Economics 102 Arienne Turner
Principles of Macroeconomics Fullerton College
Office: 1423-02 / Office Hours: M W: 12:00 - 1:30 T Th 3:15 - 4:15Phone: (714) 992-7503
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Course materials / E-MAIL:
Textbook Web Page: www.mcconnell19e.com
GUIDE FOR STUDENTS
Regular attendance and a willingness to contribute to the process are critical to your success in the class. Economics is a challenging discipline and will require your best effort and attention. Assigned readings should be completed as scheduled so that you can fully participate in the classroom activities. When you need extra help take full advantage of my office hours and other services on campus. Economics is sometimes referred to as the Science of Choice. It is concerned with obtaining maximum satisfaction through the efficient use of scarce resources. Your study of economics will benefit you professionally and personally and help you make decisions as a responsible voting citizen. The study of economics has many practical benefits however, you should know that economics is mainly an academic, not a vocational, subject. It is not a series of how to make money lessons. The economic perspective stresses rational behavior that often weighs the marginal costs and marginal benefits of alternative choices. There are three fundamental skills that are necessary to engage successfully in economic reasoning:
1. The ability to use and apply the specialized vocabulary.
2. The ability to use graphs and mathematical reasoning.
3. The ability to use abstract models and generalize.
TEXTBOOK
McConnell, Brue, and Flynn, Macroeconomics 19th edition. McGraw-Hill, or an earlier edition of the same text.
REQUIRED MATERIALS
3 Ring binder, Graph paper, 3 Pens: black, blue and red, 4 Scantron answer sheets #882
RECOMMENDED SUPPLEMENTS
Subscription or regular access to a weekly news magazine such as The Economist, U.S. News and World Report, Newsweek, Business Week, Fortune or the Wall Street Journal.
EXAMINATIONS
Four examinations including a final will be given. All will count the same amount, 100 points each. The course outline indicates the material covered on each, and the approximate time of the tests. Test questions will be taken from the following sources, listed in the order of their importance: lecture material, study guides, homework, class discussion, and assigned readings. The tests will be multiple choice and other objective questions with some practical applications included. Learning the new vocabulary of economics is extremely important! Interpretation of some graphs will also be required. All examinations are cumulative. The fourth test is the final, and it is comprehensive.
UNIT QUIZZES, HOMEWORK AND CURRENT EVENTS ESSAY
Each unit of study will include a variety of in-class exercises, homework, and quizzes designed to help you learn the required material. Class participation and regular attendance are necessary for you to receive the maximum credit for the semester.
Class Notebook:
Your semester grade will improve if you are well organized and set aside sufficient time to both attend class regularly and study independently. You should keep your lecture notes and class handouts in a 3 ring loose-leaf binder, so that pages can be added, rearranged, or taken out for grading. Some classroom activities will continue for several class periods. If you are absent, it is your responsibility to fill in the missing material. Your textbook’s web site has power point presentations, interactive exercises and many useful features prepared for each of the assigned chapters. You can take practice quizzes on line to judge your understanding of the material. My Gateway contains a lecture outline for each of the assigned chapters and links to other useful material.
In-class and take-home quizzes:
A number of quizzes and other in class assignments will be given throughout the semester with or without prior announcement. The quiz scores and participation in classroom activities represent ten percent of your final grade.
Current Events Essay:
During the semester you will be asked to turn in a writing assignment. It should be double-spaced, 12 point type and about three to four pages in length. Your papers should reflect a specific example of a general topic that is considered in class. You should use current news articles or recently published books as references and as a springboard for your own ideas and opinions. In order to receive full credit for your policy paper, you must complete all of the in-class preparatory assignments and cite your sources appropriately.
1) The first choice would be to consider some part of the financial system, its functions, its benefits, and/or its possible flaws. Possible topics might include the role of the Federal Reserve in directing monetary policy, controlling the supply of money and influencing interest rates in the economy. Another area of interest might be in analyzing the problems or failures of particular banks, savings and loans, or other financial institutions. Banks and financial institutions are among the most heavily regulated private businesses in the economy. You may wish to explore why this is true, or investigate why recent changes in market conditions have exposed massive failures in the regulation of our financial institutions.
2) The second essay topic you might consider would be some aspect of the role of government in our economy. You may choose an example from any level of government: federal, state or local. Economic functions of government include: regulation of business, e.g. environmental standards, worker and consumer safety, zoning rules, reallocation, the provision of public goods or correction for spillovers or externalities, redistribution, the transfer of income from one group to another through government action, and stabilization, the use of fiscal and monetary policies to manage the economy. Fiscal policy concerns the collection of tax revenue and government expenditures with due consideration for the stability of the overall economy. The structure of the tax system can have many secondary effects. What groups will bear the heaviest burden? Who will benefit? Collecting the same dollar amount of tax revenue can be done in many vastly different ways. Similarly, the expenditures by government can be used for a wide variety of purposes, each having very different secondary effects and consequences. Due date is May 3, 2012.
GRADES
Your grade will be based upon the total number of points earned. Regular attendance is expected. Your score will include a maximum of 50 points for your current events essay and 50 points for attendance, quizzes, and participation. The two scores combined represent 20% of your grade and have the same weight as one test. The four examinations count 100 points each and represent 80% of your final grade NO makeup examinations or quizzes will be given. You may drop one of the three regular exams and double the final. This will be done automatically, if it is to your advantage. If you miss a test the final will be counted twice. Extra credit will be offered occasionally which can be used to make up missed participation points, but not to exceed the total of 50 points for A or B grades.
The instructor reserves the right to lower a student’s score, and/or require additional work if there is any indication of cheating on examinations or turning in someone else’s work!
A = 90% B = 80% C = 60% D = 50%
If you decide to discontinue the class, be sure to drop officially in the records office. Failure to do so will result in an F. An incomplete grade will be given for emergency situations if requested.
19th Edition Macro split
Unit I / The Role of Government, Market Failures, and MeasuringThe Economy. Chapters 5, 6, 7, 9 / Exam I / 02/23/12
Unit II / Macro Models and Fiscal Policy
Chapters 10, 11, 12, 13 / Exam II / 03/29/12
Unit III / Money, Banking, and Monetary Policy
Chapters 14, 15, 16, 18, 19 / Exam III / 05/10/12
Final / Discussion, Evaluation and Review
Current events paper is due 05/03/12 / Exam IV (Final) / 1-3PM
05/22/12
FINAL EXAM IS COMPREHENSIVE