(5单元)宏观经济学(曼昆经济学)第6版
宏观经济学曼昆第六版课后答案
答：股票分析师在确定股票的价值时应该考虑公司未来的盈利能力。公司的盈利能力取决于以下因素：市场对其产品的需求、所面临的顾客忠诚度、面对的政府管制和税收等。因此，股票分析师就要考虑所有上述因素以决定公司的一股股票价值为多少。
6．描述有效市场假说，并给出一个与这种理论一致的证据。
2．现值（present value）
答：现值指按现行利率为获得一个既定的未来货币量而在今天所需要的货币量。现值可用倒求本金的方法计算。由终值求现值，称为贴现。在贴现时使用的利息率称为贴现率。现值的计算公式可由终值的计算公式导出：fvn?pv?1?i?，则有：
pv?fvn?1n?1?i?n
上述公式中的1
5．风险厌恶（risk averse）
答：风险厌恶又称“风险规避”，指不喜欢不确定性。风险厌恶者总是以无风险或低风险作为衡量各种备选方案优劣的标准，把那些可能发生风险的备选方案拒之于外。
6．多元化（diversification）
答：多元化又称分散化，指通过分散投资于多项资产来降低投资风险的一种投资方式。从理论上来讲，一个证券组合只要包含了足够多的相关性较弱（甚至负相关）的证券，就完全可能消除所有风险，但是现实中，各证券收益率之间的正相关程度较高，因为各证券的收益率在一定程度上受同一因素影响（如经济周期、利率的变化等），因此分散化投资可以消除资产组合的非系统性风险，但是并不能消除系统性风险。也就是说，随着纳入同一资产组合的资产的收益率之间的相关系数（或协方差）的减小，该资产组合的收益率的方差（或标准差）也随之减小。各个证券之间的收益率变化的相关性越弱，分散投资降低风险的效果就越明显。
9．基本面分析（fundamental analysis）
宏观经济学原理 第六版
宏观经济学原理第六版宏观经济学是研究整体经济活动的学科，其目的是了解和解释层出不穷的经济现象。
本文将探索宏观经济学的一些基本原理和概念。
第一项原理是需求与供给。
在市场经济中，价格是由商品或服务的需求和供给决定的。
需求量取决于价格和需求者对该商品或服务的愿望程度。
供给量则取决于生产成本和供给者对价格的期望。
当需求和供给发生变化时，市场价格也会发生相应的变化。
第二项原理是通货膨胀。
通货膨胀是指货币供应量的增加导致物价上涨。
尽管通货膨胀有时被认为是经济增长的表现，但过高的通货膨胀可能会导致经济不稳定，甚至崩溃。
第三项原理是失业。
失业是指劳动力资源未被充分利用的状态。
它可以分为结构性失业、摩擦性失业和周期性失业。
结构性失业是由于产业结构调整而造成的，摩擦性失业是指工人在不同岗位间流动时的暂时性失业，而周期性失业是由于经济周期波动造成的。
第四项原理是经济增长。
经济增长是指经济总产出的持续增长。
它可以通过提高生产率、增加资本投资和改善技术进步来实现。
经济增长对于提高人民生活水平、减少贫困和实现社会发展至关重要。
第五项原理是货币政策和财政政策。
货币政策是由央行制定和执行的，通过调整货币供应量和利率来影响经济活动。
财政政策是由政府制定和执行的，通过调整政府支出和税收来影响经济活动。
这两种政策可以用来调整经济的稳定性和促进经济增长。
需要注意的是，以上原理和概念只是宏观经济学的一部分，而实际的经济活动涉及到更多的变量和因素。
宏观经济学的目标是通过理论分析和实证研究来理解和解释复杂的经济现象，以便为经济决策提供参考和指导。
宏观经济学曼昆第六版课后答案
以写为：pv?fvn?pvifi,n。
3．未来值（future value）
答：未来值又称复利终值，指在现行利率为既定时，现在货币量将带来的未来货币量。未来值的计算公式为复利终值；pv——复利现值；i——利息率；n——计息期数。
当利率是10%时，4年后收益1500万美元的投资项目的现值是1500/?1?10%??1024.5万美元，收益的现值大于今天的投入1000万美元，公司应该实施这个项目。当利率是9%时，4年后收益1500万美元的投资项目的现值是1500/?1?9%??1062.6万美元，收益的现值大于今天的投入1000万美元，公司应该实施这个项目。当利率是8%时，4年后收益1500万美元的投资项目的现值是1500/?1?8%??1102.5万美元，收益的现值大于今天的投入1000万美元，公司应该实施这个项目。
2．一个公司有一个今天花费1000万美元，4年后收益1500万美元收益的投资项目。a．如果利率是11%，该公司应该实施这个项目吗？利率是10%、9%或8%时，情况又如何？
b．你能指出盈利与不盈利之间准确的利率分界线吗？
答：a．如果利率是11%，该公司不应该进行这个项目。因为利率是11%时，4年后收益1500万美元的投资项目的现值是1500/?1?11%??988.1万美元，收益难以弥补今天的投资1000万美元，所以不应该实施该项目。
10．有效市场假说（efficient markets hypothesis）
11．信息有效（informationally efficient）
答：信息有效指以理性的方式反映有关资产价值的所有可获得的信息。根据有效市场假说，股票市场是信息有效的。当信息改变时，股票价格就会变动。例如，当有关公司前景的利好新闻路人皆知时，该公司的价值和股票价格都会上升。当公司前景恶化时，该公司的价值和股票价格都下降。但是，在任何一点上，市场价格是以可获得信息为依据的公司价值的最好指南。
经济学原理曼昆第6版课件ppt第五篇公共部门经济学
负外部性的例子
汽车废气
工厂的大量废气排放
宠物的狂叫
邻居巨大的装修声音
正外部性的例子
免疫
修护文物古迹
新技术研究开发
负外部性如何影响社会福利（以铝市场为例）
铝的 价格 供给 (私人成本)
均衡
需求 (私人价值) 0
市场量
铝的数量
铝负外部性如何影响社会福利
需求曲线反映买者的评价，而供给曲线反映卖者的 成本。均衡数量，即市场量，使买者总价值最大化。 因此，没有外部性时，市场均衡是有效率的。 如果铝工厂排放污染（负外部性），这时生产铝的 社会成本大于铝生产者的成本。
根据科斯定理，会出现什么结果？
为什么私人解决方法并不是总有效？
通常，私人解决方法并不是总有效的原
因在于交易成本太高，无法达成协议。
针对外部性的公共政策
命令和控制政策：禁止某些行为或要求某些
行为，如要求所有学生注射疫苗、要求实施 污染排放标准、强行建立休渔期、公共场所 禁烟等。 以市场为基础的政策：政府利用税收和补贴 手段给私人部门以激励，实现社会效率。
搭便车：就是享有物品的好处，却避开付费的行为。 它是公共物品使用中必然出现的问题。 搭便车者（ free-rider ）：得到一种物品的收益 但避开为此支付的人。 问题启示：由于公共物品的消费没有排他性，人们 总是希望免费使用，搭便车行为的存在使私人市场 无法提供公共物品。但是，政府可以潜在地解决这 个问题，并使每个人的状况变好。
正是因为看到了政府提供公共物品的低效率，科斯特 意从美国跑到英国，实地考察英国灯塔制度的历史演变， 看看在政府经营之前英国的灯塔制度是如何运转的。他了 解到英国早期实行的都是私人灯塔制度，只是由于收费困 难才被公共灯塔制度取代。 在分析了私人灯塔制度和公共灯塔制度的利弊得失之 后，科斯提出了一个新观点，即公共灯塔制度对资源使用 的浪费和低效率表明，由政府代替私人生产公共物品并不 一定是最好的解决方案。实际上，英国早期的私人灯塔之 所以演变为公共灯塔，原因就在于制度的缺失。只要有关 制度足够完善，私人灯塔的效率是很高的。譬如，政府应 该制定有关对灯塔使用强制收费的制度，对逃避付费的行 为予以严厉惩罚以保证制度的顺利执行。
曼昆经济学原理第六版
曼昆经济学原理第六版
曼昆经济学原理第六版是一本介绍经济学基本原理的教科书，它以清晰易懂的
语言阐述了经济学的核心概念和理论。
本书涵盖了微观经济学和宏观经济学的内容，旨在帮助读者建立起对经济学基本原理的全面理解。
在微观经济学部分，本书首先介绍了供求关系，阐述了市场价格形成的基本原理。
接着讨论了消费者行为和生产者行为，探讨了效用最大化和利润最大化的原理。
此外，本书还介绍了市场结构、外部性和公共物品等内容，帮助读者理解市场失灵的原因和解决方法。
在宏观经济学部分，本书从整体经济的角度分析了国民收入、通货膨胀、失业
等现象，深入探讨了货币政策和财政政策对经济的影响。
同时，本书还介绍了经济增长理论和国际贸易的基本原理，帮助读者对全球经济格局有更深入的理解。
本书以其简洁明了的语言和丰富的案例分析，深受经济学学生和专业人士的喜爱。
它不仅适合作为大学经济学课程的教材，也适合作为经济学爱好者的自学读物。
通过学习本书，读者可以建立起对经济学基本原理的扎实理解，为进一步深入学习经济学理论打下坚实的基础。
总之，曼昆经济学原理第六版是一本经典的经济学教材，它以其严谨的逻辑和
生动的案例，帮助读者轻松理解经济学的基本原理，是经济学学习者不可或缺的参考书籍。
曼昆宏观经济学第六版答案
税收的增加使国民储蓄上升，因此资本的供给曲线向右移动。
均衡的实际利率下降，投资增加。
5.假设消费者信心提高增加了消费者未来收入的预期，从而他们现在想消费的数量增加。
可==以把这种情况解释为消费函数向上移动。
这种移动如何影响投资和利率？【答案】如果消费者增加现期的消费数量，那么私人储蓄和国民储蓄将下降。
我们知道这是由于国民储蓄的定义式：国民储蓄 = 私人储蓄 + 公共储蓄 [Y - T - C (Y - T )] + [T - G ] Y - C (Y - T ) - G消费的增加降低了私人储蓄，因此国民储蓄也下降。
图 3-2 描述了作为实际利率函数的储蓄和投资。
6.考虑下列式子描述的一种经济体的情况：Y =C +I +G 、Y =5 000、 G =1 000、 T =1 000、 C =250+0.75(Y -T )、 I =1 000-50rA 、 在这种经济中，计算私人储蓄、公共储蓄和国民储蓄。
B 、 找出均衡利率。
C 、 现假设 G 增加到 1 250。
计算私人储蓄、公共储蓄，以及国民储蓄。
D 、 找出新的均衡利率。
【答案】A 、私人储蓄即没有消费的可支配收入S 私人 = Y - T - C = 5,000 - 1,000 - [250 + 0.75(5,000 - 1,000)] = 750实际利率投资，储蓄S 1S 2r 1r 2I (r )图 3-1实际利率图 3-2 投资，储蓄S 1S 2r 2r 1I (r )考易KAOEASY 上面的等式S 私人 = 750S 公共 = T - G = 1,000 - 1,250 = -250因此， S = S 私人 + S 公共 = 750 + (-250) = 500D 、借贷市场再一次出清的均衡利率：S =I500=1,000-50r解这个等式得：r =10%7.假设政府等量地增加政府税收和政府购买。
由于这种平衡预算的变动，投资和利率会发生什么变动？你的答案取决于边际消费倾向吗？【答案】为了弄清等量的增加税收与政府购买对投资的影响，需要考虑国民储蓄的收入恒等式：国民储蓄 = [私人储蓄] + [公共储蓄] = [Y - T - C (Y - T )] + [T - G ] = Y - C (Y - T ) - G 因为 Y 是由生产要素决定的，同时消费的变化由可支配收入乘以边际消费倾向，所以可得到：ΔY = [-ΔT - (MPC ⋅ (-ΔT ))] + [ΔT - ΔG ] = [-ΔT + (MPC ⋅ ΔT )] + 0 = (MPC - 1) · ΔT 上面的表达式表示同时增加 T 和 G 对储蓄的影响取决于边际消费倾向。
曼昆《经济学原理（宏观经济学分册）》（第6版）笔记和课后习题（含考研真题）详解【讲解】
目 录第一部分 笔记和课后习题（含考研真题）详解[视频讲解]第8篇 宏观经济学的数据第23章 一国收入的衡量23.1 复习笔记23.2 课后习题详解23.3 考研真题详解[视频讲解]第24章 生活费用的衡量24.1 复习笔记24.2 课后习题详解24.3 考研真题详解[视频讲解]第9篇 长期中的真实经济第25章 生产与增长25.1 复习笔记25.2 课后习题详解25.3 考研真题详解第26章 储蓄、投资和金融体系26.1 复习笔记26.2 课后习题详解26.3 考研真题详解第27章 基本金融工具27.1 复习笔记27.2 课后习题详解27.3 考研真题详解[视频讲解]第28章 失 业28.1 复习笔记28.2 课后习题详解28.3 考研真题详解[视频讲解]第10篇 长期中的货币与物价第29章 货币制度29.1 复习笔记29.2 课后习题详解29.3 考研真题详解[视频讲解]第30章 货币增长与通货膨胀30.1 复习笔记30.2 课后习题详解30.3 考研真题详解[视频讲解]第11篇 开放经济的宏观经济学第31章 开放经济的宏观经济学：基本概念31.1 复习笔记31.2 课后习题详解[视频讲解]31.3 考研真题详解第32章 开放经济的宏观经济理论32.1 复习笔记32.2 课后习题详解[视频讲解]32.3 考研真题详解[视频讲解]第12篇 短期经济波动第33章 总需求与总供给33.1 复习笔记33.2 课后习题详解33.3 考研真题详解[视频讲解]第34章 货币政策和财政政策对总需求的影响34.1 复习笔记34.2 课后习题详解34.3 考研真题详解[视频讲解]第35章 通货膨胀与失业之间的短期权衡取舍35.1 复习笔记35.2 课后习题详解35.3 考研真题详解[视频讲解]第13篇 最后的思考第36章 宏观经济政策的六个争论问题36.1 复习笔记36.2 课后习题详解36.3 考研真题详解[视频讲解]第二部分 模拟试题及详解曼昆《经济学原理（宏观经济学分册）》（第6版）模拟试题及详解（一）曼昆《经济学原理（宏观经济学分册）》（第6版）模拟试题及详解（二）第一部分 笔记和课后习题（含考研真题）详解[视频讲解]第8篇 宏观经济学的数据第23章 一国收入的衡量23.1 复习笔记1．经济的收入与支出在一国的宏观经济中，收入必定等于支出。
