Krugman's Macroeconomics for AP*

529 Pages·2010·6.85 MB·English

by  Margaret Ray

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What you will learn
in this Module:
What You Will Learn in This Module
1
ModuleEach module has an • How scarcity and choice are
central to the study of
easy-to-review bulleted list economics The Study of
format that alerts students to • The importance of
opportunity cost in individual
critical concepts and module choice and decision making Economics
objectives. • The difference between
positive economics and
normative economics
• When economists agree
and why they sometimes Individual Choice: The Core of Economics
disagree
• What makes Economicsis the study of scarcity and choice. Every economic issue involves, at its
macroeconomics different most basic level, individual choice—decisions by individuals about what to do and
from microeconomics whatnotto do. In fact, you might say that it isn’t economics if it isn’t about choice.
Step into a big store such as Walmart or Target. There are thousands of different
products available, and it is extremely unlikely that you—or anyone else—could afford
to buy everything you might want to have. And anyway, there’s only so much space in
your room. Given the limitations on your budget and your living space, you must
choose which products to buy and which to leave on the shelf.
Key TermsEvery key term The fact that those products are on the shelf in the first place involves choice—the
store manager chose to put them there, and the manufacturers of the products chose to
is defined in the text and
produce them. The economyis a system that coordinates choices about production
then again in the margin, Economicsis the study of scarcity with choices about consumption, and distributes goods and services to the people who
and choice. want them. The United States has a market economy,in which production and con-
making it easier for students
Individual choice is decisions by sumption are the result of decentralized decisions by many firms and individuals.
to study and review individuals about what to do, which There is no central authority telling people what to produce or where to ship it. Each
necessarily involve decisions about what not individual producer makes what he or she thinks will be most profitable, and each con-
important vocabulary. to do. sumer buys what he or she chooses.
Aneconomyis a system for coordinating a All economic activities involve individual choice. Let’s take a closer look at what this
society’s productive and consumptive means for the study of economics.
activities.
In a market economy,the decisions of Resources Are Scarce
individual producers and consumers largely
determine what, how, and for whom to You can’t always get what you want. Almost everyone would like to have a beautiful
produce, with little government involvement in house in a great location (and help with the housecleaning), two or three luxury cars,
the decisions. and frequent vacations in fancy hotels. But even in a rich country like the United States,
not many families can afford all of that. So they must make choices—whether to go to
fyi
Disney World this year or buy a better car, whether to make do with a small backyard or
accept a longer commute in order to live where land is cheaper.
The Great Tortilla Crisis 2 section I Basic Economic Concepts
“Thousands in Mexico City protest rising food Ethanol’s big break came with the Energy
prices.” So read a recent headline in the New Policy Act of 2005, which mandated the use
York Times. Specifically, the demonstrators were of a large quantity of “renewable” fuels
protesting a sharp rise in the price of tortillas, a starting in 2006, and rising steadily thereafter.
sfccprlteroaaincmWsptesls hesi2 cy a 5fw oew phcoxoeeaedurnmn enot sspfdt u ol Maeirpn teppo iljxlofluyai ucsw fotnpah ’draslail c sttfpe oe. hoTs wbaoo s perrm,ottp iwwaleolrahenninseistch g nahts? or 3. eh Ie5t am q wdaua nagidldsiobe na4r fei5ruomm Ienbssnhhteu hiawpyfaritrn npapogo crfr lto il.tiso dchEeteuest ,hci ndotta hiefnot ahmcnoteol a f mrpapnnrcred.oi ia cTldcinehtuuit eecro i vsefnre erccas srofn eourrduarnl t ssq. c wehAuodeniarcn ddsuk, stlaslyoeei n ra bbiocgdeufehigin ltacdgwno atronr da OMAR TORRES/AFP/Getty Images FccooYmnIcTpehepeltl i FnjuYgsI taf epcaoptvliuecrraeet idpo rnion vo aifd tmehseo adm uslahejo.orrt but
corn; much of Mexico’s corn is imported from is an input in the production of tortillas, a A cook prepares tortillas made with four differ-
the United States, with the price of corn in both sharp rise in the price of corn led to a fall in ent types of corn in a restaurant in Mexico City. Students experience an immediate
countries basically set in the U.S. corn market. the supply of tortillas and higher prices for tor- payoff when they can apply concepts
And U.S. corn prices were rising rapidly thanks tilla consumers. more corn than ever before. But it was bad
to surging demand in a new market: the market The increase in the price of corn was good news for Mexican consumers, who found them- they’ve just read about to real
for ethanol. news in Iowa, where farmers began planting selves paying more for their tortillas. phenomena. For example, we use the
tortilla crisis of 2007 to illustrate how
changes in supply impact consumers as
bread-and-butter (and tortilla) issues.
xix
PREFACE
Preface
Each module concludes with a unique AP Review
M o d u l e 1 AP R e v i e w
Solutions appear at the back of the book.
