Chapter 17 evaluates how the widespread use of a measure of expected future inflation in financial markets is consistent with key implications of the new Keynesian theory. 

• "Why do some proponents of behavioral economics suggest that many U.S. consumers do not benefit from using credit cards?"  Chapter 20 explains why some proponents of behavioral economics suggest this.
• "Why do many energy experts suggest that the use of smaller reactors may fuel a future resurgence in the use of nuclear power?"  Chapter 22 discusses why.
• "Why does the concepts of product differentiation and trademarks help to explain the unusual names chosen by rock bands?"  Chapter 25 evaluates why the concepts of product differentiation and trademarks help to explain the unusual names.
• "Why have vertical mergers made a comeback in U.S. industry?  Chapter 26 provides an explanation for why vertical mergers have made a comeback in U.S. industry.
• Students often have trouble visualizing “gains from trade” and “losses from monopoly, Miller Economics Today 16e  assists them in developing a concrete understanding of these concepts:   New to this edition is Appendix B following Chapter 4, entitled “Consumer Surplus, Producer Surplus, and Gains from Trade Within a Price System.” In addition, following Chapter 24 is Appendix G, entitled “Consumer Surplus and the Deadweight Loss Resulting from Monopoly.”

• Economics Today provides current examples with critical analysis questions that show students how economic theory applies to their diverse interests and lives. For the Sixteenth Edition, 91 percent of the Examples are NEW!
• Domestic topics and events are presented through thought-provoking discussions, such as:
  • Why Even Low-Income Households Are Rushing to Buy iPhones
  • Does Consuming More Expensive Items Make People Happier?
• Important policy questions help students understand public debates, such as:
  • Moderating the Great Recession Is Harder Than Anticipated
  • The Internal Revenue Service Wants to License Tax Preparers
• Global and international policy examples emphasize the continued importance of international perspectives and policy, such as:
  • How Cellphones Are Fueling Economic Development
  • Globalization of Tasks and the Elasticity of U.S. Labor Demand
  • Does the Spread of Regional Trade Blocs Reduce Protectionism?

New and revised pedagogical tools engage students and help them focus on the central ideas in economics today.

• A Chapter Opening application captures students’ attention at the beginning of the chapter and is revisited in more depth at the end using the concepts they have just learned.  Chapter Openers tie to the Issues & Applications feature at the end of each chapter.
• Critical Analysis questions, Web Resources, and a Research Project provide further opportunities for discussion and exploration. Suggested answers for Critical Analysis questions are in the Instructor’s Manual.
• Visit MyEconLab for additional practice and assignable questions for each chapter topic as well as video clips on concepts covered.
• The end-of-chapter summary shows students what they need to know and where to go in MyEconLab for more practice.
• A variety of end-of-chapter problems offer students opportunities to test their knowledge and review chapter concepts. Answers for odd-numbered questions are provided in the back of the text, and all questions are assignable in MyEconLab.
• Quick Quizzes encourage student interaction and provide an opportunity for them to check their understanding before moving on. Answers are at the end of the chapter, and more practice questions can be found in MyEconLab.
• You Are There discusses real people making real personal and business decisions. Topics include:
  • Stopping Students’ Thursday Night Parties with Friday Classes
  • Apple Puts Adobe on Hold
• New! Why Not ... ? boxes help students think about how the concepts in the book apply to key economic questions, enabling them to see the relevance of economic analysis. Topics include:
  • Why Not ... eliminate nearly all U.S. carbon emissions?  Why Not ... promote

Miller's MyEconLab^® course features: 

• 100% assignability of end-of-chapter problems.
• For core chapters, additional instructor-only questions are available to provide a larger pool of assignable options.
• Each chapter includes questions for the Issues and Applications feature. There is a set of questions that students can view and practice on, and a set that instructors can assign. A pop-up window includes the full text of the feature from the book so students have an easy reference point. Each Issues and Applications feature also includes a related ABC News video clip, complete with assignable critical thinking questions.
• The Weekly News feature continues to be updated for each week, and will be archived for easy searching and reference.

Table of Contents

Miller, Economics Today 16e

Brief Table of Contents

PART I Introduction

1 The Nature of Economics

2

Scarcity and the World of Trade-Offs

3 Demand and Supply

4 Extensions of Demand and Supply Analysis

5 Public Spending and Public Choice

6 Funding the Public Sector

7 The Macroeconomy: Unemployment, Inflation and Deflation

8 Measuring the Economy’s Performance

9 Global Economic Growth and Development

10 Real GDP and the Price Level in the Long Run

11 Classical and Keynesian Macro Analyses

12 Consumption, Real GDP, and the Multiplier

13 Fiscal Policy

14 Deficit Spending and the Public Debt

15 Money, Banking, and Central Banking

16 Domestic and International Dimensions of Monetary Policy

17 Stabilization in an Integrated World Economy

18 Policies and Prospects for Global Economic Growth

19 Demand and Supply Elasticity

20 Consumer Choice

21 Rents, Profits, and the Financial Environment of Business

22 The Firm: Cost and Output Determination

23 Perfect Competition

24 Monopoly

25 Monopolistic Competition

26 Oligopoly and Strategic Behavior

27 Regulation and Antitrust Policy in a Globalized Economy

28 The Labor Market: Demand, Supply, and Outsourcing

29 Unions and Labor Market Monopoly Power

30 Income, Poverty, and Health Care

31 Environmental Economics

32 Comparative Advantage and the Open Economy

33 Exchange Rates and the Balance of Payments