Unit Two: Measurement of Economic Performance
1. Discussed today's reading on Economic Performance, specifically on the Circular Flow Diagram and the Business Cycle and how they are related to Gross Domestic Product. Assignments: Finish reading Module 10; in your notebook answer Checking for Understanding #1 (p. 114), and Multiple-Choice #2-5 (p. 114); complete Interpreting Economic Indicators worksheet, and Activity 2-2, which are due March 5. [2/19]
ACT Day for Juniors, no school for Seniors. Good luck. [2/20]
2. Discussed economic growth, especially regarding GDP and the three methods to compute it: Value-Added, Income, and Expenditure/Consumption. Assignments: read Module 11 by tomorrow. in your notebook answer Checking for Understanding #1 and 2 (p. 119), Multiple-Choice #1-4 (p. 119-20), and FRQ #2 (p. 120). [2/21]
3. Discussed economic growth and how it is related to unemployment. Assignments: read Module 12; in your notebook answer Checking for Understanding #2 and 3 (p.126), Multiple-Choice #1-5 (p.127), and FRQ #2 (p. 127). [2/22]
4. Discussed unemployment and how it is related to GDP. Assignments: read Module 13; in your notebook answer: Checking for Understanding #1 and 3 (p. 136), Multiple-Choice #1-5 (p. 137), and FRQ #2 (p.137); and Morton Activity 2-6 (Unemployment), which is due March 5. [2/25]
5. Discussed the different kinds of unemployment in an economy--frictional, structural, and cyclical--and how they are tied to the natural rate of unemployment (or Non-Accelerating Inflationary Rate of Unemployment, or NAIRU). Assignments: read Module 14; in your notebook answer: Checking for Understanding #1 & 2 (p. 144) and Multiple-Choice #1-5 (p. 144); and complete Activity 2-3 (Inflation), which is due March 5. [2/26]
6. Discussed the costs of inflation (shoe leather costs, menu costs, and unit-of-account costs), and who is helped or hurt by unexpected inflation. Also discussed the differences between inflation, deflation, and disinflation. Assignments: read Module 15; in your notebook answer : Checking for Understanding #1-2 (p. 152), Multiple-Choice #1-5 (p. 152), and FRQ #2 (p. 145), #2 (p.152); and complete Activity 2-4 (Price Indices) and Activity 2-5 (Costs of Inflation), both of which are due March 5. Also distributed Unit 2 Review Sheet. [2/27]
7. Discussed the different ways to calculate inflation: consumer price index (CPI), producer price index (PPI),and the GDP Deflator. The focus for today was the CPI--how to construct a basket of goods, determine the base year, calculate the index (CPI) for each year surveyed, and then use these indices to determine the inflation rate. Took quiz on Unemployment. Assignment: Problem Set 8.9a (GDP Deflator and Movies), due March 5. [2/28]
8. Took quiz on GDP and Inflation. Discussed how to use the GDP Deflator to calculate inflation rates. [3/1]
9. Review for Unit 2 Exam (Modules 10-15), which will be given tomorrow, March 5th. Remember, all Unit 2 work is due on March 5th. [3/4]
10. Unit 2 Exam (Measurement of Economic Performance): 25 multiple-choice questions, 4 free-response questions (you choose 2). Assignments: read Module 16; answer in your notebook Checking for Understanding #1-3 (p. 170), Multiple-Choice #1-3 (p. 170), and FRQ #1 (p.170); Activity 3-2 (The Multiplier), which will be due March 18. [3/5]
4 Discussed reading on unemployment and inflation. See notes here. Complete Activity 2-6 (Unemployment) by Thursday. [2/14]
5. Discussed reading on GDP and unemployment. See notes here. Read pp. 768-777. [2/15]
6. Discussed today's reading on NAIRU. Notes found here. Assignments: Read pp. 777-82; Answer and Look #1 and 2 (p. 780). Answer #9 and #10 (p.585), and #1, 3, & 5 (pp. 790-791)--all due on Monday. Distributed Unit Two Exam Review, for test next Wednesday, February 25th. by Thursday; Answer #2, 5, 7, and 14 pp. 584-85, due Thursday. [2/16]
7. Completed discussion on NAIRU. Assignments: Read pp. 793-811; Answer and Look #2 (p.800), #1 (p. 806), and #2 (pp.809); Answer #6, 9 & 12 (p. 813-814)--all due Tuesday. [2/17]
8. Discussed reading on costs of inflation: deflation, hyperinflation, disinflation, menu costs, etc. Assignment: Act. 2-5: Costs of Inflation, due Wednesday. [2/20]
