ECON 2301
Instructor: James Sondgeroth
FALL 2022
August 22 - December 11
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| Extra Credit | |
| Incompletes | |
| Withdrawals | |
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Office:
Rio Grande Campus(RGC)/3000 Building at 1218 West Ave. 78701
Rm. 3252
RGC Phone: 512-223-3390
The purpose of this course is to familiarize the student with the generally accepted principles of macroeconomics. Macroeconomics is concerned with such things as, economic growth, unemployment, inflation, and the business cycle. Though ultimately based on the actions of individual households and business firms (microeconomics), macroeconomics deals with aggregates--i.e., consumers as a whole, producers as a whole, exporters and importers as a whole, fiscal policy --the effects of government spending and taxation, and the monetary policy of the central bank.
The course is subdivided into several major areas as follows: (1) microeconomic foundation; (2) national income accounting; (3) growth; (4) inflation; (5) unemployment; (6) money and banking; (7) international trade and the exchange rate; (8) the business cycle; (9) national income determination with the effects of fiscal and monetary policy included; (10) an explanation of our current situation.
Course Description, Rationale, and Common Course Objectives/Student Outcomes as established by the economics department:
1. 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 the monetary policy carried out by the Federal Reserve Bank. Macroeconomics is concerned with unemployment, inflation, and the business cycle.
2. Course Rationale- This course is meant to give students insight into the dynamics of our national 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.
3. Common Course Objectives/Student Outcomes.
Students who complete this course will be able to:
- critically evaluate GDP, unemployment, and inflation data;
- explain the business cycle and its phases;
- manipulate the basic Aggregate Supply, Aggregate Demand model of the macro economy;
- and to manipulate the basic Aggregate Supply, Aggregate Demand model of the macro economy;
- explain fiscal policy tools and defend and criticize the usage fiscal policy;
- describe how a fractional reserve banking system works;
- explain monetary policy tools and defend and criticize the usage monetary policy.
4. Discipline Program Student Learning Outcomes.
- PSLO 1: Socially Optimal Market Outcomes- Model and explain under what circumstances are capable of creating socially optimal outcomes.
- PSLO 2: Socially Suboptimal Market Outcomes- Model and explain under what circumstances markets are capable of creating outcomes that are not socially optimal.
- PSLO 3: Economic Policy -Defend and criticize the role of economic policy in a mixed market economy.
- PSLO 4: Economic Data -Critically evaluate economic data.
5. General Education Competencies.
- Civic and Cultural Awareness - Analyzing and critiquing competing perspectives in a democratic society; comparing, contrasting, and interpreting differences and commonalities among peoples, ideas, aesthetic traditions, and cultural practices.
- Critical Thinking - Gathering, analyzing, synthesizing, evaluating and applying information.
- Quantitative and Empirical Reasoning - Applying mathematical, logical and scientific principles and methods.
- Written, Oral and Visual Communication - Communicating effectively, adapting to purpose, structure, audience, and medium.
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The textbook's paperback cover is pictured to the left. A free textbook version of the Macroeconomics 13th edition by Roger A. Arnold textbook can be found on zlibrary. Here's the link to it: https://u1lib.org/book/5065816/28fc72 And here's the pdf: https://drive.google.com/file/d/15mfTdAUiAbs7EJ_yssd32kjO0t3JYY4S/view?usp=drivesdk. |
The lecture topics/questions upon which the exams will be based will function as broad learning objectives for this course.
These lecture topics/learning objectives can be found by clicking here.
All of the multiple-choice questions found on the on-line exams will center about the same list of topical questions. The instructor will make available the list of questions at the beginning of each unit of the course. Each unit will cover 14 to 18 of these questions. The instructor has composed a pool of 10 to 40 questions over each topic/ learning objective/question. The on-line exams will randomly draw from 1 to 3 questions from each of these pools. Because of this, these topics will constitute learning objectives of this course.
