曼昆《经济学原理》(宏观)第五版测试题库_第35章
曼昆第五版复习经济学原理试题 (1)
一、选择题：（每小题1分，共20分）1.一国的生产可能性曲线上的点表示（D）A.通货膨胀B.该国可利用的资源减少及技术水平降低C.失业或者资源没有被充分利用D.社会使用既定的生产资源所能生产商品的最大组合2.学校里一块新停车场的机会成本是（ C ）A.由此引发的所有费用B.由用于建造停车场的机器设备的折旧大小决定C. 由用于其他用途产生的最大价值决定D.由在停车场停车所需的费用来决定3.下列有关无差异曲线的特点说法正确的是（ A ）A. 无差异曲线的斜率为负值B. 同一平面中，两条无差异曲线可能会相交于一点C. 无差异曲线向右上方倾斜，并凸向原点D.离原点越远，无差异曲线代表的效用水平越小4. 如果商品A和B是替代的，则A的价格下降将造成（ D ）A.A的需求曲线向右移动B.A的需求曲线向左移动B.B的需求曲线向右移动D.B的需求曲线向左移动5.两种商品中若其中的一种价格变化时，这两种商品的购买量同时增加或减少，则这两种商品的交叉价格弹性系数为（ A ）A.负B.正C. 零D. 16.市场均衡要求（ D ）A.政府平衡供求双方的力量B.价格与数量相等C.价格保持不变D.在某一价格水平上，买者想要购买的数量恰好等于卖者想卖的数量7. 当总效用增加时，边际效用应该（ C ）A.为正值，并其值不断增加B. 为负值，并其值不断减少C.为正值，并其值不断减少D. 以上任何一种情况都有可能8.当生产函数Q=f （ L，K ）的APL为递减时，则MPL（ D ）。
A.递减且为正B.递减且为负C.为零D.上述情况都可能9.在以下四种情况中，哪一种实现了生产要素的最适组合：（ C ）A. MPK / PK<MPL/ PLB. MPK / PK>MPL / PLC. MPK / PK=MPL/ PLD. MPK / PK ≥MPL/ PL10.边际成本低于平均成本时（ B ）。
A.平均成本上升B.平均成本下降C.成本下降D.平均可变成本上升11.长期边际成本曲线呈U型的原因是（ A ）。
4.曼昆-经济学基础(第5版)复习资料
《经济学原理》课程（曼昆版）复习资料第一章经济学十大原理1．你在篮球比赛的赌注中赢了100美元．你可以选择现在花掉它或者在利率为5%的银行账户中存一年．现在花掉100美元的机会成本是DA．现在的95美元；B．一年后的95美元；C．现在的105美元；D．一年后的105美元．2．魔力饮料公司的三位经理正在讨论是否要扩大产量．每位经理提出了做出这个决策的一种方法，你认为哪位经理的决策是正确的呢？C哈利：我们应该考查一下我们公司的生产率——每个工人生产的加仑数——将上升还是下降．罗恩：我们应该考查一下我们的平均成本——每个工人的成本——将上升还是下降．赫敏：我们应该考查一下多卖一加仑饮料的额外收益，大于还是小于额外的成本．A．哈利；B．罗恩；C．赫敏；D．都正确．3．如果你的室友做饭比你好，但你打扫房间比你的室友快，那么你们两个人有效率的分工应该是A A．你的室友承担全部做饭工作，你承担全部打扫工作；B．你的室友承担全部打扫工作，你承担全部做饭工作；C．你的室友与你交替地承担做饭工作和打扫工作；D．你的室友与你共同雇工来承担做饭和打扫工作．4．在美国独立战争期间，美国殖民地政府无法筹集到足够的税收来为战争融资，为了弥补这个差额，殖民地政府决定更多地印发货币．印发货币弥补支出有时被称为“通货膨胀税”．你认为当增发货币时，谁被更多地“征税”了？BA．穷光蛋；B．有钱人；C．男人；D．女人．5．你管理的公司在开发一种新产品过程中已经投入500万美元，但开发工作还远远没有完成．在最近的会议上，公司销售人员报告说，竞争性产品的进入将使新产品的预期销售额减少到300万美元．那么你认为公司为了这项新产品开发，最多应该继续花费多少呢？CA．0美元（即马上停止继续开发新产品）；B．100万美元；C．300万美元；D．500万美元．6．假设你现在计划星期六在图书馆学习，但有朋友约你外出旅游．那么外出旅游的机会成本是什么呢？B A．外出旅游的午餐费；B．旅游时间里可以学习到的知识；C．到图书馆抢座位的痛苦；D．和朋友约会的快乐．7．社会保障制度为60岁以上的人提供收入．如果一个社会保障的领取者决定去工作并赚一些钱，那么他所领到的社会保障补助通常会减少．这种社会保障体制将会如何影响60岁以上老人的工作时间？B A．增加工作时间；B．减少工作时间；C．工作时间不变；D．无法确定工作时间的变化．8．下列哪一项政府活动的动机是关注平等？BA．对有线电视频道的价格进行管制；B．向穷人提供可用来购买食物的消费券；C．在公共场所禁止吸烟；D．把美孚石油公司分拆为几个较小的公司．9．从总体上来说，我们的生活水平通常要高于我们父辈或祖辈那个时代，主要原因是DA．我们更年轻；B．我们更聪明；C．我们钞票更多；D．我们生产率更高．第二章象经济学家一样思考1．实证表述与规范表述之间的差别是什么？各举出一个例子．答：实证表述是描述世界是什么的观点，是描述性的．规范表述是企图描述世界应该如何运行的观点，是命令性的．两者的主要差别是我们如何判断它们的正确性．从原则上讲，可以通过检验证据而确认或否定实证描述．而规范表述的判断不仅涉及事实数据，还涉及价值观的问题．举例如下：实证表述：发放可交易的污染许可证可以有效地控制污染物的排放．规范表述：政府应该向企业发放可交易的污染许可证．2．下列论述中哪个问题属于宏观经济学范畴？CA．家庭把多少收入用于储蓄的决策；B．政府管制对汽车废气的影响；C．高国民储蓄对经济增长的影响；D．企业关于雇佣多少工人的决策．3．下列哪种表述是实证表述？AA．社会面临着通货膨胀与失业之间的短期权衡取舍；B．中国应该减少外汇储备数量；C．美联储应该降低货币增长率；D．社会应该要求福利领取者去找工作．4．设想一个生产军用品和消费品的社会，我们把这些物品称为“大炮”和“黄油”．假想一个侵略成性的邻国削减了军事力量，结果鹰党和鸽党都等量减少了自己原来希望生产的大炮数量．用黄油产量的增加幅度来衡量，哪一个党会得到更大的“和平红利”呢？AA．鹰党得到更大“和平红利”；B．鸽党得到更大“和平红利”；C．鹰党和鸽党获得相同“和平红利”；D．无法确定．5．一个经济由Larry、Moe和Curly这三个工人组成．每个工人每天工作10小时，并可以提供两种服务：割草和洗汽车．在一小时内，Larry可以割一块草地或洗一辆汽车；Moe可以割一块草地或洗两辆汽车，而Curly可以割两块草地或洗一辆汽车．请问下列哪一种资源配置明显地是无效率的呢？CA．三个工人把他们所有的时间都用于割草；B．三个工人把他们所有的时间都用于洗汽车；C．三个工人都分别把一半时间用于两种活动；D ．Larry分别把一半时间用于两种活动，而Moe只洗汽车，Curly只割草．6．以下哪个表述是关于要素市场上物品与劳务流向和货币流向的？BA ．Selena向店主支付1美元买了1夸脱牛奶；B．Stuart在快餐店工作，每小时赚4．5美元；C．Shanna花30美元理发； D ．Sally从顶峰工业公司购买了一套价值1万美元的家具．7．人们需要在清洁的环境和工业产量之间进行权衡取舍．现在假设工程师开发出了一种几乎没有污染的新的发电方法，对于以清洁环境和工业产量为两种物品的生产可能性边界图中，生产可能性边界会发生什么变化呢？BA．生产可能性边界会向内移动；B．生产可能性边界会向外移动；C．生产可能性边界形状将变得内凹；D．生产可能性边界形状将变为直线．8．下列哪种表述是规范表述？CA．关税和进口配额通常降低了总体经济福利；B．租金上限降低了可得到的住房数量和质量；C．美国应该取消农业补贴；D．弹性汇率和浮动汇率提供了一种有效的国际货币协定．第三章相互依存性与贸易的好处1．为什么经济学家反对限制各国之间贸易的政策？答：因为每个国家都会在不同的劳务或物品生产上具有比较优势．各国在生产上进行分工，专门生产自己具有比较优势的产品，可以使世界经济的总产量增加，同时相互间进行贸易，每个国家的消费者都可以消费更多的物品和劳务，所有的国家都可以实现更大的繁荣．2．美国和日本工人每人每年可以生产4辆汽车．一个美国工人每年可以生产10吨粮食．而一个日本工人每年可以生产5吨粮食．为了简化起见，假设每个国家有1亿工人．哪个国家在生产汽车上具有绝对优势？在生产粮食上呢？答：美国在生产粮食中占有绝对优势．美国和日本生产汽车的绝对能力是相同的．哪个国家在生产汽车上具有比较优势？在生产粮食上呢？A答：美国在生产粮食上有比较优势，日本在生产汽车上有比较优势．A．美国生产粮食有比较优势，日本生产汽车有比较优势；B．美国生产汽车有比较优势，日本生产粮食有比较优势；C．美国生产粮食有比较优势，日本生产汽车有绝对优势；D．美国生产汽车有绝对优势，日本生产粮食有比较优势．3．Pat和Kris是室友．他们把大部分时间用于学习(理所当然)，但也留出一些时间做他们喜爱的活动：做比萨饼和制作清凉饮料．Pat制作1加仑清凉饮料需要4小时，做1块比萨饼需要2小时．Kris制作1加仑清凉饮料需要6小时，做1块比萨饼需要4小时．A．每个室友做1块比萨饼的机会成本是什么？谁在做比萨饼上有绝对优势？谁在做比萨饼上有比较优势？答：Pat做1块比萨饼的机会成本是1/2加仑清凉饮料．Kris制作1块比萨饼的机会成本是2/3加仑清凉饮料．Pat在做比萨饼上既有绝对优势又有比较优势．B．如果Pat和Kris互相交换食物，谁将用比萨饼换取清凉饮料？可能的交换比例是多少？B答：Pat将用比萨饼换清凉饮料．A ．Pat将用1块比萨饼交换Kris的1加仑清凉饮料；B．Pat将用1块比萨饼交换Kris的7/12加仑清凉饮料；C ．Pat将用1加仑清凉饮料交换Kris的1/4块比萨饼；D ．Pat将用1块比萨饼交换Kris的1/7加仑清凉饮料．C．比萨饼的价格可以用若干加仑清凉饮料来表示．能使两个室友状况都更好的比萨饼交易的最高价格是多少？最低价格是多少？解释原因．答：1块比萨饼的最高价格是2/3加仑清凉饮料，最低价格是1/2加仑清凉饮料．因为Pat在做比萨上有比较优势，并且机会成本是1/2加仑清凉饮料．如果两个室友之间实行贸易，他会选择生产比萨饼，并与Kris 交换清凉饮料．如果1块比萨交换不到1/2加仑清凉饮料，Pat就宁可少生产1块比萨饼，而自己去生产1/2加仑清凉饮料．Kris在生产清凉饮料上有比较优势，机会成本是3/2块比萨饼．在贸易中，他会选择生产清凉饮料并与pat交换比萨饼．对于克里斯而言，1加仑清凉饮料最少要换3/2块比萨饼，也就是说，1块比萨饼的最高价格是2/3加仑清凉饮料．如果1块比萨饼的价格高于2/3加仑清凉饮料，Kris的1加仑清凉饮料就换不到3/2块比萨饼．那他就宁可少生产1加仑饮料，自己去生产3/2块比萨饼．4．英格兰和苏格兰都生产烤饼和毛衣．假设一个英格兰工人每小时能生产50个烤饼或1件毛衣．假设一个苏格兰工人每小时能生产40个烤饼或2件毛衣．A．在每种物品的生产上，哪个国家有绝对优势？哪一国有比较优势？C答：英格兰工人在生产烤饼上有绝对优势，苏格兰工人在生产毛衣上有绝对优势．1个英格兰工人生产1个烤饼的机会成本是1/50件毛衣，生产1件毛衣的机会成本是50个烤饼．1个苏格兰工人生产1个烤饼的机会成本是1/20件毛衣，生产1件毛衣的机会成本是20个烤饼．可见，英格兰工人在生产烤饼上有比较优势，苏格兰人在生产毛衣上有比较优势．A．英格兰工人在生产毛衣上有绝对优势；B．苏格兰工人在生产烤饼上有绝对优势；C．英格兰工人在生产烤饼上有比较优势；D．苏格兰工人在生产烤饼上有比较优势．B．如果英格兰和苏格兰决定进行贸易，苏格兰将用哪种商品与英格兰交易？解释原因．答：苏格兰人将用毛衣与英格兰人交易．因为他们在生产毛衣上有比较优势．C．如果一个苏格兰工人每小时只能生产一件毛衣，苏格兰仍然能从贸易中得到好处吗？英格兰仍然能从贸易中得到好处吗？解释原因．答：如果1个苏格兰人每小时只能生产1件毛衣，那么他们生产1件毛衣的机会成本是40个烤饼，仍低于英格兰人生产1件毛衣的机会成本(50个烤饼)．所以，苏格兰人在生产毛衣上仍有比较优势．而此时，1个苏格兰人生产1个烤饼的机会成本是l／40件毛衣，仍高于1个英格兰人生产1个烤饼的机会成本，即英格兰人在生产烤饼上仍有比较优势．那么在贸易中，苏格兰人和英格兰人仍都能受益．5．一个巴西的普通工人可以用20分钟生产1盎司大豆,用60分钟生产1盎司咖啡；而一个秘鲁的普通工人可以用50分钟生产1盎司大豆,用75分钟生产1盎司咖啡．A．在生产咖啡上有绝对优势？解释之．答：巴西的普通工人有绝对的优势，因为他生产1盎司咖啡用时（60分钟）比秘鲁的普通工人（75分钟）少．B．谁在生产咖啡上有比较优势？解释之．答：秘鲁的普通工人具有比较优势．因为秘鲁工人生产每盎司咖啡的机会成本（75/50=1．5盎司的大豆）低于在巴西工人平均每盎司咖啡的机会成本（60/20=3大豆盎司）．C．如果两国进行专业分工并相互贸易，谁将进口咖啡？解释之．答：巴西将从秘鲁进口咖啡，因为秘鲁在咖啡生产上有比较优势．D．假设两国进行贸易，而且，进口咖啡的国家用2盎司大豆交换1盎司咖啡．解释为什么两国都将从这种贸易中获益．答：因为两国的机会成本都比原先下降了，生产时间节省了（巴西：60-40=20分钟；秘鲁：100-75=25分钟）6．假设加拿大有1000万工人，而且每个工人1年可生产2辆汽车或30蒲式耳小麦．那么，加拿大生产1蒲式耳小麦的机会成本是多少呢？CA．2辆汽车；B．1辆汽车；C．1/15辆汽车；D．无法确定．7．假设加拿大有1000万工人，而且每个工人1年可生产2辆汽车或30蒲式耳小麦．现在假设美国从加拿大购买1000万辆汽车，每辆汽车交换20蒲式耳小麦．如果加拿大消费1000万辆汽车，这种交易使加拿大可以消费多少小麦？BA．15000蒲式耳小麦；B．20000蒲式耳小麦；C．30000蒲式耳小麦；D．40000蒲式耳小麦．8．Maria每小时可以读20页经济学著作，也可以每小时读50页社会学著作．她每天学习5小时，那么Maria阅读100页社会学著作的机会成本是多少呢？BA．读20页经济学著作；B．读40页经济学著作；C．读50页经济学著作；D．读100页经济学著作．9．下表描述了Baseballia国两个城市的生产可能性如果这两个城市相互交易，那么两个城市之间贸易时白袜子的交易价格范围是多少？AA．最高价格是2双红袜子，最低价格是1双红袜子；B．最高价格是1双红袜子，最低价格是1/2双红袜子；C．最高价格是3双红袜子，最低价格是1双红袜子；D．最高价格是3双红袜子，最低价格是2/3双红袜子．10．下列表述哪个是正确？AA．“即使一国在所有物品上都有绝对优势，两国也能从贸易中得到好处．”B．“某些极有才能的人在做每一件事情时都有比较优势．”C．“如果某种贸易能给某人带来好处，那么，它就不会也给另一个人带来好处．D．“如果某种贸易对一个人是好事，那么它对另一个人也总是好事．”11．假定一个美国工人每年能生产100件衬衣或20台电脑，而一个中国工人每年能生产100件衬衣或10台电脑．A．画出这两个国家的生产可能性边界．假定没有贸易，每个国家的工人各用一半的时间生产两种物品，在你的图上标出这一点．答：两个国家的生产可能性边界如下图所示．如果没有贸易，一个美国工人把一半的时间用于生产每种物品，则能生产50件衬衣、10台电脑；同样，一个中国工人则能生产50件衬衣、5台电脑．生产可能性边界（图）B．如果这两个国家进行贸易，哪个国家将出口衬衣？举出一个具体的数字例子，并在你的图上标出．哪一个国家将从贸易中获益？解释原因．答：中国将出口衬衣．对美国而言，生产一台电脑的机会成本是5件衬衣，而生产一件衬衣的机会成本为1/5台电脑．对中国而言，生产一台电脑的机会成本是10件衬衣，而生产一件衬衣的机会成本为1/10台电脑．因此，美国在生产电脑上有比较优势，中国在生产衬衣上有比较优势，所以中国将出口衬衣．衬衣的价格在1/5到1/10台电脑之间．两个国家都会从贸易中获益．例如，衬衣的价格为1/8台电脑，换言之，中国出口8件衬衣换回1台电脑．中国专门生产衬衣（100件），并出口其中的8件，这样就有92件衬衣和换回的1台电脑．而没有贸易时，92件衬衣和1台电脑在中国是不可能得到的产出．美国专门生产电脑（20台）并向中国出口其中的1台换取8件衬衣．这样，美国最后就有19台电脑和8件衬衣，这是没有贸易时美国不可能得到的产出．由此可见，贸易使中国和美国所能消费的产品增加，两国都获益了．C．解释两国可以交易的电脑价格（用衬衣衡量）是多少．D答：一台电脑的价格将在5到10件衬衣之间．如果电脑价格低于5件衬衣，美国将不会出口，因为在美国一件衬衣的机会成本为1/5台电脑．如果电脑的价格高于10件衬衣，中国将不会进口，因为在中国一台电脑的机会成本是10件衬衣．A．1件衬衫交换1/2台电脑；B．1件衬衫交换1/12台电脑；C．1台电脑交换4件衬衫；D．1台电脑交换8件衬衫．D．假设中国的生产率赶上了美国，因此，一个中国工人每年可以生产100件衬衣或20台电脑．你预期这时的贸易形式会是什么样的．中国生产率的这种进步将如何影响两国居民的经济福利？答：此时，中美双方将同时生产两种商品，然后进行贸易，不过此时的贸易被称为水平贸易，即生产率大致相同的两个国家进行的贸易．而中国在提高生产率之前，两国进行的是垂直贸易．垂直贸易可以增进两国的福利，水平贸易同样能增进两国的福利．经常举的例子是，美国自己生产小汽车，但它还是进口日本的汽车．原因是两国生产的汽车在性能、耗油量及体积大小等方面有差异，通过进口国外的汽车可以满足美国人多样化的需求，因此会增进美国人的福利．总的来说，中国生产率的这种进步会提高两国居民的经济福利．12．下列表述正确还是错误？分别做出解释．AA．“即使一国在所有物品上都有绝对优势，两国也能从贸易中得到好处．”答：对．因为一国即使在生产所有的物品上都有绝对优势，它也不可能在所有物品上都有比较优势．相反，即使一国在所有物品的生产上都没有绝对优势，它也会在某些物品上具有比较优势．B．“某些极有才能的人在做每一件事情时都有比较优势．”答：错．一个人不可能同时在做两件事情上都拥有比较优势，因为如果用一件事情表示另一件事情的机会成本，那么这两件事情的机会成本互为倒数．C．“如果某种贸易能给某人带来好处，那么，它就不会也给另一个人带来好处．答：错．贸易所达到的是双赢或多赢局面．在贸易中，人们各自生产自己具有比较优势的产品，社会总产量增加，每个人的状况会变得更好．D．“如果某种贸易对一个人是好事，那么它对另一个人也总是好事．”答：错．双方的贸易价格必须位于两者之间的机会成本．E．“如果贸易能给某个国家带来好处，那么它也一定能给该国的每一个人带来好处．”答：错．贸易给某个国家带来好处的同时，可能损害该国内某些人的利益．如，假设一国在生产小麦上有比较优势，在生产汽车上有比较劣势，那么，出口小麦、进口汽车给这个国家带来好处，因为现在这个国家能够消费更多的商品．但是，贸易的出现，尤其是进口汽车，会损害国内汽车制造工人和厂商的利益．A．即使一国在所有物品上都有绝对优势，两国也能从贸易中得到好处；B．某些极有才能的人在做每一件事情时都有比较优势；C．如果某种贸易能给某人带来好处，那么，它就不会也给另一个人带来好处；D．如果贸易能给某个国家带来好处，那么它也一定能给该国的每一个人带来好处．13．下表描述了Baseballia国两个城市的生产可能性A．没有贸易，波士顿一双白袜子价格（用红袜子表示）是多少？芝加哥1双白袜子价格是多少？答：没有贸易时，波士顿1双白袜子价格是1双红袜子，芝加哥1双白袜子价格是2双红袜子．B．在每种颜色的袜子生产上，哪个城市有绝对优势？哪个城市有比较优势？答：波士顿在生产红、白袜子上都有绝对优势．波士顿在生产白袜子上有比较优势，芝加哥在生产红袜子上有比较优势．C．如果这两个城市相互交易，两个城市将分别出口哪种颜色的袜子？答：如果它们相互交易，波士顿将出口白袜子，而芝加哥出口红袜子．D．可以进行交易的价格范围是多少？答：白袜子的最高价格是2双红袜子，最低价格是1双红袜子．红袜子的最高价格是1双白袜子，最低价格是1／2双白袜子．第四章供给与需求的市场力量关键概念：1．竞争市场：指有许多买者和卖者，以致于每个人对市场价格的影响都微不足道的市场．具备四个条件：⑴市场上有大量的买者和卖者⑵市场上每个厂商提供的商品都是同质的；⑶所有资源具有完全的流动性；⑷信息是完全的或充分的．2．需求量：指买者愿意而且能够购买的一种物品数量．3．需求定理：在其他条件不变的情况下，某种商品的需求量与其价格之间成反向变动，即需求量随着商品价格上升而减少，随着商品价格下降而增加．4．正常商品：指在其他条件相同时，收入增加引起需求量增加的商品．5．低档商品：指在其他条件不变的情况下，收入增加引起需求减少的商品．6．替代品：指一种物品价格上升引起另一种物品需求量增加的两种物品，或者说是指在效用上可以相互代替，满足消费者同一种欲望的商品．7．互补品：指一种物品价格上升引起另一种物品需求量减少的两种物品，或者说是指在效用上互相补充配合，从而满足消费者同一种欲望的商品．8．供给量：指卖者愿意而且能够出售的数量，或者说是生产者在一定时期内在各种可能的价格下愿意而且能够提供出售的该种商品数量．9．供给定理：指有关价格与供给量之关系的定理，即在其他条件相同时，一种物品价格上升时，该物品供给量就增加；当价格下降时，该物品供给量就减少．10．均衡：指价格达到使供给量等于需求量水平的状况，即在某个给定的价格水平下，生产者愿意提供的商品量恰好等于消费者愿意而且能够购买的商品量．11．供求定理：指任何一种物品价格的调整都会使该物品的供给与需求达到均衡的定理，即在其他条件不变的情况下，需求变动分别引起均衡价格和均衡数量的同方向变动，供给变动分别引起均衡价格的反方向变动和均衡数量的同方向变动．1．什么因素决定买者对一种物品的需求量？答：物品的价格、买者的收入水平、相关物品的价格、买者的偏好和对物品的价格预期．2．什么因素决定了卖者对一种物品的供给量？答：价格、投入价格、技术、预期决定了卖者对一种物品的供给量．3．啤酒与比萨饼是互补品，因为人们常常边吃比萨饼，边喝啤酒．当啤酒价格上升时，比萨饼市场的供给、需求、供给量、需求量以及价格会发生什么变动？答：因为啤酒和比萨饼是互补品，所以当啤酒价格上升而其他条件不变时，啤酒的需求会下降，比萨饼的需求也下降．而比萨饼的供给并没有什么原因使它变动，这样，比萨饼的需求曲线会向左移动，而供给曲线不变．达到市场均衡时的供给量、需求量、均衡价格都会下降．4．考虑DVD、电视和电影院门票市场．A．对每一对物品，确定它们是互补品还是替代品·DVD和电视·DVD和电影票·电视和电影票答：DVD和电视机是互补品，因为不可能在没有电视的情况下看DVD．DVD和电影票是替代品，因为一部电影即可以在电影院看，也可以在家看．电视和电影票是替代品，原因与上面的类似．B．假设技术进步降低了制造电视机的成本．答：技术进步降低了制造电视机的成本，使电视机的供给曲线向右移动．电视机的需求曲线不变．结果是电视机的均衡价格下降，均衡数量上升．5．过去20年间，技术进步降低了电脑芯片的成本．你认为这会对电脑市场产生怎样的影响？对电脑软件呢？对打字机呢？答：技术突破降低芯片成本，使电脑投入价格降低，电脑供给曲线向右下方移动，电脑的需求曲线并未改变．于是电脑市场的均衡价格下降，均衡数量增加．电脑与电脑软件是互补品．电脑市场均衡数量上升，软件的需求也会上升，需求曲线向右上方移动，而供给曲线没有改变．于是，软件市场的均衡价格上升，均衡数量增加．由于打字机也可以用来打字，它和电脑是替代品．电脑芯片成本降低使电脑价格降低，销售量上升，人们对打字机的需求会下降．打字机的价格下降，销售量下降．6．番茄酱是热狗的互补品(以及调味品)．如果热狗价格上升，番茄酱市场会发生什么变动？番茄市场呢？。
曼昆_宏观经济学_第五版答案(可直接复制)
P 。因此
作为一个竞争性的、追求利润最大化的企业对工人的雇用应使劳动的边际产量等于实际工资。 这同样也适用于资本的使用，应使资本的边际产量等于实际利率。
3. 在收入分配中规模收益不变的假设有什么作用？
复习题
1. 描述货币的职能。
第四章 货币与通货膨胀
【答案】货币有三种职能：价值储藏、计价单位以及交换媒介。作为一种价值储藏，货币是一 种把现在的购买力变成未来的购买力的方法；作为一种计价单位，货币提供了可以表示价格和
记录债务的单位；作为一种交换媒介，货币是我们用以购买商品与服务的东西。
通货膨胀率的变动。假设实际利率与通货膨胀无关；正如第三章中讨论的那样，是使储蓄和投 资达到均衡时的实际利率。因此通货膨胀率与名义汇率之间就有一对一的关系：如果通货膨胀 率上升
1%，那么名义利率也增长 1%。这种一对一的关系称为费雪效应。如果通货膨胀从 6% 上升到 8%，那么实际利率不变，名义汇率增长 2%。
模收益不变的条件下，经济利润为零。
4. 什么因素决定消费和投资？
【答案】消费正相关于可支配收入——完税后的收入。可支配收入越高，消费越高。投资负相 关于实际利率。投资的目的是获得利润，收益必须大于成本。由于实际利率即资本的使用成本，
实际利率越高资本使用成本就越高，因此投资需求下降。
【答案】当政府增加税收时，可支配收入下降，因此消费也下降。下降的消费数量等于增加的 税收乘以边际消费倾向（MPC）。边际消费倾向越高，增税对于消费的抑制作用越明显。由于产
量由生产要素和生产技术决定，政府购买没有改变，下降的消费数量必须由增加投资来补偿。 因为投资的增加，实际利率必然下降。因此，税收的增加导致了消费的下降，投资的增加，实 际利率的下降。
曼昆《经济学原理》（宏观）第五版测试题库（25）
曼昆《经济学原理》（宏观）第五版测试题库（25）Chapter 25Production and GrowthTRUE/FALSE1. If per capita real income grows by 2 percent per year, then it will double in approximately 20 years.ANS: F DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional2. Over the period 1870-2006, the United States experienced an average annual growth rate of real GDP perperson of about 4 percent per year.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional3. In 2006, income per person in the United States was about 12 times that in India.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional4. Over the period 1900-2006, Brazil’s rate of economic growth exceeded t hat of China.ANS: T DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional5. If a country has a higher level of productivity than another, then it also has a higher level of real GDP.ANS: F DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Analytical6. International data on real GDP per person give us a sense of how standards of living vary across countries. ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Real GDPMSC: Definitional7. Real GDP per person in rich countries, such as Germany, is sometimes more than 10 times that of poorcountries like Pakistan.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Standard of livingMSC: Definitional8. Both the standard of living and the growth of real GDP per person vary widely across countries.NAT: Analytic LOC: Productivity and growthTOP: Standard of living | Real GDP MSC: Definitional9. If they could increase their growth rates slightly, countries with low income would catch up with richcountries in about ten years.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growthTOP: Economic growth | Catch-up effect MSC: Interpretive10. In the United States real GDP per person is about $44,000, while in some poor countries real GDP per personis less than $3,000.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional168311. Although growth rates across countries vary some, rankings of countries by income remain pretty much thesame over time.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional12. International data on the history of real GDP growth rates shows that over the last 100 years or so, richcountries got richer and poor countries got poorer.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional13. Productivity can be computed as number of hours worked divided by output.ANS: F DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Definitional14. Indonesians, for example, have a lower standard of living than Americans because they have a lower level of productivity.ANS: T DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Productivity | Standard of living MSC: Interpretive15. If Country A produces 6,000 units of goods and services using 600 hours of labor, and if Country Bproduces 5,000 units of goods and services using 450 units of labor, then productivity is higher in Country B than in Country A.NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Applicative16. Like physical capital, human capital is a produced factor of production.ANS: T DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Physical capital | Human capital MSC: Interpretive17. Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience.ANS: T DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Human capitalMSC: Definitional18. A forest is an example of a nonrenewable resource.ANS: F DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Natural resourcesMSC: Definitional19. Historical trends in the prices of most natural resources compared to prices of other goods indicate that natural resources have become scarcer over time.ANS: F DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Natural resourcesMSC: Interpretive20. It is possible for a country without a lot of domestic natural resources to have a high standard of living. ANS: T DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Natural resources | Standard of living MSC: Interpretiveword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1685 21. Constant returns to scale is the point on a production function where increasing inputs will no longer increaseoutput.ANS: F DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Constant returns to scaleMSC: Interpretive22. As capital per worker rises, output per worker rises. However, the increase in output per worker from anaddition to capital is smaller, the larger is the existing amount of capital per worker.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Production functionMSC: Analytical23. An increase in the saving rate does not permanently increase the growth rate of real GDP per person. ANS: T DIF: 2 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Saving rateMSC: Definitional24. Other things the same, another unit of capital will increase output by more in a poor country than in a rich country.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growthTOP: Productivity | Diminishing returns MSC: Interpretive25. The catch-up effect refers to the idea that poor countries, despite their best efforts, are not likely ever to experience the economic growth rates of wealthier countries.ANS: F DIF: 2 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Catch-up effectMSC: Interpretive26. Two countries with the same saving rates must have the same growth rate of real GDP per person. ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Saving rate | Catch-up effectMSC: Definitional27. When Americans invest in Russia, the income of Russians (that is, Russian GNP) rises by more than does production in Russia (that is, Russian GDP).ANS: F DIF: 3 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Foreign investmentMSC: Applicative28. If your company opens and operates a branch in a foreign country, you will be engaging in foreign direct investment.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: International trade and finance TOP: Foreign investmentMSC: Definitional29. Investment in human capital has opportunity costs, but investment in physical capital does not.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growthTOP: Opportunity costs | Human capital | Physical capital MSC: Interpretive30. Incentives for parents to send their children to school, such as small monthly payments to parents if their children have regular attendance, appear to increase school attendance.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional31. A country that made its courts less corrupt and its government more stable would likely see its standard of living rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Definitional32. If a country made it easier for people to establish and prove the ownership of their property, real GDP per person would likely rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Interpretive33. Economists generally believe that inward-oriented policies are more likely to foster growth than outward oriented policies.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Trade policyMSC: Definitional34. If a rich country reduced subsidies to domestic producers who produce goods for which poor countries have a comparative advantage, the standard of living in these poor countries would likely rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Trade policyMSC: Definitional35. One reason that governments may find it useful to sponsor universities and basic research is that to a large extent knowledge is generally a private good.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Public goodsMSC: Interpretive36. The population growth rate tends to be higher in developed countries than in developing countries.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional37. In countries where women are discriminated against, policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional38. Countries with high population growth rates tend to have lower levels of educational attainment.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional39. Studies confirm that controlling for other variables such as the percentage of GDP devoted to investment, poor countries tend to grow at a faster rate than rich countries.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Catch-up effectMSC: Definitional40. An increase in capital increases productivity only if it is purchased and operated by domestic residents. ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Foreign investmentMSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1687 41. Other things the same, an economy’s f actors of production are likely to be used more effectively if there is aneconomywide respect for property rights.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Definitional42. Economist Michael Kremer found that world growth rates fell as population increased.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: DefinitionalSHORT ANSWER1. Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbersto compute the percentage increase in real GDP per person from 1987 to 2005.ANS:Real GDP per person in 1987 was $6,435,000/243= about $26,481. Income per person in 2005 was$11,092,000/296.6 = about $37,397. Income per person grew by (37,397 - 26,481)/26,481 = about 41.2 percent. DIF: 1 REF: 25-1 NAT: AnalyticLOC: Productivity and growth T OP: Real GDP | Economic growthMSC: Applicative2. Why is productivity related to the standard of living? In your answer be sure to explain what productivity andstandard of living mean. Make a list of things that determine labor productivity.ANS:The standard of living is a measure of how well people live. Income per person is an important dimension of the standard of living and is positively correlated with other things such as nutrition and life expectancy that make people better off. Productivity measures how much people can produce in an hour. As productivity increases, people can produce more (and use less to produce the same amount) and so their standard of living increases.The factors that determine labor productivity include the amounts of physical capital (equipment and structures), human capital (knowledge and skills), and natural resources available to workers, as well as the state of technological knowledge in society.DIF: 2 REF: 25-1 NAT: AnalyticLOC: Productivity and growth T OP: Productivity | Standard of livingMSC: Interpretive3. What is a production function? Write an equation for a typical production function, and explain what each ofthe terms represents.ANS:A production function is a mathematical representation of the relationship between the quantity of inputs used in production and the quantity of output produced using these inputs. A typical production function could be written as Y = A F(L, K, H, N), where Y denotes the quantity of output, L the quantity of labor, K the quantity of physical capital, H the quantity of human capital, N the quantity of natural resources, and A is a variable that reflects the available production technology.DIF: 2 REF: 25-2 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: Production functionMSC: Interpretive4. What is the difference between human capital and technology?ANS:Technology is society's understanding of production techniques. Human capital is the labor force's understanding of these ideas. A society may have lots of information available about how to produce goods, but still have lots of people who know little of this information. For example, in the United States there exists information about how best to use a butter churn and how to make lye soap, but most people know nothing about it.DIF: 2 REF: 25-2 NAT: AnalyticLOC: Productivity and growth T OP: Human capital | TechnologyMSC: Interpretive5. The catch-up effect says that countries with low income can grow faster than countries with higher income.However, in statistical studies that include many diverse countries we do not observe the catch-up-effectunless we control for other variables that affect productivity. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country's ability to catch up with the rich ones.ANS:The argument that poor countries will tend to catch up with rich ones is based on the idea that another unit of capital will increase output more in a country that has little capital than one that has much capital. So, for a given share of GDP devoted to investment, a poor country will grow faster than a rich one.This argument assumes that other things are the same, but share of GDP invested may be lower in a poor country and the productivity of investment may be less. A politically unstable environment where property rights are unprotected or not securetends to discourage investment. A country that has limited trade because of legal restrictions or geography cannot focus on producing what it produces best and so has lower productivity. To get the most out of investment, or even simply to use some types of new investment, requires having workers who have acquired some basic human capital.DIF: 3 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Catch-up effectMSC: Analytical6. Some data that at first might seem puzzling: The share of GDP devoted to investment was similar for theUnited States and South Korea from 1960-1991. However, during these same years South Korea had a 6percent growth rate of average annual income per person, while the United States had only a 2 percent growth rate. If the saving rates were the same, why were the growth rates so different?ANS:The explanation is based on the concept of diminishing returns to capital. A country that has a lot of income, and so a lot of capital, gains less by adding more capital than does a country that currently has little capital. It is easy to envision how a poor country without much capital could increase its output considerably with even a little more capital.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Investment | Catch-up effect | Diminishing returnsMSC: Analytical7. In addition to investment in physical and human capital, what other public policies might a country adopt toincrease productivity?ANS:In addition to investment in physical and human capital, a country might increase productivity by (a) specifying and enforcing property rights, (b) encouraging free trade, (c) controlling population growth, and (d) promoting research and development. DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Productivity MSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1689 8. Why does a nation’s standard of living depend on property rights?ANS:Property rights are an important prerequisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financial assets of the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Property rightsMSC: Interpretive9. How do outward-oriented policies affect a nation's productivity?ANS:Most economists believe that poor nations are better off pursuing outward-oriented policies that promote free trade. Countries that use their comparative advantage in trade are, in effect, helping themselves through the gains from trade in the same way that nations that develop new technology raise their standard of living. Hence, a country that eliminates trade restrictions will experience the same kind of economic growth that would occur after a major technological advance. Inward-oriented tradepolicies are akin to a country choosing to restrict the use of superior technologies.DIF: 1 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Economic growthMSC: Interpretive10. At first patents might seem like a deterrent to growth because in effect they restrict the use of new technology.Yet many economists believe that patents generate growth. Explain why.ANS:Once someone comes up with an idea it is often easy for others to take advantage of it so that the idea becomes part of a society’s knowledge. So, knowledge is frequently a public good. Without patents an inventor’s reward for research and development of a good idea would be smaller. So, patents increase the incentives for firms and individuals to engage in research. The negative consequences of temporarily restricting the use of new ideas with patents is outweighed by the increase in new ideas that patents induce.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Economic growthMSC: Interpretive11. Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, what kind of policy would you recommend to slow population growth?ANS:Since bearing a child has an opportunity cost, policies designed to increase the opportunity cost of bearing children would likely reduce population growth rates. In particular, women with the opportunity to receive a good education and desirable employment tend to want to have fewer children than do those with fewer opportunities outside the home. Hence, policies designed to increase educational and employment opportunities for women will likely reduce population growth rates without coercion.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Population growth | Standard of livingMSC: Interpretive12. Compare and contrast the population theories of Malthus and Kremer.ANS:The difference is that Malthus predicted that population growth would be greater than growth in the ability to increase output. He believed that people would continue to populate the earth until output reached a subsistence level. On the other hand Kremer argues that population growth increased productivity allowing people to improve their standard of living despite growing population. Kremer argues that with more population comes more innovations. The improvements in technology outweighed any adverse impact of the increase in population on the standard of living.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Population growth | EconomistsMSC: InterpretiveSec00 - Production and GrowthMULTIPLE CHOICE1. The average income in a rich country, such as the United States or Japan, is more thana. 3 times, but less than 5 times, the average income in a poor country, such as Indonesia or Nigeria.b. 5 times, but less than 10 times, the average income in a poor country, such as Indonesia or Nigeria.c.10 times, but less than 20 times, the average income in a poor country, such as Indonesia orNigeria.d.more than 20 times the average income in a poor country, such as Indonesia or Nigeria.ANS: C DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional2. Over the past century in the United States, real GDP per person has grown, on average, by abouta. 1 percent per year.b. 2 percent per year.c. 3 percent per year.d. 5 percent per year.ANS: B DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional3. During the past century the average growth rate of U.S. real GDP per person implies that it doubled, on average, about everya.100 years.b.70 years.c.35 years.d.25 years.ANS: C DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive4. In the United States, as measured by real GDP per person, average income is about how many times as high as average income a century ago?a.2b.4c.6d.8ANS: D DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 16915. Over the last century, U.S. real GDP per person grew at a rate of abouta. 2 percent per year, so that it is now 2 times as high as it was a century ago.b. 2 percent per year, so that it is now 8 times as high as it was a century ago.c. 4 percent per year, so that it is now 2 times as high as it was a century ago.d. 4 percent per year, so that it is now 8 times as high as it was a century ago.ANS: B DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional6. Over the past 100 years, U.S. real GDP per person has doubled about every 35 years. If, in the next 100 years, it doubles every 25 years, then a century from now U.S. real GDP per person will bea. 4 times higher than it is now.b.8 times higher than it is now.c.12 times higher than it is now.d.16 times higher than it is now.ANS: D DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive7. Over the past century in the United States, average income as measured by real GDP per person has grown abouta. 4 percent per year, which implies a doubling about every 18 years.b. 4 percent per year, which implies a doubling about every 8 years.c. 2 percent per year, which implies a doubling about every 35 years.d. 2 percent per year, which implies a doubling about every 18 years.ANS: C DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive8. In which of the following countries has economic growth been sufficiently strong in recent history to propel that country from being among the poorest in the world to being among the richest in the world?a.Indiab.Mexicoc.Nigeriad.SingaporeANS: D DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional9. Average income has been stagnant for many years ina.Argentina.b.Singapore.c.Nigeria.d.All of the above are correct.ANS: C DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional10. Which of the following statements is correct?a.The level of real GDP is a good gauge of economic prosperity, and the growth of real GDP is agood gauge of economic progress.b.The level of real GDP is a good gauge of economic progress, and the growth of real GDP is a goodgauge of economic prosperity.c.The level of real GDP is a good gauge of economic prosperity, and the level of real GDP per personis a good gauge of economic progress.d.The level of real GDP is a good gauge of economic progress, and the level of real GDP per personis a good gauge of economic prosperity.ANS: A DIF: 2 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: InterpretiveSec01 - Production and Growth - Economic Growth around the WorldMULTIPLE CHOICE1. You are told that Country A experienced growth of real GDP per person of 4 percent per year throughout the 1900s. In view of other countries’ experience, you would have to characterize Country A’s growth asa.exceptionally high.b.moderately high.c.moderately low.d.exceptionally low.ANS: A DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive2. You are told that Country A experienced growth of real GDP per person of 0.5 percent per year throughout the 1900s. In view of other countries’ experience, you would have to characterize Country A’s growth asa.exceptionally high.b.moderately high.c.moderately low.d.exceptionally low.ANS: D DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive3. As of 2006, using real GDP per person as a measure, we would classifya.the United States and Mexico as advanced economies and Bangladesh as a middle-income country.b.Canada as an advanced economy, Mexico as a middle-income country, and Mali as a poor country.c.Japan and India as advanced economies and Mexico as a poor country.d.Japan as an advanced economy, the United Kingdom as a middle-income country, and Argentina asa poor country.ANS: B DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Standard of livingMSC: Interpretive4. Over the period 1900-2006, which of the following countries experienced the highest average annual growth rate of real GDP per person?a.Indonesiab.Indiac.Pakistand.BrazilANS: D DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitionalword⽂档可⾃由复制编辑。
