曼昆《经济学原理》(宏观)第五版测试题库 (26)
曼昆第五版复习经济学原理试题 (1)
一、选择题：（每小题1分，共20分）1.一国的生产可能性曲线上的点表示（D）A.通货膨胀B.该国可利用的资源减少及技术水平降低C.失业或者资源没有被充分利用D.社会使用既定的生产资源所能生产商品的最大组合2.学校里一块新停车场的机会成本是（ C ）A.由此引发的所有费用B.由用于建造停车场的机器设备的折旧大小决定C. 由用于其他用途产生的最大价值决定D.由在停车场停车所需的费用来决定3.下列有关无差异曲线的特点说法正确的是（ A ）A. 无差异曲线的斜率为负值B. 同一平面中，两条无差异曲线可能会相交于一点C. 无差异曲线向右上方倾斜，并凸向原点D.离原点越远，无差异曲线代表的效用水平越小4. 如果商品A和B是替代的，则A的价格下降将造成（ D ）A.A的需求曲线向右移动B.A的需求曲线向左移动B.B的需求曲线向右移动D.B的需求曲线向左移动5.两种商品中若其中的一种价格变化时，这两种商品的购买量同时增加或减少，则这两种商品的交叉价格弹性系数为（ A ）A.负B.正C. 零D. 16.市场均衡要求（ D ）A.政府平衡供求双方的力量B.价格与数量相等C.价格保持不变D.在某一价格水平上，买者想要购买的数量恰好等于卖者想卖的数量7. 当总效用增加时，边际效用应该（ C ）A.为正值，并其值不断增加B. 为负值，并其值不断减少C.为正值，并其值不断减少D. 以上任何一种情况都有可能8.当生产函数Q=f （ L，K ）的APL为递减时，则MPL（ D ）。
A.递减且为正B.递减且为负C.为零D.上述情况都可能9.在以下四种情况中，哪一种实现了生产要素的最适组合：（ C ）A. MPK / PK<MPL/ PLB. MPK / PK>MPL / PLC. MPK / PK=MPL/ PLD. MPK / PK ≥MPL/ PL10.边际成本低于平均成本时（ B ）。
A.平均成本上升B.平均成本下降C.成本下降D.平均可变成本上升11.长期边际成本曲线呈U型的原因是（ A ）。
曼昆《经济学原理(宏观经济学分册)》章节题库(生活费用的衡量)【圣才出品】
①替代偏差：由于 CPI 衡量固定的一篮子产品的价格，所以，它没有反映出消费者用 相对价格下降的产品迚行替代的能力，所以 慢。
②新产品的引迚：当一种新产品迚入市场时，消费者的状况变好了，因为消费者有了更 多可供选择的产品。实际上，新产品的引迚提高了本币的实际价值，但本币贩买力的提高幵 没有体现在 CPI 的下降上。
④消费者价格指数难以反映和衡量产品和服务质量。如果一种产品和服务的质量提高了， 而这种产品和服务的价格保持丌变，单位货币的贩买力实际上是上升了；反乊，则下降。但 由于 CPI 的“一篮子”商品和服务的组合是固定的，所以也难以反映和衡量产品和服务质 量。
2．请说明 CPI 不 GDP 平减指数的区别（拉斯派尔指数不帕氏指数的影响）。这两种价 格指数哪一个倾向于高估通胀，原因是什么？
②消费者价格指数没有考虑到消费者的替代倾向。由于 CPI 衡量固定的一篮子物品的 价格，所以，它没有反映消费者用相对价格下降的物品迚行替代的能力。因此，当相对价格 变劢时，真实生活费用的增加比 CPI 慢。
③消费者价格指数没有考虑到新产品或新服务的出现。当新产品或新服务出现后，消费 者有了更多的选择，而更多的选择意味着消费者为了维持既定生活水平所需要支出的钱可以 减少了。因此 CPI 会高估生活费用的变化。
4．当有些商品的价格上升时，消费者会转而贩买价格相对较低的商品。这会导致 CPI 夸大实际的通货膨胀率。（ ）
【答案】√
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圣才电子书 十万种考研考证电子书、题库视频学习平台
【解析】由于 CPI 里的市场一篮子商品是固定丌变的，因此，当某些商品的相对价格 上涨时，仍假定消费者会贩买同涨价前相同数量的物品不劳务。
曼昆《经济学原理》（宏观）第五版测试题库（25）
曼昆《经济学原理》（宏观）第五版测试题库（25）Chapter 25Production and GrowthTRUE/FALSE1. If per capita real income grows by 2 percent per year, then it will double in approximately 20 years.ANS: F DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional2. Over the period 1870-2006, the United States experienced an average annual growth rate of real GDP perperson of about 4 percent per year.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional3. In 2006, income per person in the United States was about 12 times that in India.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional4. Over the period 1900-2006, Brazil’s rate of economic growth exceeded t hat of China.ANS: T DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional5. If a country has a higher level of productivity than another, then it also has a higher level of real GDP.ANS: F DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Analytical6. International data on real GDP per person give us a sense of how standards of living vary across countries. ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Real GDPMSC: Definitional7. Real GDP per person in rich countries, such as Germany, is sometimes more than 10 times that of poorcountries like Pakistan.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Standard of livingMSC: Definitional8. Both the standard of living and the growth of real GDP per person vary widely across countries.NAT: Analytic LOC: Productivity and growthTOP: Standard of living | Real GDP MSC: Definitional9. If they could increase their growth rates slightly, countries with low income would catch up with richcountries in about ten years.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growthTOP: Economic growth | Catch-up effect MSC: Interpretive10. In the United States real GDP per person is about $44,000, while in some poor countries real GDP per personis less than $3,000.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional168311. Although growth rates across countries vary some, rankings of countries by income remain pretty much thesame over time.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional12. International data on the history of real GDP growth rates shows that over the last 100 years or so, richcountries got richer and poor countries got poorer.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional13. Productivity can be computed as number of hours worked divided by output.ANS: F DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Definitional14. Indonesians, for example, have a lower standard of living than Americans because they have a lower level of productivity.ANS: T DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Productivity | Standard of living MSC: Interpretive15. If Country A produces 6,000 units of goods and services using 600 hours of labor, and if Country Bproduces 5,000 units of goods and services using 450 units of labor, then productivity is higher in Country B than in Country A.NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Applicative16. Like physical capital, human capital is a produced factor of production.ANS: T DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Physical capital | Human capital MSC: Interpretive17. Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience.ANS: T DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Human capitalMSC: Definitional18. A forest is an example of a nonrenewable resource.ANS: F DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Natural resourcesMSC: Definitional19. Historical trends in the prices of most natural resources compared to prices of other goods indicate that natural resources have become scarcer over time.ANS: F DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Natural resourcesMSC: Interpretive20. It is possible for a country without a lot of domestic natural resources to have a high standard of living. ANS: T DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Natural resources | Standard of living MSC: Interpretiveword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1685 21. Constant returns to scale is the point on a production function where increasing inputs will no longer increaseoutput.ANS: F DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Constant returns to scaleMSC: Interpretive22. As capital per worker rises, output per worker rises. However, the increase in output per worker from anaddition to capital is smaller, the larger is the existing amount of capital per worker.