I drive is stuffed

If you haven't noticed, the I drive and weblog are now well stocked. What you need to know is on there. Remember, hitting refresh can help if you don't see the documents you seek.

Final exam sample m.c. answer key

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

I'll tend to any emails in the morning and probably at the last minute.

Please, you should not be freaked out. I've let you know how frustrating this last week has been. I'm sorry I've been slower than usual with the material. It's not you, its me. Take care.

Let's hope these issues aren't major...

I'm having trouble (a) getting files into my beloved pdf file.

and (b) getting them on the I-drive. I guess I will target 12 noon to have the review info and sample test.

I'll take good care of you.

Stop by the office and you can pick up your homework papers.

Osama Bin Ladin is dead!

What's next?

Your Final Exam!

I will put together the standard review sheet and some sample multiple choice problems. I hope the documents will be available Sunday early afternoon.

For those of you who are to take the comprehensive version of the exam you should review all of the previous test review guides and sample multiple choice problems. Please remember, the comprehensive version is FULLY comprehensive.

Answer Key to sample problems for test 3

I think this is the key. Let me know if you think any are wrong. (Please use email or if I'm online I'll be using AIM with the screen name CinciDood.) Sorry about the repeats.

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

Answer key to sample problems for test 2

I think this key is correct. If you have any questions please email me or see if I'm online (AIM screen name: CinciDood):

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,
17-A, 18-C, 19-B, 20-B, 21-A,
22-C, 23-C, 24-D, 25-A, 26-C, 27-D,
28-A, 29-C, 30-B, 31-A, 32-B, 33-E, 34-B,
35-A, 36-B, 37-C, 38-C, 39-E, 40-D,
41-B, 42-A, 43-B, 44-A, 45-A.

Although there were many questions on surpluses and shortages when prices were not at equilibrium, it is likely that fewer of those will be on the test. Expect a few more that deal with shifting of demand and supply curves and changes in equilibrium. (But remember, all of chapter 3 is fair game for the test!

Score distribution for test 1

The scale below is based on the following descriptive statistics:

average = 29.2 (out of 40 possible points--73%)
median = 29.5 (73.8%)
mode = 30 (75%)
standard deviation = 5.34 (13.3%)

The following is an approximate grade scale:

A: 34.5 and higher
B: 29 - 34
C: 23.5 - 28.5
D: 18 - 23
F: 17.5 and lower

Remember, I do not record letter grades for tests. I only keep record of your score. The scale will help you determine how "strong" or "weak" you are in the grade scale. A 34 is a stronger B than a 29. So to ultimately work toward a higher overall grade you will need to work harder for an A if you have a 29 vs. a 34.

Answer Key to sample problems for test 1

I hope this is right. Send me an email or IM me at CinciDood (AIM screen name).

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

Sorry for the poor editing of the answers to 51. Those look like dollar amounts, but the numbers should be separated by a comma and a few spaces:

A. $4, 40 units
B. $6, 30 units
C. $8, 30 units
D. $10, 35 units


For the two problems on the review sheet, I will not draw the diagrams, but here are the other answers:


1. B. equilibrium price and quantity is ($6; 81 pizzas).

C. If the price were below $6, there would be an excess demand or a shortage of pizzas. We'd probably find the pizza shop could raise its price, it would reduce the shortage (or eliminate it if they get the equilibrium price right). As the price rises, the quantity demanded would fall and the quantity supplied would increase. Once they find the price $6, there would no longer be a shortage.

2. Filling in the last column of the table:

$25 600 surplus pounds of lobster
$20 300 surplus pounds of lobster
$15 0
$10 300 pound shortage of lobster
$5 600 pound shortage of lobster

(It said to graph on the next page. There is no next page. It's a practice problem. Do it on some other paper.)