AP Economics Syllabus
Email: StBalazs@darienps.org Free Periods 2, 3, 4 and 7
Telephone 655-3981 extension 2205
BRING
IN YOUR TEXTBOOKS—IF YOU LEAVE THEM WITH SOMEONE EITHER PUT YOUR NAME IN THE
BOOK (INSIDE COVER) OR A SLIP OF PAPER WITH YOUR NAME!
JULY 24- 11:30-1:30 MEET ME AT UNCLES- IF YOU GOT A 5 ON THE AP YOUR
SANDWICH IS FREE!
GET
INVOLVED---!
FORGIVE
YOUR MISTAKES BUT DON’T FORGET THEM—BEST OF LUCK IN 2010 AT THE COLLEGE OF YOUR
CHOICE- ENJOY THE SUMMER, IT’S BEEN A PLEASURE TO TEACH YOU. MAKE SURE TO KEEP
IN TOUCH!
NOVA- Economics and Psychology—to watch in class-http://video.pbs.org/video/1479100777
Final exams have been graded, in reviewing the finals a few notes:
1.
Read the question literally---If it tells you to put an asterisk (*) next to the P or the
Q---put it in –I gave ½ credit, the AP graders will not give any if you have to
do so.
2. Remember you have a full 1 hour to finish the test, so when it asks to explain or define, give a very full and complete answer---don’t skimp…you won’t be let out early---so you may as well use your time effectively. Lots of people did not fully explain.
3. If a firm gets a lump sum subsidy or must pay a lump sum tax it has no consequence on the their output since a lump sum/tax does not affect the marginal cost curve and the intersection of marginal cost and marginal review always! Determines the level of output and is used to derive the Price
4. If measuring consumer or producer surplus always remember that it’s a triangle so if you simply multiply P x Q you will need to ½ the output
5. When allocative efficiency doesn’t occur there is a “Deadweight Loss” that means that some people that would’ve bought at the equilibrium price (or where MB=MB, MB the same as the Demand curve) or would’ve sold—didn’t.
a. Allocative Efficiency is where MC=P, this is true in the case of a Perfectly Competitive Industry but not true in the other forms
b. Productive Efficiency is where P=ATC, ideally at ATC’s minimum point (where MC intersects). Only true in Perfectly Competitive Industry, however in a Monopolistically competitive industry P=ATC but not at the min. point of ATC---
i. Where P=ATC, there is a normal rate of return but no economic profit
ii. Economic Profit incorporates all variable and fixed costs, including opportunity costs
If you want your final exam score, email me.
Results of the Multiple Choice Section of the test are available—We will go over the multiple choice on Tuesday and Free Response on Wednesday—Tests will be scored like an AP Test
Multiple Guess (sorry Nicasio)
Choice, 60 points max, Free Responseà 30points
Maximum possible points 90
If you earned a 45 on the multiple choice and a 13 of 30 on the Free Response your score will be a 58 which translates to a 4 on the AP exam and an 85 for final exam purposes.
AP Exam Score
78+=98 5
73 to 78= 95 5
69 to 72= 92 4
65 to 68=88 4
58 to 64= 85 4
54 to 57=82 3
50 to 53 = 78 3
45 to 49= 75 3
41 to 44= 72 2
38 to 40= 68 2
POST AP PROJECTS TO BE ANNOUNCED-
If you know someone in the business and/or academic world that may like to come in to speak over the next month don’t hesitate to tell me.
GOOD JOB ON THE PRACTICE AP EXAM- 1ST PART
AVERAGE- 47.85
HIGH- 60! WOW
LOW-38—puts you in solid position for a C or C+ and with a strong 2nd part- a B/B+
TEST
– FINAL- MULTIPLE CHOICE SECTION OF TEST- THURSDAY, MAY 6—70 minutes—will take the full lunch period---bring
your lunch!
If
taking the test on Thursday presents a hardship or if you are taking an AP Exam
that day, please advise me at your earliest convenience.
