TROY UNIVERSITY ECAMPUS
Eco 2251 Principles of Macroeconomics
COURSE SYLLABUS Term 1, 2010 August 9 - October 10, 2010
For any course syllabus posted prior to the beginning of the term, the instructor reserves the right to make minor changes prior to or during the term. The instructor will notify students, via e-mail or Blackboard announcement, when changes are made in the requirements and/or grading of the course.
INSTRUCTOR INFORMATION INSTRUCTORS: CHANGE ALL INFORMATION IN GREEN TO YOURS -- AND DELETE THIS NOTE!!! YOU NEED TO CHANGE: 1) INSTRUCTOR INFO, 2) FOOTER NAME, 3) ELECTRONIC OFFICE HOURS ON PAGE 2.
INSTRUCTOR EDUCATION See the instructor's biography under the Faculty menu button in Blackboard.
TEXTBOOK(S) AND/OR OTHER MATERIALS NEEDED REQUIRED: 1. McConnell, Brue, and Flynn. Macroeconomics, 2010, McGraw-Hill Learning Solutions, ISBN 007-741-3792 (custom textbook, 18th edition) 2. Electronic Macroeconomics Study Guide Access Card, ISBN 007-741- 3776 (code gives access to the study guide and homework manager housed in Blackboard) 3. A simple calculator for solving numerical problems.
NOTE: This is a new edition for Term 1. Students must buy both the textbook and study guide. The study guide & homework manager cannot be purchased anywhere else but MBS.
Please note the following: The textbook provider for the eCampus of Troy University is MBS Direct. The Web site for textbook purchases is http://bookstore.mbsdirect.net/TROY.HTM Students should have their textbook from the first week of class. Not having your textbook will not be an acceptable excuse for late work. Students who add this course late should refer to the “Late Registration” section for further guidance.
ADDITIONAL READING Required: As listed in the course schedule assignment section and in the discussion section. Specific weekly reading assignments from the textbook can be found in the Assignments handout posted in Blackboard. Handouts and/or links to lecture notes are also provided in the Course Materials section for each weekly module. Page 1 of 17 Eco 2251 10/T1
LATE REGISTRATION Students who register during the first week of the term, during late registration, will already be one week behind. Students who fall into this category are expected to catch up with all of Week #1 and Week #2's work by the end of Week #2.* No exceptions, since two weeks constitutes a significant percentage of the term's lessons. Students who do not feel they can meet this deadline should not enroll in the class. If they have registered, they should see their registrar, academic adviser, CTAM/eArmyU representative, or Military Education officer to discuss their options.
Also note that late registration may mean you do not receive your book in time to make up the work you missed in Week #1. Not having your book on the first day of class is not an excuse for late work after the deadlines in the Schedule.
* Check with your instructor before automatically assuming you have an extension – we provide PDF copies of the Week 1 textbook chapters so there is no excuse for not starting in immediately on the work regardless of when you sign up for the class. Extensions will not automatically be granted.
ELECTRONIC OFFICE HOURS
You can also post questions in the Course Questions and Answers section in the discussion forum in Blackboard. I check that forum daily during weekdays, but for more immediate and personal assistance, you should contact me via phone or email.
Troy instructors are required to respond to student messages within 24 to 48 hours.
PREREQUISITES None.
ENTRANCE COMPETENCIES The student must possess the knowledge and skills of a high school graduate and the capability to perform on a college level. Knowledge of basic mathematics, such as multiplying and dividing fractions and using percentages, simple algebra, and the ability to read and construct graphs, is assumed. Students who feel they do not possess the needed graphical skills should work through the tutorial listed in the “Useful Websites” section of this syllabus.
STUDENT EXPECTATION STATEMENT This course is presented in weekly modules and has specific due dates for assignments and exams. Students are not permitted to work at their own pace but must meet the deadlines specified in the syllabus and on the weekly assignment handouts. Students who have travel or other obligations which may conflict with deadlines are expected to complete work in advance. If this is not possible, extensions must be arranged with the instructor before the deadline. Extensions are not automatically granted and may require written documentation which is acceptable to the instructor. The student is expected to participate every week and to remain in contact with the instructor and class via email or other communications means, by participating in the discussion forums, submitting assignments and taking exams, by the dates listed in the syllabus. This is an internet course so students are expected to have reliable and regular access to a computer and the internet. If your computer and/or internet connection is broken or unavailable
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CATALOG DESCRIPTION Macroeconomic theory of the national economy with emphasis on income, employment, banking, and public policy.
PURPOSE (COURSE OBJECTIVES) To provide familiarity with the fundamental concepts and theories of economics as they apply to everyday life. These include the concepts of price determination, national income accounting, governmental fiscal and monetary policy, and economic growth. Prerequisite for admission into upper- level business courses. A choice of ECO 2251 or ECO 2252 is required for the ASB Business Administration minor.
STUDENT LEARNING OUTCOMES On completion of the course, the student should be able to: 1. Contrast the market system with alternative methods. 2. Explain how the price system allocates economic resources. 3. Identify the different sectors in the economy and explain their respective roles. 4. Use national income accounting to measure the overall performance of the economy. 5. Outline the relationships among spending, output, employment, and inflation. 6. Explain changes in the equilibrium price level, output level, and level of employment using the aggregate demand (AD) and aggregate supply (AS) framework. 7. Assess the impact of fiscal policy on an economy. 8. Explain money creation and control of the money creation process by the Federal Reserve System. 9. Assess the impact of monetary policy on an economy. 10. Explain and assess the macroeconomic impact of international activity on an open economy.
RESEARCH COMPONENT No additional research component required, other than what is mentioned above.
THREE USEFUL WEBSITES FOR THIS COURSE See the External Links section in Blackboard. eCAMPUS COURSES AT TROY UNIVERSITY All eCampus courses at Troy University utilize Blackboard Learning System. In every eCampus course, students should read all information presented in the Blackboard course site and should periodically check for updates—at least every 48 hours.
SITE MAP FOR YOUR BLACKBOARD COURSE SITE To obtain a site map to enable the student to navigate through the Blackboard course site, please go to the Blackboard course site and click on the Start Here button found on the left side of the computer screen.
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COURSE REQUIREMENTS Even though this is an on-line distance learning schedule, the requirements and expectations are equal to that of the same in-class course. It is assumed that students have already considered the challenges of an on-line course and will complete the necessary quantity of course work with the level of quality expected to consider the requirements successfully met. ALL REQUIREMENTS MUST BE MET IN ORDER TO RECEIVE A GRADE IN THIS COURSE.
1. Upon Enrollment: Order the text and study guide immediately; delays due to not ordering course materials upon your date of enrollment will not be an excuse for late assignments. Check your email address in Blackboard and ensure it is not listed as [email protected] and that it is set to your TROY email account. If it isn't listed or the address listed is incorrect, update it immediately. This is your responsibility. Read all material in the Course Policies folder in Blackboard as well as the course syllabus. Do the Entry Assignment. All students must complete this timed, 20 minute homework assignment to verify that they have read and understand the syllabus and course policies. Students who do not complete this required assignment by the deadline will receive a zero for one-third of their Week 1 discussion grade. The exercise is located in the Week 1 Assignments folder in Blackboard. Complete the paraphrasing exercise. This is a timed, 20 minute exercise on proper paraphrasing and citation. Students should read the information at the links provided in the Week 1 Assignments folder prior to answering questions. Students who do not complete this required assignment by the deadline will receive a zero for one-third of their Week 1 discussion grade. Post an introductory bio post and reply to at least two other students in the Discussion Board. This is worth another 1/3 of your Week 1 discussion grade. Make sure your post your initial bio by Saturday; replies can be made through Sunday of Week 1.
NOTE: To ensure that students understand how to use the Respondus Lockdown Browser, the entry and paraphrasing assignments will be timed and delivered using this required software. The time limit per question will be the same as what will be used in the proctored final exam. See the Tech/How To button in Blackboard for a download link and more information on how to install and use this required software.
