First Exam
Econ 161
Spring 2012
Instructions
Find your assigned seat using the seating
chart.
All books, backpacks, notes, jackets, etc.
should be left at the front of the room.
Once the exam has begun, you cannot
leave the room before you turn in your
exam.
Back of Room (JH 1131 2PM)
Seat
Row
1
El-Awar,
Nader N
2
3
4
Saka,
Hernandez, Molloy,
Hussain O Berenice John C
Zelaya,
Tellez,
Jonathan A Joshua T
5
6
7
Tolentino, Khachatury Moulton,
Gustavo A an, Nana M Joseph D
Han, Seung
McGregor, Bravo,
Hyun
Marx, Luigi Daniel J
Fidencio
8
9
10
Basfar,
Mohamme Mao,
Oguntolu,
d
Kimpheng Temitope A
Keleshyan, Avedisian, Patel, Ruchi
Lam, Andy Harout A Vahe
R
Delgado,
Ruben
Hernandez, Sarabia,
UnderwoodNuyda,
Jonathan A Barrvara Y , Tanner A Adrian B
Huang,
De Silva,
Geoffery T Dillon S
Lin, Joshua Bernabe,
E
Ashley G
Wan, Silian
Ramos,
Gerardo
Yaffe,
Merkle,
Almagdad, Tobin,
Brendan A Jacqueline J Shadi H
Charles L
Szekely,
Aaron
Alateeqi,
Fahad A A Fuentes,
M
Manuel
Pudumjee,
Peshotan V
GuatemalaBaharvar, Carranza, Starr,
Ariella S
Azusena Shalon N
Butler,
Sherry S
Volkov,
Nikita
AlemanAlamillo,
Perla
Mostrel, Gletten,
Michael A Jason A
Diamond, Nguyen,
Robby
Lily T
Front of Room
Trinh,
Nancy
Carter,
Michael A Cruz, Eddie
Donoyan, Ghatak,
ChristopherArjun K
Kohli,
Scherilynn Sabzehzar, Hall,
K
Sara D
Vaughn M
Row
8
7
6
5
4
3
2
1
Seat
Rear of Room
Kimelm
an,
Jehdian, Aldabus Rostisla Canyon, Bonilla,
Hagop S , Qais A v
Carl A Daniel A
Millard, Bin
Nanejan
Michael Twalah, ians,
Yu, Po- Mansou
D
Zaid M Natalie Chun r, Issac J
Contrer
BapteGaribkh
as,
Martine Arteaga, Mendoz
Jean- Reneau Albaker, Fick,
anyan, Leyva, Jonatha Chung, Haddad, z,
Jonatha a,
Ventura Mendoz Christie, Chacon, Lal, Ivan Louis, x,
Ahmed AnthonyVelling,
Marten Ana P n
James H Melissa Nayelly In C
Monica , Nelson a, Jesus Cole J Daniel G R
Glenn C Denise A
C
Arthur E
Fitzwate
Nersesi
Clay,
Ortega, Meng, Martine
Manoug Iwanski,
r,
Aleksan
Carpent
Adi,
an, Ani Tilbiyan, Jonatha Joseph Zhenha z,
Sarkisya Garcia, ian,
Amber Sanchez Matthe dryan, Ingram, Millan, Alissa, er,
Anatt S
Anna n J
M
o
Cinthia n, Allen Jorge L Bayzig E M
, Henry w R
Samvel Corey Erik E Omar M Byron A
Militello
Mendoz
Escobed Petrosy
Ubau,
Mckend ,
Yang,
Jones,
Ryan,
a,
Specter, Hong, o, Ivone an,
Michell Prieto, Pafford, rick,
Stefano Chengdi Gavia, Alexand Rao,
Jordan Rasten, Samlall, Marcus
Kelsey E Joseph D
Narek
eA
Omar A Matt L Mike J P
ng
Sarah R er P
Datuan N
Alexis E Ravi R R
Matevo
Kolandji
Wong, Marsou Sanchez
Nishinak
syan,
Hu,
Scott, Sitiso, an,
Xi,
Juarez, Bekaria Lee,
Anthonybian, , Victor Gumma a,
Zhao, Joseph, Wu,
Raymon Alonso, Xiaoqia NicholasNitigron Harout
Weiren Briana C n, Sossi Daniel K C
Garo B E
di, Arun Daisaku Peiyu Mark M Haohan d
Justin M ng
A
P
A
Harbour
Makdiss
Anguelo
Smith, Moshe- Baldo, Vartania Weissm ,
Yu,
Hawatm
Sepanos Cabrera,
i,
Sine,
v,
Armani Hai,
Alexand n, Artin an, Eric Andrew Binchen Benson, Garnica, eh,
