1 What will we learn today? What will we learn today? Labor unions, procedures, benefits for their members, effects of unionizations, the minimum wages, and unemployment insurance Explain the effects of international mobility of capital and labor on the U.S. economy Significance of unemployment rate, new jobs created monthly, inflation and deflation, and rate of economic growth. Unit: Hectic January Day 1 Give me your completed song projects if you have them today. You need lyrics and song or video. Otherwise, projects are due on Tuesday, January 19. Again, if you didn’t do the Econ Song, you can’t do any extra credit anymore. You’ve been cut off.

Super Notes Quiz #3 2

1. How could the Federal Reserve encourage banks to lend out more of their reserves? a. reduce the discount rate b. increase the prime rate c. raise the required amount of reserve d. reduce the money supply 3

2. In recent years, many countries have formed customs unions that abolished tariffs and trade restrictions among its members, as well as adopted uniform tariffs for nonmember countries. A successful example of such a customs union is a.the European Union (EU). b.the North Atlantic Free Trade Agreement (NAFTA). c. the Asia-Pacific Economic Cooperation (APEC). d.the World Trade Organization (WTO). 4

3. Why does the Federal Reserve alter monetary policy? a.to regulate the banking industry b.to provide services to member banks c.to enable banks to clear checks d.to lessen the effect of natural business cycles 5

4. The purpose of expansionary fiscal policy is to a.increase output. b.prevent hyperinflation. c.slow the growth of the GDP. d.increase the separation between government and private industry. 6

5. An example of contractionary fiscal policy would be a.cutting taxes. b.decreasing government spending. c.increasing production of consumer goods. d.expanding the government’s role in regulating private industry. 7

6. An example of expansionary fiscal policy would be a.cutting taxes. b.cutting government spending. c.cutting production of consumer goods. d.cutting prices of consumer goods. 8

7. What type of policy does the Fed use to counteract a contraction? a.fiscal policy b.easy money policy c.tight money policy d.policy lags 9

8. What is the relationship between interest rates and demand for money? a.As interest rates decrease, demand for money increases. b.As interest rates increase, demand for money increases. c.Interest rates are determined by demand for money. d.Interest rates and demand for money are unrelated. 10

9. Which of the following is a treaty to eliminate all trade barriers between Canada, Mexico, and the United States? a.APEC b.CARICOM c.MERCOSUR d.NAFTA 11

What Mr. Rob Will Need: Song lyrics with vocab underlined Song ed or brought in on a USB or DVD. Be organized. Bring a backup. 12 A Good Econ Song: Uses at least ten vocab words from your chapter appropriately, showing that you know what they mean when you use them. Teaches the main concepts of your chapter Uses a visual (music video, poster, dance, whatever) Is long enough / loud enough / clear enough Cannot be inappropriate

Econ Song Rubric 100 points total Teaching Factor: 60 points - Vocabulary use (at least 10 words, used showing that you know what they mean for an A) - Do the lyrics make sense and relate to the chapter? Did you really teach your peers? (warning: don’t just relate to the title of your chapter) - Does it seem like you read and understood your chapter? Entertainment / Performance Factor: 25 points - Song choice and rhythm / lyrics - Visual to accompany the song (video, poster, live dance, etc.) - How was your song received by the class / teacher? Other Factors: 15 points - Long enough to teach the entire chapter? - Is the audio clear and loud enough? 13 Required: Lyrics typed up with vocab underlined.