曼昆《经济学原理(宏观经济学分册)》(第6版)课后习题详解
曼昆《经济学原理〔宏观经济学分册〕》〔第6版〕第35章通货膨胀与失业之间的短期权衡取舍课后习题详解跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经历，从前辈中获得的经历对初学者来说是珍贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进展咨询。
一、概念题1．菲利普斯曲线〔Phillips curve〕〔师大学2004研；工业大学2005、2006研；大学2006研〕答：菲利普斯曲线是指货币工资变动率与失业率之间交替关系的曲线。
它是由英国经济学家菲利普斯根据1861～1957年英国的失业率和货币工资变动率的经历统计资料提出来的，故称之为菲利普斯曲线。
这条曲线表示，当失业率高时，货币工资增长率低，反之，当失业率低时，货币工资增长率高。
因此，如图35-1所示，横轴代表失业率〔U〕，纵轴代表货币工资增长率〔W〕，菲利普斯曲线是一条向右下方倾斜的曲线。
根据本钱推动型通货膨胀的理论，货币工资增长率决定了价格增长率，所以，菲利普斯曲线也可以表示通货膨胀率和失业率之间的交替关系，即当失业率高时，通货膨胀率低；反之，当失业率低时，通货膨胀率高。
图35-1 菲利普斯曲线新古典综合派经济学家把菲利普斯曲线作为调节经济的依据，即当失业率高时，实行扩性财政政策与货币政策，以承受一定通货膨胀率为代价换取较低的失业率；当通货膨胀率高时，实行紧缩性的财政政策与货币政策，借助提高失业率以降低通货膨胀率。
货币主义者对菲利普斯曲线所表示的通货膨胀率与失业率之间的交替关系提出了质疑，并进一步论述了短期菲利普斯曲线、长期菲利普斯曲线和附加预期的菲利普斯曲线，以进一步解释在不同条件下，通货膨胀率与失业率之间的关系。
理性预期学派进一步以理性预期为依据解释了菲利普斯曲线。
曼昆《宏观经济学》(第6、7版)习题精编详解(第5章--开放的经济)
第5章开放的经济跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。
一、判断题1．名义汇率的变动都产生于物价变动，因此，通货膨胀率相对较高的国家，货币相对便宜。
（）【答案】F【解析】由名义汇率的公式可知，名义汇率不仅和两国的物价水平有关，还和两国的实际汇率有关。
所以名义汇率的变动并不都取决于物价的变动。
但是后一句“通货膨胀率相对较高的国家货币相对便宜”是正确的。
2．当美国的进口大于出口时，它也必定向外国人购买了国内资产。
（）【答案】F【解析】当美国的进口大于出口，则存在贸易逆差，此时的贸易余额小于0，由此可知，资本净流出小于0，也就是说，外国人购买的本国的资产大于本国人购买外国的资产。
此时，美国人并不一定向外国人购买了国内资产，但外国人必定向美国人购买了国内资产。
3．资本净流出的主要决定因素是名义汇率。
（）【答案】F【解析】资本净流出的主要决定因素是实际利率。
4．在开放经济中，对可贷资金的需求来自国内投资和资本净流出。
（）【答案】T【解析】储蓄＝国内投资＋资本净流出，可贷资金是国内产生的可用于资本积累的资源流量，无论是购买国内资本资产还是购买国外资本资产，这种购买都增加了可贷资金的需求。
5．如果一价定律不成立时，购买力平价就不存在。
（）【答案】T【解析】购买力平价理论是一价定律在国际市场上的应用，是一种传统的汇率决定理论。
一价定律是购买力平价成立的基础。
6．人民币对美元的汇率下降，将使中国商品相对便宜，中国增加对美国商品的进口。
（）【答案】F【解析】人民币对美元的汇率下降，说明一美元可以兑换到更多的人民币。
曼昆经济学原理(宏观经济学分册)(第6版)课后习题详解
曼昆《经济学原理〔宏观经济学分册〕》〔第6版〕第34章货币政策和财政政策对总需求的影响课后习题详解跨考网独家整理最全经济学考研真题,经济学考研课后习题解析资料库,您可以在这里查阅历年经济学考研真题,经济学考研课后习题,经济学考研参考书等容,更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验,从前辈中获得的经验对初学者来说是宝贵的财富,这或许能帮你少走弯路,躲开一些陷阱。
以下容为跨考网独家整理,如您还需更多考研资料,可选择经济学一对一在线咨询进行咨询。
一、概念题1．流动性偏好理论〔theory of liquidity preference〕答：流动性偏好理论是解释实际货币余额的供给与需求如何决定利率的理论。
流动性偏好是人们为应付日常开支、意外支出和进行投机活动而愿意持有现金的一种心理偏好。
该理论由英国著名经济学家约翰·梅纳德·凯恩斯〔J·M·Keynes〕于1936年在《就业、利息和货币通论》中提出。
它根源于交易动机、预防动机和投机动机。
交易动机是为了日常交易而产生的持有货币的愿望,预防动机是为了应付紧急情况而产生的持有货币的愿望。
满足交易动机和预防动机的货币需求数量取决于国民收入水平的高低,并且是收入的增函数。
投机性动机是人们根据对市场利率变化的预测,持有货币以便从中获利的动机。
投机动机的货币需求与现实利率呈负相关。
该理论假设中央银行选择了一个固定的货币供给,在此模型中,价格水平P也是固定的,所以实际货币余额供给固定。
实际货币余额需求取决于利率——持有货币的机会成本。
当利率很高时,因为机会成本太高,人们只会持有较少的货币。
反之,当利率很低时,因为机会成本较低,人们会持有较多的货币。
根据流动性偏好理论,利率会调整到使实际货币余额供给与需求相等的水平。
2．财政政策〔fiscal policy〕答：财政政策指政府变动税收和支出以便影响总需求进而影响就业和国民收入的政策。
经济学原理曼昆第六版
●什么是宏观经济学？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，目标是解释同时影响许多家庭、企业和市场经济变化的整体经济现象。
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影响。
第一篇宏观经济学数据第一章一国收入的衡量1、经济的收入与支出在一国的宏观经济中，收入必定等于支出。
这是因为在每一次交易中，卖者的收入必定等于买者的支出。
GDP衡量经济中的总收入或总产量，由于收入等于支出，GDP可以把经济中获得的收入加总来衡量，或通过把经济中生产的物品与劳务的支出加总来衡量。
即收入等于支出等GDP。
2、国内生产总值的衡量（GDP)国内生产总值：是在某一既定时期一个国家内生产的所有最终物品与劳务的市场价值。
理解GDP应注意：①GDP衡量的是某一特定时期内发生的生产价值。
②GDP衡量的生产价值局限于一个国家的地理范围之内。
③GDP包括现期生产的物品与劳务，不包括过去生产的东西的交易。
④GDP包括有形的物品，又包括无形的劳务。
⑤GDP只包含最终物品的价值。
⑥GDP要成为全面的衡量。
它包括在经济中生产并在市场上合法出售的所有物品⑦“市场价值”是根据支付给产出的价格来评价生产。
因此，以高价格卖出的东西在GDP中就有更大的权数。
3、GDP的组成部分收入等于支出等于GDP，因此可以通过把支出于最终物品与劳务的价值相加起来衡量GDP。
经济学家把支出分为四个组成部分：消费C，投资I，政府购买G及净出口NX。
用Y代表GDP，可得Y=C+I+G+NX●c是家庭除购买新住房之外用于物品和劳务的支出●投资（I）是用于资本设备、存货和建筑物的支出，包括家庭用于购买新住房的支出。
★注意：投资并不包括用于股票、债券和共同基金的支出。
●政府购买（G）是地方、州和联邦（中央）政府用于物品与劳务的支出。
★注意：政府购买并不包括转移支付，比如政府的社会保障支付、福利和失业补助，因为政府并没有得到作为回报的任何物品或劳务。
曼昆宏观经济学第六版总结(详细版)
第3章国民收入:源自何处，去向何方
❖ 生产要素:
K=资本 L= 劳动经济的技术水平 用生产函数可表示为：
Y= F (K,L) ❖ 其中MPL是劳动的边际产
量，即： MPL= F(K,L+1)–F(K,L) 当某种投入要素增加，其边
际产出下降(其他要素不变)
曼昆宏观经济学第六版总结(详细版)
第3章国民收入:源自何处，去向何方
❖理由：
1. 目光短浅
2. 借贷约束
3. 子孙后代
曼昆宏观经济学第六版总结(详细版)
第16~17章消费&投资
❖消费函数：C=c(Y-T) 0﹤c﹤1
❖ 凯恩斯的猜想
1. 边际消费倾向MPC：边际消费随收入的增加而增加，但小 于收入增加量
2. 平均消费倾向APC：平均消费随收入的增加而减少 3. 收入决定消费，利率没有重要作用（而古典主义认为：
2. 资本资产 3. 未计算的负债 4. 经济周期
曼昆宏观经济学第六版总结(详细版)
第14~15章稳定政策与政府债务
传统政府债务观点
这种观点假设：
当政府减税国民储蓄减少 并有预算赤字时，消费者 对他们税收后的收入的增 加的反应是更多的支出
李嘉图政府债务观点
❖ 李嘉图等价----用债务 筹资的减税方法并影 响消费
曼昆宏观经济学第六版总结(详细版)
第3章国民收入:源自何处，去向何方
❖ 封闭经济中，GDP只由三 个部分组成即消费C，投 资I和政府购买G
❖ 关于消费： 可支配收入是扣除全部税 收后的总收入，即Y–T 消费函数: C= C (Y–T )， 当↑(Y–T ) ⇒↑C，其中C是 边际消费倾向，是每增加 一单位的可支配收入所引 致的消费的增加
曼昆《经济学原理(宏观经济学分册)》(第6版)课后习题详解
内容摘要
本书特别适用于参加研究生入学考试指定考研参考书目为曼昆《经济学原理（宏观经济学分册）》的考生， 也可供各大院校学习曼昆《经济学原理（宏观经济学分册）》的师生参考。曼昆的《经济学原理》是世界上最流 行的初级经济学教材，也被众多院校列为经济类专业考研重要参考书目。为了帮助学生更好地学习这本教材，我 们有针对性地编著了它的配套辅导用书（均提供免费下载，免费升级）：1．曼昆《经济学原理（微观经济学分 册）》（第6版）笔记和课后习题详解（含考研真题）[视频讲解]2．曼昆《经济学原理（微观经济学分册）》 【教材精讲+考研真题解析】讲义与视频课程【35小时高清视频】3．曼昆《经济学原理（微观经济学分册）》 （第6版）课后习题详解4．曼昆《经济学原理（微观经济学分册）》（第5版）课后习题详解5．曼昆《经济学原 理（微观经济学分册）》配套题库【名校考研真题（视频讲解）+课后习题+章节练习+模拟试题】6．曼昆《经济 学原理（宏观经济学分册）》（第6版）笔记和课后习题详解（含考研真题）[视频讲解]7．曼昆《经济学原理 （宏观经济学分册）》【教材精讲+考研真题解析】讲义与视频课程【27小时高清视频】8．曼昆《经济学原理 （宏观经济学分册）》（第6版）课后习题详解9．曼昆《经济学原理（宏观经济学分册）》（第5版）课后习题 详解10．曼昆《经济学原理（宏观经济学分册）》配套题库【名校考研真题（视频讲解）+课后习题+章节练习+ 模拟试题】本书是曼昆《经济学原理（宏观经济学分册）》（第6版）教材的配套e书，参考国外教材的英文答案 和相关资料对曼昆《经济学原理（宏观经济学分册）》（第6版）教材每章的课后习题进行了详细的分析和解答， 并对个别知识点进行了扩展。课后习题答案久经修改，非常标准，特别适合应试作答和临考冲刺。另外，部分高 校，如武汉大学、深圳大学等，研究生入学考试部分真题就来自于该书课后习题，因此建议考生多加重视。
曼昆《经济学原理(宏观经济学分册)》(第6版)复习全书曼昆《经济学原理(宏观经济学分册)》(第6版)
曼昆《经济学原理（宏观经济学分册）》（第6版）模拟试题及详解（一）一、名词解释1．国内生产总值答：国内生产总值（GDP）是指经济社会（即一国或一地区）在一定时期内运用生产要素所生产的全部最终产品（物品和劳务）的市场价值。
GDP是一国范围内生产的最终产品的市场价值，因此是一个地域概念，而与此相联系的国民生产总值（GNP）则是一个国民概念，乃指某国国民所拥有的全部生产要素在一定时期内所生产的最终产品的市场价值。
GDP一般通过支出法和收入法两种方法进行核算。
用支出法计算的国内生产总值等于消费、投资、政府购买和净出口之和；用收入法计算的国内生产总值等于工资、利息、租金、利润、间接税、企业转移支付和折旧之和。
