Austin Community College

 

Principles of Macroeconomics

ECON 2301— 020

Section 03794

 

CYPRESS CAMPUS (CYP)

 

Professor: Zachariah Abungah

 

Six Weeks Second Summer Session 2012

 

(Monday, July 9 – Wednesday, August 15)

                                                                                                                                               

 

 

Class Hours:   Monday, Tuesday, Wednesday, and Thursday (MTWTH) 09:50 am – 11:45 am

 

Office Hours:  11:45 am – 12:15 pm WTH

 Students may also contact me by telephone or email for additional assistance.                

Campus:         CYP    Office: Room # 2204 – Adjunct Faculty Office                    

 

Telephone:      223-1790 Extension 26242.  Please leave your name and telephone number so that I can call you back; otherwise, contact me by email using the email address here below.

 

Email:              zabungah@austincc.edu       

 

                                                           

                                   

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Course Description:  Principles of Macroeconomics deals with consumers as a whole, producers as a whole, the effects of government spending and taxation policies and the effects of monetary policy carried out by the Federal Reserve Bank. Macroeconomics is concerned with unemployment, inflation, and the business cycle.

 

Required Textbook:  The Macro Economy Today (12th Edition), by Bradley R. Schiller.

 

Recommended Study Guide:  Study Guide Macro-economy Today (12th Edition), by Bradley R. Schiller.

 

Instructional Methodology:  Instruction will be presented using lectures, textbooks, handouts, technology, and discussions.

 

Course Rationale:  This course is meant to give students insight into the dynamics of the United States economy. The knowledge gained in the course will make students better informed citizens and allow them to follow the debates over national economic policy reported in the news

 

media. This course is also a foundation course that will prepare students to be successful in upper division finance, marketing, business administration, economics, government, and social

work courses.

 

Common Course Objectives/Student Outcomes as Established by the Economics Department: 

 

Students who complete this course will be able to understand:

 

·         the meaning of unemployment and inflation data and how that data is collected and computed;

·         the meaning and components of the National Income Accounts, especially GDP;

·         the meaning of the business cycle and its phases;

·         and to manipulate the basic Aggregate Supply and Aggregate Demand models of the macro economy;

·         how fiscal policy operates, its tools, its advantages and drawbacks;

·         how a fractional reserve banking system works;

·         how monetary policy operates, its tools, and its advantages and drawbacks.

 

Learning Objectives/Outcomes as established by the author of the textbook used for this course and by the instructor:  See the learning objectives outlined at the beginning of each chapter and the discussion questions relevant to this class at the end of each chapter in the textbook. The multiple-choice and short essay-type exams will test your knowledge of and ability to apply these learning objectives.

 

GRADING SYSTEM

 

Grading will be based on the following weighted elements:

  1. TEST 1 = 25%
  2. TEST 2 = 25%
  3. Homework(Three assignments) = 25% 
  4. Final Exam = 25%

Example: Suppose that John Doe makes 100% on Homework, 82% on Test 1, 91% on Test 2, and 90% on a Final Exam.

 

John’s grade would be calculated as follows:

  1. Test 1: .82 * .25 = .205
  2. Test 2: .91 * .25 = .2275
  3. Final Exam: .90 * .25 = .2250
  4. Homework: 1.00 * .25 = .2500

 

Total = .9075 or 90.75% ≈ 91%

 

 

Final letter grades will be distributed according to the following scale:

 

Letter Grade

 

Percent

 

A

 

100  -  85%

B

  84  -  75%

C

  74  -  65%

D

  64  -  55%

F

54  -  0%

 

 

 

COURSE POLICIES

 

Attendance:  Students are expected to attend class regularly. Roll calls will be taken each day of class meeting. If a student misses a class, he/she will be responsible for the material covered or presented in class during such absence. Make-up exams will be given only with prior notification and approval by the instructor. In the event college is closed due to bad weather or for some other reason on a day your class is supposed to meet, we will make up the lost class time by meeting on another day as determined by the instructor. 

 

Scholastic Dishonesty:  Acts prohibited by the college for which discipline may be administered include scholastic dishonesty, including but not limited to cheating on an exam or quiz, plagiarizing, and an unauthorized collaboration with another student or individual in preparing outside work. Academic work submitted by students shall be the result of their thought, research or self-expression. Academic work is defined as, but not limited to tests, quizzes, whether taken electronically or on paper; projects, either individual or group; classroom presentations, and homework assignments.

