Ch. 35 Assignment for Tues 4/14

Identify:

Free Trade
Protectionism
Tariff
Quota
Non-Tariff Barrier
Absolute Advantage
Comparative Advantage

Contrasting Budget Proposals

President Obama At City Club of Cleveland:
https://www.youtube.com/watch?v=i424Dth2_bY






Collection of videos on House Republican Budget:
http://www.newsy.com/videos/the-weapon-republicans-can-use-to-push-their-budget/


https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=republican+house+budget+video&tbm=vid
http://thehill.com/policy/finance/236592-conservative-house-republican-budget-would-cut-71t-in-spending


Great article!
http://www.nytimes.com/interactive/2015/03/17/us/politics/comparing-obama-and-republican-budgets.html?_r=0


























Two weeks ago majority Republicans in the House of Representatives unveiled their 2016 budget.  the President did the same.  It would be an understatement to say that the economic priorities of the two major parties are not aligned.  And while neither budget is likely to be adopted in its entirety, these political documents speak volumes about the economic goals and ideologies of each party.


You should watch both videos/collection of videos and:






1.  Identify 3 economic issues on which the President and House Republicans present conflicting views.  Compare and contrast each with details from the videos.


2.  Select one of the 3 issues for deeper investigation.  Find an additional source (article, video, speech) and use that source to provide some more context.  Post the link to your alternative source.


3.  Continue your analysis of that issue, and provide your views on the issue in light of the two positions presented.  To what extent do you agree with each side on this issue?  Describe your views on each budget proposal in general.










President Obama At City Club of Cleveland:
https://www.youtube.com/watch?v=i424Dth2_bY




Summary of House Republican Proposal:


http://thehill.com/policy/finance/236592-conservative-house-republican-budget-would-cut-71t-in-spending

Homework Due Tues. 3/24

 1. The unemployment rate in the country of Southland is greater than the natural rate of unemployment.


(a) Using a correctly labeled graph of aggregate demand and aggregate supply, show the current equilibrium real gross domestic product, labeled YC, and price level in Southland, labeled PLC. The president of Southland is receiving advice from two economic advisers—Kohelis and Raymond—about how best to reduce unemployment in Southland.


(b) Kohelis advises the president to decrease personal income taxes. (i) How would such a decrease in taxes affect aggregate demand? Explain. (ii) Using a correctly labeled graph of the short-run Phillips curve, show the effect of the decrease in taxes. Label the initial equilibrium from part (a) as point A, and the new equilibrium resulting from the decrease in taxes as point B.


(c) Raymond advises the president to take no policy action. (i) What will happen to the short-run aggregate supply curve in the long run? Explain. (ii) Using a new correctly labeled graph of the short-run Phillips curve, show the effect of the change in the short-run aggregate supply you identified in part (c)(i).

Ch. 15 Reading Guide

Due Tues:


1.  Study the roles/responsibilities of the components of the Federal Reserve from today's class.


2.  Define each of the  Federal Reserve's monetary policy tools:
a.  Open-market operations
b.  Reserve ratio (requirement)
c.  Discount rate


3.  Define easy money policy and tight money policy.




Due Wed:


1.  Graph the sequence of events that transpire when the Fed implements monetary policy.  Use a money market, investment demand curve, and finally an AS/AD diagram.  Complete this task for.
a.  Easy money policy starting at a recessionary gap
b.  Tight money starting at an inflationary gap.
Textbook page 279 will assist you with any problems.




Due Thurs:
Not in your textbook.  Be resourceful! 


1.  Who was Milton Friedman and what were some of his popular ideas/theories?
2.  Explain "Monetarism"






Friday will be a catch up/summary/review day.  The Monetary Policy Exam will take place on Monday, 3/9.  This test will include elements of Ch. 13, 14, and (primarily) 15.  You will need study for this one.  Start early.

AP Paper Submission Instructions

Instructions for www.turnitin.com- Papers Due by 8am on Mon. 2/16

In order to register for Turn-it-in.com you will need an active e-mail. If you do not have an e-mail account, make sure you create one BEFORE you attempt to sign up; I suggest G-mail, but any provider will work.

Go to www.turnitin.com.

• If you already have an account, sign in at the top of the screen. Once you are in, click “I agree” and then “enroll in a class.” Enter the class information as listed below.
• If you already have an account, but have forgotten your password, you can either “Create Account” or “Retrieve Password.”  If you click “Retrieve Password”  a link to reset your password will be sent to your e-mail address; you will have to reset this from home as the school does not have access to e-mail.
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After you are registered, you can submit assignments. Please click on your class. You should see an assignment named Extra Credit OR Incomplete Assignment.” Click “Submit.” 

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When you see your unformatted essay on the screen, click yes, submit.

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If you ever have an issue with Turn-it-in when a paper is due, you must bring the file saved on your jump drive to class.  Computer issues will not be considered a valid excuse without these.  You may still submit a paper copy prior to February break. 

 

Class Information

 

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If you have any doubt about whether your paper was submitted properly, you should email me a copy of your paper. snadramia@smithtown.k12.ny.us

 

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Ch. 13 Reading Guide

Due Tues:
1.  Identify and explain each function of money.
2.  Explain how US currency meets each function.




Due Wed:
1.  What is liquidity?
2.  Determine what parts the of money supply are classified as M1, M2, and M3.






Due Thurs:
1.  What determines the size of the nation's money supply?
2.  What are the three types of money demand?  Illustrate the money demand curve for each.
3.  Create a properly labeled example of the money market in your notes. 






FRIDAY:  Multiple Choice Quiz (25 pts)

Ch. 9 Reading Guide

1.  Define consumption schedule.
2.  Define savings schedule.
3.  What do the average and marginal propensity to consume tell an economist?  What are the formulas for the APC and APS?
4.  What do the marginal propensities to consume and save tell an economist?  What are the formulas for MPC and MPS?
5.  Identify how an increase in each of the following would impact C and S: (you should remember this from AS/AD).
a.  wealth
b. price expectations
c  real interest rates
d.  household debt
e. taxation*