Economics
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Is the science of how input of production choices are made and the impact
they have.
what is true of a consumer with standard preferences?
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, According to the 2-period model of consumption described in lectures, a
rise in the interest rate can turn a borrower into a lender.
B.
A small open economy has a current account balance of zero. A sudden rise in the
expected future marginal product of capital in that country would lead to _____ .
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net borrowing from abroad
Consumption smoothing
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The idea that households try to smooth out their spending over their
lifetime, based on how much they expect to earn.
Milton Friedman and Edmund Phelps suggested two refinements to the Phillips curve
to correct for the instable relationship between prices and unemployment observed
in the 1970s. What were they
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Changes in inflation expectations should be accounted for as should the
tendency for the unemployment rate to approach a natural value
, In the closed economy loanable funds market, a decrease in government spending
causes _____ shift of the savings curve and ______ shift of the investment curve.
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a rightward shift; no
In the 2-period model of consumption and savings described in lecture, an increase in
expected future income causes the consumer's intertemporal budget constraint to ____
.
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shift rightwards (paralell)
If an employed worker dies, the unemployment rate will ____.
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rise if the worker is not replaced
Automatic stabilisers
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Is the science of how input of production choices are made and the impact
they have.
what is true of a consumer with standard preferences?
Give this one a try later!
, According to the 2-period model of consumption described in lectures, a
rise in the interest rate can turn a borrower into a lender.
B.
A small open economy has a current account balance of zero. A sudden rise in the
expected future marginal product of capital in that country would lead to _____ .
Give this one a try later!
net borrowing from abroad
Consumption smoothing
Give this one a try later!
The idea that households try to smooth out their spending over their
lifetime, based on how much they expect to earn.
Milton Friedman and Edmund Phelps suggested two refinements to the Phillips curve
to correct for the instable relationship between prices and unemployment observed
in the 1970s. What were they
Give this one a try later!
Changes in inflation expectations should be accounted for as should the
tendency for the unemployment rate to approach a natural value
, In the closed economy loanable funds market, a decrease in government spending
causes _____ shift of the savings curve and ______ shift of the investment curve.
Give this one a try later!
a rightward shift; no
In the 2-period model of consumption and savings described in lecture, an increase in
expected future income causes the consumer's intertemporal budget constraint to ____
.
Give this one a try later!
shift rightwards (paralell)
If an employed worker dies, the unemployment rate will ____.
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rise if the worker is not replaced
Automatic stabilisers
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