Answer key to sample problems for final exam

Here is the key. Let me know if you think any of these is incorrect.

1-D, 2-A, 3-D, 4-C, 5-C, 6-B,
7-A, 8-A, 9-C,
10-B, 11-B, 12-B, 13-A, 14-D, 15-A,
16-B, 17-B, 18-C, 19-D, 20-C, 21-A,
22-A, 23-A, 24-D, 25-C, 26-D, 27-A,
28-D, 29-D, 30-B, 31-D, 32-C, 33-B,
34-B, 35-D, 36-*, 37-D, 38-C,
39-A, 40-C, 41-B, 42-C, 43-D, 44-D,
45-B, 46-D, 47-B, 48-A, 49-D, 50-B, 51-C,
52-C, 53-C, 54-B, 55-D, 56-A, 57-A,
58-C, 59-B, 60-A, 61-D, 62-B, 63-C, 64-C,
65-C, 66-B, 67-C,
68-C, 69-B, 70-A, 71-A, 72-D.

*for problem 36, unfortunately the alternatives do not appear. So as the question is worded, the distance AB represents savings per worker which is also equal to investment per worker.

Good luck.

Remember, the written problems are on a document on the I-drive.

final exam stuff

Ok, I finally got the four (4) final exam written problems placed out on the I-drive. (If you do not see it make sure you hit refresh or reload page.) Right now I have it in a Microsoft *.docx version. I do not have the ability to convert it to a pdf on my home computer. If you have issues, I apologize, but I won't be able to reload a pdf version until I get to the office on Monday.

The multiple choice problems have been out there for a while. There are quite a few but should give you a good idea of the types of questions you'll get on the final.

Reminder, your final projects are due by the time the econ department office closes on Friday Dec. 18. I will not be in the office that afternoon. Look first to see if there is a drop box outside my office as I have other classes with projects due. If there is no drop box you should slide it under my office door. I will pick them up Friday evening or Saturday morning for scoring.

IMPORTANT: The department office typically closes at 4:30. Sometimes, depending on availability of personnel, it can close early. Do NOT leave your paper outside the door or under the main office door. It will be declared too late. You've had plenty of extra time so please have it done by Thursday so all you need to do is drop it off on Friday.

I'll work on the answer key for the sample multiple choice problems this Sunday afternoon. I'll post it when it is ready (and that could still be Monday).

Good luck folks. You can do this.

Test 2 results and current grade distribution

Here is a summary of Test 2:

average = 26.6 (75.9%)
median = 26
mode = 30
st.dev. = 3.79 (10.8%)

The following would be a reasonable grade distribution for Test 2 (frequencies in (X))

(4) A: 30.5+
(10) B: 26.5 - 30
(8) C: 22.5 - 26
(4) D: 19 - 22
(0) F: 18.5 and lower

Here is the information on the distribution of grades to date:

Total points: 49

Average = 38.15 (77.86%)
Median = 38.29 (78.13%)
St. Dev. = 4.26 (8.70%)

To find your percentage score take the raw score (total points to date), which is written in blue ink on your test 2 paper, and divide that by 49.

Based on total points out of 49:

(5) 42+
(8) 38 - 41.99
(10) 33 - 37.99
(3) 29 - 32.99
(0) below 29

Prof. Jack Julian’s Revised Office Hours Week of October 19, 2009

Monday, October 19, 2009

11:00 a.m. – 12:00 noon

Tuesday, October 20, 2009

12:45 – 1:45 p.m.
3:15 – 4:15 p.m.

Wednesday, October 21, 2009

11:00 a.m. – 1:00 p.m.

Thursday, October 22, 2009

No Office Hours

Friday, October 23, 2009

No Office Hours

Test 1 scores and distribution

Here are the scores for the first test.

4-digit ID raw score pctscore
0924 22 62.9%
0968 28 80.0%
5919 28 80.0%
8332 25 71.4%
4435 30 85.7%
6277 23 65.7%
3730 32 91.4%
4377 23 65.7%
7942 26 74.3%
5022 26 74.3%
3779 29 82.9%
4924 24 68.6%
0247 18 51.4%
5922 32 91.4%
6978 25 71.4%
1397 24.5 70.0%
4148 24 68.6%
4554 32 91.4%
7142 31 88.6%
7640 21.5 61.4%
1706 30 85.7%
1706 30 85.7%
2000 32 91.4%
0889 31 88.6%
9361 24 68.6%
5728 27 77.1%
6767 24.5 70.0%

average 26.759 76.5%
median 26 74.3%
mode 32 91.4%
stdev 3.8289 10.9%


I hope the above is legible. Column one is your last four digits of your banner ID, second column is the raw score out of 36. The third column is the percentage score which is your raw score divided by 35 (allowing for a bonus point).

The average is a bit below my target of 80%, but not that bad. The standard deviation is very close to the ideal 10%. So in spite of what I may have said in class, the scores are not that bad.

Here is an approximate grade distribution. Remember one thing: I do not enter a letter grade into the grade book, only the raw score. The number in parentheses is the frequency of occurrences of observations in this range.