Academic Freedom: Each student is strongly encouraged to participate in class discussions. In any classroom situation that includes discussion and critical thinking, particularly about economic and political ideas, there are bound to be many differing viewpoints. Students may not only disagree with each other at times, but the students and instructor may also find that they have opposing views on sensitive and volatile topics. It is my hope that these differences will enhance class discussion and create an atmosphere where students and instructor alike will be encouraged to think and learn by discussing such issues. Your grades will not be adversely affected by any ideas expressed in class or in written assignments. However, you are encouraged to respect the views of others when expressed in classroom discussions.

Withdrawal:  It is your responsibility to withdraw from this course if your personal situation, including failure to show progress requires you to do so. While I do not anticipate withdrawing students from the course, I reserve the right to do so, if the situation warrants such action.

The last day to withdraw from this course without penalty is Wednesday, August 8, 2012.

 

 

In addition, students should be aware of a change in the law regarding Withdrawals passed by the Texas Legislature in the Spring of 2007. Starting in the Fall of 2007, entering freshman are restricted to six non-punitive withdrawals for the whole of their undergraduate careers while attending state colleges.

Incomplete:  Incompletes are discouraged. They will be given only when extraordinary events intervene so as to make completion of the course impossible. If you want an incomplete, these events must be documented. Besides, to receive an incomplete the student must have completed the first two exams with a C or better. The student must also request an incomplete form from me and fill it out. If the form is not filled out and signed by the Economics Department Chair before submitting to the Registrar’s office, an incomplete grade will not be given.

Incompletes will not be given to students who are behind schedule when the semester nears its end. Similarly, incompletes will not be given to students who need just a few more points to make the next higher letter grade.

If you find yourself way behind or many points short toward the end of the semester you may withdraw without a grade penalty up to four weeks before the end of the semester or one week before the end of a Summer Session.

Students with Disabilities:  Each ACC campus offers support services for students with documented physical or psychological disabilities. Students with disabilities must request reasonable accommodations through the Office for Student with Disabilities on the campus where they expect to take the majority of their classes. Students are encouraged to do this three weeks before the start of the semester. 

 

 

 

 


                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LECTURING SCHEDULE

If we fall behind the proposed schedule below, exams will only be over the material we covered in class.

However the dates the exams are set to be given will not change.

Week No.

Date

CHAPTER/ASSIGNMENTS

 

1

7/9 – 7/11

INTRODUCTION AND BASIC CONCEPTS (CH. 1)

·         Core Issues

·         Basic Decisions

·         Production Theory

·          Appendix A: Graphs

 

2

7/ 11 -7/12

THE US ECONOMY: A GLOBAL VIEW (CH. 2)

·         Measuring the size of an Economy

·         Mix of Output

·         Comparative Output and GDP per capita in selected nations

 

 

 

 

2

7/16 – 7/19

MARKET ANALYSIS  (CH. 3)

·         Demand Theory

·         Supply Theory

·         Market Equilibrium and Disequilibrium

THE ROLE OF GOVERNMENT (CH.4)

·         Market Failure

·         Growth of Government

·         Taxation

·         Government failure

2

7/19  (Thurs)

 

Homework Assignment # 1 Due in Class

 

3

 

7/23 (Mon)

TEST #1

 

 

3

7/23 – 7/26

NATIONAL INCOME ACCOUNTING (CH.5)

·         Measures of output

·         The uses of output

·         Measures of income

·         The flow of income

UNEMPLOYMENT (CH.6)

·         The Labor Force

·         Measuring unemployment

·         The Human Cost of Unemployment

·         Full-employment

INFLATION (CH.7)

·         Redistributive Effects of Inflation

·         Measuring Inflation

·         Causes of Inflation

 

3

 

 

7/30 (Mon)

 

 

Homework Assignment # 2 Due in Class  

 

4

7/30 – 8/2

THE BUSINESS CYCLE (CH.8)

·         Supply-Side Theories: Say’s Law

·         Demand-Side Theories: Keynesian Theory

 

THE AGGREGATE DEMAND MODEL (CH.9)

 

4

 

8/2  (Thurs)

TEST # 2

4&5

8/2 – 8/14

FISCAL POLICY (CH.11)

·         Taxes and Spending

·         Fiscal Stimulus

·         Fiscal Restraint

·         Fiscal Guidelines

 

DEFICITS AND DEBTS (CH.12)

 

MONEY AND BANKS (CH.13)

 

THE FEDERAL RESERVE SYSTEM (CH.14)

 

MONETARY POLICY (CH. 15)

 

6

 

8/6  (Mon)

Homework Assignment # 3 Due in Class  

 

 

 

 

8/15 (Wed)

FINAL EXAM

 

 

Wednesday, August 15, 2012: Last Day of Classes.

 

End of Summer Session 2012