When current saving and investment are just enough to equip new entrants into the labor force with the same amount of capital that the average person already in the work force uses, then
A. the economy is in a steady state
B. output per head is constant
C. capital per head is constant
D. capital is growing at the same rate as the population
E. all of the above
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In a neoclassical growth model, steady-state consumption is maximized when the marginal increase in the capital-labor ratio (k) produces just enough extra output per capita (y) that the marginal product of k is equal to
A. n + d
B. sy/(n – d)
C. sy/(n + d)
D. sa - (n + d)
E. s - (n + d)
The golden-rule capital stock (k**) ensuring that steady-state consumption is maximized is at the point on the production function f(k) where the marginal product of capital (k) is equal to
A. n + d
B. n - d
C. s(n + d)
D. sa/(n + d)
E. sa/(n - d)
The golden-rule capital stock (k**) corresponds to
A. the highest permanently sustainable level of steady-state consumption
B. the point at which a marginal increase in capital produces just enough extra output to cover the increased investment requirement
C. the point on the production function y = f(k), where the slope of f(k) is equal to (n + d)
D. all of the above
E. none of the above
Assume a production function with only two inputs, capital and labor. In this case, the concept of a diminishing marginal product of capital implies that
A. as less capital is being used, more and more labor has to be employed to increase output
B. as both labor and capital inputs are increased, output increases but at a decreasing rate
C. as the amount of capital is increased and the amount of labor remains fixed, output increases but at a decreasing rate
D. as the amount of capital increases and the amount of labor remains fixed, output cannot increase
E. labor inputs have a bigger impact on increasing output than capital inputs
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