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macroeconomics principles
Macroeconomics 6th Edition Stephen D. Williamson - Solutions
How is the consumer’s motive to smooth consumption captured by the shape of an indifference curve?
What are the three properties of a consumer’s preferences?
If a consumer chooses the endowment point, how much does he or she consume in each period, and how much does he or she save?
What are the horizontal and vertical intercepts of a consumer’s lifetime budget constraint?
What is the slope of a consumer’s lifetime budget constraint?
Show how to derive the consumer’s lifetime budget constraint from the consumer’s cur-rent-period and future-period budget constraints.
What is the price of future consumption in terms of current consumption?
What factors are important to a consumer in making his or her consumption–savings decision?
How do consumers save in the two-period model?
Why do consumers save?
Is there convergence in the levels and rates of growth of per capita income in the endogenous growth model? Why or why not?
If the government could increase the rate of growth of consumption, should it? Why or why not?
What two factors affect the growth rate of income and consumption in the endogenous growth model?
Why is knowledge nonrivalrous?
What causes economic growth in the endogenous growth model?
How can a country overcome low productivity?
What are three sources of differences in productivity across countries?
How is the Solow model consistent with evidence on convergence across countries?
If countries are initially identical, except with respect to levels of capital per worker, what does the Solow model predict will happen to these countries in the long run? Is this consistent with the data?
What does the Solow residual measure, and what are its empirical properties?
Why is a Cobb–Douglas production function useful for analyzing economic growth?
In what sense does the Solow growth model give optimistic conclusions about the prospects for improvement in the standard of living, relative to the Malthusian model?
Explain what determines the golden rule quantity of capital per worker and the golden rule savings rate.
In the Solow growth model, what are the steady state effects of an increase in the savings rate, of an increase in the population growth rate, and of an increase in total factor productivity?
What are the characteristics of a steady state in the Solow growth model?
Was Malthus right? Why or why not?
What can increase the standard of living in the Malthusian model?
What is the effect of an increase in total factor productivity on steady state population and consumption per worker in the Malthusian model?
What are the seven economic growth facts?
What is the difference between exogenous growth and endogenous growth?
What explains the observed Beveridge relation from 2000 to 2012?
In the two-sided search model, what are the effects of a decrease in matching efficiency?
In the two-sided search model, what are the effects of an increase in productivity?
In the two-sided search model, what are the effects of an increase in the UI benefit?
In the two-sided search model, when a worker and firm are matched, what determines the wage paid to the worker?
What are total surplus, worker surplus, and firm surplus in the two-sided search model?
In the two-sided search model, what determines a firm’s decision to post a vacancy?
In the two-sided search model, what determines a consumer’s decision to search for work?
How will an increase in the job offer rate affect the reservation wage and the long-run unemployment rate in the one-sided search model? What implications does this have for government policy?
How will an increase in the UI benefit affect the long-run unemployment rate in the one-sided search model, and why?
How does an increase in the tax on wage income affect the reservation wage in the one-sided search model, and why?
How does an increase in the UI benefit affect the reservation wage in the one-sided search model, and why?
What determines the reservation wage in the one-sided search model?
What causes shifts in the welfare of the unemployed in the one-sided search model?
What causes shifts in the welfare of the employed in the one-sided search model?
How does the vacancy rate behave relative to the unemployment rate, and how does this matter for the Beveridge curve?
How does the employment/population ratio behave relative to the participation rate?
Is the participation rate procyclical or countercyclical?
How has the labor force participation rate behaved over time? Do women and men behave similarly with respect to labor force participation?
What are the long-run regularities in the behavior of the unemployment rate?
What are the short-run regularities in the behavior of the unemployment rate?
What happens to public goods provision and private consumption when GDP increases, and when the opportunity cost of public goods provision becomes larger?
What are the two determinants of the optimal quantity of public goods?
Explain what happens when the economy is on the bad side of the Laffer curve and the income tax rate falls.
How are the incentive effects of income taxation important for the Laffer curve?
Why does a distorting tax on labor income lead to an inefficient economic outcome?
Explain why employment may rise or fall in response to an increase in total factor productivity.
What are the equilibrium effects of an increase in total factor productivity?
Why does government spending crowd out government purchases?
What are the effects of an increase in government purchases?
Give three reasons that an equilibrium might not be Pareto optimal.
Explain the difference between the first and second welfare theorems. Why is each useful?
Why is the competitive equilibrium in this model Pareto optimal?
What is the economic significance of the slope of the production possibilities frontier?
What are the four conditions that a competitive equilibrium must satisfy for closed-economy model?
What are the exogenous variables in the model?
What are the endogenous variables in the model?
Can the government run a deficit in the one-period model? Why or why not?
What is the role of the government in the one-period, closed-economy model?
Why is it useful to study a closed-economy model?
Explain why the marginal product of labor curve is the firm’s labor demand curve.
What are the effects on the production function of an increase in total factor productivity?
Why is the marginal product of labor diminishing?
What is the representative firm’s goal?
Why might hours worked by the representative consumer decrease when the real wage increases?
How is the representative consumer’s behavior affected by an increase in real taxes?
How is the representative consumer’s behavior affected by an increase in real dividend income?
When the consumer chooses his or her optimal consumption bundle while respecting his or her budget constraint, what condition is satisfied?
What is the representative consumer’s goal?
What two properties do indifference curves have? How are these properties associated with the properties of the consumer’s preferences?
What three properties do the preferences of the representative consumer have? Explain the importance of each.
How are a consumer’s preferences over goods represented?
What goods do consumers consume in this model?
What are the key business cycle regularities in the labor market?
What are the key business cycle regularities with respect to the price level and inflation?
Describe the key business cycle regularities in consumption and investment expenditures.
What are the three features of comovement that macroeconomists are interested in?
Why is the index of leading economic indicators useful for forecasting GDP?
Give a noneconomic example of two variables that are positively correlated and an example of two variables that are negatively correlated.
How can we discern positive and negative correlation in a time series plot? In a scatter plot?
What did Robert Lucas say about the comovements among economic variables?
Why are the comovements in aggregate economic variables important?
Explain why forecasting GDP over the long term is difficult.
Besides persistence, what are three important features of the deviations from trend in GDP?
What is the primary defining feature of business cycles?
Give two reasons that the unemployment rate may not measure correctly what we want it to measure.
What are the two ways in which national wealth is accumulated?
What are the differences and similarities among private sector saving, government saving, and national saving?
Explain three problems in the measurement of real GDP.
Why does the base year matter in calculating real GDP?
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