Homework #1 comments

For problem 1, X is exports, M is imports. Sorry for the unclear notation on that. But I think most of you figured it out.

For problem 2, you need to calculate a percentage change. If you need reminded how to do that, you take the difference between the "current value" and the "previous value", and dividing by the previous value. Multiply by 100 to put into percent.

For example, Year 1 GDP is 7 trillion. Year 2 GDP is 7.2 trillion. The percentage change from year 1 to year 2 is (7.2 - 7) / 7 which is then 0.2 / 7 which equals 0.02857 or about 2.9%.

I know we didn't get to talk about the GDP price index, but the formula is there. Try to figure it out. We'll go over at least one of the year's calculations in class.

I hope that helps. See you on Wednesday.

Welcome & Comment on Text

You have reached the class weblog of Dr. Jack Julian's Econ 121, Principles of Macroeconomics class that meets Mondays and Wednesdays, 3:35 - 4:50 p.m.

I want to update you on the situation with the text book.

The text will continue to be available in pdf form from Freeload Press until October 1.

There will be a period of overlap and after October 1 the text will be available exclusively from Stackademia.

You will need to register to access the texts on these sites. You will find that there are many texts available so make sure you find Timothy Taylors Principles of Macroeconomics.

Answer key to sample problems for final exam

Here is the key and a few accompanying notes.

1-A, 2-B, 3-D, 4-C, 5-D,
6-C, 7-D, 8-A, 9-A, 10-D, 11-C, 12-B,
13-D, 14-D, 15-B, 16-D, 17-D, 18-C,
19-C, 20-B, 21-A,
22-A, 23-B, 24-C,
25-B, 26-A, 27-D, 28-C, 29-D, 30-A,
31-E*, 32-D, 33-D, 34-C, 35-D, 36-B, 37-A, 38-C,
39-B, 40-C, 41-C, 42-B, 43-A,
44-C, 45-D, 46-B, 47-C

*E. None of the above. The problem has no correct answer among the alternatives. a, b, and d, will all shift AD to the LEFT. c, a decrease in the price level, moves the economy down the AD curve, but won't shift it.

Sorry about all the John Maynard Keynes questions. As usual, these review problems are taken from exams I've used in the past. I don't do a lot of editing before hand.

If you think there are any errors, please send me an email or contact me over AIM.

For those of you who are required to take the comprehensive version of the exam, please make sure you review the earlier practice tests and review the previous review sheets. All are still available on the I-drive.

Test 3 results and current grade distribution

Here is the grade scale for Test 3. It is based on your raw score out of 40 possible points.

A: 36+
B: 32 - 35.5
C: 28 - 31.5
D: 24 - 27.5
F: 23.5 and below

The average score was 31.8 (approximately 79.5%) and a median of 32 points (80%).

The number (fraction) written in red on your score sheet is what I have as your current points to date out of a total possible of 71 points. Divide your score by 71 and you will have your percentage score.

Currently, the grade distribution would be as follows (based on your percentage score):

A: 87.5% and higher
B: 75% - 87.49%
C: 64% - 74.99%
D: 54% - 63.99%
F: below 54%

Notes: The distribution is based on those having taken all three tests to date. If anyone has missed one of the tests they are not included in this distribution.

The 71 points are based on the following:

3 tests @ 20% each, totaling 60 percentage points.
9 homework points (6 assignments, 3 worth 3 points, 3 worth 1 point)
2 participation credit points for participation on in-class activities

Remaining are 20 points for the final, 6 more homework points, and 3 participation credit points.

Good luck with the remainder of the course.