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Production functionMSC: Analytical23. An increase in the saving rate does not permanently increase the growth rate of real GDP per person. ANS: T DIF: 2 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Saving rateMSC: Definitional24. Other things the same, another unit of capital will increase output by more in a poor country than in a rich country.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growthTOP: Productivity | Diminishing returns MSC: Interpretive25. The catch-up effect refers to the idea that poor countries, despite their best efforts, are not likely ever to experience the economic growth rates of wealthier countries.ANS: F DIF: 2 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Catch-up effectMSC: Interpretive26. Two countries with the same saving rates must have the same growth rate of real GDP per person. ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Saving rate | Catch-up effectMSC: Definitional27. When Americans invest in Russia, the income of Russians (that is, Russian GNP) rises by more than does production in Russia (that is, Russian GDP).ANS: F DIF: 3 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Foreign investmentMSC: Applicative28. If your company opens and operates a branch in a foreign country, you will be engaging in foreign direct investment.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: International trade and finance TOP: Foreign investmentMSC: Definitional29. Investment in human capital has opportunity costs, but investment in physical capital does not.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growthTOP: Opportunity costs | Human capital | Physical capital MSC: Interpretive30. Incentives for parents to send their children to school, such as small monthly payments to parents if their children have regular attendance, appear to increase school attendance.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional31. A country that made its courts less corrupt and its government more stable would likely see its standard of living rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Definitional32. If a country made it easier for people to establish and prove the ownership of their property, real GDP per person would likely rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Interpretive33. Economists generally believe that inward-oriented policies are more likely to foster growth than outward oriented policies.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Trade policyMSC: Definitional34. If a rich country reduced subsidies to domestic producers who produce goods for which poor countries have a comparative advantage, the standard of living in these poor countries would likely rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Trade policyMSC: Definitional35. One reason that governments may find it useful to sponsor universities and basic research is that to a large extent knowledge is generally a private good.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Public goodsMSC: Interpretive36. The population growth rate tends to be higher in developed countries than in developing countries.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional37. In countries where women are discriminated against, policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional38. Countries with high population growth rates tend to have lower levels of educational attainment.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional39. Studies confirm that controlling for other variables such as the percentage of GDP devoted to investment, poor countries tend to grow at a faster rate than rich countries.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Catch-up effectMSC: Definitional40. An increase in capital increases productivity only if it is purchased and operated by domestic residents. ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Foreign investmentMSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1687 41. Other things the same, an economy’s f actors of production are likely to be used more effectively if there is aneconomywide respect for property rights.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Definitional42. Economist Michael Kremer found that world growth rates fell as population increased.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: DefinitionalSHORT ANSWER1. Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbersto compute the percentage increase in real GDP per person from 1987 to 2005.ANS:Real GDP per person in 1987 was $6,435,000/243= about $26,481. Income per person in 2005 was$11,092,000/296.6 = about $37,397. Income per person grew by (37,397 - 26,481)/26,481 = about 41.2 percent. DIF: 1 REF: 25-1 NAT: AnalyticLOC: Productivity and growth T OP: Real GDP | Economic growthMSC: Applicative2. Why is productivity related to the standard of living? In your answer be sure to explain what productivity andstandard of living mean. Make a list of things that determine labor productivity.ANS:The standard of living is a measure of how well people live. Income per person is an important dimension of the standard of living and is positively correlated with other things such as nutrition and life expectancy that make people better off. Productivity measures how much people can produce in an hour. As productivity increases, people can produce more (and use less to produce the same amount) and so their standard of living increases.The factors that determine labor productivity include the amounts of physical capital (equipment and structures), human capital (knowledge and skills), and natural resources available to workers, as well as the state of technological knowledge in society.DIF: 2 REF: 25-1 NAT: AnalyticLOC: Productivity and growth T OP: Productivity | Standard of livingMSC: Interpretive3. What is a production function? Write an equation for a typical production function, and explain what each ofthe terms represents.ANS:A production function is a mathematical representation of the relationship between the quantity of inputs used in production and the quantity of output produced using these inputs. A typical production function could be written as Y = A F(L, K, H, N), where Y denotes the quantity of output, L the quantity of