Answer key to sample mc questions for Test #3

Here is the key to the sample multiple choice problems. The questions are on my I-drive.

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

There are a few problems from the book that were on the review sheet. You can find the review sheet and the solutions to the suggested problems on the I-drive. (I:\jjulian)

I should be online later. AIM screenname is CinciDood.

If you have trouble accessing the I-drive I can email or transfer the files to you if I'm online. Hit me up and I'll help you out.

Good luck.

Review for Test #3

Test 3 is Friday, July 28.

Check the I-drive for an updated review sheet and some sample multiple choice problems.

The key to the sample test problems will be posted later.

The solutions to some of the suggested textbook problems will likely be placed on the I-drive later.
Watch this space.

Answer Key to Study Questions for Test #2

Here is the answer key to the practice problems. You can find them on the I-drive.

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

If you think anything is incorrect please comment or send me an email.

J

Monday, July 17

As you were warned, you should expect the test Monday morning.

The test will run from 10:15 to 11:15. A lecture/discussion session will take place after the exam from 11:15-12:15.

Option: Since this is an inconvenience for us all and because of my respect of test dates, this test will be considered optional. You have two options:

1. Take the test and it will count as described in the syllabus (15 percentage points).

2. You may choose NOT to take this test. If you do not take the test your 15 percentage points will be shifted to the next three tests (including the final). That is, tests 2 and 3 will each become worth 20% and the final will become 25%. Furthermore your written problem, which had been collected, will be forfeited as well.

(Those who take the test on Monday will not have to do another written problem. It will only be multiple choice.)

There are no other alternatives.

If you choose option 1, you cannot later decide to have it not count.

My personal opinion is that you should take this test and not run the risk of having more points on potentially more difficult material.

To those who had arranged the "make up" test Monday at 9:15, please just plan to take the test at the regular class time.

There were some issues with the practice test on the I-drive. I believe it is functioning properly now. If you can't get it open then send me and email and I'll attach a copy in reply.

Good luck and a thousand apologies for the confusion and carelessness on my part. I'll tell the whole story in class on Monday. Hopefully we'll all get a laugh.

J

Opps. My bad.

Stay tuned for an update. In the mean time, plan on a test Monday.

(You know it's right.)

JJ

Connecting to the I-drive from off campus

Use this link: http://www.acad.iup.edu/

Choose the Instructor drive. You're on your own from there.

If you are in a campus lab it ought to be "mapped". If you are in a residence hall and it is not mapped you can use the internet or you can map it yourself (I can't help, tho).

Quiz #2 and answers

Econ 122

Quiz #2 Answer Key

True or False?

1. Trade allows a country to consume outside its production possibilities frontier. (TRUE)

2. Two countries can achieve gains from trade even if one country has an absolute advantage in the production of both goods. (TRUE)

3. The producer who has the smaller opportunity cost of producing a good is said to have an absolute advantage in producing that good. (FALSE: they would have a comparative advantage)

4. As long as two people have different opportunity costs, each can gain from trade by being able to obtain a good at a price lower than his or her opportunity cost. (TRUE)

5. Adam Smith developed the theory of comparative advantage as we know it today. (FALSE: it was David Ricardo

More Review Info

We have not covered all of chapter 3 in the Krugman and Wells book. Here are the pages for which you need to be responsible:

pp. 56-64
skip "shifts of the supply curve"
then resume with pp. 68-73. (Diagram on 73 was covered, but stop at "What happens when the supply curve shifts".)

Key to Test 1 Study Problems

Here is the key for the sample multiple choice problems found in my I-drive folder (jjulian).

I had to re-solve these problems and I did it quickly. Let me know if you think there are any errors. (I know, some of these problems are very difficult. I hope to pick some problems that may not be so difficult, but you can always expect a few tough ones.)

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

I'll post updates to this blog entry if I need to make changes or offer some explanations.

JJ

Welcome Summer II '06 Students

You have found the course weblog. It is probably a good idea to bookmark this page. You can scroll down and see some of the communications I've had during other terms. This page is a few years old. Rather than delete stuff I just plan to keep it as a public record.

I will try to keep this updated regularly. You should be able to find information related to assignments and the course at this spot. I will attempt to post all daily homework assignments here as well. That will most likely be a page/problem number from the text book. This would be good in the event you miss class or have to leave class before the homework problem is announced. I don't plan to have the problems decided until the end of class and I see how much material we've covered, but this way you can at least attempt to prepare for the next class in the event you miss the prior.

Just keep in mind: Although I have no attendance policy per se, the university does. You are expected to be in class. If you miss class it is your responsibility to know what was covered in class that day. You should make a friend and get notes from that person. There is also a high positive correlation between class attendance and course grade. Those that attend regularly tend to do better than those who skip regularly.

Want to know what I think? Here's what I think...

I think that since you're paying for the course you can decide whether to show up or not. However, keep in mind that your education is subsidized by the state. The taxpayers (likely including your professor and parents and neighbors) would probably appreciate it if you went to class. Anyone helping foot the bill has an interest in your well being.

If you feel guilty for missing a class it is probably a good reaction for doing something like that.

If you have legit reasons for skipping class, you should not feel guilty. You can always chat with me about your circumstances if it is relevant.

If you miss more than one class a week you are probably not a good student.

If you miss class with some regularity, you should not expect any special treatment or favors. In addition you should probably not hit me up for a reference or letter of recommendation. (Ah, another reason to go to class and maintain good relationships with your instructors.)

If you come to class regularly I will think highly of you. Brownie points are valuable too.

One more thing about this page: refresh regularly. I've found that both explorer and firefox will automatically reload the cached page of this. When you come here and check for stuff it is probably a good idea to refresh the page for the most current update.

Good luck this term. I like what I do and I hope some of that enthusiasm rubs off on you.

JJ