英文版宏观经济学期末考试试卷(附答案)
宏观经济学期末考试试卷1(附答案)培训课件
一、选择题 (每小题 1 分，共 30 分)1．The government reports that "GDP increased by 1.6 percent in the last quarter." This statement means that GDP increaseda. by 6.4 percent for the year.b. at an annual rate of 6.4 percent during the last quarter.c. at an annual rate of 1.6 percent during the last quarter.d. at an annual rate of .4 percent during the last quarter.2．A Brazilian company produces soccer balls in the United States and exports all of them. If the price of the soccer balls increases, the GDP deflatora. and the CPI both increase.b. is unchanged and the CPI increases.c. increases and the CPI is unchanged.d. and the CPI are unchanged.3．The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase bya. more than 1 percent.b. less than 1 percent.c. 1 percent.d. It is impossible to make an informed guess without more information.4．A nation's standard of living is measured by itsa. real GDP.b. real GDP per person.c. nominal GDP.d. nominal GDP per person.5．In 2002 President Bush imposed restrictions on imports of steel to protect the U.S.steel industry.a. This is an inward-oriented policy which most economists believe have adverseeffects on growth.b. This is an inward-oriented policy which most economists believe have beneficial effects ongrowth.c. This is an outward-oriented policy which most economists believe have adverse effects on growth.d. This is an outward-oriented policy which most economists believe have beneficial effects ongrowth.6．Generally when economists and the text talk of the "interest rate," they are talking about thea. real interest rate.b. current nominal interest rate.c. real interest rate minus the inflation rate.d. equilibrium nominal interest rate.7．An increase in the budget deficita. makes investment spending fall.b. makes investment spending rise.c. does not affect investment spending.d. may increase, decrease, or not affect investment spending.8．Norne Corporation is considering building a new plant. It will cost them $1 million today to build it and it will generate revenues of $1,121 million three years from today. Of the interest rates below, which is the highest interest rate at which Norne would still be willing to build the plant?a. 3 percentb. 3.5 percentc. 4 percentd. 4.5 percent9．Recent entrants into the labor force account for abouta. 1/2 of those who are unemployed. Spells of unemployment end about 1/5 of the time with peopleleaving the labor force.b. 1/3 of those who are unemployed. Spells of unemployment end about 1/2 of the time with peopleleaving the labor force.c. 1/4 of those who are unemployed. Spells of unemployment end about 1/2 of the time with peopleleaving the labor force.d. 1/4 of those who are unemployed. Spells of unemployment end about 1/5 of the time with peopleleaving the labor force10．Which of the following best illustrates the unit of account function of money?a. You list prices for candy sold on your Web site, , indollars.b. You pay for your WNBA tickets with dollars.c. You keep $10 in your backpack for emergencies.d. None of the above is correct.11．Current U.S. currency isa. fiat money with intrinsic value.b. fiat money with no intrinsic value.c. commodity money with intrinsic value.d. commodity money with no intrinsic value.12．Velocity in the country of Shem is always stable. In 2002, the money supply was $200 billion and the GDP price deflator was four times as high as it was in the base year. In 2003, the money supply increased to $240 billion, the price level increased by 15 percent, and nominal GDP equaled $1,200 billion. By how much did real GDP increase between 2002 and 2003?a. 20 percentb. 4.35 percentc. 2.17 percentd. There is not enough information to answer the question.13．Shoeleather costs refer toa. the cost of more frequent price changes induced by higher inflation.b. the distortion in resource allocation created by distortions in relative prices dueto inflation.c. resources used to maintain lower money holdings when inflation is high.d. the distortion in incentives created by inflation by taxes that do not adjust forinflation.14．International tradea. raises the standard of living in all trading countries.b. lowers the standard of living in all trading countries.c. leaves the standard of living unchanged.d. raises the standard of living for importing countries and lowers it for exporting countries.15．Which of the following would be U.S. foreign portfolio investment?a. Disney builds a new amusement park near Rome, Italy.b. Your economics professor buys stock in companies located in Eastern European countries.c. A Dutch hotel chain opens a new hotel in the United States.d. A citizen of Singapore buys a bond issued by a U.S. corporation.16．A Venezuelan firm purchases earth-moving equipment from a U.S. company and pays for it with domestic currency. This transactiona. increases U.S. net exports, and increases Venezuelan net capital outflow.b. increases U.S. net exports, and decreases Venezuelan net capital outflow.c. decreases U.S. net exports, and increases Venezuelan net capital outflow.d. decreases U.S. net exports, and decreases Venezuelan net capital outflow.17．At the equilibrium interest rate in the open economy macroeconomic model, the amount that people want to save equals the desired quantity ofa. net capital outflow.b. domestic investment.c. net capital outflow plus domestic investment.d. foreign currency supplied.18．In an open economy,a. net capital outflow = imports.b. net capital outflow = net exports.c. net capital outflow = exports.d. None of the above is correct.19．In the open-economy macroeconomic model, the real exchange rate is determined in the market where dollars are exchanged for foreign currency by the equality of the supply of dollars, which comes froma. U.S. national saving and the demand for dollars for U.S. net exports.b. U.S. net capital outflow and the demand for dollars for U.S. net exports.c. domestic investment and the demand for U.S. net exports.d. foreign demand for U.S. goods and U.S. demand for foreign goods.20．If a government increases its budget deficit, then interest ratesa. rise and the trade balance moves toward surplus.b. rise and the trade balance moves toward deficit.c. fall and the trade balance moves toward surplus.d. fall and the trade balance moves toward deficit.21．Investment spending decreases when the price levela. rises causing interest rates to rise.b. rises causing interest rates to fall.c. falls causing interest rates to rise.d. falls causing interest rates to fall.22．An increase in the price level and a decrease in real GDP in the short run could be created bya. an increase in the money supply.b. an increase in government expenditures.c. a fall in stock prices.d. bad weather in farm states.23．Which part of real GDP fluctuates most over the course of the business cycle?a. consumptionb. government expendituresc. investmentd. net exports24．According to liquidity preference theory, the price level and interest rate area. positively related as are the interest rate and aggregate demand.b. inversely related as are the interest rate and aggregate demand.c. positively related while the interest rate and aggregate demand are inverselyrelated.d. inversely related while the interest rate and aggregate demand are positivelyrelated.25．Which of the following shifts aggregate demand to the right?a. an increase in the price levelb. an increase in the money supplyc. a decrease in the price leveld. a decrease in the money supply26．If the Fed conducts open-market sales, the money supplya. increases and aggregate demand shifts right.b. increases and aggregate demand shifts left.c. decreases and aggregate demand shifts right.d. decreases and aggregate demand shifts left.27．Some economists argue thata. monetary policy should actively be used to stabilize the economy.b. fiscal policy should actively be used to stabilize the economy.c. fiscal policy can be used to shift the AD curve.d. All of the above are correct.28．The lag problem associated with monetary policy is due mostly toa. the fact that business firms make investment plans far in advance.b. the political system of checks and balances that slows down the process of determining monetarypolicy.c. the time it takes for changes in government spending to affect the interest rate.d. All of the above are correct.29．A. W. Phillips' findings were based on dataa. from 1861-1957 for the United Kingdom.b. from 1861-1957 for the United States.c. mostly from the post-World War II period in the United Kingdom.d. mostly from the post-World War II period in the United States.30．Which of the following is true concerning the long-run Phillips curve?a. Its position is determined primarily by monetary factors.b. If it shifts right, long-run aggregate supply shifts right.c. It cannot be changed by any government policy.d. its position depends on the natural rate of unemployment.二、判断题(每小题 1 分，共 20 分)31．The government component of GDP includes salaries paid to Army generals but not Social Security benefits to the elderly.32．An increase in the saving rate does not permanently increases the growth rate of real GDP per person.33．In ten years when you are the owner of a major U.S. corporation, if your corporation opens and operates a branch in a foreign country you will be engaging in foreign direct investment.34．Corporations receive no proceeds from the resale of their stock.35．According to the rule of 70, if you earn an interest rate of 3.5 percent, your savings will double about every 20 years.36．The value of a stock depends on the ability of the company to generate dividends and the expected price of the stock when the stockholder sells her shares.37．A minimum wage above equilibrium creates a labor surplus.38．According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level. 39．The use of money allows trade to be roundabout.40．The quantity theory of money can explain hyperinflations but not moderate inflation.41．In every economy, national saving equals domestic investment plus net capitaloutflow.42．In the open-economy macroeconomic model, net exports represent the quantity of dollars demanded in the foreign-currency exchange market.43．Although trade policies do not affect a country's overall trade balance, they do affectspecific firms and industries.44．If speculators bid up the value of the dollar in the market for foreign-currency exchange, aggregate demand would shift to the left.45．In response to a decrease in output the economy would revert to its original level of prices and output whether the decrease in output was caused by a decrease in aggregate demand or a decrease in aggregate supply.46．John Maynard Keynes advocated policies that would increase aggregate demand as a way to decrease unemployment caused by recessions.47．An increase in the money supply shifts the aggregate supply curve right. 48．Unemployment insurance and welfare programs work as automatic stabilizers. 49．In the long run, the inflation rate depends primarily on money supply growth.50．Although monetary policy cannot reduce the natural rate of unemployment, other types of policies can. 三、名词解释(每小题 2分，共 10 分)51．catch-up effect: 52．depreciation: 53．capital flight: 54．recession:55．automatic stabilizers: 四、简答题( 8题中任选6题；每小题 5分，共 30 分)56．Compare and contrast the population theories of Malthus and Kremer.57．Using a graph representing the market for loanable funds, show and explain what happens to interest rates and investment if a government goes from a deficit to a surplus.58．Which two of the Ten Principles of Economics imply that the Fed can profoundly affect the economy?59．The U.S. Treasury Department issues inflation-indexed bonds. What areinflation-indexed bonds and why are they important?60．Make a list of things that would shift the long-run aggregate supply curve to the right.61．Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supply curves.62．How does a reduction in the money supply by the Fed make owning stocks less attractive?63．Why and in what way are fiscal policy lags different from monetary policy lags?五、讨论题(2题中任选1题；每小题 10 分，共 10分)64. Suppose government spends $3 billion to buy police cars. Explain why aggregate demand might increase by more than $3 billion. Explain why aggregate demand might increase by less than $3 billion.65. In 1939, with the U.S. economy not yet fully recovered from the Great Depression, President Roosevelt proclaimed that Thanksgiving would fall a week earlier than usual so that the shopping period before Christmas would be longer. Explain this decision, using the model of aggregate demand and aggregate supply.《宏观经济学》答题纸一、选择题 (每小题 1 分，共 30 分)1. 2. 3. 4. 5. 6. 7. 8. 9. 10.11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30.二、判断题(正确用“T ”；错误用“F ”；每小题 1 分，共 20 分)31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50.三、名词解释(每小题 2分，共 10 分)51．catch-up effect:52．depreciation:53．capital flight:54．recession:55．automatic stabilizers:四、简答题( 8题中任选6题；每小题 5分，共 30 分；答题时请标明题号)五、讨论题(2题中任选1题；每小题 10 分，共 10 分；答题时请标明题号)《宏观经济学》试卷A参考答案1.c2.c3.d4.b5.a6.a7.a8.b9.b 10.a 11.b 12.b 13.c 14.a 15.b 16.b 17.c 18.b 19.b 20.b 21.a 22.d 23.c 24.c 25.b 26.d 27.d 28.a 29.a 30.d31.T 32.T 33.T 34.T 35.T 36.T 37.T 38.F 39.T 40.F 41.T 42.T 43.T 44.T 45.F 46.T 47.F 48.T 49.T 50.T51.the property whereby contries that start off poor tend to grow more rapidly than countries that start off rich.52.a decrease in the value of a currency as measured by the amount of foreign currency it can buy.53.a large and sudden reduction in the demand for assets located in a country.54.a period of declining real incomes and rising unemployment.55.changes in fiscal policy that stimulate aggregate demand when the economy goes intoa recession without policymakers having to take any deliberate action.56.The difference is that Malthus predicted that population growth would be greater than growth in the ability to increase output. He believed that people would continue to populate the earth until output reached a subsistence level. On the other hand Kremer argues that population growth increased productivity allowing people to improve their standard of living despite growing population. Kremer argues that with more population comes more innovations. The improvements in technology more than offset any adverse impact of the increase in population on the standard of living.57. As shown in the graph below, the economy starts in equilibrium at point E0 with interest rate r0 and equilibrium quantity of saving and investment at q0. If the government succeeds in obtaining a surplus, there will be more public saving in the economy at each interest rate, and the supply of loanable funds curve will shift from S0 to S1. The new equilibrium will be at E1, with a lower interest rate, r1 and a higher quantity of saving and investment, q1. Hence, if the federal government succeeds in having a surplus, interest rates will fall and investment will increase.Market for Loanable Funds58. 1. Prices rise when the government prints too much money.2. There is a short-run tradeoff between inflation and unemployment.59. Inflation-indexed bonds are bonds whose interest and principal payments are adjusted upward for inflation, guaranteeing their real purchasing power in the future. They are important because they provide a safe, inflation-proof asset for savers and they may allow the Treasury to borrow more easily at a lower current cost.60. Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, more generous unemployment insurance, an increase in the capital stock, an increase in the average level of education, a discovery of new mineral deposits, technology, and removal of barriers to international trade.61.See graph.Over time technological advances cause the long-run aggregate supply curve to shift right. Increases in the money supply cause the aggregate demand curve to shift right. Output growth puts downward pressure on the price level, but money supply growth contributes to rising prices.62. The reduction in the money supply raises the interest rate. So the return on bonds increases relative to the return on stocks. The increase in the interest rate also causes spending to fall so that revenues and profits fall making shares of ownership in corporations less valuable.63.The fiscal policy lags are mostly a matter of waiting to implement the policy. By the time the president and Congress can agree to and pass legislation changing expenditures or taxes, the recession may have ended. The Federal Reserve can act to change the money supply quickly, but it may take some time before the effects of an increase in the money supply work their way through the economy.64. 当政府支出30亿美元购买警车时，直接投资增加警车生产企业的利润，这种增加又使该企业雇佣更多工人，并增加生的。
金融英语期末试题及答案
金融英语期末试题及答案一、选择题1. What is the time value of money?A. The concept of money having different values at different times.B. The concept of money having the same value at all times.C. The concept of money having no value over time.D. The concept of money having a fixed value regardless of time.答案：A2. Which of the following is a type of risk in finance?A. Exchange rate riskB. Market riskC. Interest rate riskD. All of the above答案：D3. What is the purpose of diversification in investment?A. To concentrate investments in a single assetB. To reduce the overall risk of a portfolioC. To increase the potential return of a portfolioD. To eliminate all risk from a portfolio答案：B4. What is the function of a stock exchange?A. To regulate the trading of stocks and other securitiesB. To provide loans to individuals and businessesC. To monitor interest rates in the economyD. To facilitate international trade transactions答案：A5. What is the role of a financial analyst?A. To analyze economic trends and make investment recommendationsB. To issue and sell financial products to customersC. To manage the day-to-day operations of a financial institutionD. To set monetary policies for an economy答案：A二、填空题1. The process of buying and selling securities on the stock market is known as _________.答案：trading2. A document that outlines the terms and conditions of a loan is called a _________.答案：loan agreement3. The risk that an investment will lose value due to changes in the overall market is known as _________ risk.答案：market4. The interest rate at which banks lend money to each other overnight is called the _________ rate.答案：overnight5. The process by which a company raises capital by selling shares to the public is known as _________.答案：initial public offering (IPO)三、简答题1. Explain the difference between stocks and bonds.答案：Stocks represent ownership in a company and give investors the right to share in the company's profits and voting rights. Bonds, on the other hand, are debt securities issued by companies or governments to raise capital. Bondholders lend money to the issuer in exchange for periodic interest payments and the return of the principal amount at maturity.2. What factors can affect currency exchange rates?答案：Currency exchange rates can be influenced by factors such as interest rates, inflation, political stability, economic performance, and market speculation. Changes in these factors can cause the value of a currency to fluctuate relative to other currencies.3. What is the difference between a mutual fund and an exchange-traded fund (ETF)?答案：A mutual fund is a pooled investment vehicle that collects money from multiple investors to invest in a diversified portfolio of securities. Investors in mutual funds buy shares directly from the fund at the net asset value (NAV) price. An ETF, on the other hand, is a type of investment fund that is traded on a stock exchange like a common stock. ETFs can be bought and sold throughout the trading day at market prices, and their prices may deviate slightly from the underlying asset value.四、解释题1. Explain the concept of compound interest.答案：Compound interest is the interest that is earned on both the initial principal amount and any accumulated interest from previous periods. In other words, it is interest on interest. As interest is added to the principal, the total amount grows over time, and subsequently, the amount of interest earned in each period also increases. This compounding effect allows investments to grow at an accelerated rate compared to simple interest, where interest is only calculated on the initial principal.2. What is diversification in investment and why is it important?答案：Diversification refers to the practice of spreading investments across different assets, industries, or geographical regions to reduce risk. By diversifying a portfolio, an investor can decrease the impact of any single investment's performance on the overall portfolio. Different investments may have different risk levels and may react differently to economic or market conditions. Therefore, if one investment performs poorly, other investments in the portfolio may provide a buffer against potential losses. Diversification can help to achieve a more balanced risk-return profile and enhance the potential for long-term investment success.五、翻译题Translate the following sentence into English:中国货币政策的调整对全球金融市场有重要影响。
宏观经济学B卷答案【考试试卷答案】
宏观经济学B卷答案【考试试卷答案】宏观经济学（双语）B卷参考答案Part1:1C 2D 3A 4B 5D 6C 7C 8D 9C 10B 11 B 12C 13C 14B 15D 16D 17A 18A 19A 20C 21A 22D 23A 24D 25C 26B 27B 28A 29C 30A 31A 32C 33D 34A 35A 36C 37A 38C 39B 40BPart2:1. (1) Increases government purchases and then increases GDP(2) Increases investment and then increases GDP(3) Increases net export and then increases GDP(4) Increases consumption and then increase GDP(5) Increases investment and then increase GDP2. Federal Open Market Committee conducts monetary policy by controlling the money supply. The money supply is the quantity of money available in the economy. The primary way in which the Fed changes the money supply is through open-market operations. The Fed purchases and sells U.S. government bonds. To increase the money supply, the Fed buys government bonds from the public. To decrease the money supply, the Fed sells government bonds to the public.3. The Phillips curve shows the short-run combinations of unemployment and inflation that arise as shifts in the aggregate demand curve move the economy along the short-run aggregate supply curve. The Phillips curve seems to offer policymakers a menu of possible inflation and unemployment outcomes. As a result, the long-run Phillips curve is vertical at the natural rate of unemployment. Monetary policy could be effective in the short run but not in the long run. In the long run, expected inflation adjusts to changes in actual inflation.4. Job search, this unemployment is different from the other types of unemployment. It is not caused by a wage rate higher than equilibrium. It is caused by the time spent searching for the “right” job. Minimum wage laws, although minimum wages are not the predominant reason for unemployment in our economy, they have an important effect on certain groups with particularly high unemployment rates. When the minimum wage is set above the level that balances supply and demand, it creates unemployment. Unions, a union is a worker association that bargains with employers over wages and working conditions. In the 1940s and 1950s, when unions were at their peak, about a third of the U.S. labor force was unionized. A union is a type of cartel attempting to exert its market power. Efficiency wages, Efficiency wages are above-equilibrium wages paid by firms in order to increase worker productivity. The theory of efficiency wages states that firms operate more efficiently if wages are above the equilibrium level.Part3:1. (1) Private saving=Y-T-C=5000-1000-(250+0.75*4000)=750Public saving=T-G=1000-1000=0National saving=750(2) I=S 1000+50R=750 R=-5(3) Private saving=750Public saving=T-G-1000-1250=-250National saving=500(4) 1000+50R=500 R=-102. (1) labor force: 0.48+0.04=0.52(2) Labor participate rate: 0.52/0.76=68%(3) Unemployment rate: 0.04/0.52=7.7%。
