Changes

Your Instructor's appearance on the ''Colbert Report'' last week was replayed again by its producers the following Monday evening.  Let's consider that in economic terms.  This show is funded by advertisements, and the advertisers pay higher amounts depending on how many watch a show.  By choosing to rerun this particular show again the following Monday, its producers probably felt it could attract a higher viewership than other shows, and thereby maximize advertising revenue.  Alternatively, Stephen Colbert may have liked the high quality of this particular show and chose to replay it for that reason, or perhaps he selected it again for its educational value.

Your Instructor's appearance on the ''Colbert Report'' last week was replayed again by its producers the following Monday evening.  Let's consider that in economic terms.  This show is funded by advertisements, and the advertisers pay higher amounts depending on how many watch a show.  By choosing to rerun this particular show again the following Monday, its producers probably felt it could attract a higher viewership than other shows, and thereby maximize advertising revenue.  Alternatively, Stephen Colbert may have liked the high quality of this particular show and chose to replay it for that reason, or perhaps he selected it again for its educational value.

Several of our students in this class are starting a new homeschooling publication, which will soon be announced on ''Conservapedia.com'' and available online.  A student who took this class in 2007 and who is now excelling in college is publishing this observation:

Several of our students in this class are starting a new homeschooling publication, which will soon be announced on ''Conservapedia.com'' and available online.  A student who took this class in 2007 and who is now excelling in college is publishing an article that includes this observation:

{{cquote|My microeconomics class has been almost all review for me, because of the similar class I took from Mr. Andy Schlafly ....  Although other students who attended public schools may have taken “economics” before, they have struggled with microeconomics this semester, because their high school classes completely ignored the free-market and Austrian economics<ref>"Austrian economics" is an approach to economics that emphasizes the free markets, minimizing governmental interference, respecting private property rights, and promoting gold as a monetary standard.  Beware, however, that Austrian economics organizations are often more libertarian than conservative on social issues, and Austrian economics itself has been slow in incorporating new economic insights such as the Coase theorem.</ref> which are taught [in college].}}

 

{{cquote|My microeconomics class has been almost all review for me, because of the similar class I took from Mr. Andy Schlafly ....  Although other students who attended public schools may have taken 'economics' before, they have struggled with microeconomics this semester, because their high school classes completely ignored the free-market and Austrian economics<ref>"Austrian economics" is an approach to economics that emphasizes the free markets, minimizing governmental interference, respecting private property rights, and promoting gold as a monetary standard.  Beware, however, that Austrian economics organizations are often more libertarian than conservative on social issues, and Austrian economics itself has been slow in incorporating new economic insights such as the Coase theorem.</ref> which are taught [in college].}}

 

Let's begin this lecture by summarizing the percentages the CLEP exam devoted to particular topics.  This will be immensely helpful to our students who will be taking the CLEP exam, and will also assist everyone else by facilitating their organization of the material covered in this course.  Our final exam next class will use a similar distribution in topics as the CLEP exam, but without over-emphasizing government policy as the CLEP exam does.  Instead of so many government questions, we will substitute in some of the additional topics we covered in this course.

Let's begin this lecture by summarizing the percentages the CLEP exam devoted to particular topics.  This will be immensely helpful to our students who will be taking the CLEP exam, and will also assist everyone else by facilitating their organization of the material covered in this course.  Our final exam next class will use a similar distribution in topics as the CLEP exam, but without over-emphasizing government policy as the CLEP exam does.  Instead of so many government questions, we will substitute in some of the additional topics we covered in this course.

Good test-taking techniques are particularly important to doing well on an economics exam.  Simple questions are often intentionally disguised as something more complicated.  It is easy to become confused and misguided in analyzing economic issues.  99% of the public would say that we would be better off if Congress put a price ceiling or cap on gasoline at $1.50 a gallon.  It takes a bit more thought to realize that massive shortages would result, and we would all have to waste hours each week waiting in line for gasoline.  Some who really need gas in hurry, such as people trying to take someone to a hospital, may not be able to obtain gas in time.

Good test-taking techniques are particularly important to doing well on an economics exam.  Simple questions are often intentionally disguised as something more complicated.  It is easy to become confused and misguided in analyzing economic issues.  99% of the public would say that we would be better off if Congress put a price ceiling or cap on gasoline at $1.50 a gallon.  It takes a bit more thought to realize that massive shortages would result, and we would all have to waste hours each week waiting in line for gasoline.  Some who really need gas in hurry, such as people trying to take someone to a hospital, may not be able to obtain gas in time.

The ability to eliminate wrong answers is very important on economics exams.  We have already seen questions on the mid-term exam that are best analyzed by eliminating two wrong answers, and then choosing the best answer among the remaining two. 

The ability to eliminate wrong answers can help.  Let’s try the elimination technique using questions based CLEP questions:

 

Let’s try the elimination technique using questions based CLEP questions:

   

   

The poverty-level income for a family of four in America: which of the following can be said about how the government definition of this specific income level?

The poverty-level income for a family of four in America: which of the following can be said about how the government definition of this specific income level?