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DOTY MACRO SYLLABUS – FALL 2017

Principles of Macroeconomics - ECON 2301.001

Course Syllabus for Fall 2017

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 75799

Office: BUS #240

E-mail: [email protected]

Please note that e-mail 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

e-mail and asking me to call you back. Please always identify yourself and provide the course and section you are in.

Phone: 903-566-7459 (Office) – 903-570-9020 (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 email; please see me in person during office

hours to talk about grades.

Office Hours: 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.

Open Office hours:

Mondays: 12:30-2:00

Wednesday: 12:30-2:00

Fridays: 12:30-2:00

Principles Homework Help:

Mondays: 2:00-4:00

Appointments only:

MWF 7:30-8:30 am

mailto:[email protected]


Class

Meeting Times: Section 001 meets MWF from 9:05-10:00 am in BUS 158. Please be on time.

Course Package: McGraw-Hill Course Connect with Asarta Butters Economics. ISBN: 0077633822. 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 provide 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

Spring 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 decision-

making 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.

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: 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!


Classroom Conduct: 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.

Participation: 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!

Class Notes: 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.

Macroeconomics

Challenge: This will be a fun way to REVIEW in class for your Final Exam. Maybe you can even earn points!

Canvas Chat: There may be both graded and ungraded forums that I will open for you using the Canvas Chat function. These forums will be

opportunities for you to help each other, form virtual study groups and ask content questions of me.

Make-Up Policy: If you are absent for any reason – university business, health issue, family crisis, work conflict, religious obligation, etc. – on a non-test

day and you miss an activity, 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. (Assume you earn 160 points of 200 on the final – that’s 80% - and you miss a 50 point unit test thus earning a

0. I would replace the 0 with 40 points, the equivalent 80% on that test.) In addition, you will have the opportunity to drop at least one

homework assignment and one class activity because I will count only your 20 best of each.

Academic Integrity: 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.


Grading*: QuickStart Buffer Points** 10 @ 10 points = 100 points

McGraw Hill Independent Learning Assignments 20 @ 10 points = 200 points

Class Community Learning Activities 20 @ 10 points = 200 points

Individual Project Writing, Graphing and Technology Portfolio 2 @ 100 points = 200 points

Unit Exams 4 @ 50 points = 200 points***

Final Cumulative Exam 1 @ 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 = 950+ points

B = 800-949 points

C = 700-799 points

D = 600-699 points

F = 599 points

New Grading Policy:

There are FOUR learning and assessment aspects to the course. The four aspect categories are 1) independent learning through McGraw-Hill homework; 2)

community learning through class activities and lectures; 3) project learning through the portfolio assignment that includes writing, graphing and technology

presentation and; 4) cumulative learning assimilation through unit and final exams. You MUST ACHIEVE a minimum of 50% in each of them in order to pass

the course. Not counting QuickStart, there are 1000 points available to earn through the four categories. You need 950 points for an A, 800 points for a B, 700

points for a C and 600 points for a D. These two course requirements – the four categories and the points required to achieve your grade goal - viewed separately,

are known as necessary but not sufficient conditions. If you score the required 50% minimum in each category, you will only achieve 500 points and that is not

enough points to pass, although if you also earn 100 QuickStart points at the start of the semester, that would raise your 500 points to 600 points and your F to a D

… still not where you want to be, however. If you achieve more points in total than you need to pass, let’s say 700, but you do not achieve the 50% threshold in

each category of the course, then you still will not pass. You MAY REPLACE your lowest scoring category with your highest scoring category to get the grade

you want once you have achieved the 50% threshold in each aspect of the course. In addition, QuickStart points, earned at the beginning of the semester, will be

added AFTER students achieve minimum thresholds in each category.

The following four vignettes will help you understand the implications of this grading policy.


Examples from a Tale of Four Students:

1. The straight “A” student who finds this class difficult

This describes the student who says, “I have a 4.0 average and I can’t seem to score above a 70 on your tests.”

Individual Learning Homework: 180 of 200

Community Learning Class Activities: 180 of 200

Project Learning Portfolio: 180 of 200

Cumulative Learning Exams: 140 of 200 on Unit Exams and 140 of 200 on Final Exam

Passed threshold in all categories, 820 earned points, replacing a 140 with a 180 gets the student to 860 points, adding the 90 of 100 QuickStart Points earned at the

beginning of the course brings the student to 950 points and an A.

My advice: Do what you do best, organize, come to class, do all the assignments, focus on understanding and looking for connections rather than memorizing

and don’t stress about exams.

2. The hard worker who doesn’t test well

This describes so many students who do all the work, never get great test scores but keep plugging. This is the student who benefits most from my grading system.


Community Learning Class Activities: 160 0f 200



Passed threshold in all categories, 680 earned points, replacing a 100 with a 160 gets student to 740 points, adding the 80 of 100 QuickStart Points earned at the beginning

of the course brings the student to 820 points and a B.

My advice: Your strengths are that you are a hard worker and you care about learning. Be sure to earn your QuickStart points at the beginning of the

semester, come to class and do all of your assignments on time. Come to see me for extra help and go to Homework Help sessions.

(Still don’t see yourself? Keep reading!)

3. The recalcitrant slacker

This is the student who chooses not to get with the program at the beginning of the semester but has an epiphany after the first exam.





Passed threshold in all categories, 650 earned points, replacing a 100 with a 180 gets student to 730 points, adding the 30 of 100 QuickStart Points earned at the beginning

of the course brings the student to 760 points and a C. (This underperforming but capable student, although relieved to pass, is regretting the choice not to take advantage

of the QuickStart points offered at the beginning of the semester!!)

My advice: Don’t make it so hard on yourself! Do what you’re supposed to do at the beginning of the semester. Yes, you will be able to recover but there is an

easier path! (I bet people have been telling you that all your life!!)


4. The Know-It-All who tries to “game” the system

This describes students who say, “I’m going to cram like crazy for exams, do what I need to do on the big point assignments and blow off the homework and class

participation.”





Although this student passed all exams and earned a total of 700 points, this student will receive an F. This is because the threshold point level in each category was not

met. The student did not earn the option to replace a low scoring category with a high scoring one and did not earn the option to apply any QuickStart points from the

beginning of the semester.

My advice: Remember that it is not a university degree that has value but a university education. You are among a privileged minority of people who have

earned the opportunity to attend college; please embrace it. Know that I really do care about what you learn and not just what you achieve.

So, which student resonates most with you?

What do you plan to do about it?

How can I help you?

Grade Tracking:

This syllabus is the sole source for course grading policy. Both your Canvas and McGraw-Hill accounts may be used to report your grades on individual assignments but these

accounts will not reflect your course grades. Please keep track of your own grades with the very simple form that I will provide for you on Canvas in the Getting Started folder. It

asks you to identify your grade goal and the requirements to reach that goal; it lists the four categories and requires you to record in each, your points earned, whether the threshold

has been met, the remaining points available, whether you are on track and, if not, what changes you need to make to get there. Please bring this completed form any time you

want to discuss grades or course progress. This is especially important for students active in campus activities who will need interim grade reporting from me.

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 all students to put this information into your

calendar.


Schedule of Classes for Fall 2017 Principles of Macroeconomics

Week

#1

Day Class # and

Topic

Assignment Information

Monday, August 28

Class #1

Welcome to

Economics!

Purchase McGraw-Hill Course Connect

materials.

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.

Wednesday,

August 30

Class #2

Course Tools

and Policies

QuickStart activities #1-#10 are due by Friday,

September 8th at 5:00 pm.

Note that QuickStart #10 is also LearnSmart

Achieve #1

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.

Friday,

September 1

Class #3

The Economic

Way of

Thinking

Work on QuickStart activities #1-10

Note that QuickStart #10 is also LearnSmart

Achieve #1

QuickStart activities #1-#10 are due by Friday, September 8th at

5:00 pm.

