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ECO 372 ENTIRE COURSE

ECO 372 Week 1 DQS

DQ 1

2.a) Identify and define the four different types of unemployment discussed in our course text
(Colander).

b) Provide specific, real-world examples of both cyclical and structural unemployment. If possible,
provide examples related to the area of the country where you live and/or your workplace.

DQ 2

1.a) The circular-flow model is a model of the macro-economy. What three sectors are
represented in the circular-flow model of a domestic economy? Provide real-world examples of
specific entities that belong to each of these sectors and how you are related to those entities.

b) Which two markets are shown in the circular-flow model?

c) The circular-flow model includes two circles made-up of arrows. These circles flow in opposite
directions. What do these circles represent?

ECO 372 Week 2 Individual Assignment Fundamentals of Macroeconomics Paper

Prepare a two-part, 700- to 1,500-word paper in which you: (1) define a set of economic terms
and (2) analyze the circular flow model.
Resources: Figure 3-1 in Ch. 3 of Macroeconomics, Bureau of Labor Statistics web site, Bureau
of Economic Analysis web site, and St. Louis Federal Reserve web site
at http://research.stlouisfed.org/fred2/.

Use the phrases shown below in blue as first-level headings for your paper. Your paper
should include the following:

Part 1

~ Definitions of Economic Indicators. Define the following economic terms/indicators. Only use
definitions found in our course text or definitions found on the web sites of agencies, such as the
Bureau of Labor Statistics and the Bureau of Economic Analysis, which compile the indicators.
Do not use definitions found on online dictionaries or online encyclopedias.

Gross domestic product (GDP).

Real GDP.
Nominal GDP.
Unemployment rate.
Inflation rate.
Interest rate.

Part 2

~ Circular Flow Model. Describe how each of the following activities affects government entities,
households, and businesses. Describe the flow of resources from one entity to another for each
activity.

Purchasing of groceries.
Massive layoff of employees.
Decrease in taxes.

~ Include a conclusion that discusses why business managers should have a solid understanding
of economic indicators and the circular flow model. Also, see the note, Introductions and
Conclusions, which is posted in the Main forum for more information on conclusions.

ECO 372 Week 2 Learning Team Assignment Summaries of Sources of Economic

Statistics

This assignment requires your team to provide brief summaries of the following sources of
economic statistics and reports:

The Bureau of Labor Statistics.

The Bureau of Economic Analysis.
The Federal Reserve web page at www.federalreserve.gov/.
The St. Louis Federal Reserve site at http://research.stlouisfed.org/fred2/.
The Philadelphia Federal Reserve sites at www.philadelphiafed.org/research-and-data/regional-
economy/business-outlook-survey/ and www.philadelphiafed.org/research-and-data/real-time-
center/livingston-survey/.
The Reuters/University of Michigan surveys of
consumershttp://thomsonreuters.com/products_services/financial/financial_products/a-
z/umichigan_surveys_of_consumers/
The consumer confidence index at www.conference-board.org/data/consumerdata.cfm.
One other source of economic statistics or reports available in the University Library.

ECO 372 Week 2 DQS

DQ 1

1) GDP includes four components of spending including:

1. Consumption (consumer spending).
2. Investment (includes nonresidential structures/buildings, residential structures/buildings, and
equipment and software).
3. Government (includes spending by Federal, state, and local governmental units)
4. Net Exports (exports minus imports).

Our course text (Macroeconomics by Colander) lists several factors that might increase or
decrease GDP from the demand side (aggregate demand). These factors include:
1. Foreign Income.
2. Exchange Rates.
3. Distribution of Income.
4. Expectations.
5. Monetary and Fiscal Policies.

DQ 2

1) Our course text (Macroeconomics by Colander) lists several factors that might increase or
decrease GDP from the supply side (aggregate supply). These factors include:
1. Input Prices (such as changes in the cost of labor/wages).
2. Productivity (such as the productivity of labor).
3. Import Prices (such as the price of imported oil).
4. Excise and Sales Taxes.
5. Other factors that change firms costs of producing goods and services.

ECO 372 Week 3 Learning Team Assignment Aggregate Demand and Supply Models

Write a 1,050- to 1,400-word report from one of the following two options:

Option 1: Economic Advisement Paper.

Option 2: Economic Critique.

Option 1: Economic Advisement Paper

Imagine that your Learning Team is a group of economic advisors working for the U.S. president.
You have been tasked with evaluating the current state of the U.S. economy and making
recommendations on how to improve it. Use the phrases shown below in blue as first-level
headings for your paper.