多恩布什《宏观经济学》第七版习题答案（英文）--02
Solutions to Problems in the T extbook:Conceptual Problems:1. Government transfer payments (TR) do not arise out of any production activity and arethus not counted in the value of GDP. If the government hired the people who currently receive transfer payments, then their wages would be counted as part of government purchases (G), which is counted in GDP. Therefore GDP would rise.2.a. If the firm buys a car for an executive's use, the purchase counts as investment (I). But ifthe firm pays the executive a higher salary and she then buys a car, the purchase is counted as consumption (C).2.b. The services that a homemaker provides are not counted in GDP (regardless of theirvalue). However, if an individual officially hires his or her spouse to perform household duties at a certain wage rate, then the wages earned will be counted in GDP and GDP will increase.2.c. If you buy a German car, consumption (C) will increase but net exports (NX = X - Q) willdecrease. Overall GDP will increase by the value added at the foreign car dealership, since the import price is likely to be less than the sales price. If you buy an American car, consumption and thus GDP will increase. (Note: If the car you buy comes out of the car dealer's inventory, then the increase in C will be partially offset be a decline in I, and GDP will again only increase by the value added.)3. GDP is the market value of all final goods and services currently produced within thecountry. (The U.S. GDP includes the value of the Hondas produced by a Japanese-owned assembly plant that is located in the U.S., but it does not include the value of Nike shoes that are produced by an American-owned shoe factory located in Malaysia.) GNP is the market value of all final goods and services currently produced using assets owned by domestic residents. (Here the value of the Hondas produced by a Japanese-owned Honda plant is not counted but the value of the Nikes by the American-owned shoe plant is.)Neither is necessarily a better measure of the output of a nation. The actual value of the GDP and GNP for the U.S. is fairly close.4. The NDP (net domestic product) is defined as GDP minus depreciation. Depreciationmeasures the value of the capital that wears out during the production process and has to be replaced. Therefore NDP comes closer to measuring the net amount of goods produced in this country. If this is what you want to measure, then NDP should be used.5. Increases in real GDP do not necessarily mean increases in welfare. For example, if thepopulation of a country increases by more than real GDP, then the population of the country is on average worse off. Also some increases in output come from welfare reducing events. For example, increased pollution may cause more lung cancer, and the treatment of the lung cancer will contribute to GDP. Similarly, an increase in crime may lead to overtime work for police officers, whose increased salary will increase GDP. But the welfare of the people in the country may not have increased in either case. On the other hand, GDP does not always accurately measure quality improvements in goods or services (faster computers or improved health care) that improve people's welfare.6. The CPI (consumer price index) and the PPI (producer price index) are both measuredby looking at a certain market basket. The CPI's basket contains mostly finished goods and services that consumers tend to buy regularly in their daily lives. The PPI’s basket contains raw materials and semi-finished goods, that is, it measures costs to the producer of a product and its first user. The CPI is a concurrent economic indicator, whereas the PPI is a leading economic indicator.7. The GDP-deflator is a price index that covers the average price increase of all final goodsand services currently produced within an economy. It is defined as the ratio of current nominal GDP to current real GDP. Nominal GDP is measured in current dollars, while real GDP is measured in so-called base-year dollars. Even though early estimates of the GDP-deflator tend to be unreliable, the GDP-deflator can be a more useful price index than the CPI or PPI (both of which are fixed market baskets). This is true for two reasons: first it measures a much wider cross-section of goods and services; second, a fixed market basket cannot account for people substituting away from goods whose relative prices have changed, while the GDP-deflator, which includes all goods and services produced within the country, can.8. If nominal GDP has suddenly doubled, it is most likely due to an increase in the averageprice level. Therefore, the first thing you would want to check is by how much the GDP-deflator has changed, to calculate by how much real output (GDP) has changed. If nominal GDP and the GDP-deflator have both doubled, then real GDP should be the same.9. Assume the loan you made yields you an annual nominal return of 7%. If the rate ofinflation is 4%, then your rate of return in real terms is only 3%. If, on the other hand, if inflation rate is 10%, then you will actually get a negative real rate of return, that is, you will lose 3% of your purchasing power. One way to protect yourself against such a loss of purchasing power is to adjust the interest rate for inflation, that is, to index the loan. In other words, you can require that, in addition to the specified interest rate of the loan of,let’s say, 3%, the borrower also has to pay an inflation premium equal to the percentage change in the CPI. In this case, a real rate of return of 3% would be guaranteed.T echnical Problems:1. The text calculates the change in real GDP in 1992 prices in the following way:[RGDP01 - RGDP92]/RGDP92 = [3.50 - 1.50]/1.50 = 1.33 = 133%.To calculate the change in real GDP in 2001 prices, we first have to calculate the GDP of 1992 in 2001 prices. Thus we take the quantities consumed in 1992 and multiply them by the prices of 2001, as follows:Beer 1 at $2.00 = $2.00Skittles 1 at $0.75 = $0.75_______________________________Total$2.75The change in real GDP can now be calculated as[6.25 - 2.75]/2.75 = 1.27 = 127%.We can see that the growth rate of real GDP calculated this way is roughly the same as the growth rate calculated above.2.a. The relationship between private domestic saving, investment, the budget deficit and netexports is shown by the following identity:S - I ≡ (G + TR - TA) + NX.Therefore, if we assume that transfer payments (TR) remain constant, then an increase in taxes (TA) has to be offset either by an increase in government purchases (G), a decrease in net exports (NX), or a decrease in the difference between saving (S) and investment (I).2.b. From the equation YD ≡ C + S it follows that an increase in disposable income (YD) willbe reflected in an increase in consumption (C), saving (S), or both.2.c. From the equation YD ≡ C + S it follows that when either consumption (C) or saving (S)increases, disposable income (YD) must increase as well.3.a. Since depreciation D = I g - I n = 800 - 200 = 600 ==>NDP = GDP - D = 6,000 - 600 = 5,4003.b. From GDP = C + I + G + NX ==> NX = GDP - C - I - G ==>NX = 6,000 - 4,000 - 800 - 1,100 = 100.3.c. BS = TA - G - TR ==> (TA - TR) = BS + G ==> (TA - TR) = 30 + 1,100 = 1,1303.d. YD = Y - (TA - TR) = 5,400 - 1,130 = 4,2703.e. S = YD - C = 4,270 - 4,000 = 2704.a. S = YD - C = 5,100 - 3,800 = 1,3004.b. From S - I = (G + TR - TA) + NX ==> I = S - (G + TR - TA) - NX = 1,300 - 200 - (-100)= 1,200.4.c. From Y = C + I + G + NX ==> G = Y - C - I - NX ==>G = 6,000 - 3,800 - 1,200 - (-100) = 1,100.Also: YD = Y - TA + TR ==> T A - TR = Y - YD = 6,000 - 5,100 ==> TA - TR = 900From BS = T A - TR - G ==> G = (TA - TR) - BS = 900 - (-200) ==> G = 1,1005. According to Equation (2) in the text, the value of total output (in billions of dollars) canbe calculated as: Y = labor payments + capital payments + profits = $6 + $2 + $0 = $86.a. Since nominal GDP is defined as the market value of all final goods and servicescurrently produced in this country, we can only measure the value of the final product (bread), and therefore we get $2 million (since 1 million loaves are sold at $2 each).6.b. An alternative way of measuring total GDP would be to calculate all the value added ateach step of production. The total value of the ingredients used by the bakeries can be calculated as:1,200,000 pounds of flour ($1 per pound) = 1,200,000100,000 pounds of yeast ($1 per pound) = 100,000100,000 pounds of sugar ($1 per pound) = 100,000100,000 pounds of salt ($1 per pound) = 100,000__________________________________________________________ = 1,500,000Since $2,000,000 worth of bread is sold, the total value added at the bakeries is $500,000.7. If the CPI increases from 2.1 to 2.3, the rate of inflation can be calculated in thefollowing way:rate of inflation = (2.3 - 2.1)/2.1 = 0.095 = 9.5%The CPI often overstates inflation, since it is calculated by using a fixed market basket of goods and services. But the fixed weights in the CPI's market basket cannot capture the tendency of consumers to substitute away from goods whose relative prices have increased. Therefore, the CPI will overstate the increase in consumers' expenditures.8.The real interest rate (r) is defined as the nominal interest rate (i) minus the rate ofinflation (π). Therefore the nominal interest rate is the real interest rate plus the rate of inflation, ori = r + π = 3% + 4% = 7%.。
曼昆宏观经济经济学第九版英文原版答案
曼昆宏观经济经济学第九版英文原版答案3(总13页)--本页仅作为文档封面，使用时请直接删除即可----内页可以根据需求调整合适字体及大小--Answers to Textbook Questions and ProblemsCHAPTER3?National Income: Where It Comes From and Where It Goes Questions for Review1. The factors of production and the production technology determine theamount of output an economy can produce. The factors of production are the inputs used to produce goods and services: the most important factors are capital and labor. The production technology determines how much output can be produced from any given amounts of theseinputs. An increase in one of the factors of production or animprovement in technology leads to an increase in the economy’soutput.2. When a firm decides how much of a factor of production to hire ordemand, it considers how this decision affects profits. For example, hiring an extra unit of labor increases output and thereforeincreases revenue; the firm compares this additional revenue to the additional cost from the higher wage bill. The additional revenue the firm receives depends on the marginal product of labor (MPL) and the price of the good produced (P). An additional unit of labor produces MPL units of additional output, which sells for P dollars per unit.Therefore, the additional revenue to the firm is P ? MPL. The cost of hiring the additional unit of labor is the wage W. Thus, this hiring decision has the following effect on profits:ΔProfit= ΔRevenue –ΔCost= (P ? MPL) –W.If the additional revenue, P ? MPL, exceeds the cost (W) of hiring the additional unit of labor, then profit increases. The firm will hire labor until it is no longer profitable to do so—that is, until the MPL falls to the point where the change in profit is zero. In the equation abov e, the firm hires labor until ΔP rofit = 0, which is when (P ? MPL) = W.This condition can be rewritten as:MPL = W/P.Therefore, a competitive profit-maximizing firm hires labor until the marginal product of labor equals the real wage. The same logicapplies to the firm’s decision regarding how much capital to hire:the firm will hire capital until the marginal product of capitalequals the real rental price.3. A production function has constant returns to scale if an equalpercentage increase in all factors of production causes an increase in output of the same percentage. For example, if a firm increases its use of capital and labor by 50 percent, and output increases by50 percent, then the production function has constant returns toscale.If the production function has constant returns to scale, then total income (or equivalently, total output) in an economy ofcompetitive profit-maximizing firms is divided between the return to labor, MPL ? L, and the return to capital, MPK ? K. That is, under constant returns to scale, economic profit is zero.4. A Cobb–Douglas production function has the form F(K,L) = AKαL1–α.The text showed that the parameter αgives capital’s share ofincome. So if capital earns one-fourth of total income, then ? = .Hence, F(K,L) = Consumption depends positively on disposable income—. the amount of income after all taxes have been paid. Higher disposable income means higher consumption.The quantity of investment goods demanded depends negatively on the real interest rate. For an investment to be profitable, itsreturn must be greater than its cost. Because the real interest rate measures the cost of funds, a higher real interest rate makes it more costly to invest, so the demand for investment goods falls.6. Government purchases are a measure of the value of goods and servicespurchased directly by the government. For example, the government buys missiles and tanks, builds roads, and provides services such as air traffic control. All of these activities are part of GDP.Transfer payments are government payments to individuals that are not in exchange for goods or services. They are the opposite of taxes: taxes reduce household disposable income, whereas transfer payments increase it. Examples of transfer payments include Social Security payments to the elderly, unemployment insurance, and veterans’benefits.7. Consumption, investment, and government purchases determine demandfor the economy’s output, whereas the factors of production and the production function determine the supply of output. The real interest rate adjusts to ensure that the deman d for the economy’s goodsequals the supply. At the equilibrium interest rate, the demand for goods and services equals the supply.8. When the government increases taxes, disposable income falls, andtherefore consumption falls as well. The decrease in consumptionequals the amount that taxes increase multiplied by the marginalpropensity to consume (MPC). The higher the MPC is, the greater is the negative effect of the tax increase on consumption. Becauseoutput is fixed by the factors of production and the productiontechnology, and government purchases have not changed, the decrease in consumption must be offset by an increase in investment. Forinvestment to rise, the real interest rate must fall. Therefore, a tax increase leads to a decrease in consumption, an increase ininvestment, and a fall in the real interest rate.Problems and Applications1. a. According to the neoclassical theory of distribution, the realwage equals the marginal product of labor. Because of diminishing returns to labor, an increase in the labor force causes themarginal product of labor to fall. Hence, the real wage falls.Given a Cobb–Douglas production function, the increase in the labor force will increase the marginal product of capital and will increase the real rental price of capital. With more workers, the capital will be used more intensively and will be more productive.b. The real rental price equals the marginal product of capital. Ifan earthquake destroys some of the capital stock (yet miraculously does not kill anyone and lower the labor force), the marginalproduct of capital rises and, hence, the real rental price rises.Given a Cobb–Douglas production function, the decrease in the capital stock will decrease the marginal product of labor and will decrease the real wage. With less capital, each worker becomesless productive.c. If a technological advance improves the production function, thisis likely to increase the marginal products of both capital andlabor. Hence, the real wage and the real rental price bothincrease.d. High inflation that doubles the nominal wage and the price levelwill have no impact on the real wage. Similarly, high inflationthat doubles the nominal rental price of capital and the pricelevel will have no impact on the real rental price of capital.2. a. To find the amount of output produced, substitute the given valuesfor labor and land into the production function:Y = = 100.b. According to the text, the formulas for the marginal product oflabor and the marginal product of capital (land) are:MPL = (1 –α)AKαL–α.MPK = αAKα–1L1–α.In this problem, α is and A is 1. Substitute in the given values for labor and land to find the marginal product of labor is andmarginal product of capital (land) is . We know that the real wage equals the marginal product of labor and the real rental price of land equals the marginal product of capital (land).c. Labor’s share of the output is given by the marginal product oflabor times the quantity of labor, or 50.d. The new level of output is .e. The new wage is . The new rental price of land is .f. Labor now receives .3. A production function has decreasing returns to scale if an equalpercentage increase in all factors of production leads to a smaller percentage increase in output. For example, if we double the amounts of capital and labor output increases by less than double, then the production function has decreasing returns to scale. This may happen if there is a fixed factor such as land in the production function, and this fixed factor becomes scarce as the economy grows larger.A production function has increasing returns to scale if an equalpercentage increase in all factors of production leads to a larger percentage increase in output. For example, if doubling the amount of capital and labor increases the output by more than double, then the production function has increasing returns to scale. This may happen if specialization of labor becomes greater as the population grows.For example, if only one worker builds a car, then it takes him a long time because he has to learn many different skills, and he must constantly change tasks and tools. But if many workers build a car, then each one can specialize in a particular task and become more productive.4. a. A Cobb–Douglas production function has the form Y = AKαL1–α. Thetext showed that the marginal products for the Cobb–Douglasproduction function are:MPL = (1 –α)Y/L.MPK = αY/K.Competitive profit-maximizing firms hire labor until its marginal product equals the real wage, and hire capital until its marginal product equals the real rental rate. Using these factsand the above marginal products for the Cobb–Douglas productionfunction, we find:W/P = MPL = (1 –α)Y/L.R/P = MPK = αY/K.Rewriting this:(W/P)L = MPL ? L = (1 –α)Y.(R/P)K = MPK ? K = αY.Note that the terms (W/P)L and (R/P)K are the wage bill and total return to capital, respectively. Given that the value of α = ,then the above formulas indicate that labor receives 70 percent of total output (or income) and capital receives 30 percent of total output (or income).b. To determine what happens to total output when the labor forceincreases by 10 percent, consider the formula for the Cobb–Douglas production function:Y = AKαL1–α.Let Y1 equal the initial value of output and Y2 equal final output.We know that α = . We also know that labor L increases by 10percent:Y 1 = Y 2 = .Note that we multiplied L by to reflect the 10-percent increase in the labor force.To calculate the percentage change in output, divide Y 2 by Y 1:Y 2Y 1=AK 0.31.1L ()0.7AK 0.3L 0.7=1.1()0.7=1.069.That is, output increases by percent. To determine how the increase in the labor force affects therental price of capital, consider the formula for the real rental price of capital R/P :R/P = MPK = αAK α–1L 1–α.We know that α = . We also know that labor (L ) increases by 10percent. Let (R/P )1 equal the initial value of the rental price ofcapital, and let (R/P )2 equal the final rental price of capitalafter the labor force increases by 10 percent. To find (R/P )2,multiply L by to reflect the 10-percent increase in the laborforce:(R/P )1 = – (R/P )2 = –.The rental price increases by the ratioR /P ()2R /P ()1=0.3AK -0.71.1L ()0.70.3AK -0.7L 0.7=1.1()0.7=1.069So the rental price increases by percent. To determine how the increase in the labor forceaffects the real wage, consider the formula for the real wage W/P :W/P = MPL = (1 – α)AK αL –α.We know that α = . We also know that labor (L ) increases by 10percent. Let (W/P )1 equal the initial value of the real wage, andlet (W/P )2 equal the final value of the real wage. To find (W/P )2, multiply L by to reflect the 10-percent increase in the laborforce:(W/P )1 = (1 – –. (W/P )2 = (1 – –.To calculate the percentage change in the real wage, divide (W/P )2 by (W/P )1:W /P ()2W /P ()1=1-0.3()AK 0.31.1L ()-0.31-0.3()AK 0.3L -0.3=1.1()-0.3=0.972That is, the real wage falls by percent.c. We can use the same logic as in part (b) to setY 1 = Y 2 = A Therefore, we have:Y 2Y 1=A 1.1K ()0.3L 0.7AK 0.3L 0.7=1.1()0.3=1.029This equation shows that output increases by about 3 percent. Notice that α < means that proportional increases to capital will increase output by less than the same proportional increase to labor.Again using the same logic as in part (b) for the change in the real rental price of capital:R /P ()2R /P ()1=0.3A 1.1K ()-0.7L 0.70.3AK -0.7L 0.7=1.1()-0.7=0.935The real rental price of capital falls by percent because there are diminishing returns to capital; that is, when capital increases, its marginal product falls.Finally, the change in the real wage is:W /P ()2W /P ()1=0.7A 1.1K ()0.3L -0.30.7AK 0.3L -0.3=1.1()0.3=1.029Hence, real wages increase by percent because the added capitalincreases the marginal productivity of the existing workers.