Introduction to Macroeconomics Chapter 22. Keynesian Macroeconomics.
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DOTY MACRO SYLLABUS – FALL 2017
Principles of Macroeconomics - ECON 2301.001
Course Syllabus for Fall 2017
Economics is good! Economics is life-changing! Economics is world-changing!
And this is the premise from which we will begin our study of Economics this semester!
Instructor: Mrs. Susan Doty
Director of the Center for Economic Education & Financial Literacy
Senior Lecturer in Economics, Department of Social Sciences, College of Arts and Sciences
The University of Texas at Tyler, 3900 University Boulevard, Tyler, TX 75799
Office: BUS #240
E-mail: [email protected]
Please note that e-mail is my preferred method of contact. Even if you want to talk by phone, the best way to do so is by sending me an
e-mail and asking me to call you back. Please always identify yourself and provide the course and section you are in.
Phone: 903-566-7459 (Office) – 903-570-9020 (cell for text messages only.) Again, please be sure to identify yourself by name, course and
section. Text for simple questions only! No grade discussions are held by phone, text or email; please see me in person during office
hours to talk about grades.
Office Hours: I have three different ways you can come to see me. Open office hours are for you to drop in for any reason … to chat about college life,
to follow-up on a discussion or activity from class, to discuss economics in our lives and in our world, to explore career opportunities, to
clarify or deepen your understanding of a topic, to review for an exam or to follow-up after one, to discuss grades and goals … or for no
reason at all! At the beginning and end of the semester, office hours are busy and there may be a line of students; most other times, that
will not be true. For the busy times, I offer extra hours for you that I will announce in class and post on Canvas. If you have a specific
issue and time constraints, you may make an appointment. Additionally, I offer homework help to specifically address any challenges you
have with McGraw-Hill independent work.
Open Office hours:
Mondays: 12:30-2:00
Wednesday: 12:30-2:00
Fridays: 12:30-2:00
Principles Homework Help:
Mondays: 2:00-4:00
Appointments only:
MWF 7:30-8:30 am
mailto:[email protected]
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DOTY MACRO SYLLABUS – FALL 2017
Class
Meeting Times: Section 001 meets MWF from 9:05-10:00 am in BUS 158. Please be on time.
Course Package: McGraw-Hill Course Connect with Asarta Butters Economics. ISBN: 0077633822. Please note that this online course package is
required. I will provide you with registration information in a separate document on Canvas. The course package contains the e-text,
videos, tutorials, homework and quizzing that not only represent 20% of the course grade but provide the foundation for much of what we
will do in class. You cannot be successful without the course materials! New students may purchase access code card in the university
bookstore or purchase directly on line from McGraw Hill through the registration portal on the document I provide in Canvas. Either
way, purchase only the access code, not a hard or paper copy of the book! Former students, who have taken economics with me in
Spring of 2017 and have an active McGraw-Hill account, should be able to activate the new course at no additional cost. This is a BYOD
(Bring Your Own Device) class designed to be paperless. You need a smart device with a communication app, note-taking options and
.pdf annotation capabilities. I like both Notability and EverNote but there are others. Please download the McGraw-Hill ReadAnywhere
app that you can get on iTunes or Google Play. There are a limited number of university-owned iPads available to borrow for the
semester. See me EARLY if you would like to reserve one.
Course Summary: Through the Core curriculum, students will gain a foundation of knowledge of human cultures and the physical and natural world, develop
principles of personal and social responsibility for living in a diverse world and advance intellectual and practical skills that are essential
for all learning. Core process objectives include critical thinking, quantitative analysis, communication (in oral, written and technology
forms,) teamwork, social responsibility and personal responsibility. Economics is an approved course in the Core curriculum.
Economics, at its foundation, is a social science course about choice. Everything we value as humans is scarce relative to how much we
want. Because of scarcity, we can’t have it all. Because we can’t have it all, we must make choices. Every choice we make means giving
up something else. That most valued alternative that we give up when we make a choice is our opportunity cost. This “economic way of
thinking” can be summarized in the 6 points of the Guide to Economic Reasoning: 1. People Choose; 2. People’s Choices Involve Costs;
3. People Respond Predictably to Incentives; 4. People Create Economic Systems That Influence Choice and Incentives; 5. People Gain
When They Trade Voluntarily; 6. People’s Choices Have Consequences That Lie in the Future. Students in Economics apply these points
to decision-making at the individual, household, business firm, and government levels both in closed domestic economies and open global
ones.
Economics is a course of study that will provide you with methodological tools to view the world differently. The “economic way of
thinking” is truly a unique way of approaching problems, understanding issues and proposing solutions. It will help you in decision-
making when you vote, spend, save and make life choices. Throughout the course, you will develop and have multiple opportunities to
demonstrate an understanding of basic economic concepts, the techniques and methods of economics, and the economic challenges facing
society today and in the future. In addition, you will be developing and demonstrating critical thinking skills, empirical and quantitative
evaluation skills, oral, written and technology communication skills, teamwork, social responsibility and personal responsibility.
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DOTY MACRO SYLLABUS – FALL 2017
Economics will benefit each of you regardless of your major. It will have relevance to all aspects of your life and it will provide you with
tools to help you view the world differently and make more informed decisions. Economics provides great preparation for careers in
business, government, law, education, mathematics and science.
A favorite quote of mine is this one by the late economist, Murray N. Rothbard:
It is no crime to be ignorant of economics, which is, after all, a specialized discipline
and one that most people consider to be a 'dismal science.'
But it is totally irresponsible to have a loud and vociferous opinion
on economic subjects while remaining in this state of ignorance.
A goal of this class is to provide you with the conceptual framework and tools to develop and articulate informed opinions on economic
issues. It is not my job or purpose in this economics class to influence your politics or opinions. It is, however, my highest objective to
give you the economic tools and the foundational principles so that you can develop and articulate your own positions more effectively.
