Test #3 score distribution

The mean is lower than the previous tests, signifying the relative difficulty of the test. Or does it? The standard deviation is rather high. This signifies that some did very well on the test and others did really poor, relative to their performance on earlier tests. This seems to indicate that some of the "blame" is on some of you being less prepared than you were for earlier tests. Keep in mind that with a curve employed you might think that slacking is not very costly. I think that is quite the contrary. You ought to have incentive to slack less.

Here is the approximate grade scale. They are different depending on the section.

MWF 11:45 class

average = 25.8 out of 40 possible points (64.5%)
standard deviation = 4.46 (11.2%)

A range: 30+
B range: 26-29.5
C range: 21.5-25.5
D range: 18-21
F range: 17.5 and lower

MWF 1:00 class

average = 27.07 out of 40 possible points (67.7%)
standard deviation = 5.36 (13.4%)

A range: 32.5 +
B range: 27-32
C range: 21.5-26.5
D range: 21 and lower

Good luck with the rest of your semester.

Answers to Study Problems for Test #3

Here is the answer key to the practice problems.

1-C, 2-A, 3-A, 4-B, 5-D, 6-A, 7-B,
8-A, 9-D, 10-A, 11-C, 12-D, 13-C, 14-D, 15-D,
16-D, 17-D, 18-B, 19-D, 20-C, 21-D, 22-C,
23-C, 24-A, 25-D, 26-A,
27-D, 28-A, 29-D, 30-C, 31-D, 32-A, 33-A, 34-D,
35-D, 36-C, 37-D, 38-B, 39-A, 40-C, 41-B, 42-C.

Comments: The practice test questions come from old tests of mine. Some of the terminology is different from class or Krugman and Wells since I used to use a different text. I hope you don't wind up confused. If you need clarification, just ask.

Also, a few problems refer to the "money supply". We haven't talked about that yet so don't let questions employing the use of money supply throw you off.

Problem 3: As mentioned in class, productivity can be considered output per worker or output per worker hour. This problem has you calculate all hours worked by the 5 workers to calculate output per worker-hour. Again, you ought to have figured that out from the context.

Problem 11: Don't worry about that "A" in the production function. It can be used in explaining production functions. I've dropped that notation as KW do not use it either. However, the presence of that "A" should not hinder you from getting the correct answer.

Problem 39: In this problem, AD shifts as well as AS-short run. As with regular markets, when both demand and supply shift, some variable, in this case the price level, may go up or down or stay the same (or indeterminate).

I had a busy day and I put this key together rather quickly. If you think there are any errors please contact me (jjulian@iup.edu) or send an instant message to CinciDood (AIM).

Good luck.

JJ

Economics Research Day

The Department of Economics is holding a mini-conference this Friday, November 11 from 9:00 am to 4:00 pm in the HUB Susquehanna Room. This mini-conference is sponsored by the College of Humanities and Social Sciences (CHSS). All faculty and students are warmly invited to attend one or more sessions. A copy of the schedule is available in your class folder on my I-drive.

You will notice that there are two sessions featuring students, one session with two Econ faculty, and finally a session with Dr. George Chressanthus (Econ alum--class of '77, and Director of Central Support, Commercial Analytics/Marketing Operations, AstraZeneca Pharmaceuticals).

If you have any questions about the CHSS mini-conference program, feel free to contact me.

FOMC Meeting

The Federal Open Market Committee's press release.

http://www.federalreserve.gov/boarddocs/press/monetary/2005/20051101/default.htm