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First Exam Econ 161 Spring 2012

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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.

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Back of Room (JH PM) Seat Row El-Awar, Nader N Saka, Hussain O Hernandez, Berenice Molloy, John C Tolentino, Gustavo A Khachatury an, Nana M Moulton, Joseph D Basfar, Mohamme d Mao, Kimpheng Oguntolu, Temitope A Zelaya, Jonathan A Tellez, Joshua T Han, Seung HyunMarx, Luigi McGregor, Daniel J Bravo, FidencioLam, Andy Keleshyan, Harout A Avedisian, Vahe Patel, Ruchi R Delgado, Ruben Hernandez, Jonathan A Sarabia, Barrvara Y Underwood, Tanner A Nuyda, Adrian B Huang, Geoffery T De Silva, Dillon S Lin, Joshua E Bernabe, Ashley GWan, Silian Ramos, Gerardo Yaffe, Brendan A Merkle, Jacqueline J Almagdad, Shadi H Tobin, Charles L Szekely, Aaron Trinh, Nancy Alateeqi, Fahad A A M Fuentes, Manuel Pudumjee, Peshotan V Baharvar, Ariella S Guatemala- Carranza, Azusena Starr, Shalon N Mostrel, Michael A Gletten, Jason A Carter, Michael ACruz, Eddie Butler, Sherry S Volkov, Nikita Aleman- Alamillo, Perla Diamond, Robby Nguyen, Lily T Donoyan, Christopher Ghatak, Arjun K Kohli, Scherilynn K Sabzehzar, Sara D Hall, Vaughn M Front of Room

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RowRear of Room 8 Millard, Michael D Bin Twalah, Zaid M Nanejan ians, Natalie Yu, Po- Chun Mansou r, Issac J Jehdian, Hagop S Aldabus, Qais A Kimelm an, Rostisla v Canyon, Carl A Bonilla, Daniel A 7 Garibkh anyan, Marten Leyva, Ana P Contrer as, Jonatha n Chung, James H Haddad, Melissa Martine z, Nayelly I Arteaga, Jonatha n C Mendoz a, Monica Ventura, Nelson Mendoz a, Jesus Christie, Cole J Chacon, Daniel G Lal, Ivan R Bapte- Jean- Louis, Glenn C Reneau x, Denise Albaker, Ahmed A Fick, Anthony C Velling, Arthur E 6 Adi, Anatt Nersesi an, Ani S Tilbiyan, Anna Clay, Jonatha n J Ortega, Joseph M Meng, Zhenha o Martine z, Cinthia Sarkisya n, Allen Garcia, Jorge L Manoug ian, Bayzig E Iwanski, Amber M Sanchez, Henry Fitzwate r, Matthe w R Aleksan dryan, Samvel Ingram, Corey Millan, Erik E Alissa, Omar M Carpent er, Byron A 5 Specter, Kelsey E Hong, Joseph Escobed o, Ivone D Petrosy an, Narek Ubau, Michell e A Prieto, Omar A Pafford, Matt L Mckend rick, Mike J Militello, Stefano P Yang, Chengdi ng Gavia, Sarah R Jones, Alexand er P Rao, Datuan Ryan, Jordan N Rasten, Alexis E Samlall, Ravi R Mendoz a, Marcus R 4 Xi, Weiren Juarez, Briana C Bekaria n, Sossi Lee, Daniel K Wong, Anthony C Marsou bian, Garo B Sanchez, Victor E Gumma di, Arun Nishinak a, Daisaku Zhao, Peiyu Joseph, Mark M Wu, Haohan Matevo syan, Raymon d Alonso, Justin M Hu, Xiaoqia ng Scott, Nicholas A Sitiso, Nitigron P Kolandji an, Harout A 3 Smith, Armani J Moshe- Hai, Eliran Baldo, Alexand er P Vartania n, Artin K Weissm an, Eric R Harbour, Andrew S Yu, Binchen g Benson, Diana L Garnica, Natalie Hawatm eh, Sarah Gage, Brent R Ratliff, Ben J Sepanos ian, Reneh Cabrera, Emelyn M Annese, Anthony Makdiss i, George M Sine, Abdul- Aziz A Anguelo v, Dessisla va 2 Wilson, Janayn D Ortiz, Alice D'Silva, Durand J Daughte ry, Daniel J Schuma n, Michell e K Levi, Daniel A Fernand ez Jr, David Kim, Kippeu m Al-Refai, Othman S Anguian o, Irma Kye, Hyunjin Chen, Yi-Jen Melend ez, Geovan y A Schuil, David D Aldewe esh, Abdulla h D Manora t, Milan N Esgate, Ryan M Rodrigu ez, Eduardo 1 Siciliano, Sara A Maynar d, Tiffany Y Aljuraib an, Jasser S Gzlyan, Anahet A Atwood, Ashley L Li, Linzhen g Kye, Hyunjin Key, Kristy P Brodska ya, Veronic a Barajas, Mayra Macias, Esmeral da Uribe, Vanesa A Heredia, Linda G Morales Lopez, Nydia J Barba, Tathian a M LeGrand, Jared P Hobson, Danielle N Fernand o, Andrew I Seat Front of Room

