Chapter 1 Measuring national income
曼昆宏观经济学英语课后题答案之欧阳计创编
CHAPTER 23: MEASURING A NATION’S INCOMETrue/False Indicate whether the statement is true or false.1. T he circular flow diagram describes all transactions between households and firms in a simpleeconomy and shows the equality of expenditures and income.ANSWER: TPOINTS: 0 / 12. G ross domestic product includes most items produced and sold illicitly.ANSWER: FPOINTS: 0 / 13. N et national product is the total income of a nation’s residents minus losses from depreciation.ANSWER: TPOINTS: 0 / 14. D isposable personal income is the income that households and unincorporated business haveleft after satisfying all their obligations to the government. It equals personal income minuspersonal taxes and certain non-tax payments to government.ANSWER: TPOINTS: 0 / 15. T he purchase of new houses by households is included in the calculation of personalconsumption expenditures of GDP.ANSWER: FPOINTS: 0 / 1Multiple Choice Identify the choice that best completes the statement or answers the question.1. W hen GDP falls,a. income and expenditure must both fall.b. income and expenditure can both rise.c. income must fall, but expenditure may rise or fall.d. expenditure must fall, but income may rise or fall.ANSWER: APOINTS: 0 / 12. I ncome equals expenditure becausea. firms always pay out all their revenue as income to someone.b. each time a sale is made, there is a buyer and a seller.c. households own the factors of production used to generate incomes.d. All of the above are correct.ANSWER: BPOINTS: 0 / 13. I f a province makes the production and sale of illicit drugs legal, then GDPa. must increase.b. must decrease.c. wouldn't change.d. may increase or decrease.ANSWER: APOINTS: 0 / 14. W hen a government provides subsidies to encourage growth of small businesses, the subsidieswoulda. be included in GDP because they are invested by businesses.b. be included in GDP because they are a form of government spending.c. not be included in GDP because they are transfer payments.d. may or may not be included in GDP, depending on how the funds are used.ANSWER: CPOINTS: 0 / 15. D iesel fuel isa. always considered a final good.b. counted as an intermediate good if a company uses it to provide transportation services.c. counted as a final good if a farmer uses it to run a tractor to grow crops.d. Both b and c are correct.ANSWER: BPOINTS: 0 / 16. G ross domestic producta. is the market value of all final goods and services produced within a country in a givenperiod (usually a year)b. is the income in the hands of individuals after deducting income taxes; income availableto households to spend and savec. is the value of goods and services purchased by all levels of government— federal,provincial, and local—in a given periodd. is the market value of all final goods and services produced by permanent residents of anation in a given time periodANSWER: APOINTS: 0 / 17. M acroeconomics is that branch of economics that studiesa. the conditions of individual marketsb. the influence of governments on individual marketsc. economy-wide phenomenad. only the private sector of the economyANSWER: CPOINTS: 0 / 18. S uppose that nominal GDP is $6,000 billion and real GDP is $3,000. What is the GDP pricedeflator?a. 125b. 150c. 200d. 250ANSWER: CPOINTS: 0 / 19. T he purchase of final goods and services by households is calleda. investmentb. public sector expenditurec. consumptiond. net exportsANSWER: CPOINTS: 0 / 110. I nvestment is the purchase of capital equipment, inventories, anda. structuresb. non-durable goodsc. depreciationd. import investmentANSWER: APOINTS: 0 / 111. T ransfer paymentsa. are included in GDP because they are forms of incomeb. are included in GDP because goods and services have been produced in the transferc. are NOT included in the GDP because goods and services have not been produced inthe transferd. are included in GDP because they represent the production of transfers of goods andservices to foreign countriesANSWER: CPOINTS: 0 / 112. W hich of the following would be considered consumption expenditure?a. The Smiths buy a home built in 1990.b. The federal government pays the salary of a captain in the Armed Forces.c. The Hostlers buy a new car that was manufactured in Germany.d. The government buys food for its armed forces.ANSWER: CPOINTS: 0 / 113. T he method that measures GDP in relationship to the size of the population is calleda. GNPb. worker GDPc. GDP per persond. capital GDPANSWER: CPOINTS: 0 / 114. T he components of GDP area. C + I + Gb. NX + G + Cc. C + G + NXd. C + I + G + NXANSWER: DPOINTS: 0 / 115. S uppose nominal GDP is $7700 and the GDP deflator is 110. Real GDP isa. $7700b. $7000c. $847,000d. $8470ANSWER: BPOINTS: 0 / 1Short Answer1. W hat are the components of gross domestic product (GDP)?RESPONSE:ANSWER: The components of GDP are: (1) consumption spending by households on goods and services, with the exception of purchases of new housing; (2) Investmentspending on capital equipment, inventories, and structures, including householdpurchases of new housing; (3) government purchases or spending on goods andservices by the local, provincial, and federal levels governments; and (4) netexports which is spending on domestically produced goods and services byforeigners (exports) minus spending on foreign goods and services by domesticresident (imports).POINTS: -- / 12. D ifferentiate between gross domestic product (GDP) and gross national product (GNP).RESPONSE:ANSWER: GDP is the value of all final goods and services produced within a country in agiven year; while GNP is the total income earned by a nation’s permanentresidents or nationals (that is, Canadians). GNP differs from GDP by includingincome that citizens of the nation (Canada) earned aboard, and excluding incomethat foreigners earn in the particular country (E.g. in Canada).POINTS: -- / 13. D ifferentiate between real GDP and nominal GDP.RESPONSE:ANSWER: Nominal GDP is the value of all final goods and services produced within a country in a year and valued at current prices; and real GDP is the GDP valued at constantbase year prices. Real GDP is not affected by changes in the level of prices, so itreflects only changes in the amounts being produced.POINTS: -- / 14. E xplain why GDP is not considered a perfect measure of well- being?RESPONSE:ANSWER: GDP is not considered a perfect measure of well-being because some of thefactors that contribute to a good life are omitted. These would include: leisuretime, the quality of the environment, the distribution of income, and the productionof goods and services that did not pas through the market (for example,housework done by the homemaker, and volunteer work)POINTS: -- / 15. H ow do economists measure economic growth?RESPONSE:ANSWER: Economists measure economic growth as the percentage change in real GDPfrom one period to another. This is because changes in real GDP reflect onlychanges in the amounts being produced.POINTS: -- / 1CHAPTER 24: MEASURING THE COST OF LIVINGTrue/False Indicate whether the statement is true or false.1. T he GDP deflator reflects the prices of goods and services bought by consumers, and theconsumer price index reflects the price of all final goods and services produced domestically.ANSWER: FPOINTS: 0 / 12. T he consumer price index compares the price of a fixed basket of goods and services to the priceof the basket in the base year. On the other hand, the GDP deflator compares the price of currently produced goods and services to the price of the same goods and services in the base years.ANSWER: TPOINTS: 0 / 13. I ndexation refers to the automatic correction of a dollar amount for the effects of inflation by law orcontract.ANSWER: TPOINTS: 0 / 14. L ong term contracts between firms and unions will sometimes include partial or complete indexationof the wage to the consumer price index. This is called a cost-of-living allowance clause.ANSWER: TPOINTS: 0 / 15. T he core inflation rate is the consumer price index with the exclusion of the most volatilecomponents such as energy and food.ANSWER: TPOINTS: 0 / 1Multiple Choice Identify the choice that best completes the statement or answers the question.1. I n the CPI, goods and services are weighted according toa. how much a typical consumer buys of each item.b. whether the items are necessities or luxuries.c. how much of each item is produced in the domestic economy.d. how much is spent on them in the national income accounts.ANSWER: APOINTS: 0 / 12. B y not taking into account the possibility of consumer substitution, the CPIa. understates the standard of living.b. overstates the cost of living.c. neither overstates nor understates the cost of living.d. doesn't accurately reflect the cost of living, but it is unclear if it overstates or understatesthe cost of living.ANSWER: BPOINTS: 0 / 13. I f the prices of Brazilian-made shoes imported into Canada increases, thena. both Canada’s GDP deflator and it’s consumer price index will increase.b. neither Canada’s GDP deflator nor it’s consumer price index will increase.c. Canada’s GDP deflator will increase but its CPI will not increase.d. Canada’s consumer price index will increase, but its GDP deflator won’t change.ANSWER: DPOINTS: 0 / 14. I f increases in the prices of Canadian car insurance causes the CPI to increase by 3 percent, theGDP deflator will likely increase bya. more than 3 percent.b. 3 percent.c. less than 3 percent.d. All of the above are correct.ANSWER: CPOINTS: 0 / 15. T he real interest rate tells youa. how quickly your savings account will grow.b. how quickly the purchasing power of your savings account will grow.c. the size of your savings account.d. the purchasing power of your savings account.ANSWER: BPOINTS: 0 / 16. I nflation refers toa. a temporary increase in the price level due to higher tax ratesb. a large increase in food and gasoline pricesc. a situation in which the economy's overall price level is risingd. an increase in the purchasing power of the dollarANSWER: CPOINTS: 0 / 17. I f nominal interest rates increase from 8 percent to 10 percent while inflation increases from 3percent to 12 percenta. the real interest rate falls from 5 percent to –2 percentb. the real interest rate rises from –2 percent to 5 percentc. the real interest rate falls from 8 percent to 12 percentd. the real interest rate rises from 8 percent to 12 percentANSWER: APOINTS: 0 / 18. I f the nominal rate of interest is 10 percent and the rate of inflation is 3 percent, what is the real rateof interest?a. 13 percentb. 7 percentc. 3 percentd. –7 percentANSWER: BPOINTS: 0 / 19. T he consumer price index:a. measures price changes of raw materialsb. adjusts all prices of goods and services for five-year periodsc. measures the cost of goods and services bought by a typical consumerd. cannot measure price changes of intangible production such as servicesANSWER: CPOINTS: 0 / 110. I f the consumer price index (CPI) at the end of 1996 was 125 and the CPI at the end of 1997 was131, then the rate of inflation during 1997 wasa. zero – prices were stable during 1997b. 4.8 percentc. 6.0 percentd. 125 percentANSWER: BPOINTS: 0 / 111. F rank's nominal income in 1998 is $45,000. Suppose the CPI in 1998 is 150. What is Frank's realincome?a. $51,750b. $45,000c. $38,250d. $30,000ANSWER: DPOINTS: 0 / 112. A change in the price of imports bought by consumers will bea. reflected in the GDP deflatorb. reflected in GDPc. reflected in the CPId. reflected in net national incomeANSWER: CPOINTS: 0 / 113. A ll of the following but one are problems associated with the CPIa. substitution biasb. the introduction of new goods and servicesc. unmeasured quality changesd. The CPI is not based on a fixed basket of goods and servicesANSWER: DPOINTS: 0 / 114. W hich of the following is correct?a. The CPI is not based on a fixed basket of goods and services.b. The GDP deflator reflects the prices of all domestically produced goods and services.c. The GDP deflator is based on a fixed basket of goods and services.d. The GDP deflator is subject to substitution bias.ANSWER: BPOINTS: 0 / 115. T he inflation ratea. is a measure of the cost of a basket of goods and services bought by firmsb. is the absolute change in prices between yearsc. is the percentage change in the price index from the preceding periodd. measures changes in incomes from one year to the nextANSWER: CPOINTS: 0 / 1Short Answer1. W hat is the consumer price index (CPI)? What are the three major items included in the CPI?RESPONSE:ANSWER: The CPI is a measure of the overall cost of the goods and services bought by a typical consumer. The three major items included in the CPI are shelter,transportation and food.POINTS: -- / 12. H ow is the CPI computed?RESPONSE:ANSWER: First the basket of goods and services must be determined and also the relative importance of the various items to be included in the basket. Then the prices of thevarious items in the basket are determined. The cost of the basket is then determinedusing the data on prices and quantity. The base year is chosen, and the index for thebase year is computed using the quantities in the basket and the base year prices.The index is calculated by taking the price of the basket in the each year and dividingthis by the price of the basket in the base year. This ratio is then multiplied by 100.POINTS: -- / 13. D ifferentiate between the nominal rate of interest and the real rate of interest.RESPONSE:ANSWER: The nominal interest rate is the interest rate as usually reported without a correction for the effects of inflation. The real interest rate is the interest rate corrected for theeffects of inflation. The real interest rate = nominal interest rate minus the inflationrate.POINTS: -- / 14. W hat is meant by the inflation rate? If the CPI in 1996 was 107.6 and in 1995 was 105.9, calculatethe inflation rate for 1996.RESPONSE:ANSWER: The inflation rate is the percentage change in the price index from the preceding period. The inflation rate for 1996 would be:POINTS: -- / 15. W hat are the problems associated with using the consumer price index to measure the cost ofliving?RESPONSE:ANSWER: The problems are: (1) Prices do not change proportionately. Consumers respond by buying less of the goods whose prices have risen by large amounts and by buyingmore of the goods whose price have risen by less, or even fallen. The index iscomputed using a fixed basket of items, so theses changes in quantity would not bereflected in the basket. This is referred to as the substitution bias. (2) The CPI isdeveloped using a fixed basket of goods and services, when new products areintroduced during the time period that a particular fixed basket is being used, thesenew products will not be included in calculation of the index. (3) The CPI does notmeasure quality changes. If the quality of a good deteriorates from one year to thenext, the value of the dollar falls, even if the price of the good stays the same.Likewise, if the quality of the good increases from one year to the next, the value of adollar also rises. Statistics Canada will try to adjust the price of the good to accountfor the quality change, but it is very difficult to measure quality.POINTS: -- / 1CHAPTER 25: PRODUCTION AND GROWTHTrue/False Indicate whether the statement is true or false.1. O ne way to raise future productivity is to invest less current resources in the production ofcapital.ANSWER: FPOINTS: 0 / 12. D iminishing returns occur when the benefits from an extra unit of output declines as the quantityof output declines.ANSWER: FPOINTS: 0 / 13. M althusian theory states that an ever-inc reasing population would continually strain society’sability to provide for itself. This doomed human beings to forever live in poverty.ANSWER: TPOINTS: 0 / 14. P roductivity growth is measured by real output per worker.ANSWER: TPOINTS: 0 / 15. T he primary reason that living standards are higher today than they were a century ago is thattechnological knowledge has advanced.ANSWER: TPOINTS: 0 / 1Multiple Choice Identify the choice that best completes the statement or answers the question.1. O f the following countries, which grew the slowest over the last 100 years?a. Brazil.b. Mexico.c. Singapore.d. United States.ANSWER: DPOINTS: 0 / 12. O n average, each year of schooling raises a person's wage in Canada by abouta. 3 percent.b. 10 percent.c. 15 percent.d. 25 percent.ANSWER: BPOINTS: 0 / 13. T he primary reason that Canadian living standards are higher today than they were a centuryago is thata. more productive natural resources have been discovered.b. physical capital per worker has increased.c. technological knowledge has increased.d. human capital has increased.ANSWER: CPOINTS: 0 / 14. M any countries in Africa have low growth rates. This is partly due toa. few natural resourcesb. high trade barriers.c. low incomes, making it very difficult for them to grow.d. All of the above are correct.ANSWER: BPOINTS: 0 / 15. A government can encourage growth and, in the long run, raise the economy’s standard of livingby encouraginga. population growth.b. consumption spending.c. saving and investment.d. trade restrictions.ANSWER: CPOINTS: 0 / 16. D iminishing returns is the notion thata. as the stock of capital ages, the extra output produced decreasesb. as the stock of capital is increased, the extra output produced from an additional unit ofcapital fallsc. as resources are used to produce capital goods, fewer additional capital goods can beproducedd. you always get what you pay forANSWER: BPOINTS: 0 / 17. C ompared with richer countries, poorer countries are generally characterized bya. high real GDP per personb. political stabilityc. rapid population growthd. strongly enforced property rightsANSWER: CPOINTS: 0 / 18. W hich one of the following countries would most likely be considered a poorer nation, using realGDP/person?a. Canadab. Germanyc. Japand. IndiaANSWER: DPOINTS: 0 / 19. W hich of the following factors would be most likely to encourage capital formation in a poorernation?a. the expectation of sustained high rates of inflation in the futureb. the expectation that property rights will remain securec. the expectation that a struggle between capitalist and socialist forces will lead to majorstructural change in the economyd. an increase in corporate taxes in order to finance an expanded government welfareprogramANSWER: BPOINTS: 0 / 110. W hich of the following is most likely to cause the productivity of labour to increase?a. higher money wage ratesb. a higher rate of investment in human and physical capitalc. more flexible working hours and improved retirement plansd. none of the aboveANSWER: BPOINTS: 0 / 111. S uppose that factory output rose from 50,000 units to 55,000 units while labour hours rose from1100 to 1200. Which of the following is true?a. Labour productivity remained unchanged.b. Labour productivity increased slightly.c. Labour productivity decreased slightly.d. Labour productivity increased sharply.ANSWER: BPOINTS: 0 / 112. W hich of the following would be most likely to cause the real income per person of poorercountries to rise?a. a more rapid population growthb. a rapid rate of inflationc. an international minimum-wage lawd. an increase in foreign investment that enhanced the productivity of the labour forceANSWER: DPOINTS: 0 / 113. I f a production function has constant returns to scale, then:a. doubling inputs will double output.b. doubling inputs will triple output.c. doubling inputs will cause output to increase, but the increase in output will be less thanthe increase in inputs.d. doubling inputs will decrease output.ANSWER: APOINTS: 0 / 114. T he most important source of rising living standards over time is:a. the increase in the size of the labour force.b. the increase in the labour force participation rate.c. the increase in productivity.d. the increase in human capital—the skills embodied in the work force.ANSWER: CPOINTS: 0 / 1Short Answer1. W hat is productivity and why is it important?RESPONSE:ANSWER: Productivity is the amount of goods and services produced from each hour of a worker’s time. It is the major determinant of the standard of living of a country.POINTS: -- / 12. H ow is productivity determined?RESPONSE:ANSWER: Productivity is determined by a country’s physical capital, human capital, natural resources and technological knowledge.POINTS: -- / 13. W hat is the World Bank and what are its functions?RESPONSE:ANSWER: The World Bank is an international organization that among other thingsencourages the flow of capital to poor countries. It obtains funds from the world’sadvance counties and loans them to less developed countries so that they caninvest in capital infrastructure. The World Bank offers advice to developingcountries on how the funds might best be used.POINTS: -- / 14. W hat are property rights? What role does property rights play in economic growth?RESPONSE:ANSWER: Property rights refer to the ability of people to exercise authority over the resources they own. There must be an economy-wide respect for property rights for the pricesystem or the free market to work. Lack of respect for property rights or theenforcement of property rights would not only cause political instability but wouldalso discourage savings and investment. These are necessary for economicgrowth.POINTS: -- / 15. D ifferentiate between inward-oriented policies and outward-oriented policies.RESPONSE:ANSWER: Inward-oriented policies are aimed at raising productivity and living standardswithin a county by avoiding interaction with the rest of the world. This approachinvolves the protection of domestic industries to allow them to develop and growwithout competition from foreign firms. Outward-oriented policies are designed tointegrate countries into the world economy as international trade is considered tobe a factor in generating economic growth.POINTS: -- / 1CHAPTER 26: SAVING, INVESTMENT, AND THE FINANCIAL SYSTEMTrue/False Indicate whether the statement is true or false.1. P rivate savings are the tax revenue that the government has left after paying for its spending; andpublic savings is the income that households have left after paying for taxes and consumption.ANSWER: FPOINTS: 0 / 12. A budget deficit is an excess of tax revenue over government spending; and a budget surplus is ashortfall of tax revenue from government spending.ANSWER: FPOINTS: 0 / 13. A budget surplus decreases the supply of loanable funds, increases the interest rate, andstimulates investment.ANSWER: FPOINTS: 0 / 14. T he financia l system is the group of institutions in the economy that help to match one person’ssavings with another person’s investment.ANSWER: TPOINTS: 0 / 15. A mutual fund is an institution that sells shares to the public and uses the proceeds to buy aselection, or portfolio, of various types of stocks, bonds, or both stocks and bonds.ANSWER: TPOINTS: 0 / 1Multiple Choice Identify the choice that best completes the statement or answers the question.1. W hich of the following is correct?a. Lenders buy bonds and borrowers sell them.b. Long-term bonds usually pay a lower interest rate than do short-term bonds becauselong-term bonds are riskier.c. Junk bonds refer to bonds that have been resold many times.d. None of the above are correct.ANSWER: APOINTS: 0 / 12. I n a closed economy, national saving equalsa. investment.b. income minus the sum of consumption and government expenditures.c. private saving plus public saving.d. All of the above are correct.ANSWER: DPOINTS: 0 / 13. I f the current market interest rate for loanable funds is below the equilibrium level, then there is aa. shortage of loanable funds and the interest rate will rise.b. surplus of loanable funds and the interest rate will rise.c. shortage of loanable funds and the interest rate will fall.d. surplus of loanable funds and the interest rate will fall.ANSWER: APOINTS: 0 / 14. S uppose that Parliament were to introduce a new investment tax credit. What would happen inthe market for loanable funds?a. The demand for loanable funds would shift left and interest rates fall.b. The demand for loanable funds would shift right and interest rates rise.c. The supply of loanable funds would shift left and interest rates rise.d. The supply of loanable funds would shift right and interest rates fall.ANSWER: BPOINTS: 0 / 15. I f Canada increases its budget deficit, it will reducea. private saving and so shift the supply of loanable funds left.b. investment and so shift the demand for loanable funds left.c. public saving and so shift the supply of loanable funds left.d. None of the above are correct.ANSWER: CPOINTS: 0 / 16. C rowding out refers toa. the increase in national saving that occurs when government runs a deficitb. the decrease in the real interest rates due to government borrowingc. a reduction in investment spending resulting from government borrowingd. a decrease in consumption spending resulting from government borrowingANSWER: CPOINTS: 0 / 17. F or a bank to be profitable, the loans it makes must _____ than the _____ obtaining funds.a. cost more; price ofb. pay less interest; total revenue fromc. make more interest; total cost ofd. be less profitable; total revenue from0 / 18. L arge budget deficits will likelya. increase the nation's pool of savingb. decrease the nation's pool of savingc. have no impact on the nation's pool of savingd. improve the nation's trade balanceANSWER: BPOINTS: 0 / 19. T he supply curve of loanable funds isa. upward-sloping, reflecting the fact that savers need a higher rate of interest to coax theminto lending moreb. downward-sloping, reflecting the fact that savers will increase their supply for loanablefunds at lower rates of interestc. upward-sloping, reflecting the fact that savers will increase their saving at lower rates ofinterestd. None of the aboveANSWER: APOINTS: 0 / 110. L oanable funds area. the money in banks and other financial institutionsb. the amount of credit availablec. equal to the total value of capital in the economyd. available only to businessesANSWER: BPOINTS: 0 / 111. I f the market for loanable funds is not in equilibrium, which of the following factors must change tobring it to equilibrium?a. outputb. profitsc. the inflation rated. the interest rateANSWER: DPOINTS: 0 / 112. I n the market for loanable fundsa. higher interest rates discourage savingsb. lower interest rates encourage investmentc. lower interest rates make borrowers worse offd. higher interest rates increase the demand for loanable fundsANSWER: BPOINTS: 0 / 113. B anksa. use people's deposits to make loansb. do not issue mortgage loansc. print and circulate money.d. have no positive impact on the economic systemANSWER: APOINTS: 0 / 114. G DP last year in a closed economy was $2000, taxes were $100, government spending was$200, and consumption was $1200. What was national saving?a. $1000b. $800c. $700d. $600。
Inflation measurement and adjustment
测量通货膨胀率（Rate of Inflation)
CPI this year −CPI last year Rate of inflation(通货膨胀率）= ﹡100 CPI last year
=
140 −100 100
* 100
=40%
我们在 2009 年的通货膨胀率是 40%。.
2.3 GDP deflator and CPI （GDP 平减指数和消费价格指数）
由于许多原因，通货膨胀是一个问题，但是最主要的就是一旦它开始，它的速度是不可 预计的。 然而不可预计的通货膨胀必然给整个国家的经济以及个人带来很多严重的问题。 1）重新分配收入和财富（Redistributes income and wealth): 通货膨胀可以在消费者、企业以及整个国家之间重新分配收入和财富。这种重新分配可 以通过很多种形式。例如说，任何一个以依靠固定收入为主要生活收入的居民都会因此 而受到伤害。 如果因为通货膨胀的原因而导致真实利息下降，那么一般来说储户（savers）和贷款方 （lenders）会受到伤害。如果说真实利息是 10%，通货膨胀是 20%，那么一个储户将会 丢失他们所放在银行里的那部分钱的收益率的 10%。 对于借款方来说（borrowers) ， 将会少还 10%的利息，而对于贷款方来说（lenders) 就要少收入 10%。所以通货膨胀对 于贷款方(lenders)来说不是一个好消息， 而对于借款方 （borrowers)来说却是一个好消息。 税收（Tax）和政府花销（Government spending) 可能不会随着通货膨胀而发生变化。例 如说，如果财政大臣没有随着通货膨胀而去增加在酒水和香烟的税，那么政府的真实收 入(real income)将会降低，而抽烟的人和饮酒的人将会因此而获益如果我们设想他们收 入的是和通货膨胀的速度是一致的。 同样来说如果财政大臣没有随着通货膨胀而去增加 个人收入所得税免税额（income tax allowance 工人所挣得的那部分钱是不用纳税的) ， 那么这部分税的重担就落在了政府的身上。 2）菜单成本(Menu costs) 如果出现了通货膨胀，饭店就会更新他们的菜单去展现新的价格。同样，所有的商店百 货业会去更改价格标签，企业需要重新计算价格，发布新的价格清单（price list)。这些 都是通货膨胀带来的成本。 3）鞋底成本(Shoe leather costs) 如果说物价是稳定的，消费者和企业就会对产品的价格有比较清晰的了解。当物价水平 增加的时候，消费者和企业就对产品的合理价格没有那么清晰的认识了。这会导致更多 的“四处购物” （穿上你的鞋子到处走 wearing out your shoes）这无疑增加了成本。当 通货膨胀速度非常快的时候， 钱就会以非常快的速度失去它的价值， 失去它储蓄的价值， 人们会尽量避免手里握着钱。人们一旦有了收入会很快的把它花掉，企业有了销售收入 也会很快就支付工资和红利（dividends) 上个世纪 90 年代的时候，当巴西的通货膨胀是 80%的时候，人们会提前结束出租车的 旅行，在距离他们最近的取款机(ATM) 下车，取上现金，付给出租车司机，然后徒步 结束整个行程。出租车司机在寻找下一个顾客之前会先把钱先存在银行。
quiz 23
Chapter 10 Measuring a Nation’s Income1. In producing a sweater, a man who shears sheep pays a farmer $4 for a sheep. The shearing shop sells the wool to a knitting mill for $7. The knitting mill buys the wool and makes it into a fine fabric and sells it to a sweater-making firm for $13. The sweater-making firm sells the sweater to a clothing store for $20, and the clothing store sells the sweater, gift wrapped, for $50. What is the contribution to GDP of the previous sales transactions? ( C )a.$4.b. $44.c. $50.d. $94.2. Susie grows corn in her backyard garden to feed her family. The corn she grows is not counted in GDP because ( A )a.it was not produced for the marketplace.b.it is an intermediate good which Susie will process further.c.the corn has no value.d.her behavior is illegal.3. Which of the following would be counted in U.S. GDP? ( C )a.The purchase of an historical house.b.The purchase of a haircut.c.The purchase of a $1000 government bond.d.The income an American earns in China.4. If private investment increased by $50 billion while GDP remained the same, which of the following could have occurred, all else being the same? ( A )a.consumption spending decreased by $50 billion.b.exports increased by $50 billion.c.imports decreased by $50 billion. exports increased by $50 billion.5. Assume net exports are -$220, consumption is $5,000, tax revenues are $1,000, government purchases are $1,500, and 1997 GDP, calculated by the expenditures approach, is $8,000. We can conclude that ( D )a.private investment was $1,940.b.public investment was $310.c.private investment was $320.d.private investment was $1,720.6. The four categories of expenditures that make up GDP are ( C )a.consumption, investment, exports, and government purchases.b.consumption, investment, imports, ad government purchases.c.consumption, investment, net exports, and government purchases.d.consumption, investment, net exports, and government transfer payments.7. Which of the following would be counted as an investment expenditure in the national income accounts? ( D )a.The Navy builds a new battleship.b.Microsoft expands plant capacity to produce new software.c. A public high school builds a new football stadium.d.All of the above would be counted as investment expenditure.8. Real GDP is nominal GDP ( C )a.plus depreciation.b.adjusted for changes in the price level.c.minus depreciation.d.minus taxes.An economy produces only two goods, oranges and VCRs. The quantities and prices for the years 2005 and 2006 are shown in the table. The base year is 2005.2005 2006price quantity price quantity oranges $2 5,000 $3 4,000VCRs$400 1,000 $300 2,0009. Nominal GDP in 2005 is ( D )a.$402.b. $12,000.c. $200,200d. $410,00010. Nominal GDP in 2006 is ( C )a.$18,000.b. $180,000.c. $612,000.d. $1,250,000.11. Real GDP in 2005 is ( C )a.$6,000.b. $240,000.c. $410,000.d. $612,000.12. Real GDP in 2006 is ( D )a.$6,000.b. $410,000.c. $612,000.d. $808,000.13. Suppose a person marries his or her gardener and therefore no longer pays him or her for gardening services. GDP ( C )a.stays the same as long as the services are still provided.b.increases since the services are now provided for free.c.decreases since there is no longer a market exchange.d.stays the same, since services are not included in GDP.14. Which of the following would most likely cause GDP to overstate the actual output produced in a year? ( A )a.Increased production in the underground economy.b. A decline in the quality of goods and services produced.c.Increased production for home use (non-market production).d. A decline in population.15. Suppose that population grows by 2 percent. For the standard of living to rise, which of the following must occur? ( D )a.Nominal GDP must grow by more than 2 percent.b.Real GDP must grow by more than 2 percent.c.Real GDP per capita must grow by more than 2 percent.d.consumption spending must grow by more than 2 percent.16. During recessions, GDP falls and unemployment increases. Why might the actual output produced not fall as much as officially measured GDP during a recession? ( A )a.There is an increase in involuntary part-time employment, the output fromwhich is not accounted for in GDP.b.Workers who became unemployed during the recession may produce goods inthe underground economy.c.Unemployment benefits to laid off workers will allow them to purchase nearlyas much output as before.id off workers may start their own businesses, but profit income from self-employment is not accounted for in GDP.17. Which of the following is a problem with the measurement of GDP? ( D )a.Transfer payments are not included.b.Production in the underground economy is not counted.c.Non-market production is not counted.d.Both b and c are problems.。
SHORT5
13. Suppose you know that U.S. GDP in 2000 was $9,000 billion, and U.S. GDP in 1933 was $90 billion. What judgment about the change in the economic well-being of average Americans could you make? Explain.
(c) 2001 by Harcourt, Inc. All rights reserved.
PAGE 1
ANSWER KEY FOR TEST - SHORT5
1. Household income is only one source of expenditure. Government and firms also buy goods and services. Even though some household income is saved and some is taxed, every transaction has both a buyer and a seller, and every dollar of spending by a buyer is a dollar of income to a seller. Hence, for the economy as a whole, total income equals total expenditure. Chapter:10 QUESTION:199
国民总收入 英语
国民总收入英语National income refers to the total amount of income earned by individuals and businesses within a country's borders in a specific time period. It is an important economic indicator that reflects the overall economicactivity and prosperity of a nation.There are several components that make up national income, including wages and salaries, profits, rents, and interest. These components are derived from various sectors of the economy, such as agriculture, manufacturing, services, and financial institutions.Wages and salaries are the compensation paid to workers for their labor. This includes both regular wages and any additional benefits or bonuses provided by employers. Profits, on the other hand, are the earnings generated by businesses after deducting expenses and taxes. Rents are payments made for the use of land or other assets, while interest represents income earned from investments or loans.In addition to these primary components, national income also includes indirect taxes (such as sales tax), subsidies,and depreciation. Indirect taxes are levied on the sale of goods and services and are ultimately borne by consumers. Subsidies, on the other hand, are payments made by the government to support certain industries or activities. Depreciation refers to the gradual loss of value of capital assets over time.National income can be measured using various methods, such as the income approach, expenditure approach, and production approach. The income approach calculatesnational income by summing up all the incomes earned by individuals and businesses in the economy. The expenditure approach, on the other hand, calculates national income by adding up all the expenditures made on goods and servicesin the economy. The production approach measures national income by summing up the value of all goods and services produced in the economy.In order to compare national income across different countries, economists often use indicators such as Gross Domestic Product (GDP) and Gross National Income (GNI). GDP measures the total value of all goods and services produced within a country's borders, while GNI measures the totalincome earned by a country's residents, both domestically and abroad.National income is an important metric for policymakers, as it provides insights into the overall economic health of a country. By analyzing national income data, policymakers can make informed decisions on issues such as taxation, spending, and economic growth.国民总收入是指在特定时间内国家边界内个人和企业赚取的总收入总额。
曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件
THE COMPONENTS OF GDP • GDP includes all items produced in the economy and sold legally n markets. • What Is Not Counted in GDP?
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar of income for some seller.
© 2007 Thomson South-Western
Y = C + I + G + NX
© 2007 Thomson South-Western
THE COMPONENTS OF GDP • Consumption (C):
• The spending by households on goods and services, with the exception of purchases of new housing. • Investment (I):
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
• “. . . Final . . .” – It records only the value of final goods, not intermediate goods (the value is counted only once).
Macroeconomics 1
Two measures of National product: goods flow and earnings flow
We begin by considering an oversimplified world in which there is no government,foreign trade or investment. For the moment,our little economy produces only consumption goods,which are items that are purchased by households to satisfy their wants. Consumption purchases $ Final goods and services Households Business
3. Stable Prices The most common measure of the overall price level is the consumer price index, known as the CPI. We call changes in the level of prices the rate of inflation, which denotes the rate of growth or decline of the price level one year to the next.
Chapter 20
Overview of Macroeconomics
What is Macroeconomics?
1. Macroecomics is the study of of the behavior of the economy as a whole. 2. Macroeconomics examines the reason behind the economic growth and decline of nations. We will focus on the two major elements of performance: the short-term fluctuations in output, employment, and prices that are called the business cycle; and the long-term trends in output and living standards that we call economic growth.
23 章 国民收入的衡量
C hapter Twenty-ThreeMeasuring a Nation’s Income一、名词解释（SOLUTIONS TO Key Concepts):1.microeconomics微观经济学主要研究单个家庭和企业如何做出决策以及他们如何在市场上相互作用。
它采用个量分析法，以市场价格为中心，在资源稀缺、充分就业的基本假设下，研究特定经济单位的经济活动及其经济变量，以求达到个体利益最大。
2.macroeconomics宏观经济学主要研究社会总体的经济行为及其后果，即整体经济现象，包括通货膨胀、失业和经济增长等。
它采用总量分析法，以国民收入为中心，以需求不足、存在失业为基本假设，研究整个国民经济的经济活动及其经济变量，以求达到全社会福利最大。
3.gross domestic product(GDP)国内生产总值（简称为GDP）是指一个国家或地区在一定时期内生产的全部最终产品与劳务的市场价值。
GDP能同时衡量经济社会中所有人的总收入和总支出，对整个经济而言，收入必定等于支出，因此GDP核算常用支出法和收入法。
4.consumption消费是家庭除了购买新住房以外用于物品和劳务的支出。
“物品”包括家庭购买的汽车与家电等耐用品，以及食品和衣服等非耐用品，“劳务”包括理发和医疗这类无形的东西。
5.investment投资是为了未来生产更多物品和劳务而用于资本设备、存货和建筑物的购买支出总和，其中包括家庭用于购买新住房的支出。
ernment purchases政府购买是地方、州和联邦政府用于物品与劳务的支出，包括政府员工的薪水和用于公务的支出。
转移支付由于没有相应的物品或劳务的交换发生因此不属于政府购买。
exports净出口是指进出口的差额，即外国人对国内生产的物品和劳务的支出（出口）减去国内居民对于国外物品的支出（进口）。
8.nominal GDP名义GDP，又叫货币GDP，是按照现期价格计算的一国或地区在一定时期生产的全部最终物品和劳务的价值总和。
2020年本科会计英语章后习题答案-光盘1
新世纪会计学专业精品教材国家级双语教学示范课程会计专业英语教程（第三版）章后习题答案马建威编著东北财经大学出版社大连ContentsChapter 1 (3)Chapter 2 (5)Chapter 3 (7)Chapter 4 (10)Chapter 5 (12)Chapter 6 (14)Chapter 7 (17)Chapter 8 (19)Chapter 9 (22)Chapter 10 (25)Chapter 11 (26)Chapter 12 (28)Chapter 13 (29)Chapter 14 (30)Chapter 15 (32)Chapter 16 (34)Chapter 11. True or false1.1 T1.2 T1.3 T1.4 T1.5 F1.6 F1.7 F1.8 F1.9 F2. Short answer questions2.1 Accounting may be described as the process of identifying, measuring, recording, and communicating economic information to permit informed judgments and decisions by users of that information.2.2 The simplest answer to this question is that financial accounting provides information for managers to use in operating the business. In addition, financial accounting provides information to other stakeholders to use in assessing the economic performance and the condition of the business.2.3 A set of financial statements consists of four related accounting reports that summarize in a few pages the financial resources, obligations, profitability, and cash transactions of a business. A complete set of financial statements includes: A balance sheet, an income statement, a statement of owner s’ equity and a statement of cash flow.2.4 There are several objectives of financial reporting. The Financial Accounting Standards Board (FASB) concluded that the objectives of the financial reporting are to provide information that:is useful to those making investment and credit decisions;is helpful in assessing future cash flows; andidentifies the economic resources (assets), the claims to those resources(liabilities), and the changes in those resources and claims.2.5 Using cash-basis accounting, income and expenses are recognized only when cash is received or paid out. Using accrual-basis accounting, receivables and payables are recognized when a sale is agreed to, even though no cash has been received or paid out as yet.3. Problem solvingA L OE(a) + +(b) + +(c) - -(d) + +(e) - -(f) +,-(g) - -(h) + +(i) - -(j) +,-(k) - -(l) - -(m) + -(n) - -(o) +,-4. Case studyOmitted.Chapter 21. True or false1.1 T1.2 F1.3 F1.4 T1.5 F1.6 F1.7 F1.8 T1.9 T1.10 T2. Short answer questions2.1 An internal control system refers to the policies and procedures designed to protect the firm's assets and to ensure reliable accounting. It also should promote efficient operations and urge employees to comply with company policies. Internal control systems can help prevent losses, help mangers plan operations, and monitor company and employer performance.2.2 A bank reconciliation is a report explaining any differences between the balance according to a depositor's records and the balance on the company's bank statement. The reconciliation procedure examines the differences based on the information available to the company and adjusts for the differences. It also serves as a format for the discovery and correction of errors.2.3 The net method assumes that a firm will take all cash discounts offered for prompt payment. Any discounts missed are recorded in a discounts lost account. Discounts lost is considered to be an operating expense, and to be a record of presumed inefficiencies in managing cash (of course, further analysis may reveal that the discounts lost reflect purchase discounts at unfavorable terms). The net method of accounting for purchases is used to assist in the internal control function.2.4 Accounts receivable arise from credit sales to customers. Accounts receivable are reported at their realizable value, which is their total amount less an estimate for the amount of uncollectible accounts. Accounts receivable are also recorded into an accounts receivable subsidiary ledger that separately lists amounts owed by individual customers.2.5 A company’s receivables are normally converted to cash as the customers pay off their accounts. However, there are at least three options available to a company that wishes to convert its receivables before they are at least due. First a company can sell the receivables to a factor. Second, a company can use its receivables as collateral for a loan. Third, a company can discount the receivables to a bank in return for cash.3. Problem solvingYear 1: ($49,000/$285,000) ×365 = 63 daysYear 2: ($85,000/$575,000) ×365 = 54 daysThe decrease of 9 days means that this company has improved its management of receivables and its liquidity position.4. Case studyOn December 31, of the current year, a company's unadjusted trial balance revealed the following: Accounts receivable of $185,600; Sales Revenue of $1,280,000; (75% were on credit), and Allowance for Doubtful Accounts of $1,600 (credit balance).Chapter 31. True or false1.1 F1.2 T1.3 T1.4 T1.5 F1.6 F1.7 F1.8 T1.9 T1.10 T2. Short answer questions2.1 Merchandise inventory consists of goods owned by a company and held for resale. Three special cases involving ownership decisions are goods in transit, consigned goods, and damaged goods. Goods in transit are included in the inventory of the company that owns the goods. Consigned goods are included in the inventory of the consignor. Damaged goods are valued at net realizable value.2.2 The specific identification method exactly identifies the costs of the inventory items sold. The weighted average method smoothes out changes in costs by ―averaging‖ inventory costs. However, LIFO and FIFO provide different amounts in periods of rising or falling costs. For example, in periods of rising costs, LIFO provides a lower income and thus lower taxes. In periods of falling costs, LIFO provides a higher income and thus higher taxes. FIFO calculations provide both higher income and taxes in periods of rising costs and lower income and taxes in periods of declining costs.2.3 An inventory error causes misstatements in cost of good sold, gross profit, net income, current assets, and equity. It also causes misstatements in the next period's cost of goods sold and net income. However, the inventory error is said to be self-correcting because the error in the first period is offset by the error in the second period.2.4 A merchandiser's ability to pay its short term obligations depends, among other factors, on how quickly it sells its merchandise inventory. The inventory turnover ratio reveals how many times a company turns over (sells) its inventory during a period. A low ratio compared to competitors suggests the company may be holding more inventory than necessary to support its sales volume. On the other hand, a ratio that is too high compared to competitors may suggest that the inventory level is too low and customers may have to back order merchandise.The days' sales in inventory ratio helps to better interpret inventory turnover. It can be interpreted as the number of days one can sell from inventory if no new items are purchased, and can be viewed as a measure of the buffer against out-of-stock inventory.2.5 The retail method is generally used to prepare interim statements. It uses the cost to retail ratio to give an estimated ending inventory at cost. The gross profit method is typically used to reconstruct the value of lost, stolen, or destroyed inventory. It uses the (historical) gross profit ratio to estimate cost of goods sold and the value of ending inventory.3. Problem solving(1)(2)4. Case study(2) LCM, applied separately to each product = $3,470Chapter 41. True or false1.1 F1.2 F1.3 T1.4 F1.5 F1.6 T1.7 F1.8 T1.9 T1.10 T2. Short answer questions2.1 The cost of plant and equipment includes all expenditures reasonable and necessary in acquiring an asset and placing it in a position and condition for use in the operation of the business. Only reasonable and necessary expenditures should be included.2.2 Depreciation, as the term is used in accounting, is the allocation of the cost of a tangible plant asset to expense in the periods in which services are received from the asset. In short, the basic purpose of depreciation is to achieve the matching principle — that is, to offset the revenue of an accounting period with the costs of the goods and services being consumed in the effort to generate that revenue.2.3 The term accelerated depreciation means recognition of relatively large amounts of depreciation in the early years of use and reduced amounts in the later years. This is consistent with the basic accounting concept of matching costs with related revenue. Accelerated depreciation methods have been widely used in income tax returns because they reduce the current year’s tax burden by recognizing a relatively large amount of depreciation expense.2.4 (1) the expected life of the asset; (2) the expected useful life of another asset that is related to the life of the intangible asset, such as the mineral rights that relate to adepleting asset; (3) any legal, regulatory, or contractual provisions that enable renewal or extension of the asset’s legal or contractual life w ithout substantial economic cost;(4) the effects of obsolescence, demand, competition, and other economic factors; and(5) the level of maintenance costs required to obtain the expected future cash flows from the asset.2.5 Intangible assets are separated into three categories to determine whether or not they are amortized, and how they are reviewed for impairment. The three categories are: (1) intangible assets with a finite (limited) life, (2) intangible assets with an indefinite life, and (3) goodwill.3. Problem solving2014 July 1Computer Equipment 2,700Cash 2,700Nov.3 Repairs Expense 140Cash 140Dec.31 Depreciation Expense 275Accumulated Depreciation 275[($2,700 – $500) ÷ 4 × 1/2]2015 Dec.31 Depreciation Expense 550Accumulated Depreciation ($2,200 ÷ 4) 5502016 Jan.1 Computer Equipment 500Cash 5004. Case studyOmitted.Chapter 51. True or false1.1 T1.2 F1.3 F1.4 T1.5 T1.6 T1.7 F1.8 T1.9 F1.10 T2. Short answer questions2.1 For purposes of valuation and reporting at a financial statement date, debt and stock investments are classified into three categories of securities:(1)Trading securities are securities bought and held primarily for sale in the near term to generate income on short-term price differences.(2)Available-for-sale securities are securities that may be sold in the future.(3)Held-to-maturity securities are debt securities that the investor has the intent and ability to hold to maturity.2.2 Corporations purchase investments in debt or stock securities generally for one of three reasons. First, a corporation may have excess cash that it does not need for the immediate purchase of operation assets. Second, some companies such as banks, purchase investments to generate earnings from investment income. Third, some companies invest for strategic purposes.2.3 Reporting the unrealized gain or loss in the stockholders’ equity sections serves two important purposes: (1) it reduces the volatility of net income due to fluctuations in fair value. (2) it informs the financial statement user of the gain or loss that would occur if the securities were sold at fair value.2.4 Short-term investments are securities held by a company that are (1) readilymarketable, and (2) intended to be converted into cash within the next year or operating cycle, whichever is longer. Investments that do not meet both criteria are classified as long-term investments.2.5 Consolidated financial statements present the total assets and liabilities controlled by the parent company. They also present the total revenues and expenses of the subsidiary companies. Consolidated statements are prepared in addition to the financial statements for the parent and individual subsidiary companies.3. Problem solving(1) Jan.1 Stock Investments ..................................................................9,720Cash ....................................................................... 9,720 June 1 Cash (900 × $.50) .. (450)Dividend Revenue (450)Sep.15 Cash ($4,300 – $100) ..........................................................4,200Loss on Sale of Stock Investments (120)Stock Investments .................................................. 4,320[400 × ($9,720 ÷ 900)]Dec.1 Cash (500 × $.50) (250)Dividend Revenue (250)(2) Dividend Revenue is reported under Other Revenues and Gains on the incomestatement. Loss on Sale of Stock Investments is reported under Other Expenses and Losses on the income statement.4. Case studyJan. 2 Debt Investments .................................................................................... 32,000Cash ................................................................................... 32,000July 1 Cash ($30,000 × 10% × 1/2) ................................................................... 1,500Interest Revenue ................................................................ 1,500Chapter 61. True or false1.1 T1.2 F1.3 T1.4 T1.5 T1.6 F1.7 T1.8 T1.9 F1.10 F2. Short answer questions2.1 Current liabilities are obligations that must be paid within one year or within the operating cycle, whichever is longer. Another requirement for classification as a current liability is the expectation that the debt will be paid from current assets (or through the rendering of service). Liabilities that do not meet these conditions are classified as long-term liabilities.2.2 Bonds usually are very long-term notes, maturing in perhaps 30 or 40 years. The bonds are transferable; however, so individual bond-holders may sell their bonds to other investors at any time. Most bonds call for semi-annual interest payments to the bond-holders, with interest computed at a specified contract rate throughout the life of the bond. Thus, investors often describe bonds as ―fixed income‖ investments.2.3 Bonds payable differ from capital stock in several ways. First, bonds payable are a liability; thus, bond-holders are creditors of the corporation, not owners. Bond-holders generally do not have voting rights and do not participate in the earnings of the corporation beyond receiving contractual interest payments. Next, bond interest payments are contractual obligations of the corporation. Dividends, on the other hand, do not become legal obligations of the corporation until they have been formally declared by the board of directors. Finally, bonds have a specific maturing date, upon which the corporation must redeem the bonds at their face amount. Capital stock, onthe other hand, does not have a maturing date and may remain outstanding indefinitely.2.4 A principal advantage of raising money by issuing bonds instead of stock is that interest payments are deductible in determining income subject to corporate income taxes. Dividends paid to stockholders, however, are not deductible in computing taxable income.2.5 Bonds are sometimes retired before the maturity date. The principal reason for retiring bonds early is to relieve the issuing corporation of the obligation to make future interest payments. If interest rates decline to the point that a corporation can borrow at an interest rate below that being paid on a particular bond issue, the corporation may benefit from retiring those bonds and issuing new bonds at a lower interest rate.3. Problem solving(1) June 30 Bonds Payable ......................................................400,000Loss on Bond Redemption ...................................40,800Discount on Bonds Payable ............................... 32,800Cash .................................................................... 408,000($400,000 – $367,200 = $32,800)($400,000 × 102% = $408,000)(2) June 30 Bonds Payable ........................................................600,000Discount on Bonds Payable ............................... 10,000Gain on Bond Redemption ................................. 14,000Cash .................................................................... 576,000($600,000 – $590,000 = $10,000)($600,000 × 96% = $576,000)(3) Dec. 31 Bonds Payable ........................................................50,000Common Stock ................................................... 20,000Paid-in Capital in Excess of Par ......................... 30,000($5 × 80 × 50 = $20,000)4. Case studyThe alternative effects on net income and earnings per share are as follows:Issue Stock Issue BondsIncome before interest and taxes $1,500,000 $1,500,000 Interest (10% × $2,500,000) —(250,000) Income before income taxes 1,500,000 1,250,000 Income tax expense (450,000) (375,000) Net income $1,050,000 $ 875,000Outstanding shares 250,000 200,000Earnings per share $4.20 $4.38Net income is higher if the equipment is financed through the issuance of stock. However, earnings per share is lower because of the additional number of shares of common stock that are outstanding.Chapter 71. True or false1.1 T1.2 F1.3 T1.4 F1.5 F1.6 T1.7 F1.8 T1.9 T1.10 F2. Short answer questions2.1 Common stockholders generally have the right to vote at stockholders' meetings, sell or otherwise dispose of their stock, receive the same dividend, if any on each common share, and share in any assets remaining after creditors are paid when and if the corporation is liquidated. Stockholders generally also have a preemptive right, which is the right to purchase their proportional share of any common stock later issued by the corporation.2.2 Stockholders' equity consists of two main parts, paid-in capital and retained earnings. Paid-in capital consists of funds raised by the issuance of stock, either common or preferred. Paid-in capital is the total amount of cash and other assets the corporation receives in exchange for stock. Paid-in capital in excess of par value represents the amount a corporation receives from issuing stock when the market value exceeds the par value of the stock. Retained earnings is the cumulative net income and loss retained by the corporation less any dividends declared.2.3 Stock options are the rights to purchase common stock at a fixed price over a specified period. As the stock's price rises above the fixed price, the option's value increases. As a general rule, stock options motivate managers and employees to (1) focus on company performance, (2) take a long-term perspective, and (3) remain with the company. A stock option is like having an investment with no risk.2.4 The price-earnings ratio of a common stock is computed by dividing the stock's market value per share by its earnings per share. The price-earnings ratio represents the stock market's expectations of a company's future performance. Some analysts view a high PE (greater than 20 to 25, for instance) ratio as an indication that a stock is overvalued. A low ratio (less than 5 to 8) may indicate that a stock is undervalued.2.5 Dividend yield is the ratio of annual cash dividends per share divided by the market value per share of stock. The resulting dividend yield represents the percent of cash return investors receive from an investment in a company's stock. Dividend yield can be used to identify whether a stock is an income stock or a growth stock. Companies that pay large dividends on a regular basis are income stocks. Companies that distribute little or no cash but use the cash to finance expansion are known as growth stocks.3. Problem solving(1)Book value per preferred share:$560,000/5,000 shares = $112 per preferred share(2)Book value per common share:$2,550,000/150,000 shares = $17 per common share4. Case studyChapter 81. True or false1.1 T1.2 F1.3 T1.4 F1.5 T1.6 T1.7 F1.8 F1.9 F1.10 T2. Short answer questions2.1 The basic components of income begin with net sales. Cost of goods sold is subtracted from net sales to get gross profit (also called gross margin). Operating expenses are then subtracted from gross margin to determine net income.2.2 The gross margin ratio is calculated by dividing gross margin (or net sales less cost of goods sold) by net sales. The gross margin ratio measures a firm's profitability in selling its inventory. The gross margin must be large enough to cover operating expenses and provide sufficient net income to the owner(s).2.3 Selling expenses include the expenses of promoting sales by displaying and advertising merchandise, making sales, and delivering goods to customers. General and administrative expenses support a company's overall operations and include expenses related to accounting, human resource management, and financial management. Some expenses can relate to both areas and are allocated between them.2.4 The three important guidelines for revenue recognition include: (1) Revenue is recognized when earned. (2) Assets received from selling products and services do not need to be in cash. (3) Revenue recognized is measured by cash received plus the cash equivalent of other assets received.2.5 Revenues are the gross increases in equity from a company's earnings activities.Expenses are the costs of assets or services used to earn revenues. Net income is the excess of revenues over expenses.3. Problem solving(1)(2) Trico had the more favorable ratio for each year.(3) Unico's gross margin ratio is increasing, while Trico's is decreasing. Moreover, these changes appear significant and warrant further analysis.4. Case studyChapter 91. True or false1.1 F1.2 F1.3 T1.4 F1.5 T1.6 T1.7 T1.8 F1.9 T1.10 T2. Short answer questions2.1 Both stockholders and creditors use financial statement analysis to (1) predict their expected returns and (2) assess the risks associated with those returns.2.2 The analysis of financial data employs various techniques to emphasize the comparative and relative significance of the data presented and to evaluate the position of the firm. Three commonly used tools are as following.Horizontal analysis evaluates a series of financial statement data over a period of time.Vertical analysis evaluates financial statement data by expressing each item in a financial statement as a percent of a base amount.Ratio analysis expresses the relationship among selected items of financial statement data.2.3 For users of financial statements t o determine ―earning power‖ or regular income, the ―irregular‖ items are separately identified on the income statement. Three types of ―irregular‖ items are reported:(1) Discontinued operations.(2) Extraordinary items.(3) Changes in accounting principle.2.4 When two conditions are met (1) management can show that the new principle is preferable to the old principle, and (2) the effects of the change are clearly disclosed in the income statement.2.5 (1) Financial statements contain numerous estimates.(2) Traditional financial statements are based on cost.(3) Companies vary in the generally accepted accounting principles they use.(4) Fiscal year-end data may not be typical off the financial condition during the year.(5) Diversification within a global environment also limits the usefulness of financial analysis.3. Problem solving(1) Current = 1.45:1 ($160,000 ÷ $110,000)(2) Acid-test = 0.77:1 ($85,000 ÷ $110,000)4. Case study(1) Credit salesReceivables turnover = —————————————Average accounts receivable= $5,110,000 ÷ $700,000= 7.3 times365 daysAverage collection period = ——————————Receivables turnover= 365 ÷ 7.3 times= 50 days(2) Inventory turnover = Cost of goods sold ÷ Average inventoryFirst calculate ending inventory.Beginning Inventory $ 482,000+ Purchases 4,146,000– Cost of Goods Sold (4,088,000)*Ending Inventory $ 540,000*Since the gross profit ratio is 20%, the cost of goods sold ratio is 80%.80% × $5,110,000 (net sales) = $4,088,000.Ending Inventory = $540,000 (per above)Average Inventory = ($482,000 + $540,000) ÷ 2 = $511,000Inventory Turnover = $4,088,000 ÷ $511,000 = 8 timesDays to Sell = 365 days ÷ 8 times = 45.6 days(3) Net incomeReturn on common stockholders' equity = —————————————————Average common stockholders' equity =$490,000 ÷ $3,500,000 = 14%Chapter 101. True or false1.1 T1.2 T1.3 T1.4 F1.5 T1.6 T1.7 F1.8 T1.9 F2. Short answer questionsOmitted.3. Problem solving(1) Direct-labor-hour basisOverhead recovery rate＝￡50,000/2000＝￡25 per machine-hour.A ￡25×1500＝￡37500B ￡25×500＝￡12500(2) Machine-hour basisOverhead recovery rate＝￡50,000/1200＝￡41.6667 per machine-hour.A ￡41.6667×800＝￡33333B ￡41.6667×400＝￡166674. Case studyThe relevant costs to be included in the minimum price are:Stock item: A1 ￡6×500=￡3,000B2 ￡8×800=￡6,400We are told that the stock of item A1 is in frequent use and so, if it is used on the contract, it will need to be replaced. We are told the stock of item B2 will never be used by the business unless the contract is undertaken. Thus, if the contract is not undertaken, the only reasonable thing for the business to do is sell the stock. This means that the opportunity cost is ￡8 a unit.Chapter 111. True or false1.1 T1.2 T1.3 F1.4 F1.5 F1.6 T1.7 T1.8 T1.9 F2. Short answer questionsOmitted.3. Problem solvingThe original budget, the flexed budget and the actual are as follows:Budget Actual Flexed budget Output (production and sales) 1,000 units 1050 units 1050 units￡￡￡Sale revenue 100,000 104,300 105,000 Raw materials 40,000 41,200 42,000 Labor 20,000 12,300 21,000 Fixed overheads 20,000 19,400 20,000 Operating profit 20,000 22,400 22,000 Reconciliation of the budgeted and actual operating profits for JulyBudgeted profit 20,000Add favorable variances:Sales volume (22,000－20,000) 2,000Direct materials usage {[(1050×40)－40,500]×￡1} 1,500Direct labor efficiency{[(1050×2.5)－2,600]×￡8} 200Fixed overhead spending (20,000－19,400) 60024,300Less Adverse variances:Sales price variance (105,000－104,300) 700Direct materials price[(40,500×￡1)－41,200] 700Direct labor rate[(2,600×￡8) －21,300] 500Actual profit 22,4004. Case studyPilot Ltd(1)and (2)BudgetActualOriginal FlexedOutput (units)(production and sales)5,000 5,400 5,400￡￡￡Sales revenue 25,000 27,000 26,460Raw materials (7,500) (8,100) (2,700 kg) (8,770) (2,830 kg) Labor (6,250) (6,750) (1,350 hr) 6,885 (1,300 hr) Fixed overheads (6,000) (6,000) (6,350)Operating profit 5,250 6,150 4,455￡Manager accountableSales volume varianceSales price variance Materials usage variance Materials price variance Labor efficiency variance Labor rate variance Fixed overhead variance5250－615027000－26460[(5400×0.5）－2830]×￡3（2830×3）－8770[(5400×0.25)－1300]×￡5(1300×5)－68856000－6350900 (F)(540) (A)(280) (A)(390) (A)(385) (A)250(F)(350) (A)SalesSalesBuyerProductionPersonnelProductionDepends on the natureof the overheadsTotal net variances 795(A) Note: F—favorable; A—adverse.。
宏观经济学-课后思考题答案_史蒂芬威廉森002
宏观经济学-课后思考题答案_史蒂芬威廉森002Chapter 2MeasurementTeaching GoalsStudents must understand the importance of measuring aggregate economic activity. Macroeconomics hopes to produce theories that provide useful insights and policy conclusions. To be credible, such theories must produce hypotheses that evidence could possibly refute. Macroeconomic measurement provides such evidence. Without macroeconomic measurements, macroeconomics could not be a social science, and would rather consist of philosophizing and pontificating. Market transactions provide the most simple and direct measurements. Macroeconomists’ most basic measurement is Gross Domestic Product (GDP), the value of final, domestically market output produced during a given period of time.In the United States, the Commerce Department’s National Income and Product Accounts provide official estimates of GDP. These accounts employ their own set of accounting rules to ensure internal consistency and to provide several separate estimates of GDP. These separate estimates are provided by the product accounts, the expenditure accounts, and the income accounts. The various accounting conventions may, at first glance, be rather dry and complicated. However, students can only easily digest the material in later chapters if they have a good grounding in the fundamentals.GDP changes through time because different amounts of goods and services are produced, and such goods and services are sold at different prices. Standards of living are determined by the amounts of goods and services produced, not by the prices they command in the market. While GDP is relatively easy to measure, the decomposition of changes in real GDP into quantity and price components is much more difficult. This kind of problem is less pressing for microeconomists. It is easy to separately measure the number of apples sold and the price of each apple. Because macroeconomics deals with aggregate output, the differentiation of price and quantity is much less easily apparent. It is important to emphasize that while there may be more or less reasonable approaches to this problem, there is no unambiguous best approach. Since many important policy discussions involve debates about output and price measurements, it is very important to understand exactly how such measurements are produced.Classroom Discussion TopicsAs the author demonstrates in presenting this chapter’s material, much of this material is best learned by example. Rather than simply working through the examples from the text or making up your own, the material may resonate better if the students come up with their own examples. They can start by picking a single good, and by the choice of their numbers they provide their own implied decomposition of output into wage and profit income. Later on, encourage them to suggest intermediate input production, inventory adjustments, international transactions, a government sector, and so on. Such an exercise may help assure them that the identities presented in the text are more than simply abstract constructions.If many of your students are familiar with accounting principles, it may also be useful to present the National Income and Product Account with the “T” accounts. Highlighting how every income is an expense elsewhere. Make one account for each of the firms, one for the household and one for the government. Add another account for the rest of the world when discussing the example with international trade. This procedure can highlight how some entities can be inferred from others because accounting10 Williamson ? Macroeconomics, Third Editionidentities must hold. It makes it also easier to determine consumption for some student Social Security benefits are indexed to the Consumer Price Index. Explain with an example exactly how these adjustments are made. Ask the students if they think that this procedure is “fair.” Another topic for concern is the stagnation in the growth of measured real wages. Real wages are measured by dividing (for example) average hourly wages paid in manufacturing by the consumer price index. Ask students if measured changes in real wages confirm or conflict with their general beliefs about whether the typical worker is better or worse off than 10 or 20 years ago. How does possible mis-measurement of prices reconcile any apparent differences between casual impressions and statistical evidence?The text discusses why unemployment may or may not be a good measure of labor market tightness. Another interpretation of the unemployment rate is as a(n inverse) measure of economic welfare. Ask the students if they agree with this interpretation. Does the unemployment rate help factor in considerations like equal distribution of income? How can the unemployment rate factor in considerations like higher income per employed worker? Discuss possible pros and cons of using unemployment rather than per capita real GDP as a measure of well-being. Can unemployment be too low? Why or why not?OutlineI. Measuring GDP: The National Income and Product AccountsA. What Is GDP and How Do We Measure It?1. GDP: Value of Domestically Produced Output2. Commerce Department’s National Income and Product Accounts3. Business, Consumer, and Government AccountingB. The Product Approach1. Value Added2. Intermediate Good InputsC. The Expenditure Approach1. Consumption2. Investment3. Government Spending4. Net ExportsD. The Income Approach1. Wage Income2. After-Tax Profits3. Interest Income4. Taxes5. The Income-Expenditure IdentityE. Gross National Product (GNP)1. Treatment of Foreign Income2. GNP = GDP + Net Foreign IncomeF. What Does GDP Leave Out?1. GDP and Welfarea. Income Distributionb. Non-Market Production2. Measuring Market Productiona. The Underground Economyb. Valuing Government ProductionChapter 2 Measurement 11G. Expenditure Components1. Consumptiona. Durable Goodsb. Non-Durable Goodsc. Services2. Investmenta. Fixed Investment: Nonresidential and Residentialb. Inventory Investment3. Net Exportsa. Exportsb. Imports4. Government Expendituresa. Federal Defenseb. Federal Non-Defensec. State and Locald. Treatment of Transfer PaymentsII. Nominal and Real GDP and Price IndicesA. Real GDP1. Output Valued at Base Year Prices2 Chain Weighted Real GDPB. Measures of the Price Level1. Implicit GDP Price Deflator2. Consumer Price Index (CPI)C. Problems Measuring Real GDP and Prices1. Substitution Biases2. Accounting for Quality Changes3. Treatment of Newly Introduced GoodsIII. Savings, Wealth, and CapitalA. Stocks and FlowsB. Private Disposable Income and Private Sector Saving1.d Y Y NFP TR INT T =+++? 2.p d S Y C =? C. Government Surpluses, Deficits, and Government Saving1.g S T TR INT G = 2. g D S =? D. National Saving: p g S S S Y NFP C G =+=+??E. Saving, Investment, and the Current Account1. NFP NX I S ++=2. CA I S NFP NX CA +=?+=F. The Stock of Capital1. Wealth ΔS ?2. K I Δ?3. Claims on Foreigners CA ?12 Williamson ? Macroeconomics, Third EditionIV. Labor Market MeasurementA. BLS Categories1. Employed2. Unemployed3. Not in the Labor ForceB. The Unemployment RateNumber unemployed=Unemployment RateLabor forceC. The Participation RateLabor force=Participation RateTotal working age populationD. Unemployment and Labor Force Tightness1. Discouraged Workers2. Job Search IntensityTextbook Question SolutionsQuestions for Review1. Product, income, and expenditure approaches.2. For each producer, value added is equal to the value of total production minus the cost ofintermediate inputs.3. This identity emphasizes the point that all sales of output provide income somewhere in the economy.The identity also provides two separate ways of measuring total output in the economy.4. GNP is equal to GDP (domestic production) plus net factor payments from abroad. Net factorpayments represent income for domestic residents that are earned from production that takes place in foreign countries. 5. GDP provides a reasonable approximation of economic welfare. However, GDP ignores the value ofnonmarket economic activity. GDP also measures only total income without reference to how that income is distributed. 6. Measured GDP does not include production in the underground economy, which is difficult toestimate. GDP also measures the value of government spending at its cost of production, which may be greater or less than its true value.7. The largest component is consumption, which represents about 2/3 of GDP.8. Investment is equal to private, domestic expenditure on goods and services (Y ? G ? NX) minusconsumption. Investment includes residential investment, nonresidential investment, and inventory investment.9. National defense spending represents about 5% of GDP.Chapter 2 Measurement 13 10. GDP values production at market prices. Real GDP compares different years’ production at a specificset of prices. These prices are those that prevailed in the base year. Real GDP is therefore a weighted average of individual production levels. The weights are determined according to prevailing relative prices in the base year. Because relative prices change over time, comparisons of real GDP across time can differ according to the chosen base year.11. Chain weighting directly compares production levels only in adjacent years. The price weights aredetermined by averaging the prices of the individual goods and services over the two adjacent years.12. Real GDP is difficult to measure due to changes over time in relative prices, difficulties in estimatingthe extent of quality changes, and how one estimates the value of newly introduced goods.13. Private saving measures additions to private sector wealth. Government saving measures reductionsin government debt (increases in government wealth). National saving measures additions to national wealth. National saving is equal to private saving plus government saving.14. National wealth is accumulated as increases in the domestic stock of capital (domestic investment)and increases in claims against foreigners (the current account surplus).15. Measured unemployment excludes discouraged workers. Measured unemployment only accounts forthe number of individuals unemployed, without reference to how intensively they search for newjobs.Problems1. Product accounting adds up value added by all producers. The wheat producer has no intermediateinputs and produces 30 million bushels at $3/bu. for $90 million. The bread producer produces100 million loaves at $3.50/loaf for $350 million. The bread producer uses $75 million worth ofwheat as an input. Therefore, the bread producer’s value added is $275 million. Total GDP istherefore $90 million + $275 million = $365 million.Expenditure accounting adds up the value of expenditures on final output. Consumers buy100 million loaves at $3.50/loaf for $350 million. The wheat producer adds 5 million bushels ofwheat to inventory. Therefore, investment spending is equal to 5 million bushels of wheat valued at $3/bu., which costs $15 million. Total GDP is therefore $350 million + $15 million = $365 million.2. Coal producer, steel producer, and consumers.(a) (i) Product approach: Coal producer produces 15 million tons of coal at $5/ton, which adds$75 million to GDP. The steel producer produces 10 million tons of steel at $20/ton, whichis worth $200 million. The steel producer pays $125 million for 25 million tons of coal at$5/ton. The steel producer’s value added is therefore $75 million. GDP is equal to$75 million + $75 million = $150 million.(ii) Expenditure approach: Consumers buy 8 million tons of steel at $20/ton, so consumption is $160 million. There is no investment and no government spending. Exports are 2 milliontons of steel at $20/ton, which is worth $40 million. Imports are 10 million tons of coal at$5/ton, which is worth $50 million. Net exports are therefore equal to $40 million ?$50 million =?$10 million. GDP is therefore equal to $160 million + (?$10 million) =$150 million.14 Williamson ? Macroeconomics, Third Edition(iii) Income approach: The coal producer pays $50 million in wages and the steel producer pays $40 million in wages, so total wages in the economy equal $90 million. The coal producerreceives $75 million in revenue for selling 15 million tons at $15/ton. The coal producerpays $50 million in wages, so the coal producer’s profits are $25 million. The steel producerreceives $200 million in revenue for selling 10 million tons of steel at $20/ton. The steelproducer pays $40 million in wages and pays $125 million for the 25 million tons ofcoal that it needs to produce steel. The steel producer’s profits are therefore equal to$200 million ? $40 million ? $125 million = $35 million. Total profit income in theeconomy is therefore $25 million + $35 million = $60 million. GDP therefore is equal towage income ($90 million) plus profit income ($60 million). GDP is therefore $150 million.(b) There are no net factor payments from abroad in this example. Therefore, the current accountsurplus is equal to net exports, which is equal to (?$10 million).(c) As originally formulated, GNP is equal to GDP, which is equal to $150 million. Alternatively, ifforeigners receive $25 million in coal industry profits as income, then net factor payments from abroad are (?$25 million), so GNP is equal to $125 million.3. Wheat and Bread(a) Product approach: Firm A produces 50,000 bushels of wheat, with no intermediate goods inputs. At$3/bu., the value of Firm A’s production is equal to $150,000. Firm B produces 50,000 loaves ofbread at $2/loaf, which is valued at $100,000. Firm B pays $60,000 to firm A for 20,000 bushels of wheat, which is an intermediate input. Firm B’s value added is therefore $40,000. GDP is therefore equal to $190,000.(b) Expenditure approach: Consumers buy 50,000 loaves of domestically produced bread at $2/loafand 15,000 loaves of imported bread at $1/loaf. Consumption spending is therefore equal to$100,000 + $15,000 = $115,000. Firm A adds 5,000 bushels of wheat to inventory. Wheat isworth $3/bu., so investment is equal to $15,000. Firm A exports 25,000 bushels of wheat for$3/bu. Exports are $75,000. Consumers import 15,000 loaves of bread at $1/loaf. Imports are$15,000. Net exports are equal to $75,000 ? $15,000 = $60,000. There is no governmentspending. GDP is equal to consumption ($115,000) plus investment ($15,000) plus net exports($60,000). GDP is therefore equal to $190,000.(c) Income approach: Firm A pays $50,000 in wages. Firm B pays $20,000 in wages. Total wagesare therefore $70,000. Firm A produces $150,000 worth of wheat and pays $50,000 in wages.Firm A’s profits are $100,000. Firm B produces $100,000 worth of bread. Firm B pays $20,000in wages and pays $60,000 to Firm A for wheat. Firm B’s profits are $100,000 ? $20,000 ?$60,000 = $20,000. Total profit income in the economy equals $100,000 + $20, 000 = $120,000.Total wage income ($70,000) plus profit income ($120,000) equals $190,000. GDP is therefore$190,000.Chapter 2 Measurement 15 4. Price and quantity data are given as the following.Year 1Good Quanti tyPri ceComputers 20$1,000 Bread 10,000$1.00Year 2Good Quanti tyPri ceComputers 25$1,500Bread 12,000$1.10(a) Year 1 nominal GDP =×+×=20$1,00010,000$1.00$30,000.Year 2 nominal GDP =×+×=25$1,50012,000$1.10$50,700.With year 1 as the base year, we need to value both years’ production at year 1 prices. In the base year, year 1, real GDP equals nominal GDP equals $30,000. In year 2, we need to value year 2’s output at year 1 prices. Year 2 real GDP =×+×= 25$1,00012,000$1.00$37,000. The percentage change in real GDP equals ($37,000 ? $30,000)/$30,000 = 23.33%.We next calculate chain-weighted real GDP. At year 1 prices, the ratio of year 2 real GDP to year1 real GDP equals g1= ($37,000/$30,000) = 1.2333. We must next compute real GDP using year2 prices. Year 2 GDP valued at year 2 prices equals year 2 nominal GDP = $50,700. Year 1 GDPvalued at year 2 prices equals (20 × $1,500 + 10,000 × $1.10) = $41,000. The ratio of year 2 GDP at year 2 prices to year 1 GDP at year 2 prices equals g2=chain-weighted ratio of real GDP in the two years therefore is equal to 1.23496cg==. The percentage change chain-weighted real GDP from year 1 to year 2 is therefore approximately23.5%.If we (arbitrarily) designate year 1 as the base year, then year 1 chain-weighted GDP equals nominal GDP equals $30,000. Year 2 chain-weighted real GDP is equal to (1.23496 × $30,000) = $37,048.75.(b) To calculate the implicit GDP deflator, we divide nominal GDP by real GDP, and then multiplyby 100 to express as an index number. With year 1 as the base year, base year nominal GDP equals base year real GDP, so the base year implicit GDP deflator is 100. For the year 2, the implicit GDP deflator is ($50,700/$37,000) × 100 = 137.0. The percentage change in the deflator is equal to 37.0%.With chain weighting, and the base year set at year 1, the year 1 GDP deflator equals($30,000/$30,000) × 100 = 100. The chain-weighted deflator for year 2 is now equal to($50,700/$37,048.75) × 100 = 136.85. The percentage change in the chain-weighted deflator equals 36.85%.16 Williamson ? Macroeconomics, Third Edition(c) We next consider the possibility that year 2 computers are twice as productive as year1 computers. As one possibility, let us define a “computer” as a year 1 computer. In this case,the 25 computers produced in year 2 are the equivalent of 50 year 1 computers. Each year 1computer now sells for $750 in year 2. We now revise the original data as:Year 1Good Quanti tyPri ceYear 1 Computers 20 $1,000Bread 10,000$1.00Year 2Good Quanti tyPri ceYear 1 Computers 50 $750Bread 12,000$1.10First, note that the change in the definition of a “computer” does not affect the calculations of nominal GDP. We next compute real GDP with year 1 as the base year. Year 2 real GDP in year 1 prices is now ×+×=50$1,00012,000$1.00$62,000. The percentage change in real GDP is equal to ($62,000 ? $30,000)/$30,000 = 106.7%. We next revise the calculation of chain-weighted real GDP. From above, g1 equals($62,000/$30,000) = 206.67. The value of year 1 GDP at year 2 prices equals $26,000. Therefore,g 2 equals ($50,700/$26,000) = 1.95. 200.75. The percentage change chain-weighted real GDPfrom year 1 to year 2 is therefore 100.75%.If we (arbitrarily) designate year 1 as the base year, then year 1 chain-weighted GDP equalsnominal GDP equals $30,000. Year 2 chain-weighted real GDP is equal to (2.0075 × $30,000) = $60,225. The chain-weighted deflator for year 1 is automatically 100. The chain-weighteddeflator for year 2 equals ($50,700/$60,225) × 100 = 84.18. The percentage rate of change of the chain-weighted deflator equals ?15.8%.When there is no quality change, the difference between using year 1 as the base year and using chain weighting is relatively small. Factoring in the increased performance of year 2 computers, the production of computers rises dramatically while its relative price falls. Compared withearlier practices, chain weighting provides a smaller estimate of the increase in production and a smaller estimate of the reduction in prices. This difference is due to the fact that the relative price of the good that increases most in quantity (computers) is much higher in year 1. Therefore, the use of historical prices puts more weight on the increase in quality-adjusted computer output. 5. Price and quantity data are given as the following:Year 1GoodQuantity(million lbs.)Price(per lb.)Broccoli 1,500 $0.50 Cauliflower 300$0.80Year 2GoodQuantity(million lbs.)Price(per lb.)Broccoli 2,400 $0.60 Cauliflower 350$0.85Chapter 2 Measurement 17(a) Year 1 nominal GDP = Year 1 real GDP =×+×=1,500million$0.50300million$0.80 $990million.Year 2 nominal GDP=×+×=2,400million$0.60350million$0.85$1,730.5million Year 2 real GDP=×+×=2,400million$0.50350million$0.80$1,450million.Year 1 GDP deflator equals 100.Year 2 GDP deflator equals ($1,730.5/$1,450) × 100 = 119.3.The percentage change in the deflator equals 19.3%.(b) Year 1 production (market basket) at year 1 prices equals year 1 nominal GDP = $990 million.The value of the market basket at year 2 prices is equal to ×+×1,500million$0.60300million $0.85= $1,050 million.Year 1 CPI equals 100.Year 2 CPI equals ($1,050/$990) × 100 = 106.1.The percentage change in the CPI equals 6.1%.The relative price of broccoli has gone up. The relative quantity of broccoli has also gone up. The CPI attaches a smaller weight to the price of broccoli, and so the CPI shows less inflation.6. Corn producer, consumers, and government.(a) (i) Product approach: There are no intermediate goods inputs. The corn producer grows30 million bushels of corn. Each bushel of corn is worth $5. Therefore, GDP equals$150 million.(ii) Expenditure approach: Consumers buy 20 million bushels of corn, so consumption equals $100 million. The corn producer adds 5 million bushels to inventory, so investment equals$25 million. The government buys 5 million bushels of corn, so government spendingequals $25 million. GDP equals $150 million.(iii) Income approach: Wage income is $60 million, paid by the corn producer. The corn producer’s revenue equals $150 million, including the value of its addition to inventory. Additions toinventory are treated as purchasing one owns output. The corn producer’s costs includewages of $60 million and taxes of $20 million. Therefore, profit income equals $150 million ?$60 million ? $20 million = $70 million. Government income equals taxes paid by the cornproducer, which equals $20 million. Therefore, GDP by income equals $60 million +$70 million + $20 million = $150 million.(b) Private disposable income equals GDP ($150 million) plus net factor payments (0) plusgovernment transfers ($5 million is Social Security benefits) plus interest on the government debt ($10 million) minus total taxes ($30 million), which equals $135 million. Private saving equalsprivate disposable income ($135 million) minus consumption ($100 million), which equals$35 million. Government saving equals government tax income ($30 million) minus transferpayments ($5 million) minus interest on the government debt ($10 million) minus governmentspending ($5 million), which equals $10 million. National saving equals private saving($35 million) plus government saving ($10 million), which equals $45 million. The government budget surplus equals government savings ($10 million). Since the budget surplus is positive, the government budget is in surplus. The government deficit is therefore equal to (?$10 million).18 Williamson ? Macroeconomics, Third Edition7. Price controls.Nominal GDP is calculated by measuring output at market prices. In the event of effective pricecontrols, measured prices equal the controlled prices. However, controlled prices reflect an inaccurate measure of scarcity values. Nominal GDP is therefore distorted. In addition to distortions in nominal GDP measures, price controls also inject an inaccuracy in attempts to decompose changes in nominal GDP into movements in real GDP and movements in prices. With price controls, there is typically little or no change in white market prices over time. Alternatively, black market or scarcity value prices typically increase, perhaps dramatically. Measures of prices (in terms of scarcity values) understate inflation. Whenever inflation measures are too low, changes in real GDP overstate the extent of increases in actual production.8. Underground economy.Transactions in underground economy are performed with cash exclusively, to exploit the anonymous nature of currency. Thus, once we have established the amount of currency held abroad, we know the portion of $2,474 that is held domestically. Remove from it what is used for recorded transactions, say by using some estimate of the proportion of transactions using cash and applying this to observed GDP. Finally apply a concept of velocity of money to the remaining amount of cash to obtain the size of the underground economy.9. S p– 1 = CA + D(a) By definition:p d S Y C Y NFP TR INT T C =?=+++?? Next, recall that .Y C I G NX =+++ Substitute into the equation above and subtract I to obtain:()()p S I C I G NX NFP INT T C INX NFP G INT TR T CA D ?=+++++=++++?=+(b) Private saving, which is not used to finance domestic investment, is either lent to the domesticgovernment to finance its deficit (D ), or is lent to foreigners (CA ).10. Computing capital with the perpetual inventory method.(a) First, use the formula recursively for each year:K 0 = 80K 1 = 0.9 × 80 + 10 = 82K 2 = 0.9 × 82 + 10 = 83.8K 3 = 0.9 × 83.8 + 10 = 85.42K 4 = 0.9 × 85.42 + 10 = 86.88K 5 = 0.9 × 86.88 + 10 = 88.19K 6 = 0.9 × 88.19 + 10 = 89.37K 7 = 0.9 × 89.37 + 10 = 90.43K 8 = 0.9 × 90.43 + 10 = 91.39K 9 = 0.9 × 91.39 + 10 = 92.25K 10 = 0.9 × 92.25 + 10 = 93.03(b) This time, capital stays constant at 100, as the yearly investment corresponds exactly to theamount of capital that is depreciated every year. In (a), we started with a lower level of capital, thus less depreciated thanwhat was invested, as capital kept rising (until it would reach 100). Chapter 2 Measurement 19 11. Assume the following: 10540308010520D INT T G C NFP CA S =======?= (a) 201080110d p Y S C S D C =+=++=++= (b)103054015D G TR INT T TR D G INT T =++?=??+=??+= (c) 208030130S GNP C G GNP S C G =??=++=++= (d)13010120GDP GNP NFP =?=?= (e)Government Surplus 10g S D ==?=? (f)51015CA NX NFP NX CA NFP =+=?=??=? (g) 12080301525GDP C I G NXI GDP C G NX =+++==??+=。
宏观经济学大纲(双语)
中国海洋大学本科生课程大纲一、课程介绍1.课程描述（中英文）：宏观经济学课的U的是帮助学生重点掌握初级宏观经济学基础理论，提高学生用经济学理论分析实际经济问题的能力，使学生对国民收入决定理论和宏观经济学政策等方面有一定的了解，并能够用所学理论框架分析现实中宏观经济问题。
本课程应指定学生有计划的阅读经济学相关著作，理解经济学基本分析框架，通过对各类经济问题进行分析和归类，掌握宏观经济学基本理论并能用于分析实际问题。
The purpose of macroeconomics course is to help students master the basic theory of primary macroeconomics, improve their ability to analyze practical economic problems with economic theory, make students have a certain understanding of national income determination theory and macroeconomic policies, and be able to analyze real macroeconomic problems with the theoretical framework learned. In this course, students are required to read economics related works in a planned way, understand the basic analysis framework of economics, and master the basic theories of macroeconomics and be able to analyze practical problems by analyzing and classifying various economic problems.2.设计思路：本课程从国民收入核算和宏观经济概况入手，通过引入国民收入决定理论，指导学生理解宏观经济各变量之间的内在关联，从而掌握宏观经济理论的基本框架。
泽稷网校CFA：特许金融分析师(CFA)考试10门科目_章节详解
特许金融分析师（CFA ）考试10门科目/章节详解2016-05-31刘霁CFAer回头想想学习CFA 也有两年的时间了。
身边的人越来越多地加入到CFA 考试的大军中，究竟一个CFA 考试或者证书能带给我们什么，能学到什么？从学习的角度来讲，CFA 主要是为未来希望从事股票分析师，基金工作者们定制的。
如果大家想大体学习了解目前市场上的金融工具与金融市场，CFA 也是推荐的。
CFA 涉及的广度很宽，固定收益，衍生品，股票分析研究，投资组合等等(具体的内容在后面的课程介绍中会有概要说明)。
对于数学不好的同学门也是个福音，CFA 数学涉及的比较浅显。
当然如果有些同学数学很强又对风险管理或者计量金融感兴趣的话，请去参考FRM 或者是CQF 。
至于如何去应试准备考试，我就不发表意见了，本人从小就反感考试，考试技巧复习方法方面也没有什么好经验。
CFA 课程框架：泽稷网校-财务金融证书在线教育领导品牌10门课程可以分成3个框架：基础框架：比如像道德，数量，以及经济学。
财务主导的框架：财务报表分析，公司理财，权益。
金融工具框架：固定收益，衍生品，其他类投资，以及投资组合管理。
以下为详细的章节内容，大家可以详细的看出涉及到哪些知识点和相关领域；I. Ethical and Professional Standards（伦理和职业标准）A. Professional Standards of PracticeB. Ethical PracticesII. Quantitative Methods（定量方法）A. Time Value of MoneyB. ProbabilityC. Probability Distributions and Descriptive StatisticsD. Sampling and EstimationE. Hypothesis TestingF. Correlation Analysis and RegressionG. Time-Series AnalysisH. Simulation AnalysisI. Technical AnalysisIII. Economics（经济学）A. Market Forces of Supply and DemandB. The Firm and Industry OrganizationC. Measuring National Income and GrowthD. Business CyclesE. The Monetary SystemF. InflationG. International Trade and Capital FlowsH. Currency Exchange RatesI. Monetary and Fiscal PolicyJ. Economic Growth and DevelopmentK. Effects of Government RegulationL. Impact of Economic Factors on Investment MarketsIV. Financial Reporting and Analysis（财务报告与分析）A. Financial Reporting System (with an emphasis on IFRS)B. Analysis of Principal Financial StatementsC. Financial Reporting QualityD. Analysis of Inventories and Long-Lived AssetsE. Analysis of TaxesF. Analysis of DebtG. Analysis of Off-Balance-Sheet Assets and LiabilitiesH. Analysis of Pensions, Stock Compensation, and Other Employee BenefitsI. Analysis of Inter-Corporate InvestmentsJ. Analysis of Business CombinationsK. Analysis of Global OperationsL. Ratio and Financial AnalysisV. Corporate Finance（企业融资）A. Corporate GovernanceB. Dividend PolicyC. Capital Investment DecisionsD. Business and Financial RiskE. Capital Structure DecisionsF. Working Capital ManagementG. Mergers and Acquisitions and Corporate RestructuringVI. Equity Investments（股权投资）A. Types of Equity Securities and Their CharacteristicsB. Equity Markets: Characteristics and InstitutionsC. Equity Portfolio BenchmarksD. Valuation of Individual Equity SecuritiesE. Fundamental Analysis (Sector, Industry, Company)F. Equity Market Valuation and Return AnalysisG. Closely Held Companies and Inactively Traded SecuritiesH. Equity Portfolio Management StrategiesVII. Fixed Income（固定收益产品）A. Types of Fixed-Income Securities and Their CharacteristicsB. Fixed-Income Markets: Characteristics & InstitutionsC. Fixed Income Portfolio BenchmarksD. Fixed-Income Valuation (Sector, Industry, Company) and Return AnalysisE. Term Structure Determination and Yield SpreadsF. Analysis of Interest Rate RiskG. Analysis of Credit RiskH. Valuing Bonds with Embedded OptionsI. Structured ProductsJ. Fixed-Income Portfolio Management StrategiesVIII. Derivatives（衍生产品）A. Types of Derivative Instruments and Their CharacteristicsB. Forward Markets and Valuation of Forward ContractsC. Futures Markets and Valuation of Futures ContractsD. Options Markets and Valuation of Option ContractsE. Swaps Markets and Valuation of Swap ContractsF. Credit Derivatives Markets and InstrumentsG. Uses of Derivatives in Portfolio ManagementIX. Alternative Investments（另类投资）A. Types of Alternative Investments and Their CharacteristicsB. Real Estate ValuationC. Private Equity/Venture Capital ValuationD. Hedge Fund StrategiesE. Distressed Securities/BankruptciesF. Commodities and Managed FuturesG. Alternative Investment Management StrategiesG. CollectiblesX. Portfolio Management and Wealth Planning（投资组合管理和财富规划）A. The Investment Policy StatementB. Modern Portfolio Management ConceptsC. Behavioral FinanceD. Management of Individual/Family Investor PortfoliosE. Management of Institutional Investor PortfoliosF. Investment Manager SelectionG. Economic Analysis and Setting Capital Market ExpectationsH. Tax Efficiency StrategiesI. Asset AllocationJ. Portfolio Construction and RevisionK. Risk ManagementL. Execution of Portfolio Decisions (Trading)M. Performance EvaluationN. Presentation of Performance ResultsEthics（一星推荐）：不想多说，基本上都是CFA要求的规定，比如如何避免老鼠仓，如何保证你个人报告的独立性，如何对客户忠诚，Soft Dollar的处理等等。
经济学原理-教学大纲
