宏观经济学 期末试题

1.MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. （1 point each，40 points total）

1) Which of the following are parts of the business cycles? 1) _______

A) inflation and recession B) peak and potential GDP

C) real GDP and potential GDP D) recession and expansion

2) Macroeconomic policy tools include 2) _______

A) unemployment policy and inflation policy.

B) monetary policy and fiscal policy.

C) monetary policy and unemployment policy.

D) fiscal policy and unemployment policy.

3) Fiscal policy involves 3) _______

A) the use of interest rates to influence the level of GDP.

B) the use of tax and money policies by government to influence the level of interest rates.

C) the use of tax and spending policies by the government.

D) decreasing the role of the Federal Reserve in the everyday life of the economy.

4) Fiscal policy might be used to increase long-term growth in real GDP by 4) _______

A) motivating an increase in investment. B) encouraging saving.

C) reducing unemployment. D) Both answers A and B are correct.

5) When U.S. imports exceed U.S. exports, the United States experiences 5) _______

A) a decrease in potential GDP. B) a government budget deficit.

C) inflation. D) an international deficit.

6) The largest component of income is 6) _______

A) proprietors' income. B) corporate profits.

C) compensation of employees. D) net interest.

7) Which of the following transfer payments is included in GDP? 7) _______

A) veteran's benefits B) welfare payments

C) Social Security payments D) none of the above

8) Net domestic product equals gross domestic product minus 8) _______

A) depreciation. B) net exports. C) inflation. D) investment.

9) U.S. investment is financed from 9) _______

A) private saving, government budget deficits and borrowing from the rest of the world.

B) private saving, government budget surpluses and borrowing from the rest of the world.

C) private borrowing, government budget deficits and lending to the rest of the world.

D) private saving and borrowing from the rest of the world only.

10) The labor force is defined as the number of 10) ______

A) people with jobs, both part-time and full-time.

B) unemployed people.

C) people 16 and over.

D) people who are employed and unemployed.

11) Unemployment caused by the fluctuation of the business cycle is called ________ unemployment. 11) ______

A) frictional B) structural

C) recession-related D) cyclical

12) ______

12) To calculate the unemployment rate, which of the following are necessary pieces of information?

I. the number of unemployed persons

II. the population

III. the number of people in the labor force

IV. the working age population

A) I and IV B) I and II C) I and III D) I, II III and IV

13) A classical economist believes that 13) ______

A) the economy is self-regulating and always at full employment.

B) the economy is self-regulating and will normally, though not always, operate at full

employment if monetary policy is not erratic.

C) if the economy was left alone, it would rarely operate at full employment.

D) the economy is self-regulating and will normally, though not always, operate at full

employment if fiscal policy is not erratic.

14) Which of the following shifts both the LAS and SAS curves? 14) ______

A) a simultaneous change in both the price level and the money wage rate

B) a change in the price level

C) an advance in technology

D) a change in the money wage rate

15) When the quantity of money in the economy increases, the 15) ______

A) aggregate demand curve shifts rightward.

B) wealth effect is no longer operable.

C) aggregate demand curve does not shift but the economy moves along it.

D) long-run aggregate supply curve shifts leftward.

16) A Keynesian economist believes that 16) ______

A) the economy is self-regulating and always at full employment.

B) the economy is self-regulating and will normally, though not always, operate at full

employment if monetary policy is not erratic.

C) if the economy was left alone, it would rarely operate at full employment.

D) the economy is self-regulating and will normally, though not always, operate at full