Test 1 scores and scale

Here is the distribution of grades information for Test 1.

average = 28.98 out of 45 points. (64.40%)
median = 29 out of 45 points (64.44%)
standard deviation = 6.3 points (13.9%)

Based on the measures above, you should use the following as a guideline for interpreting your grade:

A: 35 and higher
B: 29 to 34.5
C: 22.5 to 28.5
D: 16.5 to 22
F: below 16 points

Please take note: This distribution is merely a guideline. I do not record any letter grades for the tests. However, this scale is indicative of the quality of your work. A unique scale may arise for each of the tests. The final (overall) scale will include a weighted average of all the test distributions, appropriately adjusting the final scores.

Clarification

On the review sheet the wording may have suggested that you cannot leave class after the test until the period ends at 4:50. Rereading it that is how it sounds. But that is not what I meant.

I meant that you should not leave the room while you're taking the test. That means to go to the rest room, etc. It's just not cool.

However, once you are done with the test, turn it in and by all means LEAVE.

Good luck.

Key to sample problems for test 1

Here is the key. I sorta forgot about it earlier. I put this together rather quickly so please let me know if you think something is incorrect. I should have my AIM on for a few hours this evening.

So watch this space for updates.

1-A, 2-C, 3-D, 4-D, 5-B, 6-A, 7-D,
8-A, 9-A, 10-B, 11-D, 12-A, 13-B, 14-B,
15-B, 16-B, 17-D, 18-A, 19-D, 20-D,
21-D*, 22-C*, 23-C*, 24-A*, 25-B, 26-D, 27-A,
28-B, 29-B, 30-B, 31-C, 32-C, 33-B,
34-B, 35-C, 36-D, 37-D, 38-C,
39-D, 40-A, 41-B, 42-A,
43-B, 44-B, 45-A, 46-D,
47-D, 48-B, 49-B, 50-B, 51-D, 52-D**,
53-B, 54-C, 55-A, 56-C, 57-D***

Comments

* Problems like 21 through 24, where you have to calculate GDPs from hypothetical data, will NOT be on the test. We did not do any of those in class or homework and it is not well covered in the Taylor text. Keep in mind these problems are from old tests. The test on Wednesday will cover material we focused on in class as well as the assigned readings.

HOWEVER- This sample test lacks a bit of calculating ratios and percentage changes like from the first homework. Make sure you know how to do those problems.

**I don't like the wording in this problem as I think it is tricky in its use of "may". I think all of the above are true but if you think "may" includes the possibility someone has a comparative advantage in everything they do, well, then only C would be correct. I'm not going to argue. I'm just going to say I don't expect to put a question of this nature on one of my exams again.

***The circular flow diagram I used in class would lead you to answer D. However, the circular flow diagram that Taylor uses includes the financial markets. So A would be acceptable. I'm going to try to avoid questions that cause confusion.

Good luck.

Comments on Homework #3 and other things

For the homework that was handed out on Wednesday, Sept 10 and due Monday, Sept 15 (Homework #3). You should complete only the first problem. You should be able to complete all parts.

A correction: On part B, the word "trucks" should be "widgets". That was an editing error on my part. I started using trucks in my example but went back and changed it to widgets. Sorry for that confusion. (That said, the question could be considered stand alone and you should arrive at the same answer.) I've placed an updated and corrected version of the homework assignment on the I-drive.

As far as material for the first test on Wednesday the 17th:

I'm not going to attempt to get into chapter 4 in our last class meeting before the test. So I'm going to strike that from the material for test 1. It will be the next thing we cover after the first test.

The test will cover chapters 21, 1, 2, and 3. I'm going to wind up talking a little bit more on chapter 2 than I thought I might. I think this ultimately helps you as you won't have near as much material to study.

The class on Monday is going to be a regular class with some lecture and discussion. I typically don't have "review" days. Review days for me have always tended to be merely rehashing what I've already talked about. A good set of notes and close study of the text should be all you need. The class time we have together is short and sweet so I treasure the times when we can discuss something new.

I will hand out a review sheet in class on Monday to let you know more clearly what is expected of you for the test. Moreover, I will provide you with some sample multiple-choice problems for you to work on. They will be posted in the I-drive folder.

Have a good weekend.

Some weblinks

Bureau of Economic Analysis

The GDP tables from class:

Nominal GDP (Table 1.1.5)

Real GDP (Table 1.1.6)

Extended tables of Nominal and Real GDP in Excel format

Historical tables of growth rates of nominal and real GDP in Excel format (Percentage changes)

CIA World Factbook

GDP Rankings (CIA)

GDP growth rates (CIA)

per capita GDP rankings (CIA)