Course Objectives: Beyond the foundational economic concepts and tools that are common to both macroeconomics and microeconomics that include
scarcity, choice opportunity cost, the circular flow, economic systems, production possibilities, comparative advantage and trade, supply
and demand, markets, market efficiencies, market failures and government failures, elasticity and utility, this Macroeconomics course is
going to cover six major topic areas including:
Measuring Aggregate Economic Performance - GDP accounting, nominal and real currency measures, inflation and unemployment, business cycles and economic indicators
Aggregate Supply and Aggregate Demand - Productive resources, spending, saving, investment, technology and growth
Money and Financial Markets - Banking systems and the Federal Reserve
Monetary and Fiscal Policies - Multipliers, velocity, taxation, government spending, crowding out
Policy Debates & Applications - Economic systems, monetary/fiscal policy mix, automatic stabilization
International Economics - Balance of trade and balance of payments, trade barriers and exchange rates
Study Time: A general guideline is that you should spend three hours of independent study time outside of class for each hour in class. We meet for
three hours each week so that is nine hours of independent work each week. I know many of you are working part-time and full-time jobs,
have families and are active in student sports and activities. I do understand that many of you are taking 15 and 18 hours. Based on the 3-
to-1 formula, that is 60 to 72 hours of academic work alone! YOU need to be realistic about your own capabilities and commitments!
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DOTY MACRO SYLLABUS – FALL 2017
Classroom Conduct: This is simply a matter of respect – mine for you – yours for each other and for me. Arrive on time and stay for the duration of class. Be
quiet and attentive during lectures. Participate during activities. Be prepared. With the exception of your required devices, keep your
other electronic devices turned off. Stay on task and don’t get distracted! In economics, we learn about the importance of private
property ownership – be good stewards to university property. Do not photograph, audio or video tape lectures, discussions or
activities. Do not copy or distribute any presentation, activity, or assessment materials from class or on-line supplement. Do your own
work and properly cite the work of others. The University of Texas at Tyler has an academic integrity policy. I take it very seriously and
expect you to also. Be honest, do your best work and learn.
Participation: Woody Allen said, 80% of life is showing up! You can’t learn if you’re not in class! You are expected to attend every class. There will
be hands-on active lessons designed to reinforce the unit material and emphasize the importance of attendance. Be prepared to move
around, work in pairs or groups, and think “out of the box” on class days. Your charged smart devices are required in class every day!
Class Notes: I will provide you with copies of my slides in both PowerPoint and .pdf form on Canvas. This will allow you to open and annotate
them on your smart device. These slides provide the skeleton for your class notes and form the foundation for my lectures and for our
class discussions and activities. You must have them each day. Please familiarize yourself with both Canvas and a .pdf annotating
program (I highly recommend the Notability app for iPad users or EverNote for Android) and be ready to annotate these notes at the
beginning of each class. I do not prepare my slides or lectures from the book. My lecture notes and your McGraw-Hill course materials
will complement, not duplicate, each other.
Macroeconomics
Challenge: This will be a fun way to REVIEW in class for your Final Exam. Maybe you can even earn points!
Canvas Chat: There may be both graded and ungraded forums that I will open for you using the Canvas Chat function. These forums will be
opportunities for you to help each other, form virtual study groups and ask content questions of me.
Make-Up Policy: If you are absent for any reason – university business, health issue, family crisis, work conflict, religious obligation, etc. – on a non-test
day and you miss an activity, your make-up is with your QuickStart buffer points so be sure to earn them in advance. That is what they
are for! If you are absent for any reason on a test day, your make-up is with the final exam – I will increase the value of your final exam
to replace the missed test. (Assume you earn 160 points of 200 on the final – that’s 80% - and you miss a 50 point unit test thus earning a
0. I would replace the 0 with 40 points, the equivalent 80% on that test.) In addition, you will have the opportunity to drop at least one
homework assignment and one class activity because I will count only your 20 best of each.
Academic Integrity: For each assessment, I will ask you to sign a statement confirming that you have taken the assessment in accordance with the Academic
Integrity Policy currently in place at The University of Texas at Tyler.
I embrace honor and integrity that will not allow me to lie, cheat, or steal
nor to accept the actions of those who do.
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DOTY MACRO SYLLABUS – FALL 2017
Grading*: QuickStart Buffer Points** 10 @ 10 points = 100 points
McGraw Hill Independent Learning Assignments 20 @ 10 points = 200 points
Class Community Learning Activities 20 @ 10 points = 200 points
Individual Project Writing, Graphing and Technology Portfolio 2 @ 100 points = 200 points
Unit Exams 4 @ 50 points = 200 points***
Final Cumulative Exam 1 @ 200 points = 200 points
*Read grading policy thoroughly!
**There is no such thing as a free lunch! You must earn your QuickStart buffer points! See directions posted on Canvas.
*** A missed unit exam, for ANY reason, may be made up with the final exam.
Course Grade: A = 950+ points
B = 800-949 points
C = 700-799 points
D = 600-699 points
F = 599 points
New Grading Policy:
There are FOUR learning and assessment aspects to the course. The four aspect categories are 1) independent learning through McGraw-Hill homework; 2)
community learning through class activities and lectures; 3) project learning through the portfolio assignment that includes writing, graphing and technology
presentation and; 4) cumulative learning assimilation through unit and final exams. You MUST ACHIEVE a minimum of 50% in each of them in order to pass
the course. Not counting QuickStart, there are 1000 points available to earn through the four categories. You need 950 points for an A, 800 points for a B, 700
points for a C and 600 points for a D. These two course requirements – the four categories and the points required to achieve your grade goal - viewed separately,
are known as necessary but not sufficient conditions. If you score the required 50% minimum in each category, you will only achieve 500 points and that is not
enough points to pass, although if you also earn 100 QuickStart points at the start of the semester, that would raise your 500 points to 600 points and your F to a D
… still not where you want to be, however. If you achieve more points in total than you need to pass, let’s say 700, but you do not achieve the 50% threshold in
each category of the course, then you still will not pass. You MAY REPLACE your lowest scoring category with your highest scoring category to get the grade
you want once you have achieved the 50% threshold in each aspect of the course. In addition, QuickStart points, earned at the beginning of the semester, will be
added AFTER students achieve minimum thresholds in each category.
The following four vignettes will help you understand the implications of this grading policy.