曼昆经济学原理课后答案(微观+宏观)
曼昆《经济学原理》（第五版）习题解答第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。
答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习内容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。
2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。
3．水是生活必需的。
一杯水的边际利益是大还是小呢?答：这要看这杯水是在什么样的情况下喝，如果这是一个人五分钟内喝下的第五杯水，那么他的边际利益很小，有可能为负；如果这是一个极度干渴的人喝下的第一杯水，那么他的边际利益将会极大。
4．为什么决策者应该考虑激励?答：因为人们会对激励做出反应，而政策会影响激励。
如果政策改变了激励，它将使人们改变自己的行为，当决策者未能考虑到行为如何由于政策的原因而变化时，他们的政策往往会产生意想不到的效果。
5．为什么各国之间的贸易不像一场比赛一样有赢家和输家呢?答：因为贸易使各国可以专门从事自己最擅长的活动，并从中享有更多的各种各样的物品与劳务。
通过贸易使每个国家可供消费的物质财富增加，经济状况变得更好。
因此，各个贸易国之间既是竞争对手，又是经济合作伙伴。
在公平的贸易中是“双赢”或者“多赢”的结果。
6．市场中的那只“看不见的手”在做什么呢?答：市场中那只“看不见的手”就是商品价格，价格反映商品自身的价值和社会成本，市场中的企业和家庭在作出买卖决策时都要关注价格。
因此，他们也会不自觉地考虑自己行为的(社会)收益和成本。
从而，这只“看不见的手”指引着千百万个体决策者在大多数情况下使社会福利趋向最大化。
7．解释市场失灵的两个主要原因，并各举出一个例子。
曼昆经济学原理第五版标准答案宏观
曼昆经济学原理第五版答案宏观【篇一:经济学原理曼昆(宏观部分答案)】>第二十三章一国收入的衡量复习题 1.解释为什么一个经济的收入必定等于其支出? 答：对一个整体经济而言，收入必定等于支出。
因为每一次交易都有两方:买者和卖者。
一个买者的1 美元支出是另一个卖者的1 美元收入。
因此，交易对经济的收入和支出作出了相同的贡献。
由于gｄp 既衡量总收入 13５又衡量总支出,因而无论作为总收入来衡量还是作为总支出来衡量,gdｐ都相等.2 ．生产一辆经济型轿车或生产一辆豪华型轿车,哪一个对gdp的贡献更大？为什么? 答:生产一辆豪华型轿车对gdp的贡献大。
因为gｄｐ是在某一既定时期一个国家内生产的所有最终物品与劳务的市场价值。
由于市场价格衡量人们愿意为各种不同物品支付的量,所以市场价格反映了这些物品的市场价值。
由于一辆豪华型轿车的市场价格高于一辆经济型轿车的市场价格,所以一辆豪华型轿车的市场价值高于一辆经济型轿车的市场价值，因而生产一辆豪华型轿车对gdp 的贡献更大．3 ．农民以２美元的价格把小麦卖给面包师。
面包师用小麦制成面包,以3美元的价格出售。
这些交易对ｇdｐ的贡献是多少呢？答：对ｇdp 的贡献是3美元。
ｇdp 只包括最终物品的价值，因为中间物品的价值已经包括在最终物品的价格中了.４ .许多年以前,peggy 为了收集唱片而花了500 美元。
今天她在旧货销售中把她收集的物品卖了１０0 美元.这种销售如何影响现期gｄp? 答：现期gdｐ只包括现期生产的物品与劳务，不包括涉及过去生产的东西的交易。
因而这种销售不影响现期gdp.5 .列出gdp的四个组成部分。
各举一个例子.答：gdp等于消费(c)+投资(ｉ）+政府购买(g)＋净出口(nｘ) 消费是家庭用于物品与劳务的支出,如汤姆一家人在麦当劳吃午餐.投资是资本设备、存货、新住房和建筑物的购买,如通用汽车公司建立一个汽车厂.政府购买包括地方政府、州政府和联邦政府用于物品与劳务的支出，如海军购买了一艘潜艇．净出口等于外国人购买国内生产的物品(出口)减国内购买的外国物品(进口)。
曼昆宏观经济学原理第五版chap33to35课后习题答案(中文)
答：这种“为了安全的资本外逃”对美国经济是件好事。
当外国人增加了对美国政府债券的需求时，这种行动减少了美国的资本净流出。
国外净投资减少时，美国可贷资金市场上的可贷资金需求减少，可贷资金的需求减少使利率下降，利率下降增加了国内投资，减少了国民储蓄。
资本净流出减少使得美国外汇市场上的美元供给减少，外汇市场上美元供给的减少引起实际汇率上升，实际汇率上升使贸易余额倾向于赤字。
13．假设美国共同基金突然决定更多地在加拿大投资。
A．加拿大的资本净流出、储蓄和国内投资会发生什么变动?答：加拿大的资本净流出会下降，加拿大的国内投资会增加，储蓄会下降。
B．这对加拿大资本存量的长期影响是什么?答：这会增加加拿大的长期资本存量。
C．资本存量的这种变化将如何影响加拿大劳动市场？这种美国在加拿大的投资使加拿大工人状况变好还是变坏?答：资本存量的这种变化会增加加拿大劳动市场的劳动需求。
这种美国在加拿大的投资使加拿大工人状况变好。
D．你认为这将使美国工人状况变好还是变坏？你能想到有什么原因一般会使这对美国公民的影响与对美国工人的影响不同?答：这将使美国工人状况变坏。
因为美国共同基金增加在加拿大的投资增加了美国公民的投资利润，但由于国内投资下降，美国工人的情况变坏。
第十二篇短期经济波动第三十三章总需求与总供给复习题1．写出当经济进入衰退时下降的两个宏观经济变量。
写出当经济进入衰退时上升的一个宏观经济变量。
答：当经济进入衰退时，实际GDP和投资支出下降，失业率上升。
2．画出一个有总需求、短期总供给和长期总供给的曲线的图。
仔细并正确地标出坐标轴。
答：图33—1经济的长期均衡3．列出并解释总需求曲线向右下方倾斜的三个原因。
答：为了理解总需求曲线向右下方倾斜的原因，我们必须考察物价水平如何影响消费、投资和净出口的物品与劳务需求量。
(1)庇古的财富效应：物价水平下降使消费者感到更富裕，这又鼓励他们更多地支出，消费支出增加意味着物品与劳务的需求量更大。
宏观经济学习题答案(曼昆第五版)
第八篇宏观经济学的数据第二十三章一国收入的衡量复习题 1 ．解释为什么一个经济的收入必定等于其支出? 答：对一个整体经济而言，收入必定等于支出。
因为每一次交易都有两方：买者和卖者。
一个买者的1 美元支出是另一个卖者的1 美元收入。
因此，交易对经济的收入和支出作出了相同的贡献。
由于GDP 既衡量总收入 135 又衡量总支出，因而无论作为总收入来衡量还是作为总支出来衡量，GDP 都相等。
2 ．生产一辆经济型轿车或生产一辆豪华型轿车，哪一个对GDP 的贡献更大？为什么？答:生产一辆豪华型轿车对GDP 的贡献大。
因为GDP 是在某一既定时期一个国家内生产的所有最终物品与劳务的市场价值.由于市场价格衡量人们愿意为各种不同物品支付的量，所以市场价格反映了这些物品的市场价值。
由于一辆豪华型轿车的市场价格高于一辆经济型轿车的市场价格，所以一辆豪华型轿车的市场价值高于一辆经济型轿车的市场价值，因而生产一辆豪华型轿车对GDP 的贡献更大。
3 ．农民以2 美元的价格把小麦卖给面包师。
面包师用小麦制成面包,以3 美元的价格出售。
这些交易对 GDP 的贡献是多少呢？答：对GDP 的贡献是3 美元。
GDP 只包括最终物品的价值，因为中间物品的价值已经包括在最终物品的价格中了.4 ．许多年以前，Peggy 为了收集唱片而花了500 美元。
今天她在旧货销售中把她收集的物品卖了100 美元.这种销售如何影响现期GDP？答：现期GDP 只包括现期生产的物品与劳务，不包括涉及过去生产的东西的交易。
因而这种销售不影响现期GDP.5 ．列出GDP 的四个组成部分。
各举一个例子。
答：GDP 等于消费（C)+投资(I)+政府购买(G）+净出口（NX) 消费是家庭用于物品与劳务的支出，如汤姆一家人在麦当劳吃午餐.投资是资本设备、存货、新住房和建筑物的购买，如通用汽车公司建立一个汽车厂.政府购买包括地方政府、州政府和联邦政府用于物品与劳务的支出，如海军购买了一艘潜艇。
曼昆微观经济学原理第五版课后习题答案
第三章6．下表描述了Baseballia国两个城市的生产可能性：一个工人每小时生产的红补袜子量一个工人每小时生产的白袜子量A．没有贸易，波士顿一双白袜子价格（用红袜子表示）是多少？芝加哥11双白袜子价格是多少? 答：没有贸易时，波士顿1 双白袜子价格是1 双红袜子，芝加哥1 双白袜子价格是2 双红袜子。
B．在每种颜色的袜子生产上，哪个城市有绝对优势？哪个城市有比较优势??答：波士顿在生产红、白袜子上都有绝对优势。
波士顿在生产白袜子上有比较优势，芝加哥在生产红袜子上有比较优势。
C．如果这两个城市相互交易，两个城市将分别出口哪种颜色的袜子?答：如果它们相互交易，波士顿将出口白袜子，而芝加哥出口红袜子。
D．可以进行交易的价格范围是多少?答：白袜子的最高价格是2 双红袜子，最低价格是1 双红袜子。
红袜子的最高价格是1 双白袜子，最低价格是1／2 双白袜子。
7．假定一个美国工人每年能生产100件衬衣或20台电脑，而一个中国工人每年能生产100件衬衣或10台电脑。
A．画出这两个国家的生产可能性边界。
假定没有贸易，每个国家的工人各用一半的时间生产两种物品，在你的图上标出这一点。
答：两个国家的生产可能性边界如图3 一4 所示。
如果没有贸易，一个美国工人把一半的时间用于生产每种物品，则能生产50 件衬衣、10 台电脑；同样，一个中国工人则能生产50 件衬衣、5 台电脑。
图3 一4 生产可能性边界B．如果这两个国家进行贸易，哪个国家将出口衬衣？举出一个具体的数字例子，并在你的图上标出。
哪一个国家将从贸易中获益？解释原因。
答：中国将出口衬衣。
对美国而言，生产一台电脑的机会成本是5 件衬衣，而生产一件衬衣的机会成本为1/5 台电脑。
对中国而言，生产一台电脑的机会成本是10 件衬衣，而生产一件衬衣的机会成本为1/10 台电脑。
因此，美国在生产电脑上有比较优势，中国在生产衬衣上有比较优势，所以中国将出口衬衣。
衬衣的价格在1/5 到1/10 台电脑之间。
曼昆《经济学原理》答案
第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。
答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习内容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。
2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。
8．为什么生产率是重要的?答：因为一国的生活水平取决于它生产物品与劳务的能力，而对这种能力的最重要的衡量度就是生产率。
生产率越高，一国生产的物品与劳务量就越多。
9．什么是通货膨胀，什么引起了通货膨胀?答：通货膨胀是流通中货币量的增加而造成的货币贬值，由此产生经济生活中价格总水平上升。
货币量增长引起了通货膨胀。
10．短期中通货膨胀与失业如何相关?答：短期中通货膨胀与失业之间存在着权衡取舍，这是由于某些价格调整缓慢造成的。
政府为了抑制通货膨胀会减少流通中的货币量，人们可用于支出的货币数量减少了，但是商品价格在短期内是粘性的，仍居高不下，于是社会消费的商品和劳务量减少，消费量减少又引起企业解雇工人。
在短期内，对通货膨胀的抑制增加了失业量。
问题与应用3．你正计划用星期六去从事业余工作，但一个朋友请你去滑雪。
去滑雪的真实成本是什么?现在假设你已计划这天在图书馆学习，这种情况下去滑雪的成本是什么?并解释之。
答：去滑雪的真实成本是周六打工所能赚到的工资，我本可以利用这段时间去工作。
如果我本计划这天在图书馆学习，那么去滑雪的成本是在这段时间里我可以获得的知识。
5．你管理的公司在开发一种新产品过程中已经投资500万美元，但开发工作还远远没有完成。
在最近的一次会议上，你的销售人员报告说，竞争性产品的进入使你们新产品的预期销售额减少为300万美元。
经济学原理 曼昆第五版 答案
第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。
答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习内容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。
2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。
3．水是生活必需的。
一杯水的边际利益是大还是小呢?答：这要看这杯水是在什么样的情况下喝，如果这是一个人五分钟内喝下的第五杯水，那么他的边际利益很小，有可能为负；如果这是一个极度干渴的人喝下的第一杯水，那么他的边际利益将会极大。
4．为什么决策者应该考虑激励?答：因为人们会对激励做出反应。
如果政策改变了激励，它将使人们改变自己的行为，当决策者未能考虑到行为如何由于政策的原因而变化时，他们的政策往往会产生意想不到的效果。
5．为什么各国之间的贸易不像竞赛一样有赢家和输家呢?答：因为贸易使各国可以专门从事自己最擅长的活动，并从中享有更多的各种各样的物品与劳务。
通过贸易使每个国家可供消费的物质财富增加，经济状况变得更好。
因此，各个贸易国之间既是竞争对手，又是经济合作伙伴。
在公平的贸易中是“双赢”或者“多赢”的结果。
6．市场中的那只“看不见的手”在做什么呢?答：市场中那只“看不见的手”就是商品价格，价格反映商品自身的价值和社会成本，市场中的企业和家庭在作出买卖决策时都要关注价格。
因此，他们也会不自觉地考虑自己行为的(社会)收益和成本。
从而，这只“看不见的手”指引着千百万个体决策者在大多数情况下使社会福利趋向最大化。
7．解释市场失灵的两个主要原因，并各举出一个例子。
答：市场失灵的主要原因是外部性和市场势力。
曼昆经济学原理微观第五版测试题库【整理版】.doc
曼昆经济学原理微观第五版测试题库【整理版】Chapter 14Firms in Competitive MarketsTRUE/FALSE1. For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenue | Marginal revenueMSC: Interpretive2. For a firm operating in a perfectly competitive industry, marginal revenue and average revenue are equal.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenue | Marginal revenueMSC: Interpretive3. If a firm notices that its average revenue equals the current market price, that firm must be participating in a competitive market.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenueMSC: Interpretive4. A profit-maximizing firm in a competitive market will increase production when average revenue exceeds marginal cost.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenueMSC: Interpretive9295. Because there are many buyers and sellers in a perfectly competitive market, no one seller can influence the market price.ANS: T DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional6. Firms operating in perfectly competitive markets try to maximize profits.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Applicative7. In competitive markets, firms that raise their prices are typically rewarded with larger profits.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive8. When an individual firm in a competitive market increases its production, it is likely that the market price will fall.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive9. In a competitive market, firms are unable to differentiate their product from that of other producers.ANS: T DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive10. Firms in a competitive market are said to be price takers because there are many sellers in the market and the goods offered by the firms are very similar if not identical.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive11. A firm's incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin. ANS: T DIF: 1 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive12. By comparing the marginal revenue and marginal cost from each unit produced, a firm in a competitive market can determine theprofit-maximizing level of production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive13. Firms operating in perfectly competitive markets produce an output level where marginal revenue equals marginal cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Marginal revenueMSC: Applicative14. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $4.75. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical15. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $5. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical16. A firm is currently producing 100 units of output per day. The manager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the unit for $6. The firm should produce more than 100 units in order to maximize its profits (or minimize its losses). ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical17. A dairy farmer must be able to calculate sunk costs in order to determine how much revenue the farm receives for the typical gallon of milk.ANS: F DIF: 1 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive18. Because nothing can be done about sunk costs, they are irrelevant to decisions about business strategy.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive19. A miniature golf course is a good example of where fixed costs become relevant to the decision of when to open and when to close for the season.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive20. A popular resort restaurant will maximize profits if it chooses to stay open during the less-crowded “off season” when its total revenues exceed its variable costs.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: Interpretive21. All firms maximize profits by producing an output level where marginal revenue equals marginal cost; for firms operating in perfectly competitive industries, maximizing profits also means producing an output level where price equals marginal cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive22. A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that firm’s average total cost but greater than the firm’s average variable cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive23. A firm operating in a perfectly competitive industry will continue to operate in the short run but earn losses if the market price is less than that fir m’s average variable cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive24. A firm operating in a perfectly competitive industry will shut down in the short run but earn losses if the market price is less than that firm’s average variable cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive25. In the short run, a firm should exit the industry if its marginal cost exceeds its marginal revenue.