Multiple Choice 1. Equilibrium a. is a concept unique to economics. b. always occurs where supply equals demand. C. results when opposing forces fail to cancel each other out. d. indicates balance. e. all of the above
Solow growth model 1. Production function(total; per capita) 2. Savings investment schedule 3. Depreciation 4. Steady state 5. Golden rule 6. Path from one steady state to the Golden Rule steady state
Introduction What are the three big problems macroeconomics studies? GDP -- Calculation: intermediate inventories;used;GNP Real v.s. Nominal (deflator; CPD) Okun'sLaw