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Course Information Sheet for Principles of Macroeconomics (Economics 2301) Sections 01, 02, and 03 Fall Semester, 2009 Instructor: C. Conway Drane Office: #126, Bob Bullock Center for Business and Computer Science Phone: (979) 830-4233 e-mail: [email protected] Office hours: Monday and Wednesday 9 a.m. – 11a.m. 1:30 – 2:30 p.m. Tuesday and Thursday 11a.m. - noon 1:00 p.m. – 4 p.m. Friday 9a.m. – noon. 1 – 4p.m. by appointment Course Description: A study of macroeconomic principles with emphasis on national income analysis and theory, monetary and fiscal policy, stabilization policy, economic growth and development, and public finance. Three class hours per week. Credit: Three semester hours. There are no prerequisites for the course. Course Objectives and Student Learning Outcomes: 1. Explain the basic economic concepts of scarcity, allocation of resources, specialization, comparative advantage, and exchange rates. 2. Evaluate the existence, shape, and the shifting of the economy’s production possibilities frontier. 3. Explain the relationship between supply and demand and the determination of equilibrium price and quantity. 4. Describe the circular flow of income and product. 5. Assess how the national income accounts measure the level of economic output and income. 6. Use the Aggregate Expenditures Model and the Aggregate Demand/Aggregate Supply Model to determine the level of economic activity. 7. Explain how the Federal Reserve System works. 8. Explain how monetary policy can be used to stimulate the economy or fight inflation. 9. Describe how fiscal policy can be used to stimulate the economy or fight inflation. 10. Analyze the mechanics of international trade. Required textbooks, supplies, and materials: The textbook for the course is Economics Today, The Macro View, and The Micro View, 14th edition by Roger LeRoy Miller. If you are only planning to take Econ. 2301, you could make do with the paperback text that is only the “Macro View”. For each major exam, the student will need a Scantron, form number 882-ES, and No. 2 pencil. I suggest that you bring a notebook and pen to class for taking notes. A simple, four function calculator will be useful at times. Course Outline: Time Planned Activity 1st meeting 1st 4 weeks Introduction to the course, handouts, discussion. Chapters 1 through 6 in the textbook will be covered. Topics include Scarcity and decisions that have to be made, often used assumptions, Economic Models, Trade-offs, Comparative Advantage, and the Market System, Demand and Supply and Market Price, Economic Efficiency, Government Price Setting, and Taxes, Consumer Surplus and Producer Surplus. The first major exam will occur when we have covered these chapters. Weeks 5 - 9 Lecture and discussion of material covered in chapters 7 through 12 in the textbook. Topics include GDP, Measuring the nation’s total output and income, Unemployment and Inflation, Economic Growth, Business Cycles, the Keynesian Aggregate Expenditure Model, Aggregate Demand and Aggregate Supply. The second major exam will occur when we have covered these topics. Weeks 10 - 12 Lecture and discussion over selected topics covered in chapters 13 through 18. Topics include Money and Banking, Fractional Reserve Banking systems and Money Creation, Monetary Policy, Fiscal Policy. The third major exam will occur when we have covered these topics. Weeks 12 - ?? Lecture and discussion over material covered in chapters 19, 33 and 34 in the textbook. Topics include Comparative Advantage and the Open Economy, Exchange Rates and the Balance of Payments, Global Economic Growth and Development. Review for comprehensive Final Exam. The final exam date and time will be announced later. Note: The time allotted for the coverage of the topics listed above is a tentative schedule. We might find that some topics will require additional time while others could take less time. Requirements: Students will be expected to read the assigned chapters in the textbook so that they may come to class prepared to take notes and participate in class discussion. In addition to the three major exams and the final exam noted above, there will be short exams and homework assignments from time to time to help the student master the material. Grading: As noted above, there will be three major exams and a comprehensive final exam. There will also be some number of short exams, problems worked in class, and graded homework assignments. The average of your three major exams and final exam will count as 90 percent of your course grade. The average of your grades on short quizzes, problems worked in class and homework assignments will count as 10 percent of the course grade and is the “class participation” part of your grade. There will be opportunities to earn bonus points or “extra credit” on certain exercises and questions on major exams. Class Policies: 1. Attendance. Students are expected to attend all class meetings and to be in their seat, ready to start work at the scheduled time for class to begin. A record is kept of absences and tardiness. If an absence cannot be avoided, it is the student’s responsibility to find out what work was covered and what assignments were made while the student was away from class. It is also the student’s responsibility to tell the instructor the reason for the absence so that he may determine whether it was an “excused” absence or not. Habitual, unexcused tardiness will be recorded treated as absences. The equivalent of two weeks of unexcused absences (6 50 minute classes or 4 hour and 15 minute classes) will result in an administrative drop from the class. If this occurs after the last day to drop with a “W”, a “WF” will be recorded. Note also that new state law limits the number of drops a student may have to a total of 6 during his/her college career. After 6, every drop will be recorded as an “F”. Additional information about the Blinn Attendance Policy is found on the attendance attachment. 2. Make-up exams and late assignments. If a student anticipates the necessity of being absent on the day of a scheduled exam, he should see the instructor about the possibility of taking the exam early. Otherwise, if a student misses a major exam, he should see the instructor about taking a make-up exam at the earliest opportunity. Make-up exams must be taken within one week of the student’s return to class. Missed short exams cannot be made up and late homework assignments are not accepted without an approved excuse. The instructor may deduct 10 points from the grade on work allowed to be turned in late. The lowest minor exam grade is dropped at the end of the semester. 3. Classroom behavior. Students are expected to dress appropriately for class and be on time for class. The student’s attention should be on the instructor and/or the work being done. Food and drink is not allowed in the classroom. Gentlemen will remove their hats in the classroom. Any behavior or demeanor that is distracting or disruptive will not be tolerated. All functions of all personal electronic devices designed for communication and/or entertainment (cell phones, pagers, beepers, iPods, and similar devices) must be turned off and kept out of sight in all Blinn College classrooms and associated laboratories. Certain students (firemen, police, e.m.s.) are exempt from this policy. See the instructor if you believe you should be exempt. Exempt students should set the emergency-use device on silent or vibrate. Students should come to class prepared and should make an effort to participate constructively. Students will contribute to a positive learning environment by treating the instructor and fellow students in a respectful manner. Students who cannot behave appropriately will be removed from class (see the Civility Statement below). 4. Academic honesty. Cheating will be dealt with according to Blinn College policy. Additional Notes: During the first class meeting, I will discuss some of the keys to doing well in an economics course. These include using the textbook to prepare for class, being careful to learn definitions of terms, learning cause and effect relationships, etc. I encourage you to take advantage of my office hours to seek help as soon as you find that you need it. There are many benefits to be had from successfully completing this course. Not the least of which is your being prepared to take more advanced economics courses at the senior college of your choice. I look forward to working with you this semester. Civility Statement: Members of the Blinn College community, which includes faculty, staff and students, are expected to act honestly and responsibly in all their actions and words. Therefore, all members should commit themselves to behave in a manner that recognizes personal respect and demonstrates concern for the personal dignity, rights, and freedoms of every member of the College community, including respect for College property and the physical and intellectual property of others. If a student is asked to leave the classroom because of uncivil behavior, the student may not return to that class until he or she arranges a conference with the instructor: it is the student’s responsibility to arrange for this conference.