Download Macro 2301-0003 - Spr 16 - HCC Learning Web

MACRO ECONOMICS SYLLABUS CRN 90305
Macro Economics 2301
CRN 90305
Regular Start - 16 Weeks
Campus: Eastside, Angela Morales Bldg, Room 308
Spring 2016- 1/19/2016-05/15/2016
Instructor: Chris Reid, BA, MAIS-History and Economics
Email: [email protected]
Phone: 281-923-1892 (Cell) – texts or emergency
Only emails sent from an HCCS.edu address will be answered.
Office Hours: by appointment, before or after class
Department/Division Contact:
Richard Gosselin
Chairman
Economics Department
Houston Community College
713-718-7638 (Office)
832-257-2592 (2592)
Course Description
This is an introductory course in macroeconomics. The concepts that will be learned primarily
apply to overall economies and public policy, but are also relevant to business and household
decision making. Major topics include: scarcity and choice, production possibilities, alternative
allocative mechanisms, supply and demand analysis, national income accounting,
unemployment, inflation, international trade, budget deficits, trade deficits, and fiscal and
monetary policy.
Textbook
Principles of Macroeconomics, N.Gregory Mankiw, 7th ed, CENGAGE Learning, 2015,2012:
INCLUDED as part of APLIA.
Aplia with Online Textbook
Aplia (http://login.cengagebrain.com/course/ ) – ALL MUST REGISTER! $100 payment (if
you pay before cut-off date) for Aplia by check or credit card – last date of payment 02/08/16 –
before that you do not have to pay to work on assessments. Access cards (for a somewhat
higher price) should be available in the bookstore.
Posting of supplementary course materials in Aplia.
Register as "New Student" and enter Aplia Course Key:
The following four tools are used as “instructional methods” via the online service called Aplia:
1. Problem Sets. Each interactive problem set contains electronically scored problems written to
address specific topics in the course. Sets contain problems that vary in difficulty and incorporate
a number of different interactive tools, including graphs, calculators, and tables.
2. Experiments. With experiments, students use course concepts to interpret the results of their
behavior as economic agents in an online marketplace. All students participate simultaneously
online. Preceding each experiment is an introductory graded assignment that gives an overview
of the upcoming experience; afterwards, an analytical follow-up assignment helps students
understand the results and tests their understanding of the concepts behind the experiment.
3. News Analyses. Drawn from business and general news sources, news analyses summarize
relevant current events and ask students to connect them to course concepts through associated
problems and discussion questions.
4. Tutorials. Each student completes an introductory tutorial on working with Aplia’s online
assignments. There are also pretests, depending on the course, prerequisite materials in subjects
such as grammar, math and graphing early in the course. Students who need some extra review
may access animated tutorials on basic topics. Each tutorial is paired with associated problems to
test students’ understanding. After finishing the pretest and tutorials, students may take a posttest
to improve their score and demonstrate their mastery of the prerequisite material.
Course Goals
After completing this course students should be able to do the following:
o describe an economic way of thinking
o discuss and measure economic variables
o apply macroeconomic theory to the problems of price stability, full employment, and
economic growth
o describe monetary tools and policies
o discuss the determinants of economic growth
o explain international trade and finance
Course Student Learning Outcomes (SLOs)
1. Demonstrate knowledge concerning business cycles
2. Demonstrate knowledge of concepts dealing with monetary and fiscal policy
3. Explain how to manipulate the aggregate supply/aggregate demand model of the macroeconomy
4. Explain unemployment and inflation data and how that data is computed.
5. Manipulate the basic supply and demand concepts.
Learning Objectives
1. Describe the importance of scarcity to economic decision making.
2. Identify the opportunity cost encountered in any decision.
3. Demonstrate the economic concepts of scarcity, trade-offs, efficiency, unemployment, and
economic growth, using a production possibilities frontier model.
4. Interpret how changes in demand behavior and/or supply behavior affect prices and quantity in
a market.
5. Justify how efficient market activity maximizes overall social well-being.
6. Demonstrate the inefficiencies that develop in a market when government imposes a price
control.
7. Describe how the following macroeconomic measurements are calculated: nominal
gross domestic product, price index, and unemployment.
8. Given proper data, compute the following macroeconomic measures: inflation rate, real gross
domestic product, unemployment rate.
