Economics classroom expectations

Grading Policy:
Homework 15%
Class work 25%
Exams/presentations  60%

My extra help day is Thursday, but I will be available for help almost every day after school, just let me know if you are coming and I will be in my room unless I have another meeting.

Bring a good attitude, a binder, and something to write with in class every day. I want you to be able to see how you think like an economist every day. 

If you think about it you incorporate marginal utility in all of the decisions you make.

Some of the other economic concepts the course will cover
  Microeconomics:
  Scarcity
  opportunity costs
  production possibilities curve
Traditional, Command, Market Economies
Supply and Demand
Elasticity of demand and elasticity of supply
Market Equilibrium and the role of prices
Perfect Competition, Monopoly, Oligopoly, and Monopolistic Competition
Regulation and deregulation of business
Labor  and business
Sole Proprietorships
Partnerships,
Corporations/Trusts
 
Macroeconomics
Fiscal Policy
Monetary Policy
Government safety nets and when should they be used
International trade, NAFTA, WTO

Week of April 24, 2017

Chapter 16 questions

Chapter 16:  The Federal Reserve and Monetary Policy
Please read the sections before you answer the questions assigned.

16(1)
1. Figure 16.1 (416), What percentage of banks are in the federal reserve system, and what percentage of bank deposits do they control?
2. Figure 16:2 (417) Identify the 12 Federal Reserve Bank cities.
3. What is the point of the fast fact (417)?
4. Answer questions 1-5  (odd/even) page 418

16(2)
1. Whose statue  do you think is on the north side of the Dept. of Treasury( 420)?
2. Figure 16.3 (421) What role does the Fed have in cashing checks?
3. Figure 16.4 (423) What happens to the money demand when interest rates increase?
4. Answer questions 1-6 (423) odd/even.

Read the biography of Alan Greenspan (424) bullet three facts about his life. Answer question 2. 

16(3) 
1. Figure 16.5 (426)  How do banks create money? 
2. Figure 16.6  (427) What is the reserve ratio requirement?How can the Fed expand the money supply using this tool?
3. Figure 16.7  (428) What is the discount rate?  How can the Fed expand the money supply using this tool?
4. Figure 16.8 (428) What are open market operations?  How can the Fed expand the money supply using this tool?
5. Answer questions 1-8 (odd/even) page 429.

16(4)
1. Figure 16.10 (432) What are the effects of proper and improper timing of fed monetary
policies?
2. Answer questions 1-6 (odd/even) on page 434.

Chapter 1 vocabulary

Chapter 1

1(1)
 Economics

Need vs. Want-

Goods vs. Services

Scarcity vs. Shortage

Factors of production-  land, labor, capital

Physical vs. Human Capital

Entrepreneur-


1(2)
trade off

guns or butter

opportunity cost (best opportunity lost)

thinking at the margin (marginal analysis)


1(3)
production possibilities curve

production possibilities frontier

efficiency

underutilization

cost

law of increasing costs

Economics classroom expectations

Grading Policy:
Homework 15%
Class work 25%
Exams/presentations  60%


Bring a good attitude, a binder, and something to write with in class every day.

I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday at the Freshman homework club.

Chpt 15 questions

Chapter 15 Fiscal Policy
Read the Profile of John Maynard Keynes  (402) 
1. Before Keynes what did most economists think the role of the government should be?   How did Keynes change this role?   Why are Keynes' views controversial today?

