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The new term introduced in the extended IS-LM model of chapter 6 is Select one: O a. risk premium O b. nominal interest rate O c. taxes O d. government's budget deficit Assume an economy with constant population and no technological progress. We know that the level of output per worker in the steady state will Select one: O a. remain constant. O b. decrease as a result of constant returns to scale. O c. increase over time. O d. increase or decrease, depending on the rate of saving. O e. increase or decrease, depending on the rate of depreciation.Assume an economy has constant population and no technological progress. When steady state capital per worker is above the golden- rule level, we know with certainty that an increase in the saving rate will Select one: O a. decrease consumption in the short run, and increase it in the long run steady state. O b. increase consumption in both the short run and the long run steady state. O c. increase consumption in the short run, and decrease it in the long run steady state. O d. decrease consumption in both the short run and the long run steady state . O e. none of the above Following the standard consumption demand: C = co + CI(Y - T) we know that co: Select one: O a. represents the consumption agents have with zero disposable income b. captures changes in consumption for a given level of disposable income O c. is positive O d. all of the above O e. noneThe equilibrium in the goods market in a closed economy is characterized by: Select one: O a. Saving equal Investment O b. output is equal to demand for goods O c. the sum of consumption, government expenditures and investment equals total production of goods O d. all of the above O e. noneSuppose the economy is characterized by: C = co+ c( Y - T) I = bo + bY G = G T = T What is the value of the government expenditures multiplier?\fWhich of the following is not part of government's fiscal policy toolkit? Select one: O a. Increasing taxes O b. Increasing government spending O c. Ensuring that there is a budget surplus O d. Increasing reserve ratio