Regular attendance is expected. Frequent exposure to an instructor's explanations is an important factor in a student's ability to master the material covered. (Here is a scatter graph of the correlation between attendance and grades: http://www.austincc.edu/sondg/images/graphs/attendance.PNG.) I will take attendance evey class period. I will reward students who attend frequently by awarding them extra credit points. These extra credit points will equal up to 5% of the course grade. If a student misses more than 5 classes, these extra credit points will disappear. See the section on Extra Credit Points below.
Blackboard is an on-line classroom management tool. It includes a grade book, a discussion board, ways to communicate between students and between students and professor, and a testing facility.
Instructions on how to log into this course's Blackboard site can be found at http://itdl.austincc.edu/blackboard/stlogin.htm.
DON’T HAVE A USERNAME AND PASSWORD YET?
If you have not created your new ACC Username or Password through ACCeID Manager, then please go to this link: https://acceid.austincc.edu/idm/user/login.jsp.
Do not fill in your Username and Password on this page, since you do not have either yet. DO CLICK on “First-Time Login.”
Your ACCeID will be the first letter of your legal, given, first name and your seven digit ACC ID number. For example, fictional student Adam Smith might have this Username a0067701.
Once you submit this Username, just follow the instructions.
Blackboard Collaborate-Virtual Lecture and Office Hours:
Blackboard is the Learning Management System (LMS) ACC uses for all its courses. You will learn more about Blackboard below.
Blackboard Collaborate is a tool within Blackboard that will be used to hold virtual office hours by appointment only. These will be in addition to the scheduled face-to-face meetings in my office at RGC and in the Adjunct Office at SAC.
Blackboard Collaborate is similar to Google Hangouts and Zoom. You will find a link to Blackboard Collaborate in the left navigation bar of Blackboard along with instructions on how to use it.Virtual meetings with the instructor will be by appointment only. These appointments will be arranged and agreed to via email requests to the instructors email account: jason@austincc.edu--please include ECON 2301.52488.022 in the subject line.
In a normal semester, I would administer three essays exams in class and three multiple-choic exams on Blackboard. Since the lockdown due to the SARS-Covid 19 virus, I have been only requiring the multiple-choice exams. These exams will be supplemented with a written project and five written homework assignments all of which will be submitted digitally through Blackboard.
Three Midterm Multiple-Choice Exams:There will be three cumulative, midterm, multiple choice exams, and also three cumulative essay exams. There will be no comprehensive final exam. This is because the cumulative nature of the objective mid-term and essay exams will go some way toward meeting the objective of a comprehensive final exam.
The three midterm multiple-choice exams will consist of between 30 and 50 questions. These exams will be administered on-line through the course's Blackboard site. They will not be administered during class. Students may take them at home if they like. These exams will be timed. The multiple choice questions on these exams will be directly correlated to the lecture topics/learning objectives made available on Blackboard and on the Internet.
The first on-line midterm objective/multiple-choice exam will consist of 30 questions worth 6 points apiece for a total of 180 possible points. The time limit on this exam will be 45 minutes.
The second on-line midterm objective/multiple-choice exam will consist of 40 questions. The first 10 questions will cover the material from the first unit of the course and be worth 6 points apiece; the remaining 30 will cover the material we have gone over in class, and in the recorded lectures over those topics, since the first exam, and they will be worth 7 points apiece. In total there the second exam will be worth 270 points. The time limit on this exam will be 60 minutes.
The third on-line midterm objective/multiple-choice exam will consist of 50 questions. The first 10 questions will again cover material from the first unit and be worth 5 points apiece. The next 10 questions will cover material from the second unit of the course and be worth 6 points apiece. The remaining 30 questions will cover the material we have gone over in class, and the recorded lectures over those topics, since the second exam, and they will be worth 8 points apiece. In total the third exam will be worth 350 points. The time limit on this exam will be 75 minutes.
In total, these three objective, multiple-choice exams will be worth 800 points or 80% of the course grade.
Students must take them by the deadlines set in the "Tentative Lecturing/Testing Schedule.
Resopondus Lock Down Browser and Respondus Monitor
The three multiple-choic exams mentioned immediately above will require that a proctoring software be used to take them.
This software is entitled Respondus LockDown Browser and Respondus Monitor, it is provided free of charge to students by Austin Community College.