2．费雪效应答：费雪效应指名义利率对通货膨胀率所进行的一对一的调整。
费雪效应是美国经济学家费雪提出的，用来阐述名义利率与真实利率和预期的通货膨胀率之间的关系。
这种关系用费雪方程式表示为：i rπ=+（其中i代表名义利率，r代表真实利率，π代表通货膨胀率）。
由于货币在长期中是中性的，货币增长的变动不会影响真实利率。
由于真实利率不受影响，所以名义利率必然根据通货膨胀的变动进行一对一的调整。
根据费雪方程式，通货膨胀率上升1%引起名义利率上升1%。
3．预算盈余答：预算盈余指预算中存在财政收入大于财政支出的情况。
预算盈余是一种预算不平衡的状态，不过它与预算赤字的不平衡是完全不同的两种状态。
盈余表示财政宽松，赤字表示财政困难。
严格地讲，预算应是平衡的，不仅在计划中是平衡的，而且执行中和执行后也应是平衡的。
但在某些时候，适当地使财政收入的安排大于财政支出是可以的。
这时，就会出现预算盈余。
一般情况下，政府得到的税收收入用T表示，政府用于物品与劳务的支出用G 表示。
如果T大于G，政府的预算盈余就是（T G）。
4．古典总供给曲线答：古典总供给曲线又称为长期总供给曲线。
按照古典学派的说法，在长期当中，价格和货币工资具有伸缩性，因此，经济的就业水平就会处在充分就业的状态上。
【精品PPT】曼昆--《经济学原理》宏观经济学分册第六版
P
Q
$2.00 $2.50 $3.00
1000 1100 1200
增加：
= $6,000 = $8,250
37.5%
= $10,800 30.9%
例：
年份
2005 2006 2007
皮萨
P
Q
$$1100
400
$11
500
$12
600
拿铁咖啡
P
Q
$2.00
1000
$2.50
1100
$3.00
1200
7
微观经济学与宏观经济学
• 微观经济学: 研究家庭和企业如何做出决策，以及它们如何在市场上相 互交易
• 宏观经济学： 研究整体经济现象
• 我们从国家的总收入和总支出开始学习宏观经济学
一国收入的衡量
8
23.1经济的收入与支出
• 国内生产总值 (GDP) • 衡量经济中所有人的总收入 • 衡量经济中物品与劳务生产的总支出
一国收入的衡量
10
循环流量图ຫໍສະໝຸດ 家庭: 拥有生产要素，出售或出租它们给
企业以换取收入 购买并消费物品与劳务
企业
家庭
企业: 购买或租赁生产要素，用它们
来生产物品与劳务 出售物品与劳务
一国收入的衡量
11
循环流量图
收入 (=GDP) 物品和 劳务的 销售
企业
生产投入
工资、租金和 利润 (=GDP)
一国收入的衡量
25
主动学习 1
GDP及其组成部分
在下面的各种情形下，计算GDP及它受影响的组成部分 的变化量
A. Debbie在波士顿最好的饭店花了$200请他丈夫吃晚 饭
05宏观经济学(曼昆,第6版,配套习题
Chapter 05Saving, Investment, and the Financial SystemMULTIPLE CHOICE1. When opening a restaurant you may need to by ovens, freezers, tables, and cash registers. Economists call theseexpendituresa. capital investment.b. investment in human capital.c. business consumption expenditures.d. None of the above are correct.ANSWER: a. capital investment.TYPE: M DIFFICULTY: 1 SECTION: 13.02. When a country saves a larger portion of its GDP, it will havea. less investment, and so have more capital and higher productivity.b. less investment, and so have less capital and higher productivity.c. more investment, and so have more capital and higher productivity.d. more investment, and so have less capital and higher productivity.ANSWER: c. more investment, and so have more capital and higher productivity.TYPE: M DIFFICULTY: 1 SECTION: 13.03. Institutions in the economy that help to match one person's saving with another person's investment are collectivelycalled thea. Federal Reserve system.b. banking system.c. monetary system.d. financial system.ANSWER: d. financial system.TYPE: M DIFFICULTY: 1 SECTION: 13.04. Alfred’s income exceeds his expenditures. Alfred is aa. saver who demands money from the financial system.b. saver who supplies money to the financial system.c. borrower who demands money from the financial system.d. borrower who demands money from the financial system.ANSWER: b. saver who supplies money to the financial system.TYPE: M DIFFICULTY: 1 SECTION: 13.15. Lucy wants to start her own psychiatric practice, but her expenditures exceed her income. Lucy is aa. saver who demands money from the financial system.b. saver who supplies money to the financial system.c. borrower who demands money from the financial system.d. borrower who supplies money to the financial system.ANSWER: c. borrower who demands money from the financial system.TYPE: M DIFFICULTY: 1 SECTION: 13.16. A bond is aa. financial intermediary.b. certificate of indebtedness.c. certificate of partial ownership in an enterprise.d. None of the above are correct.ANSWER: b. certificate of indebtedness.TYPE: M DIFFICULTY: 1 SECTION: 13.1351352 Chapter 05/Saving, Investment, and the Financial System7. A certificate of indebtedness that specifies the obligations of the borrower to the holder is called aa. bond.b. stock.c. mutual fund.d. All of the above are correct.ANSWER: a. bond.TYPE: M DIFFICULTY: 1 SECTION: 13.18. If the government’s expenditures exceeded its receipts, it would likelya. lend money to a bank or other financial intermediary.b. borrow money from a bank or other financial intermediary.c. directly buy bonds from the public.d. directly sell bonds to the public.ANSWER: d. directly sell bonds to the public.TYPE: M DIFFICULTY: 2 SECTION: 13.19. If Microsoft sells a bond they area. borrowing directly from the public.b. borrowing indirectly from the public.c. lending directly to the public.d. lending indirectly to the public.ANSWER: a. borrowing directly from the public.TYPE: M DIFFICULTY: 2 SECTION: 13.110. Which of the following is correct?a. The maturity of a bond refers to the amount to be paid back.b. The principal of the bond refers to the person selling the bond.c. A bond buyer cannot sell a bond before it matures.d. None of the above are correct.ANSWER: d. None of the above are correct.TYPE: M DIFFICULTY: 1 SECTION: 13.111. Which of the following is NOT a nonsensical headline?a. British perpetuities about to mature.b. Disney issues new bonds with term of $1,000 each.c. Government bonds currently pay less interest than corporate bonds.d. Standard and Poor’s judges new junk bond to have very low credit risk.ANSWER: c. Government bonds currently pay less interest than corporate bonds.TYPE: M DIFFICULTY: 2 SECTION: 13.112. The length of time until a bond matures is called thea. duration.b. term.c. maturity.d. intermediation.ANSWER: b. term.TYPE: M DIFFICULTY: 1 SECTION: 13.113. A perpetuity is distinguished from other bonds in that ita. pays continuously compounded interest.b. pays interest only when it matures.c. never matures.d. will be used to purchase another bond when it matures unless the owner specifies otherwise. ANSWER: c. never matures.TYPE: M DIFFICULTY: 1 SECTION: 13.1Chapter 05/Saving, Investment, and the Financial System 35314. Which of the following is correct?a. Some bonds have terms as short as a few months.b. Because