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COURSE NAME: "Principles of Macroeconomics"
SEMESTER & YEAR: Fall 2023

EMAIL: [email protected]
HOURS: MW 4:30 PM 5:45 PM
PREREQUISITES: Prerequisite: MA 100 or MA 101; Recommended: EN 105
OFFICE HOURS: 8:00-8:30 before class or by appointment

An introduction to the basic principles of the macro economy, such as national income accounting, determination of national income, business cycles, inflation, unemployment, fiscal and monetary policy, macroeconomics in the open economy, and economic growth.
The course will cover the following topics in macroeconomics: comparative advantage and trade, supply and demand, the data of macroeconomics, economic growth, unemployment, the financial system, basics of finance, money, banking and central banks, inflation, loanable funds, exchange rates, balance of payments,  aggregate supply and demand, business cycles, monetary and fiscal policy, and the inflation-unemployment trade-off.  The course focus is on critical-thinking and analyses of economic issues. 

The course materials are posted on Moodle, our leaning management system, available at http://moodle.johncabot.edu/ .



*  Understand basic macroeconomic tools and concepts so as to use them to construct critical arguments regarding economic issues: to include trade, measurement of GDP and inflation, markets, financial system, labor markets, central banks and monetary policy, aggregate demand and supply, fiscal policy,  business cycles, and economic growth.

*   Learn to read data and evaluate sources of economic data. 

*   Develop applications of mathematical tools. 

*   Write and speak clearly and carefully so as to better articulate arguments.

*   Locate data sources.

Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Brief Introduction to Macroeconomics, 8th EditionN. Gregory MankiwCengage978-1305971509 Any more recent edition will do. The Chapter numbers may vary so use the Headings and Topics as the books are all nearly the same.    

First ExamShort problems and essays20%
Second ExamShort problems and essays20%
Third ExamShort problems and essays20%
Final exam Comprehensive essays plus short problems30%
Assignment: Participation ChecksStudents will be assigned short articles to comment on. Grading is based upon the level of engagement with the material: high (100%); basic (70%); superficial (50%).10%

AWork of this quality directly addresses the question or problem raised and provides a coherent argument displaying an extensive knowledge of relevant information or content. This type of work demonstrates the ability to critically evaluate concepts and theory and has an element of novelty and originality. There is clear evidence of a significant amount of reading beyond that required for the course. 90-93: A-; 94 and higher: A
BThis is highly competent level of performance and directly addresses the question or problem raised.There is a demonstration of some ability to critically evaluatetheory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture andreference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments. 80-83: B-; 84-86: B; 87-89: B+
CThis is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings. 70-71 C-; 72-76 C; 77-79 C+
DThis level of performances demonstrates that the student lacks a coherent grasp of the material. Important information is omitted and irrelevant points included. In effect, the student has barely done enough to persuade the instructor that s/he should not fail. 55-61: D-; 62-66 D; 67-69: D+
FThis work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant. Below 55 is failing.


Attendance will be taken.  Lateness counts as a miss. 

Students can miss up to 6 classes without requiring an excuse. 

If you miss a major exam, you have to follow the University policy and notify the Dean's Office.  Should you have an authorize excuse for missing a major exam, the weight of the missed exam will be put on your final exam.  (You can get a copy of the exam you missed and practice with it - I will be happy to give feedback but, I do not provide make-up exams for grading).

Students who meet the attendance requirement will have the option of dropping one low midterm exam grades and moving the weight to the final given the final exam is comprehensive.  Students who do not meet the attendance requirements will not have this option.

Students are expected to have read the chapters before class and to participate in the lectures if they wish to learn the material well.

No electronic devices are allowed in class except for tablets to take notes.  No eating and drinking during class.

Bring a calculator to class.




As stated in the university catalog, any student who commits an act of academic dishonesty will receive a failing grade on the work in which the dishonesty occurred. In addition, acts of academic dishonesty, irrespective of the weight of the assignment, may result in the student receiving a failing grade in the course. Instances of academic dishonesty will be reported to the Dean of Academic Affairs. A student who is reported twice for academic dishonesty is subject to summary dismissal from the University. In such a case, the Academic Council will then make a recommendation to the President, who will make the final decision.
John Cabot University does not discriminate on the basis of disability or handicap. Students with approved accommodations must inform their professors at the beginning of the term. Please see the website for the complete policy.


Last updated August 9, 2023

The schedule may change so always check the announcements in class.

Week 1: Sept. 4, 6

Chapter 1 and Chapter 2:  Introduction and Thinking Like an Economist

Chapter 3:  Interdependence and the Gains from Trade


Week 2: Sept. 11, 13

Trade (cont.)

Chapter 4: The Market Forces of Supply and Demand

Chapter 5:  5-1 The Elasticity of Demand

Chapter 10:  Measuring a Nation’s Income


Week 3:  Sept. 18, 20

Chapter 10: (cont.)

Chapter 11:  Measuring the Cost of Living


Week 4:  Sept. 25, 27

Chapter 12: Production and Growth


Week 5:  Oct. 2, 5

Exam 1:  Chapters 3, 4, 5-1, 10, 11.

Chapter 12: (cont.)

Chapter 13: Saving, Investment, and the Financial System


Week 6: Oct. 9, 11

Chapter 13: (cont.)

Chapter 14:  The Basic Tools of Finance


Week 7:   Oct. 16, 18, 20

Chapter 14: cont.

Chapter 15: Unemployment


Week 8:  Oct. 23, 25

Review Chapter 13, 14

Exam 2: Chapters 13, 14, 15


Week 9: Oct. 30

Chapter 16:  The Monetary System

Chapter 17:  Money, Growth, and Inflation


Week 10: Nov. 6, 8

Chapter 17: (cont.)

Chapter 18:  Open-Economy Macroeconomics: Basic Concepts


Week 11:  Nov. 13, 15

Chapter 20:  Aggregate Demand and Aggregate Supply

Exam 3 on Chapter 20: Take home. Due November 22.


Week 12:  Nov. 20, 22

Chapter 21: The Influence of Monetary and Fiscal Policy on Aggregate Demand

Chapter 22:  The Short-Run Trade-off between Inflation and Unemployment


Week 13: Nov. 27, 29

Chapter 22: (cont).

Common currency areas


Week 14: Dec. 4, 6

China in the global economy



Final Exam Period: Dec. 11 – Dec 15 

See University schedule for the day and time.

Comprehensive final exam.