Instructions on how to download this software to your computer and how to use it can be found on this course's ACC Blackboard site. A link in the left navigation bar entitled "Respondus" will open a folder on Blackboard which contains all the needed links to download the software and videos on how to use it.
This software can be used at your home or anywhere in the world that has an Internet connection.
SCHECULED DATES & Deadlines for On-Line Multiple Choice Exams:
On-line Multiple Choice Exams Exam 1 To be taken sometime between Wednesday evening, September 28, and Monday, October 3 by 1:25 p.m. Exam 2 To be taken sometime between Wednesday evening, November 2, and Monday, November 7 by 1:25 p.m.. Exam 3 To be taken sometime between Wednesday evening, December 7, and Sunday, December 11 by midnight..
Three Midterm Multiple-Choice Exams:There will be three cumulative, midterm, multiple choice exams, and also three cumulative essay exams. There will be no comprehensive final exam. This is because the cumulative nature of the objective mid-term and essay exams will go some way toward meeting the objective of a comprehensive final exam.
The three midterm multiple-choice exams will consist of between 30 and 50 questions. These exams will be administered on-line through the course's Blackboard site. They will not be administered during class. Students may take them at home if they like. These exams will be timed. The multiple choice questions on these exams will be directly correlated to the essay questions/learning objectives handed out in class and available on the Internet and will also contain questions from the Chapter Reading Quizzes (see below for more information on these quizzes).
The first on-line midterm objective/multiple-choice exam will consist of 30 questions worth 3 points apiece for a total of 90 possible points (9% of the course grade). The time limit on this exam will be 45 minutes.
The second on-line midterm objective/multiple-choice exam will consist of 40 questions. The first 10 questions will cover the material from the first exam and be worth 3 points apiece; the remaining 30 will cover the material we have gone over in class since the first exam and they will be worth 3.5 points apiece. In total there the second exam will be worth 135 points (13.5% of the course grade). The time limit on this exam will be 60 minutes.
The third on-line midterm objective/multiple-choice exam will consist of 50 questions. The first 10 questions will cover material from the first exam and be worth 2.5 points apiece. The net 10 questions will drawn from the new material covered for the second exam and be worth 3 points apiece. The remaining 30 questions will cover the material we have gone over in class since the second exam, and they will be worth 4 points apiece. In total the third exam will be worth 175 points (17.5% of the course grade). The time limit on this exam will be 75 minutes.
In total, these three objective, multiple-choice exams will be worth 400 points or 40% of the course grade.
Students must take them by the deadlines set in the "Tentative Lecturing Schedule.
The three essay exams will be based on the essay questions/learning objectives that will be handed out well before the exams; these essay questions/learning objectives will by available on the Internet from the very beginning of the semester. There will be anywhere from 14 to 16 questions on these handouts for each exam. On examination day I will randomly select anywhere from 2 to 4 questions from the handouts, and these questions will constitute the essay exam.
For the essay exams, students will be allowed to use one sheet (8.5 X 11) of paper with handwritten notes on both sides of the sheet. These notes must be turned in with the exam. If you would like to use these notes when taking the on-line, multiple-choice exam after you take the in class essay exam, then please make photo copies of them. These notes will be worth up to 10 extra credit points depending on how thorough I judge them to be. I will turn these notes back with the graded exams. You may use the notes for Exam 1 again on Exams 2 and 3 and the notes for Exam 2 on Exam 3.
The essay exams will be administered in class.
A Blue Book must be used for the essay part of the exam. A new Blue Book must be used for each essay exam. If you have never used a Blue Book, please click HERE to see what one looks like. Blue Books are available in the Campus Manager's Office and the instructor will bring some to class the day of the exam.
These exams are cummulative. The first exam will have three essay questions worth 30 points each on it over the material covered from the start of the semester for a total of 90 points. The second exam will have four questions on it--one from the material covered in the first part of the course worth 30 points and three questions on it from the material covered since Exam 1 worth 35 points apience for a total of 135 points. The third exam will also have five questions on it--one from the first part of the course worth 25 points, one from the second part of the course worth 30 points, and three questions on it from the material covered since Exam 2 worth 40 points apiece. So the first Essay Exam will be worth 90 points (9% of the course grade), the second Essay Exam will be worth 135 points (13.5% of the course grade), and the third Essay Exam will be worth 175 points (17.5% of the course grade).
