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dents D Question 34 If the Euler equation did not hold, then: a consumer could move consumption from one period to another and increase lifetime utility. a consumer would not spend all of his or her lifetime wealth. None of these answers is correct. the real interest rate would be zero. the consumer has spent more than his or her lifetime wealth.Students W D Question 33 ode The fundamental lesson of the life-cycle and permanent-income hypotheses is that: individuals smooth their consumption patterns over their lifetimes. individuals' consumption changes with changes in their temporary incomes. taxes are ineffectual. individuals' consumption patterns vary as their incomes change. individuals vary their consumption patterns over their lifetimes.its D Question 31 The liquidity trap occurs when: real interest rates are high. O nominal interest rates are high. the Fed interferes with market interest rates. O there are too many excess reserves. O there is not enough money in bank vaults. PreviousQuestion 32 In the equation 4/1, = a; - b(R - F), if 5 equals zero, investment: equals zero. is insensitive to real interest rate changes. O is sensitive to tax rate changes. is not very sensitive to real interest rate changes. is extremely sensitive to changes in the marginal product of capital.Using KNOW Question 35 WPC Honor Code Figure 12.8: Output Tutoring OUTPUT True potential Student Resources output Actual output he in AZ Bookstore Perceived potential brary output king Online 1993 1995 TIME Consider Figure 12.8. You are chairman of the Federal Reserve in 1995. You believe potential output follows the dotted line after 1993, but in actuality, it follows the line denoted "True potential output. " The current state of the economy is given by the curve "Actual output." Given the information in the figure, you your advice instead because you believe the economy is in a but O lower interest rates; recession; accelerates inflation lower interest rates; boom; increases unemployment Not enough information is given. O keep interest rates the same; boom; accelerates inflation raise interest rates; boom; accelerates a recession