Course Prefix/Number: Econ 201
Course Title: Macroeconomics
Division: Applied Science Division
Credit Hours: 3
Initiation Revision Date: Fall 2008
Assessment Goal per Outcome (s) 70%
This course is a study of the aggregate sectors of the economy and their respective roles in economic activity.
This course and Microeconomics Econ 200 cannot be taken concurrently.
Economics 17th Edition. McConnell, Campbell R. and Brue, Stanley L. The McGraw Hill Companies, Inc., 2008.
AT THE END OF THE COURSE, A STUDENT SHOULD BE ABLE TO DO THE FOLLOWING:
1. Define Economics.
2. Contrast the distinction between microeconomics and macroeconomics.
3. Review the concepts of production possibilities analysis, increasing opportunity costs, and economic growth.
4.
Discuss the
basic principles and problems of economics. (Business Skills item 8)
5. Contrast the differences between a command system and a market system.
6. Evaluate how the market system decides what to produce, how to produce it, and who obtains its.
7. Discuss how the market system adjusts to change and promotes progress.
8. Define demand and what affects it.
9. Define supply and what affects it.
10. Evaluate how supply and demand together determine market equilibrium.
11. Review how government-set prices can cause product surpluses and shortages.
12. Evaluate why the corporate form of business organization dominates sales and profits.
13. Evaluate the problem that arises when corporate owners (principals) and their managers (agents) have different interests.
Macroeconomic Syllabus page 2
14. Discuss the economic role of government in the economy.
15. Identify the major categories of Federal, State, and local spending and major sources of revenue for each.
16. Evaluate the relationship of comparative advantage, specialization, and international trade.
17. Describe ways in which governments interfere with free trade among nations.
18. Describe how exchange rates are determined in currency markets.
19. State the purposes of national income accounting.
20. List the components of GDP.
21. Evaluate the nature and function of a GDP price index.
22. Explain why business cycles affect capital and consumer durable goods industries more than non-durable goods and service industries.
23. State the causes of frictional, cyclical, and structural unemployment.
24. Define inflation and list two types of inflation.
25. Evaluate the relationship between the interest rate, expected rate of return, and investment.
26. Describe the reason for the instability in investment spending.
27. Describe and define the multiplier effect.
28. Describe how government purchases and personal taxes affect equilibrium GDP.
29. Explain the affect of increases (decreases) in imports on real GDP.
30. Explain why an equal amount of government purchases and taxes will have a differential impact on GDP.
31. Evaluate factors that affect changes or shifts in the aggregate demand curve.
32. Evaluate factors that affect changes or shifts in the aggregate supply curve.
33. Explain how aggregate demand and aggregate supply determine an economy’s equilibrium price level and level of real GDP.
34. Differentiate between expansionary and contractionary fiscal policy.
35. Evaluate the role of built-in stabilizers in moderating business cycles.
36. List three timing problems encountered with fiscal policy.
37.
Describe the
function of money, money development, and operations of the money and banking
system. (Business Skills item 9)
38. Define the money supply, M1, M2, and M3.
39.
Discuss the makeup and functions of the Federal Reserve
as part of the
40. Discuss the effects of a currency deposit in a checking account on the composition and size of the money supply.
41. Explain why a commercial bank is required to maintain a reserve and why it is not sufficient to cover deposits.
42. Explain what happens to the money supply when a loan is repaid or a bank sells its securities.
43. Identify the goals of monetary policy.
44. Describe three monetary policies the Fed could use to reduce unemployment.
45. Describe three monetary policies the Fed could use to reduce inflationary pressures in the economy.
46. Explain two possible effects of taxation on aggregate supply.
47. Explain why demand-management policies can not eliminate stagflation.
Macroeconomics Syllabus page 3
48. Distinguish between demand-pull and cost-pull inflation using the extended aggregate demand-aggregate-supply model.
49. Identify major factors that contributed to the U.S economic growth.
50.
List primary reasons for productivity acceleration in
the
51. Identify and explain the arguments for and against economic growth.
52. Give two reasons for macroeconomic instability according to mainstream economists.
53. Explain the main reasons for macroeconomic instability according to the real-business-cycle theory.
54. List three reasons why a higher wage could result in greater efficiency.
Note: Competencies listed in bold type are part of program outcomes.