labor, K the quantity of physical capital, H the quantity of human capital, N the quantity of natural resources, and A is a variable that reflects the available production technology.DIF: 2 REF: 25-2 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: Production functionMSC: Interpretive4. What is the difference between human capital and technology?ANS:Technology is society's understanding of production techniques. Human capital is the labor force's understanding of these ideas. A society may have lots of information available about how to produce goods, but still have lots of people who know little of this information. For example, in the United States there exists information about how best to use a butter churn and how to make lye soap, but most people know nothing about it.DIF: 2 REF: 25-2 NAT: AnalyticLOC: Productivity and growth T OP: Human capital | TechnologyMSC: Interpretive5. The catch-up effect says that countries with low income can grow faster than countries with higher income.However, in statistical studies that include many diverse countries we do not observe the catch-up-effectunless we control for other variables that affect productivity. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country's ability to catch up with the rich ones.ANS:The argument that poor countries will tend to catch up with rich ones is based on the idea that another unit of capital will increase output more in a country that has little capital than one that has much capital. So, for a given share of GDP devoted to investment, a poor country will grow faster than a rich one.This argument assumes that other things are the same, but share of GDP invested may be lower in a poor country and the productivity of investment may be less. A politically unstable environment where property rights are unprotected or not securetends to discourage investment. A country that has limited trade because of legal restrictions or geography cannot focus on producing what it produces best and so has lower productivity. To get the most out of investment, or even simply to use some types of new investment, requires having workers who have acquired some basic human capital.DIF: 3 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Catch-up effectMSC: Analytical6. Some data that at first might seem puzzling: The share of GDP devoted to investment was similar for theUnited States and South Korea from 1960-1991. However, during these same years South Korea had a 6percent growth rate of average annual income per person, while the United States had only a 2 percent growth rate. If the saving rates were the same, why were the growth rates so different?ANS:The explanation is based on the concept of diminishing returns to capital. A country that has a lot of income, and so a lot of capital, gains less by adding more capital than does a country that currently has little capital. It is easy to envision how a poor country without much capital could increase its output considerably with even a little more capital.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Investment | Catch-up effect | Diminishing returnsMSC: Analytical7. In addition to investment in physical and human capital, what other public policies might a country adopt toincrease productivity?ANS:In addition to investment in physical and human capital, a country might increase productivity by (a) specifying and enforcing property rights, (b) encouraging free trade, (c) controlling population growth, and (d) promoting research and development. DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Productivity MSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1689 8. Why does a nation’s standard of living depend on property rights?ANS:Property rights are an important prerequisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financial assets of the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Property rightsMSC: Interpretive9. How do outward-oriented policies affect a nation's productivity?ANS:Most economists believe that poor nations are better off pursuing outward-oriented policies that promote free trade. Countries that use their comparative advantage in trade are, in effect, helping themselves through the gains from trade in the same way that nations that develop new technology raise their standard of living. Hence, a country that eliminates trade restrictions will experience the same kind of economic growth that would occur after a major technological advance. Inward-oriented tradepolicies are akin to a country choosing to restrict the use of superior technologies.DIF: 1 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Economic growthMSC: Interpretive10. At first patents might seem like a deterrent to growth because in effect they restrict the use of new technology.Yet many economists believe that patents generate growth. Explain why.ANS:Once someone comes up with an idea it is often easy for others to take advantage of it so that the idea becomes part of a society’s knowledge. So, knowledge is frequently a public good. Without patents an inventor’s reward for research and development of a good idea would be smaller. So, patents increase the incentives for firms and individuals to engage in research. The negative consequences of temporarily restricting the use of new ideas with patents is outweighed by the increase in new ideas that patents induce.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Economic growthMSC: Interpretive11. Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, what kind of policy would you recommend to slow population growth?ANS:Since bearing a child has an opportunity cost, policies designed to increase the opportunity cost of bearing children would likely reduce population growth rates. In particular, women with the opportunity to receive a good education and desirable employment tend to want to have fewer children than do those with fewer opportunities outside the home. Hence, policies designed to increase educational and employment opportunities for women will likely reduce population growth rates without coercion.