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Current
Table of Contents
About the Authors
Acknowledgments
Dedication
Preface
1
Economics: The Study of Choice
1.1
Start Up: Economics in the News
1.2
Defining Economics
1.3
The Field of Economics
1.4
The Economist’s Tool Kit
1.5
Review and Practice
2
Confronting Scarcity: Choices in Production
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2.1
Start Up: An Attempt to Produce Safer Air Travel
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2.2
Factors of Production
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2.3
The Production Possibilities Curve
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2.4
Applications of the Production Possibilities Model
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2.5
Review and Practice
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3
Demand and Supply
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3.1
Start Up: Crazy for Coffee
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3.2
Demand
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3.3
Supply
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3.4
Demand, Supply, and Equilibrium
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3.5
Review and Practice
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4
Applications of Demand and Supply
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4.1
Start Up: A Composer Logs On
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4.2
Putting Demand and Supply to Work
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4.3
Government Intervention in Markets: Price Floors and Price Ceilings
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4.4
Government Intervention in Markets: Taxes
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4.5
Review and Practice
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5
Elasticity: A Measure of Response
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5.1
Start Up: Raise Fares? Lower Fares? What’s a Public Transit Manager to Do?
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5.2
The Price Elasticity of Demand
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5.3
Responsiveness of Demand to Other Factors
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5.4
Price Elasticity of Supply and Putting It All Together
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5.5
Review and Practice
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6
Markets, Maximizers, and Efficiency
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6.1
Start Up: A Drive in the Country
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6.2
The Logic of Maximizing Behavior
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6.3
Maximizing in the Marketplace
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6.4
Market Failure
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6.5
Review and Practice
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7
The Analysis of Consumer Choice
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7.1
Start Up: A Day at the Grocery Store
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7.2
The Concept of Utility
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7.3
Utility Maximization and Demand
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7.4
Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice
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7.5
Review and Practice
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8
Production and Cost
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8.1
Start Up: Street Cleaning Around the World
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8.2
Production Choices and Costs: The Short Run
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8.3
Production Choices and Costs: The Long Run
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8.4
Review and Practice
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9
Competitive Markets for Goods and Services
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9.1
Start Up: Always on the Margin; Always on the Edge
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9.2
Perfect Competition: A Model
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9.3
Profit Maximization in the Short Run
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9.4
Perfect Competition in the Long Run
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9.5
Review and Practice
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10
Monopoly
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10.1
Start Up: Surrounded by Monopolies
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10.2
The Nature of Monopoly
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10.3
The Monopoly Model
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10.4
Assessing Monopoly
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10.5
Review and Practice
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11
The World of Imperfect Competition
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11.1
Start Up: Looking at the World Through Cash-Colored Glasses
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11.2
Monopolistic Competition: Competition Among the Many
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11.3
Oligopoly: Competition Among the Few
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11.4
Extensions of Imperfect Competition: Advertising and Price Discrimination
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11.5
Review and Practice
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12
Factor Markets
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12.1
Start Up: College Pays
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12.2
Labor Markets: Demand and Supply
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12.3
Labor Markets in Perfect Competition
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12.4
Imperfectly Competitive Labor Markets: Monopoly and Monopsony
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12.5
Review and Practice
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13
Public Finance and Public Choice
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13.1
Start Up: Your Tax Dollars at Work
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13.2
The Role of Government in a Market Economy
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13.3
Financing Government
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13.4
Choices in the Public Sector
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13.5
Review and Practice
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14
International Trade
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14.1
Start Up: Support Your Local Poet
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14.2
The Gains from Trade
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14.3
Partial Equilibrium and Two-Way Trade
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14.4
Restrictions on International Trade
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14.5
Review and Practice
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15
The Economics of the Environment and Natural Resources
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15.1
Start Up: Environmental Headwinds
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15.2
Maximizing the Net Benefits of Pollution
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15.3
Alternatives in Pollution Control
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15.4
Natural Resources and Conservation
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15.5
Review and Practice
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16
Inequality, Poverty, and Discrimination
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16.1
Start Up: Occupy Wall Street; Change the World?
