Test Bank for Macroeconomics: A Contemporary Introduction 11th Edition by McEachern William. | Complete Chapters 1-19
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Test Bank for Macroeconomics: A Contemporary Introduction 11th Edition by McEachern William. | Complete Chapters 1-19

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The Test Bank for Macroeconomics: A Contemporary Introduction (11th Edition) by William A. McEachern covers the foundational and advanced principles of macroeconomics split across four distinct thematic parts. The textbook uses a "teach by example" framework, drawing heavily from day-to-day human experiences with markets and economic choices. [1, 2, 3]
The book contains 19 core chapters mapping out the following topics: [1]
Part 1: Introduction to Economics
This section establishes the analytical foundation, exploring basic decision-making frameworks, economic systems, and fundamental marketplace mechanics. [1]
    • Chapter 1: The Art and Science of Economic Analysis – The economic problem (scarcity vs. choices), rational self-interest, marginal analysis, and scientific method in economics. [1]
    • Chapter 2: Economic Tools and Economic Systems – Opportunity cost, specialization, comparative advantage, and the production possibilities frontier (PPF).
    • Chapter 3: Economic Decision Makers – The roles of households, firms, governments, and the rest of the world in the circular flow of an economy. [1]
    • Chapter 4: Demand, Supply, and Markets – Determinants of demand and supply, market equilibrium, and shifts in curves.
Part 2: Fundamentals of Macroeconomics
This section transitions into national-level data collection, long-term growth concepts, and the building blocks of macroeconomic equilibrium. [1]
    • Chapter 5: Introduction to Macroeconomics – Macroeconomic goals (growth, employment, price stability) and an overview of the aggregate performance of an economy.
    • Chapter 6: Tracking the U.S. Economy – Measuring Gross Domestic Product (GDP), national income accounting, and adjusting for price changes (real vs. nominal GDP).
    • Chapter 7: Unemployment and Inflation – Types and measurements of unemployment, the consumer price index (CPI), and the consequences of inflation.
    • Chapter 8: Productivity and Growth – Drivers of long-term economic growth, technological change, and labor productivity.
    • Chapter 9: Aggregate Demand – The components of aggregate expenditure (consumption, investment, government spending, net exports) and the aggregate demand curve.
    • Chapter 10: Aggregate Supply – Short-run and long-run aggregate supply curves, and how the economy reacts to shocks. [1]
Part 3: Fiscal and Monetary Policy
This part details how governments and central banking systems attempt to stabilize shifting business cycles. [1]
    • Chapter 11: Fiscal Policy – Discretionary fiscal policy, tools of government spending and taxation, and demand-side management.
    • Chapter 12: Federal Budgets and Public Policy – The budget process, national deficits, public debt, and the long-term impacts of government borrowing.
    • Chapter 13: Money and the Financial System – The origins and functions of money, financial intermediaries, and the evolution of banking systems.
    • Chapter 14: Banking and the Money Supply – How banks create money, deposit expansion, and the structure of the Federal Reserve.
    • Chapter 15: Monetary Theory and Policy – The effects of money supply adjustments on interest rates, aggregate demand, and inflation.
    • Chapter 16: Macro Policy Debate: Active or Passive? – The debate over discretionary government intervention vs. standard self-correcting market behaviors. [1]
Part 4: International Economics
The concluding chapters frame the national economy within the broader lens of global interaction, trade partnerships, and global development. [1]
  • Chapter 17: International Trade – Trade restrictions, tariffs, quotas, and the gains from specialization.
  • Chapter 18: International Finance – Balance of payments, exchange rate systems, and foreign exchange markets.
  • Chapter 19: Economic Development – Emerging markets, the structural challenges of developing nations, and foreign aid. [1]

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Topics

Determinants of demand and supply market equilibrium Discretionary fiscal policy government spending and taxation effects of money supply adjustments on interest rates functions of money financial intermediaries banking system Gross Domestic Product (GDP) national income accounting How banks create money deposit expansion ISBN 9781305887589 Macroeconomic goals (growth employment price stability) Opportunity cost specialization comparative advantage Short-run and long-run aggregate supply curves structure of the Federal Reserve the consumer price index (CPI) and inflation The economic problem (scarcity vs. choices)
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