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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 1131 2PM) Front of Room Seat Row 1 2 3 4 5 6 7 8 9 10**

El-Awar, Nader N Saka, Hussain O Hernandez, Berenice Molloy, John C Tolentino, Gustavo A Khachaturyan, Nana M Moulton, Joseph D Basfar, Mohammed Mao, Kimpheng Oguntolu, Temitope A Zelaya, Jonathan A Tellez, Joshua T Han, Seung Hyun Marx, Luigi McGregor, Daniel J Bravo, Fidencio Lam, 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 G Wan, 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 A Cruz, 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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Row Rear of Room 8 Millard, Michael D Bin Twalah, Zaid M Nanejanians, Natalie Yu, Po-Chun Mansour, Issac J Jehdian, Hagop S Aldabus, Qais A Kimelman, Rostislav Canyon, Carl A Bonilla, Daniel A 7 Garibkhanyan, Marten Leyva, Ana P Contreras, Jonathan Chung, James H Haddad, Melissa Martinez, Nayelly I Arteaga, Jonathan C Mendoza, Monica Ventura, Nelson Mendoza, Jesus Christie, Cole J Chacon, Daniel G Lal, Ivan R Bapte-Jean-Louis, Glenn C Reneaux, Denise Albaker, Ahmed A Fick, Anthony C Velling, Arthur E 6 Adi, Anatt Nersesian, Ani S Tilbiyan, Anna Clay, Jonathan J Ortega, Joseph M Meng, Zhenhao Martinez, Cinthia Sarkisyan, Allen Garcia, Jorge L Manougian, Bayzig E Iwanski, Amber M Sanchez, Henry Fitzwater, Matthew R Aleksandryan, Samvel Ingram, Corey Millan, Erik E Alissa, Omar M Carpenter, Byron A 5 Specter, Kelsey E Hong, Joseph Escobedo, Ivone D Petrosyan, Narek Ubau, Michelle A Prieto, Omar A Pafford, Matt L Mckendrick, Mike J Militello, Stefano P Yang, Chengding Gavia, Sarah R Jones, Alexander P Rao, Datuan Ryan, Jordan N Rasten, Alexis E Samlall, Ravi R Mendoza, Marcus R 4 Xi, Weiren Juarez, Briana C Bekarian, Sossi Lee, Daniel K Wong, Anthony C Marsoubian, Garo B Sanchez, Victor E Gummadi, Arun Nishinaka, Daisaku Zhao, Peiyu Joseph, Mark M Wu, Haohan Matevosyan, Raymond Alonso, Justin M Hu, Xiaoqiang Scott, Nicholas A Sitiso, Nitigron P Kolandjian, Harout A 3 Smith, Armani J Moshe-Hai, Eliran Baldo, Alexander P Vartanian, Artin K Weissman, Eric R Harbour, Andrew S Yu, Bincheng Benson, Diana L Garnica, Natalie Hawatmeh, Sarah Gage, Brent R Ratliff, Ben J Sepanosian, Reneh Cabrera, Emelyn M Annese, Anthony Makdissi, George M Sine, Abdul-Aziz A Anguelov, Dessislava 2 Wilson, Janayn D Ortiz, Alice D'Silva, Durand J Daughtery, Daniel J Schuman, Michelle K Levi, Daniel A Fernandez Jr, David Kim, Kippeum Al-Refai, Othman S Anguiano, Irma Kye, Hyunjin Chen, Yi-Jen Melendez, Geovany A Schuil, David D Aldeweesh, Abdullah D Manorat, Milan N Esgate, Ryan M Rodriguez, Eduardo 1 Siciliano, Sara A Maynard, Tiffany Y Aljuraiban, Jasser S Gzlyan, Anahet A Atwood, Ashley L Li, Linzheng Key, Kristy P Brodskaya, Veronica Barajas, Mayra Macias, Esmeralda Uribe, Vanesa A Heredia, Linda G Morales Lopez, Nydia J Barba, Tathiana M LeGrand, Jared P Hobson, Danielle N Fernando, Andrew I Seat 9 10 11 12 13 14 15 16 17 18 Front of Room

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**SRASlow 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 Invested Interest Rate Investment Savings S2-Permanent S2-Temporary All Other Goods Price Level LRAS LRAS2 LRAS3 SRAS SRASlow oil prices SRASWelfare Reform Institutional PPF AD Physical PPF Natural GDP Good X Real GDP

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Expenditures Year Person Housing Vacations Automobile Total Expenditures 2006 Rich Person 10 5 4 $ ,800 Middle Class Person 7 2 $ ,200 Poor Person 3 $ Total 20 6 $ ,600 2010 12 $ ,110 1 $ ,140 $ 8 $ ,700 2012 $ ,200 $ $ $ ,380 Prices $ $ $ $ $ $ $ $ $ Price Index Base Year 2006 2010 2012 100.00 119.30 150.68 83.64 125.34 67.27 80.70 Real Income Base Year Income 2006 2010 2012 $ ,600 $ ,532 $ ,380 $ ,815 $ ,700 $ ,548 $ ,511 $ ,427 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. 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:

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**Summary Statistics and Curve.**

Without Quiz With Quiz Mean 30.90 40.13 σ 19.11 21.38 Count 52 First Exam Required Score Normalized Score Count Percent A 62 1.00 7 13% B 51 0.50 C 29 (0.50) 17 33% D 19 (1.00) 16 31% F 5 10% Total 52

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**Reading the Online Grade Roster**

Course First Exam Quiz 2 Quiz 1 Aplia.Com Alias Current Course Grade Current Normalized Course Score Normalized Exam Score Grade Total (In Class + Quizzes) In Class Exam Total Quiz Points Added Points Added Raw Score Points Added (10) Raw Score (24) Normalized Score Total A 2.12 2.39 96 79 17 7 12 9.58 23 1.85 484.67 B 1.11 80 16 8 13 7.92 19 C (0.16) 255.83 1.73 2.19 91 78 6.25 15 1.26 418.00 1.36 2.18 6 10 7.08 0.54 335.50 1.15 2.03 88 9 8.75 21 0.26 304.17 1.45 1.96 86 73 0.94 381.00 1.23 1.93 0.00 0.52 334.00 1.53 1.84 84 69 7.50 18 1.22 413.33 Kobe4 MVP! 1.37 1.82 83 14 0.93 380.00 1.13 1.66 65 11 8.33 20 0.59 341.00 0.31 1.58 71 D (0.96) 165.50 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.

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**Online Grade Roster-Current Grade**

First Exam Quiz 2 Quiz 1 Alias Grade if Course Ended Today Current Course Score Normalized Exam Score Grade Total (In Class + Take Home + Quizzes) Take Home Exam In Class Exam Total Quiz Points Added Points Added Raw Score A 1.56 2.23 92 20 58 14 6 11 8 1.74 2.14 91 18 60 13 5 1.61 2.05 89 25 47 17 9 15 1.78 2.03 88 28 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.

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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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