The next chapters

Our discussions in class over at least the next two days (and from last Tuesday) are associated with readings from Chapters 29 and 30 in the Taylor text.

Alternative Assignment for class on March 19

Please remember that class on March 19 has been canceled.

An optional make up assignment will be made available to you. The assignment is not fully developed yet but I would like it to involve a CBS 60 Minutes interview with the chairman of the Federal Reserve.

We will be talking about the Federal Reserve (affectionately referred to as "The Fed") beginning next week.

The following link will direct you to the streaming video of Fed Chief Ben Bernanke's interview on 60 minutes.

http://www.cbsnews.com/stories/2009/03/12/60minutes/main4862191.shtml

It is a two-part video, each part under 15 minutes, plus there is a special feature that was not broadcast on 60 Minutes. You should watch all parts. It is fascinating.

The assignment will be answering a few questions to be turned in and scored. This assignment is optional and will be extra credit. I will post the questions sometime next week but you may begin to view the video now.

I will see you on Tuesday.

JJ

Test 2 results and current grade distribution

Average: 27.60 out of 40 (69%)
Median: 27.5(68.75%)
Standard Deviation: 4.98 (12.45%)

The following scale should be a good guide as to the quality of your work (frequencies in parentheses):

A: 32.5 + (15)
B: 27.5 – 32.0 (34)
C: 22.5 – 27.0 (30)
D: 17.5 - 22.0 (13)
F: 17.0 and lower (1)

The blue number on your test is your points-to-date (as of test 2). There are a total of 50 possible points.

Average: 34.94 out of 50(70%)
Median: 35.75 (71.5%)
Standard Deviation: 7.41 (14.8%)

For now, you should go with the following scale (frequencies in parentheses):

In terms of points out of 50:
A: 42.50 and higher (13)
B: 36 to 42.499 (32)
C: 30 to 35.999 (29)
D: 24.5 to 29.999 (12)
F: 24 and lower (12)

Answer key to sample problems for test 2 **revised**

Here is the key to the sample problems on the I-drive. I realize some of them are difficult. But I think if you study these and master these you should do ok. You should work on the problems, then check your score. Then go back and figure out why you got an answer wrong. (Also, if you knew you were only guessing on a problem, figure out why it is correct.)

Please let me know by email or AIM if you think any of these are wrong.


1-A, 2-B, 3-B, 4-C*, 5-B, 6-A,
7-A, 8-B, 9-D, 10-C,
11-D, 12-C, 13-C, 14-C, 15-B, 16-C, **14 was originally wrote B. That wasn't correct. It's C.**
17-A, 18-C, 19-B, 20-B, 21-C, **Thanks Collette**
22-C, 23-C, 24-C, 25-D, 26-D, 27-D, 28-B,
29-C, 30-D, 31-B, 32-B, 33-B
34-D**, 35-D, 36-C, 37-B, 38-B, 39-C,
40-C, 41-C, 42-A, 43-C, 44-C, 45-B

*4-no, it is not D. If the price of getwids falls, the quantity demanded will increase, but we don't say demand increases. This is a movement along a demand curve, not a change in the position of the demand curve. So B is NOT one of the answers. But C is, since you are told the two goods are substitutes.

**34--yes, another tough one. But think about it. You need to think arithmetically. The insight is in the math.