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DOTY MACRO SYLLABUS – FALL 2017
Examples from a Tale of Four Students:
1. The straight “A” student who finds this class difficult
This describes the student who says, “I have a 4.0 average and I can’t seem to score above a 70 on your tests.”
Individual Learning Homework: 180 of 200
Community Learning Class Activities: 180 of 200
Project Learning Portfolio: 180 of 200
Cumulative Learning Exams: 140 of 200 on Unit Exams and 140 of 200 on Final Exam
Passed threshold in all categories, 820 earned points, replacing a 140 with a 180 gets the student to 860 points, adding the 90 of 100 QuickStart Points earned at the
beginning of the course brings the student to 950 points and an A.
My advice: Do what you do best, organize, come to class, do all the assignments, focus on understanding and looking for connections rather than memorizing
and don’t stress about exams.
2. The hard worker who doesn’t test well
This describes so many students who do all the work, never get great test scores but keep plugging. This is the student who benefits most from my grading system.
Individual Learning Homework: 160 of 200
Community Learning Class Activities: 160 0f 200
Project Learning Portfolio: 160 of 200
Cumulative Learning Exams: 100 of 200 on Unit Exams and 100 of 200 on Final Exam
Passed threshold in all categories, 680 earned points, replacing a 100 with a 160 gets student to 740 points, adding the 80 of 100 QuickStart Points earned at the beginning
of the course brings the student to 820 points and a B.
My advice: Your strengths are that you are a hard worker and you care about learning. Be sure to earn your QuickStart points at the beginning of the
semester, come to class and do all of your assignments on time. Come to see me for extra help and go to Homework Help sessions.
(Still don’t see yourself? Keep reading!)
3. The recalcitrant slacker
This is the student who chooses not to get with the program at the beginning of the semester but has an epiphany after the first exam.
Individual Learning Homework: 100 of 200
Community Learning Class Activities: 100 0f 200
Project Learning Portfolio: 180 of 200
Cumulative Learning Exams: 120 of 200 on Unit Exams and 150 of 200 on Final Exam
Passed threshold in all categories, 650 earned points, replacing a 100 with a 180 gets student to 730 points, adding the 30 of 100 QuickStart Points earned at the beginning
of the course brings the student to 760 points and a C. (This underperforming but capable student, although relieved to pass, is regretting the choice not to take advantage
of the QuickStart points offered at the beginning of the semester!!)
My advice: Don’t make it so hard on yourself! Do what you’re supposed to do at the beginning of the semester. Yes, you will be able to recover but there is an
easier path! (I bet people have been telling you that all your life!!)
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DOTY MACRO SYLLABUS – FALL 2017
4. The Know-It-All who tries to “game” the system
This describes students who say, “I’m going to cram like crazy for exams, do what I need to do on the big point assignments and blow off the homework and class
participation.”
Individual Learning Homework: 80 of 200
Community Learning Class Activities: 100 0f 200
Project Learning Portfolio: 180 of 200
Cumulative Learning Exams: 170 of 200 on Unit Exams and 170 of 200 on Final Exam
Although this student passed all exams and earned a total of 700 points, this student will receive an F. This is because the threshold point level in each category was not
met. The student did not earn the option to replace a low scoring category with a high scoring one and did not earn the option to apply any QuickStart points from the
beginning of the semester.
My advice: Remember that it is not a university degree that has value but a university education. You are among a privileged minority of people who have
earned the opportunity to attend college; please embrace it. Know that I really do care about what you learn and not just what you achieve.
So, which student resonates most with you?
What do you plan to do about it?
How can I help you?
Grade Tracking:
This syllabus is the sole source for course grading policy. Both your Canvas and McGraw-Hill accounts may be used to report your grades on individual assignments but these
accounts will not reflect your course grades. Please keep track of your own grades with the very simple form that I will provide for you on Canvas in the Getting Started folder. It
asks you to identify your grade goal and the requirements to reach that goal; it lists the four categories and requires you to record in each, your points earned, whether the threshold
has been met, the remaining points available, whether you are on track and, if not, what changes you need to make to get there. Please bring this completed form any time you
want to discuss grades or course progress. This is especially important for students active in campus activities who will need interim grade reporting from me.
Remember, grade discussions will only be held in person during office hours.
Students with Special Needs:
If you have an accommodation plan, you must meet with me during office hours and provide me, in writing, the accommodations for which you are entitled before I will complete
the contract with the Testing Center for you. Meeting in person will help me to be more aware and better able to meet your specific needs in and out of the classroom.
A full semester’s day-by-day schedule of class topics, preparation and assignments follows. I would strongly advise all students to put this information into your
calendar.
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
#1
Day Class # and
Topic
Assignment Information
Monday, August 28
Class #1
Welcome to
Economics!
Purchase McGraw-Hill Course Connect
materials.
Canvas and McGraw-Hill are open.
Begin by opening the Getting Started Folder on Canvas where you
will find the syllabus, the McGraw-Hill registration instructions and
the list of QuickStart activities.
Wednesday,
August 30
Class #2
Course Tools
and Policies
QuickStart activities #1-#10 are due by Friday,
September 8th at 5:00 pm.
Note that QuickStart #10 is also LearnSmart
Achieve #1
Read Syllabus thoroughly and register for McGraw-Hill. Begin
working through QuickStart activities. Be sure that you are
registered in the correct class on McGraw-Hill for your course
materials. Bring your Smart Device to class.
Friday,
September 1
Class #3
The Economic
Way of
Thinking
Work on QuickStart activities #1-10
Note that QuickStart #10 is also LearnSmart
Achieve #1
QuickStart activities #1-#10 are due by Friday, September 8th at
5:00 pm.
Learning Objectives for week #1:
Demonstrate your understanding of the way learning will occur in this course in class and by working through QuickStart activities.
Demonstrate your familiarity with the tools we will use for learning in this course in class and by working through QuickStart activities.
Demonstrate your understanding of the economic way of thinking in class and by working through the QuickStart activities.
