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EC 141 Principles of Macroeconomics
Soule, Peter E.


Mission Statement: The mission of Park University, an entrepreneurial institution of learning, is to provide access to academic excellence, which will prepare learners to think critically, communicate effectively and engage in lifelong learning while serving a global community.

Vision Statement: Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.

Course

EC 141 Principles of Macroeconomics

Semester

FA 2006 HO

Faculty

Kalchev, George

Title

Assistant Professor of Economics

Degrees/Certificates

PhD

Office Location

MacKay 26.5

Office Hours

M 10am-12pm, W 10-11am, F 10am-12pm

Daytime Phone

816 584 6867

E-Mail

george.kalchev@park.edu

Semester Dates

Aug. 21-Dec. 15

Class Days

-M-W-F-

Class Time

9:00 - 9:50 AM

Credit Hours

3


Textbook:
Macroeconomics: Principles, Problems, and Policies
by
Campbell McConnell and Stanley Brue, 16th Edition,
The McGraw-Hill Companies Inc., 2005.

Textbooks can be purchased though the Parkville Bookstore

Additional Resources:

McAfee Memorial Library - Online information, links, electronic databases and the Online catalog. Contact the library for further assistance via email or at 800-270-4347.
Career Counseling - The Career Development Center (CDC) provides services for all stages of career development.  The mission of the CDC is to provide the career planning tools to ensure a lifetime of career success.
Park Helpdesk - If you have forgotten your OPEN ID or Password, or need assistance with your PirateMail account, please email helpdesk@park.edu or call 800-927-3024
Resources for Current Students - A great place to look for all kinds of information http://www.park.edu/Current/.


Course Description:
A study of the contemporary American economy; the role of investment, consumption, and government on income determination; and an analysis of the foreign sector. Emphasis is on contemporary problems: unemployment, inflation, and growth. 3:0:3

Educational Philosophy:
The facilitator's educational philosophy is one of interactiveness based on lectures, readings, quizzes, dialogues, examinations, internet, videos, web sites and writings. The facilitator will engage each learner in what is referred to as disputatious learning to encourage the lively exploration of ideas, issues and contradictions. The instructor is new to Park and a recent PhD, so please do not hesitate to bring to him any concerns and suggestions.

Learning Outcomes:
  Core Learning Outcomes

  1. Graph supply and demand in a single graph, define basic items or concepts related to the graph, and use the graph to explain the process by which a good's equilibrium price and quantity are attained.
  2. Graph the short-run aggregate demand-aggregate supply model (assuming the economy is in the expansionary phase of the business cycle) in a single graph and define basic items or concepts related to the graph.  Define cost-push inflation and demand-pull inflation.  Use the graph to identify shifts in the AD/AS curves reflecting the two types of inflation, and identify subsequent changes in the price-level and real output.
  3. Define expansionary and contractionary fiscal policies, including the means by which they are achieved.   Use the graph of the aggregate demand-aggregate supply model drawn in Learning Outcome #2 to identify shifts in the AD/AS curves and subsequent impacts of these policies on real output and the price level.
  4. Define tight and easy monetary policies, including the Federal Reserve tools used to achieve them and when each type of policy would be appropriate.  Use the graph of the aggregate demand-aggregate supply model drawn in Learning Outcome #2 to identify shifts in the AD/AS curves and subsequent impacts of these policies on real output and the price level.
  5. Use the circular flow model to explain why Gross Domestic Product can be measured either through the income or expenditures approach.


Core Assessment:

All Park University courses must include a core assessment that measures the course's Core Learning Outcomes.  The purpose of this assessment is to determine if expectations have been met concerning mastery of learning outcomes across all instructional modalities.  For this course, the core assessment is a final exam to be administered in all sections of EC 141.  This exam is worth 20 percent of the student's final grade and will test students' mastery of four Core Learning Outcomes (Outcomes 1, 2, 3, and 4 listed on this syllabus) through definitions, short essay, and graphing questions.  For each core outcome, the student should be prepared to draw the relevant graph by hand, define basic concepts or policies, identify relevant shifts in the curves, and state final impacts on relevant variables.