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


Schedule of Classes for Fall 2017 Principles of Microeconomics

Week

#2

Day Class # and

Topic


L

A

B

O

R

D

A

Y

Monday,

September 4 Holiday

No Class

LearnSmart Achieve #2 (Demand) and LearnSmart Achieve #3 (Supply) are both

open and are due at 8:00 am on Monday, September 11th

QuickStart activities #1-#10 are due by Friday, September 8th at 5:00 pm.

Wednesday,

September 6

Class #4

Fundamentals

Finish up QuickStart activities #1-10

Be working on LearnSmart Achieve 2&3




Friday,

September 8

Class #5

Fundamentals

Finish up QuickStart activities #1-10





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



Week

#3

Day Class # and

Topic


Monday,

September 11

Census Day

Class #6

Demand

LearnSmart Achieve #2 (Demand) and

LearnSmart Achieve #3 (Supply) are due at

8:00 am this morning. They have been open

for one week.

LearnSmart Achieve #4 (Market Equilibrium and Policy) and

LearnSmart Achieve #5 (Market Efficiency) are both open and are

due at 8:00 am on Monday, September 18th

Wednesday,

September 13

Class #7

Supply





Friday,

September 15

Class #8

Market

Equilibrium





Learning Objectives for the Demand, Supply and Equilibrium 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 nonprice

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 nonprice

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.

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



Week

#4

Day Class # and

Topic


Monday,

September

18

Class # 9

Market

Efficiency

LearnSmart Achieve #4 (Market Equilibrium

and Policy) and LearnSmart Achieve #5

(Market Efficiency) are due at 8:00 am this

morning. They have been open for one week.

LearnSmart Achieve #6 (Elasticity Standard Percentage

Change Formula) and LearnSmart Achieve #7 (Elasticity

Midpoint Formula) are both open and are due at 8:00 am on

Monday, September 25th

Wednesday,

September

20

Class # 10

Class will

not meet in

person.

Begin work on Portfolio Project.

See posted instructions on Canvas.


Change Formula) and LearnSmart Achieve #7(Elasticity



Friday,

September

22

Class #11

Market and

Government

Failure


Change Formula) and LearnSmart Achieve #7 (Elasticity



Learning Objectives for Market Efficiency and Market/Government Failure Week #4:

Determine consumer surplus and predict how changes in price affect consumer surplus.

Determine producer surplus and predict how changes in price affect producer surplus.

Determine the economic surplus and gains from trade in a market.

Use changes in consumer and producer surplus to identify a deadweight loss.

Define and identify productive and allocative efficiency in a competitive market.



Week

# 5

Day Class # and

Topic


Monday,

September 25

Class #12

Elasticity

LearnSmart Achieve #6 (Elasticity Standard Percentage Change

Formula) and LearnSmart Achieve #7 (Elasticity Midpoint

Formula) are due at 8:00 am this morning. They have been open

for one week.

LearnSmart Achieve #8 (Market

Failure) and LearnSmart Achieve #9

(Consumer Choice) are both open

and are due at 8:00 am on Monday,

October 2nd.

Wednesday,

September 27

Class #13

Elasticity

LearnSmart Achieve #8 (Market




October 2nd.

Friday,

September 29

Class #14

Portfolio

Project

Expectations

Portfolio project sample activity is due today. LearnSmart Achieve #8 (Market




October 2nd.

Learning Objectives for Elasticity week #5:

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.



Week

# 6

Day Class Topic Assignment Information

Monday,

October 2

Filing

Deadline

for Fall

2017

Graduation

Class # 15

Market Failure

and Utility

LearnSmart Achieve #8 (Market Failure) and LearnSmart

Achieve #9 (Consumer Choice) are due at 8:00 am this


There is no LearnSmart Achieve homework due

next week because of your Project Portfolio and

Testing.

Wednesday,

October 4

Class #16

Class will not

meet in

person.

Work on Portfolio Project!

Friday,

October 6

Class #17

Class will not

meet in

person.


Learning Objectives for Market Failure and Consumer Choice week #6:

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

Illustrate the effect of a price ceiling on economic welfare using consumer and producer surplus.

Illustrate the effect of a price floor on economic welfare using consumer and producer surplus.