they are so risky, junk bonds pay a low rate of interest.c. Corporations buy bonds to raise funds.d. All of the above are correct.ANSWER: a. Some bonds have terms as short as a few months.TYPE: M DIFFICULTY: 1 SECTION: 13.115. Which of the following is correct?a. Lenders sell bonds and borrowers buy them.b. Long-term bonds usually pay a lower interest rate than do short-term bonds because long-term bonds are riskier.c. Junk bonds refer to bonds that have been resold many times.d. None of the above are correct.ANSWER: d. None of the above are correct.TYPE: M DIFFICULTY: 1 SECTION: 13.116. Long-term bonds are generallya. less risky than short-term bonds and so pay higher interest.b. less risky than short-term bonds and so pay lower interest.c. more risky than short-term bonds and so pay higher interest.d. more risky than short-term bonds and so pay lower interest.ANSWER: c. more risky than short-term bonds and so pay higher interest.TYPE: M DIFFICULTY: 1 SECTION: 13.117. Compared to long-term bonds, other things the same, short-term bonds generally havea. more risk and so pay higher interest.b. less risk and so pay lower interest.c. less risk and so pay higher interest.d. about the same risk and so pay about the same interest.ANSWER: b. less risk and so pay lower interest.TYPE: M DIFFICULTY: 1 SECTION: 13.118. On which bond is default most likely?a. a junk bondb. a municipal bondc. a U.S. government bondd. a corporate bond issued by Proctor and Gamble.ANSWER: a. a junk bondTYPE: M DIFFICULTY: 1 SECTION: 13.119. Assuming that the bonds below have the same term and principal and that the state or local government whichissues the municipal bond has a good credit rating, which list has bonds ordered from the one that pays the most interest to the one that pays the least interest?a. corporate bond, municipal bond, U.S. government bondb. corporate bond, U.S. government bond, municipal bondc. municipal bond, U.S. government bond, corporate bondd. U.S. government bond, municipal bond, corporate bondANSWER: b. corporate bond, U.S. government bond, municipal bondTYPE: M DIFFICULTY: 2 SECTION: 13.120. Other things the same, as the maturity of a bond becomes longer, the bond will paya. less interest because it has less risk.b. less interest because it has more risk.c. more interest because it has more riskd. There is no relation between term to maturity and risk.ANSWER: c. more interest because it has more riskTYPE: M DIFFICULTY: 2 SECTION: 13.1354 Chapter 05/Saving, Investment, and the Financial System21. Which of the following bond buyers did NOT buy the bond that best met their objective?a. Mia wanted a bond with a high interest rate, regardless of the risk. She purchased a junk bond.b. Anna wanted a bond that would let her best avoid taxes. She purchased a municipal bond.c. Bill wanted to purchase a bond that was unlikely to have default. He purchased a bond that Standards andPoor’s rated a low credit risk.d. To reduce risk, Toby purchased a long-term bond rather than a short-term one.ANSWER: d. To reduce risk, Toby purchased a long-term bond rather than a short-term one.TYPE: M DIFFICULTY: 1 SECTION: 13.122. Stephanie is interested only in the rate of interest and is willing to take a great deal of risk in exchange for a highreturn. She should look for bonds witha. tax exemptions and short terms.b. tax exemptions and long terms.c. no tax exemptions and short terms.d. no tax exemptions and long terms.ANSWER: d. no tax exemptions and long terms.TYPE: M DIFFICULTY: 1 SECTION: 13.123. Municipal bonds pay aa. low rate of interest because of their high-default risk and because the interest they pay is subject to federalincome tax.b. low rate of interest because of their low-default risk and because the interest they pay is not subject to federalincome tax.c. high rate of interest because of their high-default risk and because federal taxes must be paid on the interest theypay.d. high rate of interest because of their low-default risk and because the interest they pay is not subject to federalincome tax.ANSWER: b. low rate of interest because of their low-default risk and because the interest they pay is not subject to federal income tax.TYPE: M DIFFICULTY: 2 SECTION: 13.124. Which bond would you expect to pay the highest interest rate?a. a bond issued by the U.S. governmentb. a bond issued by General Motorsc. a bond issued by New York Stated. a bond issued by a new restaurant chainANSWER: d. a bond issued by a new restaurant chainTYPE: M DIFFICULTY: 1 SECTON: 26.125. Jerry has the choice of two bonds, one that pays 3 percent interest and one that pays 6 percent interest. Which of thefollowing is most likely?a. The 6 percent bond is less risky than the 3 percent bond.b. The 6 percent bond is a U.S. government bond, and the 3 percent bond is a junk bond.c. The 6 percent bond has a longer term than the 3 percent bond.d. The 6 percent bond is a municipal bond, and the 3 percent bond is a U.S. government bond.ANSWER: c. The 6 percent bond has a longer term than the 3 percent bond.TYPE: M DIFFICULTY: 2 SECTION: 13.126. Lacey, a financial advisor has told her clients the following things. Which of her statements is incorrect?a. “U.S. government bonds generally have a lower rate of interest than municipal bonds.”b. “The interest received on most bonds is taxable.”c. “U.S. government bonds have the lowest default risk.”d. “If you purchase a bond, you don’t have to hold it until it matures.”ANSWER: a. “U.S. government bonds generally have a lower rate of interest than municipal bonds.”TYPE: M DIFFICULTY: 