Principles of Macroeconomics - ECON Course Syllabus for Spring 2018

Transcription

1 Principles of Macroeconomics - ECON Course Syllabus for Spring 2018 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 Office: BUS #240 Phone: Office Hours: sdoty@uttyler.edu Please note that 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 and asking me to call you back. Please always identify yourself and provide the course and section you are in (Office) (cell for text messages only.) Again, please be sure to identify yourself by name, course and section. Text for simple questions only! No grade discussions are held by phone, text or ; please see me in person during office hours to talk about grades. I have three different ways you can come to see me. Open office hours are for you to drop in for any reason to chat about college life, to follow-up on a discussion or activity from class, to discuss economics in our lives and in our world, to explore career opportunities, to clarify or deepen your understanding of a topic, to review for an exam or to follow-up after one, to discuss grades and goals or for no reason at all! At the beginning and end of the semester, office hours are busy and there may be a line of students; most other times, that will not be true. For the busy times, I offer extra hours for you that I will announce in class and post on Canvas. If you have a specific issue and time constraints, you may make an appointment. Additionally, I offer homework help to specifically address any challenges you have with McGraw-Hill independent work. Class Meeting Times: Open Office hours: Mondays: 12:30-2:00 Wednesday: 12:30-2:00 Fridays: 12:30-2:00 Section 001 meets MWF from 10:10-11:05 am in BUS 259. Please be on time. Principles Homework Help: Mondays: 2:00-3:30 Appointments confirmed in advance only: MWF 7:30-8:30 am

2 Course Package: McGraw-Hill Course Connect with Asarta Butters Economics. ISBN: Please note that this online course package is required. I will provide you with registration information in a separate document on Canvas. The course package contains the e-text, videos, tutorials, homework and quizzing that not only represent 20% of the course grade but provides 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 Canvas. Either way, purchase only the access code, not a hard or paper copy of the book! Former students, who have taken economics with me in Fall of 2017 and have an active McGraw-Hill account, should be able to activate the new course at no additional cost. This is a BYOD (Bring Your Own Device) class designed to be paperless. You need a smart device with a communication app, note-taking options and.pdf annotation capabilities. I like both Notability and EverNote but there are others. Please download the McGraw-Hill ReadAnywhere app that you can get on itunes or Google Play. 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, 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 process objectives include critical thinking, quantitative analysis, communication (in oral, written and technology forms,) teamwork, social responsibility and personal responsibility. Economics is an approved course in the Core curriculum. 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. That most valued alternative that we give up when we make a choice is our opportunity cost. This economic way of thinking can be summarized in the 6 points of the Guide to Economic Reasoning: 1. People Choose; 2. People s Choices Involve Costs; 3. People Respond Predictably to Incentives; 4. People Create Economic Systems That Influence Choice and Incentives; 5. People Gain When They Trade Voluntarily; 6. 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 decisionmaking 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, empirical and quantitative evaluation skills, oral, written and technology communication 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 and make more informed decisions. Economics provides great preparation for careers in business, government, law, education, mathematics and science.

3 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 that include scarcity, choice opportunity cost, the circular flow, economic systems, production possibilities, comparative advantage and trade, supply and demand, markets, market efficiencies, market failures and government failures, elasticity and utility, 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: Participation: 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 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! 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!

4 Classroom Conduct: Class Notes: Macroeconomics Challenge: 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 or activities. 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. I will provide you with copies of my slides in both PowerPoint and.pdf form on Canvas. 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 Canvas and a.pdf annotating program (I highly recommend the Notability app for ipad users or EverNote for Android) 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. This will be a fun way to REVIEW in class for your Final Exam. Maybe you can even earn points! Make-Up Policy: Canvas Discussions: Academic Integrity: If you are absent for any reason university business, sports, extracurricular activities, other course obligations, health issues, family crises, work conflict, religious obligation, etc. on a non-test day and you miss an activity or a quiz, your make-up is with your QuickStart buffer points so be sure to earn them in advance. That is what they are for! If you are absent for any reason on a test day, your make-up is with the final exam I will increase the value of your final exam to replace the missed test. I will post questions for you to answer on Canvas Discussions ten times over the course of the semester. Check daily schedule; on days that we do not meet, you will answer during the regularly scheduled class period. For each assessment, I will ask you to 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 honor and integrity that will not allow me to lie, cheat, or steal nor to accept the actions of those who do.