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive26. In making a short-run profit-maximizing production decision, the firm must consider both fixed and variable cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive27. A firm will shut down in the short run if revenue is not sufficient to cover its variable costs of production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive28. Suppose a firm is considering producing zero units of output. We call this shutting down in the short run and exiting an industry in the long run.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive29. Suppose a firm is considering producing zero units of output. We call this exiting an industry in the short run and shutting down in the long run.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive30. A firm will shut down in the short run if revenue is not sufficient to cover all of its fixed costs of production.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: Interpretive31. The supply curve of a firm in a competitive market is the average variable cost curve above the minimum of marginal cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive32. When a profit-maximizing firm in a competitive market experiences rising prices, it will respond with an increase in production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive33. The marginal firm in a competitive market will earn zero economic profit in the long run.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Economic profitMSC: Interpretive34. A profit-maximizing firm in a competitive market will earn zero accounting profits in the long run.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Accounting profitMSC: Interpretive35. In the long run, when price is less than average total cost for all possible levels of production, a firm in a competitive market will choose to exit (or not enter) the market.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive36. In the long run, when price is greater than average total cost, some firms in a competitive market will choose to enter the market.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive37. In the long run, a firm should exit the industry if its total costs exceed its total revenues.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive38. When a resource used in the production of a good sold in a competitive market is available in only limited quantities, the long-run supply curve is likely to be upward sloping.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive39. A firm operating in a perfectly competitive industry will continue to operate if it earns zero economic profits because it is likely to be earning positive accounting profits.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive40. A firm operating in a perfectly competitive industry will shut down in the short run if its economic profits fall to zero because it is likely to be earning negative accounting profits.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive41. A firm operating in a perfectly competitive market may earn positive, negative, or zero economic profit in the long run.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Long-run supply curveMSC: Interpretive42. A firm operating in a perfectly competitive market may earn positive, negative, or zero economic profit in the short run.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Long-run supply curveMSC: Interpretive43. A firm operating in a perfectly competitive market earns zero economic profit in the long run but remains in business because the firm’s revenues cover the business owners’ opportunity costs.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive44. A competitive market will typically experience entry and exit until accounting profits are zero.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive45. The long-run equilibrium in a competitive market characterized by firms with identical costs is generally characterized by firms operating at efficient scale.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive46. In the long run, a competitive market with 1,000 identical firms will experience an equilibrium price equal to the minimum of each firm's average total cost.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive47. In a long-run equilibrium where firms have identical costs, it is possible that some firms in a competitive market are making a positive economic profit.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive48. When economic profits are zero in equilibrium, the firm's revenue must be sufficient to cover all opportunity costs.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive49. The short-run supply curve in a competitive market must be more elastic than the long-run supply curve.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive50. The long-run supply curve in a competitive market is more elastic than the short-run supply curve.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: InterpretiveSHORT ANSWER1. Describe the difference between average revenue and marginal revenue. Why are both of these revenue measures important to aprofit-maximizing firm?ANS:Average revenue is total revenue divided by the quantity of output. Marginal revenue is the change in total revenue from the sale of each additional unit of output. Marginal revenue is used to determine the profit-maximizing level of production, and average revenue is used to help determine the level of profits. Note that for all firms, price equals average revenue because AR=(PxQ)/Q=P. But only for a firm operating in a perfectly competitive industry does price also equal marginal revenue.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Price MSC: Definitional2. List and describe the characteristics of a perfectly competitive market.ANS:There are many buyers and sellers in the market. The goods offered by the various sellers are largely the same. Firms can freely enter or exit the market.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Competitive markets MSC: Definitional3. Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market?ANS:The firm could not sell any more of its product at a lower price than it could sell at the market price. As a result, it would needlessly forgo revenue if it set a price below the market price. If the firm set a higher price, it would not sell anything at all because a competitive market has many sellers who would supply the product at the market price.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical4. Use a graph to demonstrate the circumstances that would prevail ina competitive market where firms are earning economic profits. Can this scenario be maintained in the long run? Explain your answer.ANS:In a competitive market where firms are earning economic profits, new firms will have an incentive to enter the market. This entry will expand the number of firms, increase the quantity of the good supplied, and drive down prices and profits. Entry will cease once firms are producing the output level where price equals the minimum of the average total costcurve, meaning that each firm earns zero economic profits in the long run.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical5. Explain how a firm in a competitive market identifies theprofit-maximizing level of production. When should the firm raise production, and when should the firm lower production?ANS:The firm selects the level of output at which marginal revenue is equal to marginal cost. If MR > MC, profit will increase if the firm increases Q. If MR < MC, profit will increase if the firm decreases Q.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical6. News reports from the western United States occasionally report incidents of cattle ranchers slaughtering a large number of newborn calves and burying them in mass graves rather than transporting them to markets. Assuming that this is rational behavior by profit-maximizing "firms," explain what economic factors may influence such behavior. ANS:If the selling price is not sufficient to cover the variable cost of sending the calves to market, this (potentially emotionally upsetting) behavior makes economic sense.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical7. Use a graph to demonstrate the circumstances that would prevail ina perfectly competitive market where firms are experiencing economic losses. Identify costs, revenue, and the economic losses on your graph. Using your graph, determine whether an individual firm will shut down in the short run, or choose to remain in the market. Explain your answer.ANS:The losses and revenues are identified on the individual firm's graph. Total cost is equal to the sum of the losses and revenue (becauseprofit/loss=TR-TC, so TC=TR+profit/loss). The decision about whether this firm shuts down or remains in the market depends upon the position of average variable cost. If average variable cost is below P0 at output level Q0, the firm will remain in the market. If average variable cost is above P0 at output level Q0 the firm will shut down in the short run.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: Analytical8. At its current level of production a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm'smarginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. What is the firm's current profit? What is likely to occur in this market and why?ANS:$2,500; firms are likely to enter this market since existing firms are earning economic profits.DIF: 2 REF: 14-2 NAT: Analytic LOC: Perfect competitionTOP: Profit MSC: Analytical9. Give two reasons why the long-run industry supply curve may slope upward. Use an example to demonstrate your reasons.ANS:1) Some resource used in production may be available only in limited quantities. 