(3) In the Solow model, if the saving rate is low, the economy will have a large capital stock and a high level of output in the steady state.

(4) Because e employed workers help to produce goods and services, increases in the unemployment rate should be associated with decreases in real GDP. This negative relationship between unemployment and GDP is called Okun's law.

(5) Consider a firm that experiences temporary booms and buts in sales. Rather than adjusting production to match the fluctuations in sales, the firm may find it cheaper to produce goods at a steady rate. When sales are low, the firm produces more than it sells and puts the extra goods into inventory. When sales are high, the firm produces less than it sells and takes goods out of inventory. This motive for holding inventories is called production smoothing.

(1) If you spend $3,000 per year in cash, each trip to the bank costs you $5 in lost time, and the yearly interest rate on your bank account, expressed as a fraction, is 0.03, the Baumol-Tobin model suggest you should go to the bank 2 times a year.

(2) Assume that the monetary base is $100 bilion, the reserve-deposit ratio is 0.1, and the currency-deposit ratio is 0.1. The money supply is $500 billion.

(3) When capital increases by AK units, output increases by MPL x AK units.

(4) To determine whether an economy is operating at its Golden Rule level of capital stock, a policymaker must determine the steady-state saving rate that produces the largest consumption per worker.

(5) If the money supply increases 10 percent, velocity decreases 3 percent, and the price level increases 3 percent, then the change in real GDP must be 5 percent.

(1) To end a hyperinflation, a government trying to reduce its reliance on seigniorage would raise taxes and cut spending.

(2) Suppose that 1 percent of the employed lose their jobs each month and 20 percent of the unemployed find a job each month. Then the steady-state rate of unemployment is 3%.

(3) The COVID-19 crisis is having a devastating effect on all economic sectors. Suppose that governments around the world begin to engage in expansionary fiscal policy (run large budget deficits) in order to stimulate economic activity in their countries. The fiscal expansion in the rest of the world would raise the world interest rate and lower domestic investment. As a result, the exchange rate will depreciate and the trade balance will move toward surplus. (Assume that the country starts from a position of trade balance.)

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