AP Macro Syllabus

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					Mr. Christopher Evans

F211    480-224-2268


Office Hours: T/Th 6:45 – 7:25am or by appointment

                                           AP Macroeconomics

The Advanced Placement course in macroeconomics gives high-ability students the opportunity to earn
college credit in macroeconomics while still in high school. More importantly, the content of an AP
macroeconomics course helps students develop critical thinking skills through the understanding,
application and analysis of fundamental macroeconomic concepts. Students also learn to apply quantitative
and mathematical skills to the discipline, test economic propositions empirically, improve their decision-
making skills and apply economic logic to a wide variety of real world and hypothetical situations.

Course Materials
   1. Textbook: Principles of Economics, 5th Ed. 2008, N. Gregory Mankiw
   2. Advanced Placement Economics: Macroeconomic student activities, 3rd Ed. 2003
       National Council of Economic Education

Supplies Needed
Signed syllabus        Composition Book               Highlighters
Loose-leaf paper       Black or blue pens             Post-it Notes for annotating your textbook
3-ring binder (separated into three sections: Notes, Class readings, Assignments/Projects)

We will be using multiple websites during the semester to try and maximize our exposure to economics and
to relate what we are learning in the classroom to what is happening in the world. These are valuable tools
that you will need to be familiar with.
    Class: http://sites.google.com/site/evansbasha/ For all information concerning the course
        Netvibes: http://www.netvibes.com/econwithevans For a cornucopia of economic news and
        opinions that will be the basis for our Google Groups discussions.
    Google Groups/ Mail: http://groups.google.com/group/Evans-AP1 (You will be receiving an invitation
        from me once you have set up your Google Account. Additionally, each student will need a Gmail
        account so you can access Google groups and Google Calendar.
    Twitter: http://www.twitter.com/econwithevans If you are already on the popular social networking
        sight, add this to those you follow. I’ll be updating regularly with information about the class (i.e.
        “No Quiz Tomorrow!”), interesting links I find relating to economics, etc.

Course Objectives / Rough Outline
Here is an overview of what we are hoping to accomplish this semester, along with a tentative guideline of
how long each should take. This will most certainly adjust and be amended, so don’t get too wrapped up in
it. For a much more up-to-date look, follow the Google Calendar.
Course Outlines and Objectives

UNIT I: BASIC ECONOMIC CONCEPTS                                                         (8-12 days)            UNIT TEST

The focus of this unit is scarcity. We will examine some methodological questions in economics, and cover such
concepts as scarce resources, unlimited wants, and tradeoffs in decision-making. We will analyze the different
economic systems--market, command and traditional--that have been used to answer the questions of what to
produce, how to produce and for whom to produce. Finally, this unit will introduce the student to the economic way
of thinking. This unit will make up 8-12% of the AP Exam.

1. Describe and analyze the "economic way of thinking"
2. Describe the methodology used in economics
3. Graph and interpret data
4. Graph and distinguish between inverse, direct and zero relationships
5. Graph and distinguish between constant and variable relationships
6. Identify the conditions that give rise to the economic problem of scarcity
7. Define Opportunity Cost
8. Identify the Opportunity Costs involved in various courses of action
9. Construct a Production Possibilities curve from sets of hypothetical data
10. Apply the concept of Opportunity Cost to a Production Possibilities Curve
11. Analyze the significance of different locations on, above or below a Production Possibilities Curve
12. Identify the three economic questions every economic system must answer
13. Compare and contrast the economic philosophies of Adam Smith and Karl Marx
14. Describe and analyze the economic goals of different economic systems
15. Analyze the advantages and disadvantages of different economic systems

UNIT II: MEASURES OF ECONOMIC PERFORMANCE                                                       (8-12 days)    UNIT TEST

The "nuts and bolts" performance of any national economy is usually measured in terms of Gross National Product,
Gross Domestic Product, and the levels of inflation and unemployment. This unit will cover the components of gross
income measures and the costs of inflation and unemployment. Students will learn to distinguish between nominal
and real values, and how to use price indices to convert nominal magnitudes into real magnitudes. As the course
moves from static descriptions to dynamic models, we will discuss the actual levels of inflation, unemployment, GNP
and GDP in the United States. This unit will make up 8-12% of the AP Exam.