In total, these three essay exams will be worth 400 points or 40% of the course grade.
Grading Rubric for Essay Questions:
30 points--excellent answer with a novel example or observation that illustrates the answer;
28 or 29 points--somewhere between 30 and 27;
27 points--Excellent answer without any illustrating example or observation;
25 or 26 points--somewhere between 27and 24;
24 points--Very good answer but missing some minor ideas or terms;
22 or 23 points--somewhere between 24 and 21;
21 points--Good answer by missing some major ideas or terms;
19 or 20 points--somewhere between 21and 18;
18 points--an answer that has the general idea but is missing important concepts and ideas;
16 or 17 points--somewhere between 18 and 15;
15 points--an answer that is entirely incorrect;
13 or 14 points--somewhere between 15 and 12;
12 points--entirely incorret but is trying to cover lack of knowledge with a torrent of words;
1 through 11--based entirely on the whim of the professor.
Summary of Exams weight in course:
Altogether the three cumulative, midterm, objective/multiple-choice, on-line exams will be worth 400 points or 40% of the grade..
And the cumulative Essay Exams will also be worth 400points, or 40% of the grade.
Totaling both the multiple-choice exams and the essay exams together gives us 800 points, or 80% of the course grade.
SCHECULED DATES for Essay Exams & Deadlines for On-Line Multiple Choice Exams: All On-Line Multiple Choice Exams will be available on Monday evening one week before they are due. Each On-Line Exam will offer one retest opportunity. The highest grade of the two attempts will be used.
Essay Exams On-line Multiple Choice Exams* Exam 1 Wednesday, September 28 in class Monday, October 3 before 1:25 p.m. on Blackboard Exam 2 Wednesday, November 2 in class Monday, November 7 before 1:25 p.m. on Blackboard Exam 3 Wednesday, December 7 in class SUNDAY, December 11 before Midnight on Blackboard
Traditional Written Homework:There will be eleven traditional homework assignments composed by the instructor assigned throughout the semester. Altogether they will be worth 200 points or 20% of the course grade. These assignemnts will cover material gone over in lectures and in assigned readings from the Arnold textbook. They are meant to reinforce the topics covered in those lectures.
I will make them available on Blackboard. You will notified in class when they have been posted, and you will find them by clicking on the "Traditional Homework" link in the course's Blackboard navigation bar. Students will submit them on Blackboard by a due date.
Here is a list of the assignments with the number of points they are worth:As you can see, there are 230 points here, not 200. The extra 30 points are available as extra credit points.
- 10 points--Opportunity Cost and Making Decisions on the Margin
- 20 points--Shifts in Demand or in Supply and the resulting change in equilibrium prices and quantities
- 10 points--Short essay over video "I, Pencil, the Movie"
- 20 points--Calculating inflation and deflation rates, and deflating prices of one year to the prices prevalent in another year
- 20 points--Calculating National Income levels
- 50 points--Downloading graphs of macroeconomic data from the Federal Reserve's data website and interpreting them
- 20 points--Shifts in A.D. and S.R.A.S. curves and showing the resulting change in Price Level and Real GDP
- 10 points--Solving some Keynesian Multiplier problems
- 30 points--Essay on Keynesian analysis of Great Depression and the policy advocated to solve it
- 30 points--Essay of Classical and Monetarist analysis of Great Depression and the policy they advocated to solve and prevent it.
- 10 points--Explain how the Federal Reserve would increase or decrease the money supply
Total = 230 points
Assignments may be turned in after their deadline, BUT 5% will be deducted for each day it is late.
Students may work together to find answers and solve these homework assignments. BUT, all calculations where "show work" is required, must be in an individual student's handwriting. AND, all essay answers, which may be typed, must be in an individual student's own words.
There are 1000 points available all together. The three objective/multiple-choice midterm exams will be worth a total of 800 points. The traditional written homework assignments will be worth 200 points.
