Outline ECON1100DE S20 PDF

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ECON*1100 Introductory Macroeconomics Summer 2020 Section: DE01

Department of Economics and Finance Credit Weight: 0.50

Course Details Calendar Description This course looks at the Canadian Economy in terms of aggregate performance and policy; analysis of the determinants of national income, employment and the price level, and the role of government monetary and fiscal policies in improving the rate of economic growth. Pre-Requisite(s): None Co-Requisite(s): None Restriction(s): None Method of Delivery: Online

Final Exam Date: Friday, August 14, 2020 Time: 5:30pm ET to 7:30pm ET Location: Online via the Tests tool in CourseLink using Respondus LockDown Browser and Monitor

Instructional Support Instructor Patrick Martin Email: [email protected] Telephone: (519) 824-4120 Ext. 53537 Office: MacKinnon (MCKN), Room 739 Patrick Martin joined the Department of Economics in 1999. He received a B.A. in Economics from the University of California at Irvine (1976), an M.A. in Economics from Cornell University (1986) and a Ph.D. in Economics from the University of Guelph (2001).

Teaching Assistant(s) Name: Emmanuel Ezeadireje

Learning Resources Required Textbook Option A: Package Title: Macroeconomics plus MyLab Economics New Design with eText plus Dinner Party Author(s): Glenn P. Hubbard, Anthony P. O’Brien, Apostolos Serletis, & Jason Childs Edition / Year: 2nd Canadian edition, 2017 Publisher: Pearson Education Canada ISBN: 9781323850978 Option B: Title: MyLab Economics New Design with eText for Macroeconomics for University of Guelph -- Standalone Access Card Edition / Year: 2nd edition, 2017 Publisher: Pearson Education Canada ISBN: 9781323802939 The eBook and MyLab can also be purchased on the CourseLink site by clicking on the blue Pearson widget and following the instructions. Select Content on the navbar to locate Supplementary Materials and clicking on MyEconLab Registration Instructions. Note: Students are responsible for acquiring Dinner Party Economics separately. Page 2 of 23

Option C: All Items Sold Individually Title: MyLab Economics New Design without eText for Macroeconomics for University of Guelph -- Electronic Access Code Edition / Year: 2nd edition, 2017 Publisher: Pearson Education Canada ISBN: 9781323802946 Title: Dinner Party Economics Author(s): Eveline J. Adomait and Richard G. Maranta Edition / Year: 2017 Publisher: Pearson Education Canada ISBN: 9781323610947 You may purchase the textbook at the Guelph Campus Co-op Bookstore or the University of Guelph Bookstore. Please note that DE textbooks are located in the Distance Education section of the University of Guelph Bookstore. It is important that if you purchase Option A you do so either through either of the two bookstores listed OR through the Course website at the beginning of the semester. If you have access to used copies of the two required textbooks you will still need to purchase MyEconLab access as it is a REQUIRED course component You can do so through the Course website or at the two listed bookstores. https://bookstore.coop/ http://www.bookstore.uoguelph.ca/

Required Resource Title: MyEconLab Access Publisher: Pearson Education Canada Note: MyEconLab Access can be purchased separately or as a bundle with either the hard copy textbook or e-text. MyEconLab stand alone access should be purchased using the MyEconLab link instructions in Courselink once the semester starts. You may purchase the textbook at the Guelph Campus Co-op Bookstore or the University of Guelph Bookstore. Please note that DE textbooks are located in the Distance Education section of the University of Guelph Bookstore. https://guelphcampus.coop/bookstore http://www.bookstore.uoguelph.ca/

Course Website CourseLink (powered by D2L’s Brightspace) is the course website and will act as your classroom. It is recommended that you log in to your course website every day to check

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for announcements, access course materials, and review the weekly schedule and assignment requirements. https://courselink.uoguelph.ca

Ares For this course, you will be required to access course reserve materials through the University of Guelph McLaughlin Library. To access these items, select Ares on the navbar in CourseLink. Note that you will need your Central Login ID and password in order to access items on reserve. For further instructions on accessing reserve resources, visit How to Get Course Reserve Materials. If at any point during the course you have difficulty accessing reserve materials, please contact the e-Learning Operations and Reserve Services staff at: Tel: 519-824-4120 ext. 53621 Email: [email protected] Location: McLaughlin Library, First Floor, University of Guelph http://www.lib.uoguelph.ca/find/find-type-resource/course-reserves-ares/how-getcourse-reserve-material

