teaching portfolioteaching portfolio teaching statement melati nungsari my primary concern as an...

TEACHING PORTFOLIO

Teaching Statement

Melati Nungsari

My primary concern as an educator is the following: how can I help students to learn and grow? WhenI was a child, I remember changing my life and career goals almost as frequently as I changed clothes. Mymom used to ask me,“What is it do you really want to do?” I want to help people, I answered. “Then youshould teach! Teaching is the best way to help people,” she declared. This is a notion that has been heavilyimpressed upon me since I was very young. Teaching runs in my family – both sets of my grandparentswere teachers and both of my parents are also former college professors. I believe that teaching empowersme to leave small but important footprints in my students’ lives. If you were to ask any adult at thismoment who their favorite teacher was, they can probably recall that person and what made them sospecial. I aspire to be this person to my students.

I attended a small liberal arts college as an undergraduate (Knox College in Illinois), where teachingand mentoring is a top priority for the professors. The intellectually stimulating relationships I had withmy teachers at Knox have greatly influenced my teaching style and philosophy. I believe that studentslearn the best when they openly discuss their questions with the teacher, and I look forward to thesediscussions. Interacting with students is one of the most valuable experiences for me as it forces me tolearn how to communicate knowledge at many di↵erent levels, depending on the student’s understanding.Maintaining close contact with students also pushes me to be prepared to customize my class to their needsin order to maximize the learning experience in the classroom. I also believe in incorporating a variety ofpedagogical methods to accommodate the diversity in learning techniques amongst students, as evidencedbelow. The following are some of my key teaching philosophies with examples of how I implement themin my classroom.

Teaching by Using Examples

I have found that examples are very useful in helping students learn and understand economics as itprovides links between the content taught in class to what they actually observe happening in the realworld. I am always on the lookout for popular news articles that may help shed some light on an economicconcept covered in class. Here are some examples that I have used in the past:

• Volkswagen Diesel Scandal — I recently assigned a news article reading on the Volkswagen diesel caremission scandal to discuss two economic concepts: cost-benefit analysis from the point of view of thefirm (to cheat vs. to get caught) and the increased need for government intervention and regulationin the automobile market.1

• The Price Hike for Daraprim from $13.50 to $750, Overnight — Daraprim is a drug used to treatparasitic infections such as toxoplasmosis. In discussing price elasticity of demand, I require thatstudents read this article and discuss why Turing Pharmaceuticals was able to increase their pricesdramatically without loses (much of) sales. We also talk about other economic concepts discussedin the article, such as the idea of substitute goods (brand-names and generics) and shortages.2

1http://www.npr.org/sections/thetwo-way/2015/09/29/444426362/vw-says-it-will-retrofit-diesel-cars-to-fix-test-

cheating-module

2http://fortune.com/2015/09/21/turing-pharmaceuticals-drug-prices-daraprim/

• What are Some Examples of Markets? — When first introducing the concept of markets and thesupply and demand framework, I ask students for unusual examples of markets. In the past, I haveassigned the following New York Times debate article titled ‘How Much for a Kidney?’3 as requiredreading. The article discusses the market for transplantable organs and poses the following debateprompt: “Should people in need of a kidney transplant be allowed to pay someone to donate oneof theirs, or would that let the rich exploit the poor?” We then discuss the positions taken by theauthors in the article using economic concepts that we have covered in class.

Incorporating a Wide Breadth of Knowledge in the Classroom

I believe that the learning of economics benefits significantly from the incorporation of viewpoints fromother fields in the social sciences. To start o↵, I usually give a short introduction to epistemology and thenature of knowledge. In my experience, students find this part of the class very useful and often reportthat they are able to use some of the concepts taught surrounding epistemology to other classes.

• Paradigms — I introduce paradigms as a way to talk about the various ways that people view theworld. I usually go through in detail how paradigms a↵ect the way data is attended to, abstractionsused to organize data, language used, and ways of testing theories.4 An activity we do in class toprocess through this together is to outline how our own life experiences and backgrounds have shapedhow we think.

• Interdisciplinary Perspectives — In the past, I designed and taught a interdisciplinary first-year sem-inar with two colleagues from Archeology and Religious Studies titled “IDST 089: Magic, Religion,and the Origins of Science”. My role as an economist was to expose the students to some basicconcepts in economics (e.g. opportunity cost, cost-benefit analysis, incentives, markets, externali-ties) in order to understand some factors that a↵ect how people make decisions in life. I providedan economic context for the societies studied in the classroom, such as the breakdown of economicactivity and power in Salem, Massachusetts during the witchcraft trials of 1692.5 We also discussedand debated many topics such as rationality and the commodification of death through life insurancein 19th-century America.6

Active and Engaged Learning

There are numerous studies that validate the e↵ectiveness of active learning in the classroom. However, astudy done in 2010 has provided further insight into this matter by showing that attention lapses amongststudents are relatively frequent but brief, and are also increasing in length as a lecture progresses.7 Thissuggests the need to break up the monotony of lectures with various activities and discussions aimed atenabling students to reflect and apply concepts that they have just learned. Here are some ways that Iincorporate active and engaged learning in my classes.

• Class Experiments — I often replicate experiments that we read about in textbooks in my classrooms.In my experience, students have greatly enjoyed participating in these experiments. For example, inmy introductory class, when we discuss the social influences on individual decision-making, we play

3http://www.nytimes.com/roomfordebate/2014/08/21/how-much-for-a-kidney

4These four categories are outlined in Steve Cohn’s book Reintroducing Macroeconomics: A Critical Approach.

5King, Ernest W. and Mixon Jr., Franklin G. “Religiosity and the Political Economy of the Salem Witch Trials”. The

Social Science Journal 47:3 (2010): 678-688.

6Zelizer, Viviana A. “Human Values and the Market: the Case of Life Insurance and Death in 19th-century America”.

American Journal of Sociology 84:3 (1978): 591-610.

7Bunce, Diana M., Flens, Elizabeth A., and Neiles, Kelly Y. “How Long Can Students Pay Attention in Class? A Study

of Student Attention Decline Using Clickers.” Journal of Chemical Education 87:12 (2010): 1438-1443.

the Ultimatum Game. In this game, I break students into pairs and randomly assign one of them tobe the “allocator” and the other the “recipient”. I give the allocator two actual extra credit points forthe next homework, and the allocator can choose any split that she/he wants to o↵er the recipient,who can either reject or accept. If the recipient rejects, they both get zero; if the recipient accepts,they receive their allocation. I use this experiment (usually roughly 80% of the pairs propose a fairsplit of 50-50) to discuss the idea of fairness and how it relates to whether or not people choose toparticipate in a transaction. I have done a similar experiment in my public finance class with thePublic Goods Game (where roughly 30% of the students choose to contribute towards the publicfund, and the rest choose to keep the extra credit point for themselves). I then use this experimentto talk about the private underprovision of public goods and why there is a need for the governmentto step in to fill the gaps.

• Reflective Reading and Writing — I assign either a term paper or reading responses that reflect onthe material covered in class and its relationship to the real world. I have found that the ability ofstudents to write clearly and concisely about topics introduced in class serves a relatively accuratesignal of mastery of the material.

• Mid-class Breaks — I break all of my classes into two parts and provide students with a 5 minutebreak in between. This keeps their minds fresh and helps them engage fully with the material.

Mathematics as a Tool, Not a Necessity

In my experience as a teacher, many students have given up or were discouraged by the amount anddi�culty of mathematics utilized in economics classes. As a theoretical applied microeconomist, I certainlyunderstand and appreciate the beauty of mathematics and the precise language it awards us. However,what is most important to me is to teach students how to make solid arguments that are based in facts,a lifelong skill that is worthy of its required time and energy investment. In many instances this doesnot require high-level mathematics; however, in some cases basic calculus, algebra and graphing skills areneeded. In those situations, I implement the following teaching instruments.

• Outline of Skills and Videos — At the beginning of each class, I outline all of the mathematicalskills needed for the class. I am also working on providing videos that reviews each of the skills. Byutilizing videos, I can save time in the classroom as students are free to review each topic at theirown leisure, as needed.

• Practice Problems — I provide practice problems to help cement the mathematical skills neededin the class. Students who need more practice at math may find it useful to have a set of practiceproblems to solve. For example, a student who is uncomfortable with taking derivatives may improvehis/her skills outside of class by solving some of the practice problems.

• Intuitive Reasoning — I always provide some intuition to help guide any math that I do in class.Students learn better when they understand the purpose of doing the math.

To me, teaching is an infinitely perfectible art. This being, I am constantly looking for ways to enhanceand sharpen my teaching skills. I do this in three ways: the first is by attending workshops and conferenceson teaching to see what new pedagogical techniques are being used in economics classrooms around theworld. The last teaching conference I attended was the 2015 National Conference on Teaching and Researchin Economic Education (CTREE) hosted by the AEA in Minneapolis. Secondly, I keep up-to-date withresearch on economic education. My interdisciplinary teaching team currently has an article documentingthe pedagogical innovations used in our class at the Journal of the Scholarship of Teaching and Learning,of which I am the primary co-author. I am also in the process of compiling my class notes and sources

from other disciplines to be turned into an introductory microeconomics textbook. Thirdly, I am alwayssearching for ways to widen my areas of expertise as an instructor. For example, I recently participatedas a Fellow at the Duke University Center for the History of Political Economy to learn about the historyof economic thought so that I can develop my own class on the subject. I was also extremely delightedto obtain a one-year visiting position at Davidson College since it is an elite liberal arts school that putsa very strong emphasis on teaching and mentoring. By surrounding myself with fantastic and passionateteachers, I have been able to become a better educator, even with just a couple of months’ worth ofadditional teaching experience since graduation.

All in all, I take immense pride in my teaching and truly appreciate having the privilege to educatestudents. My interactions with students have been extremely positive, as evidenced by my teachingevaluations. Also, while in graduate school, I was the winner of the departmental Graduate TeachingAward for the 2012-2013 academic year. My students often remark that I truly enjoy teaching and this isreflected in my enthusiasm in the classroom. As for the list of courses that I can and would like to teach,aside from introductory economics and intermediate microeconomics, I would also like to teach industrialorganization, game theory, mechanism design (search and matching), public finance and public policy,mathematical economics, interdisciplinary classes with other departments, and the history of economicthought. My secondary teaching interests are statistics, environmental and resource economics, and laboreconomics.

The rest of my teaching portfolio proceeds as follows: Appendix 1 provides my teaching evaluations,Appendix 2 provides sample syllabi, and Appendix 3 provides examples of materials I use in class (exams,assignments, etc.). To view what I am currently teaching in my ongoing courses from this semester(fall) at Davidson College, please visit the Piazza sites for the courses: Introductory Economics (https://piazza.com/davidson/fall2015/eco101/home) and Public Sector Economics (https://piazza.com/davidson/fall2015/eco225/home).

Appendix 1 - Teaching Evaluations

• Mid-semester Teaching Evaluations, ECO 101: Introductory Economics (Davidson College, Fall 2015)

• Mid-semester Teaching Evaluations, ECO 225: Public Sector Economics (Davidson College, Fall 2015)

• Teaching Evaluations, IDST 089: Magic, Religion, Science (UNC, Fall 2013)

• Teaching Evaluations, ECON 101: Principles of Economics (UNC, Summer 2012)

• Teaching Assistant Evaluations, ECON 101: Principles of Economics (UNC, Fall 2011)

Midsemester Teaching Evaluations

ECO 101 (Fall 2015, ongoing)

Davidson College

These are the results from my mid-semester evaluations from Introductory Economics. Overall, when askedto rate my e↵ectiveness as an instructor (where 1-least e↵ective and 5-most e↵ective), students gave mea score of 4.19 out of 5. Unfortunately, Davidson does not have numerical scores for course evaluationsand so I have no basis of comparison. However, in my evaluations, I also asked for short answers. Beloware a selection of student answers:

What do you like about the class?• I like that the workload is very manageable and I like the atmosphere of the lectures. You are veryapproachable and helpful and I would have no issues coming to o�ce hours for help.

• I like how well you explain things and how patient you are if someone doesn’t understand something.