2. Online Discussion: Participation in on-line learning activities is required during specific periods via the course Discussion Forum in Blackboard. You must actively participate every time a topic is posted – there are no "optional" discussion assignments in this class. Content will be assessed Page 4 of 17 Eco 2251 10/T1
NOTE: The premise for a discussion group is to provide a venue to supply your input, using relevant economic theory, and provide discussion opportunities to other students. To submit all your discussion requirements at the last minute – just before the due date/time does a disservice to your fellow students as they do not have an opportunity to respond/address your comments/criticism. As a result, your essays should be posted no later than Saturday evening each week, although replies can be done anytime up until the Sunday (11:59pm Central) deadline. Essays posted on Sundays will be subject to a 10% late penalty; essays or replies submitted after the Sunday deadline will not be graded at all.
3. Graded Homework: Each week there is one graded homework assignment that must be completed in Blackboard consisting of 30 multiple choice questions covering all chapters assigned that week. Though the homework is untimed, it must be accessed using Respondus Lockdown Browser. When you submit the assignment, you will get a score and some feedback about what you got wrong. If you are unhappy with your grade you may repeat the homework one more time (before the weekly deadline) to try to get a higher score. The best score counts. Students who do not complete the homework before the weekly Saturday deadline (11:59pm Central) will receive a zero on any unanswered questions. Questions are randomly drawn from pools, so each attempt will be different. These assignments are in the Study Guide/HW button so you must have a study guide access code in order to access them. Make sure you purchase one as soon as you sign up for the course since the first assignment is due the Saturday of Week 1.
4. Tests: There will be four timed multiple-choice tests that you must take in Blackboard. The tests are unproctored, but they must be taken using Respondus Lockdown Browser. There is a 5% per minute (or portion thereof) point deduction if you go over the time allotted. Tests will be available online at the beginning of the week they appear on the attached schedule and will become unavailable at the start of the next week (Sundays, 11:59pm Central). All tests are counted towards your grade; none will be dropped. All graded tests must be accessed using the Respondus Lockdown Browser, rather than other browsers such as Internet Explorer or Firefox. See Blackboard for details on how to download and install this required software.
5. Final Examination: Students are required to take a PROCTORED two-hour final examination presented electronically via Blackboard during Week 9. This comprehensive, closed- book/closed-notes exam will consist of multiple choice questions covering all learning objectives in this course. The only materials you will be allowed to take into the testing center will be a simple calculator with no text storage capability -- no telephones, books or notes are permitted. Blank scratch paper may be provided by your proctor, but this must be given to the proctor before you leave the testing center. There is a 5% per minute (or portion thereof) point deduction if you go over the time allotted. This special exam will be accessed in a different course link in Blackboard than our regular course shell. Proctors must be approved by eCampus. See Blackboard for further information about this test, its location in Blackboard, the proctoring system, and deadlines for submitting forms to eCampus.
STUDENT/FACULTY INTERACTION Students participate in the course by submitting required assignments, participating in online discussions in Blackboard, and taking assessments by the deadlines listed in the syllabus and on the weekly assignments handouts. Course materials will be provided to enhance the students’ learning in the class; however, students are encouraged to e-mail the instructor at any time when questions arise or clarification is needed about any subject matter. As instructor, I will communicate on the Blackboard.com Announcement page and/ or via e-mail. I generally respond to all e-mails within 24 hours (Mon-Thurs) and 48 hours (Fri-Sun), unless students are notified via e-mail and an announcement in Blackboard.
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MAKE-UP WORK POLICY Missing any part of this schedule may prevent completion of the course. If you foresee difficulty of any type (i.e., an illness, employment change, etc.) which may prevent completion of this course, notify the instructor as soon as possible. Failure to do so will result in failure for an assignment and/or failure of the course. See “Attendance,” above.
If I have not heard from you by the deadline dates for assignments, exams, or forums, no make-up work will be allowed (unless extraordinary circumstances existed, such as hospitalization). Requests for extensions must be made in advance and accompanied by appropriate written documentation if the excuse is acceptable to the instructor. "Computer problems" are not an acceptable excuse.
INCOMPLETE GRADE POLICY Missing any part of the Course Schedule may prevent completion of the course. If circumstances will prevent the student from completing the course by the end of the term, the student should complete a request for an incomplete grade.
