1 Introduction to Macroeconomics
2 Measuring the Macroeconomy
3 An Overview of Long-Run Economic Growth
4 A Model of Production
5 The Solow Growth Model
6 Growth and Ideas
7 The Labor Market, Wages, and Unemployment
8 Inflation
9 An Overview of the Short-Run Model
10 The IS Curve
11 Monetary Policy and the Phillips Curve
12 Stabilization Policy and the AS/AD Framework
13 The Global Financial Crisis: Overview
14 The Global Financial Crisis and the Short-Run Model
15 The Government and the Macroeconomy
16 International Trade
17 Exchange Rates and International Finance
18 Parting Thoughts

Organize

Learn

Connect

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Chapter 16: International Trade

Study Plan

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This chapter focuses on the topic of international trade. Why do countries trade goods and services, and why does such trade increase welfare? What are the roles of comparative advantage and risk-sharing in explaining trade between countries? What is the relationship between trade and the free flow of labor and capital across countries? Why does the U.S. trade deficit represent borrowing by the U.S. economy from the rest of the world, and why must it be repaid in the future?

ORGANIZE

  1. Read the assigned sections from Chapter 16 in your print text or ebook and review the numbered “Summary” points that concludes each chapter This concept summary section highlights the key ideas that you will read about in the chapter.
  2. Read and print-out the Chapter Outline to bring to lecture and use it for note-taking. Check items that your instructor covered in class.
  3. Use the Vocabulary Flashcards to test your memory of the key terms in the chapter. You can even shuffle cards from earlier chapters if you’re trying to study for a test.

LEARN

  1. Read the Chapter Summary to review key ideas presented in the assigned reading.
  2. Take the Diagnostic Quiz to assess your understanding of basic concepts.  Examine the diagnostic quiz feedback, then review your notes and re-read sections in your textbook or ebook that correspond to questions you missed.
  3. Answer the Review Questions and submit your answers to the Norton Gradebook for your instructor to review and grade.

CONNECT

  1. Watch the Concept Tutorial Animations to get step-by-step explanations and derivations of the most important macroeconomic models and concepts presented in the text.
  2. Use the Data Plotter to see how various sets of real macroeconomic data are modeled and represented in graphical form.
  3. Access the Country Snapshots document to complete the end-of-chapter exercises in the text.
  4. Work the end of chapter Problems assigned by your instructor. If your instructor has assigned SmartWork online homework, click here.