 


The core assessment is a CLOSED BOOK, CLOSED NOTES exam that must be administered and proctored in the classroom and may not be given as a take-home exam.  Students should not have access to the exam or its questions before it is administered.  The duration of the exam can be no longer than two hours.  No calculators, computers, or materials other than a writing instrument may be used for the exam; this applies to all students, regardless of whether the exam is for on-line or face-to-face students.  Completion of the exam is strictly individual; students may not work in groups to complete the exam.

Link to Class Rubric

Class Assessment:
Based on examinations, quizzes, homework, class presentation, and homework. Tests will have multiple choice, and/or short answer, and have problem solving and analyzing questions.

Grading:

Test 1: 20%

Test 2: 20%

Test 3: 20%

Final exam: 25%
Current events/presentations, participation: 10%

Homework:  5%

Total 100%

The comprehensive final will not be take-home. It is a closed book, closed notes exam.

Up to 5% extra credit can be earned through pop quizzes which will be given unannounced during the semester. This extra credit will be added to your final grade. That will be the only way to earn extra credit. Absolutely NO MAKE-UP.

The following defines the letter grade:

A = 90 - 100%
B = 80 - 89%
C = 70 - 79%
D = 60 - 69%
F = 59% and below.

Twice during the semester, students will bring in one article of economic interest. These can be from an economic newspaper/ magazine, business journal, or from economic site on the internet. Students will give a brief (about 5 minute) presentation of their current event article to the class. Please indicate the economic relevance of the article to our class before your presentation. Dates for presentation can be requested by the students or assigned by the instructor. Failure to make a presentation on a day when a student is assigned to do so will result in a loss of 3% of the presentations/participation grade.

Late Submission of Course Materials:
No late submissions will be accepted.

Classroom Rules of Conduct:

Do not use cell phones in class. Absolutely no cell phones during tests. You are allowed to use only a simple hand-held calculator.

Please observe good discipline and do not be tardy.

Do not wear hats during tests.

Late arrivals: Students arriving late to an exam or quiz may take the exam only if no other student has turned in the exam/quiz.  If another student has completed the exam/quiz, the late student cannot take the exam/quiz.

 

 

Course Topic/Dates/Assignments:

Dates and assignments are tentative and subject to change.

Week #1
Introduction, and class administration.
An Introduction to Economics and the Economy

Ch. 1-2

Week #2
Review Chapters 1 – 2
Review Homework assignments
Oral presentations of current events
3 Supply and Demand

4 The Market System


Week #3
Review Chapters 3,4
Review Homework assignments
Oral presentations of current events

6 The United States in the Global Economy

7 Measuring Domestic Output and National Income


Week #4
Test 1 and review
Oral presentations of current events

Week #5
Oral presentations of current events

8 Introduction to Economic Growth and Instability


9 Basic Macroeconomic Relationships

Week #6

Review Homework assignments
Oral presentations of current events
10 The Aggregate Expenditures Model

11 Aggregate Demand and Aggregate Supply

Week #7
Review Chapters 11 & 12
Review Homework assignments
Oral presentations of current events
12 Fiscal Policy

13 Money and Banking

Week #8

Test 2 and review

Oral presentations of current events

Week #9
Review Homework assignments
Oral presentations of current events

14 How Banks and Thrifts Create Money
15 Monetary Policy

Week #10
Review of Homework

Presentations

17 Economic growth

18 Deficits

Week #11

Review of Homework

Presentations

20 International trade

Week #12

Test 3 and review

Oral presentations

Week #13

Oral presentations

21 Exchange rates

Week #14

Disputes over Macro Theory and Policy

Week #15

Oral presentations

Review for the final

Coverage of any uncovered material from the chapters

Academic Honesty:
Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life.   Park University 2006-2007 Undergraduate Catalog Page 87-89

Plagiarism:
Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing. Park University 2006-2007 Undergraduate Catalog Page 87

Attendance Policy:
Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.

  1. The instructor may excuse absences for valid reasons, but missed work must be made up within the semester/term of enrollment.
  2. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
  3. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the student will be administratively withdrawn, resulting in a grade of "W".
  4. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
  5. Students receiving Military Tuition Assistance or Veterans Administration educational benefits must not exceed three unexcused absences in the semester/term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.
  6. Report of a "F" grade (attendance or academic) resulting from excessive absence for those students who are receiving financial assistance from agencies not mentioned in item 5 above will be reported to the appropriate agency.