YOU WILL NEED TO TAKE THIS
PORTION OF THE EXAM NO LATER THAN THE END OF THE DAY MONDAY.—UPON PRIOR
NOTIFICATION YOU CAN TAKE THE EXAM ANYTIME BTW MAY 5TH AND MAY 10TH
(no test on Sunday but if you would like to take the test on Saturday and
advise me beforehand, you can meet me at the Darien Public Library and I will
administer the test at 9:30am.
TEST-
MONDAY, MAY 10- FREE RESPONSE SECTION—WE ARE THE LAST CLASS OF THE DAY AND YOU
WILL HAVE ONE HOUR TO COMPLETE IT, SO BE PREPARED TO STAY LATE—2:30 AT THE
LATEST. IF YOU MISS MONDAY YOU WILL HAVE
TO TAKE IT TUESDAY.
THE
2010 AP EXAM WILL BE ADMINISTERED ON THURSDAY, MAY 13TH- WE WILL GO
OVER YOUR FINAL PRIOR TO THE ACTUAL TEST.
AP Exam- Thursday May 13- Morning
CLASS FINAL- ACTUAL AP EXAM DIVIDED OVER TWO DAYS---AFTER REVIEWING THE SCHEDULE
THURSDAY 5/6- WE HAVE CLASS DURING LUNCH, WE’LL TAKE THE MULTIPLE CHOICE PORTION OF THE EXAM,
ON FRIDAY- 5/7 WE DROP AND ON MONDAY 5/10 WE’LL HAVE THE ESSAY PORTION -60 MINUTES- AT THE END OF THE DAY.
Solomonlike?-
The Chapter 11 test will count for ½ a test 3rd quarter and ½ a test
4th quarter, this will ensure that no one test counts significantly
more than another test. It’s anticipated
that we will have a group project after the AP test which will count as the
third full test of the fourth marking period.
Chapter 16 Econ—the Last Chapter (unless I assign another one!-TYRANNY lives)
Questions-1,5, 9 and 12
Due Tuesday 4/20-
Test- Monday 4/26
Chapter 12 Econ questions for homework 2, 4, 6, 8 and 9
Due Monday 4/5
Also read Chapter 13 pages, labor wages, monopsony, p. 273-277 in textbook
Test- Wed. 4/7
Chapter 12 and portions of chapter 13 (monopsony) powerpoint from text book
EXCEL SPREADSHEET DISCUSSED IN CLASS 4/6
Great Monopolistically Competitive Article—Pizza for 99cents
READ CHAPTER 11---IF YOU DON’T HAVE POWER---USE SOLAR
POWER---READ OUTSIDE—TAKE ADVANTAGE OF THE BEAUTIFUL DAY! THE MARGINAL BENEFITS
WILL EASILY OUTWEIGH THE MARGINAL COSTS
WITH YOUR AP REVIEW BOOK, START PRACTICING AP EXAM QUESTIONS
CHAPTER 11-P. 222-244 AND APPENDIX 246-249
MONOPOLISTIC—BRAND NAME COMPETION—OLIGOPOLISTIC COMPETITION
Due Thursday-THE DAY AFTER THE DAY WE RETURN TO
SCHOOL —p. 244-245-
questions 1,3 6 and 10 and 11
DUE TUESDAY 3/23- p. 250—appendix -- questions 1 AND 3
TEST Friday Chapter 10 Monopoly
Chapter 10 Powerpoint-Textbook
Chapter 10 monopoly review sheets—this has practice questions!!! Answers are in here too!
Textbook Website: www.glencoe.com/mcconnell18
HOMEWORK:
Read Chapter 10- Monopoly
Due Monday: P. 220-221 1, 3, 6
Wednesday: p. 221- 7, 8, 10 and 11
Anticipated Test Dates
Chapter 10 Monopoly Test-- Thursday, March 11th
Chapter 11 Oligopoly/Monopolistic Wednesday March 24th
Chapter 12 Labor Markets Tuesday April 6
Chapter 16 Public v Private Goods Thursday April 22
April 23 forward- Study for AP Exam
APECon final--- In class exam- multiple choice Exam---Thursday April 29 (in class) this will take 70 minutes –period 5 is the last period of the day so plan on spending 23 minutes extra in class. 1: 30 to 2:40 PM---if you can’t take the test at this time, please schedule to take it at an alternative time/day
APEcon final ---In class problem set ---Thursday May 6 (if you have an exam on Thursday May 6 then you will take the exam on the 7th)
You will have a group project after the AP Exam period is over that will count for a test grade.