Apply the economic way of thinking to fundamental economics
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Microeconomics
Week
#2
Day Class # and
Topic
Assignment Information
L
A
B
O
R
D
A
Y
Monday,
September 4 Holiday
No Class
LearnSmart Achieve #2 (Demand) and LearnSmart Achieve #3 (Supply) are both
open and are due at 8:00 am on Monday, September 11th
QuickStart activities #1-#10 are due by Friday, September 8th at 5:00 pm.
Wednesday,
September 6
Class #4
Fundamentals
Finish up QuickStart activities #1-10
Be working on LearnSmart Achieve 2&3
LearnSmart Achieve #2 (Demand) and LearnSmart Achieve #3 (Supply) are both
open and are due at 8:00 am on Monday, September 11th
QuickStart activities #1-#10 are due by Friday, September 8th at 5:00 pm.
Friday,
September 8
Class #5
Fundamentals
Finish up QuickStart activities #1-10
Be working on LearnSmart Achieve 2&3
LearnSmart Achieve #2 (Demand) and LearnSmart Achieve #3 (Supply) are both
open and are due at 8:00 am on Monday, September 11th
QuickStart activities #1-#10 are due by Friday, September 8th at 5:00 pm.
Learning Objectives for Fundamentals week #2:
Define microeconomics and macroeconomics.
Identify the various resource categories used in economics.
Define scarcity and explain its importance in economics.
Identify the opportunity cost of a choice.
Explain rational decision making.
Define marginal benefit and marginal cost.
Describe the relationship between marginal benefits and costs in equilibrium.
Explain how resources are combined to produce output.
Construct and interpret a production possibilities frontier.
Calculate and explain opportunity cost using a production possibilities frontier.
Identify comparative advantage using opportunity costs.
Identify patterns of specialization using comparative advantage.
Identify the terms of trade using comparative advantage.
Illustrate the gains from trade in a production possibilities frontier model.
Illustrate how increasing opportunity costs affect the production possibilities frontier.
Model the flow of resources, output, and monetary transactions in a simple economy
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Microeconomics
Week
#3
Day Class # and
Topic
Assignment Information
Monday,
September 11
Census Day
Class #6
Demand
LearnSmart Achieve #2 (Demand) and
LearnSmart Achieve #3 (Supply) are due at
8:00 am this morning. They have been open
for one week.
LearnSmart Achieve #4 (Market Equilibrium and Policy) and
LearnSmart Achieve #5 (Market Efficiency) are both open and are
due at 8:00 am on Monday, September 18th
Wednesday,
September 13
Class #7
Supply
Be working on LearnSmart Achieve 4&5
LearnSmart Achieve #4 (Market Equilibrium and Policy) and
LearnSmart Achieve #5 (Market Efficiency) are both open and are
due at 8:00 am on Monday, September 18th
Friday,
September 15
Class #8
Market
Equilibrium
Be working on LearnSmart Achieve 4&5
LearnSmart Achieve #4 (Market Equilibrium and Policy) and
LearnSmart Achieve #5 (Market Efficiency) are both open and are
due at 8:00 am on Monday, September 18th
Learning Objectives for the Demand, Supply and Equilibrium week #3:
Explain that prices and quantities traded are determined by the
interaction of buyers and sellers in a market.
Describe the relationship between the price of a good and the quantity
demanded.
Explain why the demand curve is downward-sloping.
Calculate and construct a market demand curve.
Show how the demand curve changes in response to nonprice
determinants of demand.
Illustrate the effect of a change in income on demand.
Illustrate the effect of a change in buyers’ tastes and preferences, the
number of buyers, and buyers’ expectations on demand.
Illustrate the effect of a change in the prices of related products
(substitutes and complements) on demand.
Describe the relationship between the price of a good and the quantity
supplied.
Calculate and construct a market supply curve.
Show how the supply curve changes in response to nonprice
determinants of supply.
Illustrate the effect of a change in taxes and subsidies on supply.
Illustrate the effect of a change in resource prices and technology on
supply.
Illustrate the effect of producers’ price expectations and a change in the
number of sellers on supply.
Show how demand and supply interact to determine an equilibrium price
and quantity.
Calculate the magnitude of a surplus or shortage using supply and
demand.
Predict how a change in demand will change equilibrium price and
quantity.
Predict how a change in supply will change equilibrium price quantity.
Predict how changes in both demand and supply will change
equilibrium price and quantity.
Use supply and demand to determine the impact of a price ceiling on
price and output.
Use supply & demand to determine the impact of a price floor on price
and output.
Use supply & demand to determine the effects taxes paid by suppliers
and demanders on the price and equilibrium quantity of a good
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
#4
Day Class # and
Topic
Assignment Information
Monday,
September
18
Class # 9
Market
Efficiency
LearnSmart Achieve #4 (Market Equilibrium
and Policy) and LearnSmart Achieve #5
(Market Efficiency) are due at 8:00 am this
morning. They have been open for one week.
LearnSmart Achieve #6 (Elasticity Standard Percentage
Change Formula) and LearnSmart Achieve #7 (Elasticity
Midpoint Formula) are both open and are due at 8:00 am on
Monday, September 25th
Wednesday,
September
20
Class # 10
Class will
not meet in
person.
Begin work on Portfolio Project.
See posted instructions on Canvas.
LearnSmart Achieve #6 (Elasticity Standard Percentage
Change Formula) and LearnSmart Achieve #7(Elasticity
Midpoint Formula) are both open and are due at 8:00 am on
Monday, September 25th
Friday,
September
22
Class #11
Market and
Government
Failure
LearnSmart Achieve #6 (Elasticity Standard Percentage
Change Formula) and LearnSmart Achieve #7 (Elasticity
Midpoint Formula) are both open and are due at 8:00 am on
Monday, September 25th
Learning Objectives for Market Efficiency and Market/Government Failure Week #4:
Determine consumer surplus and predict how changes in price affect consumer surplus.
Determine producer surplus and predict how changes in price affect producer surplus.
Determine the economic surplus and gains from trade in a market.
Use changes in consumer and producer surplus to identify a deadweight loss.
Define and identify productive and allocative efficiency in a competitive market.
