2Instructions 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.
3Back of Room (JH 1131 2PM) Front of Room Seat Row 1 2 3 4 5 6 7 8 9 10 El-Awar, Nader NSaka, Hussain OHernandez, BereniceMolloy, John CTolentino, Gustavo AKhachaturyan, Nana MMoulton, Joseph DBasfar, MohammedMao, KimphengOguntolu, Temitope AZelaya, Jonathan ATellez, Joshua THan, Seung HyunMarx, LuigiMcGregor, Daniel JBravo, FidencioLam, AndyKeleshyan, Harout AAvedisian, VahePatel, Ruchi RDelgado, RubenHernandez, Jonathan ASarabia, Barrvara YUnderwood, Tanner ANuyda, Adrian BHuang, Geoffery TDe Silva, Dillon SLin, Joshua EBernabe, Ashley GWan, SilianRamos, GerardoYaffe, Brendan AMerkle, Jacqueline JAlmagdad, Shadi HTobin, Charles LSzekely, AaronTrinh, NancyAlateeqi, Fahad A A MFuentes, ManuelPudumjee, Peshotan VBaharvar, Ariella SGuatemala- Carranza, AzusenaStarr, Shalon NMostrel, Michael AGletten, Jason ACarter, Michael ACruz, EddieButler, Sherry SVolkov, NikitaAleman-Alamillo, PerlaDiamond, RobbyNguyen, Lily TDonoyan, ChristopherGhatak, Arjun KKohli, Scherilynn KSabzehzar, Sara DHall, Vaughn MFront of Room
4RowRear of Room8Millard, Michael DBin Twalah, Zaid MNanejanians, NatalieYu, Po-ChunMansour, Issac JJehdian, Hagop SAldabus, Qais AKimelman, RostislavCanyon, Carl ABonilla, Daniel A7Garibkhanyan, MartenLeyva, Ana PContreras, JonathanChung, James HHaddad, MelissaMartinez, Nayelly IArteaga, Jonathan CMendoza, MonicaVentura, NelsonMendoza, JesusChristie, Cole JChacon, Daniel GLal, Ivan RBapte-Jean-Louis, Glenn CReneaux, DeniseAlbaker, Ahmed AFick, Anthony CVelling, Arthur E6Adi, AnattNersesian, Ani STilbiyan, AnnaClay, Jonathan JOrtega, Joseph MMeng, ZhenhaoMartinez, CinthiaSarkisyan, AllenGarcia, Jorge LManougian, Bayzig EIwanski, Amber MSanchez, HenryFitzwater, Matthew RAleksandryan, SamvelIngram, CoreyMillan, Erik EAlissa, Omar MCarpenter, Byron A5Specter, Kelsey EHong, JosephEscobedo, Ivone DPetrosyan, NarekUbau, Michelle APrieto, Omar APafford, Matt LMckendrick, Mike JMilitello, Stefano PYang, ChengdingGavia, Sarah RJones, Alexander PRao, DatuanRyan, Jordan NRasten, Alexis ESamlall, Ravi RMendoza, Marcus R4Xi, WeirenJuarez, Briana CBekarian, SossiLee, Daniel KWong, Anthony CMarsoubian, Garo BSanchez, Victor EGummadi, ArunNishinaka, DaisakuZhao, PeiyuJoseph, Mark MWu, HaohanMatevosyan, RaymondAlonso, Justin MHu, XiaoqiangScott, Nicholas ASitiso, Nitigron PKolandjian, Harout A3Smith, Armani JMoshe-Hai, EliranBaldo, Alexander PVartanian, Artin KWeissman, Eric RHarbour, Andrew SYu, BinchengBenson, Diana LGarnica, NatalieHawatmeh, SarahGage, Brent RRatliff, Ben JSepanosian, RenehCabrera, Emelyn MAnnese, AnthonyMakdissi, George MSine, Abdul-Aziz AAnguelov, Dessislava2Wilson, Janayn DOrtiz, AliceD'Silva, Durand JDaughtery, Daniel JSchuman, Michelle KLevi, Daniel AFernandez Jr, DavidKim, KippeumAl-Refai, Othman SAnguiano, IrmaKye, HyunjinChen, Yi-JenMelendez, Geovany ASchuil, David DAldeweesh, Abdullah DManorat, Milan NEsgate, Ryan MRodriguez, Eduardo1Siciliano, Sara AMaynard, Tiffany YAljuraiban, Jasser SGzlyan, Anahet AAtwood, Ashley LLi, LinzhengKey, Kristy PBrodskaya, VeronicaBarajas, MayraMacias, EsmeraldaUribe, Vanesa AHeredia, Linda GMorales Lopez, Nydia JBarba, Tathiana MLeGrand, Jared PHobson, Danielle NFernando, Andrew ISeat9101112131415161718Front of Room