2 SECTION: 13.1Chapter 05/Saving, Investment, and the Financial System 35527. The sale of stocksa. and bonds to raise money is called debt finance.b. and bonds to raise money is called equity finance.c. to raise money is called debt finance, while the sale of bonds to raise funds is called equity finance.d. to raise money is called equity finance, while the sale of bonds to raise funds is called debt finance. ANSWER: d. to raise money is called equity finance, while the sale of bonds to raise funds is called debt finance. TYPE: M DIFFICULTY: 1 SECTION: 13.128. Papa Mario's Pizza Company sells common stock.a. They are using equity financing and the return shareholders earn is fixed.b. They are using equity financing and the return shareholders earn depends on how profitable the company is.c. They are using debt financing and the return shareholders earn is fixed.d. They are using debt financing and the return shareholders earn depends on how profitable the company is. ANSWER: b. They are using equity financing and the return shareholders earn depends on how profitable the company is.TYPE: M DIFFICULTY: 1 SECTION: 13.129. Stock representsa. a claim to the profits of a firm.b. ownership in a firm.c. equity finance.d. All of the above are correctANSWER: d. All of the above are correctTYPE: M DIFFICULTY: 1 SECTION: 13.130. People who buy newly issued stock in a corporation such as Rockwood Pottery providea. debt finance and so become part owners of Rockwood.b. debt finance and so become creditors of Rockwood.c. equity finance and so become part owners of Rockwood.d. equity finance and so become creditors of Rockwood.ANSWER: c. equity finance and so become part owners of Rockwood.TYPE: M DIFFICULTY: 1 SECTION: 13.131. If Huedepool Beer runs into financial difficulty, the stockholders asa. part owners of Huedepool are paid before bondholders get paid anything at all.b. part owners of Huedepool are paid after bondholders get paid.c. creditors of Huedepool are paid before bondholders get paid anything at all.d. creditors of Huedepool are paid after bondholders get paid.ANSWER: b. part owners of Huedepool are paid after bondholders get paid.TYPE: M DIFFICULTY: 1 SECTION: 13.132. People who buy stock in a corporation such as General Electric becomea. creditors of General Electric, so the benefits of holding the stock depend on General Electric’s profits.b. creditors of General Electric, but the benefits of holding the stock do not depend on General Electric’s profits.c. part owners of General Electric, so the benefits of holding the stock depend on General Electric’s profits.d. part owners of General Electric, but the benefits of holding the stock do not depend on General Elect ric’s profits. ANSWER: c. part owners of General Electric, so the benefits of holding the stock depend on General Electric’s profits. TYPE: M DIFFICULTY: 1 SECTION: 13.133. Which of the following people purchased the correct asset to meet their objective?a. Michelle wanted to be a part owner of Mamma Rosa’s Pizza, so she purchased a bond issued by Mamma Rosa’sPizza.b. Tim wanted a high return, even if it meant taking some risk, so he purchased stock issued by Specific Electricinstead of bonds issued by Specific Electric.c. Jennifer wanted to buy equity in Honda, so she purchased bonds sold by Honda.d. All of the above are correct.ANSWER: b. Tim wanted a high return, even if it meant taking some risk, so he purchased stock issued by Specific Electric instead of bonds issued by Specific Electric.TYPE: M DIFFICULTY: 1 SECTION: 13.1356 Chapter 05/Saving, Investment, and the Financial System34. Compared to bonds, stocks offer the holdera. lower risk.b. partial ownership.c. the likelihood of a lower return.d. All of the above are correct.ANSWER: b. partial ownership.TYPE: M DIFFICULTY: 1 SECTION: 13.135. The price of stock traded on exchanges are determined bya. the Corporate Stock Administration.b. NASDAQ.c. the supply and demand for the stock.d. All of the above are correct.ANSWER: c. the supply and demand for the stock.TYPE: M DIFFICULTY: 1 SECTION: 13.136. Which of the following is not an important stock exchange in the United States?a. New York Stock Exchangeb. American Stock Exchangec. Chicago Mercantile Exchanged. NASDAQANSWER: c. Chicago Mercantile ExchangeTYPE: M DIFFICULTY: 1 SECTION: 13.137. All else equal, when people become more optimistic about a company's future, thea. supply of the stock and the price will both rise.b. supply of the stock and the price will both fall.c. demand for the stock and the price will both rise.d. demand for the stock and the price will both fall.ANSWER: c. demand for the stock and the price will both rise.TYPE: M DIFFICULTY: 2 SECTION: 13.138. Suppose that the government finds a major defect in one of a company’s products and demands that they take it offthe market. We would expect that thea. supply of the stock and the price will both rise.b. supply of the stock and the price will both fall.c. demand for the stock and the price will both rise.d. demand for the stock and the price will both fall.ANSWER: d. demand for the stock and the price will both fall.TYPE: M DIFFICULTY: 2 SECTION: 13.139. World Wide Delivery Service Corporation develops a way to speed up their deliveries and reduce their costs. Wewould expect that this woulda. raise the demand for existing shares of the stock, causing its price to rise.b. decrease the demand for existing shares of the stock, causing its price to fall.c. raise the supply of the existing shares of stock, causing its price to rise.d. raise the supply