Econ 2hh3 Study guides, Class notes & Summaries

The Solow growth model predicts that aggregate output a. will grow at the rate of the labour force growth in the long run. b. will grow at the rate of the population growth in the long run. c. will grow at the rate of the growth in capital per worker in the long run. d. will grow at the rate of the growth in income per worker in the long run. e. will be maximized in the long run.a. will grow at the rate of the labour force growth in the long run

National savings must equal Yd- NFP + C + G The consumer's work-lesure choice problem focuses on how a consumer's work leisure decision is affected by the consumer's: preferences and constraints A lump-sum tax is a tax that does not depend on the actions of the economic agent being taxed Since 1870, the typical Canadian: became almost fourteen-times as rich If deviations from trend in a macroeconomic variable are negatively correlated with deviations from trend in real GDP, that var...

If consumers use their house as collateral for lending and the value of housing in general falls, then lending and aggregate consumption decrease. We assume that the representative consumer's preferences exhibit the properties that current and future consumption are both normal goods and that the consumer likes diversity in his or her consumption bundle. An increase in total factor productivity shifts the production function upwards and increases the marginal product of labour. A com...

The marginal rate of substitution of future leisure for future consumption must be equal to the future real wage. The per worker production function relates output per worker to capital per worker. In the Malthusian model, population growth depends on consumption per worker. The Malthusian model has the property that improvements in technology for producing goods leads to increased population growth. In the steady state of Solow's exogenous growth model, an increase in the population gr...

ECON 2HH3 Exam Questions with 100% Correct Answers National savings must equal - Yd- NFP + C + G The consumer's work-lesure choice problem focuses on how a consumer's work leisure decision is affected by the consumer's: - preferences and constraints A lump-sum tax is a tax that - does not depend on the actions of the economic agent being taxed Since 1870, the typical Canadian: - became almost fourteen-times as rich If deviations from trend in a macroeconomic variable are negatively ...

ECON 2HH3 - Chapters 5,7,8 Exam Questions with 100% Correct Answers The Solow growth model predicts that aggregate output a. will grow at the rate of the labour force growth in the long run. b. will grow at the rate of the population growth in the long run. c. will grow at the rate of the growth in capital per worker in the long run. d. will grow at the rate of the growth in income per worker in the long run. e. will be maximized in the long run. - a. will grow at the rate of the labour ...

The Solow growth model predicts that aggregate output a. will grow at the rate of the labour force growth in the long run. b. will grow at the rate of the population growth in the long run. c. will grow at the rate of the growth in capital per worker in the long run. d. will grow at the rate of the growth in income per worker in the long run. e. will be maximized in the long run.a. will grow at the rate of the labour force growth in the long run. In the Malthusian model, the steady state...

Econ 2hh3-test-2 Exam Questions with 100% Correct Answers If consumers use their house as collateral for lending and the value of housing in general falls, then - lending and aggregate consumption decrease. We assume that the representative consumer's preferences exhibit the properties that - current and future consumption are both normal goods and that the consumer likes diversity in his or her consumption bundle. An increase in total factor productivity shifts the production function ...

National savings must equal Yd- NFP + C + G The consumer's work-lesure choice problem focuses on how a consumer's work leisure decision is affected by the consumer's: preferences and constraints A lump-sum tax is a tax that does not depend on the actions of the economic agent being taxed Since 1870, the typical Canadian: became almost fourteen-times as rich If deviations from trend in a macroeconomic variable are negatively correlated with deviations from trend in real GDP, that var...

If consumers use their house as collateral for lending and the value of housing in general falls, then lending and aggregate consumption decrease. We assume that the representative consumer's preferences exhibit the properties that current and future consumption are both normal goods and that the consumer likes diversity in his or her consumption bundle. An increase in total factor productivity shifts the production function upwards and increases the marginal product of labour. A com...