(Notice that the wage and output have both increased by the same amount, leaving the labor share unchanged —a feature of Cobb –Douglas technologies.)d. Using the same formula, we find that the change in output is:Y 2Y 1= 1.1A ()K 0.3L 0.7AK 0.3L 0.7=1.1This equation shows that output increases by 10 percent. Similarly,the rental price of capital and the real wage also increase by 10 percent:R /P ()2R /P ()1=0.31.1A ()K -0.7L 0.70.3AK -0.7L 0.7=1.1W /P ()2W /P ()1=0.71.1A ()K 0.3L -0.30.7AK 0.3L -0.3=1.15. Labor income is defined asW P ´L =WL PLabor’s share of income is defined asWL P æèççöø÷÷/Y =WL PYFor example, if this ratio is about constant at a value of , then the value of W/P = *Y/L. This means that the real wage is roughlyproportional to labor productivity. Hence, any trend in laborproductivity must be matched by an equal trend in real wages.O therwise, labor’s share would deviate from . T hus, the first fact(a constant labor share) implies the second fact (the trend in realwages closely tracks the trend in labor productivity).6. a. Nominal wages are measured as dollars per hour worked. Prices aremeasured as dollars per unit produced (either a haircut or a unit of farm output). Marginal productivity is measured as units ofoutput produced per hour worked.b. According to the neoclassical theory, technical progress thatincreases the marginal product of farmers causes their real wageto rise. The real wage for farmers is measured as units of farmoutput per hour worked. The real wage is W/P F, and this is equalto ($/hour worked)/($/unit of farm output).c. If the marginal productivity of barbers is unchanged, then theirreal wage is unchanged. The real wage for barbers is measured ashaircuts per hour worked. The real wage is W/P B, and this is equal to ($/hour worked)/($/haircut).d.If workers can move freely between being farmers and being barbers,then they must be paid the same wage W in each sector.e. If the nominal wage W is the same in both sectors, but the realwage in terms of farm goods is greater than the real wage in terms of haircuts, then the price of haircuts must have risen relativeto the price of farm goods. We know that W/P = MPL so that W = P ?MPL. This means that PF MPLF= P H MPL B, given that the nominal wagesare the same. Since the marginal product of labor for barbers has not changed and the marginal product of labor for farmers hasrisen, the price of a haircut must have risen relative to theprice of the farm output. If we express this in growth rate terms, then the growth of the farm price + the growth of the marginalproduct of the farm labor = the growth of the haircut price.f. The farmers and the barbers are equally well off after the technological progress in farming, giventhe assumption that labor is freely mobile between the two sectorsand both types of people consume the same basket of goods. Given that the nominal wage ends up equal for each type of worker andthat they pay the same prices for final goods, they are equallywell off in terms of what they can buy with their nominal income.The real wage is a measure of how many units of output areproduced per worker. Technological progress in farming increased the units of farm output produced per hour worked. Movement oflabor between sectors then equalized the nominal wage.7. a. The marginal product of labor (MPL)is found by differentiatingthe production function with respect to labor:MPL=dY dL=13K1/3H1/3L-2/3An increase in human capital will increase the marginal product of labor because more human capital makes all the existing labor more productive.b. The marginal product of human capital (MPH)is found bydifferentiating the production function with respect to humancapital:MPH=dY dH=13K1/3L1/3H-2/3An increase in human capital will decrease the marginal product of human capital because there are diminishing returns.c. The labor share of output is the proportion of output that goes tolabor. The total amount of output that goes to labor is the real wage (which, under perfect competition, equals the marginalproduct of labor) times the quantity of labor. This quantity is divided by the total amount of output to compute the labor share:Labor Share=(13K1/3H1/3L-2/3)LK1/3H1/3L1/3=1 3We can use the same logic to find the human capital share:Human Capital Share=(13K1/3L1/3H-2/3)HK1/3H1/3L1/3=1 3so labor gets one-third of the output, and human capital gets one-third of the output. Since workers own their human capital (we hope!), it will appear that labor gets two-thirds of output.d. The ratio of the skilled wage to the unskilled wage is:Wskilled Wunskilled =MPL+MPHMPL=13K1/3L-2/3H1/3+13K1/3L1/3H-2/313K1/3L-2/3H1/3=1+LHNotice that the ratio is always greater than 1 because skilledworkers get paid more than unskilled workers. Also, when Hincreases this ratio falls because the diminishing returns tohuman capital lower its return, while at the same time increasing the marginal product of unskilled workers.e. If more colleges provide scholarships, it will increase H, and itdoes lead to a more egalitarian society. The policy lowers thereturns to education, decreasing the gap between the wages of more and less educated workers. More importantly, the policy evenraises the absolute wage of unskilled workers because theirmarginal product rises when the number of skilled workers rises.8. The effect of a government tax increase of $100 billion on (a) publicsaving, (b) private saving, and (c) national saving can be analyzed by using the following relationships:National Saving = [Private Saving] + [Public Saving]= [Y –T –C(Y –T)] + [T –G]= Y –C(Y –T) –G.a. Public Saving—The tax increase causes a 1-for-1 increase inpublic saving. T increases by $100 billion and, therefore, publicsaving increases by $100 billion.b.Private Saving—The increase in taxes decreases disposable income,Y –T, by $100 billion. Since the marginal propensity to consume (MPC) is , consumption falls by ? $100 billion, or $60 billion.Hence,ΔPrivate Saving = –$100b – (–$100b) = –$40b.Private saving falls $40 billion.c. National Saving—Because national saving is the sum of privateand public saving, we can conclude that the $100 billion taxincrease leads to a $60 billion increase in national saving.Another way to see this is by using the third equation for national saving expressed above, that national saving equals Y –C(Y –T) –G. The $100 billion tax increase reduces disposable income and causes consumption to fall by $60 billion. Sinceneither G nor Y changes, national saving thus rises by $60 billion.d. Investment—To determine the effect of the tax increase oninvestment, recall the national accounts identity:Y = C(Y –T) + I(r) + G.Rearranging, we findY –C(Y –T) –G = I(r).The left side of this equation is national saving, so the equation just says that national saving equals investment. Since national saving increases by $60 billion, investment must also increase by $60 billion.How does this increase in investment take place We know that investment depends on the real interest rate. For investment to rise, the real interest rate must fall. Figure 3-1 illustrates saving and investment as a function of the real interest rate.The tax increase causes national saving to rise, so the supply curve for loanable funds shifts to the right. The equilibrium real interest rate falls, and investment rises.9. If consumers increase the amount that they consume today, thenprivate saving and, therefore, national saving will fall. We know this from the definition of national saving:National Saving = [Private Saving] + [Public Saving]= [Y –T –C(Y –T)] + [T –G].An increase in consumption decreases private saving, so national saving falls.Figure 3-2 illustrates saving and investment as a function of the real interest rate. If national saving decreases, the supply curve for loanable funds shifts to the left, thereby raising the realinterest rate and reducing investment.10. a. Private saving is the amount of disposable income, Y – T,that is not consumed:S private= Y – T – C= 8,000 – 2,000 – [1,000 + (2/3)(8,000 –2,000)]= 1,000.Public saving is the amount of taxes the government has left over after it makes its purchases:S public= T – G= 2,000 – 2,500= –500.National saving is the sum of private saving and public saving:S national= S private+ S public= 1,000 + (500)= 500.b. The equilibrium interest rate is the value of r that clears themarket for loanable funds. We already know that national saving is 500, so we just need to set it equal to investment:S national= I500 = 1,200 – 100rSolving this equation for r, we find:r = or 7%.c. When the government increases its spending, private saving remainsthe same as before (notice that G does not appear in the S privateequation above) while government saving decreases. Putting the newG into the equations above:S private= 1,000S public= T – G= 2,000 – 2,000= 0.Thus,S national= S private+ S public= 1,000 + (0)= 1,000.d. Once again the equilibrium interest rate clears the market for loanable funds:S national= I1,000 = 1,200 – 100rSolving this equation for r, we find:r = or 2%.11. To determine the effect on investment of an equal increase in bothtaxes and government spending, consider the national income accounts identity for national saving:National Saving = [Private Saving] + [Public Saving]= [Y –T –C(Y –T)] + [T –G].We know that Y is fixed by the factors of production. We also know that the change in consumption equals the marginal propensity toconsume (MPC) times the change in disposable income. This tells us thatΔNational Saving = {–ΔT – [MPC ? (–ΔT)]} + [ΔT –ΔG]= [–ΔT + (MPC ? ΔT)] + 0= (MPC –1) ΔT.The above expression tells us that the impact on national saving of an equal increase in T and G depends on the size of the marginal propensity to consume. The closer the MPC is to 1, the smaller is the fall in saving. For example, if the MPC equals 1, then the fall in consumption equals the rise in government purchases, so nationalsaving [Y –C(Y –T) –G] is unchanged. The closer the MPC is to 0 (and therefore the larger is the amount saved rather than spent for a one-dollar change in disposable income), the greater is the impact on saving. Because we assume that the MPC is less than 1, we expect that national saving falls in response to an equal increase in taxes and government spending.The reduction in saving means that the supply of loanable funds curve will shift to the left in Figure 3-3. The real interest rate rises, and investment falls.12. a. The demand curve for business investment shifts out to theright because the subsidy increases the number of profitableinvestment opportunities for any given interest rate. The demandcurve for residential investment remains unchanged.b. The total demand curve for investment in the economy shifts out tothe right since it represents the sum of business investment,which shifts out to the right, and residential investment, whichis unchanged. As a result the real interest rate rises as inFigure 3-4.c. The total quantity of investment does not change because it isconstrained by the inelastic supply of savings. The investment tax credit leads to a rise in business investment, but an offsettingfall in residential investment. That is, the higher interest rate means that residential investment falls (a movement along thecurve), whereas the rightward shift of the business investmentcurve leads business investment to rise by an equal amount. Figure3-5 shows this change. Note thatI 1B +I 1R +I 2B +I 2R =S .13. In this chapter, we concluded that an increase in governmentexpenditures reduces national saving and raises the interest rate. The increase in government expenditure therefore crowds outinvestment by the full amount of the increase. Similarly, a tax cut increases disposable income and hence consumption. This increase in consumption translates into a fall in national saving, and theincrease in consumption crowds out investment by the full amount of the increase.If consumption depends on the interest rate, then saving will also depend on it. The higher the interest rate, the greater the return to saving. Hence, it seems reasonable to think that an increase in the interest rate might increase saving and reduce consumption. Figure 3-6 shows saving as an increasing function of the interest rate.Consider what happens when government purchases increase. At anygiven level of the interest rate, national saving falls by the change in government purchases, as shown in Figure 3-7. The figure shows that if the saving function slopes upward, investment falls by less than the amount that government purchases rises by. This happens because consumption falls and saving increases in response to the higher interest rate. Hence, the more responsive consumption is tothe interest rate, the less investment is crowded out by government purchases.14. a. Figure 3-8 shows the case where the demand for loanablefunds is stable but the supply of funds (the saving schedule)fluctuates perhaps reflecting temporary shocks to income, changes in government spending, or changes in consumer confidence. In this case, when interest rates fall, investment rises; when interestrates rise, investment falls. We would expect a negativecorrelation between investment and interest rates.b. Figure 3-9 shows the case where the supply of loanable funds(saving) is stable, whereas the demand for loanable fundsfluctuates, perhaps reflecting changes in firms’ expectationsabout the marginal product of capital. We would now find apositive correlation between investment and the interest rate—when demand for funds rises, it pushes up the interest rate, so we observe that investment and the real interest rate increase at the same time.c. If both curves shift, we might generate a scatter plot as inFigure 3-10, where the economy fluctuates among points A, B, C, and D. Depending on how often the economy is at each of thesepoints, we might find little clear relationship between investment and interest rates.d. Situation (c) seems fairly reasonable—as both the supply of anddemand for loanable funds fluctuate over time in response tochanges in the economy.。
宏观经济学期末考试试卷2(附答案)doc资料
一、选择题(每小题 1 分，共 30 分)1．In the United States real GDP is reported each quarter.a. These numbers are adjusted to make them measure at annual and seasonally adjusted rates.b. These numbers are adjusted to make them annual rates, but no adjustment for seasonal variations are made.c. These numbers are quarterly rates that have been seasonally adjusted.d. These numbers are at quarterly rates and have not been seasonally adjusted.2．The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase by a. more than 1 percent. b. less than 1 percent. c. 1 percent.d. It is impossible to make an informed guess without more information.3．If increases in the prices of U.S. medical care cause the CPI to increase by 2 percent,the GDP deflator will likely increase by a. more than 2 percent. b. 2 percent. c. less than 2 percent.d. All of the above are correct.4．The traditional view of the production process is that capital is subject to a. constant returns. b. increasing returns. c. diminishing returns.d. diminishing returns for low levels of capital, and increasing returns for high levels of capital.5．Which of the following is correct?a. Political instability can reduce foreign investment, reducing growth.b. Gary's Becker proposal to pay mothers in developing countries to keep their children in school has not worked very well in practice.c. Policies designed to prevent imports from other countries generally increase economic growth.d. All of the above are correct.6．Use the following table to answer the following question. Assume that the closing price was also the average price at which each stock transaction took place. Whatwas the total dollar volume of Gillette stock traded that day?a. $912,840,000b. $91,284,000c. $9,128,400d. $912,8407．Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 2,500 Consumption equals 6,500 and Government expenditures equal 2,000. What are private saving, public saving, and nationalsaving? a. 1500, 1000, 500 b. 1000, 500, 1500 c. 500, 1500, 1000d. None of the above are correct.8．Risk-averse people will choose different asset portfolios than people who are not risk averse. Over a longperiod of time, we would expect that a. every risk-averse person will earn a higher rate of return than every non-risk averse person. b. every risk-averse person will earn a lower rate of return than every non-risk averse person.c. the average risk-averse person will earn a higher rate of return than the average non-risk averse person.d. the average risk-averse person will earn a lower rate of return than the average non-risk averse person.9．The natural rate of unemployment is thea. unemployment rate that would prevail with zero inflation.b. rate associated with the highest possible level of GDP.c. difference between the long-run and short-run unemployment rates.d. amount of unemployment that the economy normally experiences.10．Suppose that the reserve ratio is 5 percent and that a bank has $1,000 in deposits. Its required reserves area. $5.b. $50.c. $95.d. $950.11．Suppose a bank has $200,000 in deposits and $190,000 in loans. It has a reserve ratio ofa. 5 percentb. 9.5 percentc. 10 percentd. None of the above is correct.12．The inflation taxa. transfers wealth from the government to households.b. is the increase in income taxes due to lack of indexation.c. is a tax on everyone who holds money.d. All of the above are correct.13．In 1898, prospectors on the Klondike River discovered gold. This discovery caused an unexpected price levela. decrease that helped creditors at the expense of debtors.b. decrease that helped debtors at the expense of creditors.c. increase that helped creditors at the expense of debtors.d. increase that helped debtors at the expense of creditors.14．Ivan, a Russian citizen, sells several hundred cases of caviar to a restaurant chain in the United States. By itself, this salea. increases U.S. net exports and has no effect on Russian net exports.b. increases U.S. net exports and decreases Russian net exports.c. decreases U.S. net exports and has no effect on Russian net exports.d. decreases U.S. net exports and increases Russian net exports.15．Suppose that the real exchange rate between the United States and Kenya is defined in terms of baskets of goods. Which of the following will increase the real exchange rate (that is increase the number of baskets of Kenyan goods a basket of U.S. goods buys)?a. an increase in the number of Kenyan shillings that can be purchased with a dollarb. an increase in the price of U.S. baskets of goodsc. a decrease in the price in Kenyan shillings of Kenyan goodsd. All of the above are correct.16．Use the (hypothetical) information in the following table to answer the next question.In real terms, U.S. goods are more expensive than goods in which country(ies)?a. Brazil and Mexicob. Japan, Sweden, and Thailandc. Japan and Swedend. Thailand.17．Which of the following would tend to shift the supply of dollars in foreign-currency exchange market of the open-economy macroeconomic model to the left?a. The exchange rate rises.b. The exchange rate falls.c. The expected rate of return on U.S. assets rises.d. The expected rate of return on U.S. assets falls.18．The real exchange rate equals the relativea. price of domestic and foreign currency.b. price of domestic and foreign goods.c. rate of domestic and foreign interest.d. None of the above is correct.19．In the open-economy macroeconomic model, if the supply of loanable funds increases, the interest rate a. and the real exchange rate increase. b. and the real exchange rate decrease.c. increases and the real exchange rate decreases.d. decreases and the real exchange rate increases.20．For the followingquestion, use the graph below.The initial effect of an increase in the budget deficit in the loanable funds market isillustrated as a move from a. a to b. b. a to c. c. c to b.d. c to d.21．When the government spends more, the initial effect is that a. aggregate demand shifts right. b. aggregate demand shifts left. c. aggregate supply shifts right.d. aggregate supply shifts left.22．Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the minimum wage, a major new discovery of oil, a large influx of immigrants, and new environmental regulations that reduce electricity production. Inthe short run, we would expect a. the price level to rise and real GDP to fall. b. the price level to fall and real GDP to rise. c. the price level and real GDP both to stay the same.d. All of the above are possible.23．Suppose the economy is in long-run equilibrium. In a short span of time, there is a large influx of skilled immigrants, a major new discovery of oil, and a major new technological advance in electricity production. In the short run, we would expect a. the price level to rise and real GDP to fall. b. the price level to fall and real GDP to rise. c. the price level and real GDP both to stay the same.d. All of the above are possible.24．According to liquidity preference theory, the money supply curve is a. upward sloping. b. downward sloping.c. vertical.d. horizontal.25．When the Fed buys government bonds, the reserves of the banking system a. increase, so the money supply increases. b. increase, so the money supply decreases. c. decrease, so the money supply increases.d. decrease, so the money supply decreases.26．According to the theory of liquidity preference, an increase in the price level causes thea. interest rate and investment to rise.b. interest rate and investment to fall.c. interest rate to rise and investment to fall.d. interest rate to fall and investment to rise. 27．If the stock market crashes,a. aggregate demand increases, which the Fed could offset by increasing the money supply.b. aggregate demand increases, which the Fed could offset by decreasing the money supply.c. aggregate demand decreases, which the Fed could offset by increasing the money supply.d. aggregate demand decreases, which the Fed could offset by decreasing themoney supply.28．If the MPC = 3/5, then the government purchases multiplier isa. 5/3.b. 5/2.c. 5.d. 15.29．If the government raises government expenditures, in the short run, pricesa. rise and unemployment falls.b. fall and unemployment rises.c. and unemployment rise.d. and unemployment fall.30．If the long-run Phillips curve shifts to the left, for any given rate of money growth and inflation the economy will havea. higher unemployment and lower output.b. higher unemployment and higher output.c. lower unemployment and lower output.d. lower unemployment and higher output.二、判断题(每小题 1 分，共 20 分)31．When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.32．In countries where women are discriminated against, policies that increase their career and educational opportunities are likely to increase the birth rate.33．