宏观经济学期末考卷子

Macroeconomics Final Test 2009

I. Multiple choice (1 points per each. In total 40 points)

紅色是答案

1) A car that is produced in 2004 is not sold until 2005. According to the definition of GDP, in which year's GDP should it be counted?

A) 2004

B) 2005

C) both years

D) 2004 real GDP; 2005 nominal GDP

2) Which of the following transactions would be included in the official calculation of GDP?

A) A student buys a used text book at the bookstore.

B) Firestone sells $2 million worth of tires to General Motors.

C) You wash and wax your father's car as a favor to him.

D) You buy a new iPod.

E) You illegally download music off the Internet to put on your new iPod.

3) Which of the following accurately describes an effect of the hurricane Katrina on U.S. GDP?

A) GDP would decrease reflecting the costs of cleanup.

B) GDP would increase reflecting the costs of cleanup.

C) GDP would increase reflecting the decrease in production that occurred during the storm and the productive capacity lost in the storm.

D) GDP would increase well being.

4) A full time student who is not working is categorized as

A) unemployed.

B) employed.

C) not in the labor force.

D) a discouraged worker.

E) frictionally unemployed.

5) The labor force participation rate is defined as

A) the percentage of the working-age population that is employed.

B) the percentage of the working-age population that is unemployed.

C) the percentage of the labor force that is employed.

D) the percentage of the labor force that is unemployed.

E) the percentage of the working-age population in the labor force.

6) ________ are financial securities that represent promises to repay a fixed amount of funds.

A) Stocks

B) Bonds

C) Savings accounts

D) Certificates of deposit

7) Endogenous growth theory

A) states that the rate of technological change is determined outside the working of the market system.

B) does not adequately explain the factors that determine productivity.

C) states that the rate of technological change is caused by economic incentives.

D) states that the rate of technological change is unaffected by economic incentives.

8) An explanation for the productivity slowdown in the U.S.A. from 1973 through 1995, is

A) measurement problems.

B) creative destruction.

C) a decline in oil prices.

D) an increase in labor quality.

9) There is an unplanned increase in inventories when

A) actual inventory investment equals planned inventory investment.

B) actual inventory investment is less than planned inventory investment.

C) actual inventory investment is greater than planned inventory investment.

D) a firm experiences much higher sales than expected.

10) Which of the following will raise consumer expenditures?

A) an increase in interest rates

B) a general decline in housing prices

C) an increase in expected future income

D) an increase in the price level

11) The marginal propensity to consume is defined as

A) consumption divided by disposable income.

B) disposable income divided by consumption.

C) the change in consumption divided by the change in disposable income.

D) the change in disposable income divided by the change in consumption.

12) The wealth effect is defined as

A) when the price level falls, the real value of household wealth falls.

B) when the price level falls, the nominal value of household wealth falls.

C) when the price level falls, the nominal value of household wealth rises.

D) when the price level falls, the real value of household wealth rises.

13) The interest rate effect is described as

A) an increase in the price level raises the interest rate and chokes off government spending.

B) an increase in the price level lowers the interest rate and chokes off government spending.

C) an increase in the price level raises the interest rate and chokes off investment and consumption spending.

D) an increase in the price level lowers the interest rate and chokes off investment and