EC141 Principles of Macroeconomics

for U1KK 2009

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


EC 141 Principles of Macroeconomics


U1KK 2009 HA


Hedly, John W.


MBA, University of Massachusetts
Bachelor of Science-Management, Embry Riddle Aeronautical University

Office Location

853 ELSG/FM, Bldg. 1630 Hanscom AFB, MA 01731

Office Hours

06:30 - 15:00

Daytime Phone

(781) 377-0343

Other Phone

(508) 832-0288 (Home)


Semester Dates

June 1 - July 26, 2009

Class Days


Class Time

5:30 - 8:30 PM

Credit Hours



You can purchase the single textbook for this course if you have already taken, or don't plan to take EC 142 - Microeconomics.
Text: Principles of Macroeconomics, 9/E
Authors: Karl E. Case and Ray C. Fair
Publisher: Prentice Hall, 2009
ISBN-10: 0136058960
ISBN-13: 9780136058960
You can purchase the textbook that combines both EC 141 and EC 142, and save about $100 if you are taking both courses.
Text: Principles of Macroeconomics, 9/E
Authors: Karl E. Case and Ray C. Fair
Publisher: Prentice Hall, 2009
ISBN-10: 0136055486
ISBN-13: 9780136055488

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.
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Course Description:
EC141 Principles of Macroeconomics: 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.

Educational Philosophy:

I will lecture on selected chapters in the text and expect you to expand the content of the material by responding to my questions and offering personal opinions based on your real world experiences. If you have any questions on the lecture topics, please don't hesitate to ask. I will do everything I can to make this class a pleasurable and profitable learning experience for every member of the class. I'm here to support you for the next eight weeks. My goal is to have you finish this course with additional skills for you to use in your professional and personal lives.

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 Keynesian cross model to include showing the shift to aggregate expenditure necessary to close a GDP gap.
  3. 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 show how the AD and or AS functions would be shifted by an increase in government spending and/or a labor productivity increase.
  4. Use the AS-AD model to define cost-push inflation and demand-pull inflation. Use the AD-AS 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.
  5. Define monetary and fiscal policies. Use the monetary multipliers to show how a given change in the monetary base would cause a change in GDP. Use the fiscal multiplier to explain how a given change in government spending would change GDP.

Core Assessment:

All Park University courses must include a core assessment that measures the course 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 30 percent of the student’s final grade and will test students’ mastery of core learning outcomes through short essay Tools and Methods of Economics questions, Graphical Problems in he Communications section, and Critical Thinking short-answer questions. For each core learning outcome, the student should be prepared to draw the relevant graph, define basic concepts or policies, identify relevant shifts in the curves, and state final impacts on relevant variables.

Link to Class Rubric

Class Assessment:

My evaluation of your performance in this course is based on the following tools:
- Weekly chapter assignments
- Mid-term examination
- Weekly presentations
- Core assessment (Final Examination)


Weekly Assignments:

350 points

Mid-term Exam:

200 points

Weekly Presentations:

150 points

Core Assessment (Final Exam):

300 points

Total Possible Points:

1,000 points

Weekly Presentations:
Students will bring in one (1) article of economic interest to each class. These aricles can be from a newspaper, magazine, business journal, or an Internet website. Students will give a brief (2-3 minute) presentation of their article to the class and I will grade your presentation each week.
With each article, you must be able to answer the following question at the beginning of your presentation:
- What is the relevance of this article to our class?
With each article, you must be able to answer the following question at the end of your presentation:
- What made this article interesting to you?
Final Course Average:
The following percenatges will be used to assign your final grade:
90 - 100 points = A
80 -   89 points = B
70 -   79 points = C
60 -   69 points = D
  0 -   59 points = F

The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.

All final exams in all School of Business and Management courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth. Electronic Computers will not be allowed on final exams unless an exception is made by the Dean of the School of Business and Management.

Late Submission of Course Materials:
All assigned homwork problems from the chapters we cover each week are due at the beginning of the class on the following Tuesday. Assignments are due by the date/time assigned to get full credit for your correct answers. if you submit your work late, I will reduce your score according to the following standards:
Any work submitted Tuesday after the start of class = 25% reduction of your grade.
Any work submitted Wednesday = 50% reduction of your grade.
Any work submitted Thursday = 75% reduction of your grade.
Any work submitted later than Thursday = no credit for your work.