Final letter grades will be distributed according to the following scale:
Letter Grade Points Percent A 1000-900 [100-90%] B 899-800 (90-80%] C 799-650 (80-65%] D 649-550 (65-55%] F 549-0 (55-0%] EXTRA CREDIT: The assignments in the first two weeks of class orienting students to the course can be worth up to 20 points: the information sheet is worth 10 points, and the Syllabus Quiz is worth up to 10 extra credit points if they are completed before midnight Sunday, September 5. If needed, the exams will be curved to make the class average equal to 75%. If the class average is at or above 75%, then there will be no curve. And finally, there are 30 extra credit points tied to the Traditional Homework Assignments. PLUS: See extra credit points that can be earned by regular attendance below.
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. To receive an incomplete the student must have completed the first two exams with a C or better. The student must also come by my office to fill out an incomplete form. If the form is not filled out, an incomplete grade will not be given.
Incompletes will not be given to students who are behind schedule when the semester nears its end. Nor will incompletes be given to students who need just a few more points to make the next higher letter grade. Plenty of opportunity exists during the semester to accomplish your goals.
Please click on this link to read ACC's policy on Incomplete grades.
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. Please read the following note about withdrawals.
The instructor will withdraw students who have four absences.
Outside that circumstance, students are responsible for withdrawing themselves from this course if that is what their personal situation requires. This means that if you have taken no tests or only a few of the tests and the semester ends without you having withdrawn yourself, then you will receive an F in the course. The instructor makes no promise either implicit or explicit to withdraw students from the course except for excessive absenses (four or more).
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.
The last day to withdraw from this course without penalty is Thursday, November 17.
There are three ways to earn extra credit in this course. It is advisable to take advantage of every one of them. They are:
The assignments connected to the first week of class orientation can be worth up to 20 points: the information sheet is worth 10 points, and the Syllabus Quiz is worth up to 10 points if they are completed before midnight of the fourth class day of the semester. Both can be completed on Blackboard.
A curve will be added to mulitple-choice exam grades the class day after an online unit exam is due. This curve will be calculated to bring the class average up to 75%. If the class average is 75% or above, then no curve will be added.
There are 30 extra credit points available from the homework assignments. Or, if you prefer to look at it this way, students can earn 100% of the 200 points available on homework assignments by averaging 87% on them.
Points in addition to the maximum points possible from exams, homework assignments, and the Mandatory DAC Assignment are available through good attendance. Each student will start with 50 extra credit points for attendance. Each absence will reduce these extra credit points by a number of points as shown in the table below:
absence 0 1st 2nd 3rd 4th 5th 6th* 7th* 8th* 9th* ...31 points deducted for absence 0 0 5 6 11 17 11 0 0 0 0 total extra credit points remaining 50 50 45 39 28 11 0 0 0 0 0 * As you can see, if you miss more than five classes, your extra credit attendance points will go to zero.
More than six absences will make a student subject to withdrawal without notice. Please refer to the course policy on Withdrawals immediately about this section.
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Week No. |
Dates |
CHAPTER/ASSIGNMENTS |
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1 |
8-22 to 8-28 |
Introduction and Chapter 1 and Appendix A |
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2 |
8-29 to 9-4 |
Chapter 2 |
|
3 |
9-5 to 9-11 |
Chapter 3 |
|
4 |
9-12 to 9-18 |
Chapter 4 |
|
5 |
9-19 to 9-25 |
Chapter 6 started |
|
6 |
9-26 to 10-2 |
Chapter 6 continued |
|
7 |
10-3 to 10-9 |
Chapter 7 |
|
8 |
10-10 to 10-16 |
Chapter 8 |
|
9 |
10-17 to 10-23 |
Chapter 9 |
|
10 |
10-24 to 10-30 |
Chapter 10 |
|
11 |
10-31 to 11-6 |
Chapter 10 continued |
|
12 |
11-7 to 11-13 |
Chapter 11 |
|
13 |
11-14 to 11- 20 |
Chapter 12 |
|
14 |
11-21 to 11-27 |
Chapter 13 |
|
15 |
11-28 to 12-4 |
Chapter 14 |
|
16 |
12-5 to 12-11 |
Chapter 14 continued |
| Essay Exams | On-line Multiple Choice Exams* | |
| Exam 1 | Wednesday, September 28 in class | Monday, October 3 before 1:25 p.m. on Blackboard |
| Exam 2 | Wednesday, November 2 in class | Monday, November 7 before 1:25 p.m. on Blackboard |
| Exam 3 | Wednesday, December 7 in class | SUNDAY, December 11 before midnight on Blackboard |
Some important things to remember:
Because of the everchanging situation, please go to ACC’s Covid website at https://www.austincc.edu/coronavirus?ref=audiencemenu for the latest updates and guidance.
