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Online · School of Business · Accounting, Economics, and Finance

Principles of Macroeconomics

  • CG
  • Section 8WK
  • 11/08/2019 to 04/16/2020
  • Modified 09/05/2023

Course Description

The aggregate supply and demand model is used to analyze macroeconomic problems including business cycles, unemployment, and inflation. Government fiscal and monetary policies that may stabilize the economy are introduced and evaluated. The U.S. financial system and the value of U.S. dollar in the foreign exchange market are covered.

For information regarding prerequisites for this course, please refer to the Academic Course Catalog.


ECON 214 teaches the student about the structure of the economy and the interactions among its different sectors so that he/she can make good economic decisions, whether for self or public benefit.

Course Learning Outcomes

Upon successful completion of this course, the student will be able to:

    1. Relate biblical principles to macroeconomic concepts.
    2. Analyze basic macroeconomic problems including business cycle unemployment and inflation-deflation.
    3. Identify the sources of economic growth.
    4. Use the aggregate demand and aggregate supply models to analyze macroeconomic problems.
    5. Explain the impacts of monetary and fiscal policies and their usefulness in reaching economic stability.
    6. Describe the causes of exchange rate changes and their effects.
    7. Explain macroeconomic concepts through analyzing current events.

General Education Foundational Skill Learning Outcomes:

  1. Social and Scientific Inquiry: the ability to employ established methods of exploring the social and natural sciences in order to understand the human experience of various social structures and the natural world.
    1. SSI1: Demonstrate an understanding of the impact of social and/or natural sciences on the world in which we live.
    2. SSI2: Demonstrate a biblical understanding of human behavior within various social structures.
    3. SSI3: Apply solutions for a social and/or scientific dilemma experienced in society.
  2. Christianity and Contexts: the ability to employ sound methods of interpreting and applying Scripture in order to foster a Christian worldview and relate to God’s past, present, and future redemptive work.
    1. CC3: Apply the biblical text and its principles to life in a manner that bridges various contexts and considers the implications for personal growth.
    2. CC4: Articulate how faith in Christ and the theological worldview of Scripture shape one’s purpose for pursuing education, employment, relationships, and socio-cultural engagement, relating these pursuits to the redemptive work of God.

Course Resources

Click on the following link to view the required resource(s) for the term in which you are registered: Liberty University Online Bookstore

Additional Materials for Learning

  1. Computer with basic audio/video output equipment
  2. Internet access (broadband recommended)
  3. Canvas recommended browsers
  4. Microsoft Word

Course Assignments

Textbook readings and lecture presentations

Course Requirements Checklist

After reading the Course Syllabus and Student Expectations, the student will complete the related checklist found in the Course Overview.

The Functions of Money Assignment

The student will define the functions of money and determine if cryptocurrency meets the functions of money. The student will explain how Scripture influences our attitudes towards money and relate specific verses. The paper must be a minimum of 200 words. This assignment aligns with the following FSLOs SSI1, SSI3.

Economic Indicator: GDP Assignment

The student will report the most recent Real Gross Domestic Product value and research the Wall Street Journal or another newspaper to explain the probable cause of economic expansion or contraction. This assignment should be a minimum of 100 words. This assignment aligns with the following FSLOs SSI1, SSI3.

Economic Indicator: Unemployment Assignment

The student will report on the most recent national Unemployment value. The student will report if the current rate of unemployment is higher, lower, or the same as the previous month and research the Wall Street Journal or another newspaper to explain the probable cause of the unemployment situation. This assignment should be a minimum of 100 words. This assignment aligns with the following FSLOs SSI1, SSI3.

Biblical Application: Taxes Assignment

The student will choose scripture verse(s) from a given list and relate its content to the debate about Tax Reform Policy in Chapter 23 of the Mankiw text. This assignment must be at least 200 words. This assignment aligns with the following FSLOs SSI1, SSI3.

Homework Assignments (13)

For each Homework Assignment, the student must answer all of the provided questions. Homework Assignments may be accessed by links placed in each module: week. This assignment aligns with the following FSLOs: SSI1, SSI3.

Quizzes (13)

The student must complete 13 quizzes based on the textbook readings. Each quiz will cover the  Learn material for the assigned module: week. Each quiz will be open-book/open-notes, contain 15 multiple-choice questions, and have a 30 minute time limit. This assignment aligns with the following FSLOs SSI1, SSI3.

Course Grading

Course Requirements Checklist 10
The Functions of Money Assignment 50
Economic Indicator: GDP Assignment 30
Economic Indicator: Unemployment Assignment 30
Biblical Application: Taxes Assignment 45
Homework Assignments (13 at 30 pts ea) 390
Quizzes (13 at 35 pts ea) 455
Total 1010

Course Policies


For timed quizzes, the student is required to complete the quiz within the assigned time. For the student who exceeds this time limit, a penalty of 1 point will be deducted for each minute, or part thereof, he/she exceeds the assigned time limit. 


Late Assignment Policy

Course Assignments, including discussions, exams, and other graded assignments, should be submitted on time.

If the student is unable to complete an assignment on time, then he or she must contact the instructor immediately by email.