Classroom Rules of Conduct:

  • Students are expected to attend all classes and be on time.
  • Class participation is expected and will form a part of the final grade.
  • Any classroom conduct that disrupts the learning environment in the opinion of the instructor will not be tolerated.
  • Students are required to read all material assigned prior to class and apply the material during class discussions, activities, and exercises.
  • The student is responsible for providing the instructor with justification for an excused absence, either prior to or immediately after the absence.
  • Computers are now an integral part of our educational experience.
  • Students must be responsible for planning ahead and meeting deadlines.
  • Students are expected to respect other students' opinions and values, even if they disagree with those opinions and values.
  • There should only be one person talking at a time. Side bar conversations will not be tolerated.
  • Pager/cell phones: Please turn them off or to vibrate. Cell phones are not allowed during tests.
  • Food & drink: Keep the room and areas clean. We are guests in the room. Please pick up after yourself and police the room before we leave.
  • Contacting me: The best way to contact me during the day is by my Hanscom email address. I do ask that you please type in the subject line, “EC-141” – something that I will recognize as not being Spam. I will strive to return your email as quickly as I can. I check my mail several times a day. If you do not hear from me within 24 hours, call me.

Course Topic/Dates/Assignments:

 From the combined Text:
Week 1:
Course Introduction
Chapter 1 - The Scope & Method of Economics

Chapter 2 - The Economic Problem: Scarcity & Choice
Chapter 3 - Demand, Supply & Market Equilibrium

Week 2:
Review homework
Chapter 4 – Demand & Supply Applications

Chapter 5 – Elasticity

Week 3:
Review homework
Chapter 20 - Introduction to Macroeconomics

Chapter 21 - Measuring National Output & National Income

Week 4:
Review homework
Chapter 22 - Unemployment, Inflation, and Long-run growth

Mid-Term Exam

Week 5:
Review homework
Review Mid-Term Exam
Chapter 23 – Aggregate Expenditure & Equilibrium Output

Chapter 24 – The Government & Fiscal Policy

Week 6:
Review homework
Chapter 25 - The Money Supply and the Federal Reserve System

Chapter 26 – Money Demand and the Equilibrium Interest Rate
Week 7:
Review homework
Chapter 27 – Aggregate Demand in the Goods and Money Market
·         Chapter 28 - Aggregate Supply and the Equilibrium Price Level

Week 8:
Review homework
Chapter 29 - The Labor Market in the Macroeconomy

Final Exam

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 2008-2009 Undergraduate Catalog Page 87

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 2008-2009 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 "F".
  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 2008-2009 Undergraduate Catalog Page 89-90

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: .


CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
Critical Thinking                                                                                                                                                                                                                                          
Short answer questions with a Maximum value of 88 Points                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Nearly all causes or processes of economic phenomena are perfectly identified and stated. (79 points or more of 88 points) Most causes or processes of economic phenomena are correctly identified and stated. (61 to78 points of  88 points) Most causes or processes of economic phenomena are not correctly identified and stated. (44 to 62 points  of 88 points) No causes or processes of economic phenomena are stated clearly. (43 to 0 points of  88 points) 
Effective Communication                                                                                                                                                                                                                                    
Graphical Problems and completion of Graphs with a maximum value of 140 points.                                                                                                                                                                                                                                                                                                                                                                                                                                      
All definitions of curves or items identified on graphs are stated nearly perfectly.  (126  points or more of 140 points) Most definitions of curves or items identified on graphs are stated correctly. (98 to 125 points of 140 points) Most definitions of curves or items identified on graphs are not stated correctly. (70 to 97 points of 140 points) No definitions of curves or items on graphs are stated clearly.

(0 to 69 points of 140 points)

Tools and Methods of Economics                                                                                                                                                                                                                             
This examines tools and methods of economic analysis using short essay questions with a maximum value of 72 points.                                                                                                                                                                                                                                                                                                                                                                                                  
All definitions of are stated nearly perfectly.  (65 points or more of 72 points) Most definitions are stated correctly. (98 to 125 points of 72 points) Most definitions are not stated correctly. (70 to 97 points of 72 points) No definitions are stated clearly.

(0 to 69 points of 72 points)



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Last Updated:4/21/2009 8:20:12 PM