1. Analyze the components of the Circular Flow Diagram and use it to explain how a single purchase can influence all the Macro
flows in the country
2. Describe the purpose of National Income Accounting
3. Define Gross National Product, Gross Domestic Product, Net National Product, National Income, Personal Income, and
Disposable Income
4. Explain how we measure GNP and GDP
5. Explain what Goods and Services are counted in GNP and GDP as Consumption, Investment, Government Expenditures, and
Net Exports
6. Compute GNP, GDP, NI, PI, and DI when given National Income Accounting data
7. Compute GNP and GDP using both the Income and Expenditure methods
8. Describe the purpose of a Price Index
9. Explain how a Price Index is calculated
10. Use a Price Index to calculate the rate of Inflation
11. Distinguish between Demand-Pull inflation and Cost-Push Inflation
12. Describe the difference between Nominal and Real GNP
13. Explain how Unemployment is measured in the United States
14. Calculate Unemployment and Employment Rates from appropriate data
15. Differentiate between Frictional, Cyclical, Structural and Seasonal Unemployment
16. Describe the phases of the Business Cycle
17. Identify the phases of the Business Cycle when given the appropriate economic data

UNIT III: THE KEYNESIAN AS/AD MODEL                                                          (20 days)      UNIT TEST

The material in this unit is the heart of a Macroeconomics course. Since the material is complex, students will need a
theoretical construct to organize the concepts; that construct will be the Aggregate Supply-Aggregate Demand model.
Students will build the components of the Classical and Keynesian models, including the consumption function, the
investment function, the marginal propensity to consume and to save, and the multiplier, and will practice the simple
algebra of income determination and determine Keynesian equilibrium. Finally, the relevance of this analysis to fiscal
policy decisions will be shown by identifying the goals and tools of fiscal policy and end by analyzing fiscal policy
through the economic concepts developed in this unit. This unit will make up 25-30% of the AP Exam.


1. Define Aggregate Demand, Aggregate Supply and Equilibrium
2. List and explain the basic causes of shifts in Aggregate Demand and Aggregate Supply
3. Graph Aggregate Demand and Aggregate Supply
4. Describe what determines the amount of goods and services produced and the level of employment in the Classical theory of
Aggregate Supply-Aggregate Demand
5. Describe what determines the amount of goods and services produced and the level of employment in the Keynesian theory of
Aggregate Supply-Aggregate Demand
6. Explain how Consumption and Saving are related to Disposable Income in the Keynesian model
7. Describe and calculate from given data the Marginal Propensity to Consume and the Marginal Propensity to Save
8. Describe the Multiplier
9. Given values for the marginal Propensity to Consume, calculate the values for the Multiplier
10. Calculate the change in total spending that occurs from a given change in Business or Government expenditures when MPC is
11. Describe Keynesian Equilibrium in words and diagrams
12. Explain the Equilibrium levels of Output and Employment in Keynesian analysis when prices are free to vary
13. Explain and show graphically how Fiscal Policy can be used to reduce and Inflationary or Recessionary Gap
14. Describe how Fiscal Policy can be used to stabilize the economy
15. Distinguish between Automatic and Discretionary Stabilizers
16. Distinguish between a Contractionary and Expansionary Fiscal Policy
17. Evaluate Macroeconomic conditions and determine the Fiscal Policy that can be used to improve those conditions
18. Use a Keynesian 45° Total Expenditure Diagram to analyze economic problems and proposed solutions to those problems
19. List and explain the complications encountered in employing Fiscal Policy

UNIT IV: MONEY AND BANKING                                                                 (15-20 days)      UNIT TEST

An important step in analyzing Aggregate Demand is the study of the effect of Monetary Policy. The concepts in this
unit include the definition of money, fractional reserve banking, and the Federal Reserve System. Students should
learn how multiple deposit expansion affects the money supply and how the money supply affects the economy. From
this, we can define the determinants of the demand for money and investigate how equilibrium in the money market
determines interest rates, and how the investment demand curve provides the link between changes in the money
market and changes in Aggregate Demand. Students will also explore the deep divisions among economists about
Macroeconomic policy, and will examine the policy prescriptions of Keynesian, Monetarist, Neo-Classical, Rational
Expectations and Supply-Side economic theories This unit will make up 20-25% of the AP Exam.


