2005Final - 1 Professor McClelland Economics 102 FINAL EXAM...

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1 December 16, 2005 Professor McClelland Economics 102 FINAL EXAM PLEASE NOTE: The exam has 4 parts. Each of the 4 parts is of equal value. Total time: 2 hours. Answer the last part (Part D) on the sheet provided. For each of the other 3 parts (A through C), PLEASE USE A SEPARATE EXAM BOOK FOR EACH PART; i.e., submit a total of 3 exam books. On the outside of each book please put (a) your name, (b) your TA’s name, and (c) the question (A,B, or C) being answered. PART A (30 minutes) Explain the relationship between EACH of the following pairs. In most cases, to explain the relationship you will need to begin by defining the concepts involved. (1) saving AND investment (2) minimum wage AND structural unemployment (3) production possibilities frontier (PPF) AND economic growth (4) “supply shock” caused by a sudden rise in the price of oil purchased by Americans from OPEC nations AND rising unemployment in America NOTE : If you use symbols and causal arrows in answering any question in Part B or Part C, be sure to define your symbols.
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