Course Outline:
Part 1: An
Introduction to Economics and the Economy
1. Limits, Alternatives, and Choices
2. The Market System and the Circular Flow
3. Demand, Supply, and Market Equilibrium
4. The
5. The
Part 2: Macroeconomic
Measurement and Basic Concepts
6. Measuring Domestic Output and National Income
7. Introduction to Economic Growth and Instability
8. Basic Macroeconomic Relationships
Part 3: Macroeconomic Models and Fiscal Policy
9. The Aggregate Expenditures Model
10. Aggregate Demand and Aggregate Supply
11. Fiscal Policy, Deficits, and Debt
Part 4: Money,
Banking, and Monetary Policy
12. Money and Banking
13. Money Creation
14. Interest Rates and Monetary Policy
Part 5: Long-Run
Perspectives and Macroeconomic Debates
15. Extending the Analysis of Aggregate Supply
16. Economic Growth
17. Disputes over Macro Theory and Policy
Macroeconomics Syllabus page 4
1. Lecture and class discussion
2. Use of visual aids
3. Student assignments
4. Unit or chapter tests
5. Oral and written student reports
6. Case studies
An effort will be made to grade student on all types of performances: oral, written, daily, periodic, special contribution, and projects. The instructor will endeavor to arrive at the course grade in the following manner:
Unit tests………………………………………………..60%
Participation, cooperation and general interest…………10%
Notebook assignment or special project………………..10%
Final exam………………………………………………20%
90% and above = A 80% to 89% = B 70% to 79% = C 60% to 69% = D 59% and below = F
Grades are rounded to the nearest whole percentage. For example, 79.5 will be rounded to 80% whereas, 79.49 will be rounded to 79%.
Absences
that occur due to students participating in official college activities are
excused except in those cases where outside bodies, such as the State Board of
Nursing, have requirements for minimum class minutes for each student. Students
who are excused will be given reasonable opportunity to make up any missed work
or receive substitute assignments from the instructor and should not be
penalized for the absence. Proper
procedure should be followed in notifying faculty in advance of the student’s
planned participation in the event.
Ultimately it is the student’s responsibility to notify the instructor
in advance of the planned absence.
Unless
students are participating in a school activity or are excused by the instructor, they are expected to attend
class. If a student’s absences exceed
one-hundred (100) minutes per credit
hour for the course or, in the case
of on-line or other non-traditional courses, the student is inactive for
one-eighth of the total course duration the instructor has the right, but is
not required, to withdraw a student from the course. Once the student has been dropped for
excessive absences, the registrar’s office will send a letter to the student,
stating that he or she has been dropped.
A student may petition the chief academic
officer
for reinstatement by submitting a letter stating valid reasons for the absences
within one week of the registrar’s notification. If the student is reinstated into the class,
the instructor and the registrar will be notified.
Macroeconomics
Syllabus page 5
Academic Integrity
NCCC expects every student to demonstrate ethical
behavior with regard to academic pursuits.
Academic integrity in coursework is a specific requirement. Definitions, examples, and possible
consequences for violations of Academic Integrity, as well as the appeals
process, can be found in the College Catalog, Student Handbook, and/or Code of
Student Conduct and Discipline.
Student cell phones and pagers must be turned off during class times. Faculty may approve an exception for special circumstances.
INSTITUTIONAL ASSESSMENT OF GAIN. All incoming first‑time full‑time students are required to
pre‑test by using either the COMPASS or ACT test as a testing tool. All graduating sophomore students
are given a post‑test by using the NCCC Exit Exam testing tool. The purpose of the pre/post test is to
measure the average student gain in
general academic knowledge while attending
Community College. PROGRAM ASSESSMENT OF GAIN. The Marketing/Management Education
Department performs follow‑up contacts on program completers one year after awarding program
certificates. Placement in a vocation, successfully attending a higher level of institutional learning, or
military service is considered a positive placement. The minimum acceptable level of placement is 70
percent. A program assessment tool may also be used by the Marketing/Management Department to
assess mastery of program outcomes. An 80 percent proficiency or higher is major program
outcomes is sought. COURSE ASSESSMENT OF GAIN. Pre‑assessment of all students is done during
the first two weeks of the course either by oral interview or written test. Students must achieve a course
percentage score of 70 percent to satisfactory complete the course based on the course evaluation
method.
NOTE: If you are a student with a disability who may need
accommodation(s) under the Americans with Disabilities Act (ADA), please notify
the Dean of Student Development,
Chanute Campus, Student Union, 620-431-2820, Ext. 213., or the
Dean, Ottawa Campus, 785-242-2607 ext 312, as soon as
possible. You will need to bring your
documentation for review in order to determine reasonable accommodations, and
then we can assist you in arranging any necessary accommodations.
Note: Information and statements in this document are
subject to change at the discretion of NCCC.
Changes will be published in writing and made available to students.