Note: A grade of incomplete or “INC” is not automatically assigned to students, but rather must be requested by the student by submitting a Petition for and Work to Remove an Incomplete Grade Form. Requests for an incomplete grade must be made on or before the date of the final assignment or test of the term. A grade of “INC” does not replace an “F” and will not be awarded for excessive absences. An “INC” will only be awarded to student presenting a valid case for the inability to complete coursework by the conclusion of the term. It is ultimately the instructor’s decision to grant or deny a request for an incomplete grade, subject to the policy rules below.
Policy/Rules for granting an Incomplete (INC): An incomplete cannot be issued without a request from the student. To qualify for an incomplete, the student must: a. Have completed over 50% of the course material and have a documented reason for requesting the incomplete. (50% means all assignments/exams up to and including the mid-term point, test, and/or assignments.) b. Be passing the course at the time of their request. If both of the above criteria are not met an incomplete cannot be granted. An INC is not a substitute for an F. If a student has earned an “F” by not submitting all the work or by receiving an overall F average, then the F stands.
METHOD OF INSTRUCTION This is a distance learning class. It is not a “correspondence course” in which a student may work at his or her own pace. Each week there will be assignments, on-line discussions, and/or exams with due dates. Refer to the schedule at the end of this syllabus for more information.
METHOD OF EVALUATION Discussion Board Participation: 10% of the course grade Module Tests (4 in all): 40% of the course grade Homework (Study Guide) 25% of the course grade Final Examination (comprehensive): 25% of the course grade
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ASSIGNMENT OF GRADES All grades will be posted in the student grade book in Blackboard and will be assigned according to the following or similar scale. Grades are based on the Weighted Total shown in Blackboard at the end of the course:
A 90 – 100% B 80 – 89% C 70 – 79% D 60 – 69% F 59% and below
Postings: I post grades in Blackboard, in the Gradebook. FA: “FA” indicates the student failed due to attendance. This grade will be given to any student who disappears from the course for three or more weeks. See the Attendance section of this syllabus for additional information.
SUBMITTING ASSIGNMENTS Assignments must be submitted by the deadlines stipulated on the last two pages of this syllabus. Study guide homework is submitted in the links in the Study Guide/HW button in Blackboard. Tests are automatically submitted in the Assignments tab in Blackboard when you click the "submit" button after completing each assessment. Responses to weekly discussion topics can be done by clicking on the “submit” buttons when in the course Discussion Forum in Blackboard. Arrangements for extensions must be made in advance and may require written documentation.
EXAMINATION SCHEDULE & INSTRUCTIONS Study guide homework, discussion topics, and exams are available for a specific time period only. See the Course Schedule in the back of this syllabus for the dates each is available. All tests are delivered on-line via Blackboard and are in multiple-choice format. Links to all graded assessments except the final examination are in the Assignments section. All graded tests during the term are unproctored but must be taken with the Respondus Lockdown Browser. Course integrity on these will be maintained by applying strict time limits on the exams, and providing exams that are randomly generated from test pools. Students will not receive the same test questions. The final examination in this course is proctored. See Blackboard for more information on how to submit a proctor form, when the forms are due, and what the regulations and format are for this required exam. This special exam will be given in a different location in Blackboard than the regular course shell used for all other assignments. The Blackboard automatic time clock is the official timekeeper and sole arbiter of any time limit disputes. Substantial point deductions are made if the student overruns the time limit for the exam. See the exam instructions for the time limit and how the overrun deductions are calculated. Specific instructions are posted in the FAQ section and in a handout in the Information section as to how to deal with problems such as a lost connection, error messages, etc. while taking exams. Please print these out to refer to in case you run into difficulty while taking an exam so you know what to do!
TECHNOLOGY REQUIREMENTS Students must have: A reliable working computer that runs Windows XP or Windows Vista. A TROY e-mail account that you can access on a regular basis (see "TROY email" above) Page 7 of 17 Eco 2251 10/T1
Internet Access
This is an on-line class. Students must have access to a working computer and access to the internet. Students can use the TROY computer lab, a public library, etc., to insure they have access. “Not having a computer” or “computer crashes” are not acceptable excuses for late work.
