Comment on scores for test 1

In both sections of 122 (section 004 and section 009), the average score and the median score were above 80%. So use the default scale in the syllabus (90-100 is an A, 80-89.9 is a B, etc.) to determine the "grade".

Please keep in mind, I do not enter a letter grade into the grade book. I enter the score. The only "true" grade you get is the final grade at the end of the semester. (I do turn in midterm grades for those with a target grade of D or F.)

To calculate your percentage score, it depends on which section you're in.

MW (004), take your raw score and divide by 43, then multiply by 100.

TR (009), take your raw score and divide by 44, then multiply by 100.

Nice work on the first test. But let me issue this warning: the material does not get any easier. Some people find they do well on the first test then take it as a signal to slack. Then they slack their way to a C grade next time. Don't let that happen to you.

JJ

Boo to all of you!

There was an error on the practice problems. The very first one, regarding the basic concern of economics. The answer key said D. But didn't that seem a bit backward? Because it was. The best answer was C: studying the choices people make.

NO ONE contacted me and asked me about that. You should have. So "boo to you".

Moreover, I went ahead and included that same problem on the test, but of course, using care, I put the correct answer, C, on the test.

So I'm going to throw out the question.

JJ

Answer Key to Sample MC Questions for Test 1

Here is the key to the sample test.

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

Some comments:
* When on a PPF, to get more of one good you must give up another. However to get more of one good, in this problem "oil" the output of the other good, helmets, decreases at an increasing rate, not decreasing.

**The circular flow problems on this sample test reflect the model previously used in my course (due to a different book). Although both are acceptable, A may look more like the diagram in the Taylor text.

For you test the wording will be chosen to reflect the material as presented in class and in the Taylor text.

For problems 41, 45, and 47: Both demand and supply shift. When both shift it is important to note that one variable (P or Q) will clearly change in a particular direction, but while one clearly moves the other can move up or down, ultimately uncertain.

41: Demand falls, pushing down P and Q. Supply increases, pushing down P and increasing Q. In sum, P falls but Q can go down or up or stay the same.

45: Supply will fall, pushing P up and Q down. Demand increases, pushing P up and Q up. Price will clearly go up, but the movements in Q can be somewhat offsetting, depending on the magnitude of the shifts of the curves.

47: The costly ad program raises costs of producing milk. Supply decreases. But the ad campaign successfully increases demand. Price will rise due to both, but Q could go up or down or remain the same.

Hint: For these market problems, you should draw S and D curves, shift them appropriately, and see how P and Q ultimately change.

Let me know if you think there are any errors on the key.
Good luck.