ECONOMICS 101 -- MACRO PRINCIPLES – Fall 2014

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ECONOMICS 101 -- MACRO PRINCIPLES – Fall 2014
Professor Roger Frantz. Office: N.H. 323, Phone: 594-3718; Office Hours: TTh 11:30-1:00; email: [email protected]; Home Page: www-rohan.sdsu.edu/~frantz/index.html.
I. Student Learning Outcomes.
1. Differentiate rational (economic) behavior from non-rational behavior.
2. Define various measures of macro economic output and income
3. Demonstrate how GDP is determined.
4. Elaborate on how government can affect GDP and other macro measures of economic activity.
5. Identify “turning points” in a business cycle and be able to predict the turning points.
II. Readings.
Required Text. Timothy Tylor. Principles of Macroeconomics. (Textbook Media Press) Chs 113, 15-18. There are non-text readings on BB under “Non-Text Readings” which correspond to
each text chapter.
The entire chapter material is required for all chapters except the following chapters and required
pages. Chapter 2, pp. 12-15, and 24-31. Chapter 3, pp. 33-38. Chapter 5, pp. 77-83. Chapter 11,
pp. 181-185. Chapter 13, pp. 216-227.
III. EXAMS AND GRADES
1. Quizzes: on-line multiple-choice/TF quizzes after each week. Ahe quiz will be on BB
from Thursday at 6pm, probably by 3pm, until Sunday at 11:59pm. Each quiz is 10
points. I will count the highest 10 quiz scores.
2. Exams. Four exams -- three midterms and an optional comprehensive final. Dates for
the 3 midterms are: Th. Sept. 25, Th. Wed. Oct. 30, and; Tuesday Dec 9. The Final is
Tuesday, Dec. 16, at 8am in our regular classroom. I will drop the lowest of your four
scores.
3. Grades. Final grades are based on total points received on the quizzes, and the three
highest exam scores, and any other assignments made during the semester. +/- grades will
be used.
IV. CONDUCT
SDSU's policy about inappropriate conduct and cheating, and its consequences are
contained in the 2002-03 Catalog on pages 430-31 ("Student Discipline and
Grievances"). Also, please, turn off your cell phones before class begins.
V. SUBJECT TO CHANGE WITH NOTICE. Reading assignments, exam dates, types
of exam questions, and all other matters pertaining to this class are subject to change with
sufficient notice. I have no plans to change anything at this time.
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VI. SOURCES OF MACROECONOMIC DATA:
1. econdata.net. http://econdata.net/
2. Statistical Tables from the Economic Report of the President, 1998.
http://www.whitehouse.gov/administration/eop/cea/economic-report-of-the-President.
3. Business Cycle Indicators. http://www.conference-board.org/data/bci.cfm
4. Bureau of Economic Analysis data. http://bea.gov/
5. Bureau of Labor Statistics. http://www.bls.gov/
6. The Dismal Scientist. https://www.economy.com/dismal/
7. Economics Statistics Briefing Room (White House).
http://clinton2.nara.gov/fsbr/esbr.html
8. Economic Time Series Page. http://www.economagic.com/links/
9. Federal Reserve Economic Database (FRED) (Federal Reserve Bank of St. Louis).
http://research.stlouisfed.org/fred2/
10. FEDSTATS. http://fedstats.gov/
11. NBER historical macroeconomic series.
http://www.nber.org/databases/macrohistory/contents/index.html
12. Stat-USA (U.S. Dept. of Commerce) http://www.commerce.gov/ (also:
http://www.usa.gov/Topics/Reference-Shelf/Data.shtml).
13. Statistical Abstract of the U.S. http://www.census.gov/compendia/statab/
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VII. MACOECONOMICS.
Macroeconomics is about “aggregates,” or total economic activity. The totals include
total output, total income, total (un)employment, total spending, total imports and
exports. What affects these totals? Government monetary and fiscal policies, price and
wage controls, government spending and the tax system are included as is interest rates,
all of which affect the aggregates. The banking system, and the Federal Reserve System
affect interest rates, and through interest rates they affect all of the aggregates.
What we need to understand is what determines the level of aggregate economic activity,
called both gross domestic product (GDP), and the gross national product (GNP). A big
question: is the level of aggregate economic activity enough to generate full-employment,
and a low level of inflation? If not, then the GDP (or GNP) needs to be adjusted so that
can achieve full-employment with a low level of inflation. This in short is Economics
101.
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