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
# 5
Day Class # and
Topic
Assignment Information
Monday,
September 25
Class #12
Elasticity
LearnSmart Achieve #6 (Elasticity Standard Percentage Change
Formula) and LearnSmart Achieve #7 (Elasticity Midpoint
Formula) are due at 8:00 am this morning. They have been open
for one week.
LearnSmart Achieve #8 (Market
Failure) and LearnSmart Achieve #9
(Consumer Choice) are both open
and are due at 8:00 am on Monday,
October 2nd.
Wednesday,
September 27
Class #13
Elasticity
LearnSmart Achieve #8 (Market
Failure) and LearnSmart Achieve #9
(Consumer Choice) are both open
and are due at 8:00 am on Monday,
October 2nd.
Friday,
September 29
Class #14
Portfolio
Project
Expectations
Portfolio project sample activity is due today. LearnSmart Achieve #8 (Market
Failure) and LearnSmart Achieve #9
(Consumer Choice) are both open
and are due at 8:00 am on Monday,
October 2nd.
Learning Objectives for Elasticity week #5:
Define elasticity and its role in economics.
Calculate the price elasticity of demand.
Define the midpoint formula and describe the reasoning behind its use.
Interpret the numerical value found by calculating the price elasticity of demand for a good or service.
Explain why the elasticity of demand changes along a linear demand curve.
Use the elasticity of demand to determine how total revenue will change in response to a change in price.
Predict how the number of substitutes or the proportion of income spent on a good or service will affect the elasticity of demand.
Calculate the cross-price elasticity of demand for both substitutes and complements and interpret the results.
Calculate the income elasticity of demand and determine whether the good or service is normal or inferior.
Calculate the price elasticity of supply.
Interpret the numerical value found by calculating the price elasticity of supply for a good or service.
Contrast the elasticity of supply in the immediate period, short run, and long run.
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
# 6
Day Class Topic Assignment Information
Monday,
October 2
Filing
Deadline
for Fall
2017
Graduation
Class # 15
Market Failure
and Utility
LearnSmart Achieve #8 (Market Failure) and LearnSmart
Achieve #9 (Consumer Choice) are due at 8:00 am this
morning. They have been open for one week.
There is no LearnSmart Achieve homework due
next week because of your Project Portfolio and
Testing.
Wednesday,
October 4
Class #16
Class will not
meet in
person.
Work on Portfolio Project!
Friday,
October 6
Class #17
Class will not
meet in
person.
Work on Portfolio Project!
Learning Objectives for Market Failure and Consumer Choice week #6:
Define utility and marginal utility.
Use the law of diminishing marginal utility to calculate marginal utility values.
Understand how individuals seek to maximize total utility subject to preferences, prices, and a budget constraint.
Integrate marginal utility analysis and prices to determine the utility-maximizing consumption bundle
Illustrate the effect of a price ceiling on economic welfare using consumer and producer surplus.
Illustrate the effect of a price floor on economic welfare using consumer and producer surplus.
Illustrate the effect of a tax on economic welfare using consumer and producer surplus.
Use basic formulas to solve for consumer and producer surplus and the deadweight loss.
Describe the relationship between private and social benefits and costs.
Discuss positive externalities in a demand and supply framework.
Discuss negative externalities in a demand and supply framework.
Categorize public and private goods.
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
#7
Day Class Topic Assignment Information
Monday,
October 9
Class #18
Review for
Unit One
Exams
Portfolio Project Part One Due Today at 8:00 am.
You have had the assignment since September 20.
LearnSmart Achieve #10 (Public Finance) and
LearnSmart Achieve #11 (Measuring Output and
Income) are both open and are due at 8:00 am on
Monday, October 16th
Wednesday,
October 11
Class #19
Unit One
Graphing Exam
LearnSmart Achieve #10 (Public Finance) and
LearnSmart Achieve #11 (Measuring Output and
Income) are both open and are due at 8:00 am on
Monday, October 16th
Friday,
October 13
Class #20
Unit One
Multiple
Choice exam
LearnSmart Achieve #10 (Public Finance) and
LearnSmart Achieve #11 (Measuring Output and
Income) are both open and are due at 8:00 am on
Monday, October 16th
Study Hints for Exam:
Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin
by reviewing learning objectives and go back to your reading, the videos, and the LearnSmart Achieve questions. Thoroughly review my posted
presentations and your class notes on them. Review each class activity and think deeply about its take-away message. Be sure that you understand
the underlying economic concepts that each graph illustrates and that you can tell the story that the graph illustrates. The flip side of that is that you
must be able to demonstrate concepts and illustrate a story with the graphs.
-
DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
#8
Day Class Topic Assignment Information
Monday,
October 16
Class #21
Public Finance
LearnSmart Achieve #10 (Public Finance) and
LearnSmart Achieve #11 (Measuring Output and
Income) are due at 8:00 am this morning. They have
been open for one week.
LearnSmart Achieve #12 (Business Cycles ) and
LearnSmart Achieve #13 (Unemployment & Inflation) are
both open and are due at 8:00 am on Monday, October
23rd
Wednesday,
October 18
Class #22
Exam Review
Class will not
meet in person.
Work on Portfolio Project!
LearnSmart Achieve #12 (Business Cycles ) and
LearnSmart Achieve #13 (Unemployment & Inflation) are
both open and are due at 8:00 am on Monday, October
23rd
Friday,
October 20
Class #23
Output and
Income
LearnSmart Achieve #12 (Business Cycles ) and
LearnSmart Achieve #13 (Unemployment & Inflation) are
both open and are due at 8:00 am on Monday, October
23rd
Learning Objectives for Public Finance and Measuring Output and Income week #8:
Model the flow of resources, output, and monetary transactions in a simple economy that includes a government.
Know the major categories of federal, state, and local revenues and expenditures.
Determine whether a tax is progressive, proportional, or regressive.
Determine whether a government is experiencing a budget surplus, a budget deficit, or a balanced budget.
Calculate the national debt.
Describe how gross domestic product is measured, and identify its major components.
Characterize the components of personal consumption and government expenditure.
Calculate gross and net investment.
Calculate net exports.
Calculate gross domestic product when provided with national expenditures data.
Identify the components of the income approach to national income accounting.
Calculate real gross domestic product when provided with data.
