Journal of Economics and Economic Education Research
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Volume 15, Number 3 Print ISSN: 1533-3604 Online ISSN: 1533-3590 JOURNAL OF ECONOMICS AND ECONOMIC EDUCATION RESEARCH Editors: Grady Perdue, University of Houston-Clear Lake Martin Milkman, Murray State University John Marcis, Coastal Carolina University The Journal of Economics and Economic Education Research is owned and published by Jordan Whitney Enterprises, Inc. Editorial Content is controlled by the Allied Academies, a non-profit association of scholars, whose purpose is to support and encourage research and the sharing and exchange of ideas and insights throughout the world. Page ii Authors execute a publication permission agreement and assume all liabilities. Neither Jordan Whitney Enterprises nor Allied Academies is responsible for the content of the individual manuscripts. Any omissions or errors are the sole responsibility of the authors. The Editorial Board is responsible for the selection of manuscripts for publication from among those submitted for consideration. The Publishers accept final manuscripts in digital form and make adjustments solely for the purposes of pagination and organization. The Journal of Economics and Economic Education Research is owned and published by Jordan Whitney Enterprises, Inc., PO Box 1032, Weaverville, NC 28787, USA. Those interested in communicating with the Journal, should contact the Executive Director of the Allied Academies at [email protected]. Copyright 2014 by Jordan Whitney Enterprises, Inc., USA Journal of Economics and Economic Education Research, Volume 15, Number 3, 2014 Page iii EDITORIAL REVIEW BOARD Kavous Ardalan Lari H. Arjomand Marist College Clayton State University Selahattin Bekmez Nancy Jean Burnett Mugla University, Mugla, Turkey University of Wisconsin-Oshkosh Martine Duchatelet Tyrone Ferdnance Purdue University Calumet Hampton University Sudip Ghosh Robert Graber Penn State University, Berks Campus University of Arkansas-Monticello Joshua Hall Lester Hadsell Beloit College State University of New York, College at Oneonta Ihtsham ul Haq Jeff Jewell Federal Urdu University for Arts Science and Lipscomb University Technology George Langelett Marty Ludlum South Dakota State University Oklahoma City Community College Anne Macy John G. Marcis West Texas A&M University Coastal Carolina University Simon K. Medcalfe LaVelle Mills Augusta State University West Texas A&M University Amlan Mitra Ernest R. Moser Purdue University-Calumet University of Tennessee at Martin Gbadebo Olusegun Odulara Grady Perdue Agricultural Research in Africa University of Houston-Clear Lake Accra, Ghana Journal of Economics and Economic Education Research, Volume 15, Number 3, 2014 Page iv EDITORIAL REVIEW BOARD James W. Slate Margo Sorgman Catawba College Indiana University Kokomo Gary L. Stone Neil Terry Winthrop University West Texas A&M University Mark Tuttle Yoav Wachsman Sam Houston State University Coastal Carolina University Rae Weston Macquarie Graduate School of Management Journal of Economics and Economic Education Research, Volume 15, Number 3, 2014 Page v TABLE OF CONTENTS EDITORIAL REVIEW BOARD .................................................................................................. III LETTER FROM THE EDITOR ................................................................................................ VIII STUDENT RESPONSE TO ANNUITY FORMULA DERIVATION .......................................... 1 C. Alan Blaylock, Henderson State University HOW DO INSTRUCTOR’S ATTENDANCE POLICIES INFLUENCE STUDENT ACHIEVEMENT IN PRINCIPLES OF MICROECONOMICS? ............................................... 13 Todd Broker, Murray State University Martin Milkman, Murray State University Victor Raj, Murray State University EXPLORING DATA MINING AND GAMIFICATION AS TOOLS FOR POVERTY ANALYSIS AND POLICY FORMULATION: A METHODOLOGICAL FRAMEWORK ..... 25 Remedios de Dios Bulos, De La Salle University Neriza M. Delfino, De La Salle University John Paolo R. Rivera, De La Salle University THE IMPACT OF THE CARIBBEAN BASIN INITIATIVE PROGRAM ON THE ECONOMIC GROWTH & DEVELOPMENT IN THE ENGLISH SPEAKING CARIBBEAN REGION ............................................................................................................... 39 Michael Campbell, Florida A&M University CROP YIELD PREDICTION USING TIME SERIES MODELS............................................... 53 Askar Choudhury, Illinois State University James Jones, Illinois State University THE CPI MARKET BASKET: A REVIEW OF ECONOMIC AND MARKETING VALIDITY ISSUES ..................................................................................................................... 