of the existing shares of stock, causing its price to fall.ANSWER: a. raise the demand for existing shares of the stock, causing its price to rise.TYPE: M DIFFICULTY: 2 SECTION: 13.140. Other things being constant, when a business issues more stock, thea. supply of the stock is greater and thus the price will fall.b. supply of the stock is less and thus the price will rise.c. demand for the stock is greater and thus the price will rise.d. demand for the stock is less and thus the price will fall.ANSWER: a. supply of the stock is greater and thus the price will fall.TYPE: M DIFFICULTY: 2 SECTION: 13.1Chapter 05/Saving, Investment, and the Financial System 35741. Which of the following statements is most likely to be correct?a. A general, persistent decline in stock prices is a signal that the economy is about to enter a boom period becausepeople will be able to buy stock for less money.b. A general, persistent decline in stock prices is a signal that the economy is about to enter a recession because lowstock prices may mean that people are expecting low corporate profits.c. A general, persistent decline in stock prices does not tell us anything about the business cycle because stockprices can fall for many reasons.d. A general, persistent decline in stock prices is a signal that the economy is about to enter a recession because lowstock prices mean that corporations have had low profits in the past.ANSWER: b. A general, persistent decline in stock prices is a signal that the economy is about to enter a recession because low stock prices may mean that people are expecting low corporate profits.TYPE: M DIFFICULTY: 2 SECTION 26.142. Stock indexes area. the average of a group of stock prices.b. the average of a group of stock yields.c. reports in the newspaper that report on the price of the stock and earnings of the corporation.d. measures of the risk relative to the profitability of corporations.ANSWER: a. the average of a group of stock prices.TYPE: M DIFFICULTY: 1 SECTION: 13.143. The Dow Jones Industrial Average has been computed regularly sincea. 1976.b. 1948.c. 1913.d. 1896.ANSWER: d. 1896.TYPE: M DIFFICULTY: 1 SECTION: 13.144. The Dow Jones Industrial Average is now based on the prices of the stocks ofa. 30 major U.S. corporations.b. 100 major U.S. corporations.c. 500 representative U.S. corporations.d. 1000 representative U.S. corporations.ANSWER: a. 30 major U.S. corporations.TYPE: M DIFFICULTY: 1 SECTION: 13.145. The single most important piece of information about a stock is thea. price-earnings ratio.b. dividend.c. volumed. price.ANSWER: d. price.TYPE: M DIFFICULTY: 1 SECTION: 13.146. Volume, as reported in stock tables refers to thea. number of shares traded.b. percentage of shares outstanding traded.c. number of shares traded times the price they sold at.d. number of shares of a company traded divided by the shares of all companies traded.ANSWER: a. number of shares traded.TYPE: M DIFFICULTY: 1 SECTION: 13.147. Profits paid out to stockholders area. retained earnings.b. dividends.c. the denominator in the price-earnings ratio.d. All of the above are correct.ANSWER: b. dividends.TYPE: M DIFFICULTY: 1 SECTION: 13.1358 Chapter 05/Saving, Investment, and the Financial System48. Profits not paid out to stockholders area. retained earnings.b. known as dividends.c. the denominator in the price-earnings ratio.d. All of the above are correct.ANSWER: a. retained earnings.TYPE: M DIFFICULTY: 1 SECTION: 13.149. A dividend yield is thea. dividend as a percentage of the stock price.b. stock price as a percentage of the dividend.c. dividend as a percentage of the retained earnings per share.d. retained earnings per share as the percentage of the dividend.ANSWER: a. dividend as a percentage of the stock price.TYPE: M DIFFICULTY: 1 SECTION: 13.150. Mount Adams Jazz Corporation has a price of $50, a dividend of $0.60, and retained earnings of $1.00 per share. Thedividend yield on this stock isa. 3.2 percent.b. 2 percent.c. 1.2 percent.d. .8 percent.ANSWER: c. 1.2 percent.TYPE: M DIFFICULTY: 1 SECTION: 13.151. Queen City Sausage stock is selling at $40 per share, it has retained earnings of $2.00 per share and dividends of $.50per share. What is the price-earnings ratio and what is the dividend yield?a. 20, 1.25 percentb. 20, 6.25 percentc. 16, 1.25 percentd. None of the above are correct.ANSWER: c. 16, 1.25 percentTYPE: M DIFFICULTY: 3 SECTION: 13.152. Stock in Synergyistic Corporation is selling at $25 per share. It had earnings of $5 a share and a dividend yield of 5percent. What is the dividend and the price-earnings ratio?a. $.25, 5b. $.25, 6.7c. $1.25, 5d. $1.25, 6.7ANSWER: c. $1.25, 5TYPE: M DIFFICULTY: 3 SECTION: 13.153. Buskins Corporation has issued 2 million shares of stocks. Their earnings were $10 million dollars of which theyretained $6 million. What was the dividend per share?a. $2.b. $3.c. $5d. None of the above are correct.ANSWER: a. $2.TYPE: M DIFFICULTY: 1 SECTION: 13.1Chapter 05/Saving, Investment, and the Financial System 35954. A corporation's earnings isa. the amount of revenue it receives for the sale of its products minus its costs of production as measured by itsaccountants minus the dividends paid out.b. the amount of revenue it receives for the sale of its products minus its direct and indirect costs of production asmeasured by its economists minus the dividends paid out.c. the amount of revenue it receives for the sale of its products minus its costs of production as measured by itsaccountants.d. the amount of revenue it receives for the sale of its products minus