Learning Outcomes Course Learning Outcomes In this course, we will be building on the concepts that were presented in Introductory Microeconomics and extending our study to such topics as national income, employment, the price level and the role of government fiscal and monetary policies. More than this though, we will try to develop a “method of thinking” about everyday problems in order to better understand some of the controversies that exist in the Canadian economy today. This course also looks at the Canadian Economy in terms of aggregate performance and policy. By the end of this course, you should be able to: 1. Recognize macroeconomic concepts including GDP, price indices, growth, exchange rates, interest rates, money multipliers, expenditure multipliers, balance of payments, budget balances, trade balances and productivity measures; 2. Measure economic activity including inflation, GDP, unemployment, savings, and balance of payments; 3. Interpret expansionary and inflationary gaps, economic booms and recessions, and distinguish between short-run and long run macroeconomic outcomes; Page 4 of 23

4. Analyze and interpret economic models such as the foreign exchange market model, the loanable funds market model, the aggregate expenditure model, and the AD/AS model; 5. Analyze financial markets including the foreign exchange market, the money market, and the bond market; 6. Explain and give examples of monetary, fiscal, and exchange rate policy; 7. Justify an opinion on the role of government with respect to the values of Canadian macroeconomic indicators; and 8. Interpret Canadian economic performance in a historical and global context.

Teaching and Learning Activities Course Structure •

Unit 01: Introduction to Macroeconomics: How Markets Work

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Unit 02: Macroeconomic Indicators and their Measurement

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Unit 03: Economic Growth

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Unit 04: The Economy in the Short Run

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Unit 05: Monetary and Fiscal Policy

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Unit 06: Macroeconomics in an Open Economy

Schedule It is strongly recommended that you follow the course schedule provided below. The schedule outlines what you should be working on each week of the course and lists the important due dates for the assessments. By following the schedule, you will be better prepared to complete the assessments and succeed in this course. Unit 01: Introduction to Macroeconomics: How Markets Work Week 1 - Thursday, May 7 to Sunday, May 17 Readings •

Website: Unit 01 Content

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Textbooks: o

Macroeconomics – Chapters 1 and Appendix A, and 2 (section 2.1 only)

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Dinner Party Economics – Chapters 1-3

Activities

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Familiarize yourself with the course website by reviewing the Start Here section of the course.

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Review the Outline and Assessments sections on the course website to learn about course expectations, assessments, and due dates.

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Introduce yourself in the Introductions Discussion.

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Register for MyEconLab

Week 2 - Monday, May 18 to Sunday, May 24 Readings •

Website: Unit 01 Content

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Textbooks: o

Macroeconomics – Chapter 3

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Dinner Party Economics – Chapters 4-6

Assessments • MyEconLab Assignment 1 Due: Tuesday, May 19 by 11:59 pm ET • MyEconLab Assignment 2 Due: Friday, May 22 by 11:59 pm ET Unit 02: Macroeconomic Indicators and their Measurement Week 3 – Monday, May 25 to Sunday, May 31 Readings •

Website: Unit 02 Content

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Textbooks: o

Macroeconomics – Chapters 4 and 5 (sections 5.1, 5.2, and 5.3)

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Dinner Party Economics – Chapters 7-9

Assessments • Test 1 Opens: Monday, May 25 at 12:01 am ET Closes: Sunday, May 31 at 11:59 pm ET (Due: Thursday, May 28 at 11:59pm ET – 3 day grace period) Note: Tests should be thought as being due Thursday at midnight but there is no penalty if submitted before Sunday at midnight. Tests will not be extended

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further if you inform me you are ill, or have another reason for not completing the test, by Friday in the three-day grace period. • MyEconLab Assignment 3 Due: Friday, May 29 by 11:59 pm ET Unit 02: Macroeconomic Indicators and their Measurement And Unit 03: Economic Growth Week 4 – Monday, June 1 to Sunday, June 7 Readings •

Website: Unit 02 and Unit 03 Content

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Textbooks: o

Macroeconomics – Chapters 5 (sections 5.4, 5.5, 5.6, and 5.7) and 6

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Dinner Party Economics – Chapters 9-12

Assessments • MyEconLab Assignment 4 Due: Friday, June 5 by 11:59 pm ET Unit 03: Economic Growth Week 5 – Monday, June 8 to Sunday, June 14 Readings •

Website: Unit 03 Content

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Textbooks: o

Macroeconomics – Chapter 7

Assessments • Test 2 Opens: Monday, June 8 at 12:01 am ET Closes: Sunday, June 14 at 11:59 pm ET (Due: Thursday, 11 at 11:59pm ET – 3 day grace period) • MyEconLab Assignment 5 Due: Friday, June 12 by 11:59 pm ET Unit 04: The Economy in the Short Run Week 6 – Monday, June 15 to Sunday, June 21 Readings Page 7 of 23

