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MacroEconMidTerm2 SP08

MacroEconMidTerm2 SP08 - ECON 4020 Spring 2008 Midterm exam...

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ECON 4020 Spring 2008 Midterm exam 2 Name __________________________________________ This is a closed book exam. Exam is out of 100 points. Answer all the questions. Show all your calculations. Explain your answers in the essay type questions. You have 50 minutes to finish this exam. Academic Integrity: In cases of a violation of academic integrity it is the policy of the Department of Economics to impose the most severe penalties that are most consistent with University guidelines. Good Luck!
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1. (4 points) In a steady state (a) both consumption per worker and the capital-labor ratio are constant. (b) consumption per worker is constant, but the capital-labor ratio can change. (c) capital and labor, by definition, are inversely related to one another. (d) consumption per worker can change, but the capital-labor ratio is constant. Answer ____ 2. (4 points) If the capital-labor ratio is above the Golden Rule capital-labor ratio, then in the steady state,
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