Michael Kramer found that world growth rates have increased as population has.34．Suppose a small closed economy has GDP of $5 billion, Consumption of $3 billion, and Government expenditures of $1 billion. Then domestic investment and national saving are both $1 billion.35．According to the efficient markets hypothesis, at any moment in time, the market price is the best guess of the company's value based on available information.36．According to the efficient markets hypothesis, stocks follow a random walk so that stocks that increase in price one year are more likely to increase than decrease in the next year.37．In the United States, blacks and whites have similar labor force participation rates, but blacks have a higher unemployment rate.38．According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.39．In the months of November and December, people in the United States hold a larger part of their money in the form of currency because they intend to shop for the holidays. As a result, the money supply increases, cerise parousia.40．In the 1990s, U.S. prices rose at about the same rate as in the 1970s.41．According to the theory of purchasing-power parity, the real exchange rate defined as foreign goods per unit of U.S. goods will equal the domestic price level divided by the foreign price level.42．Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange market.43．If policymakers impose import restrictions on automobiles, the U.S. trade deficit would shrink.44．Most economists believe that classical theory explains the world in the short run, but not the long run.45．Because not all prices adjust instantly to changing conditions, an unexpected fall in the price level leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and services they produce.46．All explanations for the upward slope of the short-run aggregate supply curve suppose that output supplied increases when the price level increases more than expected.47．Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther than the increase in government expenditures.48．During recessions, the government tends to run a budget deficit.49．If macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in the short run.50．The analysis of Friedman and Phelps argues that any change in inflation that is expected has no impact on the unemployment rate. 三、名词解释(每小题 2 分，共 10 分)51．diminishing returns: 52．nominal exchange rate: 53．crowding-out effect: 54．stagflation: 55．automatic stabilizers: 四、简答题( 8题中任选6题；每小题 5分，共 30 分)56．Why are property rights important for the growth of a nation's standard of living? 57．Suppose that you are a broker and people tell you the following about themselves. Whatsort of bond would you recommend to each? Defend your choices. a. "I am in a high federal income tax bracket and I don't want to take very much risk." b. "I want a high return and I am willing to take a lot of risk to get it."c. "I want a decent return and I have enough deductions that I don't value tax breakshighly."58．Draw a simple T-account for First National Bank of Me, which has $5,000 of deposits, areserve ratio of 10 percent, and excess reserves of $300.59．What are the costs of inflation?60．Make a list of things that would shift the long-run aggregate supply curve to the right. 61．Illustrate the classical analysis of growth and inflation with aggregate demand andlong-run aggregate supply curves.62．Why do economists think that the wealth effect and exchange-rate effect are not very important factors inexplaining why aggregate demand slopes downward, at least in the United States?63．Describe the process in the money market by which the interest rate reaches its equilibrium value if it startsabove equilibrium.五、讨论题(2题中任选1题；每小题 10 分，共 10 分)64. Assume the economy is in a recession. Explain how each of the following policies would affect consumption and investment. In each case, indicate any direct effects, any effects resulting from changes intotal output, any effects resulting from changes in interest rate, and the overall effect. If there are conflicting effects making the answer ambiguous, say so. a). a reduction in taxes; b) an expansion of the money supply. 65. In 1939, with the U.S. economy not yet fully recovered from the Great Depression, President Roosevelt proclaimed that Thanksgiving would fall a week earlier than usual so that the shopping period before Christmas would be longer. Explain this decision, using the model of aggregate demand and aggregate supply.《宏观经济学》答题纸一、选择题 (每小题 1 分，共 30 分)1. 2. 3. 4. 5.6. 7. 8. 9. 10.11. 12. 13. 14. 15.16. 17. 18. 19. 20.21. 22. 23. 24. 25.26. 27. 28. 29. 30.二、判断题(正确用“T”；错误用“F”；每小题 1分，共 20 分)31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50.三、名词解释(每小题 2分，共 10 分) 51．catch-up effect:52．depreciation: 53．capital flight:54．recession:55．automatic stabilizers:四、简答题( 8题中任选6题；每小题 5分，共 30 分；答题时请标明题号)五、讨论题(2题中任选1题；每小题 10 分，共 10 分；答题时请标明题号)《宏观经济学》试卷B参考答案1.a2.d3.c4.c5.a6.b7.b8.d9.d 10.b 11.a 12.c 13.d 14.d 15.d 16.d 17.c 18.b 19.b 20.c 21.a 22.d 23.b 24.c 25.a 26.c 27.c 28.b 29.a 30.d31.F 32.F 33.T 34.T 35.T 36.F 37.T 38.F 39.F 40.F 41.F 42.T 43.F 44.F 45.T 46.T 47.T 48.T 49.T 50.T51.the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.52.the rate at which a person can trade the currency of one country for the currency of another.53.the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.54.a period of falling output and rising prices.55.changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action.56.Property rights are an important prerequisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financial assets of the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living. 57. a. A municipal bond, because generally they have low credit risk and are not subject to federal income tax.b. A junk bond. Because of their high risk, they have a high return.c. A corporate bond that isn't a junk bond. Because they have more risk thangovernment bonds and have no special tax treatment, they pay moderate ratesof return.58.First National Bank of MeAssets LiabilitiesReserves $800 Deposits $5,000Loans $4,20059.The costs of inflation include "shoeleather costs," the cost of reducing your money holdings to reduce your inflation tax; "menu costs," the costs of price adjustments; the costs of resource misallocation that result from the relative-price variability induced by inflation; the costs of inflation-induced tax distortions; the costs of confusion and inconvenience; and the costs associated with the arbitrary redistribution of wealth that accompany unexpected inflation.60.Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, more generous unemployment insurance, an increase in the capital stock, an increase in the average level of education, a discovery of new mineral deposits, technology, and removal of barriers to international trade.61.See graph.Over time technological advances cause the long-run aggregate supply curve to shift right. Increases in the money supply cause the aggregate demand curve to shift right. Output growth puts downward pressure on the price level, but money supply growth contributes to rising prices.62.The wealth effect is not very important because it operates through changes in the real value of money, and money is only a small fraction of household wealth. So it is unlikely that changes in the price level will lead to large changes in consumption spending through this channel. The exchange-rate effect is not very important in the United States because trade with other countries represents a relatively small fraction of U.S. GDP.63. If the interest rate is above equilibrium, there is an excess supply of money. People with more money than they want to hold given the current interest rate deposit the money in banks and buy bonds. The increase in funds to lend out causes the interest rate to fall. As the interest rate falls, the quantity of money demanded increases, which tends to diminish the excess supply of money.64. a) 税收减少增加了储蓄的收益、减少了投资的成本，但税收减少对储蓄和投资的影响要视情况而定。
宏观经济学考试试卷(全英文)-(1)
7.A higher nominal GDP of a nation means that the standard of living is better.()
8.Private saving is saving by government.()
(a)depreciation; (b)consumption;(c)net investment; (d)export
2.The overall supply of money is equal to central bank money times the()
(a)investmentmultiplier.(b)taxmultiplier.
3. Assume that the consumption function is C=100+0.8(Y-T),and the investment function is I=300-20r, and the government purchase G=400, T=400, the money demand function is L=Md/P=0.5Y-50r, the real money supply (ms)is 1000.
1) Please calculate the LM curve and IS curve.
2) Please tell us the equilibrium income and interest rate.
2.When exports is larger than imports, we say the foreign trade is balance.（）
宏观经济学(英)期末考试试卷(B)
内蒙古工业大学2009——2010学年第1学期《宏观经济学（英）》期末考试试卷（B）（课程代码：070403010）试卷审核人：考试时间：注意事项：１. 本试卷适用于2008级国际经济与贸易专业本科生使用。
２. 本试卷共6页，满分100分。
答题时间120分钟。
班级：姓名：学号：一、术语翻译（将下列英文准确翻译为中文术语。
本大题共10道小题，每小题3分，共30分）1．Gross Domestic Product(GDP) 2．Liquidity Preference 3．Marginal Propensity to Consume (MPC) 4．Fiscal Policy 5．Reserve Rate 6．Structural Unemployment 7．Consumer Price Index(CPI) 8．Aggregate Demand(AD) 9．Economic Growth 10．Capital Deeping二、选择题（在每小题备选答案中，选出正确答案，并将答案代码填在题干后的括号内。
本题共10道小题，每小题2分，共20分）1. 凯恩斯主义的全部理论涉及四个市场，它们分别是： ( )A. 产品市场、货币市场、劳动市场、国际市场B. 产品市场、货币市场、劳动市场、资本市场C. 货币市场、劳动市场、资本市场、土地市场D．证券市场、货币市场、劳动市场、国际市场2. ( )is the market value of all the final goods and services Produced within a country in a given time period. ( )A.GDPB.NDPC.NID.PDI3.用支出法计算GDP的公式可以写成：GDP=C+I+G+( ) ( )A. X+MB.X-MC.X D M4. Other things remaining the same,( ), thegreater is quantity of real GDP supplied, and the lower the pricelevel, the smaller is quantity of real GDP supplied. ( )A.the higher the price levelB. the lower the price levelC.the lower the real wage rateD.the higher the rate of unepployment5.Average Propensity to Consume(APC)与Average Propensity toSaving（APS）之和等于( ) ( )A.0B.1C. 100D. 26.按照美国经济学家詹姆斯·托宾的“q”理论，在下列哪个条件下，投资会增加。
宏观经济学期末考试试题(含答案)
《宏观经济学》期末考试试题一、判断题（对的写“T”，错的写“F”；每小题1分，共10分）1.人均真实GDP是平均经济福利（生活水平）的主要衡量指标。
2.1963年美国的最低工资水平是每小时1.25美元，而2013年则为7.25美元，因而，在美国拿最低工资的人的生活水平大大提高了。
3.大多数失业是短期的，然而，大多数所观察到的失业是长期的。
4.通货膨胀并没有降低大多数工人的购买力。
5.家庭决定把大部分收入储蓄起来会使总供给曲线向左移动。
6.某人出售一幅旧油画所得到的收入应该计入当年的国内生产总值。
7.无论什么人，只要没有找到工作就是失业。
8.短期总供给不变时，总需求的变动会引起均衡的国内生产总值同方向变动，物价水平反方向变动。
9.扩张性货币政策的实行可以增加货币供给量，从而使利率水平提高。
10.总需求不足时，政府可以提高转移支付水平，以增加社会总需求。
二、简答题（每小题5分，共15分）1.列出并说明生产率的四个决定因素。
2.解释企业通过提高它所支付的工资增加利润的四种可能原因。
3.是什么因素可能引起总需求曲线向左移动？三、应用题（每小题5分，共20分）假设今年的货币供给是5 00亿美元，名义GDP是10万亿美元，而真实GDP是5万亿美元。
1.物价水平是多少？货币流通速度是多少？2.假设货币流通速度是不变的，而每年经济中物品与服务的产出增加5%。
如果美联储保持货币供给不变，明年的名义GDP和物价水平是多少？3.如果美联储想保持物价水平不变，它应该把明年的货币供给设定为多少？4.如果美联储想把通货膨胀率控制在10%，它应该把货币供给设定为多少？四、计算与分析说明题（每小题10分，共30分；要有计算步骤，否则扣分）b.把2015年作为基年，计算各年的真实GDP。
c.与2016年相比，2017年的名义GDP、真实GDP增长率各是多少？名义GDP增长率和真实GDP增长率孰大孰小？解释原因。
2.一个经济在产出低于其自然水平4000亿美元的水平上运行，而且财政政策制定者想弥补这种衰退性缺口。
多恩布什《宏观经济学》(英文第八版)答案-第六章
Chapter 6 Solutions to the Problems in the Textbook:Conceptual Problems:1. The aggregate supply curve and the Phillips curve describe very similar relationships and bothcurves can be used to analyze the same phenomena. The AS-curve shows a relationship between the price level and the level of output. The Phillips curve shows a relationship between the rate of inflation and the unemployment rate, given certain inflationary expectations. For example, a movement along the AS-curve depicts an increase in the price level that is associated with an increase in the level of output. As output increases, the rate of unemployment decreases (see Okun’s law).Therefore, with a larger increase in the price level (a higher level of inflation) there will be a decrease in unemployment, creating a downward-sloping Phillips curve.This downward sloping Phillips curve shifts whenever inflationary expectations change. If one assumes that workers will change their wage demands whenever their inflationary expectations change, one can conclude that a shift in the Phillips curve corresponds to a shift in the upward sloping AS-curve, since higher wages mean higher cost of production.2. In the short run, when wages and prices are assumed to be fixed, there can be no inflation and thusthe Phillips curve makes no sense over this very brief time frame. But in the medium run (in this chapter also often referred to as the short run), the Phillips curve is downward sloping as inflationary expectations are assumed to be constant. In the long run, the Phillips curve is vertical at the natural rate of unemployment, which corresponds to the vertical long-run AS-curve at the full-employment level of output.3. A variety of explanations are given in this chapter for the stickiness of wages in the short orintermediate run. One is that workers have imperfect information and nobody knows the actual price level. People don’t know whether a change in their nominal wage is the result of an increase in prices or in the real wage they receive for the work they provide. Due to this uncertainty, labor markets will not clear immediately. Another argument relies on coordination problems, that is, different firms within an economy cannot coordinate price changes in response to monetary policy changes.Individual firms change their prices only reluctantly, since they are afraid of losing market share. The efficiency wage theory argues that employers pay above market-clearing wages to motivate their workers to work harder. Firms are also reluctant to change wages because of the perceived menu costs involved. There are long-term relations between firms and workers and wages are usually set in nominal terms by wage contracts, which are renegotiated only periodically. Thus real wages fluctuate over time as the price level changes. Finally, the insider-outsider model argues that firms negotiate only with their own employees but not with unemployed workers. Since a turnover in the labor force is costly to firms, they are willing to offer above market-clearing wages to the currently employed rather than hiring the unemployed who may be willing to work for lower wages.These different views are not necessarily mutually exclusive and it is up to students to decide which of the arguments presented here they find most plausible. The explanations differ mainly in their assumption of how fast markets clear and whether employment variations are voluntary.4.a. Stagflation is defined as a period of high unemployment accompanied by high inflation.4.b. Stagflation can occur in time periods when people have high inflationary expectations. If theeconomy goes into a recession, the actual rate of inflation will fall below the expected rate of inflation.However, the actual inflation rate may still be very high while the rate of unemployment is increasing.For example, the Fed may have let money supply grow much too fast in the past, so everyone expectsa high inflation rate. If a supply shock occurs, we will see an increase in the rate of unemploymentwhile inflationary expectations and actual inflation remain very high. This scenario occurred during the 1970s. Once we have reached such a situation, it becomes necessary to design policies that will reduce inflationary expectations to shift the Phillips curve back to the left.5. Assume a disturbance occurs and the AD-curve shifts to the right. Unemployment decreases andinflation increases, and we move along the downward sloping Phillips curve to the left. However, as soon as people realize that actual inflation is higher than their inflationary expectations, they adjust their inflationary expectations upward and the downward-sloping Phillips curve shifts to the right, eventually returning unemployment back to its natural rate. In other words, the economy adjusts back at the full-employment level of income.If an adverse supply shock occurs (the upward-sloping AS-curve shifts to the left), unemployment and inflation increase simultaneously. This will correspond to a shift of the downward-sloping Phillips curve to the right. However, when people realize that actual inflation is less than expected inflation, then the downward-sloping Phillips curve starts to shift back and the economy adjusts back to the natural rate of unemployment in the long run.6.The expectations-augmented Phillips curve predicts that inflation will rise above the expected levelwhen unemployment drops below its natural rate. However, if people know that this is going to happen, why don’t they immediately adjust to it? And if people immediately adjusted to it, wouldn’t this imply that anticipated monetary policy would be ineffective to cause any deviation from the full-employment level of output? In reality, however, even if people have rational expectations, they may not be able to adjust immediately. One reason is that wage contracts often set wages for an extended time period. Similarly, prices cannot always be changed right away and the costs of changing prices may outweigh the benefits. A further argument is that even rational people make forecasting mistakes and learn only slowly.In other words, the location of the expectations-augmented Phillips curve is determined by the level of expected inflation, which is set by recent historical experience. A shift in this curve caused by changing inflationary expectations occurs only gradually. The rational expectations model, on the other hand, assumes that the Phillips curve shifts almost instantaneously as new information about the near future becomes available.Technical Problems:1. A reduction in the supply of money leads to excess demand for money and increased interest rates,reducing the level of private spending (especially investment). Therefore the AD-curve shifts to the left. This causes an excess supply of goods and services at the original price level so the price level starts to decrease. Since the AS-curve is upward sloping, a new short-run macro-equilibrium is reached at a lower level of output (and thus a higher level of unemployment) and a lower price level.PP1However, the higher level of unemployment eventually puts downward pressure on wages, reducing the cost of production and shifting the upward-sloping AS-curve to the right. Alternatively, since this equilibrium output level is below the full-employment level, prices will continue to fall, and the upward-sloping AS-curve will shift to the right. As long as output is below the full-employment level Y*, the upward-sloping AS-curve will continue to shift to the right, which means that the price level will continue to decline. Eventually a new long-run equilibrium will be reached at the full-employment level of output (Y*) and a lower price level.2. According to the rational expectations theory, an announced change in monetary policy wouldimmediately change people’s perception in regard to the expected inflation rate. If people could adjust immediately to this change in inflationary expectations, then the rate of unemployment or the output level would remain the same. In other words, we would immediately move from point 1 to point 3 in the diagram used to explain the previous question and the Fed would be unable to affect the unemployment rate. In reality, however, even if people have rational expectations and can anticipate the effects of a policy change correctly, they may not be able to immediately adjust due to wage contracts, etc. Thus, there will always be some deviation from the full-employment output level Y*.3.a. A favorable supply shock, such as a decline in material prices, shifts the upward-sloping AS-curve tothe right, leading to excess supply at the existing price level. A new short-run equilibrium is reached at a higher level of output and a lower price level. But since output is now above the full-employment level Y*, there is upward pressure on wages and prices and the upward-sloping AS-curve shifts back to the right. A new long-run equilibrium is reached back at the original position (Y*), and the original price level (assuming that the change in material prices did not affect the full-employment level of output). Since nominal wages (W) will have risen but the price level (P) will not have changed, real wages (W/P) will have increased.PP1P20 13.b. Lower material prices lower the cost of production, shifting the upward-sloping AS-curve shiftsto the right, and leading to an increase in output and a lower price level. Since unemployment is now below its natural rate, there is a shortage of labor, providing upward pressure on wages. This will increase the cost of production again, eventually shifting the upward-sloping AS-curve back to the original long-run equilibrium (assuming that potential GDP has not been affected).Additional Problems:1. Explain the long-run effect of an increase in nominal money supply on the amount of realmoney balances available in the economy.In the very short run, the price level is fixed, so if nominal money supply (M) increases, a higher level of real money balances is available, causing interest rates to fall and the level of investment spending to increase. This leads to an increase in aggregate demand. The shift to the right of the AD-curve causes the price level (P) to increase, leading to a reduction in real money balances (M/P). In the medium run (an upward-sloping AS-curve), we reach a new equilibrium at a higher output level and a higher price level. Since prices have gone up proportionally less than nominal money supply, real money balances have increased. However, to reach a new long-run equilibrium, prices have to increase further, and as a result, the level of real money balances will decrease further. When the new long-run equilibrium at Y* is finally reached, the price level will have risen proportionally to nominal money supply and the level of real money balances will be back at its original level.2. Assume the economy is in a recession. Describe an adjustment process that will ensure that theeconomy eventually will return to full employment. How can the government speed up this process?If the economy is in a recession, there will be downward pressure on wages and prices, which will bring the economy back to the full-employment output level. The upward-sloping AS-curve will shift to the right due to lower production costs. However, this process may take a fairly long time. The government can shorten this adjustment process with the help of expansionary fiscal or monetary policies to stimulate aggregate demand. The resulting shift to the right of the AD-curve implies that the final long-run equilibrium will be at a higher price level. In other words, the reduction in unemployment can only be achieved at the cost of higher inflation.3. "The stickiness of wages implies that policy makers can achieve low unemployment only if theyare willing to put up