Statement on Academic Integrity
Austin Community College values academic integrity in the educational process. Acts of academic dishonesty/misconduct undermine the learning process, present a disadvantage to students who earn credit honestly, and subvert the academic mission of the institution. The potential consequences of fraudulent credentials raise additional concerns for individuals and communities beyond campus who rely on institutions of higher learning to certify students' academic achievements, and expect to benefit from the claimed knowledge and skills of their graduates. Students must follow all instructions given by faculty or designated college representatives when taking examinations, placement assessments, tests, quizzes, and evaluations. Actions constituting scholastic dishonesty include, but are not limited to, plagiarism, cheating, fabrication, collusion, falsifying documents, or the inappropriate use of the college’s information technology resources. Further information is available at https://www.austincc.edu/about-acc/academic-integrity-and-disciplinary-process
Student Rights & Responsibilities
Students at ACC have the same rights and protections under the Constitution
of the United States. These rights include freedom of speech, peaceful assembly,
petition and association. As members of the community, students have the right
to express their own views, but must also take responsibility for according
the same rights to others and not interfere or disrupt the learning environment.
Students are entitled to fair treatment, are expected to act consistently
with the values of the college, and obey local, state and federal laws. www.austincc.edu/srr.
As
a student of Austin Community College you are expected to abide by the Student
Standards of Conduct. https://www.austincc.edu/students/students-rights-and-responsibilities/student-standards-of-conduct
Senate Bill 212 and Title IX Reporting Requirements
Under Senate Bill 212 (SB 212), the faculty and all College employees are required to report any information concerning incidents of sexual harassment, sexual assault, dating violence, and stalking committed by or against an ACC student or employee.
Federal Title IX law and College policy also require reporting incidents of sex- and gender-based discrimination and sexual misconduct.
This means faculty and non-clinical counseling staff cannot keep confidential information about any such incidents that you share with them.
If you would like to talk with someone confidentiality, please contact the District Clinical Counseling Team who can connect you with a clinical counselor on any ACC campus: (512) 223-2616,
or to schedule online: https://www.austincc.edu/students/counseling .
While students are not required to report, they are encouraged to contact the Compliance Office for resources and options: Charlene Buckley, District Title IX Officer, (512) 223-7964; compliance@austincc.edu .
If a student makes a report to a faculty member, the faculty member will contact the District Title IX Officer for follow-up.
Student Complaints
A defined process applies to complaints about an instructor or other college employee. You are encouraged to discuss concerns and complaints with college personnel and should expect a timely and appropriate response. When possible, students should first address their concerns through informal conferences with those immediately involved; formal due process is available when informal resolution cannot be achieved.
Student complaints may include (but are not limited to) issues regarding classroom instruction, college services and offices on the basis of actual or perceived race, color, national origin, religion, age, gender, gender identity, sexual orientation, political affiliation, or disability.
Further information about the complaints process, including the form used to submit complaints, is available at:
>http://www.austincc.edu/students/students-rights-and-responsibilities/student-complaint-procedures
Statement on Privacy
The Family Educational Rights and Privacy Act (FERPA) protects confidentiality of students’ educational records. Grades cannot be provided by faculty over the phone, by e-mail, or to a fellow student.
All grades in this course will be posted on Blackboard. Only the student and the instructor have access to these grades.
![http://www.austincc.edu/sondg/images/graphs/attendance.PNG](="http://www.austincc.edu/sondg/images/graphs/attendance.PNG"){kind=link}
