When calculating the multiplier for government purchases (G), we
A. must know the marginal propensity to save (mps)
B. must know the income tax rate (t)
C. must know the average propensity to consume (apc)
D. can ignore the size of the marginal propensity to consume (mpc)
E. both A) and B)
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The size of the expenditure multiplier
A. changes with a change in investment spending
B. increases as the mps increases
C. increases as the mps decreases
D. increases as the income tax rate increases
E. varies with the apc
Assume the central bank’s announced inflation target is 2%, output is 2% below the full-employment level, and the Taylor rule suggests that the central bank sets the nominal interest rate at 4.5%. What is most likely the current inflation rate?
A. 0.03
B. 0.036
C. 0.04
D. 0.045
E. 0.06
In the Taylor rule, if the inflation coefficient α is much larger than the output coefficient β, then the central bank
A. is mostly concerned with maintaining full-employment
B. will raise interest rates more aggressively when output declines than when inflation heats up
C. will lower interest rates more aggressively when output declines than when inflation heats up
D. is engaging in strict inflation targeting
E. none of the above
According to the Taylor rule, if the current inflation rate is 3.2%, output is 1% above the full-employment level, and the central bank’s announced inflation target is 2%, at what level should the central bank set the nominal interest rate?
A. 0.022
B. 0.033
C. 0.044
D. 0.058
E. 0.063
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