with high inflation." Comment on this statement.There are several explanations of why wages and prices adjust only slowly. One is that workers have imperfect information, so they do not realize that lower prices mean higher real wages. Another is that firms are reluctant to change prices and wages since they are unsure about the behavior of their competitors and want to avoid the perceived cost of making these changes. Finally, wage contracts tend to be long-term and staggered, so it takes time to adjust wages to price changes. Some firms may pay their workers above market-clearing wages to keep them happy and productive. For these reasons, wages and prices tend to be rigid in the short run. Thus it takes time for the economy to adjust back to full-employment.If there were a stable Phillips-curve relationship, a low rate of unemployment could only be achieved by allowing inflation to increase. However, such a stable relationship does not exist. Wages tend to be rigid in the short run, so expansionary policies lower unemployment and increase inflation in the short run. In the long run, however, the economy will adjust back to the natural rate of unemployment, so expansionary policies simply lead to a higher price level.4. "If we assume that people have rational expectations, then fiscal policy is always irrelevant.But monetary policy can still be used to affect the rate of inflation and unemployment."Comment on this statement.Individuals and firms with rational expectations consistently make optimal decisions based on all information available. As long as a policy change is anticipated, people are able to assess its long-run outcome and will try to immediately adjust. Since fiscal policy doesn't affect inflation or unemployment in the long run, it is also ineffective in the short run if wages and prices are assumed to be flexible. An anticipated change in monetary growth, on the other hand, will be reflected in a change in the inflation rate. If wages are flexible, workers will adjust their wage demands immediately and no significant change in the unemployment rate will occur. However, even if people have rational expectations, wages tend to be fairly rigid in the short run due to wage contracts. Therefore, it will take time for the economy to adjust back to a long-run equilibrium. This implies that both fiscal and monetary policy can affect the rate of inflation and unemployment to some degree in the short run.5. "Inflation cannot accelerate in a recession, when the rate of unemployment is above its naturalrate." Comment on this statement.Inflation can accelerate even in a recession, that is, when the unemployment is high, if a supply shock occurs. An oil price increase will increase the cost of production, so the upward-sloping AS-curve will shift to the left. This will increase the inflation rate and the rate of unemployment simultaneously, as firms increase their product prices and cut their production. If the Fed tries to accommodate the supply shock with expansionary monetary policy in an effort to stimulate the economy, then inflation will accelerate even more, as the AD-curve shifts to the right.6. Comment on the following statement:"The coordination approach to the Phillips curve focuses on the problems that the administration has in coordinating its fiscal policies with the monetary policies of the Fed." The coordination approach has nothing to do with fiscal or monetary policy but is simply one explanation of why wages adjust slowly. This view asserts that firms generally are unable to coordinate wage and price changes in response to a monetary policy change. For example, any firm that cuts workers' wages in response to monetary contraction while other firms don't, will anger its employees who may then choose to leave. Firms are also reluctant to change their prices since they are unsure about their competitors' behavior. Thus wages and prices change only slowly in response to a change in aggregate demand. This implies an upward-sloping (short-run) AS-curve.7. Comment on the following statement:"The unemployment rate is zero at the full-employment level of output."With a higher price level real wages decline, increasing the quantity of labor demanded. Therefore the nominal wage rate is bid up until the real wage rate is restored to its unique equilibrium level. Similarly, if prices fall, real wages increase, leading to unemployment. The nominal wage rate falls to bring the real wage rate back to its equilibrium level. So the nominal wage rate changes in proportion to the price level to maintain a real wage rate that clears the labor market. At this wage rate, the full-employment level of output is produced. However, at the full-employment output level the unemployment rate is not zero. Due to frictions in the labor market, there is always a positive unemployment rate, as workers switch between jobs. This is called the natural rate of unemployment.8. Briefly state the reason for the slow adjustment of wages to changes in aggregate demand. The reasons for the slow adjustment of nominal wages can be explained in several ways. One explanation is that workers have imperfect information, that is, they do not immediately realize whether a change in their nominal wage is the result of an increase in prices or in the real wage they receive for the work they provide. Another explanation is that coordination problems exist, that is, different firms within an economy are unsure about the behavior of their competitors and thus they only reluctantly change wages or prices. The efficiency wage theory, on the other hand, argues that firms pay above market-clearing wages to motivate their workers to work harder. Firms are also reluctant to change wages due to the perceived cost of doing so. Another argument is that wage contracts tend to be long-term, so real wages tend to fluctuate over the length of the contract and output adjusts only slowly to price changes. Finally, the insider-outsider model argues that firms negotiate only with their employees but not the unemployed. Since a turnover of the labor force is costly to firms, they are willing to offer above market-clearing wages to the currently employed rather than hiring the unemployed who may be willing to work for less. These various explanations are not mutually exclusive, and they all imply that the AS-curve is positively sloped, that is, that a change in aggregate demand will affect both output and prices in the short run.9. True or false? Why?"There is no frictional unemployment at the natural rate of unemployment."False. The natural rate of unemployment is the rate at which the labor market is in equilibrium. But there is always some unemployment due to new entrants into the labor force, people between jobs, and the like.This rate of unemployment is considered normal, due to frictions in the labor market, and is often called frictional unemployment.10. "If everyone in this economy had rational expectations, then wages would be flexible andunemployment could not occur." Comment on this statement.The new Keynesian models argue that even if people have rational expectations, socially undesirable outcomes may still occur due to imperfect competition and the existence of wage contracts. Prices may not change freely, since firms in imperfectly competitive markets are reluctant to change them, due to the menu costs involved. Nominal wages are set by contracts over a period of time, so the economy may adjust only slowly to a decrease in aggregate demand. Thus a rate of unemployment higher than the natural rate can exist over an extended period of time.11. True or false? Why?"If nominal wages were more flexible, expansionary policies would be more effective in reducing the rate of unemployment."False. In Chapter 5 we learned that in the classical case (where nominal wages are completely flexible) the AS-curve is vertical, whereas in the Keynesian case (where wages do not change, even if unemployment persists) the AS-curve is horizontal. From this we can conclude that more flexible nominal wages imply a steeper upward-sloping AS-curve. Any type of expansionary demand-side policy will shift the AD-curve to the right and this will cause the level of output and prices to increase (at least in the short-run). A steeper upward-sloping AS-curve results in a larger price increase and a smaller increase in output. But a smaller increase in the level of output results in a smaller reduction in unemployment. In either case, the economy will settle back at the full-employment level of output in the long run. In the long run, the rate of unemployment always goes back to its natural level.12. Explain the short-run and long-run effects of an increase in the level of government spendingon output, unemployment, interest rates, prices, and real money balances.An increase in government spending increases aggregate demand, shifting the AD-curve to the right. Because there is excess demand, the price level increases, which reduces the level of real money balances. Therefore interest rates increase, leading to some crowding out of investment. Due to this real balance effect, the increase in output is less than the shift in the AD-curve. Assuming an upward-sloping AS-curve, a new equilibrium is reached at a higher price level, a higher level of output, a lower unemployment rate and a higher interest rate. Since output is now above the full-employment level, wages and prices will continue to rise and the upward-sloping AS-curve will start shifting to the left. This process will continue until a new long-run equilibrium is reached at the full-employment level of income Y*, that is, until unemployment is back at its natural rate. At this point the price level, nominal wages, and interest rates will be higher than previously and real money balances will be lower.13. Briefly explain why there seems to be so much interest in finding ways to shift theupward-sloping aggregate supply curve to the right.Shifting the upward-sloping AS-curve to the right seems to be the only way to offset the effects of an adverse supply shock without any negative side effects. An adverse supply shock, such as an increase in oil prices, causes a simultaneous increase in unemployment and inflation, and policy makers have only two options for demand-management policies. Expansionary fiscal or monetary policy will help to achieve full employment faster but will raise the price level, while restrictive fiscal or monetary policy will reduce inflationary pressure but increase unemployment. Therefore, any policy that would shift the upward sloping AS-curve back to the right seems preferable, since it might bring the economy back to the original equilibrium by simultaneously lowering inflation and unemployment.14. Use an AD-AS framework to show the effect of monetary restriction on the level of output,prices and the interest rate in the medium and the long run.A decrease in nominal money supply will increase interest rates, leading to a decrease in investment spending. This will shift the AD-curve to the left, creating an excess supply of goods and services. Therefore price level will decrease and real money balances will increase. A new equilibrium will be achieved at the intersection of the new AD-curve and the upward-sloping AS-curve at an output level that is below the full-employment level.In the long run, higher unemployment will cause downward pressure on wages. As the cost of production decreases, the upward-sloping AS-curve will keep shifting to the right until a new long-run equilibrium is established at the full-employment level of output, that is, where the new AD-curve intersects the long-run vertical AS-curve at Y*. At this point, real output, the real interest rate, real money balances, and the real wage rate will be back at their original level. Nominal money supply, the price level and the nominal wage rate will all have decreased proportionally.A simplified adjustment can be shown as follows:1-->2: Ms down ==> i up ==> I down ==> Y down ==> the AD-curve shifts left ==>excess supply ==> P down ==> real ms up ==> i down ==> I up ==> Y up(The first line describes a policy change, that is, a shift in the AD-curve; the second line describes the price adjustment, that is, a movement along the AD-curve.)Short-run effect:Y down, i up, P down2-->3: Since Y < Y* ==> downwards pressure on nominal wages ==> cost of production down ==> the short run AS-curve shifts right ==> excess supply of goods ==> P down ==> real ms up==> i down ==> I up ==> Y up (This process continues until Y = Y*)Long-run effect:Y stays at Y*, i remains the same, P down.Note: Even though only one shift of the short-run AS-curve to the new long-run equilibrium is shown here, this shift is actually a combination of many shifts.P2P1P2P30 215. Briefly discuss the importance of Okun’s law in evaluating the cost of unemployment.Okun’s law states that a reduction in the unemployment rate of 1 percent will increase the level of output by about 2 percent. This relationship allows us to measure the cost to society (in terms of lost production) of a given rate of unemployment.16. True or false? Why?"If monetary policy accommodates an adverse supply shock, it will worsen any inflationary effects."True. An adverse supply shock shifts the upward-sloping AS-curve to the left. There is excess demand for goods and services at the original price level and prices start to rise, leading to lower real money balances, higher interest rates, and lower output. If no policy is implemented, then unemployment will force the nominal wage down to restore equilibrium at the original position. If the government views this adjustment process as too slow, it can respond by implementing expansionary policies. Accommodating the supply shock in this way shifts the AD-curve to the right and a new equilibrium can be reached at full-employment but at a higher price level. It is unlikely, though, that the economy will remain there for long since workers will realize that their purchasing power has been diminished by higher prices and will demand a wage increase. If they are successful, the cost of production will increase and the upward-sloping AS-curve will shift to the left again. In other words, we will enter a wage-price spiral.PP3P2P1217. Assume oil prices decline. What kind of monetary policy should the Fed undertake if its goal isto stabilize the level of output while keeping inflation low? Show with the help of an AD-AS diagram and briefly explain the adjustment process.1-->2: As oil prices decline, the cost of production decreases and the upward-sloping AS-curve shifts to the right, causing excess supply of goods. Thus the price level decreases, real money balances increase, and the interest rate declines.2-->3: A decrease in money supply will increase the interest rate, decrease private spending, and shift the AD-curve to the left. This means that prices will decrease even further and the level of output will decline. (We assume, for simplicity, that it goes back to the full-employment level Y*, so no long-run adjustment is needed.) Overall, the level of output has remained at its full-employment level but the level of prices and the interest rate have decreased.PP1P2218. Comment on the following statement:"A favorable oil shock causes lower inflation and lower unemployment."A decrease in material prices (or any other favorable supply shock) shifts theupward-sloping AS-curve to the right, and prices begin to decrease. The new equilibrium is at a lower price level and a higher level of output (a lower level of unemployment).Since output is now above the full-employment level, there will be upward pressure on nominal wages and prices, and the upward-sloping AS-curve will start shifting back to its original position (assuming that potential output was not affected). In the long run, unemployment will be back at its natural rate but the price level will have decreased (and thus real wages increased).19. “Falling oil prices will lead to increased employment, higher wage rates an dincreased real money balances.” Comment on this statement with the help of an AD-AS diagram and explain the short-run and long-run adjustment processes.A decline in material prices shifts the upward-sloping AS-curve to the right, leading to excess supply at the existing price level. A new equilibrium is reached at a higher level of output and a lower price level. But since output is now above the full-employment level Y*, there is upward pressure on wages and prices and the upward-sloping AS-curve starts shifting back to the right. A new long-run equilibrium is reached back at the original position (Y*), and the original price level (assuming that the change in material prices did not affect the full-employment level of output). Since nominal wages (W) will have risen but the price level (P) will not have changed, real wages (W/P) will have increased.PP1P2Y*Y2Y。
宏观经济学-期末试题
1.MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. （1 point each，40 points total）1) Which of the following are parts of the business cycles? 1) _______A) inflation and recession B) peak and potential GDPC) real GDP and potential GDP D) recession and expansion2) Macroeconomic policy tools include 2) _______A) unemployment policy and inflation policy.B) monetary policy and fiscal policy.C) monetary policy and unemployment policy.D) fiscal policy and unemployment policy.3) Fiscal policy involves 3) _______A) the use of interest rates to influence the level of GDP.B) the use of tax and money policies by government to influence the level of interest rates.C) the use of tax and spending policies by the government.D) decreasing the role of the Federal Reserve in the everyday life of the economy.4) Fiscal policy might be used to increase long-term growth in real GDP by 4) _______A) motivating an increase in investment. B) encouraging saving.C) reducing unemployment. D) Both answers A and B are correct.5) When U.S. imports exceed U.S. exports, the United States experiences 5) _______A) a decrease in potential GDP. B) a government budget deficit.C) inflation. D) an international deficit.6) The largest component of income is 6) _______A) proprietors' income. B) corporate profits.C) compensation of employees. D) net interest.7) Which of the following transfer payments is included in GDP? 7) _______A) veteran's benefits B) welfare paymentsC) Social Security payments D) none of the above8) Net domestic product equals gross domestic product minus 8) _______A) depreciation. B) net exports. C) inflation. D) investment.9) U.S. investment is financed from 9) _______A) private saving, government budget deficits and borrowing from the rest of the world.B) private saving, government budget surpluses and borrowing from the rest of the world.C) private borrowing, government budget deficits and lending to the rest of the world.D) private saving and borrowing from the rest of the world only.10) The labor force is defined as the number of 10) ______A) people with jobs, both part-time and full-time.B) unemployed people.C) people 16 and over.D) people who are employed and unemployed.11) Unemployment caused by the fluctuation of the business cycle is called ________ unemployment. 11) ______A) frictional B) structuralC) recession-related D) cyclical12) ______12) To calculate the unemployment rate, which of the following are necessary pieces of information?I. the number of unemployed personsII. the populationIII. the number of people in the labor forceIV. the working age populationA) I and IV B) I and II C) I and III D) I, II III and IV13) A classical economist believes that 13) ______A) the economy is self-regulating and always at full employment.B) the economy is self-regulating and will normally, though not always, operate at fullemployment if monetary policy is not erratic.C) if the economy was left alone, it would rarely operate at full employment.D) the economy is self-regulating and will normally, though not always, operate at fullemployment if fiscal policy is not erratic.14) Which of the following shifts both the LAS and SAS curves? 