AP Macroeconomics will be offered during 3rd period on A days in the Spring '19 Semester.
Students will need to procure a copy of the book:
New Ideas from Dead Economists, by Todd Buckholz.
New copies are available on Ebay for only $5.99.
Also, here is a link to a free .PDF version of the text:
https://www.pdfdrive.com/new-ideas-from-dead-economists-e195344.html
Students will need to read Ch.1, Ch.2, Ch.9 and Ch.10.
We will have a test over these four chapters at the end of the first week of the Quarter.
Course Name: AP Macroeconomics
One Semester Course: 18 weeks, A-B Block 4 period day, 95 minutes per class
45 class meetings
Bibliography of Texts:
Main Text:
Boyes, William and Michael Melvin
Economics
Houghton Mifflin Company: 7th Edition, 2008
ISBN: 0-618-76125-X
Activities Manual:
Morton, John S. and Rae Jean B. Goodman
Advanced Placement Economics: Macroeconomics
National Council on Economic Education: 3rd Edition, 2003
ISBN: 1-56183-567-6
Student Reader (Students must purchase):
Buchholz, Todd G.
New Ideas from Dead Economists: An Introduction to
Modern Economic Thought,
Plume, Penguin Group: 1990
New York, New York
ISBN: 0-452-26533-9
Course Description
This is a college-level course, and it is an introduction to macroeconomics. This
subdivision of economics deals with the economy as a whole: aggregate national income
and output, government spending and taxation, money and banking, monetary policy and
international trade.
Course Plan (Sequence of the Topics Covered):
Unit 1
Introductory Materials
Topics Covered:
Scarcity, Opportunity Cost, Factors of Production, Supply and Demand
Laws, Curves and Determinants, Equilibrium Price and Quantity, Ceilings,
Floors, Basic Circular Flow Models, Production Possibility Frontiers, Basics of
Business Cycles, Inflation, Macro versus Micro, Ceteris Paribus, "Full
Employment", Efficiency, Substitute Goods, Complementary Goods
College Board Course Outline Correlation: "Basic Economic Concepts: A, B, D, E"
Text Chapters: 1, 2, 3
Test on Chapters 1,2, and 3
Time Committed to the Unit: 4 days
Unit 2
National Income Accounting
Topics Covered:
GDP, GNP, NNP, NI, PI, DI, Consumption and Savings, Inflation,
Nominal versus Real, Intermediate Goods, Expenditure Approach to
GDP, Income Approach, Gross versus Net, Formulas from GDP to
DI, CPI, Per Capita
College Board Course Outline Correlation: "Measurement of Economic
Performance: II A"
Text Chapter: 6, 17
Test on Chapter 6 and 17
Time Committed to the Unit: 4 days
Unit 3
Growth and Business Cycles
Topics Covered:
Rule of 70, Productivity, Components and Patterns of the Business Cycles,
Types of Unemployment, Unemployment Rates, Okun's Law, GDP Gap,
Rates of Inflation, Demand-Pull, Cost Push, Nominal Income versus Real,
Unanticipated Inflation, Aggregate AS/AD Model introduction
College Board Course Outline Correlation: "Measurement of Economic
Performance: II B, C"
Text Chapter: 8
Test on Chapter 8
Time Committed to the Unit: 4 days
Unit 4
Aggregate Models
Topics Covered:
Consumption and Savings Schedules, APC, APS, MPC, MPS, Nominal
Interest Rates, Real Interest Rates, Investment Demand Curves, Aggregate
Demand and Curves, Aggregate Supply and Curves, Determinants of AD
and AS, Productivity, Multipliers
College Board Course Outline Correlation: "National Income and Price Determination:
A, B, C"
Text Chapter: 9, 10, 11
Test on Chapters 9, 10, and 11
Time Committed to the Unit: 7 days
Unit 5
Fiscal and Monetary Policy Options
Topics Covered:
Employment Act of 1946, Fiscal Policy Options, Fed Policy Options,
Monetarist Analysis and Reactions, Supply Side-Neo Classical Options, Crowding
Out Effects, Value of Money, Money Creation, M1, M2, M3, Money Supply,
Fed Powers, FOMC, Countercyclical goals, Loanable Funds Market, Private
Bonds Markets, Fed Fund Rates, Reserves, Excess Reserves, Reserve Ratio,
Liquidity, Easy Money, Tight Money, Short Run AS, Long Run AS
College Board Course Outline Correlation: "Financial Sector" and "Inflation,
Unemployment, Stabilization Policies"
Text Chapter: 12 through 14
Tests on Chapters 12 through 14
Time Committed to the Unit: 11 days
Unit 6
Modern Perspectives
Topics Covered:
Phillips Curve SR, Phillips Curve LR, Stagflation, Disinflation, Supply Side/Neo-