《经济学原理（英语）》教学大纲“Principles of Economics” Course Outline课程编号：151103A课程类型：专业必修课总学时：48 讲课学时：48 实验（上机）学时：0学分：3适用对象：经济学、金融学、管理学等先修课程：大学英文Course Code: 151103ACourse Type: Compulsory CourseTotal Hours: 48 Lecture Hours: 48 Lab Hours: 0Credits: 3Applicable Majors: Economics, Finance, Management, etc.Prerequisites: University English一、课程的教学目标(Course Objectives)经济学原理是经济、金融类等专业的本科生的专业必修课程，旨在为学生提供基础的经济学理论以及经济学家的思维模式。
通过课堂上对经济学相关原理的学习和掌握，学生可以运用所学的概念和工具对现实生活中发生的各种经济现象进行更专业和理论的分析，并且为后续课程的学习打下坚实的基础。
Principles of Economics is a compulsory course for undergraduate students majoring in Economics, Finance etc. This course is designed to provide students with a fundamental understanding of the principles of economics and the way how an economist thinks. Upon successful completion, students will be able to use the concepts and tools discussed throughout the course to better perceive and analyze issues that confront us in the real world. At the end of the term, students will be familiar with the terminologies and basic concepts in economics in preparing for the higher level economics courses.二、教学基本要求(Course Requirements)经济学是一门对生产、分配，以及对商品货物和服务的消费的一种学习--经济。
宏观经济学术语(中英文对照)
宏观经济学MEASUREINＧＡNAＴION’ＳＩＮCＯMＥ一国收入的衡量Ｍicroｅｃｏnomiｃs the study ｏｆhow househoｌds and fiｒmｓmake ｄeｃiｓioｎs aｎd how they interact in marketｓ.微观经济学:研究家庭和企业如何做出决策，以及他们如何在市场上相互交易。
Ｍａcroeconｏmics the sｔudｙof econｏmy-wide ｐｈｅｎomena,inclｕding inflａｔio ｎ,unemｐlｏymeｎt,and ecoｎoｍic growｔh宏观经济学：研究整体经济现象,包括通货膨胀、失业和经济增长。
GDP is tｈeｍａrket valuｅｏf fiｎaｌgoｏds anｄservｉces ｐroｄｕced within a counｔry in a givｅn pｅrｉod oｆtiｍｅ.国内生产总值GDＰ：给定时期的一个经济体内生产的所有最终产品和服务的市场价值ﻭConsumｐtｉon ｉｓspendiｎg by ｈｏuｓｅhｏldｓon ｇｏoｄs and ｓｅｒｖices, with ｔhｅexceptionｏf puｒｃhasｅdｏf new housing。
消费:除了购买新住房,家庭用于物品与劳务的支出.Iｎvestmeｎｔis spenｄing oｎｃapｉtａl eｑｕｉpｍenｔｉｎｖeｎｔｏｒies，and st ｒｕctuｒeｓ，iｎｃlｕdiｎg ｈousehｏlｄｐｕrchases of neｗhoｕsing。
ﻭ投资:用于资本设备、存货和建筑物的支出,包括家庭用于购买新住房的支出。
ﻭGovｅｒnｍｅnt pｕｒchas ｅsａre spｅndinｇon goods and servicｅｓｂy local, ｓtate, ａnｄfｅｄeｒal government。
经济学原理(英文版)
经济学原理（英文版）●Chapter 1 The scope and Method of Economics●Why study Economics?●To learn a way of Thinking●Opportunity Cost 机会成本●The best alternative that we forgo, or give up, when we make a choice or adecision.指决策过程中面临多项选择，当中被放弃而价值最高的选择●Cost: What You Must Give Up●Opportunity cost is the best thing that you must give up to get something -thehighest-valued alternative forgone.●Benefit: What You Gain●Benefit is the gain or pleasure that something brings.●Benefit is measured by what you are willing to give up.●Are there always opportunity cost for every choice we made?●Pre-conditions:●1.The resource is scarce;limited●2. Multiple usage for a resources;●3. The resource has been fully utilized;●4. Resources can be flowed freely●=/ actual cost, national cost●Marginalism 边际主义●The process of analyzing the additional or incremental(增加的) costs or benefitsarising from a choice or decision.●Marginal Cost 边际成本●is the opportunity cost of a one-unit increase in an activity.●you must give up to get one additional unit of it.●Marginal Benefit 边际效益●is the what you gain when you get one more unit of something.●is the what you gain when you get one more unit of up to get one additionalunit of it.●To understand Society●To be an informed citizen/voter●The scope of Economics●Microeconomics●The study of the choices that individuals and businesses make and the way thesechoices interact and are influenced by governments.●firms●households●Macroeconomics●The study of the aggregate (or total 总计) effects on the national economy andthe global economy of the choices that individuals, businesses, and governmentsmake.●income●employment●output●The method of Economics●positive economics 实证经济学●An approach to economics that seeks to understand behavior and the operation ofsystems without making judgments. It describes what exists and how it works.●normative economics 规范经济学●An approach to economics that analyzes outcomes of economicbehavior,evaluates them as good or bad, and may prescribe courses of action.Alsocalled policy economics.●should be ...●Chapter 2●The economic problem : Scarcity and choice●●The three basic question●What gets produced?●How is it produced ?●Who gets what is produced?●经济学要解决的问题●资源配置（和利用）Resource allocation●Scarcity means that wants are greater than what we can produce with ourresources.缺乏●Chapter 3●Demand, supply ,and market equilibrium●Firms and Households: The basic decision making units●Firm●An organization that transforms resources (inputs)into products(outputs).Firms are the primary producing units in a market economy.●entrepreneur●A person who organizes, manages, and assumes the risks of a firm,takinga new idea or a new product and turning it into a successful business.(produce to earn profit)●households●The consuming units in an economy.●Input markets and output markets: the circular flow●Output markets●The markets in which goods and services are exchanged.●Input markets●The markets in which the resources used to produce goods and services areexchanged.●Factors of production●The inputs into the production process. Land, labor, and capital are the threekey factors of production.●Demand in product and output market●quantity demand●The amount (number of units) of product that a household would buy in agiven period if it could buy all it wanted at the current market price.●demand curve●A graph illustrating how much of a given product a household would bewilling to buy at different prices.●●law of demand●The negative relationship between price and quantity demanded: Ceterisparibus, as price rises, quantity demanded decreases; as price falls,quantity demanded increases. 反比关系●Other determinants of Household demand●Income and Wealthincome available to the household●Prices of other goods and service●inferior goods 次品●substitutes 替代品●A price up, B demand upB 是A的替代品●complements,complementary goods 互补品●car price up, gasoline demand down●taste and preference●expectation 影响需求consumption policies●Shift of demand versus movement along a demand curve●shift of a demand curve (曲线移动) change in demand●factors shift the demand curve●buyers' incomes●the price of a substitute good●the number of buyers●movement along a demand curve （点移动）change in quantity demanded●Market demand●summing the quantities every consumer is willing to buy at each differentprice.●Supply in product and output market●Profit●The difference between revenues and costs.实现利润最大化是企业生产的目的●quantity supplied●The amount of a particular productthat a firm would be willingand able to offerfor sale at aparticular price during a giventime period.●law of supply●The positive relationship between price and quantity of a good supplied:Anincrease in market price will lead to an increase in quantity supplied, and adecrease in market price will lead to a decrease in quantity supplied. 正比关系●●Market equilibrium●Qd =Qs●there is no tendency for price to change●Excess demand●●●Excess supply●●Chapter 4●Demand and Supply applications 需求和供应的应用●Price rationing 价格配给● is the process by which the market system allocates goods and services toconsumers when quantity demanded exceeds quantity supplied.●●Constraints on the Market and Alternative rationing mechanism 非价格配给制●Price ceiling (最高限价)●A maximum price that sellers may charge for a good, usually set bygovernment.●non-price rationing●Queuing (排队）●Waiting in line as a means of distributing goods and services: a nonpricerationing mechanism.●Ration coupons (优惠券)●Tickets or coupons that entitle individuals to purchase a certain amount ofa given product per month.●Favored customers●Those who receive special treatment from dealers during situations ofexcess demand.●Black market (黑市)●A market in which illegal trading takes place at market-determined prices.●price floor 价格下限●A minimum price below which exchange is not permitted.●Supply and Demand and Market efficiency●Consumer surplus 消费者盈余●The difference between the maximum amount a person is willing to pay for agood and its current market price.●愿意支付与实际支付的差额。
经济学原理(双语)-教学大纲
《经济学原理》（双语）教学大纲Principles of Economics（Class Syllabus）课程编号：032023A课程类型：□通识教育必修课□通识教育选修课□专业必修课□专业选修课✔学科基础课总学时：48讲课学时：48实验（上机）学时：0学分：3适用对象：经济类本科生先修课程：高等数学一、课程的教学目标《经济学原理》包括《微观经济学》和《宏观经济学》两部分。
经济学是研究稀缺资源在各种可供选择的用途中，如何进行最有效的配置，以使得人类的无限欲望得到最大满足的一门理论经济学。
经济学作为理论经济学，是许多经济学科如管理经济学、公共财政学、市场学、国际经济学、货币银行学、财政学、国际贸易学、国际金融学等的理论基础。
微观经济学是以个体经济单位例如单个家庭、单个企业、单个市场为研究对象的一门理论经济学。
它试图通过对个体经济单位经济行为的研究，来说明现代社会中市场机制的运行和作用以及如何改善这种运行的途径。
宏观经济学是以社会总体的经济行为即宏观经济运行作为研究对象的一门理论经济学。
它试图通过对社会总体经济行为的研究，来说明市场经济条件下宏观经济的运行以及如何改善这种运行的途径。
目标1：系统理解和掌握经济学基本理论和基础知识目标2：熟悉经济学中基本概念和基本原理的英文表述目标3：能够运用所学原理分析实际经济问题和现象目标4：为进一步学习其他经济类课程打下坚实的理论基础。
二、教学基本要求教学内容：第二章的消费理论、第三章的生产理论、第五章的市场理论、第六章的生产要素市场和收入分配理论、第七章一般均衡、第九章国民收入核算、第十一章产品市场和货币市场的一般均衡、第十三章财政政策和货币政策、第十五章通货膨胀与失业应精讲、细讲。
对各章重点内容，教师应阐述清楚基本原理，并在此基础上以一些浅显易懂的案例增进学生的理解，启发学生的求知欲与好奇心。
教学方法：为实现教学目标，本课程主要采取教师讲授的方式授课，任课教师应以多媒体教学为基本授课方式，教师也可以所采取的其他教学手段如课堂讨论、案例教学等。
应用商务统计学讲义第一章中英文对照版
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Why Statistics?
• In today’s digital world ever increasing amounts of data are gathered, stored, reported on, and available for further study.
• The growth of “Big Data” spurs the use of business analytics •“大数据 ”的增长刺激了商业分析的应用
• “Big data” or very large data sets are arising because of the automatic collection of high volumes of data at very fast rates. •“大数据”或非 常大的数据集的出现，是因为以非常快的速率自动收集大量数据 6 。
在这个过程中我们将使用DCOVA
– -定义你想研究的数据，以解决问题或达到一个目标。
– -从适当的来源收集数据
– -组织开发表收集的数据
– -通过开发图表来可视化数据
– -分析收集到的数据，得出结论并给出结果
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Using The DCOVA Framework Helps You To Apply Statistics To:
No order
ordered/ ranked
No true zero
Absolute zero
Difference is meaningful Difference is meaningful
Ratio is not meaningful Ratio is also meaningful
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C Y
Business sector
I
household
S
Leakage: import Injection: export
1.2 Equilibrium and the level of national income
The equilibrium is a state of balance or equality between opposition forces. If : S + IM +T = I +X+G Then the level of national income will remain unchanged and can be said to be in equilibriom.
四部门循环流转图
The Circular-Flow Diagram of Sectors
government
G
政府购买
T 产品和服务市场 G C X M
foreign sector 生产要素市场 金融市场
图中箭头所指为货币流动方向，略去了所真实物流量。 图中箭头所指为货币流动方向，略去了所真实物流量。
AE= C+ I+ G+ (X-IM)= C+ I+ G+Xn Value of production= aggregate expenditure +/- change in inventories. The adjustment for inventories is unplanned investment.
The flow of income versus te stock of money: the stock of money and the flow of income are not the same thing.
Closed private model: include financial sector
3). Reconciling GDP and other economic statistics indexes
a . the most-used economic statistic is gross domestic product (GDP), which is defined as the money value of all final goods and services produced in the whole economy within a given time period, usually a quarter or a year. At equilibrium GDP, the value of output must equal AE. GDP=AE=Y
e. Disposable income: the personal after-tax income of people. Personal income – personal income tax = Disposable income
3.4 Problems in measuring GDP
a. the first formal definition of national income equilibrium is : the level of income where the tatol of all three leakages equals the total of all three injections. b. the second view of equibrium: value of production= cost of production (including profits) = total income
C Good and services C
企业
YFactor mar源自ets家庭SI
Financial sector
图中箭头所指为货币流动方向，略去了所真实物流量。 图中箭头所指为货币流动方向，略去了所真实物流量。
Leakage: saving Injection: investment Distinguish: income, saving, wealth and loanable funds Investment: spending on new capital goods. Attention to the saving- investment link.
1) the real problems is in dicidng what should and should not be measuring. In summary, economis transactions that are not included in the measurement of GDP are: the sale of intermediate goods sales that merely transfer ownership of assets both pubic and private transfer payments the sale of second-hand goods.
c. Net national product (NNP): gross national product less capital consumption ( or depreciation). GNP at market prices – depreciation = NNP at market prices NNP at market prices – indirect taxes = NNP at factor costs (national income)
1.1 Circular flow of income
Flow of factor services :
The Circular-Flow Diagram of Sectors
总收入
出售产品和服务
总支出 Product market
购买产品和服务
Business sector
Household
图中的红线代表省货币的流动， 图中的红线代表省货币的流动，而黑线则代表 着实物(生产要素和最终产品)的流动。 着实物(生产要素和最终产品)的流动。
b. Gross national product (GNP): the total market value of all final goods and services produced by the citizens of a country, regardless of the location of production. GDP at market prices +/- net foreign factor income= GNP at market prices
d. Personal income: income paid to individuals before the deduction of personal income taxes. Personal income= national incomeundistributed corporate profits – corporate profits taxes + government tranfer payment – other income not paid out
三部门循环流转图
The Circular-Flow Diagram of Sectors
要素支出 要素收入 消费支出
厂商部门
销售收入
要素市场 产品市场
家庭部门
投资 间接税
金融市场
公债发行 货币发行
储蓄 直接税 转移支付
政府购买
政府部门
Leakage: taxes Injection: government purchase Tranfer payment: one-way transactions in which payment is made but no good or service flows back in return.
2. the second is the income method This method uses five major grouping of income, which are: a. wages and salaries b. interest and investment income c. gross profits d. farmers’ incomes e. net income of nonfarm unincorporated business
1.3 Measuring national income
1. the first is the expenditures approach: This approach adds up the four forms of expenditures, which are: a. C consumption: consumption is subdivided into various components, such as consumer durables, semidurables, nondurables and consumer services. b. I investment spending: investment spending is composed of spending on machinery and equipment, changes in the value of inventories, and spending on all construction ( including residential construction). Ig= In+ depreciation