14) ______A) a simultaneous change in both the price level and the money wage rateB) a change in the price levelC) an advance in technologyD) a change in the money wage rate15) When the quantity of money in the economy increases, the 15) ______A) aggregate demand curve shifts rightward.B) wealth effect is no longer operable.C) aggregate demand curve does not shift but the economy moves along it.D) long-run aggregate supply curve shifts leftward.16) A Keynesian economist believes that 16) ______A) the economy is self-regulating and always at full employment.B) the economy is self-regulating and will normally, though not always, operate at fullemployment if monetary policy is not erratic.C) if the economy was left alone, it would rarely operate at full employment.D) the economy is self-regulating and will normally, though not always, operate at fullemployment if fiscal policy is not erratic.17) ______17) In the short run, the intersection of the aggregate demand and the short-run aggregate supplycurves,A) determines the equilibrium level of real GDP.B) is a point where there is neither a surplus nor a shortage of goods.C) determines the equilibrium price level.D) All of the above answers are correct.18) ______18) As the real interest rate increases, the quantity of investment ________. Therefore, theinvestment demand curve plotted against the real interest rate is ________.A) decreases; downward sloping B) increases; upward slopingC) decreases; upward sloping D) increases; downward sloping19) Savings is an important economic growth variable because 19) ______A) it provides a fund for wages needed from any unexpected population growth.B) it helps the economy maintain the current level of total expenditures when a recessionbegins.C) it can finance new investment and capital formation.D) All of the above answers are correct.20) Banks create money whenever they 20) ______A) accept a deposit.B) lend excess reserves to a borrower.C) receive interest on existing loans.D) receive monthly payments on their loans.21) ______21) A bank with $100 million in deposits has $15 million of cash in the bank, $10 million in depositswith the Fed, and $15 million in government securities in its vault. Its total reserves equalA) $10 million. B) $40 million. C) $15 million. D) $25 million.22) ______22) If the Fed wants to fight inflation, it might ________ the quantity of money, which in the shortrun shifts the ________.A) decrease; AD curve rightward B) increase; AS curve leftwardC) decrease; AD curve leftward D) increase; AD curve rightward23) If the Federal Reserve is seeking to increase aggregate demand in the short run, it should 23) ______A) raise the discount rate. B) raise the required reserve ratio.C) increase the quantity of money. D) sell government securities.24) According to the quantity theory of money, 24) ______A) a decrease in the quantity of money will decrease the velocity of circulation.B) an increase in the quantity of money will increase real output.C) an increase in the quantity of money will decrease real output.D) a decrease in the quantity of money will decrease the price level.25) If the inflation rate is higher than expected, then 25) ______A) borrowers gain at the expense of lenders because of the low interest rate.B) lenders gain at the expense of borrowers because of the low interest rate.C) borrowers gain at the expense of lenders because of the high interest rate.D) lenders gain at the expense of borrowers because of the high interest rate.26) ______26) If people correctly anticipate an increase in inflation so that their money wage rate adjustsimmediately, then, assuming the economy is initially at potential GDP,A) only the price level rises with no change in real GDP.B) both the price level and real GDP increase.C) only real GDP increases with no change in the price level.D) neither the price level nor real GDP increase.27) ______27) Suppose the economy of Argentina experiences high anticipated inflation. As a result, we canexpectA) an increase in transactions costs. B) increases in real GDP.C) increased uncertainty. D) Both answers A and C are correct.28) The multiplier is 28) ______A) the ratio of the equilibrium level of real GDP to the change in induced expenditures.B) the ratio of the change in real GDP to the change in autonomous expenditures.C) the ratio of the change in autonomous expenditures to the change in real GDP.D) the ratio of the change in induced expenditures to the change in autonomous expenditures.29) ______29) When disposable income equals $800 billion, planned consumption expenditure equals $600billion, and when disposable income equals $1,000 billion, planned consumption expenditureequals $760 billion. What is the marginal propensity to save?A) 0.20 B) 0.64 C) 0.80 D) 0.2530) According to the real business cycle (RBC) theory, recessions are the result of 30) ______A) a fall in growth rate of productivity.B) a decrease in growth rate of the quantity of money.C) an increase in investment.D) an increase in growth rate of the quantity of money.31) According to the new Keynesian theory, 31) ______A) unanticipated changes in aggregate demand change real GDP.B) anticipated changes in aggregate demand change real GDP.C) the money wage rate is sticky at least in the short run.D) All of the above answers are correct.II.32) Another severe depression is unlikely to occur because of I. bank deposit instab le internati onal currency markets. III. the Fed's role as a lender of last resort. 32) ______ A) I and III B) II and III C) III only D) I and II33) If the federal government adopted a contractionary fiscal policy then 33) ______A) aggregate demand would decrease and real GDP would increase.B) aggregate demand and real GDP would both decrease.C) aggregate demand and real GDP would both increase.D) aggregate demand would increase and real GDP would decrease.34) If the government enacts a contractionary fiscal policy, it might 34) ______A) increase taxes. B) increase government purchases.C) increase the government budget deficit. D) None of the above answers is correct.35) The categories of federal government expenditures, listed from largest to smallest, are 35) ______A) purchases of goods and services, debt interest, and transfer payments.B) debt interest, transfer payments, and purchases of goods and services.C) transfer payments, debt interest, and purchases of goods and services.D) transfer payments, purchases of goods and services, and debt interest.36) The crowding out effect refers to 36) ______A) private investment crowding out government saving.B) government investment crowding out private investment.C) government spending crowding out private spending.D) private saving crowding out government saving.37) An advantage of automatic stabilizers over discretionary fiscal policy is that 37) ______A) only the President is involved in implementing automatic stabilizers instead of both thePresident and Congress.B) automatic stabilizers are not subject to all the same time lags that discretionary fiscal policyis.C) automatic stabilizers require only a simple majority of Congress to pass whereasdiscretionary fiscal policy requires a two-thirds majority to pass.D) automatic stabilizers can be easily fine-tuned to move the economy to full employment.38) Which of the following is a problem in pursuing a monetary policy based on feedback rules? 38) ______A) Fixed rules are illegal.B) Feedback rules are illegal.C) The lag between a change in the quantity of money and its effect on economic activity maybe long.D) None of the above answers is correct.39) Currently the Fed targets 39) ______A) neither the federal funds rate nor the monetary base.B) the price level.C) both the monetary base and the federal funds rate simultaneously.D) the federal funds rate.40) ______40) Suppose the United States is in a recession. If the Fed decreases interest rates because of this fact,the Fed is conducting aA) nondiscretionary policy. B) feedback-rule policy.C) fixed-rule policy. D) flexible-rule policy.2.TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. (1 point each, 20 points total)41) A recession occurs when real GDP decreases for at least 6 months. 41) ______42) Changes in the amount of government purchases is an example of fiscal policy. 42) ______43) ______43) To calculate GDP using the expenditure approach, in part it is necessary to add exports andsubtract imports.44) To measure economic welfare, one needs only to measure the growth in real GDP. 44) ______45) ______45) If a worker is temporarily laid off because the economy is in a recession, frictionalunemployment increases.46) The CPI is the average price of all goods and services produced within the economy. 46) ______47) The wealth effect points out that consumption decreases when people's real wealth decreases. 47) ______48) ______48) If there is an increase in technology, the long-run aggregate supply curve shifts rightward, butthe short-run aggregate supply curve does not shift.49) The long-run aggregate supply curve is upward sloping. 49) ______50) The nominal interest rate is approximately equal to the real interest rate minus the inflation rate. 50) ______51) The expected profit rate rises with business cycle expansions, technological advances, and tax51) ______cuts.52) When the Fed controls the quantity of money, it is regulating financial institutions. 52) ______53) A depository institution creates liquidity and pools risk. 53) ______54) If the Fed sells bonds in the open market, net exports will increase. 54) ______55) Unanticipated inflation causes income to be redistributed between borrowers and lenders. 55) ______56) There is a negative relationship between nominal interest rates and the inflation rate. 56) ______57) The most accurate forecast that can be made is called a rational expectation. 57) ______58) When planned aggregate expenditure is greater than real GDP, inventories decrease. 58) ______59) Induced taxes increase the size of the government purchases multiplier. 59) ______60) A tax cut decreases government saving and can thereby crowd out investment. 60) ______3.Short Answer. Write your answer in the space provided or on a separate sheet of paper. (10 points)61) Compare and contrast the Keynesian and Monetarist theories explaining the business cycle.4. Calculation problems( 10 points)62) The tables above give the purchases of an average consumer in a small economy. (These consumers purchase only shampoo and pizza.) Suppose 2003 is the reference base period.a) What is the cost of the CPI basket in 2003 and 2004?b) What is the CPI in 2003 and in 2004?c) What is the inflation rate in 2004?5. Extended problems( 20 points)63) In the economy of Jokey Island, autonomous consumption expenditure is $60 million, and the marginalpropensity to consume is 0.6. Investment is $110 million, government purchases are $70 million, and there are no income taxes. Investment and government purchases are constant they do not vary with income.The island does not trade with the rest of the world.a) Draw the aggregate expenditure curve.b) What is the island's autonomous aggregate expenditure?c) What is the size of the multiplier in Jokey Island's economy?d) What is the island's aggregate planned expenditure and what is happening to inventories when realGDP is $800 million?e) What is the economy's equilibrium aggregate expenditur。
宏观经济学期末考试试卷4(附答案)
一、[请单击此处编辑题目] (每小题分，共分)一、选择题(本题包含30小题，每题？分，共？分)1．Suppose GDP consists of wheat and rice. In 2002, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of rice are sold at $2 per bushel. If the price of wheat was $2 per bushel and the price of rice was $1 per bushel in 2001, the base year, nominal 2002GDP isa. $100, real 2002 GDP is $50, and the GDP deflator is 50.b. $50, real 2002 GDP is $100, and the GDP deflator is 200.c. $100, real 2002 GDP is $50, and the GDP deflator is 200.d. $40, real 2002 GDP is $100, and the GDP deflator is 50.2．The CPI is a measure of the overall cost ofa. inputs purchased by a typical producer.b. goods and services bought by a typical consumer.c. goods and services produced in the economy.d. stocks on the New York Stock Exchange.3．The price of imported athletic shoes produced by a U.S. company operating in Thailand increases. By itself what effect will this change have on the GDP deflator and on theCPI?a. The GDP deflator and the CPI will both increase.b. The GDP deflator will increase and the CPI will be unaffected.c. The GDP deflator and the CPI will both be unaffected.d. The GDP deflator will be unaffected and the CPI will increase.4．Which of the following is a part of your Economics professor's human capital?a. the things she learned at some prestigious universityb. her copy of Mankiw's textc. her chalk holderd. All of the above are correct.5．Which of the following is consistent with the catch-up effect?a. The United States had a higher growth rate before 1900 than after.b. After World War II the United States had lower growth rates than war-ravaged European countries.c. Although the United States has a relatively high level of output per person, its growth rate is rathermodest compared to some countries.d. All of the above are correct.6．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.7．Index fundsa. typically have about the same rate of return as more actively managed funds.b. typically have lower rates of return than more actively managed funds.c. contain the stocks and bonds from a single Standard Index Classification of industry.d. typically have higher rates of return than more actively managed funds.8．Three people go to the bank to cash in their accounts. April had her money in an account for 25 years at 4 percent interest. Ben had his money in an account for 20 years at 5 percent interest. Cathy had her money in an account for five years at 20 percent interest. If each of them originally deposited $500 in their accounts, which of them gets the most money when they cash in their accounts?a. Aprilb. Benc. Cathyd. They each get the same amount.9．The reported unemployment rate should be viewed asa. a useful but imperfect measure of joblessness.b. clearly smaller than the true unemployment rate.c. clearly larger than the true unemployment rate.d. being very close to the true unemployment rate.10．Commodity money isa. backed by gold.b. the principal type of money in use today.c. money with intrinsic value.d. receipts created in international trade that are used as a medium of exchange.11．Which list contains only actions that decrease the money supply?a. raise the discount rate, make open market purchasesb. raise the discount rate, make open market salesc. lower the discount rate, make open market purchasesd. lower the discount rate, make open market sales12．According to the classical dichotomy, which of the following is influenced by monetary factors?a. the real wageb. the real interest ratec. the nominal waged. All of the above are correct.13．Which of the following statements is NOT true?a. Inflation reduces the purchasing power of most workers.b. Given the current U.S. tax structure, inflation reduces the incentive to save.c. The inflation tax causes deadweight loss because people waste scarce resourcestrying to avoid it.d. Countries with high rates of inflation usually also have volatile rates of inflation.14．A German company sells cameras to a retailer in the United States. These sales by themselvesa. have no affect on U.S. net exports and increase German net exports.b. decrease U.S. net exports and increase German net exports.c. increase U.S. and German net exports.d. increase U.S. net exports and decrease German net exports.15．If the nominal exchange rate e is foreign currency per dollar, the domestic price is P, and the foreign price is P*, the real exchange rate is defined asa. e(P*/P).b. e(P/P*).c. e + P/P.d. e - P/P*.16．When a country's central bank increases the money supply, itsa. price level rises and its currency appreciates relative to other currencies in the world.b. price level rises and its currency depreciates relative to other currencies in the world.c. price level falls and its currency appreciates relative to other currencies in the world.d. price level falls and its currency depreciates relative to other currencies in the world.17．In the open-economy macroeconomic model, if a country's interest rate increases, its net capital outflowa. and the real exchange rate increase.b. and the real exchange rate decrease.c. increases and the real exchange rate decreases.d. decreases and the real exchange rate increases.18．If the government started with a budget deficit and moved to a surplus, domestic investment woulda. rise and the trade balance would move towards surplus.b. rise and the trade balance would move towards deficit.c. fall and the trade balance would move towards surplus.d. fall and the trade balance would move towards deficit.19．If the United States imposes an import quota on clothing, U.S. exportsa. increase, U.S. imports increase, and U.S. net exports are unchanged.b. increase, U.S. imports decrease, and U.S. net exports increase.c. decrease, U.S. imports increase, and U.S. net exports decrease.d. decrease, U.S. imports decrease, and U.S. net exports are unchanged.20．In 1995 House Speaker Newt Gingrich threatened to send the United States into default on its debt. During the day of this announcement, U.S. interest rates rose and the real exchange rate of the U.S. dollardepreciated. Which of these changes is consistent with the results of the open-economy macroeconomic model?a. the increase in U.S. interest ratesb. the depreciation of the real exchange rate of the U.S. dollarc. Both of the above are consistent.d. Neither of the above are consistent.21．A rise in the economy's overall level of prices tends toa. raise both the quantity demanded and supplied of goods and services.b. raise the quantity demanded of goods and services, but lower the quantity supplied.c. lower the quantity demanded of goods and services, but raise the quantitysupplied.d. lower both the quantity demanded and the quantity supplied of goods andservices.22．When taxes increase, consumption decreases as shown bya. a movement to the left along a given aggregate demand curve.b. shifting aggregate demand to the left.c. shifting aggregate supply the left.d. which does none of the above.23．Which of the following would cause prices and real GDP to rise in the short run?a. an increase in the expected price levelb. an increase in the money supplyc. a decrease in the capital stockd. None of the above is correct.24．Which of the following shifts money demand to the left?a. an increase in the price levelb. a decrease in the price levelc. an increase in the interest rated. a decrease in the interest rate25．According to liquidity preference theory if the price level increases, the equilibrium interest ratea. rises so that the aggregate quantity of goods demand rises.b. rises so that the aggregate quantity of goods demanded falls.c. falls so that the aggregate quantity of goods demanded rises.d. falls so that the aggregate quantity of goods demanded falls.26．In the long run, fiscal policy primarily affectsa. aggregate demand. In the short run, it affects primarily aggregate supply.b. aggregate supply. In the short run, it affects primarily saving, investment, andgrowthc. saving, investment, and growth. In the short run, it affects primarily aggregatedemand.d. saving, investment, and growth. In the short run, it affects primarily aggregate supply.27．If the MPC is 0, the multiplier isa. 0.b. 1.c. infinite.d. None of the above is correct.28．The economy is in long-run equilibrium. Immigration of skilled workers shifts the long-run aggregate supply curve $60 billion to the right. At the same time, government purchases increase by $30 billion. If the MPC equals 0.8 and the crowding-out effect is $90 billion, we would expect that in the long-run,a. both real GDP and the price level would be higher.b. both real GDP and the price level would be lower.c. real GDP would be higher but the price level would be lower.d. real GDP would be higher but the price level would be the same.29．Over the last ten years Canada and many European countries have had higher average unemployment rates than the United States. This suggests that these countriesa. have higher average inflation rates than the United States.b. have long-run Phillips curves to the right of the United States's.c. may have less generous unemployment compensation or lower minimum wages.d. All of the above are consistent with the evidence on unemployment rates.30．A favorable supply shock will cause the short-run Phillips curve to shifta. right and unemployment to rise.b. right and unemployment to fall.c. left and unemployment to rise.d. left and unemployment to fall.二、判断题(本题包含20小题，每题？分，共？分)31．When a Chinese citizen works temporarily in the United States, her production is a part of U.S. GDP.32．Changes in the prices of most natural resources compared to other goods indicate that natural resources are generally becoming scarcer.33．Constant returns to scale is the point on a production function where increasing inputs will no longer increase output.34．When the government runs a budget deficit, national saving is reduced, interest rates rise, and investment falls.35．According to the rule of 70, if you earn an interest rate of 3.5 percent, your savings will double about every 20 years.36．Risk-averse persons will take no risks.37．Someone who is without work but is not looking for work would be counted as unemployed by the BLS.38．The unemployment rate reported by the BLS clearly understates the true unemployment rate.39．M1 includes savings deposits.40．When the value of money is on the vertical axis, an increase in the price level shifts money demand to the right.41．U.S. exports make up less than 20 percent of GDP.42．The key determinant of net capital outflow is the real exchange rate.43．When a country imposes a trade restriction, the real exchange rate of that country's currency appreciates.44．Like real GDP, investment fluctuates, but investment fluctuates by a larger percentage.45．When output rises, unemployment falls.46．An unexpected increase in the price level does not shift the aggregate supply curve, but an expected increase in the price level shifts the aggregate supply curve to the left.47．If inflation is zero, then the nominal and real interest rate are the same.48．The multiplier is found as MPC/(1 - MPC).49．If the Fed were to increase the money supply, inflation and unemployment would both increase in the short run.50．The sacrifice ratio is the percentage point increase in the unemployment rate created in the process of reducing inflation by one percentage point.三、名词解释(本题包含5小题，每题？分，共？分)51．technological knowledge:52．trade deficit:53．trade policy:54．recession:55．automatic stabilizers:四、简答题(本题包含8小题，每题？分，共？分)56．Compare and contrast the population theories of Malthus and Kremer.57．Your brother-in-law wants to buy either stock or bonds in Cedar Valley Furniture, but he isn't sure whether to buy the stock or bonds. Explain how each of his quotes below should affect his choice between the stock and the bond.a. "I have reason to believe that people are soon going to find rocking chairs have health benefits."b. "I would like to tell people I am part owner of Cedar Valley Furniture."c. "I do not want to take on much risk."58．Are credit cards and debit cards money? What's the difference between credit and debit cards?59．Suppose that monetary neutrality holds. Of the following variables, which ones do not change when the money supply increases?a. real interest ratesb. inflationc. the price leveld. real outpute. real wagesf. nominal wages60．The long-run trend in real GDP is upward. How is this possible given business cycles?What explains the upward trend?61．What variables besides real GDP tend to decline during recessions? Given the definitionof real GDP, argue that declines in these variables are to be expected.62．Suppose that consumers become pessimistic about the future health of the economy, andso cut back on their consumption spending. What will happen to aggregate demandand to output? What might the president and Congress have to do to keep outputstable?63．Explain how unemployment insurance acts as an automatic stabilizer.参考答案1.c2.b3.d4.a5.d6.d7.d8.a9.a 10.c 11.b 12.c 13.a 14.b 15.b 16.b 17.d 18.a 19.d 20.c 21.c 22.b 23.b 24.b 25.b 26.c 27.b 28.d 29.b 30.d31.T 32.F 33.F 34.T 35.T 36.F 37.F 38.F 39.F 40.F 41.T 42.F 43.T 44.T 45.T 46.T 47.T 48.F 49.F 50.F51.society's understanding of the best ways to produce goods and services.52.an excess of imports over exports.53.a government policy that directly influences the quantity of goods and services that a country importsor exports.54.a period of declining real incomes and rising unemployment.55.changes in fiscal policy that stimulate aggregate demand when the economy goes into a recessionwithout policymakers having to take any deliberate action.56.The difference is that Malthus predicted that population growth would be greater thangrowth in the ability to increase output. He believed that people would continue topopulate the earth until output reached a subsistence level. On the other hand Kremer argues that population growth increased productivity allowing people to improvetheir standard of living despite growing population. Kremer argues that with morepopulation comes more innovations. The improvements in technology more thanoffset any adverse impact of the increase in population on the standard of living.57. a. Presumably, when this happens, unless everyone else has anticipated it, dividends,the price of the stock, or both will increase. The interest rate on bonds will notchange as profits increase, so this quote suggests buying stock would better suityour brother-in law's purposes.b. Bondholders are simply creditors, while stockholders are part owners. So thisquote indicates your brother-in-law would prefer to buy stock.c. In case of financial difficulties stockholders get paid after bondholders, so the stockis somewhat more risky. So, your brother-in-law may prefer the bond.58.Neither credit cards nor debit cards are money, but credit cards are very different fromdebit cards. Credit cards are not a medium of exchange, but are a means of deferring payment. Debit cards allow the user immediate access to deposits in a bank account, which are part of the money supply.59. a. real interest ratesd. real outputd. real wages60.There are occasional short-lived periods of negative real GDP growth. However, in most years real GDP increases. The years of increase are more frequent and the increases large enough that over long periods of time real GDP increases despite the occasional declines. The long-run upward trend in real GDP is due to increases in the labor force and capital stock, and advances in technological knowledge.61.Variables that fall along with real GDP include; employment, incomes, investment, sales,home purchases. GDP may be measured as either the production or expenditures of final goods and services. It follows that any other variable that could be used to measure production or expenditures, employment or sales for example, will generally move in the same direction as real GDP.62.As consumers become pessimistic about the future of the economy, they cut their expenditures so thataggregate demand shifts left and output falls. The president and Congress could adjust fiscal policy to increase aggregate demand. They could either increase government spending, or cut taxes, or both.63.As income falls, unemployment rises. More people will apply for unemployment compensation from thegovernment and so government spending rises. An increase in government spending tends to increase aggregate demand, output, and income.。
