Spring Term – 2010

Professor Ron Halcrow                                
Social & Behavioral Sciences
Office: OF3 - 172

Office Hours: TR 10:00 - 11:00 a.m.; R 2:00 - 3:00 p.m.



Principles of Macroeconomics is a study of the basic economic structure of the U.S. national economy. It includes an introductory analysis of basic macroeconomic concepts and the application of these concepts to understanding the causes of inflation/deflation, unemployment, productivity growth and economic growth. It examines the roles and functions of government and the central banking authority in controlling and regulating various aspects of the national economy.


Students must have the ability to read at the college level. You must also have the ability to understand graphs and basic algebraic equations. Completion of Math 070 is strongly recommended.  Read the syllabus in its entirety before you begin the course. 



You will need to have a schedule that allows you to access a computer on campus or have ADMINISTRATOR RIGHTS to a personal computer or Mac to be able to download the necessary software to do your homework in this class. When using the course software, you will need to have all pop-up blockers disabled and you will be required to run Active-X when requested.  So as not to miss any deadlines, it is suggested that you print out a hard copy of the schedule and place it somewhere you will see it often.  There will be no extensions of deadlines.


You MUST attend class on February 9th to remain enrolled.  If you fail to attend class on the initial day of class, you will be dropped from the roster as a "No Show." If you start the class and then choose to withdraw from it at any time later on in the semester, it will be your responsibility to officially drop the class through Admissions & Records.  Failure to do so will result a grade of F being recorded on your transcript for the course. Finally, active attendance is registered by class attendance and completing your assignments on a weekly basis.  At the instructor's discretion, you may be dropped for inactive attendance if you fail to do keep up with the assignments or miss three class sessions.   


If you need to contact me by e-mail, please include the following information in the subject line: ECON 101 STUDENT AVC.  This will help me sort your email out of the large volume of regular and spam email I receive each day. This increase the likelihood I will be able to respond to you in a timely manner.  If I do not respond to an email from you in a timely manner, please approach me in class, as in such a case my spam filter may have filtered your email out.


The Platform for homework assignments is CourseCompass (powered by Blackboard).


COURSE ID:            halcrow24699

You will not be able to complete the homework assignments and tests for this course until you register in CourseCompass.

An alternative link to the homework for this course will be on
To Login, use the same Username and Password you use to Login to MyAVC.
REQUIRED TEXT         [eText only - $80  or  printed text with eText - $154]

The easiest way to for you to determine whether you should buy a printed copy of the textbook or opt for the eText version alone is to click on the following URL:

... and then take the video tour. It will help you decide if you really love or hate computers. Basically, if you dislike reading from a computer screen, you should buy the printed text.  Otherwise, you have the option of spending a little less money by purchasing a code online, which will then give you access to the text in digital format only.  You should choose one or the other, but not both (as the code and digital text access also comes with the printed text).

The Course ID is:            halcrow24699

If you decide to buy the printed text, instead of eText alone, then read the textbook information below,

otherwise skip to COURSE OBJECTIVES.

Note that if you choose to purchase a new copy that does not have an access kit or a used copy of the text,  you will need to go online and purchase an Access Code (the cost is $45 without eText) in order to be able the required homework for this class. Older additions have similar, but slightly dated, content from the 15th edition being used here.  If you have an older edition with an access kit, please be aware that the code from that kit will not work for this course.  You will still need to purchase an additional Access Code online for the current edition.



Text  (printed - instead of eText)                    Choose either a or b  (you can get a discount if you already have a Pearson Account)

a)  bound version - Miller, Roger Leroy.
Economics Today: The Macro View plus MyEconLab in Course Compass plus Student Access Kit, 15/E  © 2010 / Prentice-Hall / ISBN-10: 0321607996 or ISBN-13: 9780321607997

Price: $154 - available at the AVC Bookstore or at myPearsonStore

OR (not and) 

b)  unbound version - Miller, Roger Leroy.  Today: The
© 2010 / Prentice-Hall / ISBN-10: 0321608003 or ISBN-13: 9780321608000 / (a complete, unabridged, three-hole punched loose-leaf version of the textbook with a MyEconLab in CourseCompass student access card) /  Price: $102 - available at myPearsonStore

An Access Kit will come bundled with your printed version of the text, so don't throw it away.

To access your homework assignments, you must register in CourseCompass using the code in your Student Access Kit.