Classical, Labor Productivity, MV = PQ, Basics of Rational Expectations School
College Board Course Outline Correlation: "Financial Sector"
Text Chapters: 15 and 16
Test on Chapters 15 and 16
Time Committed to the Unit: 4 days
Unit 7
International Trade
Topics Covered:
Export and Import Trends, Trade Surpluses and Deficits, Tariffs Plus and
Minus, Most Favored Nations, WTO Growth, Free Trade Basics, Non-tariff
Barriers, Multinationals, Currency Values and Exchanges, Dollarization, Balance
of Payments Systems, Remittances, Domestic Policy connections to Trade,
Comparative Advantages, Currency Exchange Graphs, Current Accounts, Capital
Accounts
College Board Course Outline Correlation: "Economic Growth and Productivity",
"Open Economy: International Trade and Finance"
Text Chapters: 18, 19, 35, 36, and 37
Test on all chapters relevant to these specific international topics
Time Committed to the Unit: 7 days
Time Committed to review: 4 days
Review
Additional Assignments
Readings and Chapter Quizzes from New Ideas from Dead Economists:
These assignments occur throughout the semester and cover
all the basic historic philosophers of economics.
Macroeconomic Graphing
Students will create a master chart of graphs and be able to create and give an analysis
for:
Production Possibility Frontiers
Business Cycles and the Secular Trend
Consumption and Savings Functions and Links
Investment Demand Curve
Aggregate Supply Segments and Biases (Keynes versus Say's Law)
Aggregate Demand and Aggregate Supply Model
Money Supply Markets
Loanable Funds/Private Savings Market
Private, Domestic Bond Markets
Phillips Curves
Laffer Curve
Dollar Markets/Foreign Currency Markets
Tests and Quizzes
Chapter tests are taken from the text publisher's test bank. All multiple
choice questions contain 5 answer choices, phrased in the same style as the
College Board AP test.
8 Timed-Writing Quizzes will be given during the semester. Students will have 12
minutes to complete the quiz. These questions will be taken from previous free-response
questions.
10 Reading Quizzes will be given over the assigned textbook material. These will
be given at random and will include 10 multiple choice questions.
Morton and Goodman Workbook (3rd Edition)
The following items will be used for graphing and economic calculations practice.
The goal is to cover the following activities from this AP source:
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Production Possibilities Curves
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Second Edition, Activity 6
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Second Edition, Activity 10, Part B
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GDP, GNP to DI and Savings
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Inflation: Helped or Hurt?
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Second Edition, Activities 24, 25
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Marginal Propensity to Consume, Save
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Second Edition, Activity 16, Part B
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Second Edition, Activity 17, Part B
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Second Edition, Activity 39
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Federal Reserve Monetary Policy
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Changes in Fed Policy Options
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Nominal and Real Interest Rates
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Comparative Advantage and Trade
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Outline and Summary of the Course Scope and Sequence
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Introductory Macro Topics and Terms
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National Income Accounting
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Growth and Business Cycles
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Fiscal and Monetary Policy Options
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Banking and Money Multipliers
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The AP Macroeconomics Test will be administered on May 15th at 12 PM.