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By Paul Krugman, Robin Wells (main authors), Margaret Ray, David Anderson (auxiliary authors)

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Extra info for Macroeconomics, 2nd Edition (in modules)

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The labor force is equal to the sum of employment and unemployment. The unemployment rate is the percentage of the labor force that is unemployed. Output is the quantity of goods and services produced. Aggregate output is the economy’s total production of goods and services for a given time period. A rising overall price level is inflation. A falling overall price level is deflation. 40 an hour. 74 an hour. Three cheers for economic progress! But wait—American workers were paid much more in 2009, but they also faced a much higher cost of living.

This was an apparatus that let them experiment with many different designs for wings and control surfaces. These experiments gave them knowledge that would make heavier-than-air flight possible. Needless to say, testing an airplane design in a wind tunnel is cheaper and safer than building a full-scale version and hoping it will fly. More generally, models play a crucial role in almost all scientific research—economics included. A model is any simplified version of reality that is used to better understand real-life situations.

A setup wizard will guide you through assignment creation. Assignments may be created from the following pools of questions: ➤ Test Bank Questions ➤ End-of-Chapter Problems: The end-of-chapter problems from the text are available in a self-graded format— perfect for quick quizzes or homework assignments. ➤ Graphing Questions: EconPortal includes electronically gradable graphing problems. Students draw their response to a question and the software grades that response. These graphing exercises replicate the penciland-paper experience for students of drawing graphs— with the added bonus that you don't have to hand-grade each assignment.

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