1 / 10

First Exam

First Exam. Econ 161 Spring 2012. Instructions. Find your assigned seat using the seating chart. All books, backpacks, notes, jackets, etc. should be left at the front of the room. Once the exam has begun, you cannot leave the room before you turn in your exam.

tavon
Download Presentation

First Exam

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. First Exam Econ 161 Spring 2012

  2. Instructions • Find your assigned seat using the seating chart. • All books, backpacks, notes, jackets, etc. should be left at the front of the room. • Once the exam has begun, you cannot leave the room before you turn in your exam.

  3. Lower oil prices reduces the cost of production shifting the SRAS to the left. This increases real GDP and lowers prices. The increase in real GDP will cause a rightward shift in the savings curve. The shift will be larger if the drop in oil prices is temporary and smaller if the drop in prices is considered permanent. This will cause a decrease in interest rates and an increase in investment. If the decrease in oil prices is permanent, the LRAS will shift to the right. Welfare reform forces people off of government assistance and into the civilian labor force. This increases the supply of labor, lowers wage rates, and further shifts the SRAS to the right, increasing real GDP, and lowering prices. Because the changes in welfare are permanent, the LRAS will shift to the right and shifting the institutional PPF outward. S2-Permanent S2-Temporary Interest Rate Savings SRASlow oil prices SRASWelfare Reform Price Level All Other Goods LRAS LRAS2 LRAS3 SRAS Investment Dollars Saved or Invested Institutional PPF AD Physical PPF Natural GDP Good X Real GDP

  4. Nominal income is converted to real income by taking nominal income in a given year and dividing by the price index for that year and the chosen base year. For instance, converting nominal 2012 income to 2010 prices would be done with the formula. The price index using 2010 as the base year is computed by taking the basket of goods actually consumed in 2010 and computing what that exact basket of goods would cost if purchased at 2006 and 2012 prices. For instance the 2010 price level using 2006 as the base year is computed with:

  5. Summary Statistics and Curve.

  6. Reading the Online Grade Roster Normalized Exam Score is how many standard deviations away from the mean you are. Total points added to exam from all quizzes. Each quiz was worth a maximum of 10 points Raw score is the number of correct answers. Adjusted Quiz score is the percent of correct answers times 10.

  7. Online Grade Roster-Current Grade Current Course Score is how many standard deviations away from the mean you are on all graded items up to this point in the semester. Grade if Course Ended Today is what grade you would receive right now based on how many standard deviations away from the mean you are averaging on all graded items up to this point in the semester.

  8. Administrative Details. • There will be a mandatory one week cooling off period for any and all questions about the exam. After one week, if you want to discuss your exam you must come by office hours.

More Related