Economics 105-08: Principles of Macroeconomics
Spring 2015
Discipline: Econ
Course: 105
Section: 08
Title of the Course: Principles of Macroeconomics
Day & Time: TR 3:30-4:45
Room: COBE 151
Professor: Thomas K. Duncan
Email: tduncan13@radford.edu
Website: www.thomaskduncan.com
Office Hours: COBE 290, Wednesday 10:30-12:00, 1:30-3:00, and by appointment
Required Texts: Modern Principles: Macroeconomics, 2nd Edition. Tyler Cowen and Alex
Tabarrok, Worth Publishers, 2012 with Aplia Access
The Shackled Continent: Power, Corruption, and African Lives. Robert Guest,
Smithsonian Books, 2010.
Final Exam: 12:30pm Thursday, May 7
A.
Catalog Entry
ECON 105. Principles of Macroeconomics. (3)
Three hours lecture.
Prerequisites: None.
Semester offered: Fall
An introduction to the concepts of scarcity and choice, supply and demand theory, national
income accounting, money and banking, monetary and fiscal policy models, and how
government deals with the problems of inflation, unemployment, and economic growth. This
course has been approved for Core Curriculum credit in Social and Behavioral Sciences or
U.S. Perspectives.
B.
Detailed Description of Content of the Course
Principles of Macroeconomics is an introduction to the study of the structure of the U.S.
economy. The course will introduce the students to the basics (fundamentals) of economic
theory and reasoning. Moreover, this course will primarily focus on understanding,
measuring, and analyzing macroeconomic activity and the role of the U.S. government in
the economy. The course coverage and material will emphasize historical and contemporary
economic issues facing the U.S. economy.
Topic Outline
1
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Introduction to the Economic Way of Thinking
The Structure of the U.S. Economy
Introduction to Supply and Demand Analysis
Introduction to National Income and Product Accounts (NIPA)
The Problem of Unemployment in the U.S.
The Problem of Inflation in the U.S.
The Quest for Economic Growth
The Monetary System
The Federal Reserve System
Introduction to Fiscal and Monetary Policy
Trade in the Global Economy
C. Detailed Description of Conduct of the Course
The following teaching strategies may be employed: lectures, video and/or audio
presentations, discussions, and in-class engagement activities.
D. Goals and Objectives of the Course
This course will fulfill Core Curriculum requirements under Social and Behavioral Sciences
(Goal 9) and under U. S. Perspectives (Goal 10).
Goal 9: Radford University students will understand how individual, social, or cultural
factors influence human behavior and shape reciprocal relationships between people and
society.
Radford University students will be able to:
a. Recognize social and behavioral science concepts;
b. Recognize the relationship between individual and socio-cultural factors that affect
behaviors.
Goal 10: Radford University students will understand how social and cultural (for example,
political, historical, economic, environmental, religious, or geographic) forces shape the
American experience.
Radford University students will be able to:
a. Identify diverse influences that have shaped the American experience; and
b. Apply course material to a relevant issue in the United States.
2
After successfully completing this course, students will be able to:
1. Explain the nature of the economic problem.
2. Describe the roles of consumers, business firms, and government in the functions of the
US economy.
3. Define economic terms.
4. Demonstrate how price and quantity are determined in competitive markets using the
demand and supply model.
5. Explain how an economy grows.
6. Describe the three macroeconomic goals of full employment, price stability and
economic growth.
7. Compute labor, price and national income statistics including the unemployment rate,
Inflation rate, and GDP.
8. Assess the current state of the economy.
9. Compare, contrast, and assess alternative fiscal and monetary policies for achieving the
three macroeconomic goals (high employment, low inflation, high economic growth).