1. Define and explain the functions of money
2. Explain what determines the value of money
3. Define and contrast the definitions of M1, M2, and M3
4. Define and compare Required Reserves and Excess Reserves
5. Explain how the banking system creates money
6. Calculate the Money Multiplier and money growth possible from a given value of Excess Reserves
7. Describe the organizational structure of the Federal Reserve System
8. Define and explain Open Market Operations
9. Explain how Open Market Operations, the Discount Rate, and the Reserve Requirement are used to expand or contract the
money supply
10. Evaluate the effectiveness of the three main tools of Monetary Policy
11. Write and explain the Equation of Exchange
12. Compare and contrast the Keynesian and Monetarist views
13. Given a series of data, identify the economic problem and prescribe the proper Monetary Policy to correct that problem
14. Identify the economic problems and recommend Monetary and Fiscal policies to improve economic performance when given
economic statistics
15. Use Aggregate Demand and Aggregate Supply to analyze the economic problems and proposed solutions to those problems
16. Analyze the tradeoffs involved in various economic policy prescriptions
17. Use a Phillips Curve to illustrate tradeoffs between inflation and unemployment in the short run and the long run
18. Compare and contrast the effectiveness of Monetary and Fiscal Policy as tools of economic stabilization
19. State the assumptions, values, theoretical support, and applicable time periods underlying recommendations concerning
Monetary and Fiscal Policies that are in conflict
20. Describe and discuss the essence of the Classical, Keynesian, Monetarist, Supply-Side, Rational Expectations, and Neo-
Classical theories
21. Compare and contrast the theoretical support for the policy prescriptions of these theories
22. Discuss the various problems and tradeoffs that policymakers face in the real world

UNIT VI: INTERNATIONAL ECONOMICS AND GROWTH                                                   (8-12 days)       UNIT TEST

The focus of this unit is world trade, the conduct of commerce among individuals, firms, and governments.
This unit will cover concepts such as opportunity cost, comparative and absolute advantage, free trade,
protectionism, the balance of payments, and exchange rates. It is important to examine why a country
trades, what the effects of restrictions are, how the international payments system helps or hinders trade, and
how international exchange rates affect domestic policy goals. This unit will make up 8-12% of the AP


1. Define Comparative and Absolute Advantage
2. Describe and give examples of the Law of Comparative Advantage
3. Define Specialization and Exchange
4. Explain how both parties to a trade gain from voluntary exchange
5. Explain Comparative Advantage in terms of Opportunity Cost
6. When given necessary data, compute the costs of producing two commodities in two countries, determine which nation has the
Comparative Advantage in the production of each commodity, calculate the trading ratio, and explain the gains to each nation and
the world from Specialization and Trade
7. Describe and evaluate the case for Free Trade
8. Describe and evaluate the case for Protectionism
9. Describe the Balance of Payments
10. Describe how Exchange Rate Systems work and convert currency using current exchange rates
11. Describe the effects of Depreciating or Appreciating Currency Rates on a nation's imports and exports

Grading Scale
Students will be graded on the basis of in-class quizzes, multiple choice tests, essay tests, economic
simulations, Socratic seminars, discussion board posts.
      A   90-100%
      B   80-89%
      C   70-79%
      D   60-69%
      F   Below 60%


Students are expected to keep track of their own grades. This can be done so by accessing STI online grade
book. Passwords can be obtained from your counselor or the front office


Students can expect 2 quizzes per week that will cover economic terms and concepts. Quizzes will mostly
be on Tuesday and Thursday/ Friday, unless otherwise specified.


There will be one test per unit. These tests will be given approximately every three weeks. The class will go
over the multiple-choice questions the following day. If you are absent (excused) on a scheduled Unit Test
day you will be expected to make up that test BEFORE the next Unit Test is given. If you are unexcused
absent or do not take the makeup test by the deadline, the missed test will count as a zero.

Final Exam

Unless otherwise instructed by the administration or your teacher, there WILL be a final examination in
this course. The final will be comprehensive and represent 20% of your semester grade.

Socratic Seminars

Each student will be required to read assigned articles, write three questions pertaining to the article, and
participate in the circle group discussion of the article. In most seminars, one student will be chosen (by the
teacher) to “play” Socrates, call on students, and keep track of who has spoken. Each student has to speak
in order for all participants to obtain the points. In other seminars, you will have different articles to read
and thus will have an inner circle that discusses a particular article and then halfway through the seminar,
you switch and now the second article is discussed.

Discussion Boards

Throughout the semester I will require students to participate in discussion boards on Google Groups.
Students will find an article from my Netvibes page on a topic we are covering and discuss it in a post.
Students will also be required to respond to at least one other post to receive credit for the week.

