Principles of Macroeconomics
ECO 2251 – TBWA
Fall Semester 2010
MWF 8:00 – 8:50, General Academic Building (GAB) 303
Instructor: Jennings Byrd Office Location: 17-A McCartha
Email: Office Hours: 11:30 – 1:30 MWF
Office Telephone: 808-6205 10:00 – 2:00 T
Prerequisites: None
Course Description: Macroeconomic theory of the national economy with emphasis on income, employment, banking, and public policy.
Course Objectives: Upon completion of the course, the student should be able to:
1. Contrast the market system with alternative methods.
2. Explain how the price system allocates economic resources.
3. Identify the different sectors in the economy and explain their respective roles.
4. Use national income accounting to measure the overall performance of the economy.
5. Outline the relationships among spending, output, employment, and inflation.
6. Explain changes in the equilibrium price level, output level, and level of employment using the aggregate demand (AD) and aggregate supply (AS) framework.
7. Assess the impact of fiscal policy on an economy.
8. Explain money creation and control of the money creation process by the Federal Reserve System.
9. Assess the impact of monetary policy on an economy.
10. Explain and assess the macroeconomic impact of international activity on an open economy.
Purpose: To provide familiarity with the fundamental concepts and theories of economics as they apply to everyday life. These include the concepts of price determination, national income accounting, governmental fiscal and monetary policy, and economic growth. Prerequisite for admission into all upper-level business courses. A choice of ECO 2251 or ECO 2252 is required for the ASB Business Administration minor.
Textbook: McConnell, Brue, and Flynn. Macroeconomics, 2010
Course Web: http://troy.blackboard.com/webapps/portal/frameset.jsp
Supplement Materials: The following website contains additional prep materials such as study cards and practice quizzes.
http://highered.mcgraw-hill.com/sites/0073365947/student_view0/index.html
Quizzes: There will be weekly quizzes that test you on the material from the prior week’s lectures. These quizzes will usually be 10 questions and may consist of true/false, multiple-choice, fill in the blank and short answer questions.
Quiz Policy: The quizzes will be given at the beginning of class and should last no more than 20 minutes (an average of 2 minutes per question on a 10 question quiz.) A quiz will be given every week except for the week of the midterm, Thanksgiving holidays, and during final examinations. I will also drop two of the lowest quiz grades; however, in order for me to do so, the student should bring a signed note on the last day of class wishing for me to do so. If the student does not bring a signed note on the last day of class, then all quizzes will be counted into the final grade.
Midterm Exam: There will be one regularly scheduled midterm that will consist of multiple choice and short answer questions. The exam will be given during an assigned date and will take place in the designated classroom.
Midterm Exam Policy: If a student should not be able to attend class for the midterm exam, notification must be given one week prior to the exam. The student should then arrange an appropriate time to make up the exam, however, the midterm may not be made up more than two weeks after it is given. If a student fails to show up for the exam and had not informed me prior, then the student will receive a zero for the exam. Only under certain circumstances may a student take the exam without a pre-approved excuse.
Final Exam: All students who take this course must take a timed, proctored, comprehensive, closed-book/closed notes formative exam which will be taken in Blackboard during the final examination period. The exam must be worth 25% of the points of the course and the exam results may not be scaled. This exam will be administered online in Blackboard. All students, regardless of course format (online, lecture, or hybrid) will be registered in a separate course in Blackboard where this exam is accessed. The exam will cover all of the learning objectives listed in this master syllabus. The exam will be two hours in length and must be completed in one sitting. Students who exceed the time limit will have points deducted from their exam at the rate of 5% per minute.
Grading Policy: Weekly Quizzes 60%
(approximately 14)
(two lowest quiz grades may be dropped – see quiz policy)
Midterm Exam 15%
Comprehensive
Final Exam 25%
Grading Scale: A 90-100%
B 80-89%
C 70-79%
D 60-69%
F 0-59%
Class Procedure: The method of delivery will be lecture. Students are encouraged to participate in lecture, but not have conversations about their life to other students while in class. Students are also expected to attend class and complete reading assignments.
Attendance Policy: While not mandatory, it is expected that you attend class every day. Missing classes will not detract from your final grade. If you do miss a class for any reason, it is your responsibility to get notes from your classmates. I will answer questions regarding the material but will not re-teach any lecture. In addition, if you miss a class on the day of a quiz, you will earn a zero for that quiz.
General Supports: The computer labs in McCartha are available for student use.
Additional Services: AMERICANS WITH DISABILITIES ACT: Troy University supports Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, whiich insure that postsecondary students with disabilities have equal access to all academic programs, physical access to all buildings, facilities and events, and are not discriminated against on the basis of disability. Eligible students, with appropriate documentation, will be provided equal opportunity to demonstrate their academic skills and potential through the provision of academic adaptations and reasonable accommodations. Students with disabilities, or those who suspect they have a disability, must register with the Disability Services Coordinator in order to receive accommodations. Students currently registered with the Disability Services Office are required to present their Disability Services Accommodation Letter to each faculty member at the beginning of each term. If you have any questions, contact the Office of Adaptive Needs Program (Eldridge Hall), or call 670-3220/3221.
Cell Phones and Other Electronic Devices: Use of any electronic devise by students in the instructional environment is prohibited unless explicitly approved on a case-by-case basis by the instructor of record or by the Office of Disability Services in collaboration with the instructor. Cellular phones, pagers, and other communication devices may be used for emergencies, however, but sending or receiving non-emergency messages is forbidden by the University. Particularly, use of a communication device to violate the Troy University “Standards of Conduct” will result in appropriate disciplinary action (See the Oracle.)
In order to receive emergency messages from the University or family members, the call receipt indicator on devices must be in the vibration mode or other unobtrusive mode of indication. Students receiving calls that they believe to be emergency calls must answer quietly without disturbing the teaching environment. If the call is an emergency, they must move unobtrusively and quietly from the instructional area and notify the instructor as soon as reasonably possible. Students who are expecting an emergency call should inform the instructor before the start of the instructional period.
Incomplete Work Policy: See test make-up policy.
Cheating Policy: Simply put, DON’T DO IT. If you are caught cheating your grade for the course will be an F. Consult Oracle on the policy of cheating.
Dates of Interest: First Day of Class August 11
Midterm Exam TBD
Fall break November 22 - 26
Final Exam December 2 @ 8:00
(may be changed)
Tentative Course Outline
Ch. 1 Limits, Alternatives, Choices
Ch. 2 The Market System and the Circular Flow
Ch. 4 The US Economy: Private and Public Sectors
Ch. 3 Demand, Supply, and Market Equilibrium
Ch. 5 An Introduction to Macroeconomics
Ch. 6 Measuring Domestic Output & National Income
Ch. 8 Business Cycles, Unemployment, & Inflation
Ch. 9 Basic Macroeconomic Relationships
Midterm TBD
Ch. 11 Aggregate Demand and Aggregate Supply
Ch. 16 Extending the Analysis of Aggregate Supply (Selected Parts)
Ch. 14 Money Creation
Ch. 13 Money and Banking
Ch. 15 Interest Rates and Monetary Policy
Ch. 12 Fiscal Policy, Deficits, and Debt
Ch. 16 Extending the Analysis of Aggregate Supply (Selected Parts)
Ch. 7 Economic Growth
Ch. 17 The Balance of Payments, Exchange Rates, and Trade Deficits
Ch. 10 The Aggregate Expenditures Model
Final Exam December 2 @ 8:00
Extra Credit: Throughout the semester, I will periodically have extra credit opportunities that may come in the form of assignments, games, or extra credit questions on quizzes/exams.