First Exam

Econ 161

Spring 2012

InstructionsFind 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.

Row Rear of Room

8

Millard, Michael D

Bin Twalah, Zaid M

Nanejanians, Natalie

Yu, Po-Chun

Mansour, Issac J

Jehdian, Hagop S

Aldabus, Qais A

Kimelman, Rostislav

Canyon, Carl A

Bonilla, Daniel A

7

Garibkhanyan, Marten

Leyva, Ana P

Contreras, Jonathan

Chung, James H

Haddad, Melissa

Martinez, Nayelly I

Arteaga, Jonathan C

Mendoza, Monica

Ventura, Nelson

Mendoza, Jesus

Christie, Cole J

Chacon, Daniel G

Lal, Ivan R

Bapte-Jean-Louis, Glenn C

Reneaux, Denise

Albaker, Ahmed A

Fick, Anthony C

Velling, Arthur E

6Adi, Anatt

Nersesian, Ani S

Tilbiyan, Anna

Clay, Jonathan J

Ortega, Joseph M

Meng, Zhenhao

Martinez, Cinthia

Sarkisyan, Allen

Garcia, Jorge L

Manougian, Bayzig E

Iwanski, Amber M

Sanchez, Henry

Fitzwater, Matthew R

Aleksandryan, Samvel

Ingram, Corey

Millan, Erik E

Alissa, Omar M

Carpenter, Byron A

5Specter, Kelsey E

Hong, Joseph

Escobedo, Ivone D

Petrosyan, Narek

Ubau, Michelle A

Prieto, Omar A

Pafford, Matt L

Mckendrick, Mike J

Militello, Stefano P

Yang, Chengding

Gavia, Sarah R

Jones, Alexander P

Rao, Datuan

Ryan, Jordan N

Rasten, Alexis E

Samlall, Ravi R

Mendoza, Marcus R

4Xi, Weiren

Juarez, Briana C

Bekarian, Sossi

Lee, Daniel K

Wong, Anthony C

Marsoubian, Garo B

Sanchez, Victor E

Gummadi, Arun

Nishinaka, Daisaku

Zhao, Peiyu

Joseph, Mark M

Wu, Haohan

Matevosyan, Raymond

Alonso, Justin M

Hu, Xiaoqiang

Scott, Nicholas A

Sitiso, Nitigron P

Kolandjian, Harout A

3

Smith, Armani J

Moshe-Hai, Eliran

Baldo, Alexander P

Vartanian, Artin K

Weissman, Eric R

Harbour, Andrew S

Yu, Bincheng

Benson, Diana L

Garnica, Natalie

Hawatmeh, Sarah

Gage, Brent R

Ratliff, Ben J

Sepanosian, Reneh

Cabrera, Emelyn M

Annese, Anthony

Makdissi, George M

Sine, Abdul-Aziz A

Anguelov, Dessislava

2

Wilson, Janayn D

Ortiz, Alice

D'Silva, Durand J

Daughtery, Daniel J

Schuman, Michelle K

Levi, Daniel A

Fernandez Jr, David

Kim, Kippeum

Al-Refai, Othman S

Anguiano, Irma

Kye, Hyunjin

Chen, Yi-Jen

Melendez, Geovany A

Schuil, David D

Aldeweesh, Abdullah D

Manorat, Milan N

Esgate, Ryan M

Rodriguez, Eduardo

1Siciliano, Sara A

Maynard, Tiffany Y

Aljuraiban, Jasser S

Gzlyan, Anahet A

Atwood, Ashley L

Li, Linzheng

Kye, Hyunjin

Key, Kristy P

Brodskaya, Veronica

Barajas, Mayra

Macias, Esmeralda

Uribe, Vanesa A

Heredia, Linda G

Morales Lopez, Nydia J

Barba, Tathiana M

LeGrand, Jared P

Hobson, Danielle N

Fernando, Andrew I

Seat 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Front of Room

Dollars Saved or Invested

InterestRate

Investment

Savings

AllOtherGoods

Real GDPGood X

PriceLevel LRAS

Natural GDP

SRAS

ADInstitutional PPF Physical PPF

SRASlow oil prices

1. Lower oil prices reduces the cost of production shifting the SRAS to the left. This increases real GDP and lowers prices.

2. 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.

3. If the decrease in oil prices is permanent, the LRAS will shift to the right.

4. 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.