9. Defend the logic of the full-employment goal.
10. Describe the components of the business cycle.
11. Construct the AD-AS model of the macro economy and use it to illustrate macroeconomic
problems and potential solutions.
12. Outline the precepts of classical economics.
13. Describe how an economy could self-regulate to a full-employment state.
14. Analyze Keynes’ criticism of classical economics.
15. Analyze Keynes’ role for government intervention into the economy.
16. Defend the use of deficit spending by the government in order to intervene in a recession.
17. Assess the problems of using excessive deficit spending by the government.
18. Justify the use of tax rate cuts to promote economic growth.
19. Describe fractional reserve banking as a means of controlling the size and growth of the
money supply.
20. Compare and contrast the three tools that the Fed can use to control the money supply.
Instructional Methods:
A variety of instructional methods may be used but primarily lectures will be used. There will
also be group discussion, class problem solving and homework. The opportunity to earn Bonus
points will be occasionally given in the midst of the lecture, so be sure to be attentive! These
points will depend on your comprehension and application of the material taught.
Classroom Behavior
Instructors in the department welcome appropriate classroom behavior. Use of Cell Phones in
any capacity is PROHIBITED during class. If found, you can be told to leave the class and miss
the lecture, quiz or test. You may also be removed from my class permanently!
You should not miss class or be tardy. I encourage verbal participation in class as well as
responding to questions asked by myself. It is your responsibility to be alert and not sleep during
the lecture. Refrain from inappropriate classroom behavior which includes, but is not limited to:
Talking in class, touching or attempting to touch another student, throwing any object at any
time, interrupting the instructor or another student, coming unprepared in class.
Grading
Overall score is based on the following:
Three regular exams ---------- 45%
Term projects------------------ 15%
Aplia-----------------------20%
Final comprehensive exam---- 20%
Total-------------------------100
The scores grade is then obtained from the overall score.
90—100
A
80---89
B
70---79
C
60---69
D
< 60
F
Term Papers: There are two commentaries on different topics. The student will write three
pages on each article. The term paper be typed double spaced, with one inch margin left, right
and bottom, type size will not exceed 12. Each paper will have a cover sheet with your name,
and class and name of the article on the cover. The due date for the first paper is 02/11/16, the
second paper is 03/10/16, and the third paper is 04/28/16. All assignments must be submitted
with a hard copy and file version with Microsoft Office Only. No Apple documents will be
excepted.
Exams and Make up policy :
Examinations will consist of three non-cumulative regular exams plus a comprehensive final.
Make up exams will not normally be given, so make every effort to take exams on their
scheduled dates. Remember that final exam will be comprehensive (meaning that it will cover
all the material from the whole semester, not the just the last part. Please note that 1). All
students are required to take final (no student can be exempted) and 2) A student who
completes the course by taking the final exam cannot receive a “W” in the course.
Content of Exams
Conceptual
Complex analysis
Definition
Equation
Factual
Graphical
Tabular
Question tests student's understanding of a definition or concept
Student must apply more than one concept to discover the correct answer.
A straightforward question testing the student's ability to recognize a
definition.
A question in which the student must identify and work out one or more
equations to properly solve the test item.
A problem which tests the student's ability to recall facts or data.
A problem in which the student must demonstrate some working facility
with graphs.
A test item requiring the student to handle data in tabular form or to put
data meaningfully in such form.
Aplia Assignments
These are turned in weekly online through www.aplia.com. At the end of the semester I will drop
the THREE lowest assignments before scaling. I will open up Aplia assignments after they have
expired in most cases AT MY DISCRETION, and NOT the last week of the term. If you don't
purchase Aplia and do the assignments, you get a ZERO for this part of the course. NO
EXCEPTIONS.
Discussions
In Class. Includes bringing an article for Discussion in class; also Attendance counts.
Tests & Make ups
All students are expected to take examinations as scheduled. You will take several Tests in
Aplia, one for each Part of the course, as well as a Final paper exam in class. If you miss the
Final it WILL be graded as ZERO, unless a valid reason is given and accepted, in which case an
"I" (Incomplete) may be given.
Extra Credit
no Extra Credit is available.