its direct and indirect costs of production asmeasured by its economists.ANSWER: c. the amount of revenue it receives for the sale of its products minus its costs of production as measured by its accountants.TYPE: M DIFFICULTY: 2 SECTION: 13.155. Retained earnings area. paid out as dividends.b. the amount of revenues a corporation receives for the sale of its products minus its costs of production asmeasured by its accountants.c. the single most important piece of information about a stock.d. None of the above are correct.ANSWER: d. None of the above are correct.TYPE: M DIFFICULTY: 1 SECTION: 13.156. The amount of revenue a firm receives for the sale of its products minus its costs of production as measured by itsaccountants is the firm’sa. earnings.b. retained earnings.c. economic, or real, profit.d. dividend.ANSWER: a. earnings.TYPE: M DIFFICULTY: 1 SECTION: 13.157. Historically, the typical price-earnings ratio is abouta. 3b. 8c. 15d. 26ANSWER: c. 15TYPE: M DIFFICULTY: 1 SECTION: 13.158. A high price-earnings ratio indicates that either the stock isa. undervalued or people have become more optimistic about the corporation’s prospects.b. overvalued or people have become more opti mistic about the corporation’s prospects.c. overvalued or people have become less optimistic about the corporation’s prospects.d. undervalued or people have become less optimistic about the corporation’s prospects.ANSWER: b. overvalued or people have become more optimistic about the corporation’s prospects.TYPE: M DIFFICULTY: 1 SECTION: 13.159. PacknCamp Corporation has a price of $50, has issued 2,000,000 shares of stock, has retained earnings of $2 milliondollars, and a dividend yield of 2 percent. The price-earnings ratio of PacknCamp isa. 50, which is high compared to historical standards of the market.b. 50, which is low compared to historical standards of the market.c. 25, which is low compared to historical standards of the market.d. 25, which is high compared to historical standards of the market.ANSWER: d. 25, which is high compared to historical standards of the market.TYPE: M DIFFICULTY: 3 SECTION: 13.1360 Chapter 05/Saving, Investment, and the Financial System60. A low P/E for a stock indicates thata. people may expect earnings to fall in the future perhaps because the firm will be faced with increasedcompetition.b. its dividends have been low so that no one is willing to pay very much for it.c. the corporation is possibly overvalued.d. All of the above are correct.ANSWER: a. people may expect earnings to fall in the future perhaps because the firm will be faced with increased competition.TYPE: M DIFFICULTY: 1 SECTION: 13.161. Suppose Sarah Lee Corporation stock has a P/E ratio of 8. This P/E ratio is relativelya. low, indicating that buyers may expect earnings to rise.b. low, indicating that buyers may expect earnings to fall.c. high, indicating that buyers may expect earnings to rise.d. high indicating that buyers may expect earnings to fall.ANSWER: b. low, indicating that buyers may expect earnings to fall.TYPE: M DIFFICULTY: 2 SECTION: 13.1Use the following table to answer the following three questions.62. In dollar terms, which company paid the highest dividend per share?a. GenMillsb. Gillettec. Gracod. HersheyANSWER: d. HersheyTYPE: M DIFFICULTY: 3 SECTION: 13.163. What was Hershey’s earnings per share?a. $38b. $1.64c. $1.31d. $0.61ANSWER: b. $1.64TYPE: M DIFFICULTY: 3 SECTION 26.164. Assume that the closing price was also the average price at which each stock transaction took place. What was thetotal dollar volume of Gillette stock traded that day?a. $912,840,000b. $91,284,000c. $9,128,400d. $912,840ANSWER: b. $91,284,000TYPE: M DIFFICULTY: 2 SECTION 26.165. Financial intermediaries area. the same as financial markets.b. individuals who make a profits by buying a stock low and selling it high.c. a more general name for financial assets such as stocks, bonds, and checking accounts.d. financial institutions through which savers can indirectly provide funds to borrowers.ANSWER: d. financial institutions through which savers can indirectly provide funds to borrowers.TYPE: M DIFFICULTY: 1 SECTION: 13.166. Which of the following is correct?a. Stocks, bonds, and deposits are all similar in that each provides a medium of exchangeb. Banks lend mostly to large and familiar companies rather than smaller local firms.c. Banks charge borrowers a slightly lower interest rate than they pay to depositors.d. None of the above are correct.ANSWER: d. None of the above are correct.TYPE: M DIFFICULTY: 1 SECTION: 13.167. Which of the following is a financial intermediary?a. a mutual fundb. the stock marketc. a U.S. government bondd. None of the above are correct.ANSWER: a. a mutual fundTYPE: M DIFFICULTY: 1 SECTION: 13.168. Which of the following is correct?a. A large, well-known corporation like Proctor and Gamble typically uses financial intermediation to financeexpansion of its factories.b. On average, indexed funds outperform managed funds.c. Unlike corporate bonds and stocks, checking accounts are a store of value.d. Financial intermediaries are institutions through which savers can directly provide funds to borrowers. ANSWER: b. On average, indexed funds outperform managed funds.TYPE: M DIFFICULTY: 1 SECTION: 13.169. Which of the following is both a store of value and a common medium of exchange?a. corporate bondsb. mutual fundsc. checking account balancesd. All of the above are correct.ANSWER: c. checking account balancesTYPE: M DIFFICULTY: 1 SECTION: 13.170. A mutual funda. is a financial market where small