宏观经济学英文题
宏观经济学英⽂题Macroeconomics, 8e (Parkin) Testbank 2Chapter 6 Monitoring Jobs and the Price Level1) Which of the following statements is incorrect?A) The labor force is equal to the number of people employed plus the number of people unemployed.B) The working age population includes everyone over the age of 16.C) The unemployment rate is the number of persons who are unemployed divided by the labor force then times 100.D) The labor-force participation rate is the labor force divided by the working-age population then times 100.2) Which of the following is NOT included in the working-age population?A) discouraged workersB) people waiting to be called back to a job after being laid offC) retirees under the age of 55D) people in prison3) All people in the working-age population can be divided intoA) labor force participants.B) employed, unemployed, or not in the labor force.C) either over-employed or under-employed.D) potential employees.4) The ________ equals the number of ________.A) labor force; persons over 16 years oldB) labor force; unemployed and employed personsC) working age population; employed personsD) unemployment rate; people unemployed5) The labor force is defined as peopleA) who have a job or are looking for a job.B) in the working-age population who have a job.C) in the working-age population who have a full time job.D) who are 16 years of age or older.6) Which population category equals the sum of employed and unemployed people?A) working-age populationB) labor forceC) young and institutionalizedD) not in the labor force7) The ________ is the total number of people aged 16 years and older (and not in jail, hospital or institutional care) while the ________ is the number of people employedand the unemployed.A) labor force; working-age populationB) labor force participation rate; labor forceC) working-age population; labor forceD) working-age population; labor force participation rate8) The labor force is defined as the number ofA) people 16 and over.B) unemployed people.C) people with jobs, both part-time and full-time.D) people who are employed and unemployed.9) The labor force is defined as theA) number of people over 16 years of age.B) number of people who are working.C) sum of employed and unemployed people.D) number of people in blue-collar jobs.10) The labor force is defined as theA) number of employed people plus the number of unemployed people.B) number of people who are working.C) number of people who are working in labor-type jobs.D) number of union members who are working.11) The labor force includesA) only the number of people employed.B) discouraged workers.C) only the number of people unemployed.D) both employed and unemployed workers.12) The official unemployment estimatesA) include persons without a job who have made efforts in the last week to find a job.B) include persons without a job, whether they are actively searching for work or not.C) count discouraged workers as unemployed.D) count as unemployed people with part-time jobs who want full-time jobs.13) The unemployment rate is calculatedA) using a survey of 60,000 households.B) by totaling state unemployment claims.C) by totaling federal unemployment claims.D) by surveying unemployment offices around the country.14) Which of the following best fits the definition of unemployed?A) retired and not workingB) working less than a full work weekC) not working but looking for a jobD) not working and not looking for work15) Which of the following people would be considered unemployed by the Bureau of Labor Statistics?I. Mrs. X retires from her job at the age of 55 and does not look for another job.II. Mr. Y was laid off from his job as a welder, but expects to be rehired in 8 months.A) I onlyB) II onlyC) both I and IID) neither I nor II16) Which of the following would NOT be considered unemployed?A) a new entrant to the labor forceB) a job leaver who is looking for a better jobC) an individual fired by her employerD) a newly retired worker17) Using the definition of unemployment, which of the following individuals would be unemployed?A) A full-time student quits school, enters the labor market for the first time, and searchesfor employment.B) Because of the increased level of automobile imports, an employee of General Motorsis laid off but expects to be called back to work soon.C) Because of a reduction in the military budget, your next door neighbor loses her job ina plant where nuclear warheads are made and must look for a new job.D) All of these individuals are unemployed.18) The unemployment rate equals 100 times the number ofA) unemployed workers.B) unemployed workers divided by the population.C) unemployed workers divided by the number of employed workers.D) unemployed workers divided by the labor force.19) The unemployment rate equals 100 timesA) (the number of unemployed workers)/(the number of employed + unemployedworkers).B) (the number of unemployed workers)/(the civilian population).C) (the number of unemployed workers)/(the U.S. population older than 16 years of age).D) (the number of unemployed + employed workers)/(U.S. population older than 16 years of age).20) The unemployment rate equalsA) the total number of people without jobs in a given period.B) the percentage of the population not currently employed.C) the rate of change in unemployment figures from one period to another.D) the percentage of the labor force currently unemployed.。
英文版宏观经济学期末考试试卷(附答案)
1．In the United States real GDP is reported each quarter.a. These numbers are adjusted to make them measure at annual and seasonallyadjusted rates.b. These numbers are adjusted to make them annual rates, but no adjustment forseasonal variations are made.c. These numbers are quarterly rates that have been seasonally adjusted.d. These numbers are at quarterly rates and have not been seasonally adjusted.2．The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase bya. more than 1 percent.b. less than 1 percent.c. 1 percent.d. It is impossible to make an informed guess without more information.3．If increases in the prices of U.S. medical care cause the CPI to increase by 2 percent, the GDP deflator will likely increase bya. more than 2 percent.b. 2 percent.c. less than 2 percent.d. All of the above are correct.4．The traditional view of the production process is that capital is subject toa. constant returns.b. increasing returns.c. diminishing returns.d. diminishing returns for low levels of capital, and increasing returns for highlevels of capital.5．Which of the following is correct?a. Political instability can reduce foreign investment, reducing growth.b. Gary's Becker proposal to pay mothers in developing countries to keep theirchildren in school has not worked very well in practice.c. Policies designed to prevent imports from other countries generally increaseeconomic growth.d. All of the above are correct.6．Use the following table to answer the following question.Assume that the closing price was also the average price at which each stock transaction took place. What was the total dollar volume of Gillette stock traded that day?a. $912,840,000b. $91,284,000c. $9,128,400d. $912,8407．Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 2,500 Consumption equals 6,500 and Government expenditures equal 2,000. What are private saving, public saving, and national saving?a. 1500, 1000, 500b. 1000, 500, 1500c. 500, 1500, 1000d. None of the above are correct.8．Risk-averse people will choose different asset portfolios than people who are not risk averse. Over a long period of time, we would expect thata. every risk-averse person will earn a higher rate of return than every non-risk averse person.b. every risk-averse person will earn a lower rate of return than every non-risk averse person.c. the average risk-averse person will earn a higher rate of return than the average non-risk averseperson.d. the average risk-averse person will earn a lower rate of return than the average non-risk averse person.9．The natural rate of unemployment is thea. unemployment rate that would prevail with zero inflation.b. rate associated with the highest possible level of GDP.c. difference between the long-run and short-run unemployment rates.d. amount of unemployment that the economy normally experiences.10．Suppose that the reserve ratio is 5 percent and that a bank has $1,000 in deposits. Its required reserves area. $5.b. $50.c. $95.d. $950.11．Suppose a bank has $200,000 in deposits and $190,000 in loans. It has a reserve ratio ofa. 5 percentb. 9.5 percentc. 10 percentd. None of the above is correct.12．The inflation taxa. transfers wealth from the government to households.b. is the increase in income taxes due to lack of indexation.c. is a tax on everyone who holds money.d. All of the above are correct.13．In 1898, prospectors on the Klondike River discovered gold. This discovery caused an unexpected price levela. decrease that helped creditors at the expense of debtors.b. decrease that helped debtors at the expense of creditors.c. increase that helped creditors at the expense of debtors.d. increase that helped debtors at the expense of creditors.14．Ivan, a Russian citizen, sells several hundred cases of caviar to a restaurant chain in the United States. By itself, this salea. increases U.S. net exports and has no effect on Russian net exports.b. increases U.S. net exports and decreases Russian net exports.c. decreases U.S. net exports and has no effect on Russian net exports.d. decreases U.S. net exports and increases Russian net exports. 15．Suppose that the real exchange rate between the United States and Kenya is defined in terms of baskets of goods. Which of the following will increase the real exchange rate (that is increase the number of baskets of Kenyan goods a basket of U.S. goods buys)?a. an increase in the number of Kenyan shillings that can be purchased with a dollarb. an increase in the price of U.S. baskets of goodsc. a decrease in the price in Kenyan shillings of Kenyan goodsd. All of the above are correct.16．Use the (hypothetical) information in the following table to answer the next question.In real terms, U.S. goods are more expensive than goods in which country(ies)?a. Brazil and Mexicob. Japan, Sweden, and Thailandc. Japan and Swedend. Thailand.17．Which of the following would tend to shift the supply of dollars in foreign-currency exchange market of the open-economy macroeconomic model to the left?a. The exchange rate rises.b. The exchange rate falls.c. The expected rate of return on U.S. assets rises.d. The expected rate of return on U.S. assets falls.18．The real exchange rate equals the relativea. price of domestic and foreign currency.b. price of domestic and foreign goods.c. rate of domestic and foreign interest.d. None of the above is correct.19．In the open-economy macroeconomic model, if the supply of loanable funds increases, the interest ratea. and the real exchange rate increase.b. and the real exchange rate decrease.c. increases and the real exchange rate decreases.d. decreases and the real exchange rate increases.20．For the followingquestion, use the graph below.The initial effect of an increase in the budget deficit in the loanable funds market isillustrated as a move from a. a to b. b. a to c. c. c to b.d. c to d.21．When the government spends more, the initial effect is that a. aggregate demand shifts right. b. aggregate demand shifts left. c. aggregate supply shifts right.d. aggregate supply shifts left.22．Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the minimum wage, a major new discovery of oil, a large influx of immigrants, and new environmental regulations that reduce electricity production. In the short run, we would expect a. the price level to rise and real GDP to fall. b. the price level to fall and real GDP to rise.c. the price level and real GDP both to stay the same.d. All of the above are possible.23．Suppose the economy is in long-run equilibrium. In a short span of time, there is a large influx of skilled immigrants, a major new discovery of oil, and a major new technological advance in electricity production. In the short run, we would expect a. the price level to rise and real GDP to fall. b. the price level to fall and real GDP to rise. c. the price level and real GDP both to stay the same.d. All of the above are possible.24．According to liquidity preference theory, the money supply curve is a. upward sloping.b. downward sloping.c. vertical.d. horizontal.25．When the Fed buys government bonds, the reserves of the banking system a. increase, so the money supply increases. b. increase, so the money supply decreases. c. decrease, so the money supply increases.d. decrease, so the money supply decreases. 26．According to the theory of liquidity preference, an increase in the price level causes the a. interest rate and investment to rise. b. interest rate and investment to fall. c. interest rate to rise and investment to fall.d. interest rate to fall and investment to rise.27．If the stock market crashes, a. aggregate demand increases, which the Fed could offset by increasing the money supply. b. aggregate demand increases, which the Fed could offset by decreasing the money supply. c. aggregate demand decreases, which the Fed could offset by increasing the money supply.d. aggregate demand decreases, which the Fed could offset by decreasing the money supply.28．If the MPC = 3/5, then the government purchases multiplier isa.5/3. b.5/2.c. 5.d. 15.29．If the government raises government expenditures, in the short run, pricesa. rise and unemployment falls.b. fall and unemployment rises.c. and unemployment rise.d. and unemployment fall.30．If the long-run Phillips curve shifts to the left, for any given rate of money growth and inflation the economy will havea. higher unemployment and lower output.b. higher unemployment and higher output.c. lower unemployment and lower output.d. lower unemployment and higher output.31．When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.F32．In countries where women are discriminated against, policies that increase their career and educational opportunities are likely to increase the birth rate.F 33．Michael Kramer found that world growth rates have increased as population has.T34．Suppose a small closed economy has GDP of $5 billion, Consumption of $3 billion, and Government expenditures of $1 billion. Then domestic investment and national saving are both $1 billion.T35．According to the efficient markets hypothesis, at any moment in time, the market price is the best guess of the company's value based on available information.T36．According to the efficient markets hypothesis, stocks follow a random walk so that stocks that increase in price one year are more likely to increase than decrease in the next year.F37．In the United States, blacks and whites have similar labor force participation rates, but blacks have a higher unemployment rate.T 38．According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.F39．In the months of November and December, people in the United States hold a larger part of their money in the form of currency because they intend to shop for the holidays. As a result, the money supply increases, ceteris paribus.F40．In the 1990s, U.S. prices rose at about the same rate as in the 1970s.F41．According to the theory of purchasing-power parity, the real exchange rate defined as foreign goods per unit of U.S. goods will equal the domestic price level divided by the foreign price level.F42．Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange market.T43．If policymakers impose import restrictions on automobiles, the U.S. trade deficit would shrink.F44．Most economists believe that classical theory explains the world in the short run, but not the long run.F45．Because not all prices adjust instantly to changing conditions, an unexpected fall in the price level leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and services they produce.T46．All explanations for the upward slope of the short-run aggregate supply curve suppose that output supplied increases when the price level increases more than expected.T47．Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther than the increase in government expenditures.T48．During recessions, the government tends to run a budget deficit.T49．If macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in the short run.T50．The analysis of Friedman and Phelps argues that any change in inflation that is expected has no impact on the unemployment rate.T三、名词解释(每小题 2 分，共 10 分)51．diminishing returns: the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.52．nominal exchange rate: the rate at which a person can trade the currency of one country for the currency of another.53．crowding-out effect: the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.54．stagflation: a period of falling output and rising prices.55．automatic stabilizers: changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action.四、简答题( 8题中任选6题；每小题 5分，共30 分)56．Why are property rights important for the growth of a nation's standard of living?Property rights are an important prerequisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financial assets of the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living.57．Suppose that you are a broker and people tell you the following about themselves. What sort of bond would you recommend to each? Defend your choices.a. "I am in a high federal income tax bracket and I don't want to take very much risk."A municipal bond, because generally they have low credit risk and are not subject to federal income tax.b. "I want a high return and I am willing to take a lot of risk to get it."A junk bond. Because of their high risk, they have a high return.c. "I want a decent return and I have enough deductions that I don't value tax breaks highly."A corporate bond that isn't a junk bond. Because they have more risk than government bonds and have nospecial tax treatment, they pay moderate rates of return.58．Draw a simple T-account for First National Bank of Me, which has $5,000 of deposits, a reserve ratio of 10 percent, and excess reserves of $300.First National Bank of MeAssets LiabilitiesReserves $800 Deposits $5,000Loans $4,20059．What are the costs of inflation?The costs of inflation include "shoeleather costs," the cost of reducing your money holdings to reduce your inflation tax; "menu costs," the costs of price adjustments; the costs of resource misallocation that result from the relative-price variability induced by inflation; the costs of inflation-induced tax distortions; the costs of confusion and inconvenience; and the costs associated with the arbitrary redistribution of wealth that accompany unexpected inflation.60．Make a list of things that would shift the long-run aggregate supply curve to the right.Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, more generous unemployment insurance, an increase in the capital stock, an increase in the average level of education, a discovery of new mineral deposits, technology, and removal of barriers to international trade.61．Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supply curves.Over time technological advances cause the long-run aggregate supply curve to shift right. Increases in the money supply cause the aggregate demand curve to shift right. Output growth puts downward pressure on the price level, but money supply growth contributes to rising prices.62．Why do economists think that the wealth effect and exchange-rate effect are not very important factors in explaining why aggregate demand slopes downward, at least in the United States?The wealth effect is not very important because it operates through changes in the real value of money, and money is only a small fraction of household wealth. So it is unlikely that changes in the price level will lead to large changes in consumption spending through this channel. The exchange-rate effect is not very important in the United States because trade with other countries represents a relatively small fraction of U.S. GDP.63．Describe the process in the money market by which the interest rate reaches its equilibrium value if it starts above equilibrium.If the interest rate is above equilibrium, there is an excess supply of money. People with more money than they want to hold given the current interest rate deposit the money in banks and buy bonds. The increase in funds to lend out causes the interest rate to fall. As the interest rate falls, the quantity of money demanded increases, which tends to diminish the excess supply of money. 64. Assume the economy is in a recession. Explain how each of the following policies would affect consumption and investment. In each case, indicate any direct effects, any effects resulting from changes in total output, any effects resulting from changes in interest rate, and the overall effect. If there are conflicting effects making the answer ambiguous, say so. a). a reduction in taxes; b) an expansion of the money supply.a) 税收减少增加了储蓄的收益、减少了投资的成本，但税收减少对储蓄和投资的影响要视情况而定。
宏观经济学期末考试试卷(附答案).doc
一、选择题（本题包含30小题，每题？分，共？分）1.Real GDPa.evaluates current production at current prices.b? evaluates current production at the prices that prevailed in some specific year in thepast?c.is not a valid measure of the economy's performance, since prices change from year toyear?d.is a measure of the value of goods only, hence, it excludes the value of services ?2.The steps involved in calculating the consumer price index include, in order:a.choose a base year, fix the basket, compute the inflation rate, compute the basket's cost,and compute the index ?b? choose a base year, find the prices, fix the basket, compute the basket's cost, andcompute the index?c.fix the basket, find the prices, compute the basket's cost, choose a base year andcompute the index?d.fix the basket, find the prices, compute the inflation rate, choose a base year andcompute the index?3.Suppose the price of a quart of milk rises from $1 to $1.25 and the price of a T-shirt rises from $8 to $ 10. If the CPI rises from 150 to 175 people will likely buya.more milk and more T-shirts ?b? more milk and fewer T-shirts ?c.less milk and more T-shirts?d.less milk and fewer T-shirts.4? Which of the following is correct?a.Countries with the highest growth rates over the last 100 years are the ones thathad the highest level of real GDP 100 years ago.b? Most countries have had little fluctuation around their average growth rates during the past 100 years ?得分评卷人分）［请单击此处编辑题目］（每小题分，共。
双语宏观经济学试卷
2007-2008学年第一学期《宏观经济学》(双语)（306010233）期末考试试题（A卷）考试对象：商学院工商管理专业2006级本期末试卷满分为100分，占课程总成绩的100%。
答题要求：1．请将所有答案统一写在答题纸上，不按要求答题的，责任考生自负。
2．答题纸与试卷一同交回，否则酌情扣分。
试卷的解答一律用英语作答。
1.Please label each of the following statements true, false or uncertain. Explain briefly.(20 Points, 2 points for each question)(1)If a high unemployment rate discourages workers from looking for work, theunemployment rate can be a poor indicator of labor market conditions. To assess the situation, one must also look at the participation. (true)(2)The rate of inflation computed using the CPI is a better index of inflation than the rate ofinflation computed using the GDP deflator.(uncertain)(3)The propensity to consume has to be positive, but otherwise it can take on any positivevalue. (F)(4)An increase of one unit in government spending leads to an increase of one unit inequilibrium output.(F)(5)The central bank can increase the supply of money by selling bonds in the market forbonds.(F)(6)By construction, bonds prices and interest rates always move in opposite directions.(T)(7)An increase in government spending decreases investment.(uncertain)(8)An increase in output at a constant interest rate can only be achieved using amonetary-fiscal policy mix.(T)(9)It may be in the best i nterest of employers to pay wages higher than their workers’reservation wage. (F)(10)Expansionary monetary policy has no effect on the level of output in the medium run.T2.Suppose that money demand is given byM d=$Y (0.35-i)Where $Y is $100, Also, suppose that the supply of money is $20, assume equilibrium in financial markets.a)what is the interest rate?b)If the federal Reserve Bank wants to increase i by 10%, at what level should it set thesupply of money? (10 points, 5 points for each question)3.Suggest a policy mix to achieve the following objectives: (10 points, 5 points for each question )a)Increase Y while keeping i constant.b)Decrease the fiscal deficit while keeping Y constant. What happens to i? toinvestment?4. Suppose that the f irm’s markup over costs is 5%, and the wage-setting equation is W=P(1-u), where u is the unemployment rate.a)What is the real wage as determined by the pricing-setting equation?b)What is the natural rate of unemployment?c)Suppose that the markup of prices over costs increases to 10%. What happens to thenatural rate of unemployment? Explain the logic behind your answer. (20 Points, 5 points for each question)5. Using AD-AS model to show the effects of an increase in consumer confidence on the position of the AD, AS, IS, and LM curves in the medium run. Then show the effect on output, the interest rate, and the price level, also in the medium run. Assume that before the changes, the economy was at the natural level of output. (20 Points)6. Suppose that the economy can be described by the following three equations: (20 points, 5 points for each question)%)5(1--=--t t t u ππ%)3(4.01--=--yt t t g u ut m t yt g g π-=a) What is the natural rate of unemployment for this economy?b) Suppose that the unemployment rate is equal to the natural rate, and that the inflation rateis 8%. What is the growth rate of output? What is the growth rate of the money supply? c) Suppose that conditions are as in (b), when in year t, the authorities use monetary policyto reduce the inflation rate to 4% in year t and keep it there. What must happen to the unemployment rate in years t, t+1, t+2, …? What must happen to the rate of growth of output in years t, t+1, t+2, …? What must be the rate of nominal money growth in years t, t+1, t+2, …?。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
1．In the United States real GDP is reported each quarter.a. These numbers are adjusted to make them measure at annual and seasonallyadjusted rates.b. These numbers are adjusted to make them annual rates, but no adjustment forseasonal variations are made.c. These numbers are quarterly rates that have been seasonally adjusted.d. These numbers are at quarterly rates and have not been seasonally adjusted.2．The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase bya. more than 1 percent.b. less than 1 percent.c. 1 percent.d. It is impossible to make an informed guess without more information.3．If increases in the prices of U.S. medical care cause the CPI to increase by 2 percent, the GDP deflator will likely increase bya. more than 2 percent.b. 2 percent.c. less than 2 percent.d. All of the above are correct.4．The traditional view of the production process is that capital is subject toa. constant returns.b. increasing returns.c. diminishing returns.d. diminishing returns for low levels of capital, and increasing returns for highlevels of capital.5．Which of the following is correct?a. Political instability can reduce foreign investment, reducing growth.b. Gary's Becker proposal to pay mothers in developing countries to keep theirchildren in school has not worked very well in practice.c. Policies designed to prevent imports from other countries generally increaseeconomic growth.d. All of the above are correct.6．Use the following table to answer the following question.Assume that the closing price was also the average price at which each stock transaction took place. What was the total dollar volume of Gillette stock traded that day?a. $912,840,000b. $91,284,000c. $9,128,400d. $912,8407．Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 2,500 Consumption equals 6,500 and Government expenditures equal 2,000. What are private saving, public saving, and national saving?a. 1500, 1000, 500b. 1000, 500, 1500c. 500, 1500, 1000d. None of the above are correct.8．Risk-averse people will choose different asset portfolios than people who are not risk averse. Over a long period of time, we would expect thata. every risk-averse person will earn a higher rate of return than every non-risk averse person.b. every risk-averse person will earn a lower rate of return than every non-risk averse person.c. the average risk-averse person will earn a higher rate of return than the average non-risk averseperson.d. the average risk-averse person will earn a lower rate of return than the average non-risk averse person.9．The natural rate of unemployment is thea. unemployment rate that would prevail with zero inflation.b. rate associated with the highest possible level of GDP.c. difference between the long-run and short-run unemployment rates.d. amount of unemployment that the economy normally experiences.10．Suppose that the reserve ratio is 5 percent and that a bank has $1,000 in deposits. Its required reserves area. $5.b. $50.c. $95.d. $950.11．Suppose a bank has $200,000 in deposits and $190,000 in loans. It has a reserve ratio ofa. 5 percentb. 9.5 percentc. 10 percentd. None of the above is correct.12．The inflation taxa. transfers wealth from the government to households.b. is the increase in income taxes due to lack of indexation.c. is a tax on everyone who holds money.d. All of the above are correct.13．In 1898, prospectors on the Klondike River discovered gold. This discovery caused an unexpected price levela. decrease that helped creditors at the expense of debtors.b. decrease that helped debtors at the expense of creditors.c. increase that helped creditors at the expense of debtors.d. increase that helped debtors at the expense of creditors.14．Ivan, a Russian citizen, sells several hundred cases of caviar to a restaurant chain in the United States. By itself, this salea. increases U.S. net exports and has no effect on Russian net exports.b. increases U.S. net exports and decreases Russian net exports.c. decreases U.S. net exports and has no effect on Russian net exports.d. decreases U.S. net exports and increases Russian net exports. 15．Suppose that the real exchange rate between the United States and Kenya is defined in terms of baskets of goods. Which of the following will increase the real exchange rate (that is increase the number of baskets of Kenyan goods a basket of U.S. goods buys)?a. an increase in the number of Kenyan shillings that can be purchased with a dollarb. an increase in the price of U.S. baskets of goodsc. a decrease in the price in Kenyan shillings of Kenyan goodsd. All of the above are correct.16．Use the (hypothetical) information in the following table to answer the next question.In real terms, U.S. goods are more expensive than goods in which country(ies)?a. Brazil and Mexicob. Japan, Sweden, and Thailandc. Japan and Swedend. Thailand.17．Which of the following would tend to shift the supply of dollars in foreign-currency exchange market of the open-economy macroeconomic model to the left?a. The exchange rate rises.b. The exchange rate falls.c. The expected rate of return on U.S. assets rises.d. The expected rate of return on U.S. assets falls.18．The real exchange rate equals the relativea. price of domestic and foreign currency.b. price of domestic and foreign goods.c. rate of domestic and foreign interest.d. None of the above is correct.19．In the open-economy macroeconomic model, if the supply of loanable funds increases, the interest ratea. and the real exchange rate increase.考生答题不得过此线∶∶∶∶∶∶∶∶∶∶∶∶∶∶密∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶封∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶线∶∶∶∶∶∶∶∶∶∶∶∶∶∶ 任课教师：教学班号：姓名：学号：∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶装∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶订∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶线∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶ b. and the real exchange rate decrease.c. increases and the real exchange rate decreases.d. decreases and the real exchange rate increases.20．For the following question, use the graph below.The initial effect of an increase in the budget deficit in the loanable funds market isillustrated as a move from a. a to b. b. a to c. c. c to b.d. c to d.21．When the government spends more, the initial effect is that a. aggregate demand shifts right. b. aggregate demand shifts left. c. aggregate supply shifts right.d. aggregate supply shifts left.22．Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the minimum wage, a major new discovery of oil, a large influx of immigrants, and new environmental regulations that reduce electricity production. In the short run, we would expect a. the price level to rise and real GDP to fall. b. the price level to fall and real GDP to rise.c. the price level and real GDP both to stay the same.d. All of the above are possible.23．Suppose the economy is in long-run equilibrium. In a short span of time, there is a large influx of skilled immigrants, a major new discovery of oil, and a major new technological advance in electricity production. In the short run, we would expect a. the price level to rise and real GDP to fall. b. the price level to fall and real GDP to rise. c. the price level and real GDP both to stay the same.d. All of the above are possible.24．According to liquidity preference theory, the money supply curve is a. upward sloping.b. downward sloping.c. vertical.d. horizontal.25．When the Fed buys government bonds, the reserves of the banking system a. increase, so the money supply increases. b. increase, so the money supply decreases. c. decrease, so the money supply increases.d. decrease, so the money supply decreases. 26．According to the theory of liquidity preference, an increase in the price level causes the a. interest rate and investment to rise. b. interest rate and investment to fall. c. interest rate to rise and investment to fall.d. interest rate to fall and investment to rise.27．If the stock market crashes, a. aggregate demand increases, which the Fed could offset by increasing the money supply. b. aggregate demand increases, which the Fed could offset by decreasing the money supply. c. aggregate demand decreases, which the Fed could offset by increasing the money supply.d. aggregate demand decreases, which the Fed could offset by decreasing the money supply.28．If the MPC = 3/5, then the government purchases multiplier isa.5/3. b. 5/2.c. 5.d. 15.29．If the government raises government expenditures, in the short run, pricesa. rise and unemployment falls.b. fall and unemployment rises.c. and unemployment rise.d. and unemployment fall.30．If the long-run Phillips curve shifts to the left, for any given rate of money growth and inflation the economy will havea. higher unemployment and lower output.b. higher unemployment and higher output.c. lower unemployment and lower output.d. lower unemployment and higher output.31．When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.F32．In countries where women are discriminated against, policies that increase their career and educational opportunities are likely to increase the birth rate.F 33．Michael Kramer found that world growth rates have increased as population has.T34．Suppose a small closed economy has GDP of $5 billion, Consumption of $3 billion, and Government expenditures of $1 billion. Then domestic investment and national saving are both $1 billion.T35．According to the efficient markets hypothesis, at any moment in time, the market price is the best guess of the company's value based on available information.T36．According to the efficient markets hypothesis, stocks follow a random walk so that stocks that increase in price one year are more likely to increase than decrease in the next year.F37．In the United States, blacks and whites have similar labor force participation rates, but blacks have a higher unemployment rate.T 38．According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.F39．In the months of November and December, people in the United States hold a larger part of their money in the form of currency because they intend to shop for the holidays. As a result, the money supply increases, ceteris paribus.F40．In the 1990s, U.S. prices rose at about the same rate as in the 1970s.F41．According to the theory of purchasing-power parity, the real exchange rate defined as foreign goods per unit of U.S. goods will equal the domestic price level divided by the foreign price level.F42．Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange market.T43．If policymakers impose import restrictions on automobiles, the U.S. trade deficit would shrink.F44．Most economists believe that classical theory explains the world in the short run, but not the long run.F45．Because not all prices adjust instantly to changing conditions, an unexpected fall in the price level leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and services they produce.T46．All explanations for the upward slope of the short-run aggregate supply curve suppose that output supplied increases when the price level increases more than expected.T47．Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther than the increase in government expenditures.T48．During recessions, the government tends to run a budget deficit.T49．If macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in the short run.T50．The analysis of Friedman and Phelps argues that any change in inflation that is expected has no impact on the unemployment rate.T三、名词解释(每小题 2 分，共 10 分)51．diminishing returns: the property whereby the benefit from an extra unit of an inputdeclines as the quantity of the input increases.52．nominal exchange rate: the rate at which a person can trade the currency of onecountry for the currency of another.53．crowding-out effect: the offset in aggregate demand that results when expansionaryfiscal policy raises the interest rate and thereby reduces investment spending.54．stagflation: a period of falling output and rising prices.55．automatic stabilizers: changes in fiscal policy that stimulate aggregate demand whenthe economy goes into a recession without policymakers having to take any deliberateaction.四、简答题( 8题中任选6题；每小题 5分，共30 分)56．Why are property rights important for the growth of a nation's standard of living?Property rights are an important prerequisite for the price system to work in a marketeconomy. If an individual or company is not confident that claims over property or overthe income from property can be protected, or that contracts can be enforced, there willbe little incentive for individuals to save, invest, or start new businesses. Likewise, therewill be little incentive for foreigners to invest in the real or financial assets of thecountry. The distortion of incentives will reduce efficiency in resource allocation andwill reduce saving and investment which in turn will reduce the standard of living.57．Suppose that you are a broker and people tell you the following about themselves. Whatsort of bond would you recommend to each? Defend your choices.a. "I am in a high federal income tax bracket and I don't want to take very much risk."A municipal bond, because generally they have low credit risk and are not subject tofederal income tax.b. "I want a high return and I am willing to take a lot of risk to get it."A junk bond. Because of their high risk, they have a high return.c. "I want a decent return and I have enough deductions that I don't value tax breaks highly."A corporate bond that isn't a junk bond. Because they have more risk than government bonds and have nospecial tax treatment, they pay moderate rates of return.58．Draw a simple T-account for First National Bank of Me, which has $5,000 of deposits, a reserve ratio of 10percent, and excess reserves of $300.First National Bank of MeAssets LiabilitiesReserves $800 Deposits $5,000Loans $4,20059．What are the costs of inflation?The costs of inflation include "shoeleather costs," the cost of reducing your money holdings to reduce yourinflation tax; "menu costs," the costs of price adjustments; the costs of resource misallocation that resultfrom the relative-price variability induced by inflation; the costs of inflation-induced tax distortions; thecosts of confusion and inconvenience; and the costs associated with the arbitrary redistribution of wealththat accompany unexpected inflation.60．Make a list of things that would shift the long-run aggregate supply curve to the right.Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, moregenerous unemployment insurance, an increase in the capital stock, an increase in the average level ofeducation, a discovery of new mineral deposits, technology, and removal of barriers to international trade.61．Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supplycurves.考生答题不得过此线∶∶∶∶∶∶∶∶∶∶∶∶∶∶密∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶封∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶线∶∶∶∶∶∶∶∶∶∶∶∶∶∶ 任课教师：教学班号：姓名：学号：∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶装∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶订∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶线∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶∶Over time technological advances cause the long-run aggregate supply curve to shift right. Increases in the money supply cause the aggregate demand curve to shift right. Output growth puts downward pressure on the price level, but money supply growth contributes to rising prices.62．Why do economists think that the wealth effect and exchange-rate effect are not veryimportant factors in explaining why aggregate demand slopes downward, at least in the United States?The wealth effect is not very important because it operates through changes in the real value of money, and money is only a small fraction of household wealth. So it is unlikely that changes in the price level will lead to large changes in consumption spending through this channel. The exchange-rate effect is not very important in the United States because trade with other countries represents a relatively small fraction of U.S. GDP.63．Describe the process in the money market by which the interest rate reaches itsequilibrium value if it starts above equilibrium.If the interest rate is above equilibrium, there is an excess supply of money. People with more money than they want to hold given the current interest rate deposit the money in banks and buy bonds. The increase in funds to lend out causes the interest rate to fall. As the interest rate falls, the quantity of money demanded increases, which tends to diminish the excess supply of money.64. Assume the economy is in a recession. Explain how each of the following policies would affect consumption and investment. In each case, indicate any direct effects, any effects resulting from changes in total output, any effects resulting from changes in interest rate, and the overall effect. If there are conflicting effects making the answer ambiguous, say so. a). a reduction in taxes; b) an expansion of the money supply. a) 税收减少增加了储蓄的收益、减少了投资的成本，但税收减少对储蓄和投资的影响要视情况而定。