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ATC, economies and diseconomies of scale, perfect competition, profit maximization, supply decisions and
short-run shut down decisions, long-run decisions to enter or exit the market, efficiency
Unit 3: Money and Prices in the Long Run (Chaps. 29 & 30)
Definition of financial assets: money, stocks, bonds, economic functions of money, kinds of money,
measures of the money supply, The Federal Reserve System (Feds organization, FOMC), Banks and
Money Supply (money creation and fractional reserve banking, money multiplier, Fed tools of monetary
control), Money growth and inflation (money supply and money demand / money market, quantity theory of
money, velocity of money, inflation tax, Fisher effect, costs of inflation - Shoeleather costs, menu costs,
present and future value)
Assignments/Tests:
A test is given after each unit. Each test is designed to replicate the AP Micro and
Macroeconomics exams in that 2/3 of each test is multiple choice and 1/3 is free-response.
Small quizzes are given to students to encourage them to keep up with the textbook readings.
These are used at the instructors discretion.
Most assignments consist of practical problem sets, readings, analyses, and written assignments
from a combination of the following, in addition to the course textbook:
o Aplia course website - http://www.aplia.com
o John Mortons book, Advanced Placement Economics, published by the National Council
on Economic Education (3rd edition 2003).
o Advanced Placement Economics: A Study of Macroeconomics and Microeconomics,
published by the Center for Learning (2006).
o Wall Street Journal Classroom Edition and website.
o Economics: Annual Editions, published by Dushkin (34th edition 2007)
o Macroeconomics 05/06: Annual Editions, published by Dushkin (15th edition 2005)
During the semester, students are required to find recent articles concerning topics from our
studies. Students present these to the class by summarizing the article, citing the economic
principles and drawing any appropriate graphs.
Additional assignments may/will include, but are not limited to, web-based assignments, special
projects, research projects, oral and multi-media presentations, simulations, round-table
discussions, and group work.
Anticipated Homework/Study Load:
It is anticipated that students in AP Micro and Macroeconomics will average spending 30-45
minutes 4 days a week on assignments, readings, or study related to this course at home.
Late & Make-up Work:
Students have exactly the number of days they were absent to turn in make-up work. Make-up
work will only be accepted for excused absences and must be accompanied by a blue make-up work
form when handed in. Make-up quizzes and tests must be taken in the same time frame as make-up
work. Late work will only be accepted on an AMNESTY DAY. There will be 3 unannounced Amnesty
Days per marking period. Each student will receive two green Amnesty passes per marking
period. Amnesty work will only be accepted that is complete, has a pass attached to it, and is ready to
hand in at the beginning of the class period on an Amnesty Day. Extra credit points will be given for
unused Amnesty passes at the end of each marking period.
Attendance:
U.C.S. Board of Education policy on tardies and absences will be followed. It is students
responsibility to check the AP Economics Assignment Book on the table by the door following an
absence, pick up any handouts/assignments from the colored folders, obtain missed class and current
event notes from a classmate, and be aware of announced test and due dates.
Grading Policy:
A simple point system is used in this course. Each component of the course is awarded a point
value. Points are converted to a percentage, and percentages to letter grades. Semester grades will be
determined on the basis of the standard 40%/40%/20%. Letter grades will be assigned as follows: 92.5100 = A, 89.5-92.4 = A-, 86.5-89.4 = B+, 82.5-86.4 = B, 79.5-82.4 = B-, 76.5-79.4 = C+, 72.5-76.4 = c,
69.5-72.4 = C-etc59.4 and below = F. Comprehensive, written final exams will be administered
during exam weeks.