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Dollars Saved or Invested Interest Rate Investment Savings All Other Goods Real GDP Good X Price Level LRAS Natural GDP SRAS AD Institutional PPF Physical PPF SRAS low oil prices 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. S 2-Temporary S 2-Permanent LRAS 2 SRAS Welfare Reform LRAS 3

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Expenditures YearPersonHousingVacationsAutomobile Total Expenditures 2006 Rich Person1054 $ 3,800 Middle Class Person722 $ 2,200 Poor Person300 $ 600 Total2076 $ 6, Rich Person1275 $ 4,110 Middle Class Person511 $ 1,140 Poor Person300 $ 450 Total2086 $ 5, Rich Person1274 $ 3,200 Middle Class Person511 $ 880 Poor Person300 $ 300 Total2085 $ 4, Prices $ $ 150 $ 180 $ $ 100 $ 160 $ 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. For instance the 2010 price level using 2006 as the base year is computed with: 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. For instance, converting nominal 2012 income to 2010 prices would be done with the formula. Real Income Base Year Income $ 6,600 $ 5,532 $ 4, $ 6,815 $ 5,700 $ 4, $ 6,511 $ 5,427 $ 4,380 Price Index Base Year Price Index

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Summary Statistics and Curve. First Exam Required Score Normalized ScoreCountPercent A % B % C29(0.50)1733% D19(1.00)1631% F0 510% Total 52 Without QuizWith Quiz Mean σ Count52

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Reading the Online Grade Roster Raw score is the number of correct answers. Adjusted Quiz score is the percent of correct answers times 10. Total points added to exam from all quizzes. Each quiz was worth a maximum of 10 points Normalized Exam Score is how many standard deviations away from the mean you are. CourseFirst ExamQuiz 2Quiz 1Aplia.Com Alias Current Course Grade Current Normalized Course Score Normalized Exam ScoreGrade Total (In Class + Quizzes)In Class Exam Total Quiz Points AddedPoints AddedRaw Score Points Added (10) Raw Score (24)Grade Normalize d ScoreTotal A A A B A C(0.16) A A A A A B A A C A A B A A B A A A Kobe4 MVP!A A B A A B C A D(0.96)165.50

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Online Grade Roster-Current Grade First ExamQuiz 2Quiz 1 Alias Grade if Course Ended Today Current Course Score Normalized Exam ScoreGrade Total (In Class + Take Home + Quizzes) Take Home Exam In Class Exam Total Quiz Points Added Points AddedRaw Score Points AddedRaw Score A A A A A A A A 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.

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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.

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