1. Have a thorough understanding of the fundamentals of supply and demand and be able to graph supply and demand curves.
2. Understand the conditions that are likely to induce governmental involvement in the economy.
3. Know the different types of unemployment and be able to calculate unemployment rates.
4. Understand the various kinds of inflation that can affect a macroeconomy and know how to use the Consumer Price Index and the Producer Price Index.
5. Understand the production-income-spending circular flow and have a basic understanding of national income accounts such as Gross Domestic Product and Disposable Personal Income.
6. Know the principles of supply-side economics, including supply-side tax policies and deregulation.
7. Understand the fundamentals of demand-side economics and how demand-side economics differs from supply-side economics.
8. Have a basic understanding of monetary policy, the Federal Reserve System, and the equation of exchange.
9. Know how to determine comparative advantage and understand the fundamentals of protectionism (i.e., tariffs & quotas) and exchange rates.

Students should read the instructor's email and complete all assigned readings, problems and exercises, and email quizzes. E-mail will be the primary method of communicaton with your instructor, but you are welcome to use other forms of communication such as the telephone/voicemail system (595-7414) or office visits.

There are three grading options, the CONTRACT OPTION, the EXAM OPTION, and the ALL ONLINE option. For the CONTRACT OPTION: The email quizzes count as 40% of your course grade; a Wall Street Journal project with twenty summaries of WSJ articles is required for this option and counts as 20% of your course grade; your exams count as 40%. You have a choice of taking either two exams (a midterm over units one and two and a final over units three and four) or four exams (one exam over each unit). For most students it is better to take four tests in order to reduce the amount of information you need to know for each exam. The WSJ project should be printed out and submitted by the end of the course. You will receive more information about the WSJ project in an upcoming email. Note that an overall exam average of at least 70% is required in order to use the contract option. Earned extra credit points (see the Web site for details) will be added to your final exam score.

For the EXAM OPTION: You may take either two or four exams. If you take two tests, a midterm over units one and two and a final over units three and four, each is worth 50%; if you take four exams, each is worth 25%. If you answer the email quizzes and your quiz average is higher than your exam average, then your quiz average will count as 20% of your course grade. If your quiz average is lower than your exam average, then your quiz average won't count. A higher quiz average will reduce the weight of the exams from 50% to 40% and from 25% to 20%, depending on whether you take two or four tests. In addition, there are eight extra credit questions shown at the website. Answers to these questions may be turned in when you take your final exam. Any points you earn will be added to your final exam score.

As you examine the various problems and exercises, you will notice that many of them ask for an email response to the question presented. It is recommended that you send email responses to your instructor. However, sending answers is optional, not required.

Exams are administered on a walk-in basis at the Northeast Campus Testing Center, which is located on the first floor of the main academic building. Each exam will be available as soon as all of the email quizzes for that unit have been sent. You will receive further information about the testing process via email. If you are not in the local area, then other proctoring arrangements can be made.