2005Midterm - Professor McClelland Econ 102 Midterm Exam...

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Professor McClelland Monday, October 24, 2005 Econ 102 Midterm Exam Note: Total time - 50 minutes Answer both Part A and Part B Part A and Part B are of equal value USE 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 Production Possibilities Frontier (PPF). (4) “Either we are brave enough to limit our numbers [that is, total world population], or nature will impose its limits on our numbers”. (From Handout #1.) OVER
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