05 Jun Question ARE/ECN 115A Fall 2014
Question
ARE/ECN 115A Fall 2014
Midterm Exam
Part I: True or False. Answer each question in this section. Please write down the question number and write
out the words “TRUE” or “FALSE”. Note that this exam has 3 pages.
1. Machines and other forms of physical capital are rival goods.
2. Copyrights and patents address, at least partially, problems associated with the non-excludability of “ideas” by providing incentives for individuals to invest in research and development.
3. In the Solow model with no technological progress, technology is assumed to exhibit constant returns to scale but diminishing marginal productivity of capital per worker.
4. According to the Harrod-Domar model, positive long run growth in income per capita is possible because the marginal productivity of capital per worker is constant.
5. According to the Harrod-Domar model, the larger is the ICOR, the greater will be the growth rate of income per capita.
6. According to the Solow model with no technological progress, a decrease in a country’s population growth rate will cause an increase in the long run (steady state) level of income per capita.
7. According to the Solow model with technological progress, if two countries have the same savings rate, depreciation rate, population growth rate and rate of technological progress, but different initial levels of capital per worker, then the initially poorer country will catch up and eventually surpass the level of income per capita of the initially richer country.
8. According to the Harrod-Domar model, if two countries have the same savings rate, depreciation rate, and population growth rate, but different levels of capital per worker, then the country with less capital per worker will grow faster than the country with more capital per worker.
9. If we draw a simple random sample of 100 households and compute a 95% confidence interval for the mean of income of [$1,000, $1,500], we can conclude that the sample mean of 95% of all possible samples of 100 households that we could draw would lie between $1,000 and $1,500.
10. A regressive transfer of income amongst households below the poverty line will cause the FGT2 poverty index to increase.
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