Assignments that are submitted after the due date without prior approval from the instructor will receive the following deductions:

  1. Late assignments submitted within one week after the due date will receive up to a 10% deduction.
  2. Assignments submitted more than one week and less than 2 weeks late will receive up to a 20% deduction.
  3. Assignments submitted two weeks late or after the final date of the course will not be accepted outside of special circumstances (e.g. death in the family, significant personal health issues), which will be reviewed on a case-by-case basis by the instructor.
  4. Group projects, including group discussion threads and/or replies, and assignments will not be accepted after the due date outside of special circumstances (e.g. death in the family, significant personal health issues), which will be reviewed on a case-by-case basis by the instructor.

Disability Assistance

Students with a disability and those with medical conditions associated with pregnancy may contact Liberty University’s Online Office of Disability Accommodation Support (ODAS) at [email protected] for accommodations.  Such accommodations require appropriate documentation of your condition.   For more information about ODAS and the accommodations process, including how to request an accommodation, please visit Requests for accommodations not related to disabilities or pregnancy must be directed to the Registrar’s Office, which generally handles medical needs support.

If you have a complaint related to disability discrimination or an accommodation that was not provided, you may contact ODAS or the Office of Equity and Compliance by phone at (434) 592-4999 or by email at [email protected].  Click to see a full copy of Liberty’s Discrimination, Harassment, and Sexual Misconduct Policy or the Student Disability Grievance Policy and Procedures.

Course Attendance

In an effort to comply with U.S. Department of Education policies, attendance is measured by physical class attendance or any submission of a required assignment within the enrollment dates of the course (such as examinations, written papers or projects, any discussion posts, etc.) or initiating any communication with one’s professor regarding an academic subject. More information regarding the attendance policy can be found in the Academic Course Catalogs. Regular attendance in online courses is expected throughout the length of the term. Students who do not attend within the first week of a sub-term by submitting a required academic assignment (such as the Course Requirements Checklist, an examination, written paper or project, discussion post, or other academic activity) will be dropped from the course. Students who wish to re-engage in the course are encouraged to contact Academic Advising to discuss their enrollment options. Students who begin an online course, but at some point in the semester cease attending, and do not provide official notification to withdraw, will be assigned a grade of “FN” (Failure for Non-Attendance). Students wishing to withdraw from courses after the official start date should familiarize themselves with the withdrawal policy.

Grading Scale

900-1010 800-899 700-799 600-699 0-599

For courses with a Pass/NP final grade, please refer to the Course Grading section of this syllabus for the assignment requirements and/or point value required to earn a Passing final grade.

Add/Drop Policy

The full policy statement and procedures are published in the Policy Directory.

Honor Code

Liberty University comprises a network of students, alumni, faculty, staff and supporters that together form a Christian community based upon the truth of the Bible. This truth defines our foundational principles, from our Doctrinal Statement to the Code of Honor. These principles irrevocably align Liberty University’s operational procedures with the long tradition of university culture, which remains distinctively Christian, designed to preserve and advance truth. Our desire is to create a safe, comfortable environment within our community of learning, and we extend our academic and spiritual resources to all of our students with the goal of fostering academic maturity, spiritual growth and character development.

Communities are predicated on shared values and goals. The Code of Honor, an expression of the values from which our Doctrinal Statement was born, defines the fundamental principles by which our community exists. At the core of this code lie two essential concepts: a belief in the significance of all individuals, and a reliance on the existence of objective truth.

While we acknowledge that some may disagree with various elements of the Code of Honor, we maintain the expectation that our students will commit to respect and uphold the Code while enrolled at Liberty University.

Adherence to the principles and concepts established within facilitates the success of our students and strengthens the Liberty community.

The Code of Honor can be viewed in its entirety at


Course calendar and related activities
When Topic Notes
Course Overview
Student Acknowledgements

Course Requirements Checklist

Module 1: Week 1

Read: 1 item

Watch: 5 items

Explore: 1 item


Economic Indicator: GDP Assignment

HW: National Income Assignment

Quiz: National Income

Module 2: Week 2

Read: 2 items

Watch: 10 items


HW: Inflation Assignment

HW: Production and Growth Assignment

Quiz: Inflation

Quiz: Production and Growth

Module 3: Week 3

Read: 2 items

Watch: 15 items

Explore: 1 item


Economic Indicator: Unemployment Assignment

HW: Saving and Investment Assignment

HW: Unemployment Assignment

Quiz: Saving and Investment

Quiz: Unemployment

Module 4: Week 4

Read: 2 items

Watch: 18 items


The Functions of Money Assignment

HW: Monetary System Assignment

HW: Money, Growth, and Inflation Assignment

Quiz: Monetary System

Quiz: Money, Growth, and Inflation

Module 5: Week 5

Read: 2 items

Watch: 8 items


HW: Open Economy Basics Assignment

HW: Open Economy Theory Assignment

Quiz: Open Economy Basics

Quiz: Open Economy Theory

Module 6: Week 6

Read: 1 item

Watch: 7 items


HW: Aggregate Demand and Supply Assignment

Quiz: Aggregate Demand and Supply

Module 7: Week 7

Read: 2 items

Watch: 7 items


HW:  Monetary and Fiscal Policy Assignment

HW: Inflation/Unemployment Tradeoff Assignment

Quiz: Monetary and Fiscal Policy

Quiz: Inflation/Unemployment Tradeoff

Module 8: Week 8

Read: 1 items

Watch: 1 item


Biblical Application: Taxes Assignment

HW: Macroeconomic Debates Assignment

Quiz: Macroeconomic Debates