Park University 2006-2007 Undergraduate Catalog Page 89-90
All excused absences require written documentation and prior notification. Valid excuses include documented medical emergencies, inability to attend school due to a medical reason (as signed by a physician), death in the immediate family.

Disability Guidelines:
Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page: http://www.park.edu/disability .

Additional Information:

Sources for your class presentations on current events:


The Wall Street Journal, the Economist, National Review, www. cnn.com.


There will be NO make-up tests during the semester. If you skip a test, then your final will count for 45% of your grade. If you skip a second test and you do not notify the instructor before the test, your grade for the second test will be 0. The only way you can get a make up on a second missed test is if you notify the instructor in advance AND there is a genuine emergency documented with written evidence. Makeup tests will be rarely given and will have a different structure and will include material presented since the exam. Makeup tests will only be given during the final week.


Grades will not normally be curved.



Rubric

CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Evaluation (a)                                                                                                                                                                                                                                             
Outcomes
1, 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
All causes or processes of economic phenomena are perfectly identified and stated. (12 points out of 12 points) Most causes or processes of economic phenomena are correctly identified and stated. (11 to 4 points out of 12 points) Most causes or processes of economic phenomena are not correctly identified and stated. (3 to 1 points out of 12 points) No causes or processes of economic phenomena are stated. (0 points out of 12 points) 
Synthesis (b)                                                                                                                                                                                                                                              
Outcomes
1, 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
The graph is drawn perfectly and most relevant axes and curves are identified correctly.

(22 points out of 22 points)

 
The graph is drawn correctly and most relevant axes and curves are identified correctly. (21 to 7 points out of 22 points) The graph is not drawn correctly and most relevant axes and curves are not identified correctly. (6 to 1 points out of 22 points) The graph is not drawn. (0 points out of 22 points) 
Analysis (c)                                                                                                                                                                                                                                               
Outcomes
1, 2, 3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
All shifts in curves are identified correctly.  (12 points out of 12 points) Most shifts in curves are identified correctly.  (11 to 4 points out of 12 points) Most shifts in curves are not identified correctly.   (3 to 1 points out of 12 points) Shifts in curves are not identified.  (0 points out of 12 points) 
Application (d)                                                                                                                                                                                                                                            
Outcomes
3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
All economic policies and their impacts are correctly described.   (19 points out of 19 points) Most economic policies and their impacts are correctly described. (18 to 6 points out of 19 points) Most economic policies and their impacts are not correctly described.  (5 to 1 points out of 19 points) No economic policies or impacts of such policies are described.

(0 points out of 19 points)

 
Content of Communication (e)                                                                                                                                                                                                                               
Outcomes
1, 2, 3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
All definitions of curves or items identified on graphs are stated perfectly.  (23 points out of 23 points) Most definitions of curves or items identified on graphs are stated correctly. (22 to 8 points out of 23 points) Most definitions of curves or items identified on graphs are not stated correctly. (7 to 1 points out of 23 points) No definitions of curves or items on graphs are stated.

(0 points out of 23 points)

 
Technical Skill in Communicating (f)                                                                                                                                                                                                                       
Outcomes
1, 2, 3, 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
All definitions of concepts are stated correctly.

(12 points out of 12 points)

 
Most definitions of concepts are stated correctly.

(11 to 4 points out of 12 points)

 
Most definitions of concepts are not stated correctly.

(3 to 1 points out of 12 points)

 
No definitions of concepts are stated.

(0 points out of 12 points)

 
First Disciplinary Competency                                                                                                                                                                                                                              
Outcomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Fiscal policy is perfectly explained and identified graphically. (10 points out of 10 points) Fiscal policy is explained and identified graphically.

(9 to 3 points out of 10 points)

 
Fiscal policy is explained poorly and not identified graphically.

(2 to 1 points out of 10 points)

 
Fiscal policy is neither explained nor identified graphically.

(0 points out of 10 points)

 
Second Disciplinary Competency                                                                                                                                                                                                                             
Outcomes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Monetary policy is perfectly explained and identified graphically.

(19 points out of 19 points)

 
Monetary policy is explained and identified graphically.

(18 to 6 points out of 19 points)

 
Monetary policy is explained poorly and not identified graphically.

(5 to 1 points out of 19 points)

 
Monetary policy is neither explained nor identified graphically.

(0 points out of 19 points)

 

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Last Updated:8/22/2006 10:22:28 AM