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D. all of the above.
19. Hysteresis is the effect of history on
32. Hyperinflation usually starts when
10. In the basic endogenous growth model, the production function exhibits
11. In the basic endogenous growth model, usually called the Y=AK model, as long as the savings rate times the constant A is greater the rate of depreciation, income will grow 12. In the Solow model, savings leads to _______ growth, but in the Y=AK model, savings can lead to _______ growth.
14. In the two sector model presented in Section 8-4, where the sectors consist of manufacturing firms and research universities,
15. In the two sector model, the proportion of labor devoted to research universities determines the
16. In most endogenous growth theories, externalities from firms' research play a crucial role. Economists agree that research
8. If a firm with a constant returns to scale production function pays all factors their marginal products, then
28. If an individual is to hold lower money balances on average, she must make more frequent trips to the bank to withdraw money. This inconvenience of reducing money holding is called
5. In the Solow model with technological progress, an increase in the rate of technological change will
6. In a Solow model with population growth and technological progress, the steady state level of consumption is maximized when the steady state marginal product of capital equals the rate of depreciation plus
1. In the Solow growth model with population growth (n) and technological progress (g), the steady-state growth rate of output per efficiency unit is
2. In the Solow growth model with population growth (n) and technological progress (g), the steady-state growth rate of output per worker is
3. In the Solow growth model with population growth (n) and technological Progress (g), the steady-state growth rate of total output is 17. If two economies are identical except for their rates of population growth, then the economy with the higher rate of population growth will have 18. If two economies are identical except for their rates of population growth, then if both economies are in steady state, the economy with the higher rate of population growth will have a
19. If the population growth rate decreases in an economy described by the Solow growth model, the line representing population growth and depreciation will 20. In the Solow growth model with population growth, the Golden Rule steady state is achieved when the marginal product of capital equals
2. If a production function has two inputs and exhibits constant returns to scale, then doubling both inputs will cause the output to 28. In a closed economy, with total output and taxes fixed, if government spending rises
4. In the sticky-wage model, output deviates from the natural rate through
5. In the sticky-wage model, employment is assumed to be determined by the
8. In the imperfect-information model, it is assumed that firms
9. In the sticky-price model, if the fraction of firms in the economy that set prices in advance rises, then it would be expected that the aggregate supply curve 13. If expected inflation rises, the Phillips curve
16. In the country of Stabilia, the monetary authorities particularly dislike inflation. The current inflation of 5 percent is considered rampant. If the sacrifice ratio in Stabilia is five, the percentage of a year's GDP that has to be forgone to bring inflation down to 1 percent is
32. In a closed economy with output fixed, an increase in government spending matched by an equal increase in taxes will
33. In a closed economy with fixed output, an increase in government spending without any change in taxes will lead to a(n)
34. In the simple macroeconomic model of Chapter 3, a decrease in taxes will shift the
8. If the Fed reduces the supply of money, the 10. In the short run, if prices are fixed, the aggregate supply curve is
36. In the full model of the economy presented in chapter 3, the variable that adjusts to equilibrate the supply and demand for goods and services is
16 If the nominal exchange rate is $1 equals 150 Japanese yen, and a Big Mac costs $2 in the U.S. and 300 yen in Japan, then the real exchange rate of U.S. Big Macs for Japanese Big Macs is 10. If investment becomes less sensitive to the interest rate, then the
11. If the marginal propensity to consume is large, then the
18. In the early 1980's the Federal Reserve, under Paul Volcker, began a period of tight money aimed at reducing inflation. Under this policy, nominal interest rates were:
19. In the quantity theory interpretation of the LM curve, the LM curve slopes up because 21. If money demand became more sensitive to the level of income, the LM curve would
3. In the Keynesian cross model of Chapter 10, if the interest rate is constant and the MPC is 0.7, then the government purchases multiplier is
4. In the Keynesian cross model of Chapter 10, if the interest rate is constant, the MPC is 0.6, and taxes are increased by $100, by how much does income change?
1. In "The General Theory of Employment, Interest, and Money," John Maynard Keynes proposed that the Great Depression was caused by
17 If a country's real exchange rate falls (depreciates), then 19 In the model of Chapter 5, if the government prevented the import of foreign cars, then, in the resulting equilibrium, net exports would 6. If the capital stock is above the steady-state level, then investment
7. If an economy is initially in a steady state and it experiences an increase in its saving rate, then the steady-state capital stock will
3. In the Solow model, the depreciation rate represents the 20 If the United States has an inflation rate of 10 percent, Great Britain has an inflation rate of 12 percent, and the United States dollar has a nominal appreciation against the British pound of 3 percent, then the real appreciation of the United States dollar against the British pound is
3. If the supplies of capital and labor are fixed and technology is unchanging, then real output is 4. If a production function has the property of diminishing marginal product, then doubling 1. If the rate of unemployment is neither rising nor falling, then the number of people finding jobs must equal the number of people 2. If the rate of job finding rises, the natural rate of unemployment will
7. In which case is total expenditure in an economy not equal to total income? A. if total saving is larger than total investment B. if net exports are not zero C. if inventory investment is negative Date: 2015-12-11; view: 1158
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