TECHNICAL SUPPORT INFORMATION: If you experience technical problems, you should contact the Blackboard Online Support Center. You can do this in two ways. First if you can log onto the course simply look at the tabs at the top of the page. You will see one entitled, “Tech Support.” If you click on this tab, you will see the information below. You can click on the “Blackboard Support Center” link and receive assistance. If you cannot log onto the course, simply contact the center by calling toll free the number listed below. Assistance is available 24 hours a day/7 days per week. Blackboard Support Center
Blackboard Online Support Center for Troy University provides Customer Care Technicians who are available to support you 24 hours a day/7 days a week. Call 1-800-414-5756 for live assistance. If you are experiencing technical difficulties with your coursework or with features in Blackboard that are generating errors, please click the link here: http://www.troy.edu/bbhelp.
NON-HARASSMENT, HOSTILE WORK/CLASS ENVIRONMENT Troy University expects students to treat fellow students, their instructors, other TROY faculty, and staff as adults and with respect. No form of “hostile environment” or “harassment” will be tolerated by any student or employee.
AMERICANS WITH DISABILITY ACT (ADA) Troy University supports Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, which insure that postsecondary students with disabilities have equal access to all academic programs, physical access to all buildings, facilities and events, and are not discriminated against on the basis of disability. Eligible students, with appropriate documentation, will be provided equal opportunity to demonstrate their academic skills and potential through the provision of academic adaptations and reasonable accommodations. Further information, including appropriate contact information, can be found at the following link:
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HONESTY AND PLAGIARISM The awarding of a university degree attests that an individual has demonstrated mastery of a significant body of knowledge and skills of substantive value to society. Any type of dishonesty in securing those credentials therefore invites serious sanctions, up to and including suspension and expulsion (see Standard of Conduct in each TROY Catalog). Examples of dishonesty include actual or attempted cheating, plagiarism*, or knowingly furnishing false information to any university employee.
*Plagiarism is defined as submitting anything for credit in one course that has already been submitted for credit in another course, or copying any part of someone else’s intellectual work – their ideas and/or words – published or unpublished, including that of other students, and portraying it as one’s own. Proper quoting, using strict APA formatting, is required, as described by the instructor. All students are required to read the material presented at: http://troy.troy.edu/writingcenter/research.html
Students must properly cite any quoted material. No term paper, business plan, term project, case analysis, or assignment may have no more than 20% of its content quoted from another source. Students who need assistance in learning to paraphrase should ask the instructor for guidance and consult the links at the Troy Writing Center. This university employs plagiarism-detection software, through which all written student assignments are processed for comparison with material published in traditional sources (books, journals, magazines), on the internet (to include essays for sale), and papers turned in by students in the same and other classes in this and all previous terms. The penalty for plagiarism may range from zero credit on the assignment, to zero in the course, to expulsion from the university with appropriate notation in the student’s permanent file. Each student enrolled is expected to take his/her exams and quizzes individually without any assistance from others. Receiving assistance from any other student(s) or person(s) on assessments is a violation of this honesty policy (see below).
In Addition: Your instructor reserves the right to reject any work submitted by you which appears to be of a type or quality that is incongruent with what the instructor perceives to be your previously-demonstrated comprehension of course materials. While your work is expected to improve over the term, work which is of a quality entirely inconsistent with previous submissions or written communications will cause your instructor to question whether the work is your own or represents that of someone else. If this is suspected in the case of an exam or quiz, the instructor may require you to retake that quiz or exam with a proctor.
LIBRARY SUPPORT The Libraries of Troy University provide access to materials and services that support the academic programs. The address of the University College Library Web site, which is for all University College and eCampus students, is http://uclibrary.troy.edu. This site provides access to the Library's Catalog and Databases, as well as to links to all Campus libraries and to online or telephone assistance by Troy Library staff. Additionally, the Library can also be accessed by choosing the "Library" link from the University's home page, http://www.troy.edu.
FACULTY EVALUATION In the eighth week of each term, students will be notified of the requirement to fill out a course evaluation form. These evaluations are completely anonymous and are on-line. Further information will be posted in the Announcements section in Blackboard.