To do this:

Just go to

Under ‘Students’ - Click on Register

Read the next page, then click on 'Next'

Enter the Course ID:  halcrow24699 , then click on 'Next'

Click on 'Register with a Student Access Code'

Enter your Access Code that came with your book

Enter 93536 as the School Zip





Smith, Adam.  An Inquiry Into the Nature and Causes of the Wealth of Nations, 1776.
Rajan, Raghuram G. & Luigi Zingales.  Saving Capitalism from the Capitalists, 2003.
Barro, Robert J.  Getting It Right: Markets and Choices in a Free Society, 1996.
Barro, Robert J. & Xavier Sala-I-Martin.  Economic Growth, 1995.
Dasgupta, Partha.   Economics: A Very Short Introduction, 2007.
Dubner, Stephen J.  Freakonomics, 2005. 
Friedman, Milton, and Anna J. Schwartz.  A Monetary History of the U. S.  1867-1960, 1963.
Friedman, Thomas L.  The Lexus and the Olive Tree, 2000.
Mill, John Stuart.  Principles of Political Economy, 1848.
Keynes, John Maynard.  The General Theory of Employment, Interest and Money, 1936. 
Marx, Karl.  Das Kapital: A Critique of Political Economy, 1867. 
Sargent, Thomas.  Rational Expectations and Inflation, 1986. 
Akerlof, George A. & Robert J. Shiller  Animal Spirits: How Human Psychology Drives the Economy, 2009.

Soros, George.  The Alchemy of Finance: Reading the Mind of the Market, 1987.
Soros, George.  The Crash of 2008 and What It Means, 2008. 
Becker, Gary & Guity.  The Economics of Life, 1996.
Coyle, Diane.  The Soulful Science, What Economists Really Do and Why It Matters, 2007.
Eggert, James. What Is Economics?  1997.
Wheelan, Charles   Naked Economics,  2002.
Sowell, Thomas   Economics Facts and Fallacies, 2008.
Greenspan, Alan   The Age of Turbulence, 2007.
Korten, David C. The Great Turning, 2006.
Yunus, Muhammad  Creating a World Without Poverty: Social Business and the Future of Capitalism, 2007.
Madariaga, Bruce   Economics for Life,   2006.
Baumol, William, et. al.  Good Capitalism, Bad Capitalism, and the Economics of Growth, 2007.
Gwartney, James, et. al.  Common Sense Economics, 2005.
O'Rourke, P.J.  On The Wealth of Nations, 2007.
Friedman, Benjamin,  The Moral Consequences of Economic Growth, 2006.



(an expanded version that includes the official AVC STUDENT,

Upon successful completion of the course students will be able to:

     Identify, illustrate and examine the consequences of scarcity.

Explain, interpret, analyze and assess how changes in opportunity cost affect individual and business behavior.

Define and demonstrate productive efficiency and allocative optimality.

Explain and examine the interaction of supply and demand in individual markets and how equilibrium price and quantity are determined.

Discuss how government regulations can create excess demand and supply conditions and how markets attempt to correct these.

Define, describe and calculate the measures of aggregate economic activity, such as domestic product and income, unemployment, deflation and inflation.

Apply the measures of aggregate economic activity to the behavior of business cycles.

Explain, formulate, calculate and measure the differences between nominal and real measures of income, product, interest rates and the purchasing power of money.

Define, demonstrate, compare and contrast long run and short run equilibria in the macroeconomy.

Diagram and explain how the macroeconomy reaches equilibrium and moves to alternative equilibria.

Identify, select and differentiate the factors that can cause changes in the price level, real GDP and labor unemployment.

Discuss and evaluate the causes of economic growth and identify, propose and assess the policies that promote it.

Describe, differentiate and utilize the classical, monetarist, Keynesian and supply-side policy approaches for moving the economy to the full employment of resources.

Discuss, differentiate and evaluate expansionary and contractionary fiscal and monetary policies.

Compare and contrast demand-side to supply-side fiscal policies.

Explain what money is, the role of financial intermediation in its creation and how monetary changes influence macroeconomic equilibrium.

Identify, discuss and debate the purpose and functional structure of the Federal Reserve System.

Explain and analyze the Federal Reserve System’s role in influencing the determination of macroeconomic equilibrium, real macroeconomic growth, inflation and currency valuations.



Throughout this course, you are required to participate in classroom critical thinking discussions on various economic issues. "To participate" means to make meaningful comments during the course of the discussion period. Your participation is worth a maximum of 50 out of 350 total course points. Participation on the Discussion Board in CourseCompass is not required, but may substitute for and/or augment your classroom discussions, provided your participation is early enough to allow reasoned responses to be made.




My Customized Lecture Notes for this class are located in the Student Center in CourseCompass.  Unit exams will only cover material covered in my Lecture Notes.  Study Notes from the publisher for each Chapter are also available under the subheading 'Study Notes,' which you will find when you open any Chapter link in Textbook Resources. A ‘Study Guide’ for each Chapter is also available in Textbook Resources. You are encouraged to use this, as well as the weekly tests (homework), to prepare for your four unit exams.





