Economics 10a
Principles of Economics
Spring
Semester,
2006
Page Last
Revised: April 25, 2006
Facts
Class Meetings:
Monday and Wednesday, 1:00-2:15, Gardner 106
Instructor:
Michael K. Salemi:
301 Gardner Hall, 966-5391 (office), 929-9504 (home),
Michael_Salemi@unc.edu
Office
Hours: M,
2:30-4:00, W, 4:00-5:00 and by appointment
The course Syllabus explains
the
goals and rules of the course, organizes its by topics, and provides an
expanded reading list..
The course Calendar
provides a class-by-class list of topics and assignments.
Examinations
The midterm examinations for the course take place
in class on February 15 and April 3, 2006.
The exams are closed
book and closed notes. Before the exams, sample questions
will be available through the links below. The final exam will be
held at noon on May 1, 2006, in our regular class room.
Midterm Examination
First
Midterm Sample Questions
Second
Midterm Sample Questions
Final Examination
Final
Exam Practice Questions
Required Readings
(Discussion Questions Will Be Posted Below Each Reading)
"The
Opportunity Cost of Economic Education," Robert Frank, New York
Times, September 1, 2005
The Wealth of Nations, Chapters
1-4, Adam Smith
Discussion
Questions for Smith
Statement by Alice
Rivlin on Milk Price Supports, April 11, 1979
"The Economic
Organization of a P.O.W. Camp," R. A. Radford
Discussion
Questions for Radford (March 1)
"The
Eight Great Myths of Recycling," Daniel K. Benjaimn, PERC
Discussion
Questions (March 22)
"The Market
for 'Lemons': Quality Uncertainty and the Market Mechanism," George
A. Akerlof
Discussion
Questions (March 29)
"U.S. Monetary
Policy: An Introduction," Federal Reserve Bank of San Francisco
Group Exercise on April 24
"The Fed's Monetary
Policy Rule," William Poole
Discussions
Questions (April 26)
Optional Readings
"Use
It or Lose It: Teaching Literacy in the Economics Principles Course,"
Lee W. Hansen, Michael K. Salemi and John J. Siegfried
Class Handouts and Exercises
Class 1 Scarcity and Choice
Assignment
1 (Due January 18)
Class
2: The Basis for Exchange
Class
3: Comparative Advantage
Class 4: Discussion of Smith, See Article and
Questions Above
Assignment
2 (Due January 23)
Class 5:
Introduction to Supply and Demand
Assignment
3 (Due February 6)
Class 6: Trading Simulation Trading
Simulation Demand and Supply Schedules
Class
7-8: Handout
Pizza Market Demand
and Supply Diagrams
Class 9
Handout
Class 11
Handout
Cookie
Demand and Elasticity Data
Class 12
Handout
Class 13
Handout
Class 14: Discussion of Radford, See Article and
Questions Above
Assignment
4 (Due March 6)
Class 15
Handout
Extra
Credit Assignment: Due March 22
Class
16 Production Simulation Instructions
Class 17
Handout
Assignment
5 (Due March 29)
Class 18: Discussion of Eight Great Myths of
Recycling, See Article and Questions Above
Class 19
Handout
Class 20: Discussion of Akerlof, See Article and
Questions Above.
Class 22
Handout
Class 23
Handout Macro
Data Spreadsheet for In-class Data Exercise
Class 24
Handout
Assignment
6 (Due April 24) Feedback
GDP Data Government Receipts and Expenditures Data
Class 25
Handout
Class 26
Handout ADIR-ADAO
Graph Template
Class
27: Group Reports on Monetary Policy Questions
Class 28: Discussion of Poole, See Article and
Questions Above
Class Journal--Required Entries
1. Scarcity, Opportunity Cost, and
the Benefit Cost Principle in the Media (Jan 18)
2. The Benefits and Costs of Trade
3. Practice Problems in Demand and
Supply and an Demand and Supply Analysis of a Media Article
4. Practice Problems in Elasticity and
Pricing, Analysis of Rivlin Statement of Milk Price Support,
and Analysis of media
article on profits.
5. Practice Problems in the economics of
externalities and information. Analysis of a media reading on
the use of market remedies
when externalities occur.
6. Practice problems in
macroeconomics. Analysis of a reading on monetary policy.