Check Your Understanding Check Your Understandingreview
1. What are the four categories of resources? Give an example of a a. the increased time spent commuting to your new job questions allow students to immediately
resource from each category. b. the $45,000 salary from your old job
test their understanding of a module. By
2. What type of resource is each of the following? c. the more spacious office at your new job
a. time spent flipping hamburgers at a restaurant 4. Identify each of the following statements as positive or checking their answers with those
b. a bulldozer normative, and explain your answer. found in the back of the book, students
c. a river a. Society should take measures to prevent people from
3. You make $45,000 per year at your current job with Whiz Kids engaging in dangerous personal behavior. will know when they need to reread the
Consultants. You are considering a job offer from Brainiacs, Inc., b. People who engage in dangerous personal behavior impose module before moving on.
which would pay you $50,000 per year. Which of the following higher costs on society through higher medical costs.
are elements of the opportunity cost of accepting the new job at
Brainiacs, Inc.? Answer yes or no, and explain your answer.
Tackle the Test: Multiple-Choice Questions S
e
c
1. Which of the following is an example of a resource? a. watching TV and listening to music tio
n
III.. pa eftarcotloeruym bc.. wlisattecnhiinngg tToV music I B
a
III. a cheeseburger dinner d. sleeping sic
a. I only e. the price of the book E
TheTackle the Test c
b. II only o
4. Which of the following statements is/are normative? n
feature presents five c. III only I. The price of gasoline is rising. om
AP-style multiple- d. I and II only II. The price of gasoline is too high. ic C
choice questions, with e. I, II, and III III.Gas prices are expected to fall in the near future. on
c
solutions, to help 2. Which of the following situations represent(s) resource scarcity? a. I only e
p
students become I. Rapidly growing economies experience increasing levels b. II only ts
of water pollution. c. III only
comfortable with the
II. There is a finite amount of petroleum in the physical d. I and III only
types of questions environment. e. I, II, and III
they will see in the III. Cassette tapes are no longer being produced. 5. Which of the following questions is studied in
multiple choice section a. I only microeconomics?
b. II only
of the AP exam. a. Should I go to college or get a job after I graduate?
c. III only
b. What government policies should be adopted to promote
d. I and II only
employment in the economy?
e. I, II, and III
c. How many people are employed in the economy this year?
3. Suppose that you prefer reading a book you already own to d. Has the overall level of prices in the economy increased or
watching TV and that you prefer watching TV to listening to decreased this year?
music. If these are your only three choices, what is the e. What determines the overall salary levels paid to workers in a
opportunity cost of reading? given year?
Tackle the Test: Free-Response Questions
1. Define resources, and list the four categories of resources. What 2. In what type of economic analysis do questions have a “right”
characteristic of resources results in the need to make choices? or “wrong” answer? In what type of economic analysis do
questions not necessarily have a “right” answer? On what type
of economic analysis do economists tend to disagree most
Answer (6 points)
frequently? Why might economists disagree? Explain.
1 point:Resources are anything that can be used to produce something else.
1 point each:The four categories of the economy’s resources are land, labor,
In addition, two AP-style free-
capital, and entrepreneurship.
response questionsare provided. A
1 point:The characteristic that results in the need to make choices is scarcity.
sample grading rubric is given for the
first FRQ to teach students how these
question are graded on the AP exam
and to help them learn how to write
thoughtful answers.
xx
PREFACE
Section 4 Summary
Each Section
ends with a Section 4 Review
comprehensive
Summary
review and
1.Theconsumption functionshows how an individual 9.Changes in commodity prices, nominal wages, and pro-
problem set household’s consumer spending is determined by its ductivity lead to changes in producers’ profits and shift
current disposable income. The aggregate consump- the short- run aggregate supply curve.