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In order to be successful, you should be organized and well motivated. You should make sure you log in to our course on Blackboard several times each week. Check all “announcements” that have been posted. Start early in the week to complete the weekly assignment. You should also go to the Discussion Board early in the week and view the topic and question/s for the group discussion exercise. Make your “initial” posting and participate in the discussion. Begin reviewing for the exams early in the term. Do not wait until the last minute and “cram” for these exams. You should review the material frequently, so you will be prepared to take the exams. eCAMPUS The eCampus Center at Troy University is here to serve you and assist with any questions, problems or concerns you may have. For assistance go to www.troy.edu/ecampus or send an email to [email protected]. Please do not hesitate to contact the Distance Learning staff if you need administrative assistance for any reason. eArmyU STUDENTS only Students in the eArmyU program should contact representatives of these programs, rather than eCampus if they have inquiries or need technical assistance.
ADDITIONAL INFORMATION Economics cannot be memorized. Similar to math, the concepts must be practiced and applied. Read the textbook, listen to/review the narrated PowerPoint slides, do the assigned problems, and try as many practice questions in the text and study guide as time permits. I strongly suggest that you use the study guide regularly. Don’t wait until the last minute to do your reading or take assessments without having done the recommended questions or practice quizzes. If you give yourself time to absorb the material slowly, your comprehension will improve substantially. Read the study and exam tips handout at the course website (located in the “Information” link). This will help you learn how to take an objective format exam and how to get the most out of your study time. Contact me if you are confused about something! Your success in this course is important to me, so ask for help if you need it. Send me an email, call me, or post a question on the discussion board. In an online class I cannot tell you are having difficulty – you have to take the initiative to contact me. If you seek out my help early on before things become a problem it is usually easier to sort things out.
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Mission Statement
Through operations that span the State of Alabama, the United States, and the world, Sorrell College of Business equips our students with the knowledge, skills, abilities and competencies to become organizational and community leaders who make a difference in the global village and global economy. Through this endeavor, we serve students, employers, faculty, and Troy University at large as well as the local and global communities.
Vision Statement
Sorrell College of Business will be the first choice for higher business education students in their quest to succeed in a dynamic and global economy. Sorrell College of Business will create the model for 21st century business education and community service.
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Note: Though there are several holidays that fall within this term, we don’t adjust deadlines to account for these in Distance Learning. If you don't wish to work on a holiday or on your vacation days, then plan taking tests and doing your studies around these dates. If you are going on vacation, make arrangements with me to give you assignments early so they are completed on time.
Deadlines listed are in Central Time as that is what Blackboard uses. If you live in a different time zone deadlines are not adjusted for you so please do not ask. A good resource to help you convert Central Time to your local time zone can be found here: http://www.timeanddate.com/worldclock/converter.html.
Note: Readings are primarily from the textbook. Student lecture notes and occasional handouts are also available for download in the course materials section of Blackboard. Chapter & page numbers refer to the Troy custom edition of the textbook referred to earlier in this syllabus.
WEEK READING & OTHER ASSIGNMENTS REQUIRED BLACKBOARD ACTIVITIES
Week 1 Introductory Topics Due by Saturday 11:59pm Central time: 8/9 - 8/15 Textbook: Chapters 1 and 2, Post bio in discussion forum (Mon.-Sun.) including Chapter 1 appendix Complete Homework #1 Graphing tutorial (see below) Read weekly assignments handout Due by Sunday 11:59pm Central time: Try recommended problems in book Reply to at least two other students in and read documents in Course discussion forum Materials button in Blackboard. Complete entry assignment Complete paraphrasing exercise Note: The math appendix to chapter 1 is required. Try the self-test & graphing * Homework questions are randomly drawn tutorial using the link in the Week 1 from pools so students will not get the same folder. questions. You may repeat the homework once if you wish to get a higher score. The best score of all attempts will be counted.
Week 2 Markets & US Economic Sectors Due Saturday 11:59pm Central time: 8/16 - 8/22 Textbook: Chapters 3 and 4 Complete Homework #2 (Mon.-Sun.) Read weekly assignments handout Try recommended problems in book Due Sunday 11:59pm Central time: and read documents in Course Test #1 (covers material in Weeks 1 & 2) Materials button in Blackboard.
