Question;8 ? Week Course Outline;Please see theStudent Handbook to reference the University?sgrading;scale.;Table;of Contents;Week;Topic(s);Learning Objective(s);Reading(s);Assignment(s);1;Introduction to Macroeconomics;?;LO 1: Describe the characteristics of demand and;supply, and apply the demand and supply model.;?;LO 2: Define real gross domestic product and identify the;phases of a business cycle.;?;LO 3: Define inflation and deflation, and explain how;each affects the price and economic growth of an economy.;?;LO 4: Articulate why the price-level changes and how it;can affect economic stability.;?;LO 5: Explain how unemployment is calculated and;measured in the United States.;?;LO 6: Demonstrate an understanding of the role of the;government in the economy.;?;LO 7: Identify the components of the macroeconomy and;relate them to the circular flow diagram. Describe the characteristics of;demand and supply, and apply the demand and supply model.;Unit;1;http://www.saylor.org/courses/econ102/;DQ1: Self Introduction and;Understanding Plagiarism.;DQ2: The three primary concerns in macroeconomic analysis.;Please submit your responses to DQ1 and DQ2 to the;Forum Section.;2;Measuring;Aggregate Output;?;LO 8: Describe the measurement of GDP using the;expenditure approach and the income approach.;?;LO 9: Explain the other measures of output and income;and learn their distinction from one another.;?;LO 10: Distinguish between the real and nominal values.;?;LO 11: Analyze the problems associated with using GDP;as a measure of well-being.;?;LO 12: Describe the neo-classical theory of national income.;Unit;2;http://www.saylor.org/courses/econ102/;DQ3:GDP as a measure of economic activity and;well-being.;Please submit your response to DQ3 to the Forum;Section.;Quiz 1: Units 1 & 2;3;Unemployment and Inflation;?;LO 13: Define;the unemployment rate.;?;LO14: Identify;and distinguish between the different forms of unemployment.;?;LO15: Analyze;the problems associated with the unemployment rate.;?;LO 16: Define;interpret, and calculate inflation rate and the consumer price index.;?;LO 17: Describe;the problems and biases associated with the consumer price index.;?;LO 18: Explain;the Phillips curve and the relationship between inflation and unemployment.;Unit;3;http://www.saylor.org/courses/econ102/;DQ4: Three types of unemployment;Please submit your response to DQ4 to the Forum;Section.;Quiz 2: Unit 3;4;Aggregate Demand and Supply;?;LO 19: Define;aggregate demand, graphically represent a hypothetical aggregate demand;curve, and identify the reasons for the negative slope of the demand curve.;?;LO 20: Distinguish;between a change in the aggregate quantity of goods and services demanded and;a change in aggregate demand.;?;LO 21: Define;?multiplier? and explain how to calculate it.;?;LO 22: Graphically;represent a hypothetical long-run aggregate supply curve and explain the;underlying connotations for natural levels of employment and output at;various price levels, given changes in aggregate demand.;?;LO 23: Graphically;represent a hypothetical short-run aggregate supply curve, explain why it;slopes upward, and explain why it may shift.;?;LO 24: Discuss;various explanations for wage and price stickiness.;?;Explain and;illustrate what is meant by equilibrium in the short run and relate the;equilibrium to potential output.;?;LO 25: Explain;and graphically represent the consumption function and the saving function;explain the slopes of their respective curves, and explain their relationship;to each other.;?;LO 26: Compare;the current income hypothesis with the permanent income hypothesis.;?;LO 27: Discuss;two factors that can cause the consumption function to shift upward or;downward.;Unit;4;http://www.saylor.org/courses/econ102/;Research Paper 1: This paper deals with the analysis of deficit spending, its advantages;and disadvantages, as well as the effects of federal government borrowing on;the economy i.e., the ?crowding out? effect.;Please submit your paper to the Assignment;Section.;5;Government and Fiscal Policy;?;LO 28: Demonstrate;an understanding of the major components of U.S. government spending and;sources of government revenues.;?;LO 29: Define;the terms budget surplus, budget deficit, balanced budget, and