Doty Macro Syllabus - Spring 2017

Principles of Macroeconomics - ECON 2301.001 Course Syllabus for Spring 2017

Economics is good! Economics is life-changing! Economics is world-changing! And this is the premise from which we will begin our study of Economics this semester!

Instructor: Mrs. Susan Doty Director of the Center for Economic Education & Financial Literacy Senior Lecturer in Economics, Department of Social Sciences, College of Arts and Sciences The University of Texas at Tyler, 3900 University Boulevard, Tyler, TX 75799

E-mail: [email protected] Please note that e-mail is my preferred method of contact. Even if you want to talk by phone, the best way to do so is by sending me an e-mail and asking me to call you back. Please always identify yourself and provide your course and section.

Phone: 903-566-7459 (Office) 903-570-9020 (Cell for text only) Again, please be sure to identify yourself by name, course and section.

Office Hours: BUS #240 Mondays, Wednesdays and Fridays from 12-2 pm You do not need to set up an appointment to meet with me during MWF open office hours. Class Meeting Times: Section 001 meets MWF from 10:10-11:05 am in BUS 158.

Course Materials: McGraw-Hill Course Connect with Asarta Butters Economics. Please note that this online course package is required. I will provide you with registration information in a separate document on Blackboard, in the Getting Started folder. The course package contains the e-text, videos, tutorials, homework and quizzing that not only represent 20% of the course grade but provide the foundation for much of what we will do in class. You cannot be successful without the course materials! New students may purchase access code card in the university bookstore or purchase directly on line from McGraw Hill through the registration portal on the document I provide in Blackboard. It is less expensive if you are able to purchase it online. Either way, purchase only the access code, not a hard or paper copy of the book!!! Former students, who have taken economics in Fall of 2016 and have an active McGraw- Hill account, should be able to activate the new course at no additional cost. You also need a smart device with communication app and .pdf annotation capabilities; be prepared to use this device in every class. There are a limited number of university-owned iPads available to borrow for the semester. See me EARLY if you would like to reserve one. Course Summary: Through the Core curriculum at The University of Texas at Tyler, students will gain a foundation of knowledge of human cultures and the physical and natural world, develop principles of personal and social responsibility for living in a diverse world and advance intellectual and practical skills that are essential for all learning. Core objectives include critical thinking skills, communication skills (oral, written and technology,) empirical and quantitative skills, teamwork, social responsibility and personal responsibility. Economics, at its foundation, is a social science course about choice. Everything we value as humans is scarce relative to how much we want. Because of scarcity, we can’t have it all. Because we can’t have it all, we must make choices. Every choice we make means giving up something else. This “economic way of thinking” can be summarized in the 6 points of the Guide to Economic Reasoning: People Choose; People’s Choices Involve Costs; People Respond Predictably to Incentives; People Create Economic Systems That Influence Choice and Incentives; People Gain When They Trade Voluntarily; People’s Choices Have Consequences That Lie in the Future. Students in Economics apply these points to decision-making at the individual, household, business firm, and government levels both in closed domestic economies and open global ones. Economics is a course of study that will provide you with methodological tools to view the world differently. The “economic way of thinking” is truly a unique way of approaching problems, understanding issues and proposing solutions. It will help you in decision-making when you vote, spend, save and make life choices. Throughout the course, you will develop and have multiple opportunities to demonstrate an understanding of basic economic concepts, the techniques and methods of economics, and the economic challenges facing society today and in the future. In addition, you will be developing and demonstrating critical thinking skills, oral and written communication skills, empirical and quantitative evaluation skills, teamwork, social responsibility and personal responsibility. Economics will benefit each of you regardless of your major. It will have relevance to all aspects of your life and it will provide you with tools to help you view the world differently. Economics provides great preparation for careers in business, government, law, education, mathematics and science A favorite quote of mine is this one by the late economist, Murray N. Rothbard: It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance. A goal of this class is to provide you with the conceptual framework and tools to develop and articulate informed opinions on economic issues. It is not my job or purpose in this economics class to influence your politics or opinions. It is, however, my highest objective to give you the economic tools and the foundational principles so that you can develop and articulate your own positions more effectively. Course Objectives: Beyond the foundational economic concepts and tools that are common to both macroeconomics and microeconomics, this Macroeconomics course is going to cover six major topic areas including:  Measuring Aggregate Economic Performance - GDP accounting, nominal and real currency measures, inflation and unemployment, business cycles and economic indicators  Aggregate Supply and Aggregate Demand - Productive resources, spending, saving, investment, technology and growth  Money and Financial Markets - Banking systems and the Federal Reserve  Monetary and Fiscal Policies - Multipliers, velocity, taxation, government spending, crowding out  Policy Debates & Applications - Economic systems, monetary/fiscal policy mix, automatic stabilization  International Economics - Balance of trade and balance of payments, trade barriers and exchange rates

