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The U.S. states that were poorest (per capita) in the late 1800s on average grew faster than the richest states over the next 100 years. 

Who said this? 

Around 2010, nominal GDP in the U.S. was about $15 trillion. Using data provided (indirectly) in GLS, how many trillions of dollars was the value of the U.S. capital stock around 2010? Answer in trillions of dollars, with a number between 0 and 1000. Be within 10 (trillion dollars) of the right answer. [Aside: The value you’re calculating for this question is equipment investment, so it excludes the value of housing. FYI, physical housing in the U.S., ignoring the value of land in the U.S., is worth around $15 trillion.]

Nobel-winning Keynesian economist Paul Samuelson taught in his influential textbook that when a family gets an extra $1000 in income this year, this causes them to spend (on average) an extra $_____ on consumer goods that same year.  Answer with a number, but leave off the dollar sign. If you think the answer is $900, write 900. 

What would you expect a vegetation to look like?

The Fisher Effect or Fisher Relationship predicts that 1% increase in inflation causes a/an ____% change in the nominal interest rate and a _____% change in the real interest rate. 

When the average person in Alaska receives his check from the state’s oil fund, the average Alaskan spends between 40% and 60% of that check on consumer nondurables within 30 days. 

In a two-period world, the government has committed to never using seignorage to repay the debt, so only taxes and government purchases matter for the intertemporal government budget constraint. In this country, the constitution says that taxes = T = 150 each period, and current government purchases are 250 now. The interest rate (r) is 40% (as usual, think of a big interest rate like this as a generational interest rate if you find that helpful). What will government purchases be in the second period?  Answer with a number: If you think the answer is 400, just write 400 as usual. 

In the traditional Keynesian model, what happens to GDP (Y) and consumption (C) when government purchases (G) rise? 

In Friedmania, a new nation that wants to follow the Friedman Rule, the real interest rate is 5% per year, real GDP grows at 1% per year, and the capital share of GDP is 30%. If the country wants to follow the Friedman rule, what annual inflation rate should the central bank aim for on average?  Answer in percent, but leave out the percentage sign. So if you think the inflation rate should be 15% per year, write 15, not 0.15. If you think the answer should be -30% per year, write -30, not -0.3.