Week 4 remote learning economics due May 1, 2020

I. Watch the video:  Cost of covid 19 to dairy farmers in Alabama  
https://www.washingtonpost.com/video/national/the-cost-of-the-pandemic-for-americas-farmers/2020/04/16/d568edb1-243a-4322-b567-dea1b8d57208_video.html
Answer the following CP1 4 of 5, Honors 5 of 5
1. What percentage has milked dropped in price due to covid 19?
2. Why can't farmers just stop milking their cows if there is a weakened demand for milk?
3. Dairy farmers do not want to dump their milk. Why do they feel they have to dump it?
4.  Is the current crisis a dairy supply or a consumer demand issue?  Explain your answer.
5. Dairy farmers don't want people to die due to Covid, what balance do they seek?  What do we as a nation have to figure out?  Explain your answer


II. Watch the Mr. Clifford AC/DC video on Public Goods and Free Riders 
https://video.search.yahoo.com/search/video;_ylt=AwrE1.D0xqVe2K0ATEJXNyoA;_ylu=X3oDMTEyc2Vwdm8yBGNvbG8DYmYxBHBvcwMxBHZ0aWQDQjk1MzVfMQRzZWMDc2M-?p=mr.+cliffords+acdc+economics&fr=mcafee#id=8&vid=f5be54d91c61a4ca533b53857123ed0a&action=view
CP1 answer 5 of 6,  Honors 6 of 6
1. Who produces public goods?  Why did Republicans have a problem with President Obama's statement about who produces public goods?
2. Do Libertarians want more or fewer public goods?
3. What are the 2 things that make a good a public good?
4. Why doesn't the free market produce public goods?
5. What is a free rider?
6. Should the government step in to solve the dairy farmers problems due to Covid 19? Explain whether your answer would be more Democratic or more Libertarian.

III  Watch the Mr. Clifford AC/DC video on Comparative Advantage Explained
https://video.search.yahoo.com/search/video;_ylt=AwrE1.D0xqVe2K0ATEJXNyoA;_ylu=X3oDMTEyc2Vwdm8yBGNvbG8DYmYxBHBvcwMxBHZ0aWQDQjk1MzVfMQRzZWMDc2M-?p=mr.+cliffords+acdc+economics&fr=mcafee#id=11&vid=9a66391708e97dad49f9a203568c6fee&action=view
CP1 complete 5 of 6 questions , Honors 6 of 6 questions
1. What formally British, but now Chinese city is the center for finance in Asia?
2.  Why would a country with an absolute avantage in producting items want to trade with another nation?
3. Explain the concept of comparative advantage by completing the following:
Do what you do best and ______  for the rest.
4. Mr. Clifford breaks down per unit opportunity cost between US and China in production of planes and toys?  Between which numbers does it benefit both China and the US to trade with each other in terms of toys and planes?
5. Explain how  trade barriers impact per unit opportunity costs?  This is your opinion. 
6. Why do you think Mr. Clifford went to Hong Kong for this explaination of comparative advantage?

Week 3 Remote learning, Due April 27, 2020

Enjoy Patriots' Day on Monday,  I'm still waiting for a Celtics Day off

I. Listen to the great toilet paper shortage of  2020 and answer the questions

https://www.washingtonpost.com/podcasts/post-reports/the-great-toilet-paper-shortage-of-2020/

CP1 answer 4 of 6,  Honors 5 of 6
1.  Why do psychologists say people hoard toilet paper in these stressful and out of control times?  What sense does it give people?
2. Why has the supply chain for TP broken down?  What does industry have to adapt to?
3. Which decade did TP become an essential part of American life?  How did advertisers convince house wives to buy it?
4. What was used before TP?  Do you think people will go back to this? Will America increase demand for things like  a bidet (toilet that sprays water)?
5. If the government set limits on TP do you think a black market in TP would develop?
6. How is this an economics story?  What are the trade offs in this scarce commodity?

II. Listen to Mr. Clifford's Econ movie review of Ready Player One 
https://www.youtube.com/watch?v=P09bFa6JXGM

CP1 answer 4 of 5,  Honors answer all 5.
1. There are three types of virtual economies: closed flow, hybrid, and open flow.  Which is the only type not taxed by the IRS?
2.  Clifford claims the economics key to happiness is avoiding what?
3. What Speilberg movies does Clifford compare to Ready Player One?
4. What is the key to your happiness in the future?  Peace of mind and control of what?
5. Do you agree or disagree with Clifford's economic view of your future happiness?  Explain in at least one paragraph.

