Alternative Assignment for September 30 **updated**

In lieu of class today here's a mini research project for you:

How did YOUR member of Congress vote on yesterday's failed $700 billion bailout package?


http://uspolitics.about.com/od/economy/l/bl_roll_call_bailout_29sep2008.htm

Don't know your representative? (You will likely need your zipcode+4) You should use the member of congress where you vote. (If back home, put in your home zip code. If Indiana, it depends on where you live because there are two members of congress in the county.)

Write your answer on a paper and turn in at class on Thursday. Include your Representative's NAME and how they voted (YEA or NAY). If from outside Pennsylvania, please indicate the state.

***UPDATE***

This assignment is completely OPTIONAL. It is worth TWO bonus percentage points.

***End of update***

Have a good day.

Test 1 scores and scale

Here is the distribution of grades information for Test 1.

average = 31.10 out of 40 points. (77.7%)
median = 31.75 out of 40 points (79.4%)
standard deviation = 4.5 points (11.3%)

Based on the measures above, you should use the following as a guideline for interpreting your grade:

A: 35.5 and higher
A-/B+: 35 (this value was the "mode" or the most frequently occurring observation)
B: 31.5 to 34.5
C: 25.5 to 31
D: 20 to 25
F: below 20 points

Please take note: This distribution is merely a guideline. I do not record any letter grades for the tests. However, this scale is indicative of the quality of your work. A unique scale may arise for each of the tests. The final (overall) scale will include a weighted average of all the test distributions, appropriately adjusting the final scores.

Answer Key to Sample MC Questions for Test 1

This is the key to the sample problems you can find on the I-drive. Need help finding the I-drive from an off campus computer?

1-C, 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.