In the neoclassical growth model, convergence is conditional upon two countries having
a. the same savings rates.
b. the same depreciation rates.
c. the same technology growth rates.
d. the same population growth rates.
e. all of the above.
E
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The multiplier for government spending is the same as the
A) multiplier for autonomous consumption. B) marginal propensity to save. C) marginal propensity to import. D) tax multiplier.
By common definition, a recession occurs when
A) the international deficit worsens for at least two successive quarters. B) the government budget deficit exceeds the national debt. C) the inflation rate exceeds 3.5 percent. D) real GDP decreases for at least two successive quarters.
The less elastic the supply, the
A) less likely the government is to tax the product. B) less likely the government is to impose a price ceiling. C) larger the fraction of any tax imposed on the product that is paid by the suppliers. D) less elastic the demand.
Refer to Table 11.1. What is the value of personal consumption expenditures?
A) $3,000. B) $1,000. C) $4,350. D) $2,350.