Study Time: A general guideline is that you should spend three hours of independent study time outside of class for each hour in class. We meet for three hours each week so that is nine hours of independent work each week. I know many of you are working part-time and full-time jobs, have families and are active in student sports and campus activities. I do understand that many of you are taking 15 and 18 hours. Based on the 3-to-1 formula, that is 60 to 72 hours of academic work alone! YOU need to be realistic about your own capabilities and commitments! Classroom Conduct: This is simply a matter of respect – mine for you – yours for each other and for me. Arrive on time and stay for the duration of class. Be quiet and attentive during lectures. Participate during activities. Be prepared. With the exception of your required devices, keep your other electronic devices turned off. Stay on task and don’t get distracted! In economics, we learn about the importance of private property ownership – be good stewards to university property. Do not photograph, audio or video tape lectures, discussions, activities or conversations. Do not copy or distribute any presentation, activity, or assessment materials from class or on-line supplement. Do your own work and properly cite the work of others. The University of Texas at Tyler has an academic integrity policy. I take it very seriously and expect you to also. Be honest, do your best work and learn.

Participation: Woody Allen said, 80% of life is showing up! You can’t learn if you’re not in class! You are expected to attend every class. There will be hands-on active lessons designed to reinforce the unit material and emphasize the importance of attendance. Be prepared to move around, work in pairs or groups, and think “out of the box” on class days. Your charged smart devices are required in class every day! Discussion Board: There will be both graded and ungraded forums that I will open for you on the Blackboard discussion board forum for you each unit so that you may help each other, form virtual study groups and ask content questions of me. The help forums will be ungraded but may be considered in calculating your community learning grade. Macroeconomics Challenge: This will be a fun way to REVIEW in class for your Final Exam. Maybe you can even earn points!

Class Notes: I will provide you with copies of my slides in both PowerPoint and .pdf form on Blackboard. This will allow you to open and annotate them on your smart device. These slides provide the skeleton for your class notes and form the foundation for my lectures and for our class discussions and activities. You must have them each day. Please familiarize yourself with both Blackboard Mobile and a .pdf annotating program (I highly recommend the Notability app for iPad users) and be ready to annotate these notes at the beginning of each class. I do not prepare my slides or lectures from the book. My lecture notes and your McGraw-Hill course materials will complement, not duplicate, each other. That said, our new award-winning course materials by Asarta and Butters are the best I have ever used and both the topic sequence and the shared language will be closely aligned. Homework Help: These individual and group sessions will be led by Teaching Assistant Steven Schwartz. Although optional, I strongly recommend that you take advantage of this learning opportunity unique to this class. Homework Help hours will be posted on Blackboard the first week of class and will be held at the same time and in the same location each week You may contact Steve at [email protected]. Academic Integrity: For each assessment, you will sign a statement confirming that you have taken the assessment in accordance with the Academic Integrity Policy currently in place at The University of Texas at Tyler. I embrace the honor and integrity that will not allow me to lie, cheat, or steal nor to accept the actions of those who do. Grading 1: QuickStart Points2 5 @ 20 points = 100 points McGraw Hill Independent Learning Assignments3 10 @ 20 points = 200 points = 20% of grade Class Community Learning Activities4 20 @ 10 points = 200 points = 20% of grade Unit Exams5 2 @ 100 points = 200 points = 20% of grade Final Cumulative Exam6 1 @ 400 points = 400 points = 40% of grade

1Read grading policy thoroughly! 2There is no such thing as a free lunch! You must earn your QuickStart buffer points! This is the way you boost your end of semester grade both by preparing you to do the things that will help you be successful in class and by giving you points that will help protect you in the event you miss assignments, activities or test questions. See directions posted on Blackboard. These points, which may only be earned in the first two weeks of class, will be added to your total points. 3Each McGraw-Hill Independent Learning Assignment has two parts: watching videos/answering questions and the adaptive learning module. Part one is always due on Monday mornings at 8:00 am and part two is always due on Friday afternoons at 5:00 pm. No extensions or make-ups will be granted and you have at least one week to complete each assignment. 4There will be 24 graded Class Community Learning Activities over the semester. Although there are no make-ups for these activities, only the best 20 will be counted for your grade. In other words, you may miss up to four without penalty. 5A missed unit exam, for ANY reason, may only be made up with the final exam. 6Your percentage score on the final exam may replace a missed exam or low unit exam score. For example, a score of 240 of 300 on the final exam could replace a “0” on a unit test with an 80. Course Grade: A = 900+ points B = 800-899 points C = 700-799 points D = 600-699 points F = 599- points

Grade discussions will only be held in person during office hours. Do not text or email me about grades. Do not ask about grades during the brief time we have in our classroom before or after class starts! Schedule of Classes for Spring 2017 Principles of Microeconomics

Week Day Class # Assignment Reminders/Information #1 and Topic Monday, No Class Purchase McGraw-Hill Course Connect Blackboard and McGraw-Hill are open. January 16 materials. Begin by opening the Getting Started Folder on Blackboard MLK Day where you will find the syllabus, the McGraw-Hill registration instructions and the list of QuickStart activities.