Gage, Ratliff, ian,
Emelyn Annese, George Abdul- Dessisla
J
Eliran er P
K
R
S
g
Diana L Natalie Sarah Brent R Ben J Reneh M
AnthonyM
Aziz A va
Wilson,
Janayn Ortiz,
D
Alice
Maynar
d,
Siciliano Tiffany
, Sara A Y
1
2
Schuma
D'Silva, Daughten,
Fernand Kim,
Al-Refai,
Durand ry,
Michell Levi,
ez Jr, Kippeu Othman Anguian Kye,
Chen,
J
Daniel J e K
Daniel A David m
S
o, Irma Hyunjin Yi-Jen
Brodska
Aljuraib Gzlyan,
Li,
ya,
Macias, Uribe,
an,
Anahet Atwood,Linzhen Kye,
Key,
Veronic Barajas, Esmeral Vanesa
Jasser S A
Ashley L g
Hyunjin Kristy P a
Mayra da
A
3
4
5
6
7
8
9
10
Front of Room
11
12
Melend
Aldewe
ez,
esh,
Manora
Rodrigu
Geovan Schuil, Abdulla t, Milan Esgate, ez,
yA
David D h D
N
Ryan M Eduardo
Fernand
Morales Barba,
Hobson, o,
Heredia, Lopez, Tathian LeGrand Danielle Andrew
Linda G Nydia J a M
, Jared P N
I
13
14
15
16
17
18
1. Lower oil prices reduces the cost of production shifting
the SRAS to the left. This increases real GDP and lowers
prices.
2. The increase in real GDP will cause a rightward shift in
the savings curve. The shift will be larger if the drop in oil
prices is temporary and smaller if the drop in prices is
considered permanent. This will cause a decrease in
interest rates and an increase in investment.
3. If the decrease in oil prices is permanent, the LRAS will
shift to the right.
4. Welfare reform forces people off of government
assistance and into the civilian labor force. This increases
the supply of labor, lowers wage rates, and further shifts
the SRAS to the right, increasing real GDP, and lowering
prices.
5. Because the changes in welfare are permanent, the
LRAS will shift to the right and shifting the institutional
PPF outward.
Interest
Rate
Savings
Investment
Dollars Saved or
Invested
Price
Level
All
Other
Goods
S2-Permanent
S2-Temporary
LRAS LRAS2
LRAS3
SRAS
SRASlow oil prices
SRASWelfare Reform
Institutional
PPF
AD
Physical PPF
Natural GDP
Good X
Real GDP
Expenditures
Year
Person
Housing Vacations Automobile
Rich Person
Middle Class
Person
2006
Poor Person
Total
Rich Person
Middle Class
Person
2010
Poor Person
Total
Rich Person
Middle Class
Person
2012
Poor Person
Total
2006
2010
2012
Prices
10
$
$
$
5
4
Total
Expenditures
$
3,800
7
3
20
12
2
0
7
7
2
0
6
5
$
$
$
$
2,200
600
6,600
4,110
5
3
20
12
1
0
8
7
1
0
6
4
$
$
$
$
1,140
450
5,700
3,200
5
3
20
1
0
8
1
0
5
$
$
$
880
300
4,380
200 $
150 $
100 $
200
180
160
$
$
$
For instance the 2010 price level using 2006 as the base
year is computed with:
2006 basket of goods bought at 2006 prices
Price Index
2006
Base Year
2010
2006
100.00
119.30
150.68
2010
83.64
100.00
125.34
2012
67.27
80.70
100.00
Income
2006
2010
2012
x100  83 . 64
Real Income
Base Year
2006
2010
$
6,600
$
5,532
$
6,815
$
5,700
$
6,511
$
5,427
2012
2012
$
4,380
$
4,548
$
4,380
Nominal income is converted to real income by taking
nominal income in a given year and dividing by the price
index for that year and the chosen base year.