2) Firms may have different cost structures. The example provided in the text for the first reason is the market for farm products. As more people become farmers, the price of land is bid up since its supply is limited. As the price of farm land is bid up, the costs to all farmers in the market rise. The example used to support the second reason is the market for painters. Anyone can enter the market for painting services, but not everyone has the same costs because some painters work faster than others.DIF: 3 REF: 14-3 NAT: Analytic LOC: Perfect competitionTOP: Supply curve MSC: Interpretive10. If identical firms that remain in a competitive market over the long run make zero economic profit, why do these firms choose to remain in the market?ANS:Because a normal rate of return on their investment is included as part of the opportunity cost of production.DIF: 2 REF: 14-3 NAT: Analytic LOC: Perfect competitionTOP: Economic profit MSC: InterpretiveSec00 - Firms in Competitive MarketsMULTIPLE CHOICE1. A firm has market power if it cana. maximize profits.b. minimize costs.c. influence the market price of the good it sells.d. hire as many workers as it needs at the prevailing wage rate.ANS: C DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Market powerMSC: Definitional2. The analysis of competitive firms sheds light on the decisions that lie behind thea. demand curve.b. supply curve.c. way firms make pricing decisions in the not-for-profit sector ofthe economy.d. way financial markets set interest rates.ANS: B DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: Interpretive3. For any competitive market, the supply curve is closely related to thea. preferences of consumers who purchase products in thatmarket.b. income tax rates of consumers in that market.c. firms’ costs of production in that market.d. interest rates on government bonds.ANS: C DIF: 1 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: Interpretive4. Suppose that firms in each of the two markets listed below were to increase their prices by 20 percent. Which pair represents the example where customers would decrease their quantity purchased dramatically in one market and only slightly in the other market due to differences in market structure?a. corn and soybeansb. gasoline and restaurantsc. water and cable televisiond. spiral notebooks and college textbooksANS: D DIF: 2 REF: 14-0 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketMSC: InterpretiveSec01 - Firms in Competitive Markets - What is a Competitive Market? MULTIPLE CHOICE1. A key characteristic of a competitive market is thata. government antitrust laws regulate competition.b. producers sell nearly identical products.c. firms minimize total costs.d. firms have price setting power.ANS: B DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional2. Which of the following is not a characteristic of a competitive market?a. Buyers and sellers are price takers.b. Each firm sells a virtually identical product.c. Free entry is limited.d. Each firm chooses an output level that maximizes profits.ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional3. In a perfectly competitive market,a. no one seller can influence the price of the product.b. price exceeds marginal revenue for each unit sold.c. average revenue exceeds marginal revenue for each unit sold.d. administrative barriers can make it difficult for firms to enter anindustry.ANS: A DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive4. Who is a price taker in a competitive market?a. buyers onlyb. sellers onlyc. both buyers and sellersd. neither buyers nor sellersANS: C DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional5. Competitive markets are characterized bya. a small number of buyers and sellers.b. unique products.c. the interdependence of firms.d. free entry and exit by firms.ANS: D DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional6. A market is competitive if(i) firms have the flexibility to price their own product.(ii) each buyer is small compared to the market.(iii) each seller is small compared to the market.a. (i) and (ii) onlyb. (i) and (iii) onlyc. (ii) and (iii) onlyd. (i), (ii), and (iii)ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive7. When a firm has little ability to influence market prices it is said to be in aa. competitive market.b. strategic market.c. thin market.d. power market.ANS: A DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional8. In a competitive market, the actions of any single buyer or seller willa. have a negligible impact on the market price.b. have little effect on market equilibrium quantity but will affectmarket equilibrium price.c. affect marginal revenue and average revenue but not price.d. adversely affect the profitability of more than one firm in themarket.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive9. Because the goods offered for sale in a competitive market are largely the same,a. there will be few sellers in the market.b. there will be few buyers in the market.c. only a few buyers will have market power.d. sellers will have little reason to charge less than the goingmarket price.ANS: D DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive10. Which of the following is not a characteristic of a perfectly competitive market?a. Firms are price takers.b. Firms have difficulty entering the market.c. There are many sellers in the market.d. Goods offered for sale are largely the same.ANS: B DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets11. Which of the following is not a characteristic of a perfectly competitive market?a. Firms are price takers.b. Firms can freely enter the market.c. Many firms have market power.d. Goods offered for sale are largely the same.ANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets MSC: Interpretive12. Free entry means thata. the government pays any entry costs for individual firms.b. no legal barriers prevent a firm from entering an industry.c. a firm's marginal cost is zero.d. a firm has no fixed costs in the short run.ANS: B DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets MSC: Interpretive13. Which of the following industries is most likely to exhibit the characteristic of free entry?a. nuclear powerb. municipal water and sewerc. dairy farmingd. airport securityANS: C DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive markets14. When buyers in a competitive market take the selling price as given, they are said to bea. market entrants.b. monopolists.c. free riders.d. price takers.ANS: D DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional15. When firms are said to be price takers, it implies that if a firm raises its price,a. buyers will go elsewhere.b. buyers will pay the higher price in the short run.c. competitors will also raise their prices.d. firms in the industry will exercise market power.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive16. Which of the following statements best reflects a price-taking firm?a. If the firm were to charge more than the going price, it wouldsell none of its goods.b. The firm has an incentive to charge less than the market priceto earn higher revenue.c. The firm can sell only a limited amount of output at the marketprice before the market price will fall.d. Price-taking firms maximize profits by charging a price abovemarginal cost.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive17. Why does a firm in a competitive industry charge the market price?a. If a firm charges less than the market price, it loses potentialrevenue.b. If a firm charges more than the market price, it loses all itscustomers to other firms.c. The firm can sell as many units of output as it want to at themarket price.d. All of the above are correct.ANS: D DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive18. In a competitive market, no single producer can influence the market price becausea. many other sellers are offering a product that is essentiallyidentical.b. consumers have more influence over the market price thanproducers do.c. government intervention prevents firms from influencing price.d. producers agree not to change the price.ANS: A DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive19. A competitive firm would benefit from charging a price below the market price because the firm would achievea. higher average revenue.。
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Chapter 35The Short-Run Trade-Off Between Inflation and UnemploymentTRUE/FALSE1. In the long run, the natural rate of unemployment depends primarily on the growth rate of the money supply. ANS: F DIF: 1 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Natural rate of unemploymentMSC: Definitional2. In the long run, the inflation rate depends primarily on the growth rate of the money supply..ANS: T DIF: 1 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Inflation MSC: Definitional3. Short-run outcomes in the economy can be expressed in terms of output and the price level, or in terms ofunemployment and inflation.ANS: T DIF: 1 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Phillips curve | Aggregate demand and supplyMSC: Applicative4. Other things the same, an increase in aggregate demand reduces unemployment and raises inflation in theshort run.ANS: T DIF: 2 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Short-run Phillips curve slopeMSC: Applicative5. A given short-run Phillips curve shows that an increase in the inflation rate will be accompanied by a lowerunemployment rate in the short run.ANS: T DIF: 2 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Short-run Phillips curve slopeMSC: Interpretive6. The short-run Phillips curve indicates that expansionary monetary policy will temporarily raise theunemployment rate above its natural rate.ANS: F DIF: 2 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Short-run Phillips curve slopeMSC: Definitional7. The logic behind the tradeoff between inflation and unemployment is that high aggregate demand puts upwardpressure on wages and prices while raising output.ANS: T DIF: 2 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Short-run Phillips curve slopeMSC: Analytical8. Unexpectedly high inflation reduces unemployment in the short run, but as inflation expectations adjust theunemployment rate returns to its natural rate.ANS: T DIF: 1 REF: 35-2 NAT: AnalyticLOC: Unemployment and inflationTOP: Short-run Phillips curve slope | Short-run Phillips curve shiftsMSC: Analytical9. Fiscal policy cannot be used to move the economy along the short-run Phillips curve.ANS: F DIF: 1 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Short-run Phillips curve slope | Fiscal policyMSC: Applicative10. If the Fed were to increase the money supply, inflation would increase and unemployment would decrease inthe short run.ANS: T DIF: 1 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Short-run Phillips curveMSC: Analytical2312Chapter 35 /The Short-Run Trade-Off Between Inflation and Unemployment 2313 11. Friedman and Phelps believed that the natural rate of unemployment was constant.ANS: F DIF: 2 REF: 35-2 NAT: AnalyticLOC: Unemployment and inflation TOP: Long-run Phillips curveMSC: Definitional12. The long-run Phillips curve is consistent with monetary neutrality implied by the classical dichotomy.ANS: T DIF: 1 REF: 35-2 NAT: AnalyticLOC: Unemployment and inflation TOP: Long-run Phillips curve | Classical dichotomyMSC: Interpretive13. The short-run Phillips curve is based on the classical dichotomy.ANS: F DIF: 1 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Classical dichotomyMSC: Interpretive14. The classical notion of monetary neutrality is consistent both with a vertical long-run aggregate-supply curveand with a vertical long-run Phillips curve.ANS: T DIF: 2 REF: 35-2 NAT: AnalyticLOC: Unemployment and inflationTOP: Long-run aggregate supply | Long-run Phillips curve | Classical dichotomyMSC: Interpretive15. Although monetary policy cannot reduce the natural rate of unemployment, other types of government policiescan.ANS: T DIF: 1 REF: 35-2TOP: Natural rate of unemployment MSC: Definitional16. A policy change that reduces the natural rate of unemployment shifts both the long-run aggregate-supply curveand the long-run Phillips curve left.ANS: F DIF: 1 REF: 35-2TOP: Long-run Phillips curve | Long-run aggregate supply MSC: Applicative17. An increase in the natural rate of unemployment shifts the long-run Phillips curve to the right.ANS: T DIF: 1 REF: 35-2 NAT: AnalyticLOC: Unemployment and inflationTOP: Long-run Phillips curve | Natural rate of unemployment MSC: Analytical18. In the long run people