5 Grading*: QuickStart Buffer Points** 10 points = 100 points (Do not double count; supplement only) McGraw Hill LearnSmart Achieve Assignments Class/Discussion Activities Group Project Unit Exams Final Cumulative Exam 10 points = 100 points (note, some assignments have 2 parts) 10 points = 200 points 100 points = 100 points 100 points = 400 points*** 200 points = 200 points *Read grading policy thoroughly! **There is no such thing as a free lunch! You must earn your QuickStart buffer points! See directions posted on Canvas. *** A missed unit exam, for ANY reason, may be made up with the final exam. Course Grade: A = 900+ points B = points C = points D = points F = 599- points Grade Tracking: This syllabus is the sole source for course grading policy. Canvas and MH grades can give you a sense of how you do on single assignments but should not be relied upon to determine course progress or final grades. Remember, grade discussions will only be held in person during office hours. Students with Special Needs: If you have an accommodation plan, you must meet with me during office hours and provide me, in writing, the accommodations for which you are entitled before I will complete the contract with the Testing Center for you. Meeting in person will help me to be more aware and better able to meet your specific needs in and out of the classroom. A full semester s day-by-day schedule of class topics, preparation and assignments follows. I would strongly advise you to put this information into your calendar.

6 #1 Day January 15 Class # and Topic Assignment NO CLASS MLK DAY Information January 17 January 19 Class #1 Welcome to Economics! Class #2 Course Tools and Policies Purchase McGraw-Hill Course Connect materials. QuickStart activities #1-#10 are due by January 26th at 5:00 pm. Canvas and McGraw-Hill are open. Begin by opening the Getting Started Folder on Canvas where you will find the syllabus, the McGraw-Hill registration instructions and the list of QuickStart activities. Read Syllabus thoroughly and register for McGraw-Hill. Begin working through QuickStart activities. Be sure that you are registered in the correct class on McGraw-Hill for your course materials. Bring your Smart Device to class. 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. Apply the economic way of thinking to fundamental economics.

7 Schedule of Classes for Spring 2018 Principles of Maroeconomics #2 Day January 22 January 24 Class # and Topic Class #3 The Economic Way of Thinking Class #4 Fundamentals Assignment Work on QuickStart activities #1-10 Finish up QuickStart activities #1-10 Be working on LearnSmart Achieve #1a (Demand) and #1b (Supply) Information LearnSmart Achieve #1a (Demand) and LearnSmart Achieve #1b (Supply) are both open and due at 8:00 am on January 29 th QuickStart activities #1-#10 are due by January 26th at 5:00 pm. LearnSmart Achieve #1a (Demand) and LearnSmart Achieve #1b (Supply) are both open and due at 8:00 am on January 29 th QuickStart activities #1-#10 are due by September 8th at 5:00 pm. January 26 Class #5 Class will not meet in person. Finish up QuickStart activities #1-10 Be working on LearnSmart Achieve #1a (Demand) and #1b (Supply) LearnSmart Achieve #1a (Demand) and LearnSmart Achieve #1b (Supply) are both open and due at 8:00 am on January 29 th QuickStart activities #1-#10 are due by January 26 th at 5:00 pm. Learning Objectives for Fundamentals week #2: Define microeconomics and macroeconomics. Identify the various resource categories used in economics. Define scarcity and explain its importance in economics. Identify the opportunity cost of a choice. Explain rational decision making. Define marginal benefit and marginal cost. 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. Identify the terms of trade using comparative advantage. Illustrate the gains from trade in a production possibilities frontier model. Illustrate how increasing opportunity costs affect the production possibilities frontier. Model the flow of resources, output, and monetary transactions in a simple economy.