tion functionshows the relationship for the entire 10.In the long run, all prices, including nominal wages, are
economy. According to the life-cycle hypothesis, house- flexible and the economy produces at its potential out-
Key Terms holds try to smooth their consumption over their life- put.If actual aggregate output exceeds potential out-
times. As a result, the aggregate consumption function put, nominal wages will eventually rise in response to
MMaarrggiinnaall pprrooppeennssiittyy ttoo csaovnes (uMmsaPhbeS il()feM, t pisP.n C1icn)5,o 9 prm.e 1se5p 9aonnds eIcn htptoerair cneceshg tl eearvasnet leig, nepef .sf a1e gic7nt4g o refe xagp cahetcaent ewgdee i anful tththue. argeg dreigsapteos- DSuepmpalyn dsh solthoecoknwc,k t pi,u .ap 1nl. 9 1eo29mu1tpplouyt mexecnete dans dac atgugarl eaggagtree oguattep uout twpiullt f, anllo. mIf ipnoa-l
Autonomous change in agg2re.gPatlea snpneneddin ign, vestmFiescnatl psopliecyn, dp.i 1n7g6depends negatively on Stagflatiown, apg. 1e9s3 will eventually fall in response to high unemploy-
p. 160 the interest rate aMnodn eotanr ye pxoislitciyn, pg. 1p7r7oduction capacity; it Long -run mmaecnrote Eaconnndod ma-igcog efrqe-ugiSlaibetreicu omtui, otpp.n 1u9 t4R weilvl ireiswe. S ao nthde long -run
Multiplier, p. 160 depends positiveAlyg gorneg aetxep suepcptelyd c ufurvteu, pr.e 1 r7e9al GDP. Recessionaargy ggrape,Pg par. t1oe9b5 sulepmplys cIunr vaedisd viteirotinca tl oat tphoetential output.
Consumption function, p. 136.2Firms hold invenNtoomriineasl woafg ge,o po. d18s0 so that they can satisfyInflat1io1n.aIrny g tahpe, p A. 1D96–ASmodel,the intersection of the short- run
opportunities for review at the end of
Problems Autonomous consumer spendcinogn, psu. 1m62er demanSdti cqkuy wicakgleys,. pI.n 1v80entory investmentis Output gaapg, pg.r 1e9g6ate supply curve and the aggregate demand curve
Aggregate consumption functpioons, pit. i1v6e4 when firSmhos rat -drudn taog gtrhegeaitre isnupvpelny tcourrviee,s p, .n 1e8g1ative Self -correcitsi ntgh, ep .ep 1vo96ienrty o fm shoodrut- lreu,n e macachr oseeccotnioomn iec neqdusilib-
1.A fall in the value of the dollar against other currencwiesh menak tehsey reducneer t shaeysm th. aOt tfhteisn r,e phroeswenevtse ar ,m cohvaenmgeenst dino winn -the aggregatre iduem- .wIti tdhet ear mbirnieesf tbheu st hcoormt- rpulne etequ Siluibmrimuma rayggre-
U.S. final goods and services cheaper to foreigners evevne tnhtoourgihes are nomt aan dde cluibrveer baetcea duseec fiosrieoingn berus ta rteh dee rmeasnudltin ogf more in respgonastee price leveland the level of short -run equilibrium
the U.S. aggregate price level stays the same. As a resultm, fiosrteaigkne-s in foretcoa as tlosw aebr opuritc es. aYloeus,. hTohwee vreer,s iunlsti sits t huant -this represents a raigghgt-reogaf tteh oeu tkpeuyt. concepts, a list of key
ers demand more American aggregate output. Your stpudlay npnaret-d inventwoarrdy sihnifvt eosf ttmhee anggtr,ewgahteic dhe mcaannd b ceu reviet.h Wehro is right?1 E2x.pElacino.notmerimc fslu,c atunadti oan sc oocmcupr rbeechaeunses oivf ea ssheiftt ooff the
positive or negative. Actual investment spendingis aggregate demand curve (a demand shock) or the short-
end-of-chapter problems.