9. Reviewed for Unit Two test today. [2/21]
10. Unit Two Exam on Chapters 23, 24, 32, and 33. Read pp. 636-646. [2/22]
Act 2-1 (Circular Flow) and Act 2-2 (GDP) by Friday. [2/13]
ACT Day for Juniors, no school for Seniors. Good luck. [2/20]
2. Discussed economic growth, especially regarding GDP and the three methods to compute it: Value-Added, Income, and Expenditure/Consumption. Assignments: read Module 11 by tomorrow. in your notebook answer Checking for Understanding #1 and 2 (p. 119), Multiple-Choice #1-4 (p. 119-20), and FRQ #2 (p. 120). [2/21]
3. Discussed economic growth and how it is related to unemployment. Assignments: read Module 12; in your notebook answer Checking for Understanding #2 and 3 (p.126), Multiple-Choice #1-5 (p.127), and FRQ #2 (p. 127). [2/22]
4. Discussed unemployment and how it is related to GDP. Assignments: read Module 13; in your notebook answer: Checking for Understanding #1 and 3 (p. 136), Multiple-Choice #1-5 (p. 137), and FRQ #2 (p.137); and Morton Activity 2-6 (Unemployment), which is due March 5. [2/25]
5. Discussed the different kinds of unemployment in an economy--frictional, structural, and cyclical--and how they are tied to the natural rate of unemployment (or Non-Accelerating Inflationary Rate of Unemployment, or NAIRU). Assignments: read Module 14; in your notebook answer: Checking for Understanding #1 & 2 (p. 144) and Multiple-Choice #1-5 (p. 144); and complete Activity 2-3 (Inflation), which is due March 5. [2/26]
6. Discussed the costs of inflation (shoe leather costs, menu costs, and unit-of-account costs), and who is helped or hurt by unexpected inflation. Also discussed the differences between inflation, deflation, and disinflation. Assignments: read Module 15; in your notebook answer : Checking for Understanding #1-2 (p. 152), Multiple-Choice #1-5 (p. 152), and FRQ #2 (p. 145), #2 (p.152); and complete Activity 2-4 (Price Indices) and Activity 2-5 (Costs of Inflation), both of which are due March 5. Also distributed Unit 2 Review Sheet. [2/27]
7. Discussed the different ways to calculate inflation: consumer price index (CPI), producer price index (PPI),and the GDP Deflator. The focus for today was the CPI--how to construct a basket of goods, determine the base year, calculate the index (CPI) for each year surveyed, and then use these indices to determine the inflation rate. Took quiz on Unemployment. Assignment: Problem Set 8.9a (GDP Deflator and Movies), due March 5. [2/28]
8. Took quiz on GDP and Inflation. Discussed how to use the GDP Deflator to calculate inflation rates. [3/1]
9. Review for Unit 2 Exam (Modules 10-15), which will be given tomorrow, March 5th. Remember, all Unit 2 work is due on March 5th. [3/4]
10. Unit 2 Exam (Measurement of Economic Performance): 25 multiple-choice questions, 4 free-response questions (you choose 2). Assignments: read Module 16; answer in your notebook Checking for Understanding #1-3 (p. 170), Multiple-Choice #1-3 (p. 170), and FRQ #1 (p.170); Activity 3-2 (The Multiplier), which will be due March 18. [3/5]
4 Discussed reading on unemployment and inflation. See notes here. Complete Activity 2-6 (Unemployment) by Thursday. [2/14]
5. Discussed reading on GDP and unemployment. See notes here. Read pp. 768-777. [2/15]
6. Discussed today's reading on NAIRU. Notes found here. Assignments: Read pp. 777-82; Answer and Look #1 and 2 (p. 780). Answer #9 and #10 (p.585), and #1, 3, & 5 (pp. 790-791)--all due on Monday. Distributed Unit Two Exam Review, for test next Wednesday, February 25th. by Thursday; Answer #2, 5, 7, and 14 pp. 584-85, due Thursday. [2/16]
7. Completed discussion on NAIRU. Assignments: Read pp. 793-811; Answer and Look #2 (p.800), #1 (p. 806), and #2 (pp.809); Answer #6, 9 & 12 (p. 813-814)--all due Tuesday. [2/17]
8. Discussed reading on costs of inflation: deflation, hyperinflation, disinflation, menu costs, etc. Assignment: Act. 2-5: Costs of Inflation, due Wednesday. [2/20]
9. Reviewed for Unit Two test today. [2/21]
10. Unit Two Exam on Chapters 23, 24, 32, and 33. Read pp. 636-646. [2/22]
Act 2-1 (Circular Flow) and Act 2-2 (GDP) by Friday. [2/13]