Download Assignment 3 given

COURSE OUTLINE
Principles of Macroeconomics
Economics 103
11:00-11:50 MWF
Professor Mark Pingle
Office AB 318D; 784-6634; [email protected]
Office Hours: Monday and Friday 10:00-11:30 and by appointment
Fall 2004
Course Description: This is a “core” social science course for the University of Nevada, introducing the student to
macroeconomics. It is also a component of the “pre-business core” for the College of Business and one of the two foundation
courses (the other is Principles of Microeconomics) that are pre-requisites for further study in economics. Macroeconomics is
a branch of economics that focuses on understanding the economic system as a whole. Upon successfully completing this
course, the student will have an elementary understanding of (1) US macroeconomic history since the beginning of the Great
Depression, (2) how a market economy works, and (3) how government can influence an economy through policy changes.
There will also be regular discussions of current events from an economic perspective.
Required Course Materials:
(1) US Macroeconomic Statistics: A Set of Figures and Data Tables to Supplement a Macroeconomics
Course, Mark A. Pingle, 9th Edition, 2004. To be distributed at a cost of $10. Make checks
payable to Omicron Delta Epsilon (Or just ODE)
(2) Principles of Macroeconomics, Mark A. Pingle: To be distributed at a cost of $10. Make checks
payable to Omicron Delta Epsilon (Or just ODE)
(3) Aplia Subscription: Aplia is company that provides on-line tutorials, news articles, practice quizzes,
graded quizzes, and more. The fee is $21 and is paid by you to Aplia directly. You will need to register on-line
immediately. Go to http://econ.aplia.com and follow the instructions. When you are asked for the “course key”
use FR7A-N6A3-Z9TS
Grading:
20% Midterm 1; Friday, September 24
20% Midterm 2; Monday, November 3
30% Final; Monday, December 13, 9:45AM-11:45AM
20% Three “major” assignments---each of equal weight.
10% Aplia assignments, class participation, and class preparation.
Grading notes:
 Assignments turned in late will be docked one letter grade per class period until they are received.
 Students must do all 3 major assignments. If an assignment is not received, then an F course grade will be received.
 After Assignment 1, all students will have to pass a “data skills test.” Those who are unable to pass the test must obtain
credit for this technical skills competency requirement by meeting with the instructor. Students who neither pass the test
nor meet with the instructor will receive an F course grade.
Participation: Effective learning requires that you some how fit the new knowledge you obtain “into your world.” This is
why participation important. There will be a number of ways you can participate, including:
 In class discussions with other students: Occasionally, there will be breaks from lecture in class where you will be
asked to interact with one or more other students to either discuss some issue or do some analysis.
 Current events discussion: During most classes, there will be a brief time set aside for current events discussion.
Students are expected to read at least one current periodical (e.g. New York Times, Wall Street Journal, Newsweek)
regularly. You should clip and bring to class articles you find interesting or articles that raise a question in your mind.
When the opportunity arises, you should share what you find interesting in the article with the class or ask a question
based upon the article you have read. Articles on Aplia will also be assigned occasionally.
 Asking Questions: It is common for students to be uncomfortable with asking questions in class. However, if a
question comes to your mind, chances are many others could benefit from hearing your question and an answer. Being
willing and able to ask questions is a sign of scholastic maturity, so you will receive credit for participating by asking
questions.
 Hot Seats: There will be designated seats in class where you can sit to earn specific credit for that day. If you have
an article to share or a question from the previous lecture, it would be good for you to sit in a hot seat. You will have a
chance to share your article or ask your question, and you will get specific participation credit for doing so.
1
Holidays (No Class):
Labor Day: Monday, September 6
Nevada Day (Observed): Friday, Oct.29
Thanksgiving Vacation: Friday, November 26
Salient Economic Ideas: Among the many ideas discussed in the course, the economic ideas labeled here are particularly
significant. You will be tested on each of these.
1. Opportunity cost
2. Specialization and trade
3. Trade is mutually beneficial
4. Price system
5. Burden of debt
6. Availability of credit
7. Production and its relationship to income and wealth
8. Law of diminishing returns
9. Competition and its relationship to technological improvement
10. Classical theory of income distribution
11. Inflation tax
12. Effect of inflation on debtors and creditors
13. Importance of saving
14. Investment and its relationship to saving and capital stock
15. Principles of insurance
16. Autonomous spending multiplier
Lectures and Assignments: Most of the items list in the “Assignments Due” column are reading assignments. CH refers to
the “classnotes,” Fig. refers to the Statsbook., and the symbols I1, I2, I3,… refer to Salient Economic Ideas. Aplia refers to
assignments on-line at the Aplia website. All Aplia assignments must be completed by 10:30 AM on the day they are due.