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16.2
Income Inequality
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16.3
The Economics of Poverty
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16.4
The Economics of Discrimination
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16.5
Review and Practice
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17
Introduction to the Macroeconomy: Measuring the Economy’s Output
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17.1
Start Up: Your Uncertain Future
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17.2
Measuring Total Output: GDP and Its Components
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17.3
Real GDP, Economic Growth, and Business Cycles
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17.4
GDP and Economic Well-Being
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17.5
Review and Practice
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18
The Price Level and Inflation
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18.1
Start Up: College Is More Expensive Than Ever . . . or Is It?
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18.2
Measuring Prices and Inflation
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18.3
The Causes of Inflation
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18.4
The Consequences of Inflation
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18.5
Review and Practice
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19
Unemployment
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19.1
Start Up: This One Was Different . . . But Was That Better or Worse?
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19.2
Measuring Unemployment
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19.3
The Nature of Unemployment
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19.4
Policy Implications of Unemployment
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19.5
Review and Practice
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20
Aggregate Demand and Aggregate Supply
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20.1
Start Up: The Great Warning
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20.2
Aggregate Demand
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20.3
Aggregate Demand and Aggregate Supply: The Long Run and the Short Run
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20.4
Recessionary and Inflationary Gaps and Long-Run Macroeconomic Equilibrium
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20.5
Review and Practice
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21
Economic Growth
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21.1
Start Up: How Important Is Economic Growth?
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21.2
The Significance of Economic Growth
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21.3
Growth and the Long-Run Aggregate Supply Curve
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21.4
A Recipe for Economic Growth
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21.5
Review and Practice
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22
The Nature and Creation of Money
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22.1
Start Up: Holy Mackerel—This Fish Story Is True!
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22.2
What Is Money?
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22.3
The Banking System and Money Creation
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22.4
The Federal Reserve System
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22.5
Review and Practice
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23
Financial Markets and the Economy
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23.1
Start Up: Who Wants to Be a Millionaire?
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23.2
The Functions of Financial Instruments
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23.3
The Bond and Foreign Exchange Markets
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23.4
Demand, Supply, and Equilibrium in the Money Market
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23.5
Review and Practice
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24
Monetary Policy and the Fed
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24.1
Start Up: The Fed Goes to War
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24.2
Monetary Policy in the United States
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24.3
Problems and Controversies of Monetary Policy
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24.4
The Trade-Off Between Inflation and Unemployment
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24.5
Review and Practice
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25
Government and Fiscal Policy
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25.1
Start Up: A Massive Stimulus
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25.2
Government and the Economy
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25.3
The Use of Fiscal Policy to Stabilize the Economy
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25.4
Fiscal Policy in Practice
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25.5
Review and Practice
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26
Consumption and the Aggregate Expenditures Model
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26.1
Start Up: Consumption Spending Plummets as the COVID-19 Recession Begins
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26.2
Determining the Level of Consumption
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26.3
The Aggregate Expenditures Model
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26.4
Aggregate Expenditures and Aggregate Demand
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26.5
Review and Practice
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27
Investment and Economic Activity
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27.1
Start Up: Jittery Firms Slash Investment as Great Recession Unfolds
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27.2
The Role and Nature of Investment
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27.3
Determinants of Investment
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27.4
Investment and the Economy
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27.5
Review and Practice
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28
Net Exports and International Finance
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28.1
Start Up: Currency Crises Shake the World
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28.2
The International Sector: An Introduction
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28.3
International Finance
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28.4
Exchange Rate Systems
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28.5
Review and Practice
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29
A Brief History of Macroeconomic Thought and Policy
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29.1
Start Up: Three Revolutions in Macroeconomic Thought
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29.2
The Great Depression and Keynesian Economics
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29.3
Keynesian Economics in the 1960s and 1970s
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29.4
Macroeconomics for the Twenty-first Century
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29.5
Review and Practice
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A
Graphs in Economics
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A.1
Graphs in Economics
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A.2
Nonlinear Relationships and Graphs without Numbers
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A.3
Using Graphs and Charts to Show Values of Variables
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A.4
Review and Practice
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B
The Solow Model of Economic Growth
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B.1
Capital Accumulation and Economic Growth
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B.2
Review and Practice
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C
Extensions of the Aggregate Expenditures Model
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C.1
Extensions of the Aggregate Expenditures Model
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C.2
The Aggregate Expenditures Model and Fiscal Policy
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C.3
Review and Practice
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