ECON103L124F19 - practice test questions PDF

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Marist College Course Syllabus Fall 2019

Principles of Microeconomics: ECON 103L124

Mr. John P. Finnigan

Class: Mon: 11 AM, Wed: 9:30 AM.

Room: Hancock 1020 (Investment Center) Office Hours: Mon/Wed: 1:00PM – 3:15PM, Wed: 8:00 - 9:15 AM, and by appointment Office Location: Fulton Street Email: [email protected]

Course Description: This course is often a first course in economics. As such, the material will begin with an explanation of economics as a social science. The structure of an economy will be discussed, with particular emphasis on how markets operate. The focus of the course will be on the market behavior of consumers and firms (producers) as individual participants. Specific Goals: This course is designed to provide the student with a basic understanding of economic theories that have been developed to explain consumer and producer behavior. Objectives: Upon completion of this course, the student should understand:  how markets operate and the role of price (”invisible hand”, supply and demand, and market equilibrium)  market failures, government intervention, and alternative approaches to market activity  how consumers make decisions in a market  the role and goal of a firm, the production function, and cost structure industry structures in the U.S.  how economic decisions of firms are made in the short run and in the long run  the role of ethics in consumer and producer economic decisions Core/LS: Successful completion of this course fulfills 1 Social Science distribution. Required and Recommended Reading: The required textbook is Economics by David C. Colander, McGraw-Hill/Irwin Publishing Company, copyright 2020, 11th Edition. ISBN: 978-1-260-50694-5 I may occasionally provide you with supplementary materials that pertain to the topics that we are covering in class. The material is to be read so that you understand the current economic situation in world and we can discuss it together in class. In order for you to understand the reading more clearly, a Learn Smart Reading Assignment has been set up in Connect for you to complete prior to the chapter discussions, make sure you complete the session for credit (Weekly). Link: https://connect.mheducation.com/class/j-finnigan-econ-103l124 Required Skills: You should be very comfortable with two-dimensional graphs and basic algebra. Class requirements: - Students are required to read the text and be prepared to participate in class discussions, bring a (financial) calculator to class, (not your phone’s calculator). - Students are responsible for all material presented in class. - Students are responsible for reading the Wall Street journal and finding current economic topics for class discussion. - Students are required to submit all homework through Connect/ilearn as directed. - Students will be responsible for Excel Worksheet Project to be submitted into ilearn and a hard copy due in class. Assignment is located on iLearn.

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All assignments must be submitted through Connect on the site Some Assignments will be submitted onto iLearn , those needing to be handed in during class in a professional manner : If exceeding one page must be stapled. name attached, well organized, typed, and on time. Ethic Week Assignment – you will be assigned two short videos to review and write a paper analyzing the ethical implications of each showing both positive and negative arguments to each position. Assignment is located on iLearn. There will be two in-class exam and one final exam in class during finals weeks. IMPORTANT: All students will be responsible for information posted on iLearn/Connect. This includes ‘bad weather days.’ Chapter Tests are available on iLearn, you should complete them to gain further knowledge on the subject.

Classroom Rules: I treat my students as adults, and expect the class to act professionally. Specifically, • Students should arrive punctually • Students should be prepared for class and have the assigned reading completed • Conducting telephone calls, text messaging, Social Media, etc. are prohibited in class. Violators may be asked to leave the classroom and will lose participation points. • All assignments must be typed/printed; they must include your name, as well as the name of the class and the instructor; and they must be stapled. Any failure to satisfy these requirements, and/or errors in the identifying details, will result in a reduced grade. • Assignments must be submitted online and, in addition, a paper copy must be submitted – both in advance of the deadline. Failure to do so will result in a reduced, or zero, grade. Proper attire for class, no hats, hoods, etc.  No homework will be accepted after its due date. A Learn Smart assignment will accompany each chapter, problems will be assigned through Connect. Occasionally, a short quiz might be administered in class. No homework, quizzes will be accepted after its due date.  You may work on homework assignments with another student or in small groups but each student must hand-in their own individual assignment (with name attached even though it is uploaded on your iLearn page or in Connect.  Spreadsheet & Ethics Assignments must be done individually.  There will be two in-class exams and a final exam. The second exam will not be cumulative. The inclass exams will consist of a short answer section (e.g., true/false and/or multiple choice) and an essay section. The final exam will be cumulative and similar in format but longer in length in comparison with the in-class exams.  The final exam will be given during the final exam period as scheduled by the college registrar.

