宏观经济学课件 O.Blanchard Macro-economics 6th chapter 14

Macroeconomics, 6e (Blanchard/Johnson)

Chapter 14: Expectations: The Basic Tools

14.1 Multiple Choice Questions

1) Which of the following best defines the real interest rate (r)?

A) the amount of goods we must give up next year in order to consume more goods today

B) the amount of dollars we must give up next year in order to consume more goods today

C) the amount of dollars we must give up next year in order to have more dollars today

D) the amount of dollars we must give up today in order to have more dollars next year

E) the amount of dollars we must give up today in order to consume more goods today Answer: A

Diff: 1

2) The nominal interest rate is

A) the interest rate measured in terms of goods.

B) always less than the real interest rate.

C) equal to the real interest rate minus the rate of inflation.

D) the type of interest rate typically reported in the financial pages of newspapers.

E) equal to the expected rate of inflation.

Answer: D

Diff: 1

3) If the nominal interest rate 8% and expected inflation 3%, the expected real interest rate in year t is approximately

A) 2%.

B) 3%.

C) 5%.

D) 8%.

E) 11%.

Answer: C

Diff: 1

4) Whenever the expected inflation rate is positive

A) the real interest rate is greater than the nominal interest rate.

B) the real interest rate is negative.

C) the real interest rate is positive.

D) the nominal interest rate must be equal to the real interest rate.

E) none of the above

Answer: E

Diff: 2

5) Suppose that the nominal interest rate increases while the expected inflation rate rises. Given this information, we know with certainty that the real interest rate

A) will not change.

B) will fall.

C) will fall, but only if the increase in the nominal rate is smaller than the increase in expected inflation.

D) will fall, but only if the increase in the nominal rate is greater than the increase in expected inflation.

E) none of the above

Answer: C

Diff: 2

6) Under which of the following assumptions would the nominal interest rate be equal to the real interest rate?

A) expected inflation is equal to the nominal interest rate.

B) expected inflation is equal to the real interest rate.

C) expected inflation is negative.

D) expected inflation is equal to zero.

E) none of the above

Answer: D

Diff: 2

7) If the nominal interest rate is less than the real interest rate, we know that

A) both the nominal or real interest rate must be negative.

B) the nominal interest rate must be equal to expected inflation.

C) expected deflation must be occurring.

D) expected inflation must be positive.

E) expected inflation must be zero.

Answer: C

Diff: 2

8) If the expected inflation rate is negative, the expected real interest rate must be

A) negative.

B) less than the nominal interest rate.

C) equal to the nominal interest rate.

D) greater than the nominal interest rate.

E) none of the above

Answer: D

Diff: 2