Chapter 9 PURE COMPETION REVIEW SHEETS
HOMEWORK
Due Wed. 2/10 Chapter 9- questions 1 thru 4, 198-199
Due Thurs 2/11 Chapter 9 questions 5 thru 9, 198-199
1/25- Read chapter 8- Costs of Production
Due Monday- questions 1 thru 5
Due Wednesday questions 6 thru 9 plus 11
The Recession
http://cohort11.americanobserver.net/latoyaegwuekwe/multimediafinal.html
Interesting article- NY Times,
Robert Frank- economist- cornell- great for those who
are planning to take Macro next semester
For future Macro students- 2
excellent articles
Wall Street Journal 12/9/09- Disposable
Income, net worth and the savings rate
NY Times, 12/10/09- Value Added Tax- taxing
consumption
KIVA.org- Permission and $5.00- Get
your money in by Thursday 12/18
FRIDAY 12;35-1:30 REVIEW- I’LL PROVIDE A 1 HOUR REVIEW IN B109 ON
FRIDAY (MONDAY IS A HOLIDAY AND TUESDAY YOU HAVE THE TEST)
REVIEW PACKET FOR ECON- CHAPTERS 1 THRU 6
(7 WE JUST DID)
Review
Sheet for Indifference Curves, budget lines etc..
Chapter 7 will be the final chapter we complete for the
first semester. ETA
for Chapter 7 test- January 7.
What’s the best gift to get for the holidays?
Is it better to give than receive?
The textbook presents the Diamond-Water paradox, don’t forget to ask Mr. “B” about the diamond
ring/cash dilemma.
Chapter 7 Utility-
Read Chapter 7- due 12/14 Wednesday-Questions 1, 2, 5 and
6
Chapter 7- due 12/16 Friday- Questions 7, 8, 9 and 12
Chapter 7 due 12/20 Tuesday, Chapter 7appendix p. 152,
questions 1, 2, 3 and 4
Chapter 6- Elasticity- stretchin
it out!- Test- Thursday
Happy Thanksgiving!!!
When you are full and tired and can’t get up to get another serving,
pick up your Econ book and read Chapter 6, many say it’s just the right medicine
after one too many slices of pumpkin pie
-
For Monday- 11/30 First Word by Mr. B- If turkeys are in such demand before
Thanksgiving, why do they go down in price?
What do you think is the price elasticity of turkey before Thanksgiving
and after?
-
For Wednesday (we drop Tuesday) 12/2- Answer Chapter 6
-Questions 2, 4, 6, 7 and 10
-
For Thursday 12/3- Answer Chapter 6 Questions 11, 12, 14
and 16
Chapter 5
Test Monday- We will
have 3rd lunch,
Review Comparative
Advantage- costs/benefits, determining terms of trade (ratios)
Move towards free
trade, post WW2
Foreign currency
Tariffs and
non-Tariff barriers
WTO, EC and NAFTA
US Trade- what we
trade, % of trade, average tariff
Due Wednesday- Textbook Chapter 5
questions 8, 10-14
Also read,-
http://www.nytimes.com/2009/11/15/weekinreview/15barboza.html?_r=1&ref=weekinreview
(review graph as well)
-
More on China:
-
Read- The Great Wallop- http://www.nytimes.com/2009/11/16/opinion/16ferguson.html?_r=1&ref=opinion
-
Krugman- http://www.nytimes.com/2009/11/16/opinion/16krugman.html
Due Monday- Ricardo reading (handed
out) and questions
Global Economics
Due Thursday 11/12- Chapter 5 questions 2, 3 5 and 7
Test- Monday, November 9- last
part of chapter 4
GDP how it’s added up
Nominal v. Real GDP
Problems w/GDP as a
measurement- How does it over count? How does it undercount?
