Answers Principles of Economics Mankiw by ujf54262

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									              AP Macroeconomics Syllabus
                                      Mr. White
                                  708-755-1122 ext. 2225

In this course, students will:

      Learn and master an economic way of thinking, meaning they will learn to think like       CR1-The course
       economists when presented with problems; [CR1]                                            teaches students
                                                                                                 basic economic
      Learn to express themselves with both written text answers and through a variety of
       graphical models; [CR9]
                                                                                                   CR9-The course
                                                                                                   teaches how to
      Appreciate the general development of modern economic theory;                               generate,
                                                                                                   interpret, label,
      See the basic connections between economics and calculus (if students have the              and analyze
       appropriate math skills);                                                                   graphs, charts,
                                                                                                   and data to
                                                                                                   describe and
      Become familiar with the basic language of business and be able to read and understand      explain economic
       the business press and the basic measurements of economic performance; and                  concepts.

      Be well prepared to continue their economics education at the college level.

Course Planner
Content Summary
Semester 2-Macroeconomics                                                                          CR1-The course
   1. Basic economic concepts: scarcity, choice, opportunity cost, PPF [CR1]                       teaches students
                                                                                                   basic economic
   2. Because every transaction has a buyer and a seller, the total expenditure in the economy
       must equal the total income in the economy [CR2]
                                                                                                 CR2-The course
   3. Macroeconomic Theory and Policy: Classical versus Keynesian Theory                         instruction in
                                                                                                 measurements of
   4. The Standard of living in an economy depends on the economy’s ability to                   performance.
      produce goods and services. Productivity, in turn, depends on the amounts of
      physical capital, human capital, natural recourses, and technological Knowledge              CR4-The course
      available to workers                                                                         provides
                                                                                                   instruction in the
   5. Financial Sector: Money, Banking, and Monetary Policy [CR4]                                  financial sector.

   6. The International Economy [CR7]
                                                                                                 CR7-The course
                                                                                                 provides instruction
                                                                                                 in the open
                                                                                                 (international trade
                                                                                                 and finance).
Course Outline

Unit 1: Basic Concepts/Supply and Demand (review) 2 week
Topics: Scarcity, Choice, Opportunity cost, PPF, Basic Marginal Benefit/Marginal Cost               CR1-The
                                                                                                    course teaches
Analysis, Comparative and Absolute Advantage, Demand, Law of Diminishing Marginal                   students basic
Benefits, Supply, Consumer and Producer Surplus, Consumer Choice/Optimal Purchase Rule,             economic
Allocative Efficiency, Deadweight Loss, Elasticity, Total Revenue Test, Price Discrimination,       concepts.
Price Floors and Ceilings, Efficiency versus Equity [CR1, CR3, CR9]
Readings: Mankiw, Principles of Economics, Chapter 1, pg. 4-11; Chapter 2, pg. 23-28;               course provides
                                                                                                    instruction in
Chapter 3, Chapter 4; Chapter 5; Chapter 6; Chapter 7; Chapter 8, pg. 164-169; This is a review
from first semester Microeconomics                                                                  income and
    1. 2 Quizzes with two short-answer questions and six to eight multiple choice questions
                                                                                                  CR9-The course
                                                                                                  teaches how to
                                                                                                  generate, interpret,
                                                                                                  label, and analyze
                                                                                                  graphs, charts, and
                                                                                                  data to describe and
                                                                                                  explain economic

Unit 2: Measurement of Economic Performance               6 weeks
Topics: GDP, GNP, NGDP, RGDP, Consumption, Investment, Government Purchases,                        CR2-The
                                                                                                    course provides
Net Exports, Employment, Unemployment, Business Cycle, Types of Unemployment,                       instruction in
Inflation, CPI, Interest Rates [CR2] [CR5]                                                          measurements
                                                                                                    of economic
Readings: Mankiw, Principles of Economics, Chapter 23; Chapter 24
Assessment:                                                                                         course provides
    1. 6 Quizzes with two short-answer questions and 6 to 8 multiple choice questions               instruction in
    2. Test with 1 long-answer question, 2 short-answer questions, and 20-30 multiple choice        unemployment,
       questions                                                                                    and
Unit 3: Macroeconomic Theory and Policy                         6 weeks                          CR3-The
Topics: Classical Theory, Keynesian Theory, Consumption Function, Aggregate                      course provides
                                                                                                 instruction in
Demand, Aggregate Supply, recession, depression, models of AD/AC, AD/AS curves,                  national
Natural Rate of Output, Nonprice-Level Determinants, Fiscal Policy, Laffer Curve,                income and
crowding-out effect, Multiplier effect, Phillips Curve, Money, Monetary Policy, FED,             price
Stocks, Bonds [CR3] [CR4]

