Work It Out
Chapter 33 (Chapter 14 Macro)
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You must read each slide, and complete any questions on the slide, in sequence.
Question
In the chapter, we discussed how intertemporal substitution can amplify a boom by causing people to work more and by causing more people to work (while the reverse is true in a recession).
Capital is also subject to intertemporal substitution. For example, it’s possible to run a factory at close to capacity in one period, while putting off maintenance to a later period.
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