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Population growth | Standard of livingMSC: Interpretive12. Compare and contrast the population theories of Malthus and Kremer.ANS:The difference is that Malthus predicted that population growth would be greater than growth in the ability to increase output. He believed that people would continue to populate the earth until output reached a subsistence level. On the other hand Kremer argues that population growth increased productivity allowing people to improve their standard of living despite growing population. Kremer argues that with more population comes more innovations. The improvements in technology outweighed any adverse impact of the increase in population on the standard of living.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Population growth | EconomistsMSC: InterpretiveSec00 - Production and GrowthMULTIPLE CHOICE1. The average income in a rich country, such as the United States or Japan, is more thana. 3 times, but less than 5 times, the average income in a poor country, such as Indonesia or Nigeria.b. 5 times, but less than 10 times, the average income in a poor country, such as Indonesia or Nigeria.c.10 times, but less than 20 times, the average income in a poor country, such as Indonesia orNigeria.d.more than 20 times the average income in a poor country, such as Indonesia or Nigeria.ANS: C DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional2. Over the past century in the United States, real GDP per person has grown, on average, by abouta. 1 percent per year.b. 2 percent per year.c. 3 percent per year.d. 5 percent per year.ANS: B DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional3. During the past century the average growth rate of U.S. real GDP per person implies that it doubled, on average, about everya.100 years.b.70 years.c.35 years.d.25 years.ANS: C DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive4. In the United States, as measured by real GDP per person, average income is about how many times as high as average income a century ago?a.2b.4c.6d.8ANS: D DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 16915. Over the last century, U.S. real GDP per person grew at a rate of abouta. 2 percent per year, so that it is now 2 times as high as it was a century ago.b. 2 percent per year, so that it is now 8 times as high as it was a century ago.c. 4 percent per year, so that it is now 2 times as high as it was a century ago.d. 4 percent per year, so that it is now 8 times as high as it was a century ago.ANS: B DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional6. Over the past 100 years, U.S. real GDP per person has doubled about every 35 years. If, in the next 100 years, it doubles every 25 years, then a century from now U.S. real GDP per person will bea. 4 times higher than it is now.b.8 times higher than it is now.c.12 times higher than it is now.d.16 times higher than it is now.ANS: D DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive7. Over the past century in the United States, average income as measured by real GDP per person has grown abouta. 4 percent per year, which implies a doubling about every 18 years.b. 4 percent per year, which implies a doubling about every 8 years.c. 2 percent per year, which implies a doubling about every 35 years.d. 2 percent per year, which implies a doubling about every 18 years.ANS: C DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive8. In which of the following countries has economic growth been sufficiently strong in recent history to propel that country from being among the poorest in the world to being among the richest in the world?a.Indiab.Mexicoc.Nigeriad.SingaporeANS: D DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional9. Average income has been stagnant for many years ina.Argentina.b.Singapore.c.Nigeria.d.All of the above are correct.ANS: C DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional10. Which of the following statements is correct?a.The level of real GDP is a good gauge of economic prosperity, and the growth of real GDP is agood gauge of economic progress.b.The level of real GDP is a good gauge of economic progress, and the growth of real GDP is a goodgauge of economic prosperity.c.The level of real GDP is a good gauge of economic prosperity, and the level of real GDP per personis a good gauge of economic progress.d.The level of real GDP is a good gauge of economic progress, and the level of real GDP per personis a good gauge of economic prosperity.ANS: A DIF: 2 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: InterpretiveSec01 - Production and Growth - Economic Growth around the WorldMULTIPLE CHOICE1. You are told that Country A experienced growth of real GDP per person of 4 percent per year throughout the 1900s. In view of other countries’ experience, you would have to characterize Country A’s growth asa.exceptionally high.b.moderately high.c.moderately low.d.exceptionally low.ANS: A DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive2. You are told that Country A experienced growth of real GDP per person of 0.5 percent per year throughout the 1900s. In view of other countries’ experience, you would have to characterize Country A’s growth asa.exceptionally high.b.moderately high.c.moderately low.d.exceptionally low.ANS: D DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive3. As of 2006, using real GDP per person as a measure, we would classifya.the United States and Mexico as advanced economies and Bangladesh as a middle-income country.b.Canada as an advanced economy, Mexico as a middle-income country, and Mali as a poor country.c.Japan and India as advanced economies and Mexico as a poor country.d.Japan as an advanced economy, the United Kingdom as a middle-income country, and Argentina asa poor country.ANS: B DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Standard of livingMSC: Interpretive4. Over the period 1900-2006, which of the following countries experienced the highest average annual growth rate of real GDP per person?a.Indonesiab.Indiac.Pakistand.BrazilANS: D DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitionalword⽂档可⾃由复制编辑。
曼昆《经济学原理(宏观经济学分册)》(第6版)笔记和课后习题详解(第26章--储蓄、投资和金融体系)
第26章储蓄、投资和金融体系26.1 复习笔记跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。
以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。
1．金融体系金融体系是由经济中使一个人的储蓄与另一个人的投资相匹配的机构组成。
金融体系使经济的稀缺资源从储蓄者（支出小于收入的人）流动到借款人（支出大于收入的人）手中。
金融体系由帮助协调储蓄者与借款人的各种金融机构组成。
金融机构可以分为两种类型——金融市场和金融中介机构。
2．金融市场金融市场是想储蓄的人直接向想借款的人提供资金的机构。
两种最重要的金融市场是债券市场和股票市场。
（1）债券市场债券是按照法定程序发行的，要求发行人（也称债务人或借款人）按照约定的时间和方式向债权人或投资者支付利息和偿还本金的一种债权债务凭证。
债券的基本要素有偿还期限、票面利率、票面价值和债券发行者。
债券的特点：期限性、收益性、风险性、流动性。
（2）股票市场股票指股份有限公司签发的用以证明股东按其所持股份享有权利和承担义务的凭证。
股票与债券的差别：股票的所有者是公司的部分所有者，债券的所有者是公司的债权人。
股票持有者享有该公司的利润分成，而债券持有者只得到其固定的债券利息。
公司破产时，债券持有者享有在股票持有者之前得到补偿的权利，即享有优先清偿权。
债券有固定的到期日，到期必须偿还，而股票则没有到期日，无须偿还。
3．金融中介机构金融中介机构指为资金融通提供媒介服务的专业性金融机构或取得专业资格的自然人，主要的中介机构有银行和共同基金。
（1）银行银行是以获取利润为经营目标，以吸收存款为主要资金来源，主要经营贷款的综合性、多功能的金融企业。
曼昆《经济学原理》(微观)第五版测试题库 (05)
曼昆《经济学原理》(微观)第五版测试题库(05)Chapter 5 Elasticity and Its Application TRUE/FALSE 1. Elasticity measures how responsive quantity is to changes in : T DIF: 1 REF: 5-0 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional 2. Measures of elasticity enhance our ability to study the magnitudes of : T DIF: 1 REF: 5-0 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional 3. The demand for bread is likely to be more elastic than the demand for solid-gold bread : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive 4. In general, demand curves for necessities tend to be price : F DIF: 1 REF:5-1 LOC: Elasticity TOP: Price elasticity of demand 5. In general, demand curves for luxuries tend to be price : T DIF: 1 REF: 5-1 LOC: Elasticity TOP: Price elasticity of demand NAT: Analytic MSC: InterpretiveNAT: Analytic MSC: Interpretive 6. Necessities tend to have inelastic demands, whereas luxuries have elastic : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive7. Goods with close substitutes tend to have more elastic demands than do goods without close : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive8. The demand for Rice Krispies is more elastic than the demand for cereal in : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive9. The demand for soap is more elastic than the demand for Dove : FDIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive10. The demand for gasoline will respond more to a change in price over a period of five weeks than over a period of five : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive 11. Even the demand for a necessity such as gasoline will respond to a change in price, especially over a longer time : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive12. The price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional13. The price elasticity of demand is defined as the percentage change in price divided by thepercentage change in quantity : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional288 Chapter 5 /Elasticity and Its Application ? 289 14. Suppose that when the price rises by 20% for a particular good, the quantity demanded of that good falls by 10%. The price elasticity of demand for this good is equal to : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Analytical 15. Suppose that when the price rises by 10% for a particular good, the quantity demanded of that good falls by 20%. The price elasticity of demand for this good is equal to : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Analytical 16. If the price of calculators increases by 15 percent and the quantity demanded per week falls by 45 percent as a result,then the price elasticity of demand is : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Applicative17. Demand is inelastic if the price elasticity of demand is greater than : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Inelastic demand MSC: Definitional18. A linear, downward-sloping demand curve has a constant elasticity but a changing : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive19. Price elasticity of demand along a linear, downward-sloping demand curve increases as price : F DIF: 3 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive 20. If the price elasticity of demand is equal to 0, then demand is unit : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC:Definitional21. If the price elasticity of demand is equal to 1, then demand is unit : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Definitional22. Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Inelastic demand MSC: Definitional23. The midpoint method is used to calculate elasticity between two points because it gives the same answer regardless of the direction of the : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Midpoint method MSC: Interpretive24. The flatter the demand curve that passes through a given point, the more inelastic the : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive25. Theflatter the demand curve that passes through a given point, the more elastic the : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Interpretive26. If demand is perfectly inelastic, the demand curve is vertical, and the price elasticity of demand equals : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Perfectly inelastic demand MSC: Interpretive27. If demand is perfectly elastic, the demand curve is horizontal, and the price elasticity of demand equals : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Perfectly elastic demand MSC: Interpretive290 ? Chapter 5 /Elasticity and Its Application 28. Along the elastic portion of a linear demand curve, total revenue rises as price : F DIF: 3 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Interpretive29. If a firm is facing elastic demand, then the firm should decrease price to increase : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Applicative 30. If a firm is facing inelastic demand, then the firm should decrease price to increase : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Total revenue | Price elasticity of demand MSC: Applicative31. When demand is inelastic, a decrease in price increases total : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Inelastic demand | Total revenue MSC: Interpretive32. The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Definitional 33. The income elasticity of demand isdefined as the percentage change in quantity demanded divided by the percentage change in : F DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Definitional34. Normal goods have negative income elasticities of demand, while inferior goods have positive income