Calculate real gross domestic product when provided with data and describe how it relates to standards of living.
Use real and nominal GDP to derive the gross domestic product price index.
Describe the limitations of gross domestic product as a measure of output.
Describe economic growth in a historical context.
Illustrate in a production possibilities frontier diagram how technology and resources affect economic growth.
Calculate economic growth rates using provided data.
Use the rule of 72 to estimate the time needed to double the size of an economy
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
#9
Date Class # and
Topic
Assignment Information
Monday,
October
23
Class #24
Business
Cycles
LearnSmart Achieve #12 (Business Cycles) and
LearnSmart Achieve #13 (Unemployment &
Inflation) are due at 8:00 am this morning. They
have been open for one week.
LearnSmart Achieve #14 (Aggregate Expenditures Model )
and LearnSmart Achieve #15 (Aggregate Demand and
Aggregate Supply) are both open and are due at 8:00 am on
Monday, October 30th
Wednesda
y, October
25
Class #25
Class will not
meet in
person.
Work on Portfolio Project!
LearnSmart Achieve #14 (Aggregate Expenditures Model )
and LearnSmart Achieve #15 (Aggregate Demand and
Aggregate Supply) are both open and are due at 8:00 am on
Monday, October 30th
Friday,
October
27
Class #26
Unemployme
nt and
Inflation
. LearnSmart Achieve #14 (Aggregate Expenditures Model )
and LearnSmart Achieve #15 (Aggregate Demand and
Aggregate Supply) are both open and are due at 8:00 am on
Monday, October 30th
Learning Objectives for Public Finance and Measuring Output and Income week #9:
Identify the four phases of the business cycle.
Identify the different types of workers in the labor force.
Categorize various types of unemployment.
Calculate the unemployment rate when presented with data.
Calculate the natural rate of unemployment.
Define inflation.
Describe the component parts of the Consumer Price Index.
Calculate the Consumer Price Index using provided data.
Use the Consumer Price Index to measure the inflation rate.
Use the Consumer Price Index to compare nominal values over time.
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
#10
Date: Class # and Topic
Assignment Information
Monday,
October 30
Class #27
Aggregate
Expenditures Model
LearnSmart Achieve #14 (Aggregate Expenditures Model) and
LearnSmart Achieve #15 (Aggregate Demand and Aggregate Supply)
are due at 8:00 am this morning. They have been open for one week.
LearnSmart Achieve #16 (Fiscal Policy) and
LearnSmart Achieve #17 (Money) are both open
and are due at 8:00 am on Monday, November 6
Wednesday,
November 1
Class #28
Aggregate Demand
& Aggregate Supply
LearnSmart Achieve #16 (Fiscal Policy) and
LearnSmart Achieve #17 (Money) are both open
and are due at 8:00 am on Monday, November 6
Friday,
November 3
Class #29
Class will not
meet in person.
Work on Portfolio Project.
LearnSmart Achieve #16 (Fiscal Policy) and
LearnSmart Achieve #17 (Money) are both open
and are due at 8:00 am on Monday, November 6
Learning Objectives for Aggregate Expenditures, Multipliers and Short vs Long-run Models - week #10:
Define the purpose and assumptions associated with the aggregate expenditures model.
Calculate the marginal propensities to consume and save using provided data.
Illustrate the relationship between consumption and income, between savings and income and between the interest rate and investment demand.
Illustrate the relationship between investment, government purchases, net exports, and real GDP.
Show how equilibrium real GDP is obtained using the aggregate expenditures model.
Calculate the expenditures multiplier using either the marginal propensity to consume or the marginal propensity to save.
Calculate the tax multiplier using the marginal propensity to consume.
Solve for the mathematical relationships of the aggregate expenditures model.
Use the aggregate expenditures model to determine how changes to its components affect equilibrium real GDP.
Identify the inflationary and recessionary gaps in the aggregate expenditures model.
Illustrate the aggregate demand curve.
Derive the aggregate demand curve from the aggregate expenditures model.
Explain why the aggregate demand curve is downward-sloping.
Illustrate the effect on aggregate demand of a change in consumer and investment, government spending and net exports.
Illustrate the short-run and long-run aggregate supply curves.
Illustrate the effect on aggregate supply of a change in resource prices and productivity.
Use the aggregate demand and aggregate supply model to determine equilibrium real GDP.
Use the aggregate demand and aggregate supply model to determine how changes in its determinants affect equilibrium real GDP.
Use the aggregate demand and aggregate supply model to relate recessions and expansions to real GDP and changes in the price level.
Use the aggregate demand and aggregate supply model to define stagflation
-
DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
#11
Date: Class # and
Topic
Assignment Information
Monday,
November 6
Class #30
Fiscal Policy
Automatic
Stabilizers
LearnSmart Achieve #16 (Fiscal Policy) and
LearnSmart Achieve #17 (Money) are due at 8:00 am
this morning. They have been open for one week.
LearnSmart Achieve #18 (Monetary Policy) and
LearnSmart Achieve #19 (Competing Views in
Macroeconomic Theory) are both open and are due at
8:00 am on Monday, November 13th
Wednesday,
November 8
Class #31
Fiscal Policy
Discretionary
Stabilizers
LearnSmart Achieve #18 (Monetary Policy) and
LearnSmart Achieve #19 (Competing Views in
Macroeconomic Theory) are both open and are due at
8:00 am on Monday, November 13th
Friday,
November
10
Class #32
Money
LearnSmart Achieve #18 (Monetary Policy) and
LearnSmart Achieve #19 (Competing Views in
Macroeconomic Theory) are both open and are due at
8:00 am on Monday, November 13th
Learning Objectives for Money, the Federal Reserve and Monetary Policy - week #11
Explain the three functions of money.
Categorize different types of money into the major components of the money supply.
Describe the structure and major functions of the Federal Reserve System.
Explain the assets and liabilities held by a bank.
Explain the process of fractional reserve banking and its impact on the money supply.
Use the reserve ratio to calculate the money multiplier.
Construct a model of money demand using the asset and transaction demands for money.
Illustrate the relationship between the supply of money and interest rates.