Wednesday, Class #1 Read Syllabus thoroughly and register QuickStart activities #1-#5 are due by Friday, January 27th at January 18 Course for McGraw-Hill. Begin working 5:00 pm. through QuickStart activities. Be sure Welcome that you are registered in the correct to class on McGraw-Hill for your course Economics! materials. Bring your Smart Device to class. Rational Decision See posted notes on Blackboard under Making Modules

Friday, Class #2 Work on QuickStart activities #1-5 QuickStart activities #1-#5 are due by Friday, January 27th at January 20 5:00 pm. Class Tools Explore all the resources available to you on McGraw-Hill.

See posted notes on Blackboard under Modules

Learning Objectives for week #1:  Demonstrate your understanding of the way learning will occur in this course in class and by working through QuickStart activities.  Demonstrate your familiarity with the tools we will use for learning in this course in class and by working through QuickStart activities.  Demonstrate your understanding of the economic way of thinking in class and by working through the QuickStart activities.

Week Day Class Topic Assignment Reminders/Information # 2 Monday, Class #3 QuickStart activities #1-#5 are due ILA #1 is open. Part One is due at 8:00 am on 1/30 and Part January 23 by Friday, January 27th at 5:00 pm. Two is due at 5:00 pm on 2/3. The Economic Way of Thinking See posted notes on Blackboard under Modules Production Possibilities Marginal Analysis Wednesday, Class #4 QuickStart activities #1-#5 are due Unit Two Homework Help sessions with TA Steven January 25 by Friday, January 27th at 5:00 pm. Schwartz will start this week. See BlackBoard for times and The Economic locations. Way of Thinking See posted notes on Blackboard under Modules ILA #1 is open. Part One is due at 8:00 am on 1/30 and Part The Circular Two is due at 5:00 pm on 2/3. Flow

Friday, Class #5 QuickStart activities #1-#5 are due QuickStart activities #1-#5 are due TODAY at 5:00 pm. January 27 by Friday, January 27th at 5:00 pm. The Economic ILA #1 is open. Part One is due at 8:00 am on 1/30 and Part Way of Thinking See posted notes on Blackboard Two is due at 5:00 pm on 2/3. under Modules Supply & Demand

Learning Objectives for Fundamentals – Week #2  Define microeconomics and macroeconomics.  Identify the terms of trade using comparative advantage.  Identify the various resource categories used in economics.  Illustrate the gains from trade in a production possibilities frontier  Define scarcity and explain its importance in economics. model.  Identify the opportunity cost of a choice.  Illustrate how increasing opportunity costs affect the production  Explain rational decision making. possibilities frontier.  Define marginal benefit and marginal cost.  Model the flow of resources, output, and monetary transactions in a simple economy  Describe the relationship between marginal benefits and costs in equilibrium.  Explain how resources are combined to produce output.  Construct and interpret a production possibilities frontier.  Calculate and explain opportunity cost using a production possibilities frontier.  Identify comparative advantage using opportunity costs.  Identify patterns of specialization using comparative advantage. Week Day Assignment Reminder/Information # 3 Monday, January 30 ILA #1 Part One: videos & questions due today at 8:00 ILA #2 is open. Part One is Learning Objectives for Public Finance, Measuring GDPam. week The #3: assignment has been open for one week. due at 8:00 am on 2/6 and  Model the flow of resources, output, and monetary transactions in a simple economy that includes a government. Part Two is due at 5:00 pm  Know the major categories of federal, state, and local revenuesSee and postedexpenditures. notes on Blackboard under Modules on 2/10.  Determine whether a tax is progressive, proportional, or regressive.  Wednesday,Determine whether February a government 1 is experiencing a budget surplus, a budget deficit, or a balanced budget. See posted notes on Blackboard under Modules  Calculate the national debt.  Describe how gross domestic product is measured, and identify its major components. Friday, February 3 ILA #1 Part Two LearnSmart Achieve due today at 5:00 ILA #1 Part Two  Characterize the components of personal consumption and government expenditure. pm. The assignment has been open for 11 days. LearnSmart Achieve due  Calculate gross and net investment. today at 5:00 pm. The  Calculate net exports. No in-person class today! assignment has been open  Calculate gross domestic product when provided with national expenditures data. for 11 days.  Identify the components of the income approach to national incomeYou haveaccounting. your first Discussion Board Assignment. This  Calculate real gross domestic product when provided with data.assignment, which counts as one of your 10-point Class  Calculate real gross domestic product when provided with dataCommunity and describe howLearning it relates Activities, to standards is of only living. open for the 50 ILA #2 is open. Part One is  Use real and nominal GDP to derive the gross domestic productminutes price index. during which our class would normally meet. due at 8:00 am on 2/6 and Describe the limitations of gross domestic product as a measure of output Part Two is due at 5:00 pm on 2/10.

