Δk = sy − y(n + g)k
Δk = sy − (n + δ)k + g
Δk = (s + g)y − (n + δ)k
Δk = sy − (n + δ + g)k
Following the first question. Let k* denote the steady-state value of capital per
effective capita.
k* is increasing in n.
k* is increasing in δ .
k* is increasing in s.
None of the above is true.
Following the first equation. In equilibrium output per capita and capital per capita
both grow at the rate of
n
g
n + g
n + g − δ
Which one is true?
Growth accounting explains what part of growth in total output is due to growth in
different factors of production.
Changes in total productivity are also called the Cobb-Douglas residual.
Robert Lucas contributed greatly to neoclassical growth theory in the 1950s and
1960s.
Growth in consumption expenditures is a source of long-term output growth.
If we have an endogenous growth model with labor augmenting technology, that is,
Y = F(K,AN) , and output is proportional to the capital-labor ratio, such that y = ak ,
then the growth rate of GDP per capita can be expressed by
sa + (n + d)
sa − (n + d)
sa + (n + d)k
sa − (n + d)k
If real GDP is $12,000 and nominal GDP is $15,000 billion and nominal money supply
is $6,000 billion, then the income velocity of money is
V = 6,000
V = 2.5
V = 2
V cannot be determined because price level is unknown
If nominal GDP increased from $6,000 billion in the base year to $6,600 billion in the
following year and real GDP stayed the same, which is true?
The GDP-deflator increased from 100 to 110.
The GDP deflator increased from 90 to 100.
The GDP deflator increased from 60 to 100.
The GDP deflator stayed at 100.
Which of the following statements is false?
The AS curve is upward-sloping because firms are willing to supply more output at
higher prices.
The AD curve is downward-sloping because higher prices reduce the demand for goods.
An increase in the money supply shifts the aggregate demand curve to the right.
An adverse supply shock shifts the aggregate supply curve leftward.
In the classical case, the aggregate supply curve is vertical at the full-employment level
of output. An expansionary policy
shifts the aggregate demand curve leftward.
leads only to higher output, and not to higher prices.
reduces the real money stock.
shifts spending to a level that is higher than potential output.
If output is above potential output, prices will be lower next period.
Prices will continue to adjust overt time until output returns to potential output.
Output equals potential output, if and only if next period's price level equals today's
price level.
The difference between GDP and potential GDP is called the saving-investment
gap.
Which of the following statements is false?
The sacrifice ratio is the percentage of output lost for each one point reduction in
inflation rate.
Okun’s law describes the relation between change in unemployment rate and GDP
growth.
The unemployment rate measures the fraction of the population that is out of work.
High unemployment benefits are one of the reasons for the rise of European
unemployment rate.
Which country is currently adopting a monetary targeting?
Germany
Japan
Taiwan
United States
Which of the following statements about IS-LM model is true?
Output and interest rate are endogenous variables of the model.
Price and investment are exogenous variables of the model.
Money supply and consumption are endogenous variables of the model.
Government purchases and interest rate are exogenous variables of the model.
Which of the following statement about fiscal and monetary policies in an IS-LM
model is true?
An increase in government purchase will shift the IS curve to the left.
An increase in money supply will shift the LM curve to the right.
Either fiscal or monetary policies can shift both IS and LM curves.
Only fiscal policy is able to shift both IS and LM curves.
Let CA denote current account, KA denote capital account, FR denote the stock of
foreign reserves of the central bank, and Δ denote difference operator.
Under fixed exchange rates, CA + KA = ΔFR
Under fixed exchange rates, CA + KA = FR
Under flexible exchange rates, CA + KA = ΔFR
Under flexible exchange rates, CA + KA = FR
Which of the following statements is false?
Under fixed exchange rates and perfect capital mobility, monetary policy is
powerless to affect output.
Fiscal policy is highly effectively under fixed exchange rates with complete capital
mobility.
Under floating rates, both monetary and fiscal policies are highly effective in
affecting output.
Purchasing power parity implies that real exchange rate is equal to one.
If an economy with floating rates finds itself with unemployment, the central bank can
intervene to depreciate the exchange rate and increase net exports and thus aggregate
demand. Such policies are known as
Beggar-thy-neighbor policies.
Open market operations.
Sterilization policies.
Leaning against the wind.
Assume that government budget deficit increased by $20 billion, private domestic
saving increased by $25 billion, exports decreased by $ 15 billion, and imports
decreased by $10 billion. By how much did private domestic investment change?
Private domestic investment increased by $10 billion.
Private domestic investment increased by $30 billion.
Private domestic investment did not change at all.
The change in private domestic investment cannot be determined from this information.
Let NX denote net exports, TA denote taxes, TR denote transfers, and BS denote
government budget surplus. Which of the following identities is false?
Y ≡ C+ I +G + NX
BS ≡ TA − TR −G
S− TA + TR ≡ I +G + NX
None of the above is false.
With respect to efficiency wage models, which of the following statements is correct?
Their key element is an explanation of why the efficiency of workers depends on
the real wage.
The rationale underlying the models implies firms set the real wage below the
market clearing level.
They explain money wage rigidity.
There is no micro foundation for the behaviors of the firms.
In the view of the new classical economists, an increase in the money stock will affect
real output and employment only if the increase in the money stock.
was caused by an aggregate supply shock.
is accompanied by an expansionary fiscal policy shift.
was anticipated.
was not anticipated.
The CPI in a certain year is 110. This means that
inflation has increased 10 percent since the previous year.
prices are 10 percent higher than they were in the previous year.
inflation has increased since the base year by well over 10 percent.
prices are 10 percent higher than they were in the base year
The reason leads to a positively sloped labor supply curve is
the substitution effect of the real interest rate greater than its income effect.
consumption and leisure are perfect complements.
the substitution effect of the real wage rate greater than its income effect.
the instantaneous adjustment of the money wage rate.
According to macroeconomic policies, which of the following statements is not
correct?
A feedback-rule policy specifies how policy actions respond to change in the state
of the economy.
In general, a discretionary policy is a time-consistent policy.
The optimal feedback rule may not be fulfilled when people have rational
expectations.
Inflation under discretion is usually higher than that under a rule.
When drawn against the real interest rate, the optimal investment schedule shifts to the
right if
current total factor productivity increases.
current capital stock decreases.
future total factor productivity decreases.
future capital stock increases.
The inventory/theoretic approach to the transactions demand for money
provides a theoretical basis for the positive relationship between money demand
and the rate of interest.
suggests the demand for money will depend on the cost of making a transfer
between money and bonds.
suggests the demand for money will depend on the inventory of goods that firms
hold.
provides a theoretical basis for the positive relationship between money demand
and the risk of bonds.
Economists based their prediction that consumption would fall and output stagnation
would occur as economies got richer on the assumption that
the marginal propensity to consume is less than one.
the marginal propensity to consume is less than the average propensity to consume.
the average propensity to consume falls as income rises.
the marginal propensity to consume falls as income rises.
According to the new classical theory, and unanticipated increase in aggregate demand
will
increase both the price level and employment, but decrease the real wage.
increase the price level, but leave employment and the real wage unchanged.
increase the price level, employment, and the real wage.
increase the price level, but decrease employment and the real wage.
According to the life cycle hypothesis, current income has a strong effect on
consumption because
it is assumed that changes in transitory income affect expected average lifetime income.
of the assumption that changes in current income solely affect expected average
lifetime income.
of the existence of liquidity constraints in capital markets.
the consumption-to-current-income relationship is the same as that implied by
absolute income hypothesis.
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