Midterm02 - Professor McClelland Monday Econ 102 Midterm...

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Professor McClelland Monday, October 28, 2002 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 PART B. ON EACH EXAM BOOK PRINT YOUR NAME AND YOUR TA'S NAME PART A (25 minutes) Below are 4 pairs of concepts or ideas. Define or explain briefly (that is, in no more than one or two sentences) EACH member of a pair, and then explain the relationship between the two. (1) a demand curve AND factors causing a demand curve to shift to the right. (2) Malthusian positive checks AND the law of diminishing returns. (3) Keynesian assumption about "sticky" wages (or rigidity in wages) AND unemployment. (4) transactions which count as gross domestic product transactions AND the output approach (or "value added" approach) to measuring GDP. OVER
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-2- PART B (25 minutes) Consumers in a small shiekdom (with no exports or imports) always spend $500 million plus 50% of income received, or C = 500 + 0.5(Y-Tx).
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