No office hours today – Blackboard Discussion Question instead. Week Day Class Topic Assignment Reminders/Information #4 Monday, Class #9 ILA #2 Part One: videos & questions due ILA #3 is open. Part One is due at 8:00 am on February 6 Economic today at 8:00 am. The assignment has been 2/13 and Part Two is due at 5:00 pm on 2/17. Growth open for one week.

See posted notes on Blackboard under Modules Wednesday, Class #10 Are you taking advantage of my office hours? February 8 Unemployme See posted notes on Blackboard under Of Homework Help? nt Modules Friday, Class #11 ILA #2 Part Two LearnSmart Achieve due ILA #2 Part Two LearnSmart Achieve due today February 10 Inflation today at 5:00 pm. The assignment has been at 5:00 pm. The assignment has been open for open for 11 days. 11 days.

See posted notes on Blackboard under ILA #3 is open. Part One is due at 8:00 am on Modules 2/20 and Part Two is due at 5:00 pm on 2/17.

Learning Objectives for Public Finance, Unemployment, Inflation week #4:

 Describe economic growth in a historical context.  Illustrate in a production possibilities frontier diagram how technology and resources affect economic growth.  Calculate economic growth rates using provided data.  Use the rule of 72 to estimate the time needed to double the size of an economy.  Identify the four phases of the business cycle.  Identify the different types of workers in the labor force.  Categorize various types of unemployment.  Calculate the unemployment rate when presented with data.  Calculate the natural rate of unemployment.  Define inflation.  Describe the component parts of the Consumer Price Index.  Calculate the Consumer Price Index using provided data.  Use the Consumer Price Index to measure the inflation rate.  Use the Consumer Price Index to compare nominal values over time

Week Date Class # and Assignment Information #5 Topic Monday, Class #12 ILA #3 Part One: videos & questions due today at ILA #4 is open. Part One is due at 8:00 am on February 13 8:00 am. The assignment has been open for one 2/20 and Part Two is due at 5:00 pm on 2/24. Aggregate week. Demand See posted notes on Blackboard under Modules Wednesday, Class #13 Are you taking advantage of my office hours? February 15 See posted notes on Blackboard under Modules Of Homework Help? Aggregate Supply Friday, Class #14 ILA #3 Part Two: LearnSmart Achieve ILA #3 Part Two LearnSmart Achieve due today February 17 assignment is due today at 5:00 pm. This at 5:00 pm. The assignment has been open for Multipliers assignment has been open for 11 days. 11 days.

See posted notes on Blackboard under Modules ILA #4 is open. Part One is due at 8:00 am on 2/20 and Part Two is due at 5:00 pm on 2/24.

Learning Objectives for Aggregate Expenditures, Multipliers and Short vs Long-run Models - week #5:

 Define the purpose and assumptions associated with the aggregate expenditures model.  Calculate the marginal propensities to consume and save using provided data.  Illustrate the relationship between consumption and income, between savings and income and between the interest rate and investment demand.  Illustrate the relationship between investment, government purchases, net exports, and real GDP.  Show how equilibrium real GDP is obtained using the aggregate expenditures model.  Calculate the expenditures multiplier using either the marginal propensity to consume or the marginal propensity to save.  Calculate the tax multiplier using the marginal propensity to consume.  Solve for the mathematical relationships of the aggregate expenditures model.  Use the aggregate expenditures model to determine how changes to its components affect equilibrium real GDP.  Identify the inflationary and recessionary gaps in the aggregate expenditures model.  Illustrate the aggregate demand curve.  Derive the aggregate demand curve from the aggregate expenditures model.  Explain why the aggregate demand curve is downward-sloping.  Illustrate the effect on aggregate demand of a change in consumer and investment, government spending and net exports.  Illustrate the short-run and long-run aggregate supply curves.  Illustrate the effect on aggregate supply of a change in resource prices and productivity.  Use the aggregate demand and aggregate supply model to determine equilibrium real GDP.  Use the aggregate demand and aggregate supply model to determine how changes in its determinants affect equilibrium real GDP.  Use the aggregate demand and aggregate supply model to relate recessions and expansions to real GDP and changes in the price level.  Use the aggregate demand and aggregate supply model to define stagflation.

Week Date: Class # and Assignment Information #6 Topic

Monday, Class #15 ILA #4 Part One: videos & questions due today at 8:00 There is no ILA open for next week because your Unit One February 20 Aggregate am. The assignment has been open for one week. exam is scheduled for Monday, February 27th. Expenditures See posted notes on Blackboard under Modules Multiplier Wednesday, Class #16 Are you taking advantage of my office hours? Of Homework February 22 See posted notes on Blackboard under Modules Help? Short-Run Long-run Friday, Class #17 ILA #4 Part Two LearnSmart Achieve due today at 5:00 ILA #4 Part Two LearnSmart Achieve due today at 5:00 pm. February 24 Online pm. The assignment has been open for 11 days. The assignment has been open for 11 days.

