The idea of a steady state is that
A: the capital-labor ratio grows at a constant rate
B: output per capita grows at a constant rate
C: output, capital, and labor all grow at the same rate
D: an increase in the savings rate will not affect the capital-labor ratio
E: real output cannot grow
A: the capital-labor ratio grows at a constant rate
B: output per capita grows at a constant rate
C: output, capital, and labor all grow at the same rate
D: an increase in the savings rate will not affect the capital-labor ratio
E: real output cannot grow
举一反三
- An increase in the population and hence the supply of labor causes a A: shortage of labor at the original real wage rate and the real wage rate will fall. B: surplus of labor at the original real wage rate and the real wage rate will rise. C: surplus of labor at the original real wage rate and the real wage rate will fall. D: shortage of labor at the original real wage rate and the real wage rate will rise.
- An economy with a capital-labor ratio that is lower than the steady-state level can achieve a steady-state equilibrium at this lower capital-labor ratio only if A: the savings rate decreases B: the rate of depreciation decreases C: the rate of population growth decreases D: technological advances are made E: all of the above
- The steady state is defined as a long-run equilibrium at which capital, labor, and output all grow at the same rate. To be in a steady state in a neoclassical model, which of the following equations has to be satisfied? A: y = (n - d)k B: sy = (n + d)k C: sf(k) = (n - d)k D: sy = nk + d E: y = f(k) = sk + nd
- Because the productivity of labor decreases as the quantity of labor employed increases, A: the quantity of labor a firm demands increases as the real wage rate decreases. B: the quantity of labor a firm demands increases as the money wage rate decreases. C: the labor demand curve shifts right as the real wage rate decreases. D: the aggregate production function shifts upward as the real wage rate decreases.
- According to the neoclassical theory of distribution, total output is divided between payments to capital and payments to labor depending on their: