Download Assignment 3 given

COURSE OUTLINE
Economics 101
Section 1; 8:00-8:50 MWF
Principles of Macroeconomics
Professor Mark Pingle
AB 318D; 784-6634; [email protected]
Office Hours: MWF 10:00-11:00; and by appointment
Fall 2001
Course Description: This is a “core” social science course for the University of Nevada, introducing the
student to macroeconomics. Macroeconomics is a branch of economics that focuses on the economy 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.
Required Course Materials:
(1) US Macroeconomic Statistics: A Set of Figures and Data Tables to Supplement a Macroeconomics
Course, Mark A. Pingle, 6th Edition, 2001. To be distributed at a cost of $10. Make checks payable to
Department of Economics
(2) Principles of Macroeconomics, Mark A. Pingle: To be distributed at a cost of $10. Make checks
payable to Department of Economics.
(3) The Wall Street Journal: To be ordered immediately.
Grading:
20% Midterm 1; Friday, September 28
20% Midterm 2; Wednesday, October 24
30% Final; Monday, December 17, 7:30 A.M. - 9:30 A.M.
20% Three assignments---each of equal weight.
10% Participation and preparation
Because the content of the course builds upon itself, the student’s performance on the final better represents
what has been learned from the course. Consequently, the following grading policies will be applied:
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If the grade on the final is better than the average of the two midterms, then the midterm grades will be
thrown out and the grade on the final will be weighted at 70%.
Those students receiving a D grade or F grade on the final will receive a course grade that is the same
as the grade on the final.
As a student, learning is your job, a job you should take seriously. Irresponsible behavior will impact your
course grade in the following ways:
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
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Assignments turned in late will be docked one letter grade per class period until they are received.
Attendance will be taken periodically and will count toward participation. The participation and
preparation portion of the course grade will be reduced to zero for any student who is recorded missing
3 or more classes.
Students must do all assignments. If an assignment is not received, then the will receive an F course
grade.
The student must either pass the “technical skills competency test” or obtain credit for the technical
skills competency requirement by meeting with the instructor. Students failing to do so will receive an
F course grade.
Holidays (No Class):
1
Labor Day: Monday, September 3
Nevada Day (Observed): Friday, October 26
Veteran’s Day (Observed); Monday, November 12
Thanksgiving Vacation: Friday, November 23
Salient Economic Ideas:
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: All assignments are reading assignments, except for those that are underlined.
To stimulate discussion, students are expected to have read some Wall Street Journal articles prior to each
class. In the Assignment Due column below, CH refers to classnotes, Fig. refers to Statsbook., and the
symbols I1, I2, I3,… refer to Salient Economic Ideas.
Date
8/27
8/29
8/31
9/3
9/5
9/7
9/10
9/12
9/14
9/17
9/19
9/21
9/24
9/26
9/28
10/1
10/3
10/5
10/8
10/10
10/12
10/15
10/17
Topic
Economics as Social Science
What is economics?
Origins of market system
Labor Day (No class)
Model market and command economies
Data presentation and production facts
Assignment 1 given
Expenditure and income components of output
The role of government
Economic performance; Major macro concerns
Production: The source of wealth
Labor productivity measures
Production Possibilities and the concept of cost
Preparing for Model Building
Review for first midterm
First Midterm
Labor Demand
Labor Supply
Labor Market
Assignment 2 given
Labor Market Shocks
The Aggregate Supply Curve
The Dynamic Supply-Side
Barter
Money
Assignment Due
None
CH1; I1, I2
CH2 2.1-2.2; I3
CH2 2.3-2.4; I4
Fig 1-4 and App. B in Statsbook
Statsbook Table 3 and Fig 5,6, 9-12
Fig 33-43; I5, I6
CH3;Fig 20, 21,28,48-50; Assign 1
CH4 4.1-4.4; Fig 7-8, 15-16; I7
CH4 4.5; Fig 19, 44-47; I8, I9
CH4 4.6
Appendix.: “Mathematical Tools”
None
Complete Math Competency
None
CH5 5.1; Fig 23; I10, I11, I12
CH5 5.2;
CH5 5.3.1-5.3.2
CH5 5.3.3-5.4
CH6 6.1-6.2
CH6 6.3-6.5; Assignment 2 (Draft)
CH7 7.1
CH7 7.2-7.3; Fig.29-32
2
10/19
10/22
10/24
10/26
10/29
10/31
11/2
11/5
11/7
The Federal Reserve and Money
Review for second midterm
Second Midterm
Nevada Day (No Class)
Money Supply and Money Demand
Classical Monetary Theory
Keynesian Monetary Theory
The Circular Flow
Consumption, Savings, and Investment
11/9
11/12
11/14
11/16
The Aggregate Demand Curve
Laissez Faire Adjustments
Monetary Policy
Fiscal Policy---Government Purchases
Assignment 3 given
Fiscal Policy---Net Taxes
Insurance and gambling
Monetary Policy
Fiscal Policy---Government Purchases
Fiscal Policy---Net Taxes
An increase in population
Capital accumulation and tech. improvement
Review for Final
First portion of final (During class time)
Second portion of final; 7:30-9:30 AM
11/19
11/21
11/26
11/28
11/30
12/3
12/5
12/7
12/10
12/17
CH7 7.4
None
3
CH8 8.1-8.2
CH8 8.3
CH8 8.4-8.5; Fig 21
CH9 9.1; Fig 5-10
CH9 9.2; Fig 11-14; I13;
CH9 9.3; Fig 17-18; I14
CH9 9.4
CH10 10.1; Assignment 2
CH10 10.2.1; I16
CH10 10.2.2
CH10 10.2.3
None; I5
CH10 10.3.1
CH10 10.3.2
CH10 10.3.3
CH10.3.5
CH10 10.3.3-10.4; Assignment 3
None