Multiplier No in-person class today! There is no ILA open for next week because your Unit One Blackboard exam is scheduled for Monday, February 27th. Discussion You have your second Discussion Board Assignment. Question This assignment, which counts as one of your 10-point No office hours today – Blackboard Discussion Question Class Community Learning Activities, is only open for the instead. 55 minutes during which our class would normally meet.

Learning Objectives for Aggregate Expenditures, Multipliers and Short vs Long-run Models - week #6:

 Define the purpose and assumptions associated with the aggregate expenditures model.  Calculate the marginal propensities to consume and save using provided data.  Illustrate the relationship between consumption and income, between savings and income and between the interest rate and investment demand.  Illustrate the relationship between investment, government purchases, net exports, and real GDP.  Show how equilibrium real GDP is obtained using the aggregate expenditures model.  Calculate the expenditures multiplier using either the marginal propensity to consume or the marginal propensity to save.  Calculate the tax multiplier using the marginal propensity to consume.  Use the aggregate expenditures model to determine how changes to its components affect equilibrium real GDP.  Identify the inflationary and recessionary gaps in the aggregate expenditures model.  Illustrate the aggregate demand curve and explain why the aggregate demand curve is downward-sloping.  Illustrate the effect on aggregate demand of a change in consumer and investment, government spending and net exports.  Illustrate the short-run and long-run aggregate supply curves.  Illustrate the effect on aggregate supply of a change in resource prices and productivity.  Use the aggregate demand and aggregate supply model to determine equilibrium real GDP.  Use the aggregate demand and aggregate supply model to determine how changes in its determinants affect equilibrium real GDP.  Use the aggregate demand and aggregate supply model to relate recessions and expansions to real GDP and changes in the price level.  Use the aggregate demand and aggregate supply model to define stagflation Week Date: Class # and Assignment Information #7 Topic

Monday, Class #18 Unit Test One ILA #5 is open. Part One is due at 8:00 am on February Measuring the 3/6 and Part Two is due at 5:00 pm on 3/10. 27 Macroeconom Bring unwrinkled green scantron and pencil to y class. Assessment Wednesday Class #19 Bring grade record form, posted on Are you taking advantage of my office hours? , March 1 Blackboard, to class. Of Homework Help? Review of Unit Test One Friday, Class #20 Introduction to Unit Two ILA #5 is open. Part One is due at 8:00 am on March 3 2/20 and Part Two is due at 5:00 pm on 2/24. Policy Introduction

Monday, Class #21 ILA #5 Part One: videos & questions is due at 8:00 am. ILA #6 is open. Part One is due at 8:00 am on 3/20 and March 6 Money The assignment has been open for one week. Part Two is due at 5:00 pm on 3/24.

See posted notes on Blackboard under Modules I have opened this early in case you want to complete it before the break.

Wednesday, Class #22 Are you taking advantage of my office hours? Of March 8 The Federal See posted notes on Blackboard under Modules Homework Help? Reserve and Monetary Policy Friday, Class #23 ILA #5 Part Two LearnSmart Achieve due today at 5:00 ILA #5 Part Two LearnSmart Achieve due today at 5:00 March 10 Online pm. The assignment has been open for 11 days. pm. The assignment has been open for 11 days.

Monetary No in-person class today! No office hours today – Blackboard Discussion Policy Question instead. Blackboard You have your third Discussion Board Assignment. This Discussion assignment, which counts as one of your 10-point Class ILA #6 is open. Part One is due at 8:00 am on 3/20 and Question Community Learning Activities, is only open for the 55 Part Two is due at 5:00 pm on 3/24. minutes during which our class would normally meet. I have opened this early in case you want to complete it before the break.

Learning Objectives for Money, the Federal Reserve and Monetary Policy - week #8  Explain the three functions of money and categorize different types of money into the major components of the money supply.  Describe the structure and major functions of the Federal Reserve System.  Explain the assets and liabilities held by a bank and the process of fractional reserve banking and its impact on the money supply.  Use the reserve ratio to calculate the money multiplier.  Illustrate the relationship between the supply of money and interest rates.  Show how money supply and demand interact to determine the equilibrium interest rate and illustrate how changes in money demand and supply affect the interest rate.  Explain the relationships among the money supply, bond prices, and interest rates and use provided data to predict the nominal interest rate.  Use the relationship between interest rates and investment to describe how a change in the money supply changes investment.  Integrate, using a cause-and-effect chain, the money, investment, and aggregate demand models to predict how a change in the money supply will affect equilibrium GDP  Explain how the Federal Reserve influences the supply of money through open market operations.  Predict the effect of a change in the reserve requirement on the money supply and the impact of a change in the discount rate on the money supply.  Describe the federal funds rate and the market for overnight reserves and explain how the FOMC uses open market operations to maintain a targeted level for the federal funds rate.  Conduct monetary policy using the models of money, investment, and aggregate demand. Week Date: Class # and Assignment: Reminder/Information: # 9 Topic: Monday, Class #24 ILA #6 Part One: videos & questions is due at ILA #7 is open. Part One is due at 8:00 am on March 20 Online 8:00 am. The assignment has been open for two 3/27 and Part Two is due at 5:00 pm on 3/31. weeks. Fiscal Policy No office hours today – Blackboard Competing No in-person class today! Discussion Question instead. Views Blackboard You have your fourth Discussion Board Discussion Assignment. This assignment, which counts as Question one of your 10-point Class Community Learning Activities, is only open for the 55 minutes during which our class would normally meet.

