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AP Macroeconomics


******** There is no summer assignment for AP Macroeconomics **************

Mr. Dunbar is available for extra help BY APPOINTMENT every day before school and at lunch, and also on Thursdays after school.

**** May 16th: 2018 AP Exam for Macroeconomics (12 noon at EMU Student Center)****



| Textbook: Hubbard & O'Brien Economics, Third Edition | Why this textbook? This is why. |

Course Materials (All files are in Acrobat Reader .pdf format):

How to Demonstrate "Mastery Learning" (it's not a "re-take") in Mr. Dunbar's AP classes.
"Steps to Success in AP Macroeconomics" with Mr. Dunbar
Course Syllabus
Schedule of Homework (CNAP) for entire trimester 2016-2017.
AP Macroeconomics Exam format
AP Macroeconomics Exam Practice (including FRQs from 2001-2014).

Homework Answer Key for every chapter (Acrobat .pdf files) (Username and Password required):
Chapter 1
Chapter 2
Chapter 3
Chapter 8
Chapter 19
Chapter 20
Chapter 21
Chapter 22
Chapter 23
Chapter 24
Chapter 25
Chapter 26
Chapter 27
Chapter 28
Chapter 29
Chapter 30

Review Materials:
Some of the best Econ professors and teachers on the Web:
Mr. Jacob Clifford – ACDC Leadership: Macroeconomics Videos
Dr. Mary J. McGlasson (mjmfoodie) (Macroeconomics modules)
Ms. Adrienne Hill - Crash Course Economics series
Mr. Jason Welker (Wikinomics)
MIT Course: Principles of Macroeconomics
Khan Academy Macroeconomics
EconStories.tv (Keynes v. Hayek videos)

15-minute video of every AP Macroeconomics topic
Key Graphs of AP Macroeconomics
Mega Review Sheet (graphs, formulas, and concepts): | Blank for practice | Completed with answers |
* Essential Graphs: | Blank for practice | Completed with answers |
* Essential Shifts
* Mega Review Guide (concise summaries of key concepts)
* Review Sheet of All Key Concepts (blank for practice) | Review Sheet Completed (with answers)
* List of All Key Concepts (with Hubbard textbook page #)
* All FRQ Questions and Scoring Rubrics 2001-2014, Sample Multiple-Choice Questions


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| MLA Update 2009 | Developing a Thesis: Purdue; Harvard | The Keys to Effective Business Presentations |
| YouTube videos of basic macro concepts | EconStories videos Keynes v. Hayek | Modern consensus on macroeconomic policies?? |
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Real-Time Data: | CNBC | CNNMoney | MarketWatch | Bloomberg |
Business and Economic News: | Wall Street Journal | New York Times Business | Barron's | Bloomberg Businessweek | The Economist |  Financial Times | Investor's Business Daily | Monthly Labor Review |
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Big Debates (Skyline High School 2017-2018)

TBA:
Does money "trickle down" in our economy?

Big Debates (Skyline 2016-2017)

* Should the U.S. impose tariffs on Chinese imports (as advocated by President-elect Donald Trump) to protect U.S. jobs and increase U.S. manufacturing? Why or why not? (Chapters 3 & 8)
* Should economists continue to use GDP as the primary measure of the health, prosperity, and capacity of the U.S. economy? Why or why not? (Chapter 19)
* Should the unemployment insurance system be made more generous in Michigan, from the current 20 weeks maximum to 52 weeks maximum? Why or why not? (Chapter 20 - unemployment and inflation).
* Did the Federal Reserve make the right decision when it raised interest rates on Dec. 15, 2016 (only the second time it's done so in a decade) ? Why or why not? (Chapter 21 - loanable funds)
* Who should be trusted more to steer the U.S. economy for the benefit of society: the U.S. government or U.S. businesses? (is "laissez-faire" best?) (Chapters 21 and 22)
* Who was primarily to blame for the 2007-2009 housing market crash and financial crisis: the government (Washington) or the banks (Wall Street) or the consumers (the borrowers)? (Chapter 24)
* Should the U.S. government be completely hands-off, or ban completely, the use of Bitcoin currency in the U.S. economy? (Chapter 25)
* Should income taxes be raised significantly on upper income Americans (i.e. double the top marginal tax rate from 39% to 78%) to help pay for all federal government spending, and not run a budget deficit, and not add to the national debt? (Chapter 27)
* Should the U.S. government pursue a strong dollar policy, weak dollar policy, or be completely hands-off the FOREX for the U.S. dollar and let it fluctuate significantly? (Chapter 30)
* Big Debate Grand Finale: Overall, will President Trump's proposed policies help or hurt the U.S. economy?