8 Schedule of Classes for Spring 2018 Principles of Microeconomics #3 Day January 29 Census Day January 31 February 2 Class # and Topic Class #6 Demand Class #7 Supply Class #8 Market Equilibrium Assignment LearnSmart Achieve #1a (Demand) and LearnSmart Achieve #1b (Supply) are due at 8:00 am this morning. They have been open for one week. Be working on LearnSmart Achieve #2 (Market Equilibrium and Policy) Be working on LearnSmart Achieve #2(Market Equilibrium and Policy) Information LearnSmart Achieve #2 (Market Equilibrium and Policy) is open and due at 8:00 am on February 5 th. LearnSmart Achieve #2 (Market Equilibrium and Policy) is open and due at 8:00 am on February 5 th. LearnSmart Achieve #2 (Market Equilibrium and Policy) is open and are due at 8:00 am on February 5 th. Learning Objectives for Demand and Supply - week #3: Explain that prices and quantities traded are determined by the interaction of buyers and sellers in a market. Describe the relationship between the price of a good and the quantity demanded. Explain why the demand curve is downward-sloping. Calculate and construct a market demand curve. Show how the demand curve changes in response to non-price determinants of demand. Illustrate the effect of a change in income on demand. Illustrate the effect of a change in buyers tastes and preferences, the number of buyers, and buyers expectations on demand. Illustrate the effect of a change in the prices of related products (substitutes and complements) on demand. Describe the relationship between the price of a good and the quantity supplied. Calculate and construct a market supply curve. Show how the supply curve changes in response to non-price determinants of supply. Illustrate the effect of a change in taxes and subsidies on supply. Illustrate the effect of a change in resource prices and technology on supply. Illustrate the effect of producers price expectations and a change in the number of sellers on supply. Show how demand and supply interact to determine an equilibrium price and quantity.

9 #4 Day February 5 Class # and Topic Class # 9 Shifting Curves Assignment LearnSmart Achieve #2 (Market Equilibrium and Policy) is due at 8:00 am this morning. It has been open for one week. Information LearnSmart Achieve #3a (Market Efficiency) and LearnSmart Achieve #3b (Market Failure) are both open and are due at 8:00 am on February 12 th. February 7 February 9 Class #10 Market and Government Failure Class #11 Class will not meet in person. Be working on LearnSmart achieve #3a (Market Efficiency) and #3b (Market Failure.) Discussion #1 Be working on LearnSmart achieve #3a (Market Efficiency) and #3b (Market Failure.) LearnSmart Achieve #3a (Market Efficiency) and LearnSmart Achieve #3b (Market Failure) are both open and are due at 8:00 am on February 12 th. Discussion #1 is open on Canvas from 10:10 AM to 11:05 AM in lieu of class. LearnSmart Achieve #3a (Market Efficiency) and LearnSmart Achieve #3b (Market Failure) are both open and are due at 8:00 am on February 12 th. Learning Objectives for Market Equilibrium and Policy - #4: Calculate the magnitude of a surplus or shortage using supply and demand. Predict how a change in demand will change equilibrium price and quantity. Predict how a change in supply will change equilibrium price quantity. Predict how changes in both demand and supply will change equilibrium price and quantity. Use supply and demand to determine the impact of a price ceiling on price and output. Use supply & demand to determine the impact of a price floor on price and output. Use supply & demand to determine the effects taxes paid by suppliers and demanders on the price and equilibrium quantity of a good

