罗伯特·巴罗《宏观经济学：现代观点》CH08

Exercise for Macroeconomics

Chapter 8

TRUE/FALSE

1. Intertemporal substitution effects are substitution effects over time.

2. When the marginal product of labor increases due to a positive technology change, the real wage falls.

3. The model predicts that in response to a permanent positive change in technology real consumption

will be procyclical.

4. An increase in the interest rate makes future consumption cheaper and future leisure more expensive.

5. The income effect on labor supply is positive.

MULTIPLE CHOICE

1. The cyclical part of real GDP is

a. trend real GDP less real GDP. c. real GDP/trend real GDP.

b. real GDP less trend real GDP. d. trend real GDP/real GDP.

2. Real GDP equals:

a. trend real GDP plus the cyclical part of

GDP c. trend real GDP less the cyclical part of

GDP.

b. trend real GDP times the cyclical part of

GDP. d. trend real GDP divided by the cyclical

part of GDP.

3. An equilibrium business-cycle model:

a. uses shocks to GDP to find equilibrium

conditions. c. uses equilibrium conditions to determine

how shocks affect real GDP and other

macroeconomic variables. .

b. uses GDP to find equilibrium shocks to

the economy.

d. uses GDP to find equilibrium conditions.

4. An increase in the level of technology, A, causes:

a. an increase in the MPL c. a movement along the MPL hiring more

labor.

b. a decrease in the MPL d. a movement along the MPL hiring less

labor.

5. The model predicts that an economic expansion caused by an increase in technology, A, will:

a. drive down the real wage. c. drive up the real wage.

b. cause labor supply to be greater than labor d. lead to a relatively low real wage.

demand.

6. The model predicts that in a recession caused by an decrease in technology, A, we would observe:

a. a relatively low real wage. c. a relatively high real wage.

b. an excess demand for labor. d. an increase in the MPL

7. If technology, A, increases, then:

a. the MPK and the demand for capital

services increase. c. the MPK increases and the demand for

capital services decreases.

b. the MPK and the demand for capital

services decrease. d. the MPK decreases and the demand for

capital services increases.

8. The model predicts that if there is a technology, A, shock, the real rental price of capital will:

a. be relatively high during an economic

expansion or a recession. c. be relatively high during an economic

expansion and relatively low during a

recession.

b. be relatively low during an economic

expansion or a recession. d. be relatively low during an economic

expansion and relatively high during a recession.

9. The model predicts that if there is a technology, A, shock, the interest rate, i, will be:

a. relatively high during an economic

expansion or a recession. c. relatively high during an economic

expansion and relatively low during a recession.

b. relatively low during an economic

expansion or a recession. d. relatively low during an economic

expansion and relatively high during a recession.

10. During an economic expansion due to an increase in technology, A, consumption will:

a. tend to rise due to the income effect. c. tend to fall due to the intertemporal

substitution effect of the interest rate

rising.

b. may rise or fall depending on whether the

income effect is greater than the

substitution effect or not.

d. all of the abov

e.

11. During an economic expansion due to an increase in technology, A, consumption will:

a. tend to fall due to the income effect. c. tend to rise due to the intertemporal

substitution effect of the interest rate

rising.

b. may rise or fall depending on whether the

income effect is greater than the

substitution effect or not.

d. all of the abov

e.

12. During an economic expansion due to an increase in technology, A, consumption will:

a. tend to rise due to the income effect. c. tend to rise due to the intertemporal

substitution effect of the interest rate

rising.

b. be unchanged. d. tend to fluctuate.