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Website: Unit 04 Content

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Textbooks: o

Macroeconomics – Chapter 8 and Appendix C

Assessments • Submit PEAR Assignment to Pearson Tutor Services (MyEconLab) Due: Wednesday, June 17 at 11:59 pm ET • MyEconLab Assignment 6 Due: Friday, June 19 by 11:59 pm ET Week 7 – Monday, June 22 to Sunday, June 28 Readings •

Website: Unit 04 Content

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Textbooks: o

Macroeconomics – Chapter 9 and Appendix D

Assessments • Test 3 Opens: Monday, June 22 at 12:01 am ET Closes: Sunday, June 28 at 11:59 pm ET (Due: Thursday, June 25 at 11:59pm ET – 3 day grace period) • MyEconLab Assignment 7 Due: Friday, June 26 by 11:59 pm ET Unit 05: Monetary and Fiscal Policy Week 8 – Monday, June 29 to Sunday, July 5 Readings •

Website: Unit 05 Content

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Textbooks: o

Macroeconomics – Chapter 10

Assessments • PEAR Assignment (submit first to Turnitin Dropbox, then to PEAR tool) Due: Wednesday, July 1 at 11:59 pm ET Note: Release of PEAR assignments for review will be Friday, July 3 at 4:00 pm ET

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• MyEconLab Assignment 8 Due: Friday, July 3 by 11:59 pm ET Week 9 – Monday, July 6 to Sunday, July 12 Readings •

Website: Unit 05 Content

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Textbooks: o

Macroeconomics – Chapter 11

Assessments • Test 4 Opens: Monday, July 6 at 12:01 am ET Closes: Sunday, July 12 at 11:59 pm ET (Due: Thursday, July 9 at 11:59pm ET – 3 day grace period) • MyEconLab Assignment 9 Due: Friday, July 10 by 11:59 pm ET Week 10 – Monday, July 13 to Sunday, July 19 Readings •

Website: Unit 05 Content

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Textbooks: o

Macroeconomics – Chapter 12 and Appendix E

Assessments • PEAR Assignment Reviews (submit reviews using PEAR submission Tool) Due: Wednesday, July 15 by 11:59 pm ET • MyEconLab Assignment 10 Due: Friday, July 17 by 11:59 pm ET Week 11 – Monday, July 20 to Sunday, July 26 Readings •

Website: Unit 05 Content

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Textbooks: o

Macroeconomics – Chapter 13

Assessments • MyEconLab Assignment 11 Page 9 of 23

Due: Friday, July 24 by 11:59 pm ET • Test 5 Opens: Monday, July 20 at 12:01 am ET Closes: Sunday, July 26 at 11:59 pm ET (Due: Thursday, July 23 at 11:59pm ET – 3 day grace period) Unit 06: Macroeconomics in an Open Economy Week 12 – Monday, July 27 to Friday, July 31 Readings •

Website: Unit 06 Content

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Textbooks: o

Macroeconomics – Chapter 14, Chapter 15 pp. 414-421

Assessments • MyEconLab Assignment 12 Due: Friday, July 31 by 11:59 pm ET

Assessment The grade determination for this course is indicated in the following table. A brief description of each assessment is provided below. Select Content on the navbar to locate Assessments in the table of contents panel to review further details of each assessment. Due dates can be found under the Schedule heading of this outline. Note that MyEconLab is a required course component. You still need to purchase it as it is necessary for submission of your PEAR assignment. Table 1: Course Assessment Using MyEconLab

Assessment Item

Weight

PEAR Assignment

8%

MyEconLab Quizzes

10%

Tests

27%

Final Exam

55%

Total

100%

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Table 2: Course Assessment Without Use of MyEconLab