10 # 5 Day February 12 Class # and Topic Class #12 Market Efficiency Assignment LearnSmart Achieve #3a (Market Efficiency) and LearnSmart Achieve #3b (Market Failure) are due at 8:00 am this morning. They have been open for one week. Information LearnSmart Achieve #4a (Elasticity) and LearnSmart Achieve #4b (Consumer Choice/Utility) are both open and are due at 8:00 am on February 19 th. February 14 Class #13 Market Failure Be working on LearnSmart achieve #4a (Elasticity) and #4b (Consumer Choice/Utility) LearnSmart Achieve #4a (Elasticity) and LearnSmart Achieve #4b (Consumer Choice/Utility) are both open and are due at 8:00 am on February 19 th. February 16 Class #14 Class will not meet in person. Discussion #2 Be working on LearnSmart achieve #4a (Elasticity) and #4b (Consumer Choice/Utility) LearnSmart Achieve #4a (Elasticity) and LearnSmart Achieve #4b (Consumer Choice/Utility) are both open and are due at 8:00 am on February 19 th. Learning Objectives for Market Efficiency and Market Failure - week #5: Determine consumer surplus and predict how changes in prices will affect consumer surplus. Determine producer surplus and predict how changes in prices will affect producer surplus. Determine the total economic surplus and the gains from trade in a market. Use changes in producer and consumer surplus to determine 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 surplus and producer surplus. Illustrate the effect of a price floor on economic welfare using consumer surplus and producer surplus. Illustrate the effect of a tax on economic welfare using consumer surplus and producer surplus. Use basic formulas to solve for consumer surplus, producer surplus, total economic surplus and 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.

11 # 6 Day Class Topic Assignment Information February 19 Class # 15 Elasticity LearnSmart Achieve #4a (Elasticity) and LearnSmart Achieve #4b (Consumer Choice/Utility) are due at 8:00 am this morning. They have been open for one week. LearnSmart Achieve #5 (Public Finnce) is open and due at 8:00 am on February 26 th. February 21 Class #16 Consumer Choice Be working on LS Achieve #5 (Public Finance.) LearnSmart Achieve #5 (Public Finnce) is open and due at 8:00 am on February 26 th. February 23 Class #17 Utility Be working on LS Achieve #5 (Public Finance.) LearnSmart Achieve #5 (Public Finnce) is open and due at 8:00 am on February 26 th. Learning Objectives for Elasticity and Consumer Choice/Utility - week #6: 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 run. 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.

12 #7 Day Class Topic Assignment Information February 26 Class #18 Public Finance LearnSmart Achieve #5 (Public Finance) is due at 8:00 8:00 am this morning. It has been open for one week. There is no LearnSmart Achieve homework due next week because of your upcoming unit exams. STUDY! February 28 Class #19 Class will not meet in person. Study Guide - Graphing Discussion #3 Discussion #3 is open on Canvas and will be captured for grading at 8:00 AM on February 26 th. March 2 Class #20 Class will not meet in person. Study Guide Multiple Choice Discussion #4 Discussion #4 is open on Canvas and will be captured for grading at 8:00 AM on February 26 th. Learning Objectives for Public Finance - week #7: Model the flow of resources, output, and monetary transactions in a simple economy that includes a government. Know the major categories of federal, state, and local revenues and expenditures. Determine whether a tax is progressive, proportional, or regressive. Determine whether a government is experiencing a budget surplus, a budget deficit, or a balanced budget. Calculate the national debt.

13 #8 Day Class Topic Assignment Information March 5 March 7 Class #21 Review for Unit One Exam Class #22 Test Day Unit One Review Unit One Graphing Exam Test Prep materials will be posted on Canvas March 9 Class #23 Test Day Unit One Multiple Choice Exam LearnSmart Achieve #6 (Measuring Output and Income) is open and due at 8:00AM on March 19 th after Spring Break. 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 reviewing learning objectives and go back to your reading, the videos, and the LearnSmart Achieve questions. Thoroughly review my posted presentations and your class notes on them. Review each class activity and think deeply about its take-away message. Be sure that you understand the underlying economic concepts that each graph illustrates and that you can tell the story that the graph illustrates. The flip side of that is that you must be able to demonstrate concepts and illustrate a story with the graphs.

14 #9 Day Class Topic Assignment Information March 12 Holiday NO CLASS Spring Break LearnSmart Achieve #6 (Measuring Output and Income) is open and due at 8:00AM on March 19 th after Spring Break. Wednesday March 14 Holiday NO CLASS Spring Break LearnSmart Achieve #6 (Measuring Output and Income) is open and due at 8:00AM on March 19 th after Spring Break. March 16 Holiday NO CLASS Spring Break LearnSmart Achieve #6 (Measuring Output and Income) is open and due at 8:00AM on March 19 th after Spring Break. Talk to your family about economics. Remember the concepts of diminishing marginal utility as you enjoy Spring break and rational decision-making when it comes to Spring Break! Have a safe, re-energizing break and come back confident and prepared to finish the semester strong.