I hope all is well.
Stay safe

Week 2 of Remote Learning Due April 20, 2020

Honors complete  4 of 4  (I, II, III,IV)
CP1 complete 3 of 4
This should not take more than 90 minutes to complete.  If it takes longer let me know
Share this on a google docs with me or take a picture and email it to me
mstanton@plymouth.k12.ma.us
Good luck and stay safe

I.  Watch the 29 second video on how social distancing works.
https://www.washingtonpost.com/video/national/ohio-department-of-health-coronavirus-video-goes-viral/2020/04/10/158b37b9-fbff-4391-8be0-3c94ce8082_video.html
      1. Does this visual make sense to you?  Explain why or why not.

II. Watch the Circular flow how the economy works and answer the questions
https://www.youtube.com/watch?v=mN5HPJYJzus
1. Identify the 4 parts of the circular flow of money (fill in the blank)
     Resourse and P_______________ Market
     Business and H________________

 2. Is the mall part of the resource or product market?

 3. What did you think of Clifford's video on the Circular Flow?

III Watch the Economics of Trump's tariffs and answer the following questions

https://www.youtube.com/watch?v=_GrjO-oRQ5M

   1.  Why does Clifford advise his viewers to avoid  assymentic information (Fox news and MSNBC news point of view) What happens in the echo chamber?
   2.  Why don't most economists agree with protectionist policies?
   3.     Some people have lost their jobs because of globalization, but are trade deficits always bad?
   4.  Make a connection,  how do you think the Trump tariffs impact the circular flow of money?

IV Watch  Fiscal ; Monetary Policy - Macro Topic 5.1 Answer the following questions
https://www.youtube.com/watch?v=bv-uNNkE39I

1. What are the 3 options to fix a recession?

2. Fiscal policy is used by the government.  What are its two major tools?

3. Monetary policy is controlled by the Federal Reserve. What are its three tools?

4. What should the fiscal and monetary policy be in the US today to deal with coronavirus?

Week of April 6, 2020 Week 1 work due April 13, Class code for Google Classroom 67co3ss

Email me with you answers either through a google doc shared with me or
take a picture on your phone with the answers and email me at
mstanton@plymouth.k12.ma.us
Good luck and stay safe

I. Watch the Economics of the Coronavirus or Corona Cyrus
https://www.youtube.com/watch?v=of_Q51IUvQQ&t=79s

Hint:  watch with captions on
  CP1 Answer  5 of the following 7 questions
Honors answer 6 of the following 7 questions
 1. Why can't Clifford refer to the coronavirus directly, but calls it Corona Cyrus?
 2. Why did Clifford have to update his old video on the corona virus?  What bad advice did he give?
 3.  How is flattening the curve a scarcity issue?
 4. What behavior is causing a shortage of toilet paper (a giffen good) ?  Why doesn't hoarding make economic sense?
 5. Why will the multiplier effect cause a demand shock recession? What will be the wrecking ball?
6. What is the fiscal policy answer? What should happen to taxes and government spending?
7. Why has the Federal Reserve lowered interest rates? What  quantitative easing?


II  Watch Crash Course world history on disease
https://www.youtube.com/watch?v=1PLBmUVYYeg&t=1s

CP1  Answer 4 of 6 / Honors answer 5 of 6
  1. Why doesn't history focus as much as it should on the impact of disease?
  2. How are trade and disease closely related?
  3. What plague was the Beatles of all plagues?
  4.  How did the plague change feudal relationships?  Why did inflation occur?
  5. How did building codes change?
  6.  Identify and explain one change that you think might occur because of Covid-19.  This is your opinion


The Class Code for the Google Classroom is :   67co3ss

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.

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/Even

15(2) Fiscal Policy Options
Define :
classical economics
Keynesian economics
supply-side economics
multiplier effect
automatic stabilizer
productive capacity
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.

Chapter 13

13(1) Unemployment
Identify  and explain in your own words the key terms (331)
unemployment  rate
Frictional, seasonal, structural, cyclical unemployment
Full employment
discouraged worker
Answer  Global connections question on page 335.
Questions 1-6 (odd/even) page 336

13(2) Inflation
Identify the key terms (339)
inflation vs. deflation
price index (CPI, PPI)
core inflation rate vs. inflatiion rate
Hyperinflation
demand pullvs. cost push inflation

What is a wage price spiral (page 342)?
Questions 1-6 (odd/even) page 343.

Read Oprah Winfrey (344)Answer questions 1+2 (odd/even)

13(3) Poverty
Identify the key terms (345)
Poverty rate vs. poverty threshold
enterprise zone
block grant
workfare

Look at poverty rates by group ( 346) What race and gender  has the highest and lowest rates of poverty.
What does the Lorenz curve (348) show?
Questions 1-8 (350) odd/even
Questions 1+2 on page 351.