15(1) Understanding Fiscal Policy (387)
2. Look at 15.1 (388) What is the role of the OMB (Office of Management and Budget)? Why do you think Congress has a CBO (Congressional Budget Office)?
3.  Look at 15.2 (389) What happens to aggregate demand when the government increases its spending? 
4. Look at 15.3 (390)  How might cutting taxes have a similar effect to government spending?
5. Read the Global Connections (392) what happened in Japan when it tried an expansionary fiscal policy?  Why not?
Answer questions #1-6 on page 393.  Odd/Evan

15(2) Fiscal Policy Options
Define :
classical economics
Keynesian economics
supply-side economics
multiplier effect
automatic stabilizer
productive capicity
What is pictured on page 397?  Why?
Answer questions 5+6 on page 401

15(3) Budget Deficits and National Debt
What is the difference between national debt and national deficit?
1. Look at the chart 15.9 (404)  What affect did the Bush (2002-2009 budgets) tax cuts have on the annual budget?
2. Look at 15.10 (406)  what is the point of the chart? 
3.  Look at 15.11 (407)  What is crowding out?
4. Look at fast fact (407) What would be a problem with a federal balanced budget amendment?
Answer question 4 on page 408.

Chpt 14 questons.-+

Happy day after May Day.   Why did Communists celebrate May Day?

Chapter 14 (1)  What are taxes?
1.Look at the three types of tax sturctiures on page 360.  Identify the three types and and summarize their differences.
2. Which type of tax structure is identified on page 361.  Do you think this is fair?  Explain why.
3. Look at the cartoon on page 362.  Why are taxes necessary?
4. Look at the chart 14.3 on page 363.  What is the point of the chart?  Who do you think pays more taxes (incidence of tax) on an elastic demand : consumers or producers?  What about demand that is inelasitic:  consumers or producers?
Answer questions 3, 4, and 6 on page 363.

14(2) Federal taxes
1. Look at the Federal Income Tax Rates, 2003 (367).  Are these tax rates proportional or progressive?
2. Look at global connections (368)  What is a value added tax?  Would you recommend one for the US?  Why or why not?
3. What is a the point of the picture on 369? What is an incentive?
Answer questions #1-4 on page 369.

Read the profile on Henry J. Aaron. (370) 
What is an entitlement?  Why does Aaron have major concerns about  Social Security? 

Due Thursday:
14(3) Federal Spending
1. What is the point of the cartoon on page 374?
Answer questions 1-4 on page 374.

14(4) State and local taxes and spending
1. Why is the picture on page 375 in this section?
2. Look at the chart on page 376, What are three of the largest sources of state revenues in 2001, what are three of the largest state expenditures?
3. Look at picture on 377.  Should snow plowing be part of  a states operating or capital budget?
4.  Look at the fast fact on page 378.  Why do you think sales tax free NH has such high property tax rates?
Answer questions #1-4 on page 380.

Read real life case study (381)
How many tax cuts did President Bush pass?  Who do you think benefitted the most from these tax cuts?  Explain

Chapter 16 questions

Chapter 16:  The Federal Reserve and Monetary Policy
Please read the sections before you answer the questions assigned.

16(1)
1. Figure 16.1 (416), What percentage of bans are in the federal reserve system, and what percentage of bank deposits do they control?
2. Figure 16:2 (417) Identify the 12 Federal Reserve Bank cities.
3. What is the point of the fast fact (417)?
4. Answer questions 1-5  (odd/even) page 418

16(2)
1. Whose statue  do you think is on the north side of the Dept. of Treasury( 420)?
2. Figure 16.3 (421) What role does the Fed have in cashing checks?
3. Figure 16.4 (423) What happens to the money demand when interest rates increase?
4. Answer questions 1-6 (423) odd/even.

Read the biography of Alan Greenspan (424) bullet three facts about his life. Answer question 2. 

16(3) 
1. Figure 16.5 (426)  How do banks create money? 
2. Figure 16.6  (427) What is the reserve ratio requirement?How can the Fed expand the money supply using this tool?
3. Figure 16.7  (428) What is the discount rate?  How can the Fed expand the money supply using this tool?
4. Figure 16.8 (428) What are open market operations?  How can the Fed expand the money supply using this tool?
5. Answer questions 1-8 (odd/even) page 429.

16(4)
1. Figure 16.10 (432) What are the effects of proper and improper timing of fed monetary
policies?
2. Answer questions 1-6 (odd/even) on page 434.