Volume 15, Number 2 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 2, 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 2, 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 2, 2014 Page v TABLE OF CONTENTS EDITORIAL REVIEW BOARD .................................................................................................. III LETTER FROM THE EDITOR .................................................................................................. VII IMPACTS OF JA BIZTOWN ON IMPROVING FINANCIAL LITERACY AMONG MIDDLE-SCHOOL STUDENTS .................................................................................................. 1 Jack G. Brancewicz, Junior Achievement of Greater New Orleans, Inc Juli Pattison, Junior Achievement of Greater New Orleans Lillian Y. Fok, University of New Orleans THE BENEFITS OF ASYNCHRONOUS DISCUSSION IN A HYBRID COURSE: EVIDENCE FROM A LARGE ENROLLMENT ECONOMICS COURSE.............................. 13 Travis Roach, Texas Tech University A STUDY OF STUDENTS’ VIEWS OF MARKET FAIRNESS ............................................... 25 John G. Marcis, Coastal Carolina University Alan B. Deck, Bellarmine University Daniel L. Bauer, Bellarmine University Vicki King-Skinner, Coastal Carolina University ECONOMETRIC TEST OF COST SUBADDITIVITY IN U.S. ELECTRIC INDUSTRY ....... 33 Deergha R. Adhikari, University of Louisiana at Lafayette Kishor K. Guru-Gharana, Texas A & M University-Commerce THE DEBT INDEX AND ITS RELATION TO ECONOMIC ACTIVITY: AN EXTENSION ......................................................................................................................... 45 John J. Bethune, Barton College EXTERNAL ECONOMIES OF CITY SIZE AND TECHNOLOGY OF PRODUCTION OF MANUFACTURING INDUSTRIES ..................................................................................... 55 Farideh A. Farazmand, Lynn University ALIGNING ECONOMICS PROGRAMS WITH AACSB ACCREDITATION PROCESSES................................................................................................................................. 67 Laura E. Fitzpatrick, Rockhurst University Cheryl McConnell, Rockhurst University Journal of Economics and Economic Education Research, Volume 15, Number 2, 2014 Page vi POLARIZATION ON ECONOMIC ISSUES OVER TIME – A SURVEY OF DELEGATES TO THE NATIONAL CONVENTIONS ............................................................. 81 Doris Geide-Stevenson, Weber State University Nazneen Ahmad, Weber State University Dan A. Fuller, Weber State University A SYSTEMATIC PRESENTATION OF EQUILIBRIUM BIDDING STRATEGIES TO UNDERGRADUATE STUDENTS ........................................................................................... 101 Felix Munoz-Garcia, Washington State University THE EFFECT OF JOB CHARACTERISTICS ON JOB SATISFACTION IN THE UNITED STATES AND CHINA ............................................................................................... 121 Kevin D. Neuman, University of Wisconsin – Stevens Point MODELING AFRICA’S ECONOMIC GROWTH ................................................................... 143 Oluremi Ogun University of Ibadan EXCHANGE RATES AND TOURISM: EVIDENCE FROM THE ISLAND OF GUAM .................................................................................................................................. 165 Maria Claret M. Ruane, University of Guam RECENT TRENDS AND NEW EVIDENCE IN ECONOMICS LITERACY AMONG ADULTS ..................................................................................................................................... 187 Celeste Varum, University of Aveiro, GOVCOPP Eduarda Santos, University of Aveiro Vera Afreixo, University of Aveiro, CIDMA DETERMINANTS OF COLLEGE BASKETBALL GRADUATION RATES ........................ 207 Neil Terry, West Texas A&M University Anne Macy, West Texas A&M University John Cooley, West Texas A&M University Ashley Peterson, West Texas A&M University ASSET ALLOCATION BASED ON ACCUMULATED WEALTH AND FUTURE CONTRIBUTIONS .................................................................................................................... 221 William J. Trainor Jr., East Tennessee State University Journal of Economics and Economic Education Research, Volume 15, Number 2, 2014 Page vii 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 2, 2014 Page viii Journal of Economics and Economic Education Research, Volume 15, Number 2, 2014 Page 1 IMPACTS OF JA BIZTOWN ON IMPROVING FINANCIAL LITERACY AMONG MIDDLE-SCHOOL STUDENTS Jack G. Brancewicz, Junior Achievement of Greater New Orleans, Inc. Juli Pattison, Junior Achievement of Greater New Orleans Lillian Y. Fok, University of New Orleans ABSTRACT There were 1329 students from 22 schools participated in the JA BizTown program and 90 students from two schools were in the control group. Comparisons of the JA BizTown and control group were made in terms of increase in matched paired objective test (30 questions), increase in matched paired students’ attitude, overall pre-test and post-test scores, and overall pre-test and post-test attitudinal scores. The MANOVA results indicated that JA BizTown curriculum can dramatically increase the students’ knowledge