15 #10 Day Class Topic Assignment Information March 19 Class #24 Public Finance LearnSmart Achieve #6 (Measuring Output and Income) is due at 8:00 am this morning. It has been open for ten days. LearnSmart Achieve #7 (Business Cycles, Unemployment & Inflation) is open and are due at 8:00 am on March 26 th. Wednesday March 21 March 23 Class #25 GDP Class #26 Output and Income LearnSmart Achieve #7 (Business Cycles, Unemployment & Inflation) is open and are due at 8:00 am on March 26 th. LearnSmart Achieve #7 (Business Cycles, Unemployment & Inflation) is open and are due at 8:00 am on March 26 th. Learning Objectives for Public Finance and Measuring Output and Income week #10: Describe how gross domestic product is measured, and identify its major components. Characterize the components of personal consumption and government expenditure. Calculate gross and net investment. Calculate net exports. Calculate gross domestic product when provided with national expenditures data. Identify the components of the income approach to national income accounting. Calculate real gross domestic product when provided with data. Calculate real gross domestic product when provided with data and describe how it relates to standards of living. Use real and nominal GDP to derive the gross domestic product price index. Describe the limitations of gross domestic product as a measure of output. 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 econ

16 Schedule of Classes for Spring 2017 Principles of Macroeconomics #11 Date March 26 Wednesday March 28 Class and Topic Class #27 Business Cycles Class #28 Unemployment Assignment LearnSmart Achieve #7 (Business Cycles, Unemployment and Inflation) is due at 8:00 am this morning. It has been open for one week. Information LearnSmart Achieve #8a (Aggregate Demand and Supply) and #8b (Aggregate Expenditures Model ) are both open and due at 8:00 am on April 2 nd. LearnSmart Achieve #8a (Aggregate Demand and Supply) and #8b (Aggregate Expenditures Model ) are both open and due at 8:00 am on April 2 nd. March 30 Class #29 Inflation LearnSmart Achieve #8a (Aggregate Demand and Supply) and #8b (Aggregate Expenditures Model ) are both open and due at 8:00 am on April 2 nd. Learning Objectives for Business Cycles, Unemployment and Inflation - week #11: 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.

17 #12 Date: Class and Topic Assignment Information April 2 April 4 April 6 Class #30 Aggregate Expenditures Model Class #31 Fiscal Policy Automatic Stabilizers Class #32 Fiscal Policy Discretionary Stabilizers LearnSmart Achieve #8a (Aggregate Demand and Supply) and LearnSmart Achieve #8b (Aggregate Expenditures Model) are due at 8:00 am this morning. They have been open for one week. LearnSmart Achieve #9a (Money) and LearnSmart Achieve #9b (Monetary Policy) are both open and are due at 8:00 am on April 9 th. LearnSmart Achieve #9a (Money) and LearnSmart Achieve #9b (Monetary Policy) are both open and are due at 8:00 am on April 9 th. LearnSmart Achieve #9a (Money) and LearnSmart Achieve #9b (Monetary Policy) are both open and are due at 8:00 am on April 9 th. Learning Objectives for Aggregate Demand/Supply and Aggregate Expenditures Model - week #12: 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 stagflat