The 'open book' untimed weekly tests will always be due by Tuesday evening at 11:59 p.m. during the week immediately following the week the relevant chapter is assigned. The weekly tests will consist of a varying number of questions, but each weekly test will only be worth approximately 10 course points, regardless to the number of questions or points on the test itself.  You may submit each of these tests up to three times, and only your highest score will be recorded. Refer to the calendar for the due dates of the tests.

The weekly tests are meant to be used with the Study Plan. After your first submission of an assigned weekly test, you will find your best tool to be the Study Plan.  Simply click on ‘Go Back to Study Plan’ and then click on the relevant Chapter that was covered in your weekly test to expand its contents. Sections with stars  indicate that you have mastered those sections. Sections with arrows  indicate areas where you missed at least one question on the test. Clicking on one of the sections will open up a list of usually four or five questions. Working these will help you improve your score on the next two submissions of each assigned weekly test and help you to be better prepared for the timed unit exams.  Of course, if you wait to the last minute to take the weekly tests, the Study Plan will be of little use to you.

Guided Solution and eText are two very useful icons that you will find in the Study Plan (located on the left of the screen when you have a question open). Click on the 'Guided Solution' icon and the program will lead you step-by-step through the problem you are trying to solve. Click on 'eText' and a new window will pop up that will take you to the relevant page in the text where you will find the help you need for solving the problem or answering the question being viewed.


You are responsible to complete your weekly exam assignments by the due dates and no time extensions will be given.  You are also responsible for your Internet connection. If your computer fails, or if you do not have access to a personal computer or Mac, 'MyEconLab in Course Compass' will be available for you to access weekly between 8:00 a.m. and 4:30 p.m. on Mondays & Thursdays, between 8:00 a.m. and 8:00 p.m. on Tuesdays & Wednesdays, and between 8:00 a.m. and 3:00 p.m. on Fridays in the Learning Center on campus.

Note that there is a calendar on CourseCompass on the Side Bar. By clicking on it you will be able to quickly view when each weekly test begins and ends.


Throughout the semester, there will be 4 closed book unit exams. The unit exams will be comprised of approximately 45 to 60 multiple choice and/or short essay questions covering a few specific chapters. Some of the exam questions will come from the weekly untimed tests. The 4 unit exams account for 200 points (50 points per test regardless to the number of questions on the test) out of the 350 class points.

Unit Exams are each worth 50 points. The exam dates are as follows:


A.    Thursday, 02/25/2010    Unit Exam # 1

B.    Thursday, 03/25/2010    Unit Exam # 2

C.    Thursday, 05/06/2010    Unit Exam # 3

D.    Thursday, 06/03/2010    Unit Exam # 4



The grading scale for your final grade will be:      

A = 90% or greater; B = 80% or greater; C = 70% or greater; D = 60% or greater 

Out of 350 points based on the following items on the given point values:

Untimed Weekly Tests:        100 points

Discussions:                            50 points

Four Unit Exams:                 200 points

There will be no make-ups or time extensions granted.

STUDENT CENTER in CourseCompass
My Customized Lecture Notes for this class are located in the Student Center in CourseCompass. This is also where you may purchase online tutoring services. (Note, however, that free tutoring services may be available on campus in the Learning Center.) A Help Guide link for taking the tests and links for technical support are also located in the Student Center. If you change your mind and decide later that you would like to purchase an eText, you can do it here. You can also submit questions directly to the author of the text in the Student Center. If you want to purchase a printed copy of the text, you can get an a la Carte version of the text here. Finally, the Student Center is home to a graphing tool that allows you to create, print and email graphs.


The Americans with Disabilities Act Reasonable Accommodation

Antelope Valley College prohibits discrimination and harassment based on sex, gender, race, color, religion, national origin or ancestry, age, disability, marital status, sexual orientation, cancer-related medical condition or genetic predisposition.
. If you have a legally protected disability under the Americans with Disabilities Act (ADA) or California discrimination law, and you believe you need reasonable accommodation to participate fully in this online class, please make an appointment to see me during my private office hours to discuss your needs.

Academic Violations

a) Violation of the Academic Honesty Policy: Dishonesty, including but not limited to, cheating, or plagiarism. Plagiarism – from the Latin word for “kidnap” – involves using another’s work without giving proper credit, whether done accidentally or on purpose. This includes not only words and ideas, but also graphs, artwork, music, maps, statistics, diagrams, scientific data, software, films, videos, and the like. Plagiarism is plagiarism whether the material is from published or unpublished sources. It does not matter whether ideas are stolen, bought, downloaded from the Internet, or written for the student by someone else – it is still plagiarism. Even if only bits and pieces of other sources are used, or outside sources reworded, they must still be cited. To avoid problems, students should cite any source(s) and check with the instructor before submitting an assignment or project. Students are always responsible for any plagiarism in their work. b) An instructor who determines that a student has cheated or plagiarized or has assisted another student to do the same has the right to give an “F” (0 points) grade for the assignment or examination.