• I find the material engaging and I think that the amount of work assigned is appropriate for thesubject matter.

• The clear examples, homework always seems purposeful.

• Dr. Nungsari is a really nice person and a very interactive lecturer.

• The professor is very funny and the material is interesting.

• How the teacher simplifies concepts and makes them clear .

What do you not like about the class?

• Nothing (18 percent of responses)

• More group work would be nice. The professor can pose a question and we discuss potential answers.This can apply to unlearned material as well as old.

• More application on the stu↵ not related to numbers. Ex. Demand without numbers like on the 1streview (exam).

• I wish there was less note taking and more explanation, although I know the course is fast paced.

• I wouldn’t change anything, except maybe just more group examples during class.

• A faster pace maybe.

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Midsemester Teaching Evaluations

ECO 225 (Fall 2015, ongoing)

Davidson College

These are the results from my mid-semester evaluations from Public Sector Economimcs. Overall, whenasked to rate my e↵ectiveness as an instructor (where 1-least e↵ective and 5-most e↵ective), studentsgave me a score of 4.3 out of 5. Unfortunately, Davidson does not have numerical scores for courseevaluations and so I have no basis for comparison. However, in my evaluations, I also asked for shortanswers. Below are a selection of student answers:

What do you like about the class?• There are a ton of real world examples and discussion is a very important part of class. Also, thematerial does not seem to be too tough.

• I liked our discussion day and when lectures revolve around real-world applicability.

• I like when we talk about actual policy decisions. Like the kidney discussion day.

• I like professor’s teaching style and her constant application of material to current events. Also, goMaine Coones!

• Structure of lectures.

• Homework isn’t too hard.

• The material is interesting.

• I like the discussions and the topics.

What do you not like about the class?

• Problem sets are very di�cult and it seems that lecture is so much more concept-based. Yet, theproblem sets involve a lot of math that we haven’t really had a lot of practice with.

• Slow down the lectures.

• The pace of teaching in the classroom itself. Just a little fast.

• More discussion, exchange of ideas among students.

• Less notes, more activities.

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Evaluations from IDST 089 (Fall 2013)The University of North Carolina at Chapel Hill

Overall Assessment Mean Dept Mean

This First-Year Seminar (FYS) was excellent. 4.00 4.05I learned a lot from this course. 4.64 4.28The instructor was an e↵ective teacher. 4.54 4.29The instructor was one of the best I’ve had at UNC, 3.36 3.82fully deserving of a teaching award.I would recommend this FYS to my friends. 3.73 4.00

Instructor Characteristics Mean Dept Mean

Clearly communicated what was expected of me in this class. 4.27 4.23Used my time e�ciently. 4.18 4.23Evaluated my work fairly. 4.27 4.27Provided me with helpful, timely feedback on my performance. 4.46 4.26Was available for individual help if I needed it. 4.46 4.49Expressed ideas clearly. 4.36 4.24Used relevant examples to demonstrate concepts. 4.54 4.42Handled questions well. 4.54 4.34E↵ectively encouraged students to participate in class. 4.27 4.39Showed enthusiasm for teaching this class. 4.46 4.64Treated all students with respect. 4.46 4.62Recognized and was sensitive to individual di↵erences in the abilities of students. 4.46 4.41Interacted positively with first-year students. 4.46 4.57

FYS Characteristics Mean Dept Mean

Included well-planned, e↵ective in-class activities. 4.18 4.04Challenged me to think deeply about the subject matter. 4.64 4.38Encouraged me to work with my classmates and learn from them. 4.54 4.31Promoted my critical thinking about issues raised in the course. 4.54 4.42Had homework assignments that were helpful. 4.18 3.94Contained a workload that was appropriately challenging. 3.73 4.12Included helpful materials for reading, viewing, and/or listening to. 4.27 4.29Helped me become aware of current issues in this field. 4.73 4.41Led to me a deeper understanding of the subject matter taught in this FYS. 4.73 4.50Taught me academic skills that I will use in other courses. 4.46 4.12Improved my ability to express myself and contribute e↵ectively to discussions. 4.58 4.46Allowed me to experience the excitement of creative accomplishment. 4.58 4.18Allowed me to work with my instructor and classmates 4.40 4.27in a shared intellectual adventure.Encouraged me to establish social relationships with my classmates. 4.38 4.18

(0-not applicable, 1-strongly disagree, 2-disagree, 3-neither disagree nor agree, 4-agree, 5-strongly agree)

Comments on overall assessment of this course:

• Increased my understanding and perception of economics.

• The background given before going into discussion is helpful in understanding them.

• Managed to make me understand and appreciate economics, which is a great and awe-inspiringaccomplishment.

• This FYS was interesting, but surprisingly di�cult. I learned a lot.

Evaluations from ECON 101 (Summer 2012)The University of North Carolina at Chapel Hill

Instructor Characteristics Mean Dept Mean

This course challenged me to think deeply about the subject matter. 4.25 4.28The instructor clearly communicated what was expected of me in this class. 4.75 4.43I was able to get individual help when I needed it. 4.83 4.37The course materials helped me better understand the subject matter. 4.33 4.00The course assignments helped me better understand the subject matter. 4.75 4.33The instructor evaluated my work fairly. 4.92 4.52The instructor showed concern about whether students learned the material. 4.75 4.37The instructor expressed ideas clearly. 4.50 4.21The instructor showed enthusiasm for the subject matter. 4.75 4.40The instructor showed enthusiasm for teaching this class. 4.73 4.31The instructor treated all students with respect. 4.75 4.53The instructional techniques engaged me with the subject matter. 4.33 4.15The instructor provided me with helpful feedback on my performance. 4.58 4.12This course was very exciting to me intellectually. 4.00 3.96

Overall Course Assessment Mean Dept Mean

Overall, this course was excellent. 4.18 4.00Overall, this instructor was an e↵ective teacher. 4.64 4.30Overall, I learned a great deal from this course. 4.64 4.36

Teaching Award Recommendation Mean Dept Mean

This teacher was one of the best I have had at Carolina, fully deserving ofa teaching award. 4.27 3.77

Feedback to Students Mean Dept Mean

The instructor handled questions well 4.42 4.26The instructor used examples that had relevance for me. 4.58 4.43The instructor used class time well. 4.58 4.35The instructor encouraged students to participate in this class. 4.58 4.31The course was designed to keep me engaged in learning. 4.33 4.12The workload was appropriate for what I gained from the class. 4.75 4.31FYS Mean Dept Mean

(0-not applicable, 1-strongly disagree, 2-disagree, 3-neither disagree nor agree, 4-agree, 5-strongly agree)

Comments on overall assessment of this course:

• Did a very good job of preparing us for what was tested/quizzed.

• Very good. Very reasonable expectations. Good pace.

• Melati was a fantastic instructor!

Evaluations from ECON 101 (Fall 2011)The University of North Carolina at Chapel Hill

I was the Teaching Assistant for this class, responsible for 3 sections, which corresponded to roughly 90students. I taught weekly recitations for each section , graded, held review sessions, and 3 o�ce hoursevery week.

Prompt for Student Comments: If you did attend recitation regularly, please evaluate the availabilityand e↵ectiveness of your recitation instructor, both in his/her presentation in recitation as well as in o�cehours and review sessions. In particular, were his/her presentations well-organized, clear, and informative?Was he/she responsive to your questions?

• Spoke clearly and e↵ectively about the topic and used good examples for problems. Usually alwaysanswered questions in recitations.

• Loved Melati! Awesome and easy to follow.• Her recitations were really e↵ective and helped me to understand what we learned in class. She madethings a lot simpler than the way they seemed in class.

• E↵ective, good examples and definitions. Good flow to class structure. Responsive to questions.• Melati Nungsari did a great job as a recitation instructor. She was involved with the material, sheexplained concepts well and was always positive in class.

• Very helpful, clear, and worked out examples clearly and concisely. Very responsive.• Very helpful – much more helpful and organized than lecture.• Melati was really great – easy to understand, always willing to help. A bit confusing at times, butwas willing to work with us if we didn’t understand.

• She was very helpful. Sometimes got problems wrong but always corrected the work and emailed ussolutions. Very willing to help if necessary.

• Smart, and helped with real life problems.• Melati did an excellent job of instructing. She gave solid examples.• My recitation instructor is intelligent and e�cient; she explained mathematical concepts extremelywell and responded to all of our questions with enthusiasm.

• She was e↵ective, informative, and well-organized.• Always available. Took initiative to help us learn the material. Took actions for mistakes she made.Always emailed back.

• Definitely well-organized, clear, and informative. Very responsive to any questions. Really knew herstu↵.

• Yes, she was very informative and made a great e↵ort to help us understand.

Appendix 2 - Sample Syllabi

• Introductory Economics (Fall 2015, Davidson College)

• Public Sector Economics (Fall 2015, Davidson College)

• Principles of Economics (Summer 2012, UNC-Chapel Hill)

• Magic, Religion and the Origins of Science (Fall 2013, UNC-Chapel Hill)

ECO 101: Introductory EconomicsFall 2015

Davidson College

Administrative Details

Instructor: Professor Melati Nungsari

Class Schedule and Location:

• Section B - MWF, 1.30-2.20 PM. Chambers 2164.

• Section C - MWF, 3.30-4.20 PM. Chambers 2164.

O�ce Hours: Tues 9.30-11 am, Wed 10-12 pm, Thursday 1.45-2.45 pm, and by appointment. Chambers2136.

Contact Information: [email protected]

Class Website: I will be using Piazza for three purposes: to upload all of our class materials, to communicatewith you, and to provide a discussion platform where you can ask questions and get help both from meand your classmates. You are required to sign up for Piazza (it’s free) using your Davidson email.The signup link is:

• piazza.com/davidson/fall2015/eco101

Textbooks: There are two resources that you will need for this class:

1. Essentials of Economics (4th Edition) by Hubbard and O’Brien.

2. MyEconLab, the testing software that supplements the textbook.

While there are previous editions of the textbook, I cannot guarantee that the materials or chapter andassignment orderings are the same in other editions.

Course Description and Learning Outcomes

“Economy is the art of making the most of life.” - George Bernard Shaw.

There are countless definitions of economics, but the one we will be utilizing is the following: economics isthe study of how agents (individuals, firms, governments, etc) make choices in the face of limited resourcesto attain their goals, whatever those may be. Economics can be divided into the study of individual behavior(microeconomics) and the study of the economy as a whole (macroeconomics). During this semester, wewill be covering both micro and macro. Some examples of questions that we will study are the following:

• What is a market? How are prices determined?

• Why are there so many variations of vanilla ice-cream at the grocery store?

• What happens to the price of an iced co↵ee at Starbucks when a Caribou Co↵ee opens down theroad?

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• What is inflation? How do we measure inflation?

• How can we measure how well a country’s economy is doing?

• You are going to visit a friend in Japan for a week. You carry only $500 with you. The currentexchange rate is 124 Japanese Yen to each US Dollar. Can you a↵ord to splurge on a fancy sushirestaurant meal while you are there?

In particular, the learning outcomes for this class are the following:

1. Students will be able to apply the ‘economic way of thinking’ in decision making and in evaluatingtrade-o↵s.

2. Students will be able to construct and to manipulate basic economic models.

3. Students will be able to interpret critical microeconomic and macroeconomic concepts – demand andsupply in the competitive output market; and aggregate demand and aggregate supply in the macroeconomy, and to apply basic economic policy tools in these contexts.

4. Students will be able to distinguish between positive and normative economic concepts and argu-ments.

5. Students will be able to explain the connections between the domestic and international economies,with particular application to international trade and international finance or exchange rates.

In learning how to apply the ‘economic way of thinking’ to real life, it is important to follow current eventsto understand how economists analyze various phenomena. This being, we shall supplement our textbookwith readings from news articles to enhance our understanding of how economists view the world.

Grading and Assignments

You will be graded on the following components:

• Mini Reviews (4, equally weighted) - 50%

• Problem Sets - 10%

• Reading Responses - 10%

• Cumulative Final Exam - 25%

• Participation - 5%

***Note that all assignments are to be submitted at the beginning of class on the day they are

due.