firms mutually agree to sell stocks and bonds to raise funds.b. is funds set aside by local governments to lend to small firms who want to invest in projects that are mutuallybeneficial to the firm and community.c. sells stocks and bonds on behalf of small and less known firms who would otherwise have to pay high interest toobtain credit.d. is an institution that sells shares to the public and uses the proceeds to buy a selection of various types of stocks,bonds, or both stocks and bonds.ANSWER: d. is an institution that sells shares to the public and uses the proceeds to buy a selection of various types of stocks, bonds, or both stocks and bonds.TYPE: M DIFFICULTY: 1 SECTION: 13.171. The primary advantage of mutual funds is that theya. always make a return that “beats the market.”b. allow people with small amounts of money to diversify.c. provide customers with a medium of exchange.d. All of the above are correct.ANSWER: b. allow people with small amounts of money to diversify.TYPE: M DIFFICULTY: 1 SECTION: 13.172. As a money management fee, mutual funds usually charge their customersa. between 0.5 and 2.0 percent of assets each year.b. between 1.5 and 3.0 percent of assets each year.c. nothing, because they receive commissions from the firms whose stock they buy.d. a flat fee of about $50.ANSWER: a. between 0.5 and 2.0 percent of assets each year.TYPE: M DIFFICULTY: 1 SECTION: 13.1。
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IOU
Financial Markets
The Stock Market
Stock represents a claim to partial ownership in a firm and is therefore, a claim to the profits that the firm makes. The sale of stock to raise money is called equity financing.
Saving, Investment, and the Financial System
储蓄、投资与金融体系 储蓄、
Chapter 5
LEARNING OBJECTIVES
By the end of this chapter, we should understand:
☆ some of the important financial institutions in the U.S. economy.了解美国经济中一些重要的金融机构 了解美国经济中一些重要的金融机构 了解美国经济中一些重要的 ☆ how the financial system is related to key macroeconomic variables.考虑金融体系如何与关键的宏观经济变量相关 考虑金融体系如何与关键的宏观经济变量 考虑金融体系如何与关键的宏观经济变量相关 ☆ the model of the supply and demand for loanable funds in financial markets.提出一个金融市场上可贷资金供求模型 提出一个金融市场上可贷资金供求模型 提出一个金融市场上 ☆ how to use the loanable-funds model to analyze various government policies.用可贷资金模型分析各种政府政策 用可贷资金模型分析各种政府政策 用可贷资金模型分析各种 ☆ how government budget deficits affect the U.S. economy. 考虑政府预算赤字如何影响美国经济 考虑政府预算赤字如何影响美国经济 预算赤字
Financial Institutions in the U.S. Economy
The financial system is made up of financial institutions that coordinate the actions of savers and borrowers. Financial institutions can be grouped into two different categories: financial markets and financial intermediaries.
The Financial System 金融体系
The financial system consists of institutions that help to match one person’s saving with another person’s investment. 金融体系由经济中帮助一个人的储蓄与另一 金融体系由经济中帮助一个人的储蓄与另一 个人的投资相匹配的机构组成。 个人的投资相匹配的机构组成。 It moves the economy’s scarce resources from savers to borrowers. 它把经济的稀缺资源从储蓄者手中转移到借 贷者手中。 贷者手中。
股票市场
大多数报纸的股票栏目提供以下信息： 大多数报纸的股票栏目提供以下信息： 每股) 价格 (每股 每股 股票销售的量) 交易量 (股票销售的量 股票销售的量 付给股票持有人的利润) 股利 (付给股票持有人的利润 付给股票持有人的利润 价格－每股赢利率（ 价格－每股赢利率（P/E） ）
Financial Intermediaries 金融中介机构
美国经济中的金融机构
金融体系由帮助协调储蓄者与借贷者 的各种金融机构所组成。 的各种金融机构所组成。 金融机构可以分为两种类型：金融市 金融机构可以分为两种类型： 场和金融中介机构。 场和金融中介机构。
Financial Institutions in the U.S. Economy 美国经济中的金融机构
Financial Intermediaries: Mutual Funds
A mutual fund is an institution that sells shares to the public and uses the proceeds to buy a selection, or portfolio, of various types of stocks, bonds, or both.
Banks
Banks help create a medium of exchange by allowing people to write checks against their deposits.
• A medium of exchanges is an item that people can easily use to engage in transactions.
Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. 金融中介机构——储蓄者可以通过它间 储蓄者可以通过它间 金融中介机构 接地向借款者提供资金的金融机构。 接地向借款者提供资金的金融机构。
Financial Markets
The Bond Market
A bond is a certificate of indebtedness that specifies obligations of the borrower to the holder of the bond. IO Characteristics of a Bond U
Financial Intermediaries
Banks
take deposits from people who want to save and use the deposits to make loans to people who want to borrow. pay depositors interest on their deposits and charge borrowers slightly higher interest on their loans.
金融中介机构
银行
从想储蓄的人那里得到存款， 从想储蓄的人那里得到存款，并用这些存 款向想借款的人进行贷款。 款向想借款的人进行贷款。 向存款人的存款支付利息， 向存款人的存款支付利息，并向借款人的 贷款收取略高一点的利息。 贷款收取略高一点的利息。
Financial Intermediaries
The Stock Market
Most newspaper stock tables provide the following information: Price (of a share) Volume (number of shares sold) Dividend (profits paid to stockholders) Price-earnings ratio
• Term: The length of time until the bond matures. • Credit Risk: The probability that the borrower will fail to pay some of the interest or principal. • Tax Treatment: The way in which the tax laws treat the interest on the bond.
This facilitates the purchases of goods and services.
金融中介机构
银行
银行通过允许人们根据自己的存款签发支 票，帮助创造出一种交换媒介。 帮助创造出一种交换媒介。 交换媒介
• 交换媒介是人们能容易地用来进行交易的东 西。
这方便了物品与劳务的购买。 这方便了物品与劳务的购买。
They allow people with small amounts of money to easily diversify.
金融中介机构: 金融中介机构 共同基金
是一个向公众出售股份， 共同基金 是一个向公众出售股份，并用 收入购买各种股票、债券，或股票与债 收入购买各种股票、债券， 券都有的选择，或资产组合的机构。 券都有的选择，或资产组合的机构。
它们可以使钱并不多的人进行多元化投资。 它们可以使钱并不多的人进行多元化投资。
Financial Intermediaries ：Other Financial Institutions
• Compared to bonds, stocks offer both higher risk and potentially higher returns.
The most important stock exchanges in the United States are the New York Stock Exchange, the American Stock Exchange, and NASDAQ.来自金融市场股票市场
代表企业的所有权， 股票 代表企业的所有权，所以也代表对所获 得利润的索取权。 得利润的索取权。 出售股票来筹资称为股本筹资 股本筹资。 出售股票来筹资称为股本筹资。