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L15.2078 - Foundations of Macroeconomics (2024/2025)

L15.2078 - Foundations of Macroeconomics (2024/2025)

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Walras' law states that

there can be no crises

crises do not disrupt the equality of aggregate demand and supply

in crises the markets remain in equilibrium

in crises aggregate demand and supply cease to be equal

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If MRSx,y = 5 and MPLx = 2 and MPLy = 14

the production of goods X and Y are in equilibrium.

producing an extra unit of X costs 14 units of Y

It is preferable to produce less X with a free lunch of 2 units of Y

It is preferable to transfer work from Y to X

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In the general equilibrium model, to consider that the money supply is vertical means that

an economy's money stock never changes.

the money stock of an economy does not depend on the level of output, the real interest rate, and the general price level of goods.

only the State contributes to the fluctuation of the money stock in the economy.

the monetary multiplier cannot be changed.

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In the classical model, a permanent increase in government spending has the following consequences:

an expansion of the demand for money in space (M,P) and a fall in the general price level if financed by taxes

a contraction in the demand for money in the (M,P) space and a rise in the general price level if financed by money

an expansion of the money supply

none of the above

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In the general equilibrium model with money,

in one household budget constraint, the money kept from the previous period must be capitalized.

a household's choice to hold its wealth in the form of currency has an opportunity cost.

It is indifferent to hold currency rather than another financial asset when calculating a household's wealth.

the equilibrium of the money market is irrelevant.

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The inclusion of the money market in the general equilibrium model makes it possible to explain

the equilibrium value of the general price level of goods

the equilibrium value of the real wage rate

the equilibrium value of the real interest rate

All the alternatives

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When aggregating the credit market for the entire economy

the number of sellers of securities is always equal to the number of buyers

the total number of sellers of securities is zero

the total net value of the securities is zero

the total number of security buyers is zero

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A transient positive shock to the production function

should increase the real interest rate

has no impact on the real interest rate

must reduce the equilibrium marginal rate of intertemporal substitution

should increase the relative marginal utility of present versus future consumption

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one of the conditions of aggregative consistency

the unique condition of aggregative consistency'

is not part of the conditions of aggregative consistency

contradicts all conditions of aggregative consistency

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Fisher's separability theory states that.

the intertemporal pattern of consumption is independent of currency

the intertemporal pattern of output is independent of the interest rate

the intertemporal pattern of production is independent of the pattern of consumption

the intertemporal pattern of consumption is independent of the State

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