Big Debates (Skyline 2015-2016)

* Should the U.S. actively pursue a strong dollar policy, a weak dollar policy, or be completely hands-off and let the FOREX always decide? (Chapter 29)
* Should the U.S. pass a balanced budget Amendment (would make "PAYGO" permanent)? (Chapter 27)
* Should the Federal Reserve be allowed to use "negative interest rates" if it wants to, like the Bank of Japan recently implemented, that penalize people that save money in commercial banks or in safe investments such as U.S. bonds? (Chapter 26)
* Should the U.S. government regulate (or even ban) the use of Bitcoin? (Chapter 25)
* Has the Federal Reserve overstepped its mandate (i.e. does it now have too much power over the U.S. economy)? (Chapter 25)
* Who was more to blame for the 2008 housing crash and financial crisis: the government (Washington) or the banks (Wall Street)? also an Intelligence Squared debate (Chapter 24)
or
* Who was primarily to blame for the housing market crash of 2007-2009? The Federal Reserve under Alan Greenspan, the big banks that made the mortgage loans, the consumers that took the housing loans, the government regulators with oversight of the banking system, the U.S. Congress for repealing the Glass-Steagall Act, the credit rating agencies, the economics professors that made recommendations to Congress, or other thesis? (Chapter 24)
* Should the U.S. government give every adult, working and non-working, universal basic income or U.B.I. like Finland, Switzerland, the Netherlands, and Canada are proposing to do (would be about $870 per month to every adult)? Why or why not? New York Times article: "It's Payback Time for Women" Jan. 10, 2016 (Chapter 23)
* Agree or Disagree with the following statement:
“When consumption drops dramatically in the economy, the government should use tax credits to boost consumer spending." [e.g. the 2001 and 2008 tax rebate checks that were given to all taxpaying households]. (Chapter 23)
* Who should be trusted more to solve the United States' economic problems: the U.S. government or U.S. businesses? (Chapters 21 and 22)
* Should the Federal Reserve (our central bank) be more concerned with reducing unemployment or controlling inflation? (Chapter 20) (Fed meeting on Dec. 15-16, 2015)
* Despite its limitations, should economists continue to use GDP as the primary measure of the health and capacity of the U.S. economy? (Chapter 19) (or should an alternative measure be used such as GPI: Genuine Progress Indicator, GNH: Gross National Happiness, HDI: Human Development Index, HPI: Happy Planet Index)
* Should the U.S. Senate ratify the Trans Pacific Partnership (TPP) free trade treaty? (Chapters 2 & 8)

Big Debates (Skyline 2014-2015)

* Should the U.S. continue using free trade policies (including NAFTA and with low-wage countries such as China)? Why or why not? (Chapter 8, pages 249-260)
* Support, Refute, or Modify the following statement: GDP growth is a poor measure of improving living standards and should not be used as the primary measure to guide policy decisions.
* Whose economic theories would be better to guide the U.S. economy today: Keynes or Hayek?
* Agree or Disagree: Government spending should be reduced during normal business cycles (i.e. except during emergencies). [Big government hurts the economy by stifling innovation and crowding out business investment]
* Should the government fight deep recessions with spending hikes rather than tax cuts?
* Should the Federal Reserve aim for zero inflation?
* Should the government be mandated to balance its budget every year?
* Should the U.S. implement a value-added tax (VAT tax)?
* Should the Federal Reserve be equally concerned with managing inflation and unemployment, or should the Fed work to lower unemployment regardless of inflation?
* Should the U.S. implement a strong dollar policy? Why or why not?


----- SPRING 2011 -----
Really Interesting Articles:
Digging out of that "big hole": Newsweek article
Is there a better way to measure inflation?: Businessweek article
Tax cuts don't boost revenues: TIME article
Why the unemployment rate has become a bad joke: CNBC article
The inflation debate that's muting the Fed's response: NYTimes article
U.S. posts a gain of 216,000 jobs: NYTimes article - What were the "few cautionary signs" in the data? What "policy conundrum" does this pose for the Fed?