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Outcome Assessment (Course Grade Determination): Grade Average

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A AB+ B BC+ C CD+ D F Grade Allocation: Homework/ Quizzes

Above 94 90 – 94 87 – 90 83 – 87 80 – 83 77 – 80 73 – 77 70 – 73 67 – 70 63 – 67 Below 63 30%

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Projects: Excel and Ethics Exams

10% 20% each

Attendance: Attendance is expected and you are responsible for all materials covered in the classroom. More than 3 absences will reduce the final grade by a full letter grade and more than 5 absences will result in a failing grade. Please take care of all mental and physical needs prior to class, I do not appreciate the interruption of students departing and re-entering the class during lectures, take care of all anatomical issues prior to class, leaving class during the lecture will not be tolerated. There are no makeup quizzes. Academic Honesty: Any student found to be cheating on a quiz or an exam will automatically be given a zero. Further punishment will be decided by the professor and presented to the Dean of the School of Management. Communication Policy: Keep an open line of communication with me and follow up with any voice-mail messages that you leave and any email that you send. If you submit an assignment as an email attachment, I will reply that I have received your submitted work. If you do not receive a reply from me, check with me or resubmit it. It is your responsibility to ensure that I successfully receive your submitted work. Class Cancellations: See handout on “Procedure for Class Cancellations/Delays”. Any material that is missed due to a cancellation/delay will be made-up appropriately.

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CLASS SCHEDULE (Chapter Material and Exam Schedule) Chapter & Topic

1 Chapter 1: Economics and Economic Reasoning 2 Chapter 2: The Production Possibility Model, Trade, and Globalization 3 Chapter 3: Economic Institutions 4 Chapter 4: Supply and Demand 5 Chapter 5: Using Supply and Demand (Exam 1 upon completion) 6/7 Chapter 6: Describing Supply and Demand: Elasticities 8 Chapter 7: Taxation and Government Intervention 9 Chapter 9: Comparative Advantage 10 Chapter 19: The Logic of Individual Choice: The Foundation of Supply and Demand 10 Chapter 11: Production and Cost Analysis I 11 Chapter 12: Production and Cost Analysis II (Exam 2 upon completion) 12/13 Chapter 13: Perfect Competition 14 Chapter 14: Monopoly and Monopolistic Competition 15 Chapter 15: Oligopoly and Antitrust Policy 16 Final Exam (December 9, 2019 @ 8:00 AM, Slot 6) “Use of Turnitin is mandated for this course. Turnitin is a service used by Marist College faculty to compare a student's written work with its very large database of sources, student papers from other institutions, and the like, to check for originality. Work submitted to Turnitin will be used only for purposes of assessing originality, and will not be shared beyond Turnitin or used for any other purpose. Students must submit all assignments to Turnitin through the regular iLearn submission process. Students who wish to remove their personal identifying information (name, student identification number, etc.) from the submitted file may do so but must notify their professor ahead of submission. Work submitted through iLearn in this course will not be reviewed by the Professor or maintained by the College unless and until the Turnitin process is completed”

Procedure for Class Cancellations/Delays 1. In the event of INCLEMENT WEATHER… a. Marist College closings - The decision to cancel classes because of snow or other inclement weather will be made for day classes by 6:00am and for evening classes by 3:00pm. Call (845) 575-5500 for a recorded message regarding College cancellations/delays, check the Marist College website (www.marist.edu), or listen to one of the following media stations: AM (Radio): WCBS (880), WGHQ (920), WHVW (950), WKZE (1020), WGNY (1220), WFAS (1230), WBNR (1260), El Ritmo WALL/WEOK (1340, 1390), WRWD (1350), WLNA (1420), WKIP (1450), WKNY (1490) FM (Radio): WRNQ (92.1), WRRV (92.7, 96.9), COOL 92.9-WBPM (92.9), WBWZ (93.3), WKXP (94.3), WSUL (95.7, 98.3), KISS-FM WPFK/WFKP (96.1, 99.3), Mix97/ WCZX/WZAD (97.3, 97.7), WKZE (98.1), WDST (100.1), WHUD (100.7), WPDH (101.5, 106.1), WGNY (103.1), WQQQ (103.3), WFAS (103.9, 106.3), WSPK (104.7), WAXB (105.5), WRWD (107.3) TV: WNBC/Channel 4, WRNN On-line: www.whud.com, www.wpdh.com, www.wspkfm.com, www.k104online.com, www.mix97fm.com, www.thesoundofthevalley.com, www.ctweather.com b. If the College is open, my classes will be held. If I need to cancel or delay class, I will send a message to everyone who is enrolled in the class section via iLearn. 2. If class is cancelled/delayed due to some reason other than weather (e.g., illness, conference attendance, etc.), a. I will make an announcement in class if time allows. b. I will send a message to everyone who is enrolled in the class section via iLearn....