Homework Answers
1) Non-rivalrous goods are such goods which never run out , not scarce . Answer : e) None of the above
2) Firms get an incentive to innovate when they get financial aid or property rights over their innovation . Answer : d) all of the above
3) Romer model deals with stock of knowledge . Answer : b) knowledge , long term
4) Increase in population means more human capital and more knowledge stock . Answer : c) increase , an even greater increase
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each) 1. Which of the following goods is nonrivalrous? (a) A peanut butter sandwich (b) A...
QUESTION 1 Suppose the short-run elasticity of demand for gasoline in the US retail market is -0.5, and the long-run e...
QUESTION 1 Suppose the short-run elasticity of demand for gasoline in the US retail market is -0.5, and the long-run elasticity of demand in the same market is -0.8. What is the impact of an increase in the US federal gasoline tax? A. Increase tax revenue in the short run and decrease tax revenue in the long run B. Decrease tax revenue in both short run and long run C. Increase tax revenue in both short run and long run...
QA) QB) What can help long run growth? a. Tariffs b. Subsidies c. Import protections d....
QA)
QB)
What can help long run growth? a. Tariffs b. Subsidies c. Import protections d. All of the above can help long run growth e. None of the above can help long run growth All else equal, an increase in interest rates a. Increases firm section investment spending (I) b. Decrease firm sector investment spending (1)
4. Which of the following will cause an increase in output per worker in the long...
4. Which of the following will cause an increase in output per worker in the long run? A. an increase in the saving rate ( B. a reduction in the depreciation rate C. an increase in the stock of human capital D. an improvement of technology 5. Suppose, due to a military conflict, that a country experiences a large reduction in its capital stock. Assume no other effects of this event on the economy. Which of the following will tend...
12. When the Federal Reserve increases the money supply, at a given price level the amount...
12. When the Federal Reserve increases the money supply, at a given price level the amount of output demanded is and the aggregate demand curve shifts a. greater, inward b. greater, outward c. lower, inward d. lower, outward 13. Aggregate supply is the relationship between the quantity of goods and services supplied and the a. Money supply b. Unemployment rate c. Interest rate d. Price level If a short-run equilibrium occurs at a level of output above the natural level,...
Problem 9: Which of the following statements about the role of institutions in economic growth is...
Problem 9: Which of the following statements about the role of institutions in economic growth is TRUE and which of the following statements is FALSE? Explain. (a) Higher expropriation risk due to low-quality governance and poor insti- tutions might account for low levels of human and public capital in poor nations (b) The quality of institutions in countries colonized by Europeans is corre- lated with whether climate/disease allowed European settlers to live in those areas (c) Low-quality institutions make it...
14. One of the following is NOT a feature of the Solow Model a) long-term economic...
14. One of the following is NOT a feature of the Solow Model a) long-term economic growth rate b) If an economy is far from its steady-state level, it grows faster, so the closer the economy is to the steady-state value the growth rate moves to zero c) capital accumulation cannot serve as the engine of long-run economic growth d) Eventually net investment - subtracting depreciation from investment is zero and the economy stabilizes at the steady state 15. Consider...
monovimo) O mona 5. If over any given period, domestic investment Spending is greater than total...
monovimo) O mona 5. If over any given period, domestic investment Spending is greater than total domestic savings then, it will be reasonable to expect that a. Net exports will be zero. b. Net exports will be positive. c. Net exports will be negative, d. Net exports may be either positive or negative. 6. List all of the following that are included in the definition of money that is most relevant to analysis of Federal Reserve monetary policy, that is...
We have discussed two models that describe the relationship between inflation and economic growth. Which of the followi...
We have discussed two models that describe the relationship between inflation and economic growth. Which of the following is a property of the New Keynesian Model but NOT the Real Business Cycle (RBC) Model? Monetary policy has no effect on long run economic growth Recessions can be caused by a fall in aggregate demand. Prices are fully flexible in both the short and long run. All the above are properties of the RBC model. None of the above are properties...
Consider the Solow growth model with the following production function where y is output. K is ca...
A and B only
Consider the Solow growth model with the following production function where y is output. K is capital, s is the productivity and is labor. Assume that 0 < α < 1 Further, suppose that labor grows at a constant rate n. That is. 1 + n. Also, assume that capital depreciates at rate d and that gross investment in capital is fraction s of output. a Letting k-N, obtain the law of motion for capital accumulation...
1.Suppose an economy experiences a 4% increase in each of the following variables: N, K, and...
1.Suppose an economy experiences a 4% increase in each of the following variables: N, K, and H (human capital). If the production function is Y=KαN(1-α)Hβ, where α<1 and β<1, we know with certainty that Y will increase by less than 4%. none of the other answers is correct Y will increase by less than 12% but by more than 4%. Y will increase by exactly 4%. Y will increase by more than 4%. 2. Why do banks maintain a certain...
QA)
QB)
What can help long run growth? a. Tariffs b. Subsidies c. Import protections d. All of the above can help long run growth e. None of the above can help long run growth All else equal, an increase in interest rates a. Increases firm section investment spending (I) b. Decrease firm sector investment spending (1)
4. Which of the following will cause an increase in output per worker in the long run? A. an increase in the saving rate ( B. a reduction in the depreciation rate C. an increase in the stock of human capital D. an improvement of technology 5. Suppose, due to a military conflict, that a country experiences a large reduction in its capital stock. Assume no other effects of this event on the economy. Which of the following will tend...
12. When the Federal Reserve increases the money supply, at a given price level the amount of output demanded is and the aggregate demand curve shifts a. greater, inward b. greater, outward c. lower, inward d. lower, outward 13. Aggregate supply is the relationship between the quantity of goods and services supplied and the a. Money supply b. Unemployment rate c. Interest rate d. Price level If a short-run equilibrium occurs at a level of output above the natural level,...
Problem 9: Which of the following statements about the role of institutions in economic growth is TRUE and which of the following statements is FALSE? Explain. (a) Higher expropriation risk due to low-quality governance and poor insti- tutions might account for low levels of human and public capital in poor nations (b) The quality of institutions in countries colonized by Europeans is corre- lated with whether climate/disease allowed European settlers to live in those areas (c) Low-quality institutions make it...
14. One of the following is NOT a feature of the Solow Model a) long-term economic growth rate b) If an economy is far from its steady-state level, it grows faster, so the closer the economy is to the steady-state value the growth rate moves to zero c) capital accumulation cannot serve as the engine of long-run economic growth d) Eventually net investment - subtracting depreciation from investment is zero and the economy stabilizes at the steady state 15. Consider...
monovimo) O mona 5. If over any given period, domestic investment Spending is greater than total domestic savings then, it will be reasonable to expect that a. Net exports will be zero. b. Net exports will be positive. c. Net exports will be negative, d. Net exports may be either positive or negative. 6. List all of the following that are included in the definition of money that is most relevant to analysis of Federal Reserve monetary policy, that is...
A and B only
Consider the Solow growth model with the following production function where y is output. K is capital, s is the productivity and is labor. Assume that 0 < α < 1 Further, suppose that labor grows at a constant rate n. That is. 1 + n. Also, assume that capital depreciates at rate d and that gross investment in capital is fraction s of output. a Letting k-N, obtain the law of motion for capital accumulation...
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