Wednesday Class #25 I will hold extended office hours for you today , March 22 See posted notes on Blackboard under Modules from12-4! Fiscal Policy

Friday, Class #26 ILA #6 Part Two: LearnSmart Achieve ILA #6 Part Two: LearnSmart Achieve March 24 assignment is due today at 5:00 pm. This assignment is due today at 5:00 pm. This Fiscal Policy assignment has been open for 18 days. assignment has been open for 18 days.

See posted notes on Blackboard under Modules I will hold extended office hours for you today from12-4!

ILA #7 is open. Part One is due at 8:00 am on 3/27 and Part Two is due at 5:00 pm on 3/31.

Learning Objectives for Fiscal Policy and Different Views of the Macroeconomy - week #9:

 Illustrate the effect of fiscal policy on equilibrium real GDP and price level.  Illustrate the effect of fiscal policy on equilibrium price level.  Solve for the appropriate fiscal policy using changes in government purchases.  Solve for the appropriate fiscal policy using changes in taxes.  Describe the role and function of automatic stabilizers.  Describe the role and function of discretionary stabilizers  Discuss the major limitations of fiscal policy.  Identify different views of macroeconomic theory.  Relate the different views of macroeconomic theory on decisions about the use of automatic and discretionary fiscal policy. Week Date: Class # and Assignment Information #10 Topic

Monday, Class #21 ILA #7 Part One: videos & questions is due at There is no ILA open for next week because March 27 Automatic 8:00 am. The assignment has been open for one your Unit One exam is scheduled for Monday, Stabilizers week. April 3rd.

See posted notes on Blackboard under Modules Wednesday Class #22 Are you taking advantage of my office hours? , March 29 See posted notes on Blackboard under Modules Of Homework Help? Discretionary Stabilizers Friday, Class #24 ILA #7 Part Two: LearnSmart Achieve ILA #7 Part Two: LearnSmart Achieve March 31 assignment is due today at 5:00 pm. This assignment is due today at 5:00 pm. This History of assignment has been open for 11 days. assignment has been open for 18 days. Economic Thought There is no ILA open for next week because your Unit One exam is scheduled for Monday, April 3rd.

Learning Objectives for Fiscal Policy and Different Views of the Macroeconomy - week #10:

Monday, Class #21 Unit Two Exam ILA #8 is open. Part One is due at 8:00 am on April 3 Policy 4/10 and Part Two is due at 5:00 pm on 4/14. Bring grade record form, posted on Blackboard, to class. Wednesday Class #22 Bring grade record form, posted on Blackboard, Are you taking advantage of my office hours? , April 5 Review of to class.Review of Unit Two Exam Of Homework Help? Unit Two Exam

Friday, Class #23 Unit Three Introduction ILA #8 is open. Part One is due at 8:00 am on April 7 Macro 4/10 and Part Two is due at 5:00 pm on 4/14. Perspectives On Fundamental s

Monday, Class #21 ILA #8 Part One: videos & questions is due at ILA #9 is open. Part One is due at 8:00 am on April 10 Market 8:00 am. The assignment has been open for one 4/17 and Part Two is due at 5:00 pm on 4/21. Efficiency week.

See posted notes on Blackboard under Modules

Wednesday Class #22 Are you taking advantage of my office hours? , April 12 See posted notes on Blackboard under Modules Of Homework Help? Market Failure

Friday, Class #23 ILA #8 Part Two: LearnSmart Achieve ILA #8 Part Two: LearnSmart Achieve April 14 assignment is due today at 5:00 pm. This assignment is due today at 5:00 pm. This Government assignment has been open for 11 days. assignment has been open for 11 days. Failure ILA #9 is open. Part One is due at 8:00 am on 4/17 and Part Two is due at 5:00 pm on 4/21.

