Assignment:
ECON Test Study Guide
YOU MAY WANT TO PRINT THIS GUIDE.
1. The Test is open book and open notes. The maximum time you can spend in the exam is 3 hours, 30 minutes. If you have not clicked the Submit for Grading button by then, you will be exited from the exam automatically. In the Test environment, the Windows clipboard is disabled, so you will not be able to copy exam questions or answers to or from other applications.
2. You should click the Save Answers button in the exam frequently. This helps prevent connection timeouts that might occur with certain Internet service providers and also minimizes lost answers in the event of connection problems. If your Internet connection does break, when you reconnect, you will normally be able to get back into your Test without any trouble. Remember, though, that the exam timer continues to run while students are disconnected, so students should try to log in again as quickly as possible. The Help Desk cannot grant any student additional time on the exam.
3. See the Syllabus section "Due Dates for Assignments & Exams" for due date information.
4. Reminders
• You will only be able to enter your online Test one time.
• Click the Save Answers button often.
• If you lose your Internet connection during your Test, log on again and try to access it. If you are unable to enter the Test, first contact the Help Desk and then your instructor.
• You will always be able to see the time remaining in the Test at the top right of the page.
5. Assessments with Multiple Pages
• Make sure to click the Save Answers button before advancing to the next page (we also suggest clicking on Save Answers while you are working).
• Complete all of the pages before submitting your Test for instructor review.
• Do NOT use your browser's Back and Forward buttons during the Test.
• Please use the provided links for navigation.
6. Submitting Your Test
• When you are finished with the Test, click on the Submit for Grading button.
• Please note: Once you click the Submit for Grading button, you will NOT be able to edit or change any of your answers.
7. Test Questions
• There are 9 randomly selected essay questions: 4 questions worth 20 points, for a total of 80 points, 4 questions each worth 30 points, for a total of 120 points, and 1 question worth
• The Test covers all course TCOs and Weeks 1-7.
• The Test consists of 1 page, which can be completed in any order. You may go back and forth between the pages.
• The Test questions are pooled. This means that not everyone will have the same questions. Even if you do have some of the same questions, they may not be in the same order. These questions are distributed among the TCOs. The entire Test is worth 240 points.
• On the essay questions, your answers should be succinct, should fully address each part of the question, and should demonstrate your knowledge and understanding in a concise but complete manner. Most essay questions require answers that are a couple of paragraphs (not a couple of sentences) that directly speak to each part of the question. Some students opt to work on the essay questions first, due to their higher point value and the length of time needed to adequately address each question, but this is entirely your choice.
• Remember to always use proper citation when quoting other sources. This means that ANY borrowed material (even a short phrase) should be placed in quotation marks with the source (URL, author/date/page number) immediately following the end of the passage (the end quote). Changing a few words in a passage does NOT constitute putting it in your own words, and proper citation is still required. Borrowed material should NOT dominate a student's work; it should only be used sparingly to support the student's thoughts, ideas, and examples. Heavy usage of borrowed material (even if properly cited) can jeopardize the points for that question. Uncited material can jeopardize a passing grade on the Test. As a part of our commitment to academic integrity, your work may be submitted to turnitin.com, an online plagiarism-checking service. So please be VERY mindful of proper citation.
8. Some of the key study areas are shown below. Although these are key areas, remember that the Test is comprehensive for all of the assigned course content and this study guide may not be all-inclusive.
TCO A: Given a demand function and a supply function, examine how the price mechanism reconciles changes to either/both function(s), resulting in a new market equilibrium price and level of output.
• Explain why the difference between the similar-sounding terms, quantity demanded, and demand, is so critical to understanding the model of supply and demand.
• Determine changes in the equilibrium price and equilibrium quantity when shifts in demand and supply occur.
TCO G: Given product marketing data that includes price elasticity coefficients, demonstrate how to set product pricing to maximize profits.
• Explain what choice a business owner should make in setting the price for a good or service in the case of elastic demand as well as inelastic demand.
• Determine the correct value for elasticity of demand using the midpoint formula for elasticity of demand.
• Analyze a set of demand curve data and be able to calculate marginal revenue.
9. Areas that were discussed in the Discussion areas will be prime targets.
10. Assignments will also be prime targets for revisiting.
11. Reviewing the TCOs, which are listed below for your convenience, will also be a great preparation for the Test.