elasticities of : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Interpretive 35. If the income elasticity of demand for a good is negative, then the good must be an inferior : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Income elasticity of demand MSC: Interpretive36. If the cross-price elasticity of demand for two goods is negative, then the two goods are : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive37. If the cross-price elasticity of demand for twogoods is negative, then the two goods are : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive38. Cross-price elasticity of demand measures how the quantity demanded of one good changes as the price of another good : T DIF: 1 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Definitional39. Cross-price elasticity is used to determine whether goods are inferior or normal : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive40. Cross-price elasticity is used to determine whether goods are substitutes or : T DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive Chapter 5 /Elasticity and Its Application ? 291 41. The cross-price elasticity of garlic saltand onion salt is -2, which indicates that garlic salt and onion salt are : F DIF: 2 REF: 5-1 NAT: Analytic LOC: Elasticity TOP: Cross-price elasticity of demand MSC: Interpretive42. Price elasticity of supply measures how much the quantity supplied responds to changes in the : T DIF: 1 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Definitional43. Supply and demand both tend to be more elastic in the long run and more inelastic in the short : T DIF: 2 REF: 5-1 | 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticities of demand and supply MSC: Interpretive 44. If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must have decreased by 3%.ANS: T DIF: 2 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Applicative 45. Supply is said to be inelastic if thequantity supplied responds substantially to changes in the price, and elastic if the quantity supplied responds only slightly to : F DIF: 1 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Definitional46. Supply tends to be more elastic in the short run and more inelastic in the long : F DIF: 2 REF: 5-2 NAT: Analytic TOP: Price elasticity of supply MSC: Interpretive47. When the price of knee braces increased by 25 percent, the Brace Yourself Company increased its quantity supplied of knee braces per week by 75 percent. BYC’s price elasticity of supply of knee braces is : F DIF: 2 REF: 5-2 NAT: Analytic LOC: Elasticity TOP: Price elasticity of supply MSC: Applicative 48. If a supply curve is horizontal, then supply is said to be perfectly elastic, and the price elasticity of supply approaches : T DIF: 2 REF: 5-2 NAT:Analytic LOC: Elasticity TOP: Perfectly elastic supply MSC: Interpretive49. A government program that reduces land under cultivation hurts farmers but helps : F DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity TOP: Total revenue MSC: Applicative50. OPEC failed to maintain a high price of oil in the long run, partly because both the supply of oil and the demand for oil are more elastic in the long run than in the short : T DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity TOP: OPEC | Price elasticity of demand | Price elasticity of supply MSC: Applicative51. Drug interdiction, which reduces the supply of drugs, may decrease drug-related crime because the demand for drugs is : F DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity TOP: Price elasticity of demand MSC: Applicative292 ? Chapter 5 /Elasticity and Its ApplicationSHORT ANSWER1. Consider the following pairs of goods. For which of the two goods would you expect the demand to be more price elastic? Why? a. water or diamonds b. insulin or nasal decongestant spray c. food in general or breakfast cereal d. gasoline over the course of a week or gasoline over the course of a year e. personal computers or IBM personal computers ANS: a. Diamonds are luxuries, and water is a necessity. Therefore, diamonds have the more elastic demand. b. Insulin has no close substitutes, but decongestant spray does. Therefore, nasal decongestant spray has the more elastic demand. c. Breakfast cereal has more substitutes than does food in general. Therefore, breakfast cereal has the more elastic demand.d. The longer the time period, the more elastic demand is. Therefore, gasoline over the course of a year has the moreelastic demand. e. There are more substitutes for IBM personal computers than there are for personal computers. Therefore, IBM personal computers have the more elastic demand. DIF: 2 REF: 5-1 TOP: Price elasticity of demand NAT: Analytic MSC: Applicative LOC: ElasticityChapter 5 /Elasticity and Its Application ? 293 2. You own a small town movie theatre. You currently charge $5 per ticket for everyone who comes to your movies. Your friend who took an economics course in college tells you that there may be a way to increase your total revenue. Given the demand curves shown, answer the following questions. 10987654321102030405060708090100Qu antityPriceAdult Demand 10987654321510152025303540455055606570QuantityPriceChild Demanda. b. c. d.e. f. What is your current total revenue for both groups? The elasticity of demand is more elastic in which market? Which market has the more inelastic demand? What is the elasticity of demand between the prices of $5 and $2 in the adult market? Is this elastic or inelastic? What is the elasticity of demand between $5 and $2 in the children’s market? Is this elastic or inelastic? Given the graphs and what your friend knows about economics, he recommends you increase the price of adult tickets to $8 each and lower the price of a child’s ticket to $3. How much could you increase total revenue if you take his advice? ANS: a. Total revenue from children’s tickets is $100 and from adult tickets is $250. Total revenue from all sales would be $350. b. The demand for children’s tickets is moreelastic. c. The adult ticket market has the more inelastic demand. d. The elasticity of demand between $5 and $2 is , which is inelastic. e. The elasticity of demand between $5 and $2 is , which is unit elastic. f. Total revenue in the adult market would be $320. Total revenue in the children’s market would be $120, so total revenue for both groups would be $440. $440 - $350 is an increase in total revenue of $90. DIF: 2 REF: 5-1 NAT: Analytic TOP: Price elasticity of demand | Total revenue LOC: Elasticity MSC: Applicative 294 ? Chapter 5 /Elasticity and Its Application 3. Use the graph shown to answer the following questions. Put the correct letter(s) in the blank. APriceBDemandCQuantity a.b. c. d. The elastic section of the graph is represented by section from _______. The inelastic section of the graphis represented by section from _______. The unit elastic section of the graph is represented by section _______. The portion of the graph in which a decrease in price would cause total revenue to fall would be from _________. e. The portion of the graph in which a decrease in price would cause total revenue to rise would be from _________. f. The portion of the graph in which a decrease in price would not cause a change in total revenue would be _________. g. The section of the graph in which total revenue would be at a maximum would be _______. h. The section of the graph in which elasticity is greater than 1 is _______. i. The section of the graph in which elasticity is equal to 1 is ______. j. The section of the graph in which elasticity is less than 1 is _______.A toB B toC B B to C A to B B B A to BB B toC LOC: Elasticity MSC:Applicative ANS: a. b. c. d. e. f.g. h. i. j. DIF: 2 REF: 5-1 NAT: Analytic TOP: Price elasticity of demand | Total revenue Chapter 5 /Elasticity and Its Application ? 295 4. Using the midpoint method, compute the elasticity of demand between points A and B. Is demand along this portion of the curve elastic or inelastic? Interpret your answer with regard to price and quantity demanded. Now compute the elasticity of demand between points B and C. Is demand along this portion of the curve elastic or inelastic? Price222018161412108642CBADemand1 00200300400500600700800900QuantityA NS: In the section of the demand curve from A to B, the elasticity of demand would be This would be an elastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change bypercent. In the section of the demand curve from B to C, the elasticity of demand would be .75. This would be an inelastic portion of the curve. This would mean that for every 1 percent change in price, quantity demanded would change by percent.DIF: 2 REF: 5-1 TOP: Price elasticity of demand 5. NAT: Analytic MSC: Applicative LOC: Elasticity When the Shaffers had a monthly income of $4,000, they usually ate out 8 times a month. Now that the couple makes $4,500 a month, they eat out 10 times a month. Compute the couple’s income elasticity of demand using the midpoint method. Explain your answer. (Is a restaurant meal a normal or inferior good to the couple?)ANS: The income elasticity of demand for the Shaffers is Since the income elasticity of demand is positive, eating out would be interpreted as a normal good.DIF: 2 REF: 5-1 TOP:Income elasticity of demand 6. NAT: Analytic MSC: Applicative LOC: Elasticity Recently, in Smalltown, the price of Twinkies fell from $ to $ As a result, the quantity demanded of Ho-Ho’s decreased from 120 to 100. What would be the appropriate elasticity to compute? Using the midpoint method, compute this elasticity. What does your answer tell you?ANS: The appropriate elasticity to compute would be cross-price elasticity. The cross-price elasticity for this example would be The two goods are substitutes because the cross-price elasticity is positive.DIF: 2 REF: 5-1 TOP: Cross-price elasticity of demand NAT: Analytic MSC: Applicative LOC: Elasticity 296 ? Chapter 5 /Elasticity and Its Application Sec00 - Elasticity and Its Application MULTIPLE CHOICE1. In general, elasticity is a measure of a. the extentto which advances in technology are adopted by producers. b. the extent to which a market is competitive. c. how firms’profits respond to changes in market prices. d. how much buyers and sellers respond to changes in market conditions. DIF: 1 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Definitional ANS: D NAT: Analytic 2. Elasticity is a. a measure of how much buyers and sellers respond to changes in market conditions. b. the study of how the allocation of resources affects economic well-being. c. the maximum amount that a buyer will pay for a good.d. the value of everything a seller must give up to produce a good. DIF: 1 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Definitional ANS: A NAT: Analytic 3. When studying how some event or policyaffects a market, elasticity provides information on the a. equity effects on the market by identifying the winners and losers. b. magnitude of the effect on the market. c. speed of adjustment of the market in response to the event or policy.d. number of market participants who are directly affected by the event or policy. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Interpretive ANS: B NAT: Analytic 4. How does the concept of elasticity allow us to improve upon our understanding of supply and demand? a. Elasticity allows us to analyze supply and demand with greater precision than would be the case in the absence of the elasticity concept. b. Elasticity provides us with a better rationale for statements such as “an increase in x will lead to a decrease in y” than we would have in the absence of the elasticityconcept. c. Without elasticity, we would not be able to address the direction in which price is likely to move in response to a surplus or a shortage. d. Without elasticity, it is very difficult to assess the degree of competition within a market. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Interpretive ANS: A NAT: Analytic 5. When consumers face rising gasoline prices, they typically a. reduce their quantity demanded more in the long run than in the short run. b. reduce their quantity demanded more in the short run than in the long run. c. do not reduce their quantity demanded in the short run or the long run. d. increase their quantity demanded in the short run but reduce their quantity demanded in the long run. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Applicative ANS: A NAT:Analytic 6. A 10 percent increase in gasoline prices reduces gasoline consumption by about a. 6 percent after one year and percent after five years. b. percent after one year and 6 percent after five years. c. 10 percent after one year and 20 percent after five years. d. 0 percent after one year and 1 percent after five years. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Applicative ANS: B NAT: Analytic Chapter 5 /Elasticity and Its Application ? 297 7. Which of the following statements about the consumers’responses to rising gasoline prices is correct? a. About 10 percent of the long-run reduction in quantity demanded arises because people drive less and about 90 percent arises because they switch to more fuel-efficient cars. b. About 90 percent of the long-run reduction in quantity demanded arises becausepeople drive less and about 10 percent arises because they switch to more fuel-efficient cars. c. About half of the long-run reduction in quantity demanded arises because people drive less and about half arises because they switch to more fuel-efficient cars. d. Because gasoline is a necessity, consumers do not decrease their quantity demanded in either the short run or the long run. DIF: 2 LOC: Elasticity REF: 5-0 TOP: Elasticity MSC: Applicative ANS: C NAT: Analytic Sec01 - Elasticity and Its Application - The Elasticity of Demand MULTIPLE CHOICE1. The price elasticity of demand measures how much a. quantity demanded responds to a change in price. b. quantity demanded responds to a change in income. c. price responds to a change in demand. d. demand responds to a change in supply. DIF: 1 LOC:Elasticity ANS: A NAT: Analytic MSC: Definitional2. REF: 5-1 TOP: Price elasticity of demand The price elasticity of demand measures a. buyers’responsiveness to a change in the price of a good. b. the extent to which demand increases as additional buyers enter the market. c. how much more of a good consumers will demand when incomes rise. d. the movement along a supply curve when there is a change in demand. DIF: 1 LOC: Elasticity ANS: A NAT: Analytic MSC: Definitional3. REF: 5-1 TOP: Price elasticity of demand The price elasticity of demand for a good measures the willingness of a. consumers to buy less of the good as price rises.b. consumers to avoid monopolistic markets in favor of competitive markets.c. firms to produce more of a good as price rises.d. firms to cater to the tastes ofconsumers. DIF: 1 LOC: Elasticity ANS: A NAT: Analytic MSC: Interpretive4. REF: 5-1 TOP: Price elasticity of demand Which of the following statements about the price elasticity of demand is correct?a. The price elasticity of demand for a good measures the willingness of buyers of the good to buy less of the good as its price increases.b. Price elasticity of demand reflects the many economic, psychological, and social forces that shape consumer tastes.c. Other things equal, if good x has close substitutes and good y does not have close substitutes, then the demand for good x will be more elastic than the demand for good y.d. All of the above are correct. DIF: 2 LOC: Elasticity ANS: D NAT: Analytic MSC: Interpretive REF: 5-1 TOP: Price elasticity of demand308 ? Chapter 5 /Elasticity and Its Application Figure 5-2 PricePaPbD1D3D2Quantity59. Refer to Figure 5-2. As price falls from Pa to Pb, which demand curve represents the most elastic demand? a. D1 b. D2 c. D3 d. All of the above are equally elastic. ANS: A NAT: Analytic MSC: Applicative DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 60. Refer to Figure 5-2. As price falls from Pa to Pb, we could use the three demand curves to calculate three different values of the price elasticity of demand. Which of the three demand curves would produce the smallest elasticity? a. D1 b. D2 c. D3 d. All of the above are equally elastic. ANS: C NAT: Analytic MSC: Applicative DIF: 2 LOC:Elasticity REF: 5-1 TOP: Price elasticity of demand Table 5-1 Good Price Elasticity of Demand A B 61. Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-2? a. A is a luxury and B is a necessity. b. A is a good several years after a price increase, and B is that same good several days after the price increase. c. A is a Kit Kat bar and B is candy. d. A has fewer substitutes than B. ANS: D NAT: Analytic MSC: Analytical DIF: 3 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand Chapter 5 /Elasticity and Its Application ? 309 62. Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-2? a. A is grapes and B is fruit. b. A is T-shirts and B is socks.c. A is train tickets before cars were invented, and B is train tickets after carswere invented. d. A is diamond necklaces and B is beds. ANS: C NAT: Analytic MSC: Analytical DIF: 3 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 63. Studies indicate that the price elasticity of demand for cigarettes is about A government policy aimed at reducing smoking changed the price of a pack of cigarettes from $2 to $6. According to the midpoint method, the government policy should have reduced smoking by a. 30%. b. 40%. c. 80%. d. 250%. ANS: B NAT: Analytic MSC: Applicative DIF: 3 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 64. If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is a. b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1TOP: Price elasticity of demand 65. If a 20% increase in price for a good results in a 15% decrease in quantity demanded, the price elasticity of demand is a. b. c. d. ANS: A NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 66. If a 10% decrease in price for a good results in a 20% increase in quantity demanded, the price elasticity of demand is a. b. 1. c. d. 2. ANS: D NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 67. If a 6% decrease in price for a good results in a 2% increase in quantity demanded, the price elasticity of demand is a. b.c. 3.d. 4. ANS: B NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 310 ?Chapter 5 /Elasticity and Its Application 68. Suppose that quantity demand rises by 10% as a result of a 15% decrease in price. The price elasticity of demand for this good is a. inelastic and equal to b. elastic and equal to c. inelastic and equal to d. elastic and equal to ANS: A NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 69. Suppose that quantity demand falls by