Part 1 Analysis and Recommendations:

Describe the current trends in the following economic indicators and analyze how each indicator
affects aggregate supply and demand:

Unemployment.
Expectations (discuss consumer and/or business expectations).
Consumer income.
Interest rates.
Develop a set of recommendations for the president regarding government spending and taxes
based on the current trends in the above economic indicators.

Part 2 Evaluation of Recommendations:

Before you submit your recommendations to the president, decide as a team, to evaluate the
recommendations from different perspectives. Assign half of your team to evaluate the
recommendations from a Keynesian perspective and the other half from the Classical
perspective. Based on these evaluations, discuss the adjustments, if any, you would make to
your recommendations.

~ Include a conclusion that discusses why business managers should have a solid understanding
of fiscal policy. Also, see the note, Introductions and Conclusions, which is posted in the Main
forum for more information on conclusions.

Option 2: Economic Critique

Imagine that your Learning Team is a group of international reporters. You have been tasked with
describing and critiquing the current state of the U.S. economy. Use the phrases shown below
in blue as first-level headings for your paper.

~ Current Economic Trends. Describe the current trends in the following economic indicators:

Unemployment.
Expectations (discuss consumer and/or business expectations).
Consumer Income.
Interest Rates.

~ Effects on Aggregate Supply and Demand. Identify the effects that current trends in the above
economic indicators have aggregate demand and supply.

~ Current Fiscal Policies. Identify fiscal policies that are currently being recommended by
government leadership.

~ Evaluation of Recommendations. Evaluate the effectiveness of those fiscal policy

recommendations from the Keynesian and Classical model perspectives.
~ Include a conclusion that discusses why business managers should have a solid understanding
of fiscal policy. Also, see the note, Introductions and Conclusions, which is posted in the Main
forum for more information on conclusions.

ECO 372 Week 3 DQS

DQ 1

1.a) Define and describe the three functions of money.

b) Provide real-world examples of each of the three functions of money. Be sure these examples
are related to either your personal or your workplace's experiences with money.

Hint: See Chapter 13 of Colander (our course text).

DQ 2

2.a) Explain how the banking system creates money.

b) Demonstrate how the banking system creates money by creating a table similar to Table 13.1
in Chapter 13 of our course text. Choose a reserve requirement/reserve ratio from 1 to 25
percent for your table, but DO NOT use 10 percent, 20 percent, OR the same reserve
requirement chosen by one of our classmates. To start round 1 of your table, assume a customer
of the bank deposits $10,000 into her/his checking account.

Your table should include a total of four rows including three rows for three rounds of money
creation and a total row for the total amount of money that could be created from all possible
rounds (not just the three rounds shown in your table) of money creation. Create your table in MS
Word and insert it into the body of your answer (Please do not include your table as an
attachment).

c) Given the reserve requirement that you selected, what is the money multiplier? Is the total row
of your table consistent with the multiplier you calculated?
ECO 372 Week 4 Individual Assignment Federal Reserve Presentation

You have been chosen to give a presentation on the United States Federal Reserve System to
foreign officials. These officials are very interested in doing business in the United States, but
they would like to learn more about the Federal Reserve and how it operates.

Create a Microsoft PowerPoint presentation that devotes one slide to each of the following
topics:

Economic factors that influence the Federal Reserves monetary policy.

How the Federal Funds rate is related to other interest rates including specific interest rates set
by banks and other financial institutions.
How open-market operations can be used to target the Federal Funds rate and control the
money supply.
How interest rates are related to inflation and to economic growth.
Current monetary policy and supporting evidence of current monetary policy, such as the
Federal Open Market Committees latest statements and target for the Federal Funds interest
rate.

Limit each slide to six or fewer lines of six or fewer words.

Each slide should also include appropriate elaborations on the above topics in the notes pages
that accompany your slides. Your notes pages should also include citations of any and all
sources used in your slides.

Your presentation should also include an introductory slide (or slides) as well as a slide (or
slides) with your conclusions. Your concluding slides should address why business managers
should have a solid understanding of monetary policy.

For information on how to create and use PowerPoint notes pages, please see the Help menu in
PowerPoint.