come to expect whatever inflation rate the Fed chooses to produce, so unemploymentreturns to its natural rate.ANS: T DIF: 2 REF: 35-2 NAT: AnalyticLOC: Unemployment and inflation TOP: Long-run Phillips curveMSC: Analytical19. The analysis of Friedman and Phelps argues that an expected change in inflation has no impact on theunemployment rate.ANS: T DIF: 2 REF: 35-2 NAT: AnalyticLOC: Unemployment and inflation TOP: Short-run Phillips curve shiftsMSC: Analytical20. In the Friedman-Phelps analysis, when inflation is less than expected, the unemployment rate is less than thenatural rate.ANS: F DIF: 1 REF: 35-2 NAT: AnalyticLOC: Unemployment and inflation TOP: Short-run Phillips curve slopeMSC: Applicative21. According to the Friedman-Phelps analysis, in the long run actual inflation equals expected inflation andunemployment is at its natural rate.ANS: T DIF: 1 REF: 35-2 NAT: AnalyticLOC: Unemployment and inflation TOP: Long-run Phillips curveMSC: Applicative2314 Chapter 35 /The Short-Run Trade-Off Between Inflation and Unemployment22. An increase in inflation expectations shifts the short-run Phillips curve right and has no effect on the long-runPhillips curve.ANS: T DIF: 1 REF: 35-3 NAT: AnalyticLOC: Unemployment and inflationTOP: Short-run Phillips curve | Short-run Phillips curve shifts MSC: Applicative23. A decrease in government expenditures serves as an example of an adverse supply shock.ANS: F DIF: 2 REF: 35-3 NAT: AnalyticLOC: Unemployment and inflation TOP: Supply shocksMSC: Interpretive24. An adverse supply shock shifts the short-run Phillips curve right and the short-run aggregate-supply curve left. ANS: T DIF: 2 REF: 35-3 NAT: AnalyticLOC: Unemployment and inflation TOP: Supply shocksMSC: Applicative25. In most of the 1970s, the Fed's policy created expectations of high inflation.ANS: T DIF: 1 REF: 35-3 NAT: AnalyticLOC: Unemployment and inflation TOP: US inflation MSC: Definitional26. The proliferation of Internet usage serves as an example of a favorable supply shock.ANS: T DIF: 2 REF: 35-4 NAT: AnalyticLOC: Unemployment and inflation TOP: Supply shocksMSC: Interpretive27. A decrease in the growth rate of the money supply eventually causes the short-run Phillips curve to shift right. ANS: F DIF: 2 REF: 35-3 NAT: AnalyticLOC: Unemployment and inflationTOP: Short-run Phillips curve shifts | Contractionary policy MSC: Analytical28. The sacrifice ratio is the percentage point increase in the unemployment rate created in the process of reducinginflation by one percentage point.ANS: F DIF: 1 REF: 35-4 NAT: AnalyticLOC: Unemployment and inflation TOP: Sacrifice ratioMSC: Definitional29. A low sacrifice ratio would make a central bank less willing to reduce the inflation rate.ANS: F DIF: 2 REF: 35-4 NAT: AnalyticLOC: Unemployment and inflation TOP: Sacrifice ratioMSC: Interpretive30. Proponents of rational expectations argue that failing to account for peoples' revised inflation expectations ledto estimates of the sacrifice ratio that were too high.ANS: T DIF: 1 REF: 35-4 NAT: AnalyticLOC: Unemployment and inflation TOP: Rational expectations | Sacrifice ratioMSC: Definitional31. The sacrifice ratio of the Volcker disinflation was larger than previous estimates had predicted.ANS: F DIF: 1 REF: 35-4 NAT: AnalyticLOC: Unemployment and inflation TOP: Volcker disinflation | Sacrifice ratioMSC: Definitional32. U.S. monetary policy in the early 1980s reduced the inflation rate by more than half.ANS: T DIF: 1 REF: 35-4 NAT: AnalyticLOC: Unemployment and inflation TOP: Volcker disinflationMSC: DefinitionalChapter 35 /The Short-Run Trade-Off Between Inflation and Unemployment 2315 SHORT ANSWER1. In the long run what primarily determines the natural rate of unemployment? In the long run what primarilydetermines the inflation rate? How does this relate to the classical dichotomy?ANS:In the long run the natural rate of unemployment is primarily determined by labor market factors including government policy concerning minimum wages and unemployment benefits. In the long run inflation is primarily determined by money supply growth. These determinants are consistent with the classical dichotomy which states that real and nominal variables are determined independently.DIF: 2 REF: 35-0 NAT: Analytic LOC: Unemployment and inflation TOP: Inflation | Natural rate of unemployment | Classical dichotomyMSC: Definitional2. Are the effects of an increase in aggregate demand in the aggregate demand and aggregate supply modelconsistent with the Phillips curve? Explain.ANS:Consider what happens when the aggregate-demand curve shifts. For example, suppose there is an increase in aggregate demand. The aggregate demand and supply model shows that prices and output will rise. Rising prices mean that there is inflation. Rising output means falling unemployment. Thus, a shift in the aggregate-demand curve along the aggregate-supply curve corresponds to a movement along the Phillips curve.DIF: 2 REF: 35-1 NAT: Analytic LOC: Unemployment and inflation TOP: Aggregate demand and supply | Short-run Phillips curve shiftsMSC: Analytical3. The Phillips curve and the short-run aggregate supply curve are closely related, yet one slopes downward andthe other slopes upward. Discuss.ANS:The Phillips curve shows the relation between inflation and unemployment. The short-run aggregate-supply curve shows the relation between the price level and output. When aggregate demand increases, the price level and output rise. The rising price level means that inflation has increased. The rising level of output means that firms will hire more workers so that the unemployment rate falls. Thus, the model implies that inflation and unemployment are inversely related as the Phillips curve indicates. Real GDP and the unemployment rate move in the opposite direction. So it is consistent to have an upward sloping aggregate supply curve with output on the horizontal axis and a downward sloping Phillips curve with unemployment on the horizontal axis.DIF: 2 REF: 35-1 NAT: Analytic LOC: Unemployment and inflation TOP: Short-run Phillips curve | Short-run aggregate supply MSC: Analytical4. Explain the connection between the vertical long-run aggregate supply curve and the vertical long-run Phillipscurve.ANS:Both reflect the classical dichotomy. The vertical long-run aggregate supply curve says that, in the long run, the economy will be at its natural rate of output, and that this is the same no matter what the price level. The natural rate of output depends on the natural rate of unemployment. The vertical Phillips curve says that, in the long run, the economy will be at the natural rate of unemployment (corresponding with the natural rate of output), and that this is the same no matter what the inflation rate. Both curves are consistent with the classical dichotomy that says real variables are not affected by nominal variables.DIF: 2 REF: 35-2 NAT: Analytic LOC: Unemployment and inflation TOP: Long-run Phillips curve | Long-run aggregate supply MSC: Analytical5. Suppose that the Fed unexpectedly pursues contractionary monetary policy. What will happen tounemployment in the short run? What will happen to unemployment in the long run? Justify your answer using the Phillips curves.ANS:In the short run, unemployment will rise, because, contractionary policy reduces actual inflation and so moves the economy down along the Phillips curve. In the long run, the economy will return to its natural rate of unemployment as a reduction in expected inflation shifts the short-run Philip curve shifts left.DIF: 2 REF: 35-2 NAT: Analytic LOC: Unemployment and inflation TOP: Phillips curve | Contractionary policy MSC: Analytical2316 Chapter 35 /The Short-Run Trade-Off Between Inflation and Unemployment6. What did Friedman and Phelps predict would happen if policymakers tried to move the economy upwardalong the Phillips curve? Did the behavior of the economy in the late 1960s and the 1970s prove them wrong? ANS:Friedman and Phelps predicted that, over time, people would come to expect higher inflation, so the short-run Phillips curve would shift right. When this happened, unemployment would go back to its natural rate, but inflation would be higher. The behavior of the economy in the late 1960s and the 1970’s was consistent with their theory. Inflation rose but unemployment did not remain low.DIF: 2 REF: 35-2 NAT: Analytic LOC: Unemployment and inflation TOP: Long-run Phillips curve MSC: Analytical7. Some countries have inflation around or in excess of 8 percent. Suppose that the sacrifice ratio is 2.5. What isthe cost of reducing inflation from 8 percent to 2 percent? In your answer, define the sacrifice ratio andexplain how you found the cost of inflation reduction.ANS:The sacrifice ratio gives the annual percentage decline in output required to reduce the inflation rate 1 percentage point. The sacrifice ratio is 2.5 so if a country with 8 percent inflation wants to reduce it to 2 percent it will have a reduction in output equal to 2.5 times 6 percent = 15 percent of annual output.DIF: 2 REF: 35-4 NAT: Analytic LOC: Unemployment and inflation TOP: Short-run Phillips curve | Sacrifice ratio MSC: Applicative8. Why does a downward-sloping Phillips curve imply a positive sacrifice ratio?ANS:A downward-sloping Phillips curve implies that as a government acts to decrease inflation, unemployment increases. Increased unemployment leads to lower output. So the Phillips curve implies that inflation reduction requires a short-run decrease in output, as does a positive sacrifice ratio.DIF: 2 REF: 35-4 NAT: Analytic LOC: Unemployment and inflation TOP: Sacrifice ratio | Short-run Phillips curve slope MSC: Analytical9. Suppose that the economy is at an inflation rate such that unemployment is above the natural rate. How doesthe economy return to the natural rate of unemployment if this lower inflation rate persists? Use sticky-wage theory to explain your answer.ANS:If unemployment is above its natural rate, then actual inflation is less than expected inflation. According tosticky-wage theory, when inflation is less than expected, prices will have risen less than nominal wages which are based on expected inflation. Because prices have risen less than nominal wages, firms will choose to reduce production and lay off or fire workers. Eventually workers and firms will have lower inflation expectations and the nominal wage will adjust to a level consistent with lower inflation expectations which will encourage firms to raise production. This increase in production causes unemployment to fall and shifts the short-run Philips curve to the left and the unemployment rate will return to it natural rate.DIF: 3 REF: 35-4 NAT: Analytic LOC: Unemployment and inflation TOP: Long-run equilibrium | Sticky-wages MSC: AnalyticalChapter 35 /The Short-Run Trade-Off Between Inflation and Unemployment 2317 10. Some economists argue suddenly reducing money supply growth is a costly way to reduce inflation and that itmay not work. For example, if a government cuts money growth but makes no real fiscal reforms, people will expect the government will eventually need to expand the money supply to pay for its