8 Q1. If the nominal GDP rises by 6 percent and the price level rises by 3 percent, then thereal GDPbypercent.a. falls, 3b. rises, 9c. rises, 3d. falls, 2.Q2. Consider a production model with labor and capital inputs. There are constant returnsto scale overall. If MPL < w, the firm:a) should get rid of some labor until MPL= wb) should hire less capitalc) should hire more capital until MPL = 0d) should hire more labor until MPL = wQ3. The key insight in the Solow model is that:a) capital accumulation contributes to economic growth.b) saving rates are determined in a particular manner.c) savings have no impact on economic growth.d) capital depreciation enhances economic growth.Q4.Romer model predicts that the more labor you dedicate to generating ideas, thea) faster you accumulate knowledge and a gain to current output in the consumption sector.b) slower you accumulate knowledge and at a loss to current output in the consumptionsector.c) faster you accumulate knowledge but at a loss to current output in the consumption sector.d) none of the above.

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Answered: Q1. If the nominal GDP rises by 6…

Q1. If the nominal GDP rises by 6 percent and the price level rises by 3 percent, then the real GDP by percent. a. falls, 3 b. rises, 9 c. rises, 3 d. falls, 2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Q1. If the nominal GDP rises by 6 percent and the price level rises by 3 percent, then the
real GDP
by
percent.
a. falls, 3
b. rises, 9
c. rises, 3
d. falls, 2.
Q2. Consider a production model with labor and capital inputs. There are constant returns
to scale overall. If MPL < w, the firm:
a) should get rid of some labor until MPL= w
b) should hire less capital
c) should hire more capital until MPL = 0
d) should hire more labor until MPL = w
Q3. The key insight in the Solow model is that:
a) capital accumulation contributes to economic growth.
b) saving rates are determined in a particular manner.
c) savings have no impact on economic growth.
d) capital depreciation enhances economic growth.
Q4.Romer model predicts that the more labor you dedicate to generating ideas, the
a) faster you accumulate knowledge and a gain to current output in the consumption sector.
b) slower you accumulate knowledge and at a loss to current output in the consumption
sector.
c) faster you accumulate knowledge but at a loss to current output in the consumption sector.
d) none of the above.

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