Answer Key to Sample MC Questions for Quiz 4

I see there are a few repeated questions. Sorry about that. Again, I was just cutting and pasting from old tests and old sample tests.

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

I really didn't mean to include the last page but I failed to edit out these questions, hence the repeats and the misnumbering. Here are the answers anyway:

40-C, 41-C, 42-A, 43-C, 44-C/D**, 45-B.

*Yes, this is difficult. The answer is found in the math formulas to calculate unemployment and labor force. Play with a few numbers and see if you can convince yourself.

**36 and 44 are the same question. Responses C and D are essentially the same. D just leaves out the "and".

Answer key to quiz 3 sample problems

Here is the key to the sample multiple choice problems for quiz 3.

1-B, 2-C, 3-B,
4-D, 5-B, 6-B,
7-B, 8-C, 9-A, 10-C, 11-B,
12-A, 13-A, 14-B, 15-C, 16-B,
17-A, 18-C, 19-B, 20-A.

I will not be online much tonight. I will be at the Green Day concert in Pittsburgh. (I may be on line when I get back from the show.) Also, I will not be in class on Friday. My colleague, Dr. David Yerger, will be covering the test.

In lieu of a retro video, you will have the opportunity to complete an optional extra credit assignment.

Grade scale for test #2

Average score = 22.63 out of 30 (75.45%)
Median score = 24.5
Mode = 24.5
Standard Deviation = 4.86 (16.20%)

Use the scale to approximate your quality of performance:

A: 28+
B: 22.5 - 27.5
C: 17.5 - 22
D: 12.5 - 17
F: 12 and under

Answer key to sample quiz 2

I hope this is right.

1-B, 2-D, 3-C, 4-B,
5-A, 6-C, 7-C,
8-B, 9-B, 10-D, 11-B,
12-C, 13-D, 14-D, 15-C, 16-D,
17-A, 18-B, 19-A, 20-B.

Let me know if you think any of these are wrong. We'll get it fixed.

Comments on Homework #2 problem

For the last few calculations on the homework problem, 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.

Answer Key to Sample MC Questions for Quiz 1

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-B,
22-D, 23-A, 24-B, 25-B.

^19 originally said B was the answer. That was way wrong. It is D. Thanks HG.

Let me know if there are any errors or if you wish to discuss any of the responses. 25 may be difficult because I used the term "comparative advantage". This is a term that comes up in a later chapter. But the context should be the division of labor. I think C may be a reasonable response if you wish to argue. But I wouldn't really put a question like this on your quiz since I use a word not well defined.

The problems come from old tests. I hope you understand if I did not take the time to fully edit them. I don't want to sound like a complaining baby, but making up good multiple choice questions is extremely difficult. I'll aim to be more careful with the real quiz. I will always throw out a question that I, in retrospect, think is bad. I aim to be fair. Tough but fair.

Also, I realize most of these questions are from chapter 21. There may be more balance with chapter 1 on the quiz.

Welcome & Comment on Text

This is the class blog for Jack Julian's Principles of Macroeconomics course. We are now in the Summer Session II.

Here are a few important links:

Textbook: Textbook Media

To find instructions on mapping your computer that is on the IUP network or on accessing the I-drive OFF campus: IUP's IT Support Center

You should figure this all out soon. Any blog comments should be directed to the instructor. Any I-drive inquires should be directed to IT Support Center. (Sorry if that bothers you. If so, read in Chapter 1 about the Division of Labor and you'll understand why I am not your tech rep and why I don't clean my own office and take out my trash.)

Economics is often called the dismal science. We economists have been pissing on parades since 1776 (publication date of Adam Smith's The Wealth of Nations). But it is also a science of hope.

Good luck and I hope you enjoy the course.