Learning Objectives for Fiscal Policy and Different Views of the Macroeconomy - week #10:

 Determine consumer surplus and predict how changes in price affect consumer surplus.  Determine producer surplus and predict how changes in price affect producer surplus.  Determine the economic surplus and gains from trade in a market.  Use changes in consumer and producer surplus to identify a deadweight loss.  Define and identify productive and allocative efficiency in a competitive market.  Illustrate the effect of a price ceiling on economic welfare using consumer and producer surplus.  Illustrate the effect of a price floor on economic welfare using consumer and producer surplus.  Illustrate the effect of a tax on economic welfare using consumer and producer surplus.  Use basic formulas to solve for consumer and producer surplus and the deadweight loss.  Describe the relationship between private and social benefits and costs.  Discuss positive externalities in a demand and supply framework.  Discuss negative externalities in a demand and supply framework.  Categorize public and private goods.

Week Date: Class # and Assignment Information #13 Topic

Monday, Class #21 ILA #9 Part One: videos & questions is due at ILA #10 is open. Part One is due at 8:00 am on April 17 Elasticity 8:00 am. The assignment has been open for one 4/24 and Part Two is due at 5:00 pm on 4/28. week.

See posted notes on Blackboard under Modules Wednesday Class #22 Are you taking advantage of my office hours? , April 19 Elasticity See posted notes on Blackboard under Modules Of Homework Help?

Friday, Class #23 ILA #9 Part Two: LearnSmart Achieve ILA #10 is open. Part One is due at 8:00 am on April 21 Other assignment is due today at 5:00 pm. This 4/24 and Part Two is due at 5:00 pm on 4/28. Elasticity assignment has been open for 11 days. Measures

Learning Objectives for Elasticity - week #13:

 Define elasticity and its role in economics.  Calculate the price elasticity of demand.  Define the midpoint formula and describe the reasoning behind its use.  Interpret the numerical value found by calculating the price elasticity of demand for a good or service.  Explain why the elasticity of demand changes along a linear demand curve.  Use the elasticity of demand to determine how total revenue will change in response to a change in price.  Predict how the number of substitutes or the proportion of income spent on a good or service will affect the elasticity of demand.  Calculate the cross-price elasticity of demand for both substitutes and complements and interpret the results.  Calculate the income elasticity of demand and determine whether the good or service is normal or inferior.  Calculate the price elasticity of supply.  Interpret the numerical value found by calculating the price elasticity of supply for a good or service. Contrast the elasticity of supply in the immediate period, short run, and long ru Week Date: Class # and Assignment Information #14 Topic

Monday, Class #21 ILA #10 Part One: videos & questions is due at No new assignments. April 24 Consumer 8:00 am. The assignment has been open for one Choice week. Monday, May 1st is a University Study Day and no classes will be held. See posted notes on Blackboard under Modules Check your My UTTyler account for final exam times. I do not set the final exam schedule. Wednesday Class #22 Review Class Are you taking advantage of my office hours? , Of Homework Help? April 26

Friday, Class #23 ILA #10 Part Two: LearnSmart Achieve Last Day of Class April 28 assignment is due today at 5:00 pm. This assignment has been open for 11 days. Monday, May 1st is a University Study Day and no classes will be held. Economics Challenge Check your My UTTyler account for final exam times. I do not set the final exam schedule.

Learning Objectives for Consumer Choice - week #14:

 Define utility and marginal utility.  Use the law of diminishing marginal utility to calculate marginal utility values.  Understand how individuals seek to maximize total utility subject to preferences, prices, and a budget constraint.  Integrate marginal utility analysis and prices to determine the utility-maximizing consumption bundle