Date
8/23
8/25
8/27
8/30
9/1
9/3
Topic
Economics as Social Science
What is economics?
Origins of market system
Model market and command economies
Data presentation and production facts
Assignment 1 given
Expenditure and income components of output
9/6
9/8
9/10
9/13
9/15
9/17
9/20
9/22
Labor Day (No class)
The role of government
Economic performance; Major macro concerns
Preparing for Model Building
Production: The source of wealth
Labor productivity measures (and marginal thinking)
Production Possibilities and the concept of cost
Review for first midterm
9/24
9/29
First Midterm
Labor Demand
Assignment 2 given
Labor Supply
Labor Market
Labor Market Shocks
Homework (Labor market) given
The Aggregate Supply Curve
The Dynamic Supply-Side
Barter
Money
10/1
10/4
10/6
10/8
10/11
10/13
10/15
Assignment Due
None
CH1; I1, I2, Aplia Tutorials, Aplia 1 (Pretest)
CH2 2.1-2.2; I3; Aplia 2 (Gains from Trade)
CH2 2.3-2.4; I4; Aplia 3 (Posttest)
Fig 1-4 and App. B in Statsbook;
Aplia 4 (Supply and Demand)
Statsbook Table 3 and Fig 5,6, 9-12
Aplia 5 (NIPA I)
Fig 33-43; I5, I6; Aplia 6 (NIPA II)
CH3; Fig 20, 21, 28, 48-50; Assign 1
Appendix: “Mathematical Tools”;
CH4 4.1-4.4; Fig 7-8, 15-16; I7;Aplia 7(Production I)
CH4 4.5; Fig 19, 44-47; I8, I9; Aplia 8(Production II)
CH4 4.6; Aplia 9 (Production Possibilities I)
Aplia 10, (Production Possibilities II)
Complete Data Skills Competency
None
CH5 5.1; Fig 23; I10, I11, I12
CH5 5.2; Aplia 11 (Labor I)
CH5 5.3.1-5.3.2; Aplia 12 (Labor II)
CH5 5.3.3-5.4; Assignment 2 (Draft);
CH6 6.1-6.2;
CH6 6.3-6.5; Homework (labor market)
CH7 7.1;
CH7 7.2-7.3; Fig.29-32; Aplia 13
2
10/18
10/20
10/22
10/25
10/27
10/29
11/1
11/3
11/5
11/8
11/10
11/12
11/15
11/17
11/19
11/22
11/24
11/26
11/29
12/1
12/3
12/6
12/13
The Federal Reserve and Money
Money Supply and Money Demand
Classical Monetary Theory
Keynesian Monetary Theory
The Circular Flow
Nevada Day (No Class)
Review for second midterm
Second Midterm
Consumption, Savings, and Investment
Homework (Consumption-Savings-Investment)
The Aggregate Demand Curve
Laissez Faire Adjustments
Monetary Policy
Fiscal Policy---Government Purchases
Assignment 3 given
Fiscal Policy---Net Taxes
Monetary Policy
Fiscal Policy---Government Purchases and Net Taxes
Gambling and Insurance: Principles and their role in society
Thanksgiving vacation (no class)
An increase in population
Capital accumulation and tech. improvement
Review for Final
First portion of final (During class time)
Second portion of final; 9:45a.m.-11:45a.m
3
CH7 7.4; Aplia 14
CH8 8.1-8.2; Aplia 15,
CH8 8.3; Aplia 16
CH8 8.4-8.5; Fig 21;
CH9 9.1; Fig 5-10; Assignment 2
None
CH9 9.2; Fig 11-14; I13;
CH9 9.3; Fig 17-18; I14
CH9 9.4, SM III-1-2
Homework (Consumption-Savings-Investment)
CH10 10.1;
CH10 10.2.1; I16
CH10 10.2.2
CH10 10.2.3
CH10 10.3.1
CH10 10.3.2-10.3.3
None; I5
CH10.3.5
CH10 10.3.3-10.4; Assignment 3
None