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2.  ECO 372 Week 1 Individual Assignment Macroeconomic Terms  ECO 372 Week 1 Individual Assignment Economic Definitions Worksheet (New)  ECO 372 Week 1 Knowledge Check  ECO 372 Week 1 Discussion Question 1  ECO 372 Week 1 Discussion Question 2  ECO 372 Week 2 knowledge Check  ECO 372 week 2 Team Weekly Reflection Economic Forecasting Paper (2 Papers)  ECO 372 Week 2 Discussion Question 1  ECO 372 Week 2 Group Discussion Question  ECO 372 Week 2 Individual Assignment Product Purchases and the Economy

3.  1. News Story: Workers at a car-manufacturing plant in Flint, Michigan are laid off because the economy is weak and GM cars aren't selling well. GM isn't sure when the plant will reopen. What type of unemployment describes the workers' situation?  § Frictional unemployment  § Structural unemployment  § Full unemployment  § Cyclical unemployment

4.  1) The largest source of household income in the U.S. is obtained from  2) The market where business sell goods and services to households and the government is called the 3) Real gross domestic product is best defined as 4) Underemployment includes people A. who work "off-the-books" to avoid tax liabilities B. who are working part time, or not using all their skills at a full-time job 5) The Bureau of Economic Analysis is responsible for which of the following? 6) The Federal Reserve provides which of the following data?

5.  What is the difference between real and nominal GDP? Does GDP accurately reflect our nation’s well being? Explain.

6.  Unemployment rate measures the number of unemployed workers in the labour force. List and explain three types of unemployment. Find the most recent unemployment rate of your state. From a personal perspective, can you explain your view of the current job market in your local area?

7.  You've been debating on making a purchase for yourself. This is a product you've wanted for a while, but one that requires budgeting because you will be making monthly payments.  Select a product in which the demand for the product is clearly affected by the strength or weakness of the overall economy such as new homes, cars, appliances, smart phones, etc.  Write a 1,050- to 1,400-word paper in which you address the following:  Identify and define two economic indicators that reflect the strength of the economy (e.g. real GDP, unemployment rate, inflation rate, interest rate, housing starts, etc.).  With these economic indicators in mind, how has the economy affected the demand for and supply of your selected product over the last 2 years?

8.  Complete the Macroeconomic Terms.

9.  1.The two frameworks conventional economists generally use to analyze macroeconomic issues are  2.The relationship between real and nominal interest rate can be expressed by  3.Which of the following economic activities would be included in the U.S. domestic gross product (GDP)?  4.Cyclical unemployment is defined as unemployment that results from  5.The longest business cycle expansion in U.S. history occurred in the 10 years from  6.Economics is the study of how  7.Given that diesel cars get much better gas mileage than the typical car, an increase in the price of gasoline would be expected to

10.  How do Classical and Keynesian economists differ in their view of the aggregate supply curve?How does this influence what Classical and Keynesian economists believe about fiscal policy?  Do you think the current President and Congress were taking Classical approach in their fiscal policies? Explain your answer.

11.  What is the difference between contractionary and expansionary fiscal policies? Which is more appropriate today? Explain your answer. How might contractionary and expansionary fiscal policies affect your organization?

12.  1.The globalized AS/AD curve is the standard AS/AD model with an added  2.According to Say's Law, people  3.A shift in the long-run aggregate supply curve will change  4.The hypothesis about the macroeconomy that sees the recent problems with the U.S. economy directly related to the structural problems caused by globalization is referred to as the __________ hypothesis.  8.The central difference between the standard theory and the structural stagnation hypothesis when it comes to growth is  5.In 2009, the personal savings rate rose. If the additional savings were not translated into

13.  Develop a list of resources you might use to gather historical economic data as well as economic forecast data.  Explain how and why each source is valuable and useful.  Identify any quantitative or qualitative forecasting factors contained in the sources.  Discuss this week’s objectives with your team. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field.  Write a 350- to 1,050-word paper that details your team's findings.

14.  What is the difference between contractionary and expansionary monetary policy? Which is more appropriate today? What are the impacts of this policy on US economy?

15.  What are the uses of money?Describe how rapid inflation can undermine money’s ability to perform its three basic functions. Will current Fed's policy hinder money's ability to perform its three basic functions? Explain your rational.

16.  1.If you expect interest rates to rise, you will want to be holding  Bottom of Form  Top of Form  2.The interest rate is the price paid for the use of a  Bottom of Form  Top of Form  3.Which of the following do policy makers tend to target when setting monetary policy?  Bottom of Form  Top of Form  4.If the Federal Reserve reduced its reserve requirement from 6.5 percent to 5 percent, this policy would most likely

17.  Select an organization with which the team is familiar.  Write a 1,400- to 1,750-word paper in which you include the following:  Research federal government spending and taxes over the last 3-5 years (fiscal policy). Has total government spending increased or decreased? Explain. Have income tax rates increased or decreased? Explain.  Describe the impact of these fiscal policies on the U.S. economy  Describe the impact of these fiscal policies on your team's selected organization.  Have other macroeconomic events impacted the economy and/or your selected organization? If so, explain.

18.  Who benefits from a tariff or quota? Who loses? What are the positives and negatives of protectionist trade policies? Which policy is best right now?

19.  Define trade surplus and trade deficit? How do trade deficits and surpluses affect exchange rate and the industry in which you work?

20.  Select an organization that both U.S. and international presences.  Write a 1,050- to 1,400-word paper in which you answer address the following:  What does the president and congress do to stimulate the economy? What does the president and congress do to contract the economy?  What does the Federal Reserve do to stimulate the economy? What does the Federal Reserve do to contract the economy?

21.  1.In the long-run framework, budget surpluses  2. The budget deficit or surplus is  3.Deficits and surpluses are best viewed as  4.Suppose the government increases spending by $30 billion and raises taxes at by $20 billion at the same time. Then,  5 Because automatic stabilizers lower transfer payments and raise tax receipts as an economy recovers from a recession, they  6.Most of the government budget is mandatory spending through programs like Medicare and Social Security, and much of the rest is politically difficult to alter. Because of this,

22.  Discuss the relationship between supply chain and the supply and demand model.  Prepare a 350- to 1,050- word paper detailing the findings of your discussion.

23.  1.In the U.S. current account, most of the trade deficit results from an excess of imported  2.What is the difference between the balance of trade and the balance of payments?  3.If a government has implemented significantly higher trade tariffs, but does not want this action to affect the value of its currency, it will  4. During 2007, the United States and Japan announced possible limits on Chinese imports through higher tariff rates on Chinese products. To avoid these limits, China would have to

24.  Create a 15- to 18-slide PowerPoint® presentation including detailed speaker notes in which you include the following:  Research the direction of monetary policy over the last 3-5 years. Has the money supply increased or decreased? Explain. Have interest rates increased or decreased? Explain.  Describe the impact of these monetary policies on the U.S. economy  Describe the impact of these monetary policies on your team's selected organization.

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