Readings: Mankiw, Principles of Economics, Chapter 29; Chapter 30; Chapter 33;                   course provides
Chapter 34; Chapter 35                                                                           instruction in
                                                                                                 the financial
   1. 6 Quizzes with two short-answer questions and 6 to 8 multiple choice questions

   2. Test with 1 long-answer question, 2 short-answer questions, and 20-30 multiple choice

Unit 4: Economic Growth and Productivity                       1 week                            CR3-The
Topics: Productivity, Physical Capital, Human Capital, Natural Resources,                        course provides
Technological Knowledge, Diminishing Returns, Catch-Up Effect, Public Policy, Long-              instruction in
Run Economic Growth [CR3] [CR6]                                                                  income and
Reading: Mankiw, Principles of Economics, Chapter 25

Assessment:                                                                                      CR6- The
   1. 1 Quiz with two short-answer questions and 6 to 8 multiple choice questions                course provides
                                                                                                 instruction in
                                                                                                 growth and

   Unit 5: The International Economy                              3 weeks
   Topics: International Trade, Comparative and Absolute Advantage, Opportunity               CR7-The course
   Cost, Imports, Exports, Free Trade, Current Accounts, Capital Accounts, Exchange           instruction in the
   Rates, Capitalism, Socialism, Traditional, Command, and Market Economics,                  open economy
   Developed versus Developing Countries [CR7] [CR8]                                          (international
                                                                                              trade and
   Readings: Mankiw, Principles of Economics, Chapter 3; Chapter 31

                                                                                       CR8- The course promotes
   1. 3 Quizzes with two short-answer questions and 6 to 8 multiple choice questions   the understanding of
                                                                                       aggregate economic
                                                                                       activity; the utilization of
   2. Test with 1 long-answer question, 2 short-answer questions, and 20-30 multiple   resources within and across
      choice questions                                                                 countries; and the critical
                                                                                       evaluation of determinants
                                                                                       of economic progress and
                                                                                       economic decisions made
                                                                                       by policy makers.
Comprehensive Final Exam: One long-answer question, two short-answer questions, and a
full multiple-choice section (60 questions) of an AP Released Exam. Two hours are planned for
the exam.

Teaching Strategies
       Complete AP Exam problems in class. Give students 10 to 15 minutes to work out
        the answers to an old AP free-response question. Let the students work in small groups if
        they prefer. When a group finishes quickly, have them put their answers on the board. It
        has several benefits:

            o Visit weaker groups or students so that they can get some individualized
            o Assess where common misunderstandings are happening. If I get questions from
                several groups on the same problem, I know to review or reteach that idea.
            o Students learn to do AP problems in the amount of time they will get on the
                actual AP Exam. This helps them know how to pace themselves when it counts.

       Give reading previews. Give introductory lectures to the upcoming reading from the
        textbook. Emphasize that these lectures are not meant to be a perfect substitute for the
        reading; rather, they let students read new material with some familiarity. Economics
        textbooks are not the easiest to read. When students tackle the textbooks having seen the
        big ideas, they get the most from the time they spend on the reading
       Frontload on fundamental topics. Extend the units at the beginning of the course
        and make sure that as many students as possible are on board with the basics such as
        opportunity cost, supply and demand, and the cost curves. Spending more time on these
        topics the first time through will save you a lot of time later. Students can pick up new
        topics quickly if they are well grounded in the topics that come early. Hours spent up
        front can save you days later on in the semester.
       Use the newspaper. Nothing motivates students like seeing that economics is being
        put to use every day around them. Finding good articles for class is easy. Look in the
        Wall Street Journal on page A2, “The Economy.” The commodities page has a supply-
        and-demand article every day. The Sunday “Business” section in the New York Times
        almost always has something you can use, as do the editorial pages.

Student Evaluation
Student grades are determined on a point system accumulated by taking tests, quizzes, papers,
and problems from the textbook. There will be a total of 4 tests, 16 quizzes, 16 homework
assignments, and a business project.

Teacher Resources
Mankiw, N. Gregory. Principles of Economics. 4th Edition. Mason, Ohio: Thompson
South-Western, 2007.

Bach, David. The Automatic Millionaire. New York: Broadway Books, 2004

The Wall Street Journal
Web Sites

National Council on Economic Education: This site has the best
economics materials, lessons, and workshop resources. Membership forms for the Global
Association of Teachers of Economics (GATE) are also available here.

Principles of Economics, 4/e: Learning Resources page for Microeconomics: The text’s Web site
includes practice multiple-choice quizzes and PowerPoint presentations. This is a mega reference site

Resources for Economics on the Internet: This is a mega site for

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