Illustrate the effect of a tax on economic welfare using consumer and producer surplus.

Use basic formulas to solve for consumer and producer surplus and the 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.



Week

#7


Monday,

October 9

Class #18

Review for

Unit One

Exams

Portfolio Project Part One Due Today at 8:00 am.

You have had the assignment since September 20.

LearnSmart Achieve #10 (Public Finance) and

LearnSmart Achieve #11 (Measuring Output and

Income) are both open and are due at 8:00 am on

Monday, October 16th

Wednesday,

October 11

Class #19

Unit One

Graphing Exam





Friday,

October 13

Class #20

Unit One

Multiple

Choice exam





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.



Week

#8


Monday,

October 16

Class #21

Public Finance



Income) are due at 8:00 am this morning. They have

been open for one week.

LearnSmart Achieve #12 (Business Cycles ) and

LearnSmart Achieve #13 (Unemployment & Inflation) are

both open and are due at 8:00 am on Monday, October

23rd

Wednesday,

October 18

Class #22

Exam Review

Class will not

meet in person.





23rd

Friday,

October 20

Class #23

Output and

Income




23rd

Learning Objectives for Public Finance and Measuring Output and Income week #8:

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.

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 economy



Week

#9

Date Class # and

Topic


Monday,

October

23

Class #24

Business

Cycles

LearnSmart Achieve #12 (Business Cycles) and

LearnSmart Achieve #13 (Unemployment &

Inflation) are due at 8:00 am this morning. They

have been open for one week.

LearnSmart Achieve #14 (Aggregate Expenditures Model )

and LearnSmart Achieve #15 (Aggregate Demand and

Aggregate Supply) are both open and are due at 8:00 am on


Wednesda

y, October

25

Class #25

Class will not

meet in

person.


LearnSmart Achieve #14 (Aggregate Expenditures Model )




Friday,

October

27

Class #26

Unemployme

nt and

Inflation

. LearnSmart Achieve #14 (Aggregate Expenditures Model )




Learning Objectives for Public Finance and Measuring Output and Income week #9:

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.



Week

#10

Date: Class # and Topic


Monday,

October 30

Class #27

Aggregate

Expenditures Model

LearnSmart Achieve #14 (Aggregate Expenditures Model) and

LearnSmart Achieve #15 (Aggregate Demand and Aggregate Supply)

are due at 8:00 am this morning. They have been open for one week.

LearnSmart Achieve #16 (Fiscal Policy) and

LearnSmart Achieve #17 (Money) are both open

and are due at 8:00 am on Monday, November 6

Wednesday,

November 1

Class #28

Aggregate Demand

& Aggregate Supply




Friday,

November 3

Class #29

Class will not

meet in person.

Work on Portfolio Project.




Learning Objectives for Aggregate Expenditures, Multipliers and Short vs Long-run Models - week #10:

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 stagflation



Week

#11

Date: Class # and

Topic


Monday,

November 6

Class #30

Fiscal Policy

Automatic

Stabilizers


LearnSmart Achieve #17 (Money) are due at 8:00 am

this morning. They have been open for one week.

LearnSmart Achieve #18 (Monetary Policy) and

LearnSmart Achieve #19 (Competing Views in

Macroeconomic Theory) are both open and are due at

8:00 am on Monday, November 13th

Wednesday,

November 8

Class #31

Fiscal Policy

Discretionary

Stabilizers





Friday,

November

10

Class #32

Money





Learning Objectives for Money, the Federal Reserve and Monetary Policy - week #11

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.



Week

# 12

Date: Class # and

Topic:

Assignment: Information:

Monday,

November

13

Class #33

The Federal

Reserve System



Macroeconomic Theory) are due at 8:00 am this


LearnSmart Achieve #20 (International Trade) and LearnSmart

Achieve #21 (International Finance) are both open and are due

at 8:00 am on Monday, November 20th

Wednesday,

November

15

Class #34

Monetary Policy

LearnSmart Achieve #20 (International Trade) and LearnSmart Achieve #21 (International Finance) are both open and are due


Friday,

November

17

Class #35

Competing

Views in

Macroeconomic

Theory

Portfolio Project Part Two is due today.


