Midterm02 - Professor McClelland Monday, October 28, 2002...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
-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).
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/19/2008 for the course ECON 1120 taught by Professor Wissink during the Fall '05 term at Cornell University (Engineering School).

Page1 / 2

Midterm02 - Professor McClelland Monday, October 28, 2002...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online