5SRASlow oil prices SRASWelfare Reform Lower oil prices reduces the cost of production shifting the SRAS to the left. This increases real GDP and lowers prices.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.If the decrease in oil prices is permanent, the LRAS will shift to the right.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.Because the changes in welfare are permanent, the LRAS will shift to the right and shifting the institutional PPF outward.Dollars Saved or InvestedInterestRateInvestmentSavingsS2-PermanentS2-TemporaryAllOtherGoodsPriceLevelLRASLRAS2LRAS3SRASSRASlow oil pricesSRASWelfare ReformInstitutional PPFADPhysical PPFNatural GDPGood XReal GDP
6ExpendituresYearPersonHousingVacationsAutomobileTotal Expenditures2006Rich Person1054$ ,800Middle Class Person72$ ,200Poor Person3$Total206$ ,600201012$ ,1101$ ,140$8$ ,7002012$ ,200$$$ ,380Prices$$$$$$$$$Price IndexBase Year200620102012100.00119.30150.6883.64125.3467.2780.70Real IncomeBase YearIncome200620102012$ ,600$ ,532$ ,380$ ,815$ ,700$ ,548$ ,511$ ,427Nominal 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.For instance, converting nominal 2012 income to 2010 prices would be done with the formula.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.For instance the 2010 price level using 2006 as the base year is computed with:
7Summary Statistics and Curve. Without QuizWith QuizMean30.9040.13σ19.1121.38Count52First ExamRequired ScoreNormalized ScoreCountPercentA621.00713%B510.50C29(0.50)1733%D19(1.00)1631%F510%Total52
8Reading the Online Grade Roster CourseFirst ExamQuiz 2Quiz 1Aplia.ComAliasCurrent Course GradeCurrent Normalized Course ScoreNormalized Exam ScoreGradeTotal (In Class + Quizzes)In Class ExamTotal Quiz Points AddedPoints AddedRaw ScorePoints Added (10)Raw Score (24)Normalized ScoreTotalA2.122.399679177129.58231.85484.67B1.1180168137.9219C(0.16)255.831.732.1991786.25151.26418.001.362.186107.080.54335.501.152.038898.75210.26304.171.451.9686730.94381.001.231.930.000.52334.001.531.8484697.50181.22413.33Kobe4 MVP!1.371.8283140.93380.001.131.6665118.33200.59341.000.311.5871D(0.96)165.50Normalized 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 pointsRaw score is the number of correct answers.Adjusted Quiz score is the percent of correct answers times 10.
9Online Grade Roster-Current Grade First ExamQuiz 2Quiz 1AliasGrade if Course Ended TodayCurrent Course ScoreNormalized Exam ScoreGradeTotal (In Class + Take Home + Quizzes)Take Home ExamIn Class ExamTotal Quiz Points AddedPoints AddedRaw ScoreA1.562.239220581461181.742.149118601351.612.05892547179151.782.0388287Current 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.
10Administrative 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.