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Join Online Video Classes by Prime Academy for MA Economics Entrance Examination. The Video Classes are prepared by Mr. Dheeraj Suri, an expert faculty teaching Economics for over 20 years.

The Macro Economics Course for MA Economics Entrance, has been taught by Mr. Dheeraj Suri. The Video Lectures are designed to cover the topics for MA Economics Entrance Exhaustively. The Duration of Video Lectures is approximately 90 Hours.

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1 votes, 5 avg

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Time Allowed for this Test is 10 Minutes

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Solow Model Test #1

1. Please Read the Questions and all the options Carefully, Before Selecting Your Choice.
2. You are not Allowed to edit your answers after submission.
3. The Paper has ten Questions
4. Time Allowed is 10 Minutes.
5. It is necessary to enter your valid Email id to attempt this test.

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1 / 10

Investment increases proportionately with the increase in capital stock implies that, for a given rate of saving _______

those economies which have lower level of capital will have higher level of investment

those economies which have higher level of capital will have higher level of investment

those economies which have lower level of capital will have Constant level of investment

those economies which have higher level of capital will have lower level of investment

2 / 10

In the Solow Model, The production function becomes __________ as k increases indicating that it gives _____________ marginal product of capital

Flatter ; Increasing

Steeper ; Increasing

Flatter ; Diminishing

Steeper ; Diminishing

3 / 10

The aggregate production function for the Solow growth model assumes (A) ___________ returns to scale and (B) _____________marginal productivity of labour and capital.

A : Increasing, B : Diminishing

A : Constant, B : Diminishing

A : Decreasing, B : Diminishing

A : Increasing, B : Constant

4 / 10

In the Solow Model, the point where investment is equal to depreciation is known as the ______________.

Equilibrium Point

Steady State

Break Even Point

None of the above

5 / 10

According to the Solow Model, _____________________ is a function of capital.

Labour

Output

Technology

Population

6 / 10

Consider an economy described by the following production function :

F(K, L) = K^0.5L^0.5

Assume that the rate of depreciation is 10% per year and rate of saving is 30%. Find the steady state level of Investment of Solow’s model.

i* = 0.9

i* = 0.10

i* = 3

i* = 0.16

7 / 10

Consider an economy described by the following production function :

F(K, L) = K^0.5L^0.5

Assume that the rate of depreciation is 10% per year and rate of saving is 30%. Find the steady state capital stock per worker of Solow’s model.

k* = 16

k* = 10

k* = 9

k* = 3

8 / 10

In the Solow Model, the change in saving rate produces

Level Effect

Growth Effect

No Effect on steady state

None of these

9 / 10

In the Solow Model, the economy which is not at steady state

will remain where it is initially

will automatically reach at Golden rule Level of Capital

will approach towards its steady state

will never reach its steady state

10 / 10

In the Solow Model, at the steady state we have

Change in Capital = Investment

Change in Capital = Depreciation

Change in Capital = Investment plus Depreciation

Change in Capital = Investment minus Depreciation

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