Problems w/other forms of
quality of life measurements
Taxes- Progressive Taxes-
Marginal Tax Rates, Other Taxes (ie. Social Security)
Government Revenue- Where we
get the money
Government expenses- where the
money goes
The difference, Deficits and
Debt
Social security and other
entitlement programs
Functional Distribution of
income
Personal Distribution of
income= inequality of income-does it matter?
Paradox of Thrift
Know the difference between a
Durable and Non-Durable Good
You will need to
review the statistics in the textbook
For Friday- 10/30
Great
reading on marginal tax rates and the health care debate—NOTE the author Mankiw is a well-known Harvard economics professor and was
previously chief economic advisor to President George W. Bush
How will the proposed health care effect high income people? How might the new costs effect well-off people work ethic? How can poorer people be
detrimentally effected by the proposed bill? What
changes could be made to ameliorate or lessen the negative impact.
Opportunity Cost of College- 9/27 Sunday NY Times Magazine- what’s the value of an Ivy league education?
For those interested in reading and understanding about the history of economics and current leading ideas in economics read Krugman’s NY Times magazine article http://www.nytimes.com/2009/09/06/magazine/06Economic-t.html?_r=1
Highest paid salaries out of college, 10 years down the line? See the following: http://www.payscale.com/best-colleges/degrees.asp
What’s the opportunity cost of your future major?
Capitalism, Communism and Cows
Outline used in class- capitalism/command economies
Chapter 4 we will divide into 3 parts
I- Externalities, Public/Private Goods
II- Business Structures
III- Macroeconomics- Intro
It is likely we will have a quiz or quest on each section separately
Hwk
Due Wednesday 10/22 Chapter 4, answer questions 2, 12, 14, 15 and 16
Due Monday 10/20 Chapter 4 answer questions 3, 4, 5 (all questions refer to business structures)
Due Friday- 10/16 Read Cap and Trade article (P. Krugman)- pros and cons of creating a market system for pollution
To better understand the article is a tutorial on Cap and Trade and some background for the article
Due Thursday- 10/15 Read Taxing Gas (think about how you’d feel about a gas tax- in Europe gas is often 2 or 3x the costs of gas in the US, primarily due to taxes) article and NYC Water Treatment- (note: think about the costs to communities in the catskills et. Al, of limits on development) spillover benefits/costs Gas and Water
Due Wednesday 10/14 Chapter 4, answer questions 7, 8, 9, 11 (all questions refer to public/private goods and externalities)
Due Monday 10/5 Chapter 3a Answer 70-71 Questions 2, 4, 6 and 8
Due Friday 10/2 Chapter 3 Answer questions p. 64-65, 8, 10, 11, 14 and 16
Due Thursday and be ready to discuss- Opting in/Opting Out- Organ donation
If the Opt-out system is put into effect and has the expected result (see Austr/Germany) will the Supply and Demand Curves shift? And if so, to what extent?
What are the primary arguments against a opt out system?
What are the primary arguments against allowing the sale of organs?
If people behave rationally why does an Opt out system have such different results from an Opt in one?
What do you think would be the result if The compliance? Agreement that often causes so much consternation on campus was changed to an Opt out? Do you think that would largely change people’s view of it? Would compliance shift in or out?
Due Tuesday 9/29 Read Chapter 3- Answer questions p. 64-65 3, 6, 7 and 9
Due Wednesday to discuss: Mankiw article and Freemium, questions for discussion in class
Due Friday 9/18 Answer Chapter 2 questions 9, 12, 13 and 14
Due Wednesday 9/16 Read chapter 2 answer questions 2, 4, 6 and 8
Due Friday 9/11 Read chapter 1a 22-26 answer key questions 2, 3, 7 and also question 8
Due Wednesday 9/9 Read p. rest of chapter 1 , Answer questions 10, 11, 13 and 14
Due Wednesday 9/2 Read p. 1-10 (up to Society’s Economizing Problem)
Answer questions 1, 3 (include a description of how you made those choices), 5 and 7
Due Tuesday- Read Freakonomics Article- Opportunity Cost and be ready to discuss
PowerPoints