Academic Honesty
The Social and Behavioral Sciences Department, and specifically this instructor, follows the
HCCS policies on scholastic dishonesty, which includes, but is not limited, to cheating on a test,
plagiarism, and collusion. See the HCCS student handbook for a more detailed explanation.
EGLS3 -- Evaluation for Greater Learning Student Survey System
At Houston Community College, professors believe that thoughtful student feedback is necessary
to improve teaching and learning. During a designated time, you will be asked to answer a short
online survey of research-based questions related to instruction. The anonymous results of the
survey will be made available to your professors and division chairs for continual improvement
of instruction. Look for the survey as part of the Houston Community College Student System
online near the end of the term.
Attendance Policy:
The college attendance policy is stated in the Fall -2015 college catalog: "Students are expected
to attend class regularly. Students are responsible for materials covered during their absences,
and it is the student’s responsibility to consult with instructors for make-up assignments. Class
attendance is checked daily by the instructor.
Withdrawals
It is the sole responsibility of the student to make a withdrawal from the course prior to the
official withdrawal date - Tuesday, 5 Apr. A state law no longer allows instructors to assign a
“W” after the official drop date. If you fail to withdraw by this date instructors are only allowed
to assign a letter grade – if you do not meet the deadline and do not do the work, you will receive
an “F”. Please understand that an incomplete is not a right but rather can only be assigned when
an overwhelming majority of the work is complete and it is at the discretion of the instructor. If
your grades are in need of improvement seek help from me or find a tutor on your own. Don’t
wait until the last minute to seek help.
Disability Support Services (DSS):
“Any student with a documented disability (e.g. physical, learning, psychiatric, vision, hearing,
etc.) who needs to arrange reasonable accommodations must contact the Disability Services
Office at the respective college at the beginning of each semester. Faculty are authorized to
provide only the accommodations requested by the Disability Support Services Office.”
HCC Statement:
Title IX of the Education Amendments of 1972 requires that institutions have policies and
procedures that protect students’ rights with regard to sex/gender discrimination. Information
regarding these rights are on the HCC website under Student-anti-discrimination. Students who
are pregnant and require accommodations should contact any of the ADA Counselors for
assistance.
It is important that every student understands and conforms to respectful behavior while at HCC.
Sexual misconduct is not condoned and will be addressed promptly. Know your rights and how
to avoid these difficult situations.
Log in to www.edurisksolutions.org Sign in using your HCC student email account, then go to
the button at the top right that says Login and enter your student number.
My Promises to You:
Make the course as interesting as possible
Ask test questions that deal with material covered in class and are in understandable
English.
Return graded assignments quickly
Treat you with respect and patience
Give individual help to those who ask for it.
Give you clear and complete answers to your questions to the best of my ability
Tentative Course Outline
Chapters and Course Work
-weekly Assessments in Aplia on every chapter
Economics: The Science of Scarcity (first 2 weeks)
Chapter 1 - The Principles of Economics
Chapter 2 – Thinking Like an Economist
Chapter 3 – Interdependence & the Gains from Trade
Chapter 4 – The Market Forces of Supply & Demand
Test 1
How Markets Work (weeks 3-5)
Chapter 6 – Supply, Demand & Govt Policies
Chapter 7 – Consumers, Producers & Mkt Efficiency
Chapter 8 – The Costs of Taxation
Chapter 9 – International Trade
Test 2
Macroeconomic Data & Finance (weeks 6-9)
Chapter 10 – Measuring a Nation's Income
Chapter 11 – Measuring the Cost of Living
Chapter 12 – Production & Growth
Chapter 13 – Saving, Investment & the Financial System
Chapter 14 – The Basic Tools of Finance
Test 3
Macroeconomics of Open Economies (weeks 10-13)
Chapter 15 – Unemployment
Chapter 16 – The Monetary System
Chapter 17 – Money Growth & Inflation
Chapter 18 – Open-Economy Macroecon: Basic Concepts
Chapter 19 – A Macroeconomic Theory of the Open Economy
Test 4
Presentation
Topics (weeks 14-15)
Chapter 20 – Aggregate Demand & Aggregate Supply
Chapter 21 – Influence of Monetary & Fiscal Policy on AD
Paper
Final Exam (Comprehensive)
Final Exam date (tentative) 7 or 9 May 2016
Topics
Activities and Assignment
Objectives and Details
Weekly assignments in Aplia on every chapter.
