Professor McClellandMonday, October 24, 2005Econ 102Midterm ExamNote:Total time - 50 minutesAnswer both Part A and Part BPart A and Part B are of equal valueUSE TWO EXAM BOOKS, ONE FOR PART A AND THE OTHER FOR PART B.ON EACH EXAM BOOK PRINT YOUR NAME AND YOUR TA’S NAME.PART A (25 MINUTES)Justify, qualify, or repudiate EACH of the following. Be brief.(1)Removal of the floor price for wheat will necessarily raise the price of wheat.(2 )Only when national income (Y) is in equilibrium does saving equal investment.(3 )If an economy could produce only one good, that economy would not have a ProductionPossibilities Frontier (PPF).(4)“Either we are brave enough to limit our numbers [that is, total world population], ornature will impose its limits on our numbers”. (From Handout #1.)OVER
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