expenditures. Thus, the promise to fight inflation will not be credible. Explain why credibility is important to a reduction in theinflation rate.ANS:If people believe that the government really will honor its promise to reduce inflation, than inflation expectations fall. This change in expectations shifts the short-run Phillips curve left so that at any actual inflation rate the unemployment rate will be lower. If the government reduces money supply growth and at the same time people reduce their inflation expectations, unemployment will rise by less than if people maintain their inflation expectations.The same argument can be made using the following equation.Unemployment rate = natural rate of unemployment - a(actual inflation - expected inflation)Suppose the government reduces actual inflation. If expected inflation is unchanged, then the unemployment rate rises by more than if people revise their expectations of inflation downward.DIF: 3 REF: 35-4 NAT: Analytic LOC: Unemployment and inflation TOP: Credibility MSC: Analytical11. Some countries have had relatively high inflation and relatively high unemployment for long periods of time.Is this consistent with the Phillips curve? Defend your answer.ANS:They are consistent with the long-run Phillips curve. In the long run the natural rate of unemployment is determined by factors other than inflation. For example, the natural rate of unemployment will be higher in a country with a higher minimum wage and more generous unemployment compensation. In the long run, inflation depends on the growth rate of the money supply. So, it is possible for a country with a Phillips curve that is farther to the right to also have greater money supply growth and higher inflation.DIF: 3 REF: 35-4 NAT: Analytic LOC: Unemployment and inflation TOP: Phillips curve | Natural rate of unemployment | Inflation expectationsMSC: Analytical2318 Chapter 35 /The Short-Run Trade-Off Between Inflation and Unemployment12. Suppose that the Prime Minister and Parliament of Veridian are disappointed with the high inflation ratesunder the current system where the Veridian Ministry of Finance is in charge of the money supply. They make reforms to lower inflation from its current rate of 8%. Suppose further that the public is confident that with the reforms in place that inflation will fall to 2%. Also suppose that those in control of the money supply actually conduct monetary policy so that the actual inflation rate is 4%. Using long-run and short-run Phillips curves and assuming the natural rate of unemployment is 6%, show the initial long run equilibrium of Veridian and label it “A”. Assuming that the government had actually set inflation at 2% and that the public believed this, label the long-run equilibrium “B”. Now, suppose that inflation expectations fell to 2% and that thegovernment unexpectedly created inflation of 4%. Show the short-run equilibrium and label it “C”. If the money supply continues to grow at a rate consistent with 4% inflation, show where the economy ends up and label that point “D”.ANS:Veridian Phillips CurvesDIF: 3 REF: 35-4 NAT: Analytic LOC: Unemployment and inflation TOP: Short-run Phillips curve shifts | Long-run Phillips curve MSC: AnalyticalSec00-The Short-Run Trade-off Between Inflation and Unemployment-Introduction MULTIPLE CHOICE1. Closely watched indicators such as the inflation rate and unemployment are released each month by thea.Bureau of the Budget.b.Bureau of Labor Statistics.c.Department of the Treasury.d.President's Council of Economic Advisors.ANS: B DIF: 1 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Bureau of Labor StatisticsMSC: Definitional2. The misery index is calculated as thea.inflation rate plus the unemployment rate.b.unemployment rate minus the inflation rate.c.actual inflation rate minus the expected inflation rate.d.natural unemployment rate times the inflation rateANS: A DIF: 1 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Misery indexMSC: DefinitionalChapter 35 /The Short-Run Trade-Off Between Inflation and Unemployment 23193. The misery index is supposed to measure thea.social cost of unemployment.b.health of the economy.c.lost output associated with a particular unemployment rate.d.short-run tradeoff between inflation and unemployment.ANS: B DIF: 1 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Misery indexMSC: Definitional4. The misery index is supposed to measure thea.social cost of unemployment.b.health of the economy.c.lost output associated with a particular unemployment rate.d.short-run tradeoff between inflation and unemployment.ANS: B DIF: 1 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Misery indexMSC: Definitional5. One determinant of the natural rate of unemployment is thea.rate of growth of the money supply.b.minimum wage rate.c.expected inflation rate.d.All of the above are correct.ANS: B DIF: 2 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Natural rate of unemploymentMSC: Definitional6. In the long run,a.the natural rate of unemployment depends primarily on the level of aggregate demand.b.inflation depends primarily upon the money supply growth rate.c.there is a tradeoff between the inflation rate and the natural rate of unemployment.d.All of the above are correct.ANS: B DIF: 2 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Unemployment and inflationMSC: Interpretive7. One determinant of the long-run average unemployment rate is thea.market power of unions, while the inflation rate depends primarily upon government spending.b.minimum wage, while the inflation rate depends primarily upon the money supply growth rate.c.rate of growth of the money supply, while the inflation rate depends primarily upon the marketpower of unions.d.existence of efficiency wages, while the inflation rate depends primarily upon the extent to whichfirms are competitive.ANS: B DIF: 1 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Unemployment and inflationMSC: Interpretive8. In the long run,a.the natural rate of unemployment depends primarily on the level of aggregate demand.b.inflation depends primarily upon the money supply growth rate.c.there is a tradeoff between the inflation rate and the natural rate of unemployment.d.All of the above are correct.ANS: B DIF: 2 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Unemployment and inflationMSC: Interpretive2320 Chapter 35 /The Short-Run Trade-Off Between Inflation and Unemployment9. In the long run inflationa.and unemployment are primarily determined by labor market factors.b.and unemployment are primarily determined by the rate of money supply growth.c.is primarily determined by the rate of money supply growth while unemployment is primarilydetermined by labor market factors.d.is primarily determined by labor market factors while unemployment is primarily determined by therate of money supply growth.ANS: C DIF: 2 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Unemployment and inflationMSC: Definitional10. In the short runa.unemployment and inflation are positively related. In the long run they are largely unrelatedproblems.b.and in the long run inflation and unemployment are positively related.c.unemployment and inflation are negatively related. In the long run they are largely unrelatedproblems.d.and in the long run inflation and unemployment are negatively related.ANS: C DIF: 1 REF: 35-0 NAT: AnalyticLOC: Unemployment and inflation TOP: Phillips curveMSC: DefinitionalSec01-The Short-Run Trade-off Between inflation and Unemployment-The Phillips CurveMULTIPLE CHOICE1. The short-run relationship between inflation and unemployment is often calleda.the Classical Dichotomy.b.Money Neutrality.c.the Phillips curve.d.None of the above is correct.ANS: C DIF: 1 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Phillips curveMSC: Definitional2. Phillips found a negative relation betweena.output and unemployment.b.output and employment.c.wage inflation and unemployment.d.None of the above is correct.ANS: C DIF: 1 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Phillips curveMSC: Definitional3. The economist A.W. Phillips published a famous article in 1958 in which he showed aa.negative correlation between the rate of unemployment and the rate of inflation.b.positive correlation between the rate of unemployment and the rate of inflation.c.negative correlation between the rate of unemployment and the rate of interest.d.positive correlation between the rate of unemployment and the rate of interestANS: A DIF: 1 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Phillips curveMSC: DefinitionalChapter 35 /The Short-Run Trade-Off Between Inflation and Unemployment 23214. Phillips found aa.positive relation between unemployment and inflation in the United Kingdom.b.positive relation between unemployment and inflation in the United States.c.negative relation between unemployment and inflation in the United States.d.negative relation between unemployment and inflation in the United Kingdom.ANS: D DIF: 2 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Phillips curveMSC: Definitional5. A. W. Phillips' findings were based on dataa.from 1861-1957 for the United Kingdom.b.from 1861-1957 for the United States.c.mostly from the post-World War II period in the United Kingdom.d.mostly from the post-World War II period in the United States.ANS: A DIF: 2 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Phillips curveMSC: Definitional6. In his famous article published in an economics journal in 1958, A.W. Phillipsed data for the United States to show a negative relationship between the rate of change of theU.S. consumer price index and the U.S. unemployment rate.ed data for the United States to show a negative relationship between the rate of change of wagesin the U.S. and the U.S. unemployment rate.ed data for the United Kingdom to show a negative relationship between the rate of change of theU.K. consumer price index and the U.K. unemployment rate.ed data for the United Kingdom to show a negative relationship between the rate of change ofwages in the U.K. and the U.K. unemployment rate.ANS: D DIF: 2 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Phillips curveMSC: Interpretive7. A.W. Phillips’s discovery of a particular relationship between unemployment and inflation for the UnitedKingdoma.could not be extended to other countries, despite many researchers’ attempts to provide thatextension.b.was quickly extended to other countries by researchers.c.was extended to only one other country — the United States.d.was harshly criticized by the American economists Paul Samuelson and Robert Solow on thegrounds that Phillips’s study was fundamentally flawed.ANS: B DIF: 2 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Phillips curveMSC: Interpretive8. Samuelson and Solow argued that when unemployment is high, there isa.upward pressures on wages and prices.b.upward pressures on wages and downward pressures on prices.c.upward pressures on prices and downward pressures on wages.d.downward pressures on wages and prices.ANS: D DIF: 1 REF: 35-1 NAT: AnalyticLOC: Unemployment and inflation TOP: Short-run Phillips curveMSC: Definitional。