Macroeconomics

McConnell/Brue/Flynn has long set the standard for providing high-quality content to instructors and students all over the world. It has remained the most widely used principles of economics product as a result of persistent innovation. The 19th edition brought adaptive technology to the market for the first time with LearnSmart, a resource that ensures that every minute a student spends studying is the most efficient and productive time possible. Feedback from users in combination with the analysis of student performance data from the 19th edition's digital products significantly informed the revision of the 20th edition, resulting in a product expertly tailored to the needs of today's students.With the 20th edition, students and instructors will benefit from a new offering that expands upon the dynamic and superadaptive capabilities of LearnSmart: SmartBook, the first and only adaptive eBook. McConnell/Brue/Flynn's tradition of innovation continues with the 20th edition, providing market-leading content and digital mastery to benefit today's learners.Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.Sample questions asked in the 20th edition of Macroeconomics:What effect will each of the following have on the demand for small automobiles such as the Mini-Cooper and Smart car? a. Small automobiles become more fashionable. b. The price of large automobiles rises (with the price of small autos remaining the same). c. Income declines and small autos are an inferior good. d. Consumers anticipate that the price of small autos will greatly come down in the near future. e. The price of gasoline substantially drops.Identify three functions of the Federal Reserve of your choice, other than its main role of controlling the supply of money. LO4Assume that a “leader country” has real GDP per capita of $40,000, whereas a “follower country” has real GDP per capita of $20,000. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 7 percent in the follower country. If these rates continue for long periods of time, how many years will it take for the follower country to catch up to the living standard of the leader country?