69 James J. Csipak, SUNY College at Plattsburgh Cataldo Zuccaro, University of Quebec at Montreal Journal of Economics and Economic Education Research, Volume 15, Number 3, 2014 Page vi ESTIMATING THE ECONOMIC BENEFITS A BUSINESS IMPROVEMENT DISTRICT WOULD PROVIDE FOR A DOWNTOWN CENTRAL BUSINESS DISTRICT..................................................................................................................................... 89 Inhyuck ‘Steve’ Ha, Western Carolina University Sandra Grunwell, Western Carolina University EFFECT OF GOVERNMENT DEFICIT SPENDING ON THE GDP IN THE UNITED STATES ...................................................................................................................................... 103 Morsheda Hassan, Wiley College, Marshall, Texas Raja Nassar, Louisiana Tech University, Ruston, LA Chang Liu, SouthernWest University, China VARK LEARNING STYLES AND STUDENT PERFORMANCE IN PRINCIPLES OF MICRO- VS. MACRO-ECONOMICS ...................................................................................... 113 Ambrose Leung, Mount Royal University Maureen McGregor, Mount Royal University David Sabiston, Mount Royal University Stefano Vriliotis, Mount Royal University AN EXPLORATORY STUDY OF DIFFERENCES IN STUDENTS’ VIEWS OF THE MARKET SYSTEM ................................................................................................................... 121 John G. Marcis, Coastal Carolina University Alan B. Deck, Bellarmine University Daniel L. Bauer, Bellarmine University Vicki King-Skinner, Coastal Carolina University AN ANALYSIS OF US HOUSEHOLD SOCIOECONOMIC PROFILES BASED ON MARITAL STATUS AND GENDER ....................................................................................... 131 Sumaria Mohan-Neill, Roosevelt University, Chicago Indira Neill Hoch, University of Illinois, Chicago Meng Li, Roosevelt University, Chicago RECONSTRUCTING LONG-RUN ECONOMICS: SURVEY AND ISSUES ........................ 147 Oluremi Ogun,University of Ibadan THE BUY LOCAL INITIATIVE AND ITS EFFECTIVENESS IN A SMALL ISLAND ECONOMY: EVIDENCE FROM THE PACIFIC ISLAND OF GUAM ................................. 169 Maria Claret M. Ruane, University of Guam Journal of Economics and Economic Education Research, Volume 15, Number 3, 2014 Page vii THE MARKET STRUCTURE DYNAMICS CREATED BY DE-BUNDLING OF AIRLINE BAG FEES ................................................................................................................. 187 Hans O. Schumann, Texas A&M University – Kingsville Harmeet Singh, Texas A&M University – Kingsville SCAREDY CATS TO COOL CATS: HOW TIME PERSPECTIVE MATTERS IN ATTITUDE AND INTENT TOWARD FINANCIAL DECISIONS ......................................... 197 Marilyn Spencer, Texas A&M University-Corpus Christi Valrie Chambers, Texas A&M University-Corpus Christi Bilaye Benibo, Texas A&M University-Corpus Christi Journal of Economics and Economic Education Research, Volume 15, Number 3, 2014 Page viii LETTER FROM THE EDITOR The Journal of Economics and Economic Education Research is dedicated to the study, research and dissemination of information pertinent to the discipline of economics, and to the improvement of methodologies and effective teaching in economics. The Journal bridges the gap between the theoretical discipline of economics and applied excellence relative to the teaching arts. The Journal is the official publication of the Academy of Economics and Economic Education, which is an affiliate of the Allied Academies, Inc., a non profit association of scholars whose purpose is to encourage and support the advancement and exchange of knowledge, understanding and teaching throughout the world. The Editorial Board considers two types of manuscripts. The first category of manuscripts we desire is theoretical and empirical research which can advance the discipline of economics. The second category is research which can advance the effectiveness of economic education. These manuscripts have been double blind reviewed by the Editorial Board members. The manuscripts published in this issue conform to our acceptance policy, and represent an acceptance rate of 25% or less. We are inviting papers for future editions of the Journal and encourage you to submit your manuscripts through the Allied Academies webpage at www.alliedacademies.org. Grady Perdue University of Houston-Clear Lake Martin Milkman Murray State University John Marcis Coastal Carolina University Journal of Economics and Economic Education Research, Volume 15, Number 3, 2014 Page 1 STUDENT RESPONSE TO ANNUITY FORMULA DERIVATION C. Alan Blaylock, Henderson State University ABSTRACT This paper presents an intuitive approach to deriving annuity formulas for classroom use and attempts to assess student response to such presentation in a principles of finance course by observing student behavior and surveying student sentiment. After presenting