Mini Reviews

There will be four short (50-minute) reviews throughout the semester. The first review will be given onFriday, 9/11, the second will be on Friday, 10/16, the third will be given on Monday, 11/9, and the lastreview will be on Monday, 11/23.

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Problem Sets

I will assign 10-15 questions on MyEconLab for every chapter that we complete in class, and possibly othershort answer/graphical questions as well. These will be graded on e↵ort. I encourage you to work withyour fellow classmates. If you do work in groups, you must still turn in the problem sets individually. Inthe case where the assignment is written and not on MyEconLab, you must indicated that you worked ina group and write the group members’ names on the front of the assignment.

Reading Responses

Throughout the semester, I will assign 2 news articles to you. You will be responsible for reading thearticles assigned and writing a 2-page response for each article (12 point font, 1.5-spaced). Each responsesubmission will be followed by a short discussion in class, with each member of the class contributing

1 question. See ‘Participation’ subsection below for more details.

Cumulative Final Exam

The final exam will be cumulative and will be given through the exam center.

Participation

As noted below, attendance is not required but is strongly encouraged. The participation grade will bebased on contributions to the class discussions that we will be having surrounding our news article readings.Each student must post their discussion question to Piazza by 8 p.m the night before the

reading response is due.

Policy on Attendance and Missed Assignments/Reviews

Attendance is not required but is strongly encouraged. Attending lectures regularly is a clear predictorof success in this course. Also, due to the fact that we will be covering both micro and macro in onesemester, I will be moving fairly fast through the material. I urge you to come to class to ask questionsin order to enhance your learning experience. As for missed assignments, please note that I do not give

any makeup assignments under any circumstance. If you must miss an assignment for any reason,please come see me (or email) as soon as the circumstance arises. If approved, I will transfer the missedcredit to your other assignments.

Getting Help

If you have any problems with the material presented in class, I urge you to utilize my o�ce hoursor appointments and ask your questions on Piazza. To me, an ideal class is one where all students feelcomfortable getting help and working together. I hope to foster this environment in our classroom. Tutorialhelp is also available free of cost to you at the Economics Center, which is located in the Center for Teachingand Learning in the Little Library. The Economics Center is sta↵ed by Economics majors or minors. Itoperates by drop-in – no appointment needed. The hours are Sun-Thu, 8-11 PM, beginning Sun, Aug. 30.

Accommodations for Students

• Students With Disabilities: Davidson College is committed to ensuring the full participation of allstudents in its programs. If you have a documented disability (or think you may have a disability)and, as a result, need a reasonable accommodation to participate in this class, complete courserequirements, or benefit from the College’s programs or services, contact the Dean of Students O�ce

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as soon as possible. To receive any academic accommodation, you must be appropriately registeredwith the Dean of Students O�ce, which works with students confidentiality and does not discloseany disability-related information without their permission. The Dean of Students O�ce serves as aclearinghouse on disability issues and works in partnership with faculty and all other student serviceo�ces. For further information about services for students with disability, please contact the Deanof Students O�ce.

• Religion: Please look carefully at the syllabus during the rest week of class. If any of the assignmentsconflict with a major religious holiday for your faith, then please let me know. I will make everye↵ort to make the necessary accommodations.

Honor Code

Our conduct (both yours and mine) in this class and Davidson community at large is governed by theHonor Code. As a reminder, the Honor Code states the following:

Each Davidson student is honor bound to refrain from stealing, lying about College business,and cheating on academic work. Stealing is the intentional taking of any property without rightor permission. Lying is intentional misrepresentation of any form. Cheating is any practice,method, or assistance, whether explicitly forbidden or unmentioned, that involves any degreeof dishonesty, fraud, or deceit. Cheating includes plagiarism, which is representing another’sideas or words as one’s own. Additional guidelines for each class may be determined by its pro-fessor; each Davidson student is responsible for knowing and adhering to them. Each studentis responsible for learning and observing appropriate documentation of another’s work. EachDavidson student is honor bound to report immediately all violations of the Honor Code ofwhich the student has first-hand knowledge; failure to do so is itself a violation of the HonorCode. All students, faculty, and other employees of Davidson College are responsible for fa-miliarity with and support of the Honor Code. Any student, faculty member, administrativeo�cer, employee, or guest of the College may charge a student with a violation of the HonorCode. Charges are presented to the Dean of Students and at the Dean’s discretion must besigned. If the Dean determines that further proceedings are warranted by the Honor Council,he or she will prepare a formal charge. Hearings, administrative conferences and other proceed-ings regarding alleged violations of the Honor Code shall be conducted pursuant to the Codeof Disciplinary Procedures.

Class Checklist

1. Obtain books for class.

2. Familiarize yourself with the syllabus.

3. Make yourself aware of important class dates.

4. Make sure you have access to MyEconLab.

5. Sign up for and familiarize yourself with Piazza.

6. Familiarize yourself with my o�ce hours and tutorial help dates/times at the Economics Center.

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Reading Schedule

This is to be taken as a rough guideline to how our semester will progress. It is subject to change.

Microeconomics

Lecture Day Date Topic Reading Notes1 Mon 8/24 Introduction Ch. 12 Wed 8/26 Key Economic Concepts Ch. 13 Fri 8/28 Opportunity Costs and PPFs Ch. 24 Mon 8/31 Comparative and Absolute Advantage Ch. 25 Wed 9/2 Trade Ch. 26 Fri 9/4 Demand and Supply Ch. 37 Mon 9/7 Demand and Supply Ch. 38 Wed 9/9 Demand and Supply Ch. 39 Fri 9/11 Review I

10 Mon 9/14 Surplus Ch. 411 Wed 9/16 Price Floors Ch. 412 Fri 9/18 Price Ceilings Ch. 413 Mon 9/21 Externalities and Government intervention Ch. 414 Wed 9/23 Utility Maximization Ch. 715 Fri 9/25 Demand Curves Ch. 716 Mon 9/28 Elasticity of Demand Ch. 717 Wed 9/30 Product of Labor and Cost Curves Ch. 818 Fri 10/2 Graphing Cost Curves and Economics of Scale Ch. 819 Mon 10/5 Perfect Competition Ch. 920 Wed 10/7 Perfect Competition Ch. 921 Fri 10/9 Monopoly and Antitrust Ch. 10

Mon 10/12 Fall Break22 Wed 10/14 Monopolistic Competition and Oligopoly Ch. 1023 Fri 10/16 Review II Ch. 1124 Mon 10/19 Comparisons of Di↵erent Market Structures Ch. 9-11

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Macroeconomics

Lecture Day Date Topic Reading Notes25 Wed 10/21 GDP, Unemployment, Inflation Ch. 12-1326 Fri 10/23 GDP, Unemployment, Inflation Ch. 12-1327 Mon 10/26 Economic Growth Ch. 1428 Wed 10/28 Economic Growth Ch. 1429 Fri 10/30 Aggregate Demand/Supply Ch. 1530 Mon 11/2 Aggregate Demand/Supply Ch. 1531 Wed 11/4 Putting AD and AS Together Ch. 1532 Fri 11/6 Putting AD and AS Together Ch. 1533 Mon 11/9 Review III

34 Wed 11/11 Dynamic AS/AD Ch. 1535 Fri 11/13 Money, Banks, and the Fed Ch. 1636 Mon 11/16 Money, Banks, and the Fed Ch. 1637 Wed 11/18 Monetary/Fiscal Policy Ch. 17-1838 Fri 11/20 Monetary/Fiscal Policy Ch. 17-1839 Mon 11/23 Review IV

Wed 11/25 ThanksgivingFri 11/27 Thanksgiving

40 Mon 11/30 International Trade Ch. 1941 Wed 12/2 International Trade Ch. 1942 Fri 12/4 Foreign Exchange Ch. 1943 Mon 12/7 Normative Economics TBA44 Wed 12/9 Review Bring questions!

Th 12/10 Reading Day12/11-12/17 Final Exams Final Exam in the Exam Center

6

ECO 225: Public Sector EconomicsFall 2015

Davidson College

Administrative Details

Instructor: Professor Melati Nungsari

Class Schedule and Location: Tuesdays and Thursdays, 12.15-1.30 pm. Chambers 3187.

O�ce Hours: Tu 9.30-11 am, Wed 10-12 pm, Thursday 1.45-2.45 pm, and by appointment. Chambers 2136.

Contact Information: [email protected]

Class Website: I will be using Piazza for three purposes: to upload all of our class materials, to communicatewith you, and to provide a discussion platform where you can ask questions and get help both from meand your classmates. You are required to sign up for Piazza (it’s free) using your Davidson email.The signup link is:

• piazza.com/davidson/fall2015/eco225

Textbooks:

• Public Finance and Public Policy, Jonathan Gruber, 4th ed.

While there are previous editions of the above books, I cannot guarantee that the materials or chapter andassignment orderings are the same in other editions.

Course Description and Learning Outcomes

This course studies the role of the government in the economy. It is divided into three areas: the role ofthe government in addressing market externalities and the provision of public goods, social insurance andredistribution, and taxation. The learning outcomes are the following:

1. Students will be able to explain the reasons for government intervention in the economy.

2. Students will be able to interpret government policies and explain how they can be used to correctfor market imperfections.

3. Students will be able to analyze the benefits and drawbacks to possible government policies.

4. Students will be able to explain how economic agents respond to the government’s actions.

Side note: The only prerequisite for this class is ECO 101. Students who take this class come froma variety of backgrounds, including those with interests in public policy, politics and government. Donot be frightened by the level of mathematics required by the textbook. When the need for additionalmathematical tools beyond that of introductory economics arises, I will devote some time in each classintroducing said tools to get everyone up to speed.

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Grading and Assignments

You will be graded on the following components:

• Take-home Review I - 30%

• Take-home Review II - 30%

• Problem Sets - 10%

• Final Paper - 25%

• Participation - 5%

***Note that all assignments are to be submitted at the beginning of class on the day they aredue.

Reviews

There will be two take-home reviews and no final exam. The first review will be handed to you on Tuesday,10/6 and must be returned on Thursday, 10/8. The second review will be handed out on Tuesday, 12/1and will be collected on Thursday, 12/3.

Problem Sets

There will be 5 problem sets given throughout the semester. I encourage you to work with your fellowclassmates. If you do work in groups, you must still turn in the problem sets individually and write thegroup members’ names on the front of the assignment.

Final Paper

You will be responsible for writing a 8-10 page, double-spaced, 12-point font paper for this course on anytopic of your choice within the scope of public economics. The prompt will be assigned to you early inthe semester. You must prepare a short paper proposal halfway through the semester, to beturned in on Tuesday, 10/20. The final paper is due on the final day of exams, Thursday,12/17.

Participation

As noted below, attendance is not required but is strongly encouraged. There will be three discussion daysthroughout the semester, where we will discuss the material previous covered in class, possibly also coveringadditional readings. The participation grade will be based on contributions to these class discussions.Students are responsible for submitting at least two discussion questions to Piazza by 8 p.mthe night before the discussion day.

Policy on Attendance and Missed Assignments/Reviews

Attendance is not required but is strongly encouraged. Attending lectures regularly is a clear predictorof success in this course. We have many topics to cover in this course; this being, I will be moving fairlyfast through the material. I urge you to come to class to ask questions in order to enhance your learningexperience. As for missed assignments, please note that I do not give any makeup assignments underany circumstance. If you must miss an assignment for any reason, please come see me (or email) as soonas the circumstance arises. If approved, I will transfer the missed credit to your other assignments.

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Getting Help

If you have any problems with the material presented in class, I urge you to utilize my o�ce hoursor appointments and ask your questions on Piazza. To me, an ideal class is one where all students feelcomfortable getting help and working together. I hope to foster this environment in our classroom. Tutorialhelp is also available free of cost to you at the Economics Center, which is located in the Center for Teachingand Learning in the Little Library. The Economics Center is sta↵ed by Economics majors or minors – noappointment needed. The hours are Sun-Thu, 8-11 PM, beginning Sun, Aug. 30.

Accommodations for Students

• Students With Disabilities: Davidson College is committed to ensuring the full participation of allstudents in its programs. If you have a documented disability (or think you may have a disability)and, as a result, need a reasonable accommodation to participate in this class, complete courserequirements, or benefit from the College’s programs or services, contact the Dean of Students O�ceas soon as possible. To receive any academic accommodation, you must be appropriately registeredwith the Dean of Students O�ce, which works with students confidentiality and does not discloseany disability-related information without their permission. The Dean of Students O�ce serves as aclearinghouse on disability issues and works in partnership with faculty and all other student serviceo�ces. For further information about services for students with disability, please contact the Deanof Students O�ce.

• Religion: Please look carefully at the syllabus during the rest week of class. If any of the assignmentsconflict with a major religious holiday for your faith, then please let me know. I will make everye↵ort to make the necessary accommodations.

Honor Code

Our conduct (both yours and mine) in this class and Davidson community at large is governed by theHonor Code. As a reminder, the Honor Code states the following:

Each Davidson student is honor bound to refrain from stealing, lying about College business,and cheating on academic work. Stealing is the intentional taking of any property without rightor permission. Lying is intentional misrepresentation of any form. Cheating is any practice,method, or assistance, whether explicitly forbidden or unmentioned, that involves any degreeof dishonesty, fraud, or deceit. Cheating includes plagiarism, which is representing another’sideas or words as one’s own. Additional guidelines for each class may be determined by its pro-fessor; each Davidson student is responsible for knowing and adhering to them. Each studentis responsible for learning and observing appropriate documentation of another’s work. EachDavidson student is honor bound to report immediately all violations of the Honor Code ofwhich the student has first-hand knowledge; failure to do so is itself a violation of the HonorCode. All students, faculty, and other employees of Davidson College are responsible for fa-miliarity with and support of the Honor Code. Any student, faculty member, administrativeo�cer, employee, or guest of the College may charge a student with a violation of the HonorCode. Charges are presented to the Dean of Students and at the Dean’s discretion must besigned. If the Dean determines that further proceedings are warranted by the Honor Council,he or she will prepare a formal charge. Hearings, administrative conferences and other proceed-ings regarding alleged violations of the Honor Code shall be conducted pursuant to the Codeof Disciplinary Procedures.

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Class Checklist

1. Obtain class textbook.

2. Familiarize yourself with the syllabus.

3. Make yourself aware of important class dates.

4. Sign up for and familiarize yourself with Piazza.

5. Familiarize yourself with my o�ce hours and tutorial help dates/times at the Economics Center.

4

Reading Schedule

This is to be taken as a rough guideline to how our semester will progress. It is subject to change.

Lecture Day Date Topic Reading Notes

Externalities and Public Goods

1 Tu 8/25 Introduction to Public Economics and Public Finance Ch. 12 Th 8/27 Externalities Ch. 5 & 63 Tu 9/1 Externalities Ch. 5 & 64 Th 9/3 Externalities Ch. 5 & 6 PS 1

5 Tu 9/8 Public Goods Ch. 7 PS 1 Due

6 Th 9/10 Cost-Benefit Analysis Ch. 87 Tu 9/15 Political Economy I Ch. 98 Th 9/17 Political Economy II Ch. 99 Tu 9/22 State and Local Government Expenditures Ch. 1010 Th 9/24 Education I Ch. 11 PS 2

11 Tu 9/29 Education II Ch. 11 PS 2 Due

12 Th 10/1 Discussion Day 1 TBA

Social Insurance and Redistribution

13 Tu 10/6 Social Insurance Ch. 12 Review I

14 Th 10/8 Social Security Ch. 13 Review I Due

Tu 10/13 FALL BREAK

15 Th 10/15 Unemployment & Disability Ins. and Workers’ Comp. Ch. 1416 Tu 10/20 Income Distribution and Welfare Programs Ch. 17 Proposal Due

17 Th 10/22 Poverty and Inequality TBA PS 3

18 Tu 10/27 Discussion Day 2 TBA PS 3 Due

Taxation in Theory and Practice

19 Th 10/29 An Introduction to Taxation Ch. 1820 Tu 11/3 Tax Incidence Ch. 1921 Th 11/5 Tax Ine�ciencies Ch. 20 PS 4

22 Tu 11/10 Taxes on Labor Supply Ch. 21 PS 4 Due

23 Th 11/12 Taxes on Savings Ch. 2224 Tu 11/17 Taxes on Risk-Taking and Wealth Ch. 2325 Th 11/19 Corporate Taxation Ch. 24 PS 5

26 Tu 11/24 Discussion Day 3 TBA PS 5 Due

Th 11/26 THANKSGIVING

27 Tu 12/1 Health Economics I Ch. 15 Review II

28 Th 12/3 Health Economics II Ch. 16 Review II Due

29 Tu 12/8 Final Day of Class - Summary and Discussion TBA30 Th 12/10 Reading Day

Final Paper Due on Thursday, 12/17

5

ECON 101 Section 2: Principles of EconomicsSummer Session I (2012)

Instructor: Melati Nungsari

Class Schedule and Location: MTuWThF 9:45AM – 11:15AM in Gardner Hall 308.

O�ce Hours: Wednesday 8-9 am and by appointment. Phillips Hall Annex Room 204.

Contact Information: Email: [email protected], Website: melatinungsari.web.unc.edu

Class Website: I will be keeping in touch with all of you through email. I will be posting PDFsof solutions to homeworks, quizzes, and exams on my departmental website (address above).

Recommended Textbooks:1. Hubbard & O’Brien: Economics, 3rd Edition2. Levitt & Dubner: Freakonomics, Any Edition

Course Description and Objectives: This course is designed to introduce to you the economicway of thinking. It is structured to provide you with the analytical tools and intuition needed toanalyze a vast array of topics in economics and, to a greater extent, social sciences. Economicsis a social science that studies decision-making processes of economic agents (firms, consumers,society as a whole) and how scarce resources are allocated amongst competing uses. The course isdivided into two parts: microeconomics and macroeconomics. Microeconomics studies the behaviorof the individual economic agents that make up the overall economy. Macroeconomics analyzesfluctuations within the economy as a whole and interactions amongst di↵erent economies. Sincemacroeconomics is micro-founded, we will begin with microeconomics.

Prerequisites: An interest in economics. Knowledge of algebra and the ability to read graphs isexpected. This course does not assume any knowledge of calculus.

Grading and Grade Policy: Your final grade (of 100 %) is broken down in the following manner:

Freakonomics Paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10%Quizzes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40%Homework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10%Midterm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15%Final . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25%

The rough grading scale will be as follows: 90% and above for an A, 80% and above for a B, 70% andabove for a C, 60% and above for a D, etc. While these cuto↵s can and may be moved downwards,relying on a curve is a very, very risky strategy.

Homework: There will be three homework assignments assigned throughout the semester: 5/16(due 5/23), 5/30 (due 6/6) and 6/6 (due 6/13). These problem sets will not be closely graded,

rather your e↵ort on the problem set will be evaluated, i.e. did you seriously attempt each problem?You may work on the problem sets together but each individual must turn in their own homework.The problem sets serve to increase you understanding on the subjects that are covered in class.Homework is always due at the start of class. No late homework assignments will be accepted—ifyou are unable to turn your homework in on the day that it is due, you are responsible for gettingit to me either by asking a friend in the class to turn it in on the day itself or by handing it in tome before it is due.

Midterm: The midterm examination will be held on Friday 6/1. There will be no makeup exami-nation for the midterm. If you must miss the midterm exam, you are allowed to transfer the creditto the final examination (meaning your final will be worth 40% of your grade). The midterm iscumulative.

Quizzes: There will be 4 quizzes throughout the semester: 5/18, 5/25, 6/8, 6/15. The quizzesconstitute 40% of your grade (10% each). Note that the quizzes are always on a Friday–they arenot cumulative, rather, they test the understanding from concepts covered throughout the week.You will be required to answer both short answer and multiple choice questions in each quiz. Therewill be no makeup quizzes. You get only one “free pass”, meaning that you are allowed to miss onequiz; if you do, the credit will be transfered to the remaining quizzes (i.e. each quiz would then beworth 40

3 % of your grade). You do not get any credit if you miss two or more additionalquizzes.

Final: The final exam date for our class is Monday 6/18 from 8-11 am. There will be no makeupexam unless there is o�cial permission from the Dean’s o�ce. The final is cumulative.

Paper: You are responsible for reading the book Freakonomics. This book is a good example ofhow the economic way of thinking may be applied to a variety of subjects. There will be a 5 pagedouble spaced, 12 font paper due on the last day of classes, Friday 6/15. The paper will consistof a brief summary of your 4 favorite chapters and an analysis describing what economic tools andconcepts have been used to explore the chapter. As with most academic papers, I also expect abrief introduction paragraph to the book at the beginning of the paper and concluding remarks atthe end of the paper. Since I am telling you about the paper so far in advance, no late paperswill be accepted.

Policy on absences for the midterm and quizzes: You should present your explanation forany absences in writing to me in advance if the reason for the absence could be foreseen, or as soonas possible thereafter if the reason for the absence could not be foreseen. It is up to my discretionwhether or not to accept your absence note.

Class Attendance: Attendance is not required but you are strongly encouraged to attend class.I would also like to point out that due to the fast pace of summer classes, missing even one classis detrimental to your learning (note that 2 days in a summer class is an entire week in the normalacademic calendar schedule).

UNC Honor Code: Our behavior (yours and mine) in this class is governed by the UNC Honor

Code. If you do not yet understand your responsibilities under this code, I urge you to go tohttp://honor.unc.edu to learn more. I take the Honor Code very seriously.

Stapling and name: Anything that is turned in to me must be stapled with your nameclearly written at the top of the front page. I will deduct 5 points from assignments or examswhich are not stapled and 5 points more from those which have no names.

Course Outline: The due dates for homeworks and the paper and the exam dates will not change.However, topics that we cover may change depending upon our progress. I will also inform you inadvance if and when the course outline changes. (Note that ap=appendix.)

Introduction, Trade-o↵s, Comparative Advantage (Ch1+ap, 2) . . 5/15HW 1, Supply and Demand (Ch 3, 4 ap) . . . . . . . . . . . . . . . . . . . . . . 5/16E�ciency, Externalities (Ch 4,5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5/17Quiz 1, Elasticity (Ch 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5/18Utility, Consumer decision-making (Ch 9) . . . . . . . . . . . . . . . . . . . . . . 5/21Indi↵erence Curves, Budget Lines (Ch 9 ap) . . . . . . . . . . . . . . . . . . . . 5/22HW 1 Due, Technology, Production, Costs (Ch 10) . . . . . . . . . . . .5/23Isoquants, Isocosts (Ch 10 ap) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/24Quiz 2, Perfect Competition (Ch 11) . . . . . . . . . . . . . . . . . . . . . . . . . . .5/25Holiday . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/28Monopolistic Competition, Oligopoly (Ch 12, 13) . . . . . . . . . . . . . . . 5/29HW 2, Monopoly (Ch 14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5/30Markets for labor and other factors of production (Ch 16) . . . . . . 5/31Cumulative Midterm (up to Ch 14) . . . . . . . . . . . . . . . . . . . . . . . . 6/1GDP (Ch 19) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6/4Unemployment, Inflation, Growth (Ch 20, 21) . . . . . . . . . . . . . . . . . . . 6/5HW 2 Due, HW 3, Paradigmatic thinking (Handouts) . . . . . . . . .6/6Short-run: Aggregate Expenditure and Output (Ch 23) . . . . . . . . . . 6/7Quiz 3, Aggregate Demand, Aggregate Supply (Ch 24) . . . . . . . . . . 6/8Money, Banks, the Federal Reserve System (Ch 25) . . . . . . . . . . . . . 6/11Monetary Policy (Ch 26) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6/12HW 3 Due, Fiscal Policy (Ch 27) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6/13The multiplier (Ch 27 ap) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6/14Quiz 4, Paper Due, Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6/15Cumulative Final Exam at 8 - 11 am . . . . . . . . . . . . . . . . . . . . . . 6/18

IDST 089 (First‐Year Seminar), Fall 2013

Magic, Religion, and the Origins of Science T/Th 11:00 AM – 12:15 PM, Phillips 212

Instructors: Maia Dedrick, Anthropology [email protected] Melati Nungsari, Economics [email protected] Shaily Patel, Religious Studies [email protected]

Informal Office Hours: 10:00 – 11:00 AM Smith Building 03 During informal hours we’re available to discuss the course material, our expectations, and college life in general – anything, really. Formal Office Hours are made by email appointment. Here you can confer with any or all of us about your grades and/or concerns about academic performance. We’re all pretty approachable, so don’t hesitate to contact us.

Course Description: This 3 credit seminar is designed for first year students regardless of intended major. It is an examination of the distinctions between magic, religion, and science through various methodological frameworks including anthropological, sociological, geo‐political, and economic. We will use these frameworks to analyze how various definitions of magic, religion, and science are constructed and maintained. As this is an interdisciplinary class, we

will strive for breadth of content while deepening understanding of concepts via relevant case studies. In general, course topics will range in time from the early modern to contemporary periods. Seminar participants will learn to construct convincing analytical arguments; negotiate distinctions between magic, religion, and science in history; and develop an awareness of the various factors that precipitate the classifications made by analysts of these phenomena. Course Text and Resources: There is no official textbook for the class. Readings will be provided on Sakai. You should consult the introductory bibliography we’ve assembled in addition to readings assigned. It can be found on Sakai under “Resources.” Consider this a list of sources that will help you get started on your final project (to be explained in further detail below). Remember that this is just a preliminary bibliography. Your final research project should include a number of sources that are not listed. Course Requirements and Grade Distribution:

• Weekly Reading Journal (25%): As part of your final grade, you will be expected to keep a reading journal recording your observations and questions vis‐à‐vis assigned materials. This will be submitted every other week in hard copy at the beginning of class. Some questions you might want to consider are the following:

o How is this author constructing “magic”? Do I agree with this characterization? Why or why not?

o What explicit or implicit models of analysis (economic, sociological, anthropological, etc.) does the author utilize?

o What’s at stake in this reading? That is, what does the author gain by constructing magic, religion, or science in a certain way?

o If we’re reading about a particular interpretative framework, it might be beneficial to ask yourself what is gained when applying this framework to our object of study. For example, what does appropriating an economic lens give us that an anthropological or sociological lens does not?

• Discussion Lead (10%): You will sign up for one class to serve as discussion leader. As leader, it is your job to generate meaningful conversation about assigned readings and offer your own critique. You may briefly present relevant background material and/or create a handout (the latter is optional). You will email a list of 7‐9 questions for discussion to all seminar participants no later than 5PM on the evening before class (not optional). Students will be graded on both presentation skills and efficacy.

• Quizzes (15%): On the day that you turn in your journal, you will be given a quiz on the readings assigned for the past two weeks (the ones you cover in your reading journal). Quizzes will be short answer and consist of three questions at most. These quizzes are designed to provide incentives for you to keep up with course readings and apply what you’ve read to class discussion.

• Annotated Bibliography (20%): Your final project will require a great deal of research. As such, you will need to turn in an annotated bibliography detailing the resources

you consulted as you prepared for you final project. Instructions on how to format an annotated bibliography can be found on Sakai under “Resources.”

• Final Project (20%): Your final project will be a performance. You and your classmates will be asked to debate on topics chosen by your instructors. Teams and topics will be assigned the third week of class. One team from each debate will be declared the winner (it’s debate, after all), but your performance will be graded individually and will not depend upon whether or not your team “won.” A set of guidelines to help you frame your performance is on Sakai under the “Resources” tab.

• Active Class Participation (10%): The class will benefit most from active discussions. So don’t feel shy or embarrassed to speak up. This is good training for later courses wherein you’ll be expected to be passionate and engaged. Increasing participation in class will also help significantly with the development of your oratory skills, which in turn will make you a hit at parties. Trust us, we know.

Grading: The grading scale is as follows (in accordance with the University Registrar’s standards at http://registrar.unc.edu/academic‐services/grades/explanation‐of‐grading‐system/): >90% ‐ A >80% ‐ B >70% ‐ C >60% ‐ D >50% ‐ F (i.e., consignment to the cold, outer darkness) Policy on absences: Excused absences: Students will be allowed to make up assignments and exams for excused absences. Examples of excused absences include serious illness (a doctor’s note will be required) or death in the immediate family. All university athletic or club events are excused, provided that the student brings an official absence excuse beforehand. Unexcused absences: Make‐ups are not permitted on reading quizzes and will result in a zero. Arrival to class later than 20 minutes after start time is considered an unexcused absence. Be aware that simply attending class will not earn you full participation points. We expect you to be actively engaged while you are in attendance. UNC Honor Code: The UNC Honor Code governs our behavior and yours. If you do not yet understand your responsibilities under this code, we urge you to go to http://honor.unc.edu to learn more. We take the Honor Code very seriously and are required by the University to report all Honor Code violations without exception.

In particular, we want you to be mindful about plagiarism. Plagiarism is the deliberate or unintentional representation of another’s words, thoughts, or ideas without attribution. What this means is that you should be careful to cite anything that you have consulted (internet, book, interview, whatever). All students at Carolina are expected to know best practices in citation. So if you are in doubt, cite! Or use your resources: speak to one of us or to someone at the Writing Center.

Schedule of Topics and Readings Please note that readings are listed under the day in which they will be discussed. In order to prepare for a class, read the material we’re discussing on that particular day of class. Methodology I: (Re)defining Magic In this introductory unit we will become familiar with the traditional scholarly distinctions between religion, magic, and science in order to identify each of these concepts within case studies in the coming weeks. T, Aug. 20: Introductory Material and Al Jazeera English documentary ‘Witch Trials’. Discussion to follow. Th, Aug. 22: Classifications and Distinctions Reading:

∙Rodney Stark, “Reconceptualizing Religion, Magic, Science” Methodology II: Economics, Religion, and Magic Economics is a field that studies the science of choice‐making. The tools that are taught in economics can be used to examine many issues that concern how individuals behave when faced with various constraints. We will explore how economics applies to magic and religion by combining studies of history and philosophy. We will learn basic economic ideas and terminology before delving into analyses of the intertwined nature of markets and world religions. T, Aug. 27: Introduction to Economics

Readings: ∙Gary S. Becker, The Economic Approach to Human Behavior, Chapter 1: The Economic Approach to Human Behavior ∙N. Gregory Mankiw, Principles of Economics, Chapter 1: Ten Principles of Economics ∙Steve Cohn, Reintroducing Macroeconomics (A Critical Approach), Chapter 1: Philosophical Debates in Economics

Th, Aug. 29: Society and the Science of Choice Readings:

∙Viviana Zelizer, “Human Values and the Market: the Case of Life Insurance and Death in 19th century America” ∙Hadley Robinson, “Money‐grubbing” (found at: http://www.gelfmagazine.com/archives/moneygrubbing.php) ∙Barry Gordon, “Theological Positions and Economic Perspectives in Ancient Literature”

T, Sept. 3: The Economic Model of Religion Readings:

∙ Larry Whitham, Marketplace of the Gods, Chapter 1: The Economic Approach; Chapter 2: Rational People and Religion; Chapter 7: The Marketplace of the Gods Assignments: ∙ Reading Journal Due ∙ QUIZ

Methodology III: Sociology, Magic, and Religion In this unit, we’ll dive into magic through the work of important figures in the history of sociological thought. What is magic? How does it differ from religious practice? Where does it reside within larger societal trends? Th, Sept. 5: Sociology of Religion Readings: ∙ Max Weber, Sociology of Religion, Chapter 1: The Rise of Religions and Chapter 2:

Gods, Magicians, and Priests T, Sept. 10: Sociology of Magic Reading: ∙ Marcel Mauss, A General Theory of Magic, Chapter 2: A Definition of Magic Methodology IV: Anthropology, Magic, and Religion In this unit we’ll use the data of anthropologists—ethnography—to understand how people have characterized magic and witchcraft when such rites are a normal occurrence within societies. This week will also provide a foundation in anthropological method and theory. Th, Sept. 12: Anthropology of Magic Readings: ∙ Susan Greenwood, Anthropology of Magic, Introduction and Chapter 1: Mystical

Mentality T, Sept. 17: Anthropology of Magic Continued Readings: ∙ Susan Greenwood, Anthropology of Magic, Chapter 6: Webs of Belief ∙ E. E. Evans‐Pritchard, Witchcraft, Oracles, and Magic among the Azande, Chapter 1:

Witchcraft is an Organic and Hereditary Phenomenon and Chapter 4: The Notion of Witchcraft Explains Unfortunate Events

Assignments: ∙ Reading Journal Due ∙ QUIZ

Case Study I: Alchemy Now that we have learned the tools of the trade, we’ll transition into case studies. Alchemy might be considered the root of modern‐day chemistry, although its trappings were magical in nature. We will contrast early scientific and alchemical thinking with current conceptions of the scientific method and compartmentalization between science and the sublime. Th, Sept. 19: The Economics of Alchemy Reading: ∙ John Levin, “Alchemy and the Economy in 17th‐century England” T, Sept. 24: Alchemy Continued Readings: ∙ Stanton J. Linden, The Alchemy Reader, Introduction ∙ Walter William Woodward, Prospero’s America, Chapter 1: John Winthrop, Jr., and

the European Alchemical Movement of the Early Seventeenth Century Th, Sept. 26: Alchemy and Witchcraft in America Reading: ∙ Walter William Woodward, Propero’s America, Chapter 7: The Magus as Mediator:

Witchcraft, Alchemy, and Authority in the Connecticut Witch‐Hunt of the 1660s Case Study II: Witchcraft What were the witch trials about anyways? Were they motivated by actual witches and fear of them? By money? By religious radicals? In this unit we use the knowledge gained thus far to try to explain Salem in America’s historical trajectory and archaeological record. T, Oct. 1: Economics of Witchcraft Readings: ∙ Emily Oster, “Witchcraft, Weather, and Economic Growth in Renaissance Europe”

∙ Franklin Mixon, Jr. and Ernest King, “‘Homo Economicus’ and the Salem Witch Trials” ∙ Franklin Mixon, Jr., “Religiosity and the Political Economy of the Salem Witch Trials” Assignments: ∙ Reading Journal Due ∙ QUIZ

Th, Oct. 3: Sociology of Witchcraft Readings:

∙ James McDonald, “Three Centuries of Trial: Salem’s Witches Battle Modern‐Day Persecution” Video (in class): ∙ “Salem Witch Hunt: Examine the Evidence”

T, Oct. 8: The Trappings of Witchcraft Readings:

∙ Owen Davies and Willem de Blécout, Beyond the Witch Trials, Chapter 9: The Archaeology of Counter‐Witchcraft and Popular Magic ∙ Marshall J. Becker, “An American Witch Bottle” (found at: http://archive.archaeology.org/online/features/halloween/witch_bottle.html)

Case Study III: Magic and the Colonial Encounter What role does colonialism play in religious assimilation and subversion? How does a particular political dynamic shape magical practices? Th, Oct. 10: Magic and the Colonial Encounter in Mexico

Reading: ∙ Ruth Behar, “Sex and Sin, Witchcraft and the Devil in Late Colonial Mexico”

T, Oct. 15: Material Record of Magic and the Colonial Encounter Reading: ∙ Laurie Wilkie, “Secret and Sacred: Contextualizing the Artifacts of African‐American

Magic and Religion” Assignments: ∙ Reading Journal Due ∙ QUIZ Th, Oct. 17: FALL BREAK. Do something magical with your holiday. T, Oct. 22: Magic and the Colonial Encounter Resumed Reading: ∙ William Olsen, “Children for Death: Money, Wealth, and Witchcraft Suspicion in

Colonial Asante” Th, Oct. 24: Impacts of Colonialism: Sociological, Economic, and Anthropological Reading: ∙ Jean Comaroff and John L. Comaroff, “Occult Economies and the Violence of

Abstraction: Notes from the South African Postcolony” Case Study IV: Black Magic, White Magic This unit tackles the issues of “black” versus “white” magic. What are some of the ways in which these categories are constructed and maintained? We will consider how approved and prohibited magical practices are distinguished.

T, Oct. 29: Black Magic Defined Readings: ∙ A. E. Waite, The Book of Black Magic and Ceremonial Magic, selections entitled “The

Distinction between Black and White Magic” and “Concerning the Infernal Necromancy”

∙Malleus Maleficarum (handbook on witch‐hunting), selections compiled on Sakai Th, Oct. 31: Black Magic and Folk Magic Reading: ∙ Hans Sebald, “Franconian Witchcraft: The Demise of Folk Magic” Assignments: ∙ Reading Journal Due ∙ QUIZ Case Study V: Healing Magic and Medicine This unit is dedicated to the distinction between healing magic and medicine. Why have some types of healing been designated as scientific “medicine” while others are “shamanistic”? We’ll talk about the socio‐economic factors that influence the perception of healing practices. T, Nov. 5: Folk Healing and Medicine Readings: ∙ Katherine Knight, “A Precious Medicine: Tradition and Healing in the Seventeenth

Century Household Remedies” ∙ Mildred Mathias, “Magic, Myth, and Medicine” Th, Nov. 7: The Economics of Healing and its Legacy Readings: ∙ Kenneth Leonard (IK Notes), “African Traditional Healers: The Economics of

Healing” ∙ Robert Voeks, “African Medicine and Magic in the Americas” Assignment: ∙ANNOTATED BIBLIOGRAPHY DUE T, Nov. 12: Magic and Healing Readings: ∙ Susan Greenwood, Anthropology of Magic, Chapter 7: Magic in Everyday Life ∙ Martha Few, Women Who Live Evil Lives: Gender, Religion, and the Politics of Power in

Colonial Guatemala, Chapter 4: Illness, Healing, and the Supernatural World Case Study VI: Magic and Modernity Our final case study is a wrap‐up of sorts. Here, we’ll discuss how the distinctions between alchemy and chemistry, between healing magic and science, and between religion and magic contributed to the notion of “modernity” and “rationality”. What do we gain from such distinctions? How are they maintained?

Th, Nov. 14: Magic and Capitalism Reading: ∙ Aihwa Ong, “The Production of Possession: Spirits and Multinational Corporations in

Malaysia” ∙ Heather Murdock, series of articles for the Global Post on Juju Trafficking compiled

on Sakai Assignments: ∙ Reading Journal Due ∙ QUIZ T, Nov. 19: Modern Healing: Religion or Magic? Reading: ∙ Graham M. Jones, “Magic with a Message: The Politics of Christian Conjuring” Video (in class): ∙ “Answered Prayers? Investigating the Healing Power of Prayer” Course Wrap‐Up: Definitions of Magic (Re)considered Our last day of “official” discussion will reopen our initial inquiries about definitions. Where is the boundary between religion and magic? Between magic and science? We’ll consider whether or not such distinctions are useful. Th, Nov. 21: Course Wrap‐Up ∙ Course Evaluations (in class)

T, Nov. 26: Debates for groups 1 and 2 Th, Nov. 28: THANKSGIVING T, Dec. 3: Debates for groups 3 and 4

Appendix 3 - Examples of Class Materials

• Sample Problem Set (Introductory Economics, Fall 2015, Davidson College)

• Sample Writing Assignment (Introductory Economics, Fall 2015, Davidson College)

• Sample Quiz (Introductory Economics, Summer 2012, UNC-Chapel Hill)

• Sample Final Exam (Introductory Economics, Summer 2012, UNC-Chapel Hill)

ECO 101 @ Davidson Problem Set 4 Prof. Nungsari

Name: Section:

Date assigned: Monday, 9/6

Date due: Friday, 9/11

Instructions:

• Read the attached article from New York Times from this year’s Valentine’s Day and answer the

following questions in the space provided.

• There is one question with 4 subparts. The total number of points allocated for each subquestion is

indicated in the question.

1: (20 points total)

(a) The article states the following:

“The price of cocoa, the main ingredient in most chocolate, soared last year, forcing

chocolate producers to raise prices and shrink packages.”

Let’s try and show how the price of cocoa has risen by using a demand and supply framework and

graphical analysis. First, let’s think of the market for cocoa. Does the article provide any reasons for

possible demand curve shifts? If so, what are the reasons? Would the demand curve shift left or

right? (6 points)

(b) Does the article provide any reasons for possible supply curve shifts? If so, what are the reasons?

Would the supply curve shift left or right? (6 points)

1

ECO 101 @ Davidson Problem Set 4 Prof. Nungsari

(c) Illustrate the shifts of the curves that you highlighted (if any) from parts (a) and (b) in the market

for cocoa. (4 points)

(d) What has happened to the equilibrium price and quantity in the cocoa market? Your choices are:

increase, decrease, no change, can’t tell. (4 points)

2

9/6/2015 Valentine’s Day Chocolate Will Cost More This Year, as Cocoa Prices Rise - The New York Times

http://www.nytimes.com/2015/02/12/business/valentines-day-chocolate-will-cost-more-this-year-as-cocoa-prices-rise.html 1/5

http://nyti.ms/1vFRlpH

BUSINESS DAY

Valentine’s Day Chocolate Will Cost MoreThis Year, as Cocoa Prices RiseBy STEPHANIE STROM FEB. 11, 2015

This year, perhaps more than ever, kisses may not come cheap.

At least not those made of chocolate on Valentine’s Day.

The price of cocoa, the main ingredient in most chocolate, soared lastyear, forcing chocolate producers to raise prices and shrink packages.

A growing appetite for chocolate, particularly dark chocolate, whichrequires more cocoa, in China and other Asian markets is the primary cause,commodity analysts say.

“What’s driving up the price, really, is rising demand for cocoa in Asia,though it also was pretty strong in North America and Europe,” said EdwardGeorge, head of soft commodities research at EcoBank.

Another factor is the harmattan, a dry, dusty wind that began sweepingthe major cocoa producing countries in West Africa in December, thebeginning of the prime cocoa harvesting season. The harmattan has beenworse than usual this year.

Cocoa trees also suffered attacks by witches’ broom and frosty pod, fungithat can cause steep losses.



The average dollar price for a ton of cocoa was $2,921.05 last month,according to the International Cocoa Organization. That was slightly higherthan the price a year earlier — but less than the peak average price of$3,270.27 in August, which reflected fears that Ebola might hinder the harvestof cocoa beans in Africa.

Several major chocolate companies declined requests for interviews onthe effects of the high price of cocoa on their businesses. But Hershey,Mondelez International and Lindt & Sprüngli, a Swiss company that ownsRussell Stover, all raised prices as much as 8 percent last year to offset cocoacosts. Hershey’s raised prices across all its products.

“L&S, like other companies in the chocolate industry, had to makeoccasional price adjustments on selected products in 2014 to absorb some ofthe raw material cost challenges — even if at first we always try to counterthese challenges with increases in efficiency and volume,” Sylvia Kälin, head ofLindt & Sprüngli’s corporate communications, wrote in an email. Mars, themaker of M&Ms and Milky Way, also announced plans to raise prices.

Ms. Kälin said consumers so far had not punished the company for raisingprices.

Data from Nielsen, a consumer research firm, hints at the price increases.While the amount of chocolate Americans bought last year rose 1.2 percent, to2.2 billion pounds, the amount they paid for it rose 2.6 percent, to $13.6billion.

Mondelez, which has several brands that use chocolate, like Cadbury, Milkand Lu, was not so lucky. It was the first to raise prices in the first half of lastyear, and European retailers refused to play along. That led to what IreneRosenfeld, chief executive of Mondelez, described in an August conference callas “extended disputes and near-term distribution losses.”

Mr. George, the commodity analyst, said the backlash was a surprise.



“Several companies were shocked by how consumers simply switched tocheaper chocolate or stopped eating chocolate altogether,” he said.

Then the company faced an outcry during the holiday season when itannounced that it would no longer sell chocolate coins — though that was mildcompared to the complaints last month, when it said it would makeadjustments to Cadbury’s Creme Eggs. (The Creme Eggs sold in the UnitedStates are made by Hershey and so are not affected.)

Mondelez said it would no longer make the egg’s chocolate shell out ofCadbury Dairy Milk, but instead would use “a standard, traditional Cadburymilk chocolate,” according to Valerie Moens, a spokeswoman for Mondelez.Dairy Milk chocolate has a high milk content, and the price of milk rosesharply last year.

Mondelez also reduced the number of Creme Eggs in a package to fivefrom six. While Mondelez suggested a slightly lower price for the smallerpackage, Ms. Moens said, retailers set their own prices. And this week,Mondelez announced that it would sell a thinner version of its organic Green &Black’s chocolate bars, in hopes of giving consumers a lower-price option.

On a quarterly call with analysts on Wednesday, Mondelez announcedthat $1.6 billion of its revenue last year came from higher prices, mostlybecause of the high price of cocoa.

That was not enough, however, to offset the higher costs of thecommodities it uses because higher prices pushed sales down. Investmentanalysts pressed Ms. Rosenfeld about whether the strategy was sound. DavidDriscoll of Citi Research said the amount of chocolate the company sold inEurope last year was down by “double digits” and other companies didn’t seemto have suffered as much. “Why aren’t these competitors following?”

“The reality is that a number of our multinational competitors have justlagged a little bit in their pricing response, and that’s put some pressure on the



business,” Ms. Rosenfeld said.

She said she expected competitors’ higher prices to catch up over the firsthalf of this year. “There’s no question that the gap is wider than we would likeit to be,” she said. “We’re going to stay the course.”

Small artisanal companies have weathered the cocoa price roller coastersomewhat better, thanks to different ways of obtaining cocoa.

Madécasse, for instance, buys all its cocoa beans in Madagascar.Madagascar produces a tiny amount of cocoa each year, 6,000 to 8,000 tons,but it is of a variety, Criollo, that chefs and confectioners prize for its intenseflavor.

Criollo is also less susceptible to the diseases that strike the main type ofcocoa, Forastero, which makes up about 85 percent of the world’s supply. TheTrinitario variety, grown primarily in Latin America and Southeast Asia, endsup in high-end dark chocolate and is roughly 12 percent of the world’s cocoa.

“Our cocoa doesn’t even trade at a commodity price because there’s solittle of it,” said Tim McCollum, one of the founders of Madécasse. “Prices forCriollo are set in the spot market and go up and down day to day, so we don’treally pay attention to what’s happening in the commodity chocolate market.”

Similarly, Alter Eco, a little company that sells chocolate, quinoa, rice andcane sugar products, said it had had little problem obtaining cocoa because ofthe arrangements it has with cocoa producers to ensure fair trade and anorganic bean.

Alter Eco, which had sales of $15 million in 2014, works directly with itscocoa bean farmers in Latin America, returning some of its profit to them andinvesting in infrastructure to support their work, said Edouard Rollet, co-founder and co-chief executive of the company. It also helps them improveyields.



“The supply chain in West Africa is at the heart of the price problem,” Mr.Rollet said. “Farmers are at the bottom of the chain, and they’re not gettingany richer, thus they don’t see a future in cocoa,” he said. “So farmers there areplanting rubber trees instead of cocoa trees.”

Under the fair trade agreement Alter Eco has struck with its suppliers,farmers are paid a $200 premium for each ton of beans they sell. Mr. Rolletsaid the price had increased some, but Alter Eco has not yet raised prices on itschocolate bars and truffles. “If I was a smarter business person, I would raiseprices now,” he said.

After negative reports on labor conditions in cocoa production, Mars,Hershey and other large chocolate makers have committed to bring theirpractices more into line with Alter Eco’s.

Hershey, for instance, said last week that it now obtains about one-thirdof its cocoa from “certified and sustainable” farms and is working towardbuying all its beans from such farms by 2020.

On a call with investment analysts, Bert Alfonso, chief financial officer atHershey, said the company was increasing prices 5 to 6 percent. He predictedthat would reduce sales volumes 2 percent.

“While we’ve seen some improvement recently and that’s good, we stillhave cocoa that’s higher than the 2014 level,” Mr. Alfonso said.

A version of this article appears in print on February 12, 2015, on page B1 of the New York edition

with the headline: That HeartShaped Box Will Cost More This Year, as Cocoa Prices Rise.

© 2015 The New York Times Company

ECO 101 @ Davidson Reading Response 1 Prof. Nungsari

Name: Section:

Piazza Question Due: Post it to Piazza by Tuesday, 10/6 by 8 p.m.Discussion Day and Due Date for Reading Response: Wednesday, 10/7 (in-class)

Instructions:

• This assignment has 3 parts:

1. (Reading) Read the article titled “Drug Goes From $13.50 a Tablet to $750, Overnight”published on the New York Times on September 20th, 2015 by Andrew Pollack.

2. (Writing) Write a 1.5-2 page, 12 point font, 1.5-spaced reading response on the article. Allresponses must be typed and must include the following:

(a) 1-2 paragraphs summarizing the article.

(b) 2-3 paragraphs detailing three economic concepts that can be used to explain anypart of the article. To get full credit, you must provide the economic concept andelaborate on how it may be used to explain what is happening in the article. Be preciseand use the economic ‘language’ we have been developing in class.

3. (Discuss) Submit one discussion question regarding the reading to Piazza by 8 pm the daybefore the response is due (i.e. by 8 p.m. on Tuesday, 10/6). Come to class prepared todiscuss your questions and others.

1

Economics 101 - Summer I (2012) Melati NungsariIntroduction to Economics UNC at Chapel Hill

Student Last Name:Student First Name:PID:Honor Code Signature:

Quiz 2

Instructions:

• You have 30 minutes to complete this quiz.

• This quiz contains 10 multiple choice questions (equally weighted) and 1 short answer question (3

subquestions).

• You must fill in a Scantron sheet with the answers to your multiple choice questions.

• For the short answer question, you may use the space provided underneath the subquestions.

• Partial credit will be given for those who show their work!

1. Driving a car causes more air pollution than taking the train but individuals face no costfor pollution (i.e., clean air is not priced). What sort of externality is this (if any)?

A. Positive Externality

B. Negative Externality

C. No Externality

D. Not enough information is given

2. From Question 1: What could the government do to insure that there is no externality?

A. Impose a tax on train fares

B. Impose a tax on gasoline

C. Subsidize the prices of cars

D. Do nothing since there is no externality

3. The demand for a lamb gyro at Med Deli is elastic because the percent change in thequantity demanded of gyros in response to a 10% rise in prices is

A. an increase of more than 10 percentt

B. a decrease of less than 10 percent

C. an increase of less than 10 percent

D. a decrease of more than 10 percent

4. Suppose the price of potato chips decreases from $1.45 to $1.25 and, as a result, the quantityof potato chips demanded increases from 2000 to 2200. Using the midpoint method, theprice elasticity of demand for potato chips in the given price range is

A. 2

B. 1.55

C. 1

D. 0.6

5. Which of the following is likely to have the most price inelastic demand?

A. Nike Air running shoes

B. shoes

C. running shoes

D. Nike running shoes

6. Suppose Martha has a weekly budget of $20 and she only wishes to buy 3 goods: pens, movietickets and roast beef sandwiches. Suppose that one sandwich costs $2, a movie ticket costs$6 and a pen costs $1. Here is the total utility attached to each of the following purchases:

Table 1: Total Utility for Each Purchase

Quantity Sandwich Movie Tickets Pens

1 50 240 202 90 330 353 120 390 454 140 420 50

Let x be the number of sanwiches, y be the number of movie tickets and z be the numberof pens. What is Martha’s budget constraint?

Page 2

A. 2x + 6y + z = 20

B. 6x + 2y + 2z = 20

C. 6x + y + 2z = 20

D. x + 6y + z = 20

7. Which of the following combinations is a↵ordable given Martha’s budget?

A. 4 sandwiches, 3 movies, 4 pens

B. 2 sandwiches, 4 movies, 2 pens

C. 4 sandwiches, 1 movie, 4 pens

D. 3 sandwiches, 3 movies, 3 pens

8. What is the a↵ordable combination that provides Martha with the greatest utility?

A. 4 sandwiches, 3 movies, 3 pens

B. 3 sandwiches, 2 movies, 2 pens

C. 2 sandwiches, 2 movies, 4 pens

D. None of the above

9. At the optimal and a↵ordable consumption level that maximizes total utility, what is themarginal utility per dollar spent?

A. 20

B. 10

C. 15

D. 5

10. For a particular good, a 3 percent increase in price causes a 10 percent decrease in quantitydemanded. Which of the following statements is most likely applicable to this good?

A. The relevant time horizon is short.

B. The good is a necessity.

C. The market for the good is broadly defined.

D. There are many close substitutes for this good.

Page 3

11. Anne is an opera singer and Bill is a writer. Anne and Bill live next door to each other.Bill loves his peace and quiet while Anne loves to practice singing. The following arethe monthly gains to Anne and Bill when Anne’s room is and is not soundproofed:

Table 2: Gains to Anne and Bill

Soundproofed Not Soundproofed

Gains to Anne 100 150Gaines to Bill 120 80

a) What does the Coase Theorem say? (2 points)

b) What is the socially e�cient outcome? (i.e. Is it e�cient for Anne’s room to be sound-proofed or not soundproofed?) Why? Explain your answer. (2 points)

c) Suppose that Anne has the legal right to make as much noise as she wants. Supposealso that Anne and Bill can negotiate at no cost. Will Anne soundproof her room? Is thischoice socially e�cient? Explain your answer. (4 points)

Page 4

Economics 101 - Summer I (2012) Melati NungsariIntroduction to Economics UNC at Chapel Hill

Student Last Name:Student First Name:PID:Honor Code Signature:

Final Exam

Instructions:

• You have 3 hours to complete this exam.

• This exam consists of 50 equally weighted multiple-choice questions (worth 50 points) and 3 shortanswer questions (worth 25 points). Answer all multiple choice questions by both marking yourScantron sheet and by circling the correct answer on the examination itself. In the case of conflict,the Scantron answer is the o�cial answer. The answers to the short answer questions should bewritten underneath the questions.

• You are allowed the use of a calculator but you may not use notes, books, cell phones or anyelectronic device. You may not talk with other students or look at the exam papers of other students.

• If you believe there is no right answer or more than one right answer to any question, explainyour reasoning on the “Appeals” page. I will not consider an appeal unless you have recorded yourargument on the exam sheet during the exam period.

• When you have finished the examination, sign the Honor Code Pledge. I will not consider anexamination valid unless you sign the pledge.

Appeals

Page 2

1. Peanut butter and grape jelly are complements. What happens in the peanut butter marketwhen the price of grapes rise?

A. the supply curve for peanut butter shifts to the right

B. the demand curve for peanut butter shifts to the right

C. the price of peanut butter falls

D. all of the above

2. All else equal, when the price of a good falls, consumer surplus

A. decreases

B. increases

C. will increase only if the good is inferior

D. none of the above

3. Suppose the banking system currently has $300 billion in reserves; the reserve requirementis 10 percent; and excess reserves amount to $3 billion. What is the level of deposits?

A. $3, 300 billion

B. $2, 970 billion

C. $2, 700 billion

D. $2, 673 billion

4. Suppose Joe starts his own business. In the first year of business, he earns $100, 000 intotal revenue and incurs $75, 000 in explicit costs. If Joe has a standing o↵er to work forhis brother at a salary of $50, 000, then the economic profit of Joes business is

A. $25, 000

B. $75, 000

C. -$25, 000

D. $100, 000

5. Residents of your city are charged a fixed weekly fee of $9 for garbage collection. Theyare allowed to put out as many trash bags as they wish. The average household disposesof three trash bags of garbage per week under this plan. Suppose that your city changesto a “tag” system. Each trash bag to be collected must have a tag a�xed. Tags cost $3each and are not reusable. What e↵ect do you think the introduction of the tag system willhave on the total quantity of garbage collected in your city? The Tag System is likely to

the quantity of garbage collected because .

A. Leave unchanged, because citizens have already shown that they are willing topay $9.00 to dispose of three bags per week.

B. Leave unchanged, because the average cost of garbage service is the same underboth plans.

C. Reduce, because the marginal benefit of discarding garbage is lower under the tagsystem.

D. Reduce, because the marginal cost of discarding garbage is higher un-der the tag system.

Page 3

6. Assume that Andia and Zardia can switch between producing wheat and producing beef.The following are the number of minutes needed to make 1 unit of each good.

Table 1: Minutes Needed to Make 1

Bushel of Wheat Pound of Beef

Andia 20 12Zardia 15 10

What is Andia’s opportunity cost of producing one pound of beef?

A. 35

B. 65

C. 43

D. 53

7. Refer to Table 1. What is Zardia’s opportunity cost of producing one bushel of wheat?

A. 23

B. 34

C. 56

D. 32

8. Refer to Table 1. Andia has an absolute advantage in the production of

A. wheat and Zardia has an absolute advantage in the production of beef.

B. beef and Zardia has an absolute advantage in the production of wheat.

C. both goods and Zardia has an absolute advantage in the production of neithergood.

D. neither good and Zardia has an absolute advantage in the productionof both goods.

9. Refer to Table 1. Andia has a comparative advantage in the production of

A. wheat and Zardia has a comparative advantage in the production of beef.

B. beef and Zardia has a comparative advantage in the production ofwheat.

C. both goods and Zardia has a comparative advantage in the production of neithergood.

D. neither good and Zardia has a comparative advantage in the production of bothgoods.

10. Refer to Table 1. Andia should specialize in the production of

A. wheat and Zardia should specialize in the production of beef.

B. beef and Zardia should specialize in the production of wheat.

C. both goods and Zardia should specialize in the production of neither good.

D. neither good and Zardia should specialize in the production of both goods.

Page 4

11. Refer to Table 1. Assume that Andia and Zardia each has 60 minutes available. If eachperson spends all his time producing the good in which he has a comparative advantage,then total production is

A. 3 bushels of wheat and 6 pounds of beef.

B. 3.5 bushels of wheat and 5.5 pounds of beef.

C. 4 bushels of wheat and 5 pounds of beef.

D. 7 bushels of wheat and 11 pounds of beef.

12. If a firm has market power, then its marginal revenue

A. is less than its price

B. is negative at quantities where demand is elastic

C. is zero at the quantity the firm chooses to produce

D. remains constant as long as price remains above the marginal cost

13. Suppose a power plant is located on the banks of a river. The plant must decide how muchhot water to discharge into the stream. If the power plant discharges a large amount ofhot water, it is more valuable because it can cool its equipment at low private cost but thefishery is less valuable because the fish grow poorly. If it discharges a small amount of hotwater, it is less valuable and the fishery is more valuable. The table gives the values of thepower plant and the fishery as a function of the plants discharge decision.

Table 2: Value of power plant and fishery

Hot Water Discharge Decision Value of the Power Plant Value of the Fishery

High Discharge $1, 000, 000 $10, 000Low Discharge $990, 000 $30, 000

The socially optimal decision is a discharge rate because .

A. High, Much more value is created by the power plant than by the Fishery

B. High, It is very expensive for the plant to cool its equipment by other means.

C. Low, low discharge triples the value of the fishery.

D. Low, the social value of the power plant and fishery are higher whendischarge is low.

14. Refer to Table 2. Suppose there is no law against the plant discharging hot water into thestream. Provided that bargaining is not very expensive and outcomes are easily verified byall, what will happen when bargaining occurs?

A. The fishery will pay somewhere between $10, 000 and $20, 000 to inducethe power plant to choose a low discharge rate.

B. The plant will pay the fishery something more than $10, 000 to allow it to choosea high discharge rate.

C. The power plant will decide that too much is at stake to bargain with the fishery.

D. A tax on hot water discharge will be necessary to obtain the socially optimaloutcome.

Page 5

15. The demand for a Ford Focus (a brand of a compact car) is likely to be elasticthan the demand for a compact automobile because .

A. Less, there are good substitutes for a Focus.

B. Less, an auto accounts for a small part of a consumers budget.

C. More, there are many di↵erent compact cars on the market.

D. More, many drivers are loyal to the Ford brand.

16. For years the citizens of Small Land had experienced an annual inflation rate of 3 percentandhad come to think of 3 percent as the normal rate of inflation. Then, in 2006, the rate ofinflation rose to 6 percent. Which of the following statements correctly describes the winnersand losers from inflation in 2006?

A. No one benefited because the rise in inflation created dead weight loss.

B. Small Land borrowers benefited at the expense of Small Land lenders.

C. Small Land savers benefited at the expense of Small Land investors.

D. Small Land workers benefited at the expense of Small Land employers.

17. As price elasticity of demand approaches 0, very small changes in price lead to

A. very large changes in quantity demanded.

B. very small changes in quantity demanded.

C. no change in quantity demanded.

D. None of the above is correct.

18. It is necessary for a Duke student to wait in line to obtain a ticket to a Blue Devil basketballgame but students are not required to purchase their tickets (i.e., they pay 0 to obtain theticket). Which of the following correctly explains why the cost of a ticket is not the samefor all students?

A. Some students care to sit closer to the playing floor than others.

B. Some students enjoy watching basketball more than others.

C. Some students are more loyal fans than others.

D. Some students have more valuable alternative uses of their time thanothers.

19. A checking deposit functions as

A. a medium of exchange and as a store of value.

B. a medium of exchange, but not as a store of value.

C. a store of value, but not as a medium of exchange.

D. neither a medium of exchange nor as a store of value.

20. A closed economy does not

A. trade with other economies.

B. have free markets.

C. allow financial intermediation.

D. All of the above are correct.

Page 6

Good Price Elasticity of Demand

A 1.3B 2.1

21. Which of the following is consistent with the elasticities given above?

A. A is a luxury, and B is a necessity.

B. A is a good several years after a price increase, and B is that same good severaldays after the price increase.

C. A is a Kit Kat bar, and B is candy.

D. A has fewer substitutes than B.

22. Ryan says that he would buy one cup of co↵ee every day regardless of the price. If he istelling the truth, Ryan’s

A. demand for co↵ee is perfectly inelastic.

B. price elasticity of demand for co↵ee is 1.

C. income elasticity of demand for co↵ee is 0.

D. None of the above answers is correct.

23. A local park filled with picnickers is

A. excludable and rival in consumption.

B. excludable and not rival in consumption.

C. not excludable and rival in consumption.

D. not excludable and not rival in consumption.

24. Consider a small economy in which consumers buy only two goods: pretzels and cookies.In order to compute the consumer price index for this economy for two or more consecutiveyears, we assume that

A. the percentage change in the price of pretzels is equal to the percentage changein the price of cookies from year to year.

B. the number of pretzels bought by the typical consumer is equal to the number ofcookies bought by the typical consumer in each year.

C. neither the number of pretzels nor the number of cookies bought bythe typical consumer changes from year to year.

D. neither the price of pretzels nor the price of cookies changes from year to year.

25. In an imaginary economy, consumers buy only sandwiches and magazines. The fixed basketconsists of 20 sandwiches and 30 magazines. In 2006, a sandwich cost $4 and a magazinecost $2. In 2007, a sandwich cost $5. The base year is 2006. If the consumer price index in2007 was 125, then how much did a magazine cost in 2007?

A. $0.83

B. $2.25

C. $2.50

D. $3.00

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26. Which of the following is an example of a positive externality?

A. Sue not catching the flu because she got a flu vaccine

B. Mary not catching the flu from Sue because Sue got a flu vaccine

C. Sue catching the flu because she did not get a flu vaccine

D. Mary catching the flu from Sue because Sue did not get a flu vaccine

27. Because resources are scarce, an economist would say

A. The best things in life are free.

B. Wants are unlimited.

C. Every choice has an opportunity cost.

D. Marginal benefit is equal to marginal cost.

28. If a binding price floor is imposed on the video game market, then

A. the demand for video games will decrease.

B. the supply of video games will increase.

C. a surplus of video games will develop.

D. All of the above are correct.

29. Pepper’s Pizza is having a sale on pizza. Today only, a slice of plain cheese pizza is $1.75,rather than the normal price of $2.25. You decide to have three slices of pizza for lunchinstead of your normal purchase of two. Which of the following would be a correct economicexplanation of your decision?

A. The marginal benefit of the third slice was higher than the marginal benefit ofthe second slice.

B. The marginal cost of a slice was lower than the marginal benefit forthe third slice but higher than the marginal benefit for a fourth.

C. The sale implied that the marginal cost of pizza fell below marginal benefit andstayed there.

D. The sale implied that eating more pizza freed up resources for other economicactivities.

30. Imagine an economy in which: (1) pieces of paper called yollars are the only thing thatbuyers give to sellers when they buy goods and services, so it would be common to use,say, 50 yollars to buy a pair of shoes; (2) prices are posted in terms of yardsticks, so youmight walk into a grocery store and see that, today, an apple is worth 2 yardsticks; and (3)yardsticks disintegrate overnight, so no yardstick has any value for more than 24 hours. Inthis economy,

A. the yardstick is a medium of exchange but it cannot serve as a unit of account.

B. the yardstick is a unit of account but it cannot serve as a store of value.

C. the yardstick is a medium of exchange but it cannot serve as a store of value, andthe yollar is a unit of account.

D. the yollar is a unit of account, but it is not a medium of exchange and it is not aliquid asset.

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31. If real GDP doubles and the GDP deflator doubles, then nominal GDP

A. remains constant.

B. doubles.

C. triples.

D. quadruples.

32. Suppose the banking system currently has $400 billion in reserves, the reserve requirementis $10 percent, and excess reserves are $3 billion. What is the level of loans?

A. $3, 603

B. $3, 600

C. $3, 573

D. $3, 570

33. The Fed increases the reserve requirement, but it wants to o↵set the e↵ects on the moneysupply. Which of the following should it do?

A. sell bonds to increase reserves

B. sell bonds to decrease reserves

C. buy bonds to increase reserves

D. buy bonds to decrease reserves

34. If you adhered to the classical economics paradigm, which of the following statements wouldyou disagree with?

A. Money has no intrinsic value.

B. Government regulation of markets is needed to ensure the harmony ofindividual and national interests.

C. The economy and markets are self-adjusting.

D. Real factors matter more than monetary ones in determining output and employ-ment.

35. The economy’s two most important financial markets are

A. the investment market and the saving market.

B. the bond market and the stock market.

C. banks and the stock market.

D. financial markets and financial institutions.

36. A national chain of grocery stores wants to finance the construction of several new stores.The firm has limited internal funds, so it likely will

A. demand the required funds by buying bonds.

B. demand the required funds by selling bonds.

C. supply the required funds by buying bonds.

D. supply the required funds by selling bonds.

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37. Suppose an increase in government spending on military equipment leads to an increasedgovernment budget deficit. If no other changes occur, there will be a(n) innational saving and a(n) in the real interest rate.

A. Increase, Increase

B. Increase, Decrease

C. Decrease, Decrease

D. Decrease, Increase

38. If the tax revenue of the federal government exceeds spending, then the government neces-sarily

A. runs a budget deficit.

B. runs a budget surplus.

C. runs a national debt.

D. will increase taxes.

39. Kathleen is considering expanding her dress shop. If interest rates rise she is

A. less likely to expand. This illustrates why the supply of loanable funds slopesdownward.

B. more likely to expand. This illustrates why the supply of loanable funds slopesupward.

C. less likely to expand. This illustrates why the demand for loanablefunds slopes downward.

D. more likely to expand. This illustrates why the demand for loanable funds slopesupward.

40. If the demand for loanable funds shifts to the left, then the equilibrium interest rate

A. and quantity of loanable funds rise.

B. and quantity of loanable funds fall.

C. rises and the quantity of loanable funds falls.

D. falls and the quantity of loanable funds rises.

41. If the inflation rate is 2 percent and the real interest rate is 3 percent, then the nominalinterest rate is

A. 5 percent.

B. 1 percent.

C. 1.5 percent

D. 0.67 percent.

42. Crowding out occurs when investment declines because

A. a budget deficit makes interest rates rise.

B. a budget deficit makes interest rates fall.

C. a budget surplus makes interest rates rise.

D. a budget surplus makes interest rates fall.

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43. Gross domestic product measures

A. income and expenditures.

B. income but not expenditures.

C. expenditures but not income.

D. neither income nor expenditures.

44. Bountiful Harvest Bakery buys $4.00 of flour from Grinkers’ Mill and uses the flour to makebread sold to the public for $12.00. Taking these two transactions into account, what is thee↵ect on GDP?

A. GDP increases by $4.00

B. GDP increases by $8.00

C. GDP increases by $12.00

D. GDP increases by $16.00

45. Sheri, a U.S. citizen, works only in Germany. The value she adds to production in Germanyis included

A. in both German GDP and U.S. GDP.

B. in German GDP, but is not included in U.S. GDP.

C. in U.S. GDP, but is not included in German GDP.

D. in neither German GDP nor U.S. GDP.

46. The CPI was 172 in 2007, and the CPI was 46.5 in 1982. If your parents put aside $1, 000for you in 1982, then how much would you have needed in 2007 in order to buy what youcould have bought with the $1, 000 in 1982?

A. $270.35

B. $1, 255.00

C. $2, 698.92

D. $3, 698.92

47. The BLS counts discouraged workers as

A. employed. Including them as employed makes the unemployment rate lower thanotherwise.

B. unemployed. Including them as unemployed makes the unemployment rate higherthan otherwise.

C. out of the labor force. If they were counted as unemployed the unem-ployment rate would be higher.

D. None of the above is correct.

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48. Raleigh is building a new convention center and financing it with revenues raised by acity hotel tax. Some politicians have said that the convention center is essentially free forRaleigh citizens because out-of-town visitors are paying for it. Someone thinking like aneconomist would disagree because:.

A. The hotel tax may cause a reduction in visits to Raleigh.

B. There are other projects that could be undertaken with the tax funds.

C. The convention center may not pass a benefit-cost test.

D. They believe that Raleigh does not need a new convention center.

49. If all workers and all jobs were the same such that all workers were equally well suited forall jobs, then there would be no

A. cyclical unemployment.

B. frictional unemployment.

C. natural rate of unemployment.

D. structural unemployment.

50. Unemployment data are collected

A. from unemployment insurance claims.

B. through a regular survey of about 60,000 households.

C. through a regular survey of about 200,000 firms.

D. using all of the above.

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51. For each of the following questions, state whether you agree or disagree with the followingbold statements and provide a brief explanation of why. No points will be awarded foranswers without explanations. State any assumptions that you make.

a) Jonathan consumes only steak and salad. At his current consumption bundle, he isspending all of his income. His marginal utility from eating steak is 14 and his marginalutility from eating salad is 6. The price of steak is 7. The price of salad is 2. Jonathanshould consume more salad and less steak. (6 points)

b) A firm su↵ering losses in the short-run will continue to operate as long as itsrevenue will at least cover its fixed costs. (6 points)

c) In reality, firms usually do not have identical costs. As a result, in a perfectlycompetitive market, di↵erent consumers will pay di↵erent prices for the sameproduct. (6 points)

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d) Suppose that there are two cities that are alike in every way (entertainment, restaurants,job opportunities, school system, salaries, etc.) except for the weather. In Good-Weather-City (GWC) the temperatures are comfortable all year long. In Bad-Weather-City (BWC),the winter brings snow and freezing rain, and the summer has intense heat and high hu-midity. One would expect that the price of similar homes (same size, number ofbedrooms, etc) to be same in both GWC and BWC. (6 points)

e) Cutting the price of a product never increases the amount of revenue raised.To increase revenue, prices have to be increased. (6 points)

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52. At first patents might seem like a deterrent to growth because in e↵ect they restrict the useof new technology. Yet many economists believe that patents generate economic growth.Explain why. (5 points)

53. The following questions are on macroeconomic schools of thought.a) What is a paradigm? (3 points)

b) Let’s go back to the 16th century when mercantilist thought emerged in Europe. Whatwere the two tenets of mercantilism? (6 points)

c) Classical economic thought emerged as an attack on mercantilism. Can you tell mewhat were the two features of classical economics that were key in this attack? (6 points)

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