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12. The zero lower bound implies there is a limit to how low interest rates can be before everyone holds cash or nds another way to store liquid wealth. A. True B. False 13. When the price-earnings ratio is high, it is a signal that stocks may be under- valued. A. True B. False ECN302 Final Exam Page 1 of 11 ECN302 Final Exam December 13th, 2019 14. The Federal Reserve expanded its balance sheet during the three phases of quantitative easing by buying exclusively long-term Treasury securities. A. True B. False 15. We would expect Ricardian equivalence to hold for an elderly retiree expe- riencing a tax cuts on their capital gains income if they have no children. A. True B. False 16. Higher corporate tax rates raise the user cost of capital. A. True B. False 17. Efcient markets hypothesis suggests that actively managed funds will have higher returns after fees than index funds. A. True B. False 18. The most volatile component of investment in GDP accounting is business inventory. A. True B. False 19. If the rate of economic growth is greater than the size of the budget decit and interest rates on government debt, the debt~GDP ratio will rise. A. True B. False 20. Government budget decits are said to \"crowd out\" private investment as they reduce national saving. A. True B. False