ECO 372 Week 4 DQS

DQ 1

1.a) Define the term "debt" as it relates to the U.S. budget.

b) What is the difference between the U.S. budget deficit (or surplus) and the U.S. debt? How
would a budget deficit affect the U.S. debt? How would a budget surplus affect the U.S. debt?

c) Discuss the current U.S. debt in the context of the U.S. historical record of debt. Explain why
the U.S. debt needs to be judged relative to income (GDP).

DQ 2

2) This is an Individual DQ not a Learning Team DQ, and you only need to answer one part of
this DQ. Members of Learning Teams A and C are assigned to individually answer Part A, and
members of Learning Teams B and D are assigned to individually answer Part B.

Part A

A.1) Define the term "budget deficit" as it applies to the U.S. budget.

Hint: Include in-text citations with your definitions. Also, please be sure you separate the three
parts of this DQ with blank lines.

A.2) Refer to the table at the bottom of this DQ, which is also attached, and discuss one
advantage and one disadvantage of expansionary fiscal policy. Please note: That table was
adapted from a previous version of Colander's Macroeconomics.

A.3) Identify a time-period (time-periods can be one or more years) in recent history in which the
United States ran a budget deficit. Cite economic statistics, such as the unemployment rate, the
inflation rate, and GDP, from that time period that either support or refute the advantage and
disadvantage of expansionary fiscal policy you selected to discuss in this DQ.

Hint: For information on budget deficits see Table B-78: Federal receipts, outlays, surplus or
deficit, and debt of the Economic Report of the President. The 2012 version of that table is
available a www.gpo.gov/fdsys/pkg/ERP-2012/pdf/ERP-2012-table78.pdf

Part B

B.1) Define the term "budget surplus" as it applies to the U.S. budget.

Hint: Include in-text citations with your definitions. Also, please be sure you separate the three
parts of this DQ with blank lines.
B.2) Refer to the table at the bottom of this DQ, which is also attached, and discuss one
advantage and one disadvantage of contractionary fiscal policy. Please note: That table was
adapted from a previous version of Colander's Macroeconomics.

B.3) Identify a time-period (time-periods can be one or more years) in recent history in which the
United States ran a budget surplus. Cite economic statistics, such as the unemployment rate, the
inflation rate, and GDP, from that time period that either support or refute the advantage and
disadvantage of contractionary fiscal policy you selected to discuss in this DQ.

ECO 372 Week 5 Individual Assignment International Trade and Finance Speech

Assume that you have been appointed as the Speaker of the House. You must deliver a speech
about the current state of the U.S. macroeconomy to a number of amateur reporters who are
unfamiliar with economics.

Prepare a 750- to 1,050-word speech in simple terms and concepts that focus on international
trade and foreign exchange rates.

Copy and paste the following questions to an MS Word document, then post your answer to each
question directly below that question. To distinguish the questions from your answers, use a blue
font for the questions and a black font for your answers. Be sure you justify you contentions with
creditable sources including, but not limited to, the course text, peer reviewed articles from the
University Library, and government web sites.

What happens when the dollar-value of goods and services imported into the U.S. exceeds the
dollar-value of goods and services exported from the U.S. to other countries? Cite a specific
example of a good or service that is imported into the U.S. in greater dollar values than is
exported from the U.S. and discuss the affects on U.S. businesses and consumers when imports
exceed exports for that specific good or service.

Hint: Some goods/services, such as tourism-related services are both imported and exported,
while other goods and services are only imported, such as bananas, or only exported.

What are the effects of international trade on GDP, on domestic markets and on university
students?
 How do government choices in regards to tariffs and quotas affect international relations and
trade?

What are foreign exchange rates? How are they determined?

Why doesnt the U.S. simply restrict all goods coming in from China? Why cant the U.S. just
minimize the amount of imports coming in from all other countries?

ECO 372 Week 5 Learning Team Assignment Fiscal Policy Paper

As a team, write a 750- to 1,050-word report that discusses how and why U.S. budget

deficits, budget surpluses, and debt affect different individuals and institutions. Use the

phrases shown below in blue as first-level headings for your paper.

Effects on tax payers.

Effects on future Social Security and Medicare users.
Effects on Unemployed individuals.
Effects on University of Phoenix students.
Effects on the United States financial reputation on an international level.
Effects on a domestic automotive manufacturing (exporter).
Effects on an Italian clothing company (importer).
Effects on GDP.

~ Include a conclusion that discusses why business managers should have a solid understanding
of fiscal policy. Also, see the note, Introductions and Conclusions, which is posted in the Main
forum for more information on conclusions.