national debt;and discuss their trends over time in the United States.;?;LO 30: Compute;Government Spending Multiplier, the Tax Multiplier, and the Balanced Budget;Multiplier.;?;LO 31: Define;automatic stabilizers and explain how they work.;?;LO 32: Explain;and graphically illustrate how discretionary fiscal policy works and compare;the changes in aggregate demand that result from changes in government;purchases, income taxes, and transfer payments.;?;LO 33: Explain;how the various kinds of lags influence the effectiveness of discretionary;fiscal policy.;?;LO 34: Explain;and graphically illustrate how crowding out (and its reverse) influence the;impact of expansionary or contractionary fiscal policy.;?;LO 35: Discuss;the controversy concerning which types of fiscal policies to use, including;the arguments from supply-side economics.;Unit;5;http://www.saylor.org/courses/econ102/;DQ5: ?Paradox of Thrift?;Please submit your response to DQ5 to the Forum;Section.;Quiz 3: Units 4 & 5;6;The Money Supply and the Monetary Policy;?;LO 36: Define;money and discuss its three basic functions.;?;LO 37: Distinguish;between the types of money, i.e. between commodity money and fiat money, giving;examples of each.;?;LO 38: Define;money supply and the related definitions of it (M1 and M2).;?;LO 39: Explain;the functions of a bank and describe a bank?s balance sheet.;?;LO 40: Describe;the process of money creation (destruction) using the concept of the deposit;multiplier.;?;LO 41: Explain;the primary functions of the central bank and describe the tools used by the;Fed for money market operations.;?;LO 42: Explain;and illustrate how the bond market works and discuss the relationship between;the price of a bond and that bond?s interest rate.;?;LO 43: Explain;and illustrate the relationship between a change in demand for or supply of;bonds and macroeconomic activity.;?;LO 44: Explain;and illustrate how the foreign exchange market works and how a change in;demand for a country?s currency or a change in its supply affects;macroeconomic activity.;?;LO 45: Draw a;money demand curve and explain how changes in other variables may lead to;shifts in the money demand curve.;?;LO 46: Use;graphs to explain how changes in money demand or money supply are related to;changes in the bond market, in interest rates, in aggregate demand, and in;real GDP and the price level.;Unit;6;http://www.saylor.org/courses/econ102/;DQ6: Objectives of monetary policy;Please submit your response to DQ6 to the Forum;Section.;Quiz 4: Units 6;7;Economic Growth;?;LO 47: Define;economic growth and describe the determinants of economic growth.;?;LO 48: Distinguish;between, describe, and analyze the classical, neoclassical, and endogenous;theories of economic growth.;?;LO 49: Learn;the closed economy Solow model.;?;LO 50: Explain;how a country?s standard of living depends on its saving and population;growth rates.;?;LO 51: Apply;the ?Golden Rule? to find the optimal savings rate and capital stock.;Unit;8;http://www.saylor.org/courses/econ102/;DQ7: Limits to the U.S. long-term economic growth;Please submit your response to DQ7 to the Forum;Section.;Quiz 5: Unit 8;8;International Trade;?;LO 52: Explain;the importance of studying trade.;?;LO 53: Describe;Adam Smith?s theory of absolute advantage and explain how it is calculated.;?;LO 54: Describe;the Ricardian model of trade and analyze its implications for trade.;?;LO 55: Describe;the Heckscher-Ohlin model of trade and analyze its implications for trade.;?;LO 56: Identify;tariffs and quotas in international trade.;?;LO 56: Analyze;the effects of tariffs and quotas.;Unit;10;http://www.saylor.org/courses/econ102/;Course;Reflection: Please (1) describe how;you feel this course has helped you to improve your economic knowledge and;analytical skills, and (2) assess the course objectives you still do not;understand and suggest how to improve the course to meet those;objectives.;Please submit your course reflection comments to;the Forum Section.;Research Paper 2;This;research paper deals the fiscal and the monetary policies adopted by the;federal government during the Great Recession and their impacts on the;U.S. economy.;Please submit your paper to the Assignment;Section.
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