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Week 3 Intro to Macroeconomics and Due by Saturday 11:59pm Central time: 8/23 - 8/29 National Income Accounting Post Discussion Essay #1 in discussion (Mon.-Sun.) Textbook: Chapters 5 and 6 forum Read weekly assignments handout Complete Homework #3 Try recommended problems in book and read documents in Course Due Sunday 11:59pm Central time: Materials button in Blackboard. Reply to at least two other students in discussion forum
Week 4 Economic Growth; Business Cycles, Due Saturday 11:59pm Central time: 8/30 - 9/5 Inflation, & Unemployment Complete Homework #4 (Mon.-Sun.) Textbook: Chapters 7 & 8 Read weekly assignments handout Due Sunday 11:59pm Central time: Try recommended problems in book Test #2 (covers material in Weeks 3 & 4) and read documents in Course Materials button in Blackboard.
Week 5 Basic Macro Relationships, Due by Saturday 11:59pm Central time: 9/6 - 9/12 Aggregate Demand & Supply Post Discussion Essay #2 in discussion (Mon.-Sun.) Textbook: Chapters 9 & 11 forum Read weekly assignments handout Complete Homework #5 Try recommended problems in book and read documents in Course Due Sunday 11:59pm Central time: Materials button in Blackboard. Reply to at least two other students in discussion forum
Week 6 Fiscal Policy, Deficits, & Debt; Due Saturday 11:59pm Central time: 9/13 - 9/19 Money & Banking Complete Homework #6 (Mon.-Sun.) Textbook: Chapters 12 and 13 Read weekly assignments handout Due Sunday 11:59pm Central time: Try recommended problems in book Test #3 (covers material in Weeks 5 & 6) and read documents in Course Materials button in Blackboard.
Week 7 Money Creation; Interest Rates & Due by Saturday 11:59pm Central time: 9/20 - 9/26 Monetary Policy Post Discussion Essay #3 in discussion (Mon.-Sun.) Textbook: Chapters 14 and 15 forum Read weekly assignments handout Complete Homework #7 Try recommended problems in book and read documents in Course Due Sunday 11:59pm Central time: Materials button in Blackboard. Reply to at least two other students in discussion forum
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Week 8 The Economy in the Long Run, Due Saturday 11:59pm Central time: 9/27 - 10/3 International Macroeconomics Complete Homework #8 (Mon.-Sun.) Textbook: Chapters 16 and 17 Read weekly assignments handout Due Sunday 11:59pm Central time: Try recommended problems in book Test #4 (covers material in Weeks 7 & 8) and read documents in Course Materials button in Blackboard.
Week 9 Review material from entire course Due SATURDAY at 10:00pm Central 10/3- 10/9 Proctored final examination ** (Sun - SAT) Exam opens 6am Central Sunday Exam closes 10pm Central Saturday No extensions will be given. This exam must be taken with a proctor in a pre-approved location.
** You will not be able to access the final exam without using a pre-approved proctor. See Blackboard for more details and instructions on how to get a proctor approved. It is YOUR responsibility to file forms by the deadline as approvals can take several weeks. Your instructor does not control the proctor approval process nor do they have access to the final exam. Contact eCampus if you have questions.
