Very funny clip [0:40] from Seinfeld Season 8 discusses the exchange rate to give students a sense of the what the exchange rate is and the difference between nominal and real exchange rates.
Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.
By the end of this section, you will be able to:
Discuss twin deficits as they related to budget and trade deficit
Explain the relationship between budget deficits and exchange rates
Explain the relationship between budget deficits and inflation
Identify causes of recessions
By the end of this section, you will be able to:
Explain how we can use GDP to compare the economic welfare of different nations
Calculate the conversion of GDP to a common currency by using exchange rates
Calculate GDP per capita using population data