216 section 4 National Income and Price Determination
What you will learn
in this Module:
Module 45
• How to use macroeconomic
models to conduct policy
Putting It All Together analysis
• How to approach
free-response
macroeconomics questions
Putting it All TogetherThe final
Having completed our study of the basic macroeconomic models, we can use them
module in the book, Module 45, to analyze scenarios and evaluate policy recommendations. In this module we de-
velop a step-by-step approach to macroeconomic analysis. You can adapt this ap-
shows students how to use what proach to problems involving any macroeconomic model, including models of
they have learned to answer aggregate demand and supply, production possibilities, money markets, and the
Phillips curve. By the end of this module you will be able to combine mastery of the
comprehensive, “real-world” principles of macroeconomics with problem solving skills to analyze a new scenario
on your own.
questions about the macroeconomy,
like the type they will see in the A Structure for Macroeconomic Analysis
long question in the free-response In our study of macroeconomics we have seen questions about the macroeconomy take
section of the AP exam. many different forms. No matter what the specific question, most macroeconomic
problems have the following components:
1)Astarting point. To analyze any situation, you have to know where to start.
2)Apivotal event. This might be a change in the economy or a policy response to the
initial situation.
3)Initial effects of the event. An event will generally have some initial, short-run effects.
4)Secondary and long-run effects of the event. After the short-run effects run their course,
there are typically secondary effects and the economy will move toward its long-
run equilibrium.
For example, you might be asked to consider the following scenario and answer the as-
sociated questions.
Assume the U.S. economy is currently operating at an aggregate output level above potential output.
Draw a correctly labeled graph showing aggregate demand, short-run aggregate supply, long-run aggre-
gate supply, equilibrium output, and the aggregate price level. Now assume that the Federal Reserve
conducts contractionary monetary policy. Identify the open-market operation the Fed would conduct, han
xxi
PREFACE
Preface
Supplements and Media Computerized Test BankThe printed Test Bank is also avail-
able on a CD-ROM (Windows and Macintosh) and allows
We are pleased to offer an enhanced and completely
users to write and edit questions as well as create and
revised supplements and media package to accompany
print tests. Questions may be sorted according to various
this textbook. The package has been crafted by experi-
information fields and scrambled to create different ver-
enced AP teachers to help instructors teach their AP
sions of tests.
Economics course and to give students the tools to devel-
op their skills in economics and succeed on the AP
Lecture PowerPoint Presentation Created by David Mayer
Economics Exam.
and Margaret Ray, the enhanced PowerPoint presentation
slides are designed to assist teachers with lecture prepara-
For Instructors
tion and presentations. The slides contain graphs, data
Teachers Resource BinderThe TRB, written by Eric Dodge, tables, and bulleted lists of key concepts suitable for lecture
is a comprehensive resource for AP Economics teachers presentation. Key figures from the text are replicated and
that provides suggestions for organizing an AP Economics animated to demonstrate how they build. Notes to the
course, including a sample syllabus, teaching strategies, Instructorare included to provide added tips, class exercises,
suggested resources, and AP tips that will prove helpful for examples, and explanations to enhance classroom presen-
new and experienced AP teachers alike. In addition, the fol- tations. The PowerPoint presentations may also be cus-
lowing components are provided for each module: tomized by adding personalized data, questions, and
lecture notes. The files may be accessed on the instructor’s
➤ Student learning objectives
side of the Web site or on the Instructor’s Resource
➤ Key economic concepts
CD-ROM.
➤ Common student difficulties
➤ Class presentation ideas For Students
➤ Pacing guides to suggest how much class time to spend Strive for a 5 Prepared by Margaret Ray and David Mayer,
on the module
this guide serves as a study guide for students as they com-
➤ Sample lectures plete the course and as an AP test preparation resource. It
➤ In-class demonstrations and activities reinforces the topics and key concepts covered in the text
andon the AP exam.
➤ Solutions to AP Review problems from the textbook
The study guide component of Strive for a 5begins with
an overview of the sections to provide a big picture con-
Instructor’s Resource CD-ROM The CD-ROM contains all
text and to review how the textbook content correlates to
text figures (in JPEG and PPT formats), PowerPoint lecture
the AP exam weighting and then shifts to a module by
slides, and detailed solutions to all of CYU, Tackle the Test,
module review. The coverage for each module is organized
and end-of-section problems. Using the Instructor’s
as follows:
Resource CD-ROM, the teacher can easily build classroom
presentations or enhance online courses.