Outside Reading

Students will be reading material from various economic books throughout the semester. More information
will be available as we approach these times.

Student Expectations
Students are expected to….
Be accountable for your own actions.
Be responsible for your own learning and assignments.
Cheating and copying is unacceptable.
Treat others with respect.
Arrive to class on time with the necessary materials to participate in class.
Participate in class (reading, listening, speaking, etc).
Use appropriate language (mixed-company policy). Profanity is not allowed in school.
Contribute equally in cooperative learning activities/assignments.
Leave your area clean (pick up after yourself).
Hand in assignments on time.
Hand in major assignments on the due date even if you are absent from school.
Read the required text and assigned primary source documents.
Get work from fellow students if class is missed.
Use the class website for assistance in assignments/homework/expectations, etc.
Study for exams (4 hours per exam)
Behave appropriately (respect, honesty, pay attention)

First offense – Warning (includes calling the student’s name during class or speaking privately in the hall)
Second and third offenses – Parent contact/meeting
Fourth and fifth offenses – Referral and parent contact
Sixth offense – Referral and student/teacher/parent/administrator conference

Diversity Statement
All individuals have a right to an educational environment free from bias, prejudice and bigotry. As
members of the Basha High School educational community, students are expected to refrain from
participating in acts of harassment that are designed to demean another student’s race, gender, ethnicity,
religious preference, disability or sexual orientation.

In accordance with the diversity statement and general guidelines profane language is not tolerated in any
way. When in doubt, don’t say it. Students can expect me to be vigilant in addressing this issue.

Chandler Unified School District mandates that students must keep a minimum of 90% attendance.
Students will be referred to administration on their TENTH (10) absence (excused or unexcused) and may
be dropped from the course.

Make Up Work
Assignments are due the day after they are assigned unless otherwise specified. Students with excused
absences have one day for each day they are absent from their return to turn in assignments they missed.
Extensions are at the teacher’s discretion.

Chandler Unified School District places great importance on timeliness. Therefore, classroom tardiness
will be dealt with in the same manner as any other violation of classroom rules. Students need to be inside
the classroom and preparing for the class when the bell rings. I do understand that there are occasions
when you may be late to class for whatever reasons. Please be respectful and courteous and sign in when
you do enter the classroom late and DO NOT DISRUPT the learning environment.
Tardy #1: Student contact
Tardy #2: Student contact
Tardy #3: Friday after school detention F210 (2:30-3:00PM) / Parent Contact
Tardy #4: Friday after school detention F210 (2:30-3:00PM) / Parent Contact
Tardy #5: Friday after school detention F210 (2:30-3:00PM) / Parent Contact
Tardy #6: Referral to administration

Cheating/ Plagiarism
Cheating and plagiarism constitute and effort to deceive me and to cheat your peers who are working hard.
As such, I have a zero tolerance policy in regards to cheating and plagiarism, and ANY form of cheating or
plagiarism will result in a referral to the office, and possible further consequences. Keep in mind, if I get
two papers where plagiarism is apparent, then BOTH students will receive the zeroes.

Food and Drinks
Food is not permitted, and water is the only permitted drink.

Cell Phones / iPods
Cell phones and iPods, or other electronic devices, are not permitted during class unless otherwise
instructed by the teacher. If there is a family emergency and a student needs to be contacted please call the
office and they can immediately contact the teacher. If an electronic device is out it is the teacher’s
prerogative to confiscate the item.

Conference period will be on Thursday and Friday from 9:17 - 9:45. During this time students are only
allowed out of the classroom if they have a pass. Students will not be able to call or email the teacher they
wish to go see if they have not been given a pass in advance. The library is not available during
conference. Students should use this time to study or read.

Personal Property
Dear Parents/Guardians,

Please EMAIL me at evans.bhs@gmail.com with the following information. This will serve as notice
that you have received and read the syllabus.

To be certain I receive your first email please avoid my school email address as sometimes the school’s
email over filters emails.
Your email address will be kept on file to contact you about your child and upcoming information in
relation to the class.

Student name ______________________________________________                    Period __________
Parent name   ______________________________________________
Student Email ______________________________________________
Parent Email  ______________________________________________

*Parent OR student may email me (just be sure to provide ALL of the information above).
Please email me by Friday, July 30, 2010.

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