Show how money supply and demand interact to determine the equilibrium interest rate.
Illustrate how changes in money demand and supply affect the interest rate.
-
DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
# 12
Date: Class # and
Topic:
Assignment: Information:
Monday,
November
13
Class #33
The Federal
Reserve System
LearnSmart Achieve #18 (Monetary Policy) and
LearnSmart Achieve #19 (Competing Views in
Macroeconomic Theory) are due at 8:00 am this
morning. They have been open for one week.
LearnSmart Achieve #20 (International Trade) and LearnSmart
Achieve #21 (International Finance) are both open and are due
at 8:00 am on Monday, November 20th
Wednesday,
November
15
Class #34
Monetary Policy
LearnSmart Achieve #20 (International Trade) and LearnSmart Achieve #21 (International Finance) are both open and are due
at 8:00 am on Monday, November 20th
Friday,
November
17
Class #35
Competing
Views in
Macroeconomic
Theory
Portfolio Project Part Two is due today.
LearnSmart Achieve #20 (International Trade) and LearnSmart
Achieve #21 (International Finance) are both open and are due
at 8:00 am on Monday, November 20th
Learning Objectives for Monetary Policy and Different Views of the Macroeconomy - week #12:
Explain the relationships among the money supply, bond prices, and interest rates.
Use provided data to predict the nominal interest rate.
Use the relationship between interest rates and investment to describe how a change in the money supply changes investment.
Integrate, using a cause-and-effect chain, the money, investment, and aggregate demand models to predict how a change in the money supply will affect equilibrium GDP
Explain how the Federal Reserve influences the supply of money through open market operations.
Predict the effect of a change in the reserve requirement on the money supply and the impact of a change in the discount rate on the money supply.
Describe the federal funds rate and the interbank market for overnight reserves.
Explain how the Federal Reserve uses open market operations to maintain a targeted level for the federal funds rate.
Explain how the Federal Reserve uses open market operations to change the targeted level for the federal funds rate and influence interest rates in the economy.
Conduct monetary policy using the models of money, investment, and aggregate demand.
Solve for the appropriate monetary policy using data provided. Illustrate the effect of fiscal policy on equilibrium real GDP and price level.
Illustrate the effect of fiscal policy on equilibrium price level.
Solve for the appropriate fiscal policy using changes in government purchases.
Solve for the appropriate fiscal policy using changes in taxes.
Describe the role and function of automatic stabilizers.
Describe the role and function of discretionary stabilizers
Discuss the major limitations of fiscal policy.
Identify different views of macroeconomic theory.
Relate the different views of macroeconomic theory on decisions about the use of automatic and discretionary fiscal policy
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
#13
Day Class Topic Assignment Information
F
A
L
L
B
R
E
A
K
Monday,
November 20
Holiday
No Class LearnSmart Achieve #20 (International Trade) and LearnSmart
Achieve #21 (International Finance) are due at 8:00 am this
morning. They have been open for one week.
Note that you can extend completion to the Monday morning
after break at no penalty but sometimes that’s even harder!
Wednesday,
November 22
Holiday
No Class
Friday,
November 24
Holiday
No Class
Have a safe, re-energizing break and come back confident and prepared to finish the
semester strong.
Talk to your family about economics.
Remember the concepts of diminishing marginal utility as you enjoy thanksgiving dinner
and rational decision-making when it comes post-Thanksgiving shopping mania!
-
DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
#14
Day Class Topic Assignment Information
Monday,
November 27
Class #36
International
Trade
LearnSmart Achieve #20 (International Trade) and LearnSmart
Achieve #21 (International Finance) were due last Monday but
will be accepted late without penalty until 8:00 am this
morning. They have been open for two weeks.
You have had 21 LearnSmart Achieve
Assignments. I will count your best 20.
Wednesday,
November 29
Class #37
International
Finance
Friday,
December 1
Class #38
Unit Two
Review
.
Learning Objectives for International Trade and Finance week #12
Describe the benefits of international trade.
Use provided data to determine which country has a comparative advantage in the production of a good.
Use provided data to determine the pattern of specialization between two countries.
Identify the range of prices for which mutually beneficial trade will occur between two countries.
Evaluate the gains from trade by illustrating them in a production possibilities model and by calculating them numerically.
Illustrate the small-country model in a supply and demand diagram.
Illustrate, using consumer and producer surplus, how exports affect economic welfare in the small-country model.
Illustrate, using consumer and producer surplus, how imports affect economic welfare in the small-country model.
Describe why individuals and societies may choose to establish barriers to trade.
Use the small-country model to illustrate the effect of a tariff on international trade and economic welfare.
Use the small-country model to illustrate the effect of a quota on international trade and economic welfare.
Describe the role of exchange rates in international trade and finance.
Show how demand and supply for currencies interact to determine an equilibrium exchange rate.
Illustrate a flexible exchange rate system and a fixed exchange rate system
Illustrate complex changes in a flexible exchange rate system.
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DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Macroeconomics
Week
#15
Day Class # and
Topic
Assignment Information
Monday,
December 4
Class #39
Unit Two
Graphing Exam
Study
Wednesday,
December 6
Class #40
Unit Two
Multiple Choice
Exam
Study
Friday,
December 8
Class #41
Macroeconomics
Challenge
Study Hints for Exam:
Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments.
Begin by reviewing learning objectives and go back to your reading, the videos, and the LearnSmart Achieve questions. Thoroughly
review my posted presentations and your class notes on them. Review each class activity and think deeply about its take-away message.
Be sure that you understand the underlying economic concepts that each graph illustrates and that you can tell the story that the graph
illustrates. The flip side of that is that you must be able to demonstrate concepts and illustrate a story with the graphs.
-
DOTY MACRO SYLLABUS – FALL 2017
Schedule of Classes for Fall 2017 Principles of Microeconomics
Week
#16
Day Class Topic Assignment Information
Monday,
December
11
Study Day
No University
Classes
Optional Review See Blackboard for Dates and Times
Wednesday,
December
13
Final Exam
Week
Check MyUTTyler for final exam dates, time
and location. Remember that I do not schedule
final exams.
