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Stuff to do on WebCT:

Available Exam Due Dates:
Final Exam until May 10
Take in any order on any days that WebCT Testing is Open
(you can spread them out over several days if you want)
Part 1 = Chapters 1, 2, 3
Part 2 = Chapters 4, 5, 6
Part 3 = Chapters 7, 8, 9
Part 4 = Chapters 10, 11, 12
Part 5 = Chapters 13, 14, 15

Available Quizzes:
Quizzes for chapters 13, 14, 15- until May 10

Available Clickers:
Clickers 14A, 14B, 14C until May 10
Clickers 15A, 15B, 15C until May 10

May 3 Exchange rates Card 15B; Current Account (Trade) deficits and how they are related to Capital Account (Investment) Surpluses. Card 15C. See Questions 15-16 to 15-30 in StudyGuide/Text combo on Chapter 15

May 1: Foreign trade, comparative advantage, Questions from first part of the StudyGuide/Text combo on Chapter 15. Card 15A

April 26: crowding out, New Classical theory, supply-side theory. Card 14B and Card 14C

April 24: Fiscal Policy, Keynesian theory, deficit spending (countercyclical policy, automatic stabilizers), crowding out Card 14A

Apr 19: Monetary policy. How expansionary monetary policy influences interest rates and the economy in the short run. How restrictive monetary policy can affect the economy in the short run and the long run. Issues in monetary policy. Money train. Mathematical relationship between money growth rate and real GDP, inflation, and interest rates through the equation of exchange (MxV=PxQ). Did the numerical version (Card 13B) and growth rate version (Card 13C)

Apr 17: Banks make money under the control of the Fed. Card 12C How money supply influences interest rates and the economy in the short run. Card 13A

April 12: Review of the Aggregate Demand, Aggregate Supply model (Flash example). Functions of money, recognizing money, characteristics of money, M1 and M2, the genie story of money Card 12B

April 10: Review of short run equilibrium changes, self-correcting mechanism (resource prices), restoration of long-run equilibrium, short run equilibrium/long run effects if aggregate demand changes the other way. MONEY- Functions of money, recognizing money, characteristics of money, M1 and M2, the genie story of money Card 12A

April 5: things that change aggregate demand, events that change short run aggregate supply, events that change long run aggregate supply. How short run equilibrium changes, self-correcting mechanism (resource prices), restoration of long-run equilibrium Card 11B, Card 11C

April 3: Markets that affect the economy, Aggregate Demand. Aggregate Supply, Long run and short run equilibrium, things that change equilibrium, Card 11A

Mar. 29: interest rates, unemployment, reasons and kinds of unemployment. Cards 10B and 10C

Mar. 27: interest rates,Card 10A unemployment

Mar 22 Card 9C. Worked on some questions involving calculation of real GDP growth rates. (Study Guide chapter 9) Growth Rates, real GDP growth

Mar 20 Definitions from Chapter 9. Card 9A. Growth Rates, inflation, real GDP growth, effect of inflation, anticipated inflation, net monetary creditors, net monetary debtors. Card 9B (calculation questions on inflation rates). See Growth Rates, inflation

Mar 8: real and nominal values, Price Index numbers, Cards 8B and 8C

Mar 6: GDP, began real and nominal values. Card 8A real and nominal values. Cards 8B and 8C

Mar 1: Did Card 7C on Taxes. macroeconomic taxes: Laffer Curve marginal tax rates, average tax rates, progressive, regressive, and proportional taxes.

Feb 27: Consumer Surplus, Producer Surplus, Efficiency and equilibrium, gains from trade at equilibrium, price floors, price ceilings. Did Card 7A on definitions from Chapter 7. Card 7B on gains from trade at equilibrium, price floors, price ceilings, and some efficiency implications of taxes. Also went over what you need to know about taxes and efficiency.

Feb. 22: Reviewed things that change demand, things that change supply, changes in equilibrium. How to deal with equilibrium questions. Did card 6C on deducing causes of price and quantity changes as well as the results of simultaneous demand and supply changes.

Feb. 20: Discussed things that change demand, things that change supply. Did card 6A on things that change demand or supply. Did card 6B on changes in equilibrium due to demand or supply changes.

Feb. 15: Reviewed demand and supply, discussed equilibrium, shortages, surpluses, and prepared to solve graphical equilibrium questions. Did Card 5B. Did card 5C on equilibrium graphs. Started chapter 6.

Feb. 13: Started discussion of what buyers do, quantity demanded, demand. Did Card 5A. Gave examples of Supply.

Feb. 8: transactions costs, middlemen, property rights, invisible hand, why trade is allocatively efficient trade based on values, who gains from trade,trade based on values, allocative efficiency, why trade is allocatively efficient. Did Cards 4B, 4C on trade based on values.

Feb. 6: Reviewed efficiency (getting the most), production possibilities, comparative advantage. Discussed specialization and trade as a way to find comparative advantage. Some notes. Production Possibilities Curve; slope of the curve indicates cost; the greater the current production of a good, the higher the cost of producing more of it; slope of PPC is flat at top and steep at bottom due to costs; if production is efficient, there is no way to get more of one good without reducing the production of the other good; if production is inefficient, it is possible to produce more of one good without reducing the production of the other (we can get some for free); efficiency means being on the PPC; below or inside the PPC is inefficient; briefly mentioned that production possibilities can change. Did cards 3D, 4A. Transactions costs, middlemen, property rights, invisible hand, why trade is allocatively efficient trade based on values, who gains from trade,trade based on values, allocative efficiency, why trade is allocatively efficient.

Feb. 1: Did Card 3B on application of the opportunity cost concept to resources using math. You can also see this example. You can also look at a similar discussions based on the study guide questions T3.11a to T3.11e or 3.16 to 3.23. Also discussed economization. For another example of resources and their efficient use (efficiency being when we get the most of what we are trying to get), see this example.
Discussed, production possibilities and comparative advantage. Discussed specialization and trade as a way to find comparative advantage. Did Card 3C to apply the ideas.

Jan. 30: Discussed efficiency (getting the most), reviewed resources, opportunity cost, and economization. Did Card 3A on definitions.

Jan. 25: Did Card 2B (see clicker 2B), which is an application of marginal decision making.
Discussed information costs Did Card 2C (see clicker 2C), which is an application of opportunity cost. Laid some foundation for applying that to resources (such as a person's time).

Jan. 23 Did Card 2A (see clicker 2A). We discussed utility, opportunity cost, short run, long run, marginal decision making, secondary effects.

Jan 18: Did Card 1B (see clicker 1B). We discussed scarcity, the results of scarcity, rationing, the assumption that people are rational, scientific approach, and positive vs. normative. You might also see these notes on scarce goods and non-scarce (free) goods and resources.
We also did Card 1C (see Clicker 1C in WebCT) on the positive-normative distinction. On your own, you might want to contemplate the concepts of subjective values and ceteris paribus, which are other topics some students find confusing.

Jan 16: Passed out Chapters 1-3 of book; did "Card 1A" (last page of syllabus)






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