Before You Read the Module
Printed Test Bank by Eric R. Dodge.The Test Bank provides ➤ Summary: an opening paragraph that provides a brief
a wide range of AP-style multiple choice and short answer overview of the chapter.
questions appropriate for assessing student comprehen- ➤ Learning Objectives: a numbered list outlining and
sion, interpretation, analysis, and synthesis skills. With describing the most important concepts in the module.
close to 3000 questions, the Test Bank offers multiple-
➤ A review and discussion of key models and/or graphs
choice and short answer questions designed for compre-
introduced in the module.
hensive coverage of the AP course concepts. Questions
have been checked for correlation with the text content
While You Read the Module
and notation, overall usability, and accuracy.
➤ Key Terms: a list of boldface key terms —including room
The questions are organized by Section, keyed to the
for definitions and note-taking.
pertinent module(s), and categorized by degree of difficul-
ty. The Test Bank includes questions designed to represent ➤ What to watch for: A list of questions that prompt stu-
the various question formats used on the AP exam. It con- dents to look for key information as they read, with
tains questions based on the graphs that appear in the space left for answers and note taking.
book. These questions ask students to use the graphical
models developed in the textbook and to interpret the
information presented in the graph. Selected questions are
paired with scenarios to reinforce comprehension.
xxii
PREFACE
After You Read the Module Acknowledgments
➤ Review questions: fill-in-the blank questions that
Our deep appreciation and heartfelt thanks to the follow-
review important material in the module.
ing experienced AP-teacher reviewers who helped us to
➤ Featured graph: a graphing exercise that helps stu- shape this text.
dents understand and draw the important graphs in
the module. Patricia Brazill, Irondequoit High School, Rochester, NY
➤ Practice questions: study questions, and sample free Matthew Bohnenkamp, Marian Catholic High School, Chicago
response questions to help review the material in the Heights, IL
module. Ralph Colson, Stephen F. Austin High School, Austin, TX
Anthony O. Gyapong, Penn State University, Abington, PA
Answer Key Martin Inde, Willis High School, Willis, TX
Mary Kohelis, Brooke High School, Follansbee, WV
➤ Solutions: detailed solutions to the Questions, and
David Mayer, Winston Churchill High School, San Antonio, TX
Exercises in the Study Guide.
Francis C. McMann, George Washington High, Cedar Rapids, IA
Dianna Miller, Florida Virtual School, FL
The AP preparation section of Strive for a 5is a comprehen-
Diana Reichenbach, Miami Palmetto Senior High School,
sive test review resource. It begins with a diagnostic pre-
Miami, FL
test and instructions to help students determine where to
James Spellicy, Lowell High School, San Francisco, CA
focus their test preparation efforts. Test preparation tips,
Kevin Starnes, Garden Grove HS, Lake Forest, CA
suggestions for setting a test preparation schedule, and
Shaun Waldron, Niles West High School, Skokie, IL
advice on how to study effectively and efficiently in prepa-
Marsha Williams, The Bronx High School of Science, Bronx, NY
ration for the AP exam are also featured. Finally, sample
Sandra Wright, Adlai Stevenson High School, Lincolnshire, IL
practice tests that simulate the AP exam with solutions
and sample grading rubrics are provided. Information
We are indebted to the following reviewers, class testers,
about purchasing the Strive for a 5guide may be found on
survey participants, and other contributors whose input
the Web site.
helped guide the second edition of Krugman and Wells’
Economics.
Krugman’s Macroeconomics for AP*, eBookThe eBook fully
integrates the text with the student media including ani-
Carlos Aguilar, El Paso Community College; Terence
mated graphs. The eBook also offers a range of customiza-
Alexander, Iowa State University; Morris Altman, University of
tion features including bookmarking, highlighting,
Saskatchewan; Farhad Ameen, State University of New York,
note-taking, plus a convenient glossary.
Westchester Community College; Christopher P. Ball,
Quinnipiac University; Sue Bartlett, University of South Florida;
Book Companion Web Site for Students and
Scott Beaulier, Mercer University; David Bernotas, University
Instructors
of Georgia; Marc Bilodeau, Indiana University and Purdue
www.bfwpub.com/highschool/Krugman_AP_Macro University, Indianapolis; Kelly Blanchard, Purdue University;
The companion Web site offers valuable tools for both Anne Bresnock, California State Polytechnic University;
instructors—including access to the contents of the Douglas M. Brown, Georgetown University; Joseph Calhoun,
Instructors Resource CD and suggestions for additional Florida State University; Douglas Campbell, University of
resources—and for students—additional opportunities for Memphis; Kevin Carlson, University of Massachusetts, Boston;
self-testing and review. For additional information on the Andrew J. Cassey, Washington State University; Shirley
supplements package and other offerings check out the Cassing, University of Pittsburgh; Sewin Chan, New York
Web site. University; Mitchell M. Charkiewicz, Central Connecticut State
University;Joni S. Charles,Texas State University, San Marcos;
Adhip Chaudhuri, Georgetown University; Eric P. Chiang,
Florida Atlantic University; Hayley H. Chouinard, Washington
State University; Kenny Christianson, Binghamton University;
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Texas A&M University and University of Texas, Tyler; Jim F.