Assessment Item

Weight

PEAR Assignment

10%

Tests

30%

Final Exam

60%

Total

100%

Assessment Descriptions PEAR Assignment The PEAR Assignment is a three-step process requiring you to submit a draft of your essay to Pearson Tutor Services, to the TurnItIn Dropbox, and then to PEAR for peer evaluation. There are 3 submissions in total. Details about resources available, assessment details, and submission instructions can be found by clicking on Contents in the navigation bar on your course homepage, selecting Assessments from the lefthand menu, and then selecting the PEAR Assignment. There is also a brief section on submitting the PEAR assignment further down in this course outline. The PEAR assignment requires MyEconLab to submit to Pearson Tutor Services. If you have taken this course before and submitted your PEAR assignment to TurnItIn you MUST edit it (you can use the same ideas but it must be substantially rewritten) and turn it in to Pearson Tutor Services to get comments. Your TurnItIn score should be 20 or less or else you will need to revise it further. If you fail to substantially revise your PEAR assignment from when you took the class before your TurnItIn score will be quite high, if not 100%, and your mark will suffer accordingly. MyEconLab Quizzes There are 12 graded MyEconLab quizzes during the semester; your lowest two quiz marks will be dropped. You can access the quizzes through MyEconLab in the Tools dropdown menu. There are two non-graded math review quizzes that allow you to review the mathematics used in the course. The graded quiz content is as follows. Typically, there are NO extensions on the quizzes, given you have up to 3 weeks to complete them. I will put the weight of missed quizzes (up to a maximum of 4) onto the final exam. Quiz 1 – Chapters 1 and 2 (section 2.1 only) Quiz 2 – Chapters 3 Quiz 3 – Chapters 4 and 5 (sections 5.1 – 5.3) Quiz 4 – Chapters 5 (sections 5.4. – 5.7) and 6

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Quiz 5 – Chapter 7 Quiz 6 – Chapter 8 Quiz 7 – Chapter 9 Quiz 8 – Chapter 10 Quiz 9 – Chapter 11 Quiz 10 – Chapter 12 Quiz 11 – Chapter 13 Quiz 12 – Chapter 14 and Chapter 15 Tests There will be 5 online tests, including 1 ungraded practice test. Of the 4 graded tests, your best 3 tests will contribute to your final grade. Note that there is not a graded test on the Chapter 1 ,2, 3, 14 and 15 readings – but you are responsible for those chapter readings for the final exam. Tests are 60 minutes long. Test coverage is as follows: •

Test 1 - Chapters 4 and 5 Hubbard et. al. (practice test - doesn't count toward overall test mark)

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Test 2 - Chapters 6 and 7 Hubbard et. al.

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Test 3 - Chapters 8 and 9 Hubbard et. al.

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Test 4 - Chapters 10 and 11 Hubbard et. al.

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Test 5 - Chapters 12 and 13 Hubbard et. al.

In each test 21 questions, from each of two chapters covered, are chosen randomly for a test bank that is organized by level of difficulty. Every student gets a test with similar coverage and similar level of difficulty. Please note, Chapters 14 and 15 are not covered in the timed tests. Chapters 14 and 15 are covered on the final exam. NOTE: Tests are due Thursday night at midnight. However, there is a 3-day grace period so you can submit up until Sunday nights at midnight. You can ONLY get an extension on the test if you let me know you are ill, or want me to consider a compassionate reason for an extension, if you inform me by Friday (the day after the test is due). Final Exam This course requires the use of Respondus LockDown Browser and Monitor (webcam) to proctor your online final exam within CourseLink. Use of Lockdown Browser with a webcam has been implemented to maintain the academic integrity of the final exam. You must download and install LockDown Browser and Monitor to complete the practice test and final exam. While writing the practice test and final exam, you must show your university issued identification card during the Respondus Startup Sequence.

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It is very important to note that you must pass the final examination in order to pass this course. The questions will be taken from the Hubbard et al textbook and will only cover the Adomait and Maranta textbook to the extent that concepts and terminology appear in both texts. Note that you must receive at least a 50% on the final exam to pass this course. If you do not pass the final exam your course mark will be your final exam mark or your cumulative average using the higher mark from grading scheme 1 or 2, whichever is lower. (For example, if your final exam mark is a 45, your cumulative average using scheme 1 is a 52 and using scheme 2 is a 54, you will receive a 45 in the course. If your final exam mark is a 45, your cumulative average using scheme 1 is a 40 and using scheme 2 is a 38, you will receive a 40 in the course.) If you pass the final exam with a 50% or higher you will pass the course. If your cumulative average using the higher mark from grading scheme 1 or 2 is less than a 50%, and you pass the final with a 50% or higher, your final mark will be a 50. If your cumulative average is greater than 50% using the higher mark from grading scheme 1 or 2, and you pass the final exam with a 50% or higher, your final mark will be your cumulative average. (For example, if your final exam mark is a 60 and your cumulative average obtained by taking the greater of scheme 1 or 2 is a 45, you will receive a 50 in the course. If your final exam mark is a 60 and your cumulative average obtained by taking the greater of scheme 1 or 2 is a 66 you will receive a 66 in the course.) The final exam will be delivered online via the Tests tool. The exam is 2 hours in length. The exam is scheduled for Friday, August 14 from 5:30pm ET to 7:30pm ET. Similar to a sit-down exam where you must arrive prior to the start of the exam, it is highly recommended that you enter the onlin...