Differentiate between
Microeconomics and Macroeconomics
WEEK 1
Principles of
economics
WEEK 2 2.Thinking like an
economist
3. Interdependence
and gains from the
trade.
Differentiate between positive and
normative analysis
Problem set
Apply different economic concepts
such as choice, opportunity cost trade
off, scarcity in the real life decisions
Assignment: Comparing
economic systems
Use the production possibility frontier
model to analyze the trade, choice,
and tradeoffs
Problem set
4.How markets work
5. Elasticity
Quiz on demand and supply
Group
assignment
Problem
set ; Supply and
Market
demanddemand
shifts Vs individual
demand
Assignment: calculate the
price elasticity of demand
Group assignment
WEEK 5
WEEK 6
6. Market failures,
public goods and
externalities
Quiz on market failures
Review for Exam -1
Exam # 1 Chapters 1-6
03/05/
15
Describe how the differences between
market economy, mixed economy and
government
Aplia Assignment/quiz
Explain the law of demand
Reading assignment
Discuss the determinants that
influence demand
Problem set
WEEK 3
WEEK 4
Aplia Assignment/quiz
Analyze the supply side of the
market and the non price
determinants that influence the
supply
Explain the piece elasticity demand
and the determinants
Describe the types of elasticity
with the help of graphs
Analyze the economic impact of
taxes
Understand market externalities
and the possible ways to correct
externalities.
Apply market failures and
externality theory to real life
situations
Identify the possible causes of
recession
GDP growth and
instability:
WEEK 7
An introduction to
macroeconomics
Problem set
WEEK 8
23. Measuring
Domestic output and
National income
25Economic growth
Income in three
methods to calculate
GDP
WEEK 9
WEEK
10
10/27/
15
Week
11
24. Measuring the
cost of living.
26.Savings and
Investment
27.Basic tools of
finance
28. Unemployment
Problem set
Quiz on GDP on aplia
Group Assignment: Calculate
GDP
Quiz on inflation
Quiz on unemployment on
aplia
Explain the components of
GDP(consumption, Investment,
government spending and exports)
Explain how the economy can grow
through technological or capital
deepening
Describe how government
calculate unemployment
Describe the major types of
unemployment
Define and describe inflation,
deflation and disinflation
Exam # 2 Review
Exam # 2 Chapters 23-28
31 & 32
28unemployment and
Macroeconomic
inflation
Models and Fiscal
Policy
Problem set
Assignment
Quiz/assignment on fiscal
policy
Identify recessionary and
expansionary gaps
Draw graphs and label correctly
Explain the government policies to
rectify the gaps
List out the differences between
classical economists and Keynesian
economists
Define and explain the importance
of multiplier
WEEK
12
33. Aggregate
demand and
aggregate supply
model the 3 methods
to calculate GDP
Quiz on AD and AS model
Explain how shifts in aggregate
demand and supply affect
economy
Quiz on Fiscal policy on aplia
Describe the differences between
demand side and supply side
policies
Aplia Assignment/ Quiz on
monetary policy
Identify the characteristics of
money and functions of money
Quiz on money and inflation
on aplia
Explain how commercial banks
create money
34. Fiscal policy
WEEK
13
WEEK
14
WEEK
15
WEEK
16
29 Banking, money
and monetary policy
30. Money growth
and inflation.
36. Interest rates and
monetary policy
Apply the supply and demand
model to the money market
Review for the exam 3
Exam # 3 Chapters 29-36
Final Exam Review
Final Exam ( Chapters 1-6 & 23-36)
Learning Economics takes time. A reasonable guide is to allow you one hour of study for each
hour of lecture. Attend the class regularly and take generous notes during the class. Ask
questions. When beginning a new chapter, I recommend that you read through it quickly the
first time, just to give yourself a good feel for what it is about. If you are really on the job, if you
really read before the class lecture on the chapter! You will understand much better than just
reading and re reading the chapter itself. Study groups can be very helpful. Keep the group
small though, no more than three or four people. Finally keep a positive attitude! Economics
can be hard, but with the right attitude and approach, you will succeed in mastering it! I hope
you will find Economics to be an interesting rewarding subject, which will not only useful in
your academic major, but will give you a better insight into the many macroeconomics
challenges, we are facing today. I look forward to working with you this semester.