E. Assessment Measures
Tests, quizzes, class participation, and paper. Grades will be determined as follows:
Participation
Aplia Homework/Class Quizzes
First Midterm Exam
Second Midterm Exam
Final Exam
10%
20%
20%
20%
30%
Grading Scale (in percentages)
B- 80-82.9
C- 70-72.9
D- 60-62.9
A 90-100
B 83-86.9
C 73-76.9
D 63-66.9
F 0.0-59.9
B+ 87-89.9
C+ 77-79.9
D+ 67-69.9
Tentative Schedule of Reading Assignments
May be subject to change during the semester
3
Week
1
Date
1/19-23
2
3
1/26-1/30
2/2-2-6
4
5
2/9-2/13
2/16-2/20
6
2/23-2/27
7
3/2-3/6
8
9
3/9-3-13
3/16-3/20
10
11
12
13
14
15
3/23-3/27
3/30-4/3
4/6-4/10
4/13-4-17
4/20-4/24
4/27-5/1
16
5/7
Reading
C&T: Chapter 1, 2
RG: Introduction
C&T: Chapter 3-4
C&T: Chapter 5
RG: Chapter 8
C&T: Chapter 6
C&T: Chapter 7
“Economic Freedom and World Poverty”
(http://www.freetheworld.com/2008/EFW2008Ch2.pdf)
C&T: Chapter 8
Midterm 1 on 2/26
C&T: Chapter 9
RG: Chapter 3
Recommended: C&T: Chapter 10
No Class - Spring Break
In Class Assignment
C&T: Chapter 11
C&T: Chapter 12
C&T: Chapter 13, 14
Midterm 2 on 4/9
C&T: Chapter 15, 16
C&T: Chapter 17, 18
C&T: Chapter 19
RG: Chapter 6
Recommended: C&T: Chapter 21
Final Exam
Aplia Assignments
Aplia assignments will be due each week in accordance with the schedule below. These
assignments are to be completed on the Aplia system by 1:00 pm every Thursday except for
Spring Break and the two weeks that there is a Midterm. Midterm weeks will not have graded
Aplia Assignments due. The Aplia course key for this class is B6Y3-G47G-BDG8. Instructions
for access will be provided at the end of this syllabus.
F.
Other Course Information
Attendance Policy
In order to participate, take quizzes and turn in homework, you must be present and on time.
There will be no makeup quizzes or late homework acceptance. If you miss a class you are
expected to read the material on your own and copy notes from the missed class from a classmate.
Enrollment
4
Students are responsible for verifying their enrollment in this class. Schedule adjustments should
be made by the deadlines available on the Registrar's Website.
http://www.radford.edu/content/registrar/home.html
Last day to add/drop: January 26th
Last day to withdraw with full tuition refund: February 3rd
Last day to withdraw with a grade of “W”: March 20th
Academic Integrity
Radford University has an Honor Pledge, which requires all members of this community to
uphold the values and ideals of the university. Cheating, plagiarism, lying, and stealing are all
prohibited. Violations of the Honor Pledge will result in automatic failure of the course. For
additional information on the Honor Pledge and Student Conduct, please see the Radford
University Student Handbook.
(http://www.radford.edu/content/radfordcore/home/student-life/student-handbook.html)
Radford University Disability Services
If you are seeking academic accommodations under the Americans with Disabilities Act at
Radford University, you are required to register with the Disability Resource Office (DRO). To
receive academic accommodations for this class, please submit your documentation to the DRO
in the lower level of Tyler Hall Suites 54-69, by fax to 540-831-6525, by email to
dro@radford.edu. After submitting documentation to our office, you will set up an interview with
a Disability Services Specialist to discuss accommodations. You will be notified via email once
your accommodation package is complete and ready to be picked up. Once you have picked up
your accommodation package, you will need to meet with each course professor during their
office hours to review and discuss your package. For more information and/or for documentation
guidelines, visit www.radford.edu/dro or call 540-831-6350.
G.
Review and Approval
Date
Action
Reviewed by
May 1995
March 1998
September 2001
December 2004
September 2005
Revised course syllabus.
Revised course syllabus.
Reviewed course syllabus/SACS.
Made alterations to syllabus.
Made changes to goals and
objectives/AACSB.
Made changes to course title and
course description to reflect core
curriculum credit.
Reviewed course syllabus.
A. Turay, Chair
P. Kasturi, Chair
N. Hashemzadeh, Chair
N. Hashemzadeh, Chair
N. Hashemzadeh, Chair
D. Herrington, Assoc Dean
Dept. Curriculum Committee
June 2009
September 2012
5
C. Vehorn, Chair; Dept.
Curriculum Committee