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Label each of the following statements true, false, or uncertain. Explain briefly.
a. For a typical college student, human wealth and nonhuman wealth are approximately equal.
b. Natural experiments, such as retirement, do not suggest that expectations of future income are a major factor affecting consumption.
c. Following the financial crisis, expected future income growth fell.
d. Buildings and factories depreciate much faster than machines.
e. A high value for Tobin’s q indicates that the stock market believes that capital is overvalued, and thus investment should be lower.
f. Unless current profit affects expectations of future profit, it should have no impact on investment.
g. Data from the past three decades in the United States suggest that corporate profits are closely tied to the business cycle.
h. Changes in consumption and investment typically occur in the same direction and are roughly of the same magnitude.
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