(6) A: 30.5 and higher
(7) B: 26.5 - 30
(11) C: 23 - 26
(2) D: 19 - 22.5
(1) F: 18.5 and lower

Not bad at all.

The homework assignment has been posted in the I-drive. I made a few notes and changes from the problems in the text. It is best that you try to get that document.


You may pick up your test, as well as a hardcopy of the homework assignment if you drop by my office. Friday I have class at 10:10 otherwise I should be around until early afternoon. Monday I'm available mostly 11-3:30, I may be out for a lunch break in the noon hour. Otherwise, I'll hand back the tests in class on Tuesday.

Again, I'm very very sorry for the delay.

Remember, your next test is Thursday, Oct. 22.

Homework answer keys

I finally placed answer keys to homeworks 2, 3, and 4 on the I-drive. I'm sorry that it took so long. Moreover, I was working on it last night and I got really ill and was unable to complete the task until this (Tuesday) morning. On top of that, I don't have the ability to create pdfs on my home computer, so the documents are in the latest version of microsoft word. I hope you're able to read them. If not, you should be able to get them from a computer lab on campus. But I think we've gone over the problems extensively in class so you really should know the answers anyway.

Thanks for understanding. I've been trying to get caught up on things since my week I lost to the flu. I know that hearing someone say "i didn't have time" is lame and unfair, but it's all I got.

Answer key to sample problems for test 1

Chapter 1

fill in questions
1. macroeconomics; microeconomics
2. Real GDP; recession; depression
3. unemployment
4. inflation
5. models
6. exogenous; endogenous
7. price flexibility; price stickiness
8. market-clearing (what we've later termed "neoclassical")

multiple-choice questions
1. B
2. D
3. D
4. B
5. D
6. C

Chapter 2

fill-ins
1. Nominal gross domestic product; real gross domestic product
2. unemployment rate; labor force
3. value added
4. consumer price index; Laspeyres
5. GDP deflator; nominal gross domestic product; real gross domestic product; Paasche
6. stock; flow
7. depreciation
8. labor-force participation rate
9. disposable personal income
10. imputed value
11. nominal gross national product; nominal gross domestic product
12. national income accounting identity; consumption; investment; government purchases, net exports
13. core inflation

multiple-choice questions
1-C; 2-B; 3-C; 4-C; 5-C; 6-C; 7-A; 8-D; 9-B; 10-B;
11-A; 12-C; 13-C; 14-A; 15-D; 16-D; 17-C; 18-D; 19-B; 20-D;

Chapter 3

fill ins

1. factors of production
2. factor prices
3. marginal product of labor; marginal product of capital
4. production function
5. constant returns to scale
6. competition; marginal product of labor; real rental price of capital
7. real wage
8. accounting profit
9. Euler's theorem; economic profit
10. Cobb-Douglas production function
11. diminishing marginal productivity
12. consumption function; marginal propensity to consume, disposable income
13. nominal interest rate; real interest rate
14. national saving
15. private saving
16. public saving; crowding out
17. loanable funds, loanable funds; loanable funds
18. financial intermediaries

multiple-choice

1-C; 2-D; 3-B; 4-C; 5-A; 6-A; 7-A;
8-B; 9-B; 10-A; 11-C; 12-D; 13-D; 14-A;
15-C; 16-D; 17-C; 18-B; 19-B; 20-C; 21-C.

These answers came from the study guide. In my experience, sometimes study guides can have wrong answer keys. (Note: everything worth doing is not necessarily worth doing well. This is counter to every argument other than the opportunity cost argument which is so damn compelling.) Just let me know if you think any of these is incorrect. It may be a typo or it may be a wrong answer and I'll fix it.

Good luck.

Today and the Calculators

Well, it seems we didn't use the calculators today, but you may have noticed that I was on the verge of getting to those calculations.

Some of the calculations I was going to do are needed to be performed on the homework. It looks like going over the homework in class on Tuesday will serve as both nice review and as going over new material you hopefully read about in the text. Thanks for being good sports. Since this is the first time I've taught this class in the last few years and the fist time under a two-day a week class schedule, I can't predict the pace of the class very well.

Thanks for understanding.

If you have any questions please ask. I can use this space to provide some hints. However, I am going to DC for the weekend and that may limit my computer access.

Theories and Facts

A fact without a theory
Is like a ship without a sail,
Is like a boat without a rudder,
Is like a kite without a tail.
A fact without a figure
Is a tragic final act,
But one thing worse
In this universe
Is a theory without a fact.

--George Shultz

Welcome & Comment on Text

This is the class weblog for Jack Julian's Econ 421: Macroeconomic Analysis, Department of Economics at IUP. This is now set up for Fall 2009.

It is probably a good idea to bookmark this page.

The text for this course is Macroeconomics, 7th edition, by N. Gregory Mankiw ISBN-10: 1-4292-1887-8. Unfortunately this text has just gone into its 7th edition so there are few, if any, used copies available.

You may pick up the 6th edition. There are two rather significant chapter changes but most of the text is the same between the two editions. All assignments and page references in class will be to the 7th edition. If you use a 6th edition it is important for you to compare pages with the 7th edition.

Good luck with the new semester!

JJ