Friday,
December
15
Final Exam
Week
Check MyUTTyler for final exam dates, time
and location. Remember that I do not schedule
final exams.
Study Hints for Exam:
Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments.
Begin by reviewing learning objectives and go back to your reading, the videos, and the LearnSmart Achieve questions. Thoroughly
review my posted presentations and your class notes on them. Review each class activity and think deeply about its take-away message.
Be sure that you understand the underlying economic concepts that each graph illustrates and that you can tell the story that the graph
illustrates. The flip side of that is that you must be able to demonstrate concepts and illustrate a story with the graphs.
-
DOTY MACRO SYLLABUS – FALL 2017
POLICIES THAT MUST APPEAR IN EACH COURSE SYLLABUS AT THE UNIVERSITY OF TEXAS AT TYLER
The following University policies must appear on each course syllabus or be provided as an informational sheet (web-links to these policies may
be used in the print or electronic syllabus.)
http://www.uttyler.edu/academicaffairs/syllabuspolicies.pdf
Students Rights and Responsibilities
To know and understand the policies that affect your rights and responsibilities as a student at UT Tyler, please follow this link:
http://www.uttyler.edu/wellness/rightsresponsibilities.php
Grade Replacement/Forgiveness and Census Date Policies
Students repeating a course for grade forgiveness (grade replacement) must file a Grade Replacement Contract with the Enrollment Services
Center (ADM 230) on or before the Census Date of the semester in which the course will be repeated. Grade Replacement Contracts are available
in the Enrollment Services Center or at http://www.uttyler.edu/registrar. Each semester’s Census Date can be found on the Contract itself, on the
Academic Calendar, or in the information pamphlets published each semester by the Office of the Registrar.
Failure to file a Grade Replacement Contract will result in both the original and repeated grade being used to calculate your overall grade point
average. Undergraduates are eligible to exercise grade replacement for only three course repeats during their career at UT Tyler; graduates are
eligible for two grade replacements. Full policy details are printed on each Grade Replacement Contract.
The Census Date is the deadline for many forms and enrollment actions that students need to be aware of. These include:
Submitting Grade Replacement Contracts, Transient Forms, requests to withhold directory information, approvals for taking courses as Audit, Pass/Fail or Credit/No Credit.
Receiving 100% refunds for partial withdrawals. (There is no refund for these after the Census Date)
Schedule adjustments (section changes, adding a new class, dropping without a “W” grade)
Being reinstated or re-enrolled in classes after being dropped for non-payment
Completing the process for tuition exemptions or waivers through Financial Aid
State-Mandated Course Drop Policy
Texas law prohibits a student who began college for the first time in Fall 2007 or thereafter from dropping more than six courses during their
entire undergraduate career. This includes courses dropped at another 2-year or 4-year Texas public college or university. For purposes of this rule,
a dropped course is any course that is dropped after the census date (See Academic Calendar for the specific date).
Exceptions to the 6-drop rule may be found in the catalog. Petitions for exemptions must be submitted to the Enrollment Services Center and must
be accompanied by documentation of the extenuating circumstance. Please contact the Enrollment Services Center if you have any questions.
http://www.uttyler.edu/academicaffairs/syllabuspolicies.pdf
-
DOTY MACRO SYLLABUS – FALL 2017
Disability Services
In accordance with Section 504 of the Rehabilitation Act, Americans with Disabilities Act (ADA) and the ADA Amendments Act (ADAAA) the
University offers accommodations to students with learning, physical and/or psychiatric disabilities. If you have a disability, including non-visible
disabilities such as chronic diseases, learning disabilities, head injury, PTSD or ADHD, or you have a history of modifications or accommodations
in a previous educational environment you are encouraged to contact the Student Accessibility and Resources office and schedule an interview
with the Accessibility Case Manager/ADA Coordinator, Cynthia Lowery Staples. If you are unsure if the above criteria applies to you, but have
questions or concerns please contact the SAR office. For more information or to set up an appointment please visit the SAR office located in the
University Center, Room 3150 or call 903.566.7079. You may also send an email to [email protected]
Student Absence due to Religious Observance
Students who anticipate being absent from class due to a religious observance are requested to inform the instructor of such absences by the
second class meeting of the semester.
Student Absence for University-Sponsored Events and Activities
If you intend to be absent for a university-sponsored event or activity, you (or the event sponsor) must notify the instructor at least two weeks prior
to the date of the planned absence. At that time the instructor will set a date and time when make-up assignments will be completed.
Social Security and FERPA Statement:
It is the policy of The University of Texas at Tyler to protect the confidential nature of social security numbers. The University has changed its
computer programming so that all students have an identification number. The electronic transmission of grades (e.g., via e-mail) risks violation of
the Family Educational Rights and Privacy Act; grades will not be transmitted electronically.
Emergency Exits and Evacuation:
Everyone is required to exit the building when a fire alarm goes off. Follow your instructor’s directions regarding the appropriate exit. If you
require assistance during an evacuation, inform your instructor in the first week of class. Do not re-enter the building unless given permission by
University Police, Fire department, or Fire Prevention Services.
UT Tyler a Tobacco-Free University:
All forms of tobacco will not be permitted on the UT Tyler main campus, branch campuses, and any property owned by UT Tyler. This applies to
all members of the University community, including students, faculty, staff, University affiliates, contractors, and visitors.
Forms of tobacco not permitted include cigarettes, cigars, pipes, water pipes (hookah), bidis, kreteks, electronic cigarettes, smokeless tobacco,
snuff, chewing tobacco, and all other tobacco products.
There are several cessation programs available to students looking to quit smoking, including counseling, quitlines, and group support. For more
information on cessation programs please visit www.uttyler.edu/tobacco-free.
http://www.uttyler.edu/tobacco-free
-
DOTY MACRO SYLLABUS – FALL 2017
Handguns in the Classroom:
The University of Texas at Tyler respects the right and privacy of students who are duly licensed to carry concealed weapons in this class. License
holders are expected to behave responsibly and keep a handgun secure and concealed. More information is available at
http://www.uttyler.edu/about/campus-carry/index.php.
http://www.uttyler.edu/about/campus-carry/index.php