**201. Principles of Economics
I. *** No credit granted to those who have completed
or are enrolled in 400. (3). (SS). (QR/2). *

Economics 201 concentrates on the microeconomics of the modern economy: how markets function under competitive conditions as well as with various other types of market organization; the distribution of income and wealth; the public sector; socialism; and related topics of current interest. Grades are based largely on course-wide hour tests and the final exam, but there will also be quizzes in the sections. Economics 201 is the first part of the two-term introduction to economics. Both 201 and 202 are required as prerequisites to the concentration and to upper level courses in economics.

**202. Principles of Economics
II. *** Econ. 201. No credit granted to those who have
completed or are enrolled in Econ. 400. (3). (SS). (QR/2). *

Economics 201 and 202 are required as prerequisites to the concentration and to upper-level courses in Economics. In Economics 202, the fundamental concepts and theories of macroeconomics are developed and used to analyze problems of current interest. The major concerns of this course are the determinants of GNP, unemployment, inflation, international trade, and economic growth. The section meetings are limited to 35 students.

**401. Intermediate Microeconomic Theory. *** Econ.
101 and 102, and Math. 115. (4). (SS). (QR/1). *

This course deals with the theoretical analysis of consumers, firms, markets, and price determination. The analysis is rigorous, using the tools of algebra, geometry, and elementary calculus in constructing models. Prerequisites include one term of calculus. Economics 401 is a prerequisite for many other courses offered in Economics. Concentrators are required to elect this course and are encouraged to complete it early in their concentration program. It is not recommended that 401 and 402 be taken in the same term. Main lecture will meet twice a week. Sections will meet twice a week. WL:1 (Gerson)

**402. Intermediate Macroeconomic Theory. *** Econ.
101 and 102, and Math. 115. (3). (SS). (QR/1). *

This course in macroeconomics deals with the determination of broad economic aggregates such as national income, employment, the price level, and the balance of payments in both the short run and the long run. Rigorous analysis is used to understand the forces that determine these economic variables, and how they are affected by public policies. It is predominantly a lecture course, with grades based on hour test(s) and final exam. Prerequisites include one term of calculus. Economics 402 is a prerequisite for many other courses offered in Economics. Concentrators are required to elect this course and are encouraged to complete it early in their concentration program. It is strongly recommended that students take Economics 401 before 402. Cost:3 WL:3 (Johnson)

**404. Statistics for Economists. *** Econ.
101 and 102 and Math. 115. No credit granted to those who have
completed or are enrolled in 405 or Stat. 311, 402, or 412. (4).
(Excl). (BS). (QR/1). *

This course is designed to enable students to read critically empirical literature in economics and other social sciences. Topics covered include descriptive statistics, elementary probability theory, statistical inference, and regression theory. Data analysis and interpretation of quantitative results will be emphasized. There are three lectures and one problem session per week. Grades are based on problem sets and exams. The course, which is self-contained, does not serve as a prerequisite to Economics 406. Cost:2-3 WL:1 (Howrey)

**441. International Trade Theory. *** Econ.
401 or the equivalent. (3). (Excl). *

This course deals with the theory of international trade. It explores the important theories that explain what countries trade and why they gain from trade. These theories include the theory of comparative advantage, and the factor-proportions theory of trade, as well as more recent theoretical developments. The second part of the course deals with barriers to free trade and trade policies. Various policies will be analyzed, such as the tariff, quota, voluntary export restraints, subsidies, and other international protective taxes. The third part includes various topics such as preferential trading arrangements, economic integration, and international factor movements. Cost:1-2 WL:1 (Shy)

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