Study Hints for Exam: Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by matching learning objectives to our notes, activities and your ILA homework. Next, there are two ways for you to prepare with your McGraw Hill materials. You can go back to the course section homepage and review any of the assignments from unit one; you can re-watch the videos, review the questions or refresh on LearnSmart Achieve and/or you can go to the e-text and read through each section. The following information is required on all course syllabi at The University of Texas at Tyler: UT Tyler Honor Code Every member of the UT Tyler community joins together to embrace: Honor and integrity that will not allow me to lie, cheat, or steal, nor to accept the actions of those who do. 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Forms of tobacco not permitted include cigarettes, cigars, pipes, water pipes (hookah), bidis, kreteks, electronic cigarettes, smokeless tobacco, snuff, chewing tobacco, and all other tobacco products. There are several cessation programs available to students looking to quit smoking, including counseling, quitlines, and group support. For more information on cessation programs please visit www.uttyler.edu/tobacco-free. Grade Replacement/Forgiveness and Census Date Policies Students repeating a course for grade forgiveness (grade replacement) must file a Grade Replacement Contract with the Enrollment Services Center (ADM 230) on or before the Census Date of the semester in which the course will be repeated. Grade Replacement Contracts are available in the Enrollment Services Center or at http://www.uttyler.edu/registrar. Each semester’s Census Date can be found on the Contract itself, on the Academic Calendar, or in the information pamphlets published each semester by the Office of the Registrar. Failure to file a Grade Replacement Contract will result in both the original and repeated grade being used to calculate your overall grade point average. Undergraduates are eligible to exercise grade replacement for only three course repeats during their career at UT Tyler; graduates are eligible for two grade replacements. Full policy details are printed on each Grade Replacement Contract. The Census Date is the deadline for many forms and enrollment actions of which students need to be aware. These include:  Submitting Grade Replacement Contracts, Transient Forms, requests to withhold directory information, approvals for taking courses as Audit, Pass/Fail or Credit/No Credit.  Receiving 100% refunds for partial withdrawals. 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Please contact the Enrollment Services Center if you have any questions. Student Accessibility and Resources In accordance with Section 504 of the Rehabilitation Act, Americans with Disabilities Act (ADA) and the ADA Amendments Act (ADAAA) the University offers accommodations to students with learning, physical and/or psychiatric disabilities. If you have a disability, including non-visible disabilities such as chronic diseases, learning disabilities, head injury, PTSD or ADHD, or you have a history of modifications or accommodations in a previous educational environment you are encouraged to contact the Student Accessibility and Resources (SAR) office and schedule an interview with the Accessibility Case Manager/ADA Coordinator, Cynthia Lowery Staples. If you are unsure if the above criteria applies to you, but have questions or concerns please contact the SAR office. For more information or to set up an appointment please visit the SAR office located in the University Center, Room 3150 or call 903.566.7079. You may also send an email to [email protected] Student Absence due to Religious Observance Students who anticipate being absent from class due to a religious observance are requested to inform the instructor of such absences by the second class meeting of the semester. Revised 09/16 Student Absence for University-Sponsored Events and Activities If you intend to be absent for a university-sponsored event or activity, you (or the event sponsor) must notify the instructor at least two weeks prior to the date of the planned absence. At that time the instructor will set a date and time when make-up assignments will be completed. Social Security and FERPA Statement It is the policy of The University of Texas at Tyler to protect the confidential nature of social security numbers. The University has changed its computer programming so that all students have an identification number. The electronic transmission of grades (e.g., via e-mail) risks violation of the Family Educational Rights and Privacy Act; grades will not be transmitted electronically. Emergency Exits and Evacuation Everyone is required to exit the building when a fire alarm goes off. Follow your instructor’s directions regarding the appropriate exit. If you require assistance during an evacuation, inform your instructor in the first week of class. Do not re-enter the building unless given permission by University Police, Fire department, or Fire Prevention Services. Student Standards of Academic Conduct Disciplinary proceedings may be initiated against any student who engages in scholastic dishonesty, including, but not limited to, cheating, plagiarism, collusion, the submission for credit of any work or materials that are attributable in whole or in part to another person, taking an examination for another person, any act designed to give unfair advantage to a student or the attempt to commit such acts. i. “Cheating” includes, but is not limited to:  copying from another student’s test paper;  using, during a test, materials not authorized by the person giving the test;  failure to comply with instructions given by the person administering the test;  possession during a test of materials which are not authorized by the person giving the test, such as class notes or specifically designed “crib notes”. The presence of textbooks constitutes a violation if they have been specifically prohibited by the person administering the test;  using, buying, stealing, transporting, or soliciting in whole or part the contents of an unadministered test, test key, homework solution, or computer program;  collaborating with or seeking aid from another student during a test or other assignment without authority;  discussing the contents of an examination with another student who will take the examination;  divulging the contents of an examination, for the purpose of preserving questions for use by another, when the instructors has designated that the examination is not to be removed from the examination room or not to be returned or to be kept by the student;  substituting for another person, or permitting another person to substitute for oneself to take a course, a test, or any course-related assignment;  paying or offering money or other valuable thing to, or coercing another person to obtain an unadministered test, test key, homework solution, or computer program or information about an unadministered test, test key, home solution or computer program;  falsifying research data, laboratory reports, and/or other academic work offered for credit;  taking, keeping, misplacing, or damaging the property of The University of Texas at Tyler, or of another, if the student knows or reasonably should know that an unfair academic advantage would be gained by such conduct; and  misrepresenting facts, including providing false grades or resumes, for the purpose of obtaining an academic or financial benefit or injuring another student academically or financially. ii. “Plagiarism” includes, but is not limited to, the appropriation, buying, receiving as a gift, or obtaining by any means another’s work and the submission of it as one’s own academic work offered for credit. iii. “Collusion” includes, but is not limited to, the unauthorized collaboration with another person in preparing academic assignments offered for credit or collaboration with another person to commit a violation of any section of the rules on scholastic dishonesty. iv. All written work that is submitted will be subject to review by SafeAssignTM, available on Blackboard. UT Tyler Resources for Students  UT Tyler Writing Center (903.565.5995), [email protected]  UT Tyler Tutoring Center (903.565.5964), [email protected]  The Mathematics Learning Center, RBN 4021, this is the open access computer lab for math students, with tutors on duty to assist students who are enrolled in early-career courses.  UT Tyler Counseling Center (903.566.7254)