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The test consists of questions selected at random from pools on each of the learning objectives listed on page 3. Areas included are as follows:
1. Contrast the market system with alternative methods. (Chapters 1-2) understand the nature of the economizing problem, as well as how scarcity and how opportunity cost influences our choices distinguish positive from normative analysis understand the differences between a market and command system, as well as the shortcomings of each know the fundamental questions that the market system answers
2. Explain how the price system allocates economic resources. (Chapters 1 & 3) define the concept of the invisible hand be able to show a growing economy using a production possibilities frontier (PPF) understand attainability and efficiency of resource use with regard to a PPF diagram understand how market equilibrium is determined and the rationing function of prices know the determinants of demand and supply and how changes in non-price determinants shift the curves and change equilibrium price and quantity
3. Identify the different sectors in the economy and explain their respective roles. (Chapters 2 and 4) understand the circular flow model identify the major sectors of the economy understand the economic functions of government know the major categories of federal, state, and local expenditures, as well as how these expenditures are financed
4. Use national income accounting to measure the overall performance of the economy. (Chapter 6) define nominal GDP and real GDP, and be able to calculate real GDP using a price index know what is counted in GDP and what is not counted, as well as the shortcomings of this measure compare the expenditure and income approaches for measuring GDP be able to determine GDP using the expenditure or income approach understand the basic components of GDP
5. Outline the relationships among spending, output, employment, and inflation. (Chapters 5, 7, 8, and 16) understand how economic growth is measured and the major causes of growth define a business cycle and be able to identify the stages know how the unemployment rate is measured as well as the types of unemployment and its consequences know how inflation is measured as well as its causes and impact on the economy understand the difference between cost-push and demand -pull inflation, and how government policymakers can correct for each understand the relationship between inflation and unemployment using a Phillips curve approach
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7. Assess the impact of fiscal policy on an economy. (Chapter 12) differentiate between expansionary and contraction policy, as well as when policy is appropriate to use in the business cycle understand how fiscal policy impacts the economy using an AD/AS framework know what is meant by automatic stabilizers and how they impact tax revenues understand the problems associated with implementing fiscal policy, as well as what the crowding-out effect is know the difference between the federal budget deficit and the debt understand the difference between cyclical and structural budget deficits or surpluses understand the major concerns about high levels of government debt
8. Explain money creation and control of the money creation process by the Federal Reserve System. (Chapters 13 & 14) understand the functions of money in an economy know the primary components of the money supply, including M1 and M2 understand what influences the value of money know the basic functions the Federal Reserve system provides in the US economy, as well as characteristics such independence know what fractional reserve banking is and how money is created or destroyed explain how multiple deposit expansion works be able to calculate and use the simple money multiplier
9. Assess the impact of monetary policy on an economy. (Chapter 15) know the components of the demand for money understand the three basic tools of monetary policy and how they impact the money supply know what the Federal Funds rate is and how the Federal Reserve influences it understand the difference between expansionary and contraction monetary policy and when each would be used know how monetary policy influences the level of real GDP and the price level in an AD-AS framework understand the problems associated with using monetary policy, such as lags and cyclical asymmetry
10. Explain and assess the macroeconomic impact of international activity on an open economy. (Chapter 17) understand how exchange rates are determined know the basic components of the balance of payments
know the difference between fixed and flexible exchange rates
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1) Troy 2) Macroeconomics 3) eBook or Chapter 18th ed. (non-custom ) Economics (18th ed.) Number Chapter Title Chapter Number Chapter Number 1 Limits, Alternatives, Choices 1 1 2 The Market System and the Circular Flow 2 2 3 Demand, Supply, and Market Equilibrium 3 3 4 The US Economy: Private and Public 4 4 Sectors 5 An Introduction to Macroeconomics 6 23 6 Measuring Domestic Output & National 7 24 Income 7 Economic Growth 8 25 8 Business Cycles, Unemployment, & 9 26 Inflation 9 Basic Macroeconomic Relationships 10 27 10 The Aggregate Expenditures Model 11 28 (optional, 4) 11 Aggregate Demand and Aggregate Supply 12 29 12 Fiscal Policy, Deficits, and Debt 13 30 13 Money and Banking 14 31 14 Money Creation 15 32 15 Interest Rates and Monetary Policy 16 33 16 Extending the Analysis of Aggregate 18 35 Supply The Balance of Payments, Exchange Rates, 17 21 38 and Trade Deficits
Notes: 1) Troy's custom edition does not contain all the chapters included in the "full" text or national macroeconomics split editions. Chapters have been renumbered as listed. 2) If students buy a used, non-custom macroeconomics split, these are the corresponding chapter numbers. These chapter numbers are not for the "brief" edition, but for the normal macroeconomics split (contains more chapters than the "brief" edition). 3) If students use an ebook (such as what is included in Connect) or buy a used copy of the full economics text (containing both macro and micro), these are the corresponding chapter numbers. 4) This chapter is not tested on in the formative exam, so it is optional to cover by instuctors. It is not covered in the eCampus Eco 2251 course.
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