200
210
220
The price index using 2010 as the base year is computed
by taking the basket of goods actually consumed in 2010
and computing what that exact basket of goods would cost
if purchased at 2006 and 2012 prices.
2006 basket of goods bought at 2010 prices
Price Index
For instance, converting nominal 2012 income to 2010
prices would be done with the formula.
Nominal
Price
index
Income
for 2012 with
in 2012
2006 as the base year
x100 
4380
67 . 27
 $ 6511
Summary Statistics and Curve.
Mean
σ
Count
A
B
C
D
F
Total
Without
Quiz
With Quiz
30.90
40.13
19.11
21.38
52
First Exam
Required Normalized
Score
Score
62
1.00
51
0.50
29
(0.50)
19
(1.00)
0
52
Count
7
7
17
16
5
52
Percent
13%
13%
33%
31%
10%
Reading the Online Grade Roster
Alias
1223334444
8183653925
8186533390
6161616161
8183199507
8186655591
8058130964
8183954498
Kobe4 MVP!
2170593025
8186419910
Course
Current
Current
Normalized Normalized
Course Grade Course Score Exam Score
A
2.12
2.39
B
1.11
2.39
A
1.73
2.19
A
1.36
2.18
A
1.15
2.03
A
1.45
1.96
A
1.23
1.93
A
1.53
1.84
A
1.37
1.82
A
1.13
1.66
C
0.31
1.58
First Exam
Grade
A
A
A
A
A
A
A
A
A
A
A
Total (In Class +
Quizzes)
96
96
91
91
88
86
86
84
83
80
78
Quiz 2
Total Quiz
In Class Exam Points Added Points Added
79
17
7
80
16
8
78
13
7
78
13
6
79
9
0
73
13
7
78
8
8
69
15
7
69
14
7
65
15
6
71
7
7
Normalized Exam Score is how many standard
deviations away from the mean you are.
Total points added to exam from all quizzes. Each quiz was worth
a maximum of 10 points
Raw score is the number of correct answers.
Adjusted Quiz score is the percent of correct answers times 10.
Quiz 1
Raw Score
12
13
12
10
12
13
12
12
11
12
Aplia.Com
Points Added Raw Score
Normalize
(10)
(24)
Grade d Score
Total
9.58
23
A
1.85
484.67
7.92
19
C
(0.16) 255.83
6.25
15
A
1.26
418.00
7.08
17
B
0.54
335.50
8.75
21
C
0.26
304.17
6.25
15
B
0.94
381.00
0.00
B
0.52
334.00
7.50
18
A
1.22
413.33
7.08
17
B
0.93
380.00
8.33
20
B
0.59
341.00
0.00
D
(0.96) 165.50
Online Grade Roster-Current Grade
First Exam
Alias
Grade if
Course
Ended
Today
Current
Course
Score
Normalized
Exam Score
9112514913
A
1.56
1020881011
A
2323232323
3103793528
Quiz 2
Grade
Total (In Class +
Take Home +
Quizzes)
Take Home
Exam
In Class
Exam
2.23
A
92
20
58
1.74
2.14
A
91
18
A
1.61
2.05
A
89
A
1.78
2.03
A
88
Total Quiz
Points
Added
Quiz 1
Points
Added
Raw Score
Points
Added
Raw Score
14
6
11
8
8
60
13
8
13
5
5
25
47
17
9
15
8
8
28
47
13
6
11
7
7
Current Course Score is how many standard deviations away from the
mean you are on all graded items up to this point in the semester.
Grade if Course Ended Today is what grade you would receive right now
based on how many standard deviations away from the mean you are
averaging on all graded items up to this point in the semester.
Administrative Details.
 There will be a mandatory one week cooling off period
for any and all questions about the exam. After one
week, if you want to discuss your exam you must come
by office hours.