5. Because the changes in welfare are permanent, the LRAS will shift to the right and shifting the institutional PPF outward.

S2-Temporary

S2-Permanent

LRAS2

SRASWelfare Reform

LRAS3

Expenditures

Year Person Housing Vacations Automobile Total Expenditures

2006

Rich Person 10 5 4 $ 3,800 Middle Class

Person 7 2 2 $ 2,200 Poor Person 3 0 0 $ 600

Total 20 7 6 $ 6,600

2010

Rich Person 12 7 5 $ 4,110 Middle Class

Person 5 1 1 $ 1,140 Poor Person 3 0 0 $ 450

Total 20 8 6 $ 5,700

2012

Rich Person 12 7 4 $ 3,200 Middle Class

Person 5 1 1 $ 880 Poor Person 3 0 0 $ 300

Total 20 8 5 $ 4,380

2006Prices

$ 200 $ 200 $ 200 2010 $ 150 $ 180 $ 210 2012 $ 100 $ 160 $ 220

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:

64.83100prices 2006at bought goods ofbasket 2006

prices 2010at bought goods ofbasket 2006x

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.

6511$

27.67

4380100

year base theas 2006 with 2012for index Price

2012in Income Nominal

x

Real IncomeBase Year

Income 2006 2010 20122006 $ 6,600 $ 5,532 $ 4,380 2010 $ 6,815 $ 5,700 $ 4,548 2012 $ 6,511 $ 5,427 $ 4,380

Price Index

Base YearPrice Index 2006 2010 2012

2006 100.00 119.30 150.68

2010 83.64 100.00 125.34

2012 67.27 80.70 100.00

Summary Statistics and Curve.

First Exam

Required

ScoreNormalized

Score Count PercentA 62 1.00 7 13%B 51 0.50 7 13%C 29 (0.50) 17 33%D 19 (1.00) 16 31%F 0 5 10%

Total 52

Without

Quiz With QuizMean 30.90 40.13

σ 19.11 21.38

Count 52 52

Reading the Online Grade Roster

Raw score is the number of correct answers.Adjusted Quiz score is the percent of correct answers times 10.

Total points added to exam from all quizzes. Each quiz was worth a maximum of 10 points

Normalized Exam Score is how many standard deviations away from the mean you are.

Course First Exam Quiz 2 Quiz 1 Aplia.Com

AliasCurrent

Course Grade

Current Normalized

Course ScoreNormalized Exam Score Grade

Total (In Class + Quizzes) In Class Exam

Total Quiz Points Added Points Added Raw Score

Points Added (10)

Raw Score (24) Grade

Normalized Score Total

1223334444 A 2.12 2.39 A 96 79 17 7 12 9.58 23 A 1.85 484.678183653925 B 1.11 2.39 A 96 80 16 8 13 7.92 19 C (0.16) 255.838186533390 A 1.73 2.19 A 91 78 13 7 12 6.25 15 A 1.26 418.006161616161 A 1.36 2.18 A 91 78 13 6 10 7.08 17 B 0.54 335.508183199507 A 1.15 2.03 A 88 79 9 0 8.75 21 C 0.26 304.178186655591 A 1.45 1.96 A 86 73 13 7 12 6.25 15 B 0.94 381.008058130964 A 1.23 1.93 A 86 78 8 8 13 0.00 B 0.52 334.008183954498 A 1.53 1.84 A 84 69 15 7 12 7.50 18 A 1.22 413.33Kobe4 MVP! A 1.37 1.82 A 83 69 14 7 12 7.08 17 B 0.93 380.002170593025 A 1.13 1.66 A 80 65 15 6 11 8.33 20 B 0.59 341.008186419910 C 0.31 1.58 A 78 71 7 7 12 0.00 D (0.96) 165.50

Online Grade Roster-Current GradeFirst Exam Quiz 2 Quiz 1

Alias

Grade if Course Ended Today

Current Course Score

Normalized Exam Score Grade

Total (In Class + Take Home +

Quizzes)Take Home

ExamIn Class Exam

Total Quiz Points Added

Points Added Raw Score

Points Added Raw Score

9112514913 A 1.56 2.23 A 92 20 58 14 6 11 8 8

1020881011 A 1.74 2.14 A 91 18 60 13 8 13 5 5

2323232323 A 1.61 2.05 A 89 25 47 17 9 15 8 8

3103793528 A 1.78 2.03 A 88 28 47 13 6 11 7 7

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.

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.