Assuming no change in the effort curve of employees, the efficiency wage model
implies that
the real wage is rigid and equals the efficiency wage.
the real wage exceeds the marginal productivity of labor.
an increase in the marginal productivity of capital will increase the real wage.
the real wage is procyclical.
None of the above.
Using the Keynesian model, the effect of an increase in the effective tax rate on capital
would be to cause ________ in the real interest rate and in output ________ in the short run.
a decrease; a decrease
a decrease; no change
an increase; an increase
no change; a decrease
None of the above.
The theory of rational expectations suggests that
people never make forecast errors.
people make intelligent use of available information.
people make systematic forecast errors.
people are slow to incorporate new information into their forecasts.
None of the above.
An increase in the real interest rate would cause an increase in the real demand for
money
no matter what the change in expected inflation.
in expected inflation fell by less than the rise in the real interest rate
if expected inflation fell by the same a amount as the rise in the real interest rate.
if expected inflation fell by more than the rise in the real interest rate.
None of the above.
Endogenous growth theory attempts to
replace the Solow model with a model in which money growth plays a key role.
explain how societies can more easily reach the "Golden Rule."
show how population growth reduces capital and output.
explain why productivity changes.
None of the above.
When there are two large open economies, if desired international lending by the
domestic country exceeds desired international borrowing by the foreign country, then
domestic saving must rise.
domestic saving must fall.
the world real interest rate must fall.
the world real interest rate must rise.
None of the above.
The substitution effect of a decrease in real interest rates is to cause a consumer to
increase future consumption and decrease current consumption.
decrease future consumption and increase current consumption.
increase current consumption and increase saving.
decrease current consumption and increase saving.
None of the above
An adverse oil-price shock reduces labor demand. What happens to current
employment and the real wage rate?
Both employment and the real wage rate would increase.
Both employment and the real wage rate would decrease.
Employment would increase and the real wage would decrease.
Employment would decrease and the real wage would increase.
None of the above.
Within the permanent income hypothesis with rational expectations, if consumer
spending is limited due to liquidity constraints, then
permanent changes in tax policy will be effective, but temporary changes will not.
temporary changes in tax policy will be effective, but permanent changes will not.
neither temporary nor permanent changes in tax policy will be effective.
both temporary and permanent changes in tax policy may be effective.
None of the above.
Supply-side economists argue that taxing of nominal gains and interest earnings during
inflationary periods
results in an increased effective tax rate on real returns but will not retard saving.
will retard saving but will not increase the effective tax rate on real returns.
will increase the effective tax rate on real returns and will retard saving.
None of the above.
With respect to real business cycle models,
monetary factors are responsible for fluctuations in output and employment.
changes in unemployment are involuntary.
changes in aggregate demand are important in explaining fluctuations in output.
real factors are responsible for fluctuations in both employment and output.
None of the above.
The long-run Phillips curve shows
a negative relationship between unemployment and the rate of expected inflation.
a negative relationship between the rate of inflation and the unemployment rate.
a negative relationship between the interest rate and real income.
no relationship between inflation and unemployment.
None of the above.
A liquidity trap is
the vertical portion of the LM schedule
the horizontal portion of the LM schedule.
a situation where a given change in the money stock does not induce a reduction in
the interest rate.
Both a and c
Both b and c.
Convergence refers to the movement of countries toward
the same levels of per capita output growth.
the same levels of per capita output.
a constant rate of per capita output growth
a capital-to-labor ratio of one.
None of the above.
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