Big Debates (Huron 2010-2011)
:
*** Should the U.S. Senate ratify the U.S.-South Korea Free Trade Agreement ("KORUS FTA")? Why or why not?
Background info: 1 , 2 , 3 , 4 , 5 , 6 , CRS Report (.pdf file)  AGAINST: 1 , 2 , 3 , 4 , 5 , 6   FOR: 1, 2 , 3 , 4 , 5 , 6

*** Is GDP growth an obsolete measure of increasing living standards? The Economist debates , TIME magazine Alternatives? New York Times , CBC News , Economist article Detailed Reports (.pdf files): BEA , Commission - Stiglitz Interview from Fora.tv: Joseph Stiglitz
*** Considering the state of our economy today (March 2011) should the U.S. follow the macroeconomic policies of John Maynard Keynes or F.A. Hayek? EconStories.tv
*** Is the efficient-markets hypothesis fatally flawed? If so, is strong government regulation the solution? FP op-ed
*** To be most effective, should the Federal Reserve focus primarily on achieving price stability rather than the dual mandate of employment and low inflation (often competing concerns)? NYTimes article
*** Is it a good idea for the Fed to hold public press briefings starting April 27th for the first time ever? NYTimes article
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PowerPoint Presentations: Free PowerPoint Viewers: from OpenOffice.org ; from Microsoft

Chapter 1: Economics: Foundations and Models (PowerPoint .ppt file)| Study guide & extra practice questions with answers provided (Adobe .pdf file) | Homework Qs

Chapter 2: Trade-Offs, Comparative Advantage, and the Market System | Study guide & extra practice questions |Homework Qs

Chapter 3: Where Prices Come From: The Interaction of Demand and Supply | Study guide & extra practice questions |Homework Qs

Chapter 8: Comparative Advantage and the Gains from International Trade | Study guide & extra practice questions |Homework Qs

Chapter 19: GDP: Measuring Total Production and Income | Study guide & extra practice questions |Homework Qs

Chapter 20: Unemployment and Inflation | Study guide & extra practice questions |Homework Qs

Chapter 21: Economic Growth, the Financial System, and Business Cycles | Study guide & extra practice questions |Homework Qs

Chapter 22: Long-Run Economic Growth: Sources and Policies | Study guide & extra practice questions |Homework Qs

Chapter 23: Output and Expenditure in the Short Run | Study guide & extra practice questions |Homework Qs

Chapter 24: Aggregate Demand and Aggregate Supply Analysis | Study guide & extra practice questions |Homework Qs

Chapter 25: Money, Banks, and the Federal Reserve System | Study guide & extra practice questions |Homework Qs

Chapter 26: Monetary Policy | Study guide & extra practice questions |Homework Qs

Chapter 27: Fiscal Policy | Study guide & extra practice questions |Homework Qs

Chapter 28: Inflation, Unemployment, and Federal Reserve Policy | Study guide & extra practice questions |Homework Qs

Chapter 29: Macroeconomics in an Open Economy | Study guide & extra practice questions |Homework Qs

Chapter 30: The International Financial System | Study guide & extra practice questions |Homework Qs
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Additional In-Depth Presentations:

Introduction to Macroeconomics: | Web-based Review

Measuring National Output and National Income: | Web-based Review |

Long-Run and Short-Run Concerns: Growth, Productivity, Unemployment, and Inflation: | Web-based Review |

Aggregate Expenditure and Equilibrium Output: | Web-based Review |

The Government and Fiscal Policy: | Web-based Review |

The Money Supply and the Federal Reserve System: | Web-based Review |

Money Demand, the Equilibrium Interest Rate, and Monetary Policy: | Web-based Review |

Money, the Interest Rate, and Output: Analysis and Policy: | Web-based Review |

Aggregate Demand, Aggregate Supply, and Inflation: | Web-based Review |

The Labor Market, Unemployment, and Inflation: | Web-based Review |

Macroeconomic Issues and Policy: | Web-based Review |

Household and Firm Behavior in the Macroeconomy: A Further Look: | Web-based Review |

Long-Run Growth: | Web-based Review |

Debates in Macroeconomics: Monetarism, New Classical Theory, and Supply-Side Economics: | Web-based Review |

International Trade, Comparative Advantage, and Protectionism: | Web-based Review |

Open-Economy Macroeconomics: The Balance of Payments and Exchange Rates: | Web-based Review |

Economic Growth in Developing and Transitional Economies: | Web-based Review |

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