Achieve #21 (International Finance) are both open and are due


Learning Objectives for Monetary Policy and Different Views of the Macroeconomy - week #12:

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 a targeted level for the federal funds rate.

Explain how the Federal Reserve uses open market operations to change the 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.

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



Week

#13


F

A

L

L

B

R

E

A

K

Monday,

November 20

Holiday

No Class LearnSmart Achieve #20 (International Trade) and LearnSmart

Achieve #21 (International Finance) are due at 8:00 am this


Note that you can extend completion to the Monday morning

after break at no penalty but sometimes that’s even harder!

Wednesday,

November 22

Holiday

No Class

Friday,

November 24

Holiday

No Class

Have a safe, re-energizing break and come back confident and prepared to finish the

semester strong.

Talk to your family about economics.

Remember the concepts of diminishing marginal utility as you enjoy thanksgiving dinner

and rational decision-making when it comes post-Thanksgiving shopping mania!



Week

#14


Monday,

November 27

Class #36

International

Trade


Achieve #21 (International Finance) were due last Monday but

will be accepted late without penalty until 8:00 am this

morning. They have been open for two weeks.

You have had 21 LearnSmart Achieve

Assignments. I will count your best 20.

Wednesday,

November 29

Class #37

International

Finance

Friday,

December 1

Class #38

Unit Two

Review

.

Learning Objectives for International Trade and Finance week #12

Describe the benefits of international trade.

Use provided data to determine which country has a comparative advantage in the production of a good.

Use provided data to determine the pattern of specialization between two countries.

Identify the range of prices for which mutually beneficial trade will occur between two countries.

Evaluate the gains from trade by illustrating them in a production possibilities model and by calculating them numerically.

Illustrate the small-country model in a supply and demand diagram.

Illustrate, using consumer and producer surplus, how exports affect economic welfare in the small-country model.

Illustrate, using consumer and producer surplus, how imports affect economic welfare in the small-country model.

Describe why individuals and societies may choose to establish barriers to trade.

Use the small-country model to illustrate the effect of a tariff on international trade and economic welfare.

Use the small-country model to illustrate the effect of a quota on international trade and economic welfare.

Describe the role of exchange rates in international trade and finance.

Show how demand and supply for currencies interact to determine an equilibrium exchange rate.

Illustrate a flexible exchange rate system and a fixed exchange rate system

Illustrate complex changes in a flexible exchange rate system.



Week

#15

Day Class # and

Topic


Monday,

December 4

Class #39

Unit Two

Graphing Exam

Study

Wednesday,

December 6

Class #40

Unit Two

Multiple Choice

Exam

Study

Friday,

December 8

Class #41

Macroeconomics

Challenge


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.



Week

#16


Monday,

December

11

Study Day

No University

Classes

Optional Review See Blackboard for Dates and Times

Wednesday,

December

13

Final Exam

Week

Check MyUTTyler for final exam dates, time

and location. Remember that I do not schedule

final exams.

Friday,

December

15

Final Exam

Week

Check MyUTTyler for final exam dates, time

and location. Remember that I do not schedule

final exams.


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.


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.)

http://www.uttyler.edu/academicaffairs/syllabuspolicies.pdf

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:

http://www.uttyler.edu/wellness/rightsresponsibilities.php

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 http://www.uttyler.edu/registrar. 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.

http://www.uttyler.edu/academicaffairs/syllabuspolicies.pdf


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 903.566.7079. You may also send an email to [email protected]

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 e-mail) 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 www.uttyler.edu/tobacco-free.

http://www.uttyler.edu/tobacco-free


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

http://www.uttyler.edu/about/campus-carry/index.php.
http://www.uttyler.edu/about/campus-carry/index.php

Documents

Principles of Macroeconomics - ECON 2301.001 Course ... › socialsciences › files › _fall17_syllabi › econ2… · DOTY MACRO SYLLABUS – FALL 2017 Principles of Macroeconomics