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Macroeconomics

MacroeconomicsFifth EditionSTEPHEN D. WILLIAMSONW ashington University in St. LouisEditor in Chief: Donna BattistaCreative Art Director: Jayne ConteAVP/Executive Editor: David AlexanderCover Designer: Suzanne DudaAcquisitions Editor: Christina MasturzoCover Art: ShutterstockSenior Editorial Project Manager: Lindsey SloanMedia Project Manager: Lisa RinaldiEditorial Assistant: Emily BrodeurFull-Service Project Management: Integra SoftwareDirector of Marketing: Maggie MoylanServices Pvt. Marketing Manager: Lori DeshazoPrinter/Binder: Edwards Bros/Malloy-State StreetSenior Marketing Assistant: Kimberly LovatoCover Printer: Lehigh/Phoenix-HagerstownManaging Editor: Jeffrey HolcombText Font: Berkeley-BookCredits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appearon the appropriate page within and WindowsR are registered trademarks of the Microsoft Corporation in the and other shots and icons reprinted with permission from the Microsoft Corporation.

Macroeconomics. I. Title. HB172.5.W55 2014 339–dc23 2012041186 10 987654321 www.pearsonhighered.com ... Chapter 1 Introduction 2 What Is Macroeconomics? 2 Gross Domestic Product, Economic Growth, and Business Cycles 3 Macroeconomic Models 7 Microeconomic Principles 10 Disagreement in Macroeconomics 11 What Do We Learn from …

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