18 #13 Date: Class # and Topic Assignment Information April 9 April 11 April 13 Class #33 Money Class #34 The Federal Reserve System Class #35 Monetary Policy LearnSmart Achieve #9a (Money) and LearnSmart Achieve #9b (Monetary Policy) are due at 8:00 am this morning. They have been open for one week. LearnSmart Achieve #10a (Fiscal Policy) and LearnSmart Achieve #10b (Competing Views in Macroeconomic Theory) are both open and due at 8:00 am on April 16 th. LearnSmart Achieve #10a (Fiscal Policy) and LearnSmart Achieve #10b (Competing Views in Macroeconomic Theory) are both open and due at 8:00 am on April 16 th. Learning Objectives for Money, the Federal Reserve and Monetary Policy - week #13 Explain the three functions of money. 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. Explain the process of fractional reserve banking and its impact on the money supply. Use the reserve ratio to calculate the money multiplier. Construct a model of money demand using the asset and transaction demands for money. Illustrate the relationship between the supply of money and interest rates. Show how money supply and demand interact to determine the equilibrium interest rate. Illustrate how changes in money demand and supply affect the interest rate. Explain the relationships among the money supply, bond prices, and interest rates. 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 interbank market for overnight reserves. Explain how the Federal Reserve uses open market operations to maintain or change a targeted level for the federal funds rate.and influence interest rates in the economy. Conduct monetary policy using the models of money, investment, and aggregate demand. Solve for the appropriate monetary policy using data provided. Illustrate the effect of fiscal policy on equilibrium real GDP and price level.

19 # 14 Date: April 16 April 18 Class # and Topic: Class #33 Fiscal Policy and Competing Views Class #34 Group Work Assignment: LearnSmart Achieve #10a (Fiscal Policy) and LearnSmart Achieve #10b (Competing Views in Macroeconomic Theory) are due at 8:00 am this morning. They have been open for one week. Study Guide - Graphing Information: April 20 Class #35 Group Work Study Guide Multiple Choice Learning Objectives for Fiscal Policy and Different Views of the Macroeconomy - week #14: 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

20 #15 Day Class Topic Assignment Information April 23 April 25 Class #36 Class #37 Unit Two Exam - Graphing Unit Two Exam Multiple Choice April 27 Class #38 Final Review Macroeconomics Challenge

21 #16 Day Class Topic Assignment Information April 30 May 2 Class #36 Study Day No University Classes Class #37 Final Exam Optional Review See Canvas for Dates and Times Check MyUTTyler for final exam dates, time and location. Remember that I do not schedule final exams. 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 reviewing learning objectives and go back to your reading, the videos, and the LearnSmart Achieve questions. Thoroughly review my posted presentations and your class notes on them. Review each class activity and think deeply about its take-away message. Be sure that you understand the underlying economic concepts that each graph illustrates and that you can tell the story that the graph illustrates. The flip side of that is that you must be able to demonstrate concepts and illustrate a story with the graphs.

22 POLICIES THAT MUST APPEAR IN EACH COURSE SYLLABUS AT THE UNIVERSITY OF TEXAS AT TYLER The following University policies must appear on each course syllabus or be provided as an informational sheet (web-links to these policies may be used in the print or electronic syllabus.) Students Rights and Responsibilities To know and understand the policies that affect your rights and responsibilities as a student at UT Tyler, please follow this link: 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 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 that students need to be aware of. 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. (There is no refund for these after the Census Date) Schedule adjustments (section changes, adding a new class, dropping without a W grade) Being reinstated or re-enrolled in classes after being dropped for non-payment Completing the process for tuition exemptions or waivers through Financial Aid State-Mandated Course Drop Policy Texas law prohibits a student who began college for the first time in Fall 2007 or thereafter from dropping more than six courses during their entire undergraduate career. This includes courses dropped at another 2-year or 4-year Texas public college or university. For purposes of this rule, a dropped course is any course that is dropped after the census date (See Academic Calendar for the specific date). Exceptions to the 6-drop rule may be found in the catalog. Petitions for exemptions must be submitted to the Enrollment Services Center and must be accompanied by documentation of the extenuating circumstance. Please contact the Enrollment Services Center if you have any questions.

23 Disability Services 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 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 You may also send an to cstaples@uttyler.edu 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. 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 ) 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. UT Tyler a Tobacco-Free University: All forms of tobacco will not be permitted on the UT Tyler main campus, branch campuses, and any property owned by UT Tyler. This applies to all members of the University community, including students, faculty, staff, University affiliates, contractors, and visitors. 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

24 Handguns in the Classroom: The University of Texas at Tyler respects the right and privacy of students who are duly licensed to carry concealed weapons in this class. License holders are expected to behave responsibly and keep a handgun secure and concealed. More information is available at