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University; H. Evren Damar, Pacific Lutheran University;
xxiii
PREFACE
Preface
Antony Davies, Duquesne University; Greg Delemeester, Moore,University of Georgia;Jay Morris, Champlain College in
Marietta College; Patrick Dolenc, Keene State College; Burlington; Akira Motomura, Stonehill College; Kevin J.
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Adams State College; John Marangos, Colorado State Vahaly, University of Louisville; Jose J. Vazquez-Cognet,
University; Ralph D. May, Southwestern Oklahoma State University of Illinois, Urbana-Champaign; Daniel Vazzana,
University; Wayne McCaffery, University of Wisconsin, Georgetown College;Roger H. von Haefen, North Carolina State
Madison; Larry McRae, Appalachian State University; Mary University; Andreas Waldkirch, Colby College; Christopher
Ruth J. McRae, Appalachian State University; Ellen E. Meade, Waller, University of Notre Dame; Gregory Wassall,
American University; Meghan Millea, Mississippi State Northeastern University; Robert Whaples, Wake Forest
University; Norman C. Miller, Miami University (of Ohio); University; Thomas White, Assumption College; Jennifer P.
Khan A. Mohabbat, Northern Illinois University; Myra L. Wissink, Cornell University; Mark Witte, Northwestern
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PREFACE
University; Kristen M. Wolfe, St. Johns River Community We have had an incredible production and design team on
College; Larry Wolfenbarger, Macon State College; Louise B. this book, people whose hard work, creativity, dedication,
Wolitz, University of Texas, Austin; Gavin Wright, Stanford and patience continue to amaze us. Thank you all: Tracey
University; Bill Yang, Georgia Southern University; Jason Kuehn and Kerry O’Shaughnessy for producing this book;
Zimmerman,South Dakota State University. Kevin Kall, Lissi Sigillo, and TSI Graphics for their beauti-
ful interior design and the absolutely spectacular cover;
We must also thank the many people at Worth Publishers Barbara Seixas, who worked her magic once again on the
for their contributions and the talented team of consult- manufacturing end and despite the vagaries of the project
ants and contributors they assembled to work with us. schedule; Cecilia Varas and Dena Dibiglio Betz for photo
Executive Editor Ann Heath was a mastermind behind the research; Stacey Alexander, Laura McGinn, and Jenny Chiu
scenes, juggling documents, encouraging excellence, and for coordinating the production on all supplemental mate-
gracefully putting out fires. Dora Figueiredo, assistant edi- rials. Thanks to our marketing managers, Cindi Weiss and
tor extraordinaire, assisted with manuscript preparation Nicole Sheppard, for their tireless advocacy of this book.
and helped to coordinate the impressive collection of print
supplements that accompany our book. It is a thrill to behold a book that one has written; but it’s a
As in Krugman and Wells’ Economics,2e, Andreas Bentz particularly special thrill to behold a book so beautifully
did yeoman’s work, granting us the ability to focus on larg- published.
er issues because we could trust him to focus on the
details. Andreas helped to ensure consistency and accuracy
as we developed the manuscript. We count ourselves fortu- Margaret Ray David Anderson
nate to have Andreas help us with this adaptation.
Development editor Rebecca Kohn’s sharp eye and com-
monsense appraisals were critical in helping us to make
good decisions about how to rework the material from
Krugman and Well’s Econcomics, 2e to meet the organiza-
tional needs of this book. Executive Development Editor
Sharon Balbos played an important role in ensuring that
all of our new figures were consistent with the established
styles. Many thanks go to Eric P. Chiang, Florida Atlantic
University, for his invaluable contributions in accuracy
checking the end-of-module CYU and Tackle the Test
questions and the end-of-section problems and solutions.
Eric also brought us James Watson, who assisted us with
extremely quick and thorough data research for updating
the content. We also thank Dan Heath for his close review
of second pages.
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