Podcast
Questions and Answers
Which of the following best illustrates the core objective of constructing macroeconomic models, as emphasized in the course?
Which of the following best illustrates the core objective of constructing macroeconomic models, as emphasized in the course?
- To promote specific political ideologies through economic analysis.
- To precisely predict short-term economic fluctuations for individual firms.
- To provide detailed financial advice to governments on fiscal policy.
- To understand the interconnectedness of the macro world and analyze the widespread effects of economic changes. (correct)
Given the course structure, what is the primary purpose of the tutorials?
Given the course structure, what is the primary purpose of the tutorials?
- To introduce new theoretical content not covered in lectures.
- To grade student participation and award bonus marks.
- To offer personalized career advice to students.
- To revise course material and practice answering exam-style questions. (correct)
Considering the provided information on international trade, what historical event is most relevant to the potential trade war scenarios?
Considering the provided information on international trade, what historical event is most relevant to the potential trade war scenarios?
- The formation of the European Union.
- The Smoot-Hawley Tariff Act of 1930. (correct)
- The Marshall Plan.
- The Bretton Woods Agreement.
Based on the provided data, which of the following statements accurately describes South Africa's economic position relative to other countries?
Based on the provided data, which of the following statements accurately describes South Africa's economic position relative to other countries?
What key macroeconomic areas will be covered in this course based on the provided content?
What key macroeconomic areas will be covered in this course based on the provided content?
What is the policy regarding tutorial memos?
What is the policy regarding tutorial memos?
What should students do to prepare for online tests in this course?
What should students do to prepare for online tests in this course?
According to the course outline, what mathematical skills are implicitly important for success in this macroeconomics course?
According to the course outline, what mathematical skills are implicitly important for success in this macroeconomics course?
Flashcards
Macroeconomic Model
Macroeconomic Model
A model to help understand the macro world, recognizing that changes in one area affect all.
Trade War
Trade War
Using tariffs (taxes) as a form of retaliation between countries.
Smoot-Hawley Tariff Act
Smoot-Hawley Tariff Act
A US act in 1930 that raised tariffs and is associated with worsening the Great Depression.
RSA Growth (Percentage)
RSA Growth (Percentage)
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Unemployment
Unemployment
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Inflation
Inflation
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Foreign Exchange Reserves
Foreign Exchange Reserves
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Government Debt to GDP Ratio
Government Debt to GDP Ratio
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Study Notes
- Macroeconomics 318 is taught by Hassan Essop, located in Schumann 603.
- Email contact: [email protected]
- Tutors for the course: Jan-Hendrik Pretorius.
Course Structure and Content
- Classes involve discussions but focus on theory.
- The course content is based on "Macroeconomics" by Williamson.
- Math skills are necessary, with suggested textbooks for revision in the course outline.
- Key topics include Long Run Growth (Chapter 7) and Business Cycle Theory
- Savings and Investment will be discussed while referring to chapters 9 & 11.
Tutorials and Online Tests
- There are four tutorials, with schedules available on SunLearn.
- Tut 1 covers Math.
- Tut 2 covers Chapters 7, 8, and 9.
- Tut 3 covers Chapter 11.
- Tut 4 covers Chapters 12-13.
- No memos are provided for tutorials.
- Tutorial questions are available on Fridays before the tutorial.
- There are three online tests.
- Each online test allows one attempt and a two-week window to complete.
Course Objectives
- Classes build models for understanding the macro world.
- Changes in the macro world affect everything.
- Tutorials are for revision and understanding exam questions.
- Online tests require familiarity with the textbook.
Macro News and Graphs
- China is retaliating against USA tariffs.
- The USA has signaled more tariffs, including on global steel imports.
- France, China, and Canada are indicating willingness to join a trade war.
- The Smoot-Hawley Tariff Act of 1930 is a relevant precedent.
- The Afrikaner refugee status has some relevance.
- Meme usage is to be noted.
- Relevant entities: USAID, RSA, Taiwan, Mexico, Greenland, Panama Canal.
- Much of recent macro news is based on policies in the USA under Trump.
RSA Growth and Economy
- RSA GDP growth has flatlined between 2014-2023.
- As of 2023, South Africa's economy ranks 33rd with a value of 865,402,000,000, but is sliding.
- The South African economy is larger than Sweden, Denmark, and New Zealand.
- It's smaller than Nigeria, Poland, and Indonesia.
- Relative to the largest economies, it is small.
- From 2014 onwards, the total number of unemployed people has been on the rise.
- Inflation appears to be under control.
- South Africa's Foreign Exchange Reserves are experiencing volatility.
- Government debt to GDP ratio is up.
Essential Mathematics concepts to note
- Understanding differentiation is essential, including interpreting curves, and increasing and decreasing functions.
- Understanding rates of change is essential.
Maths - Partial Differentiation
- Learn partial differentiation concept and applications.
- Master differentiation rules, including sum, product, and quotient rules.
- Chain rule is an important item.
- Prepare questions for tutors on math topics covered in tutorials.
Studying That Suits You
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Description
Macroeconomics 318 covers Long Run Growth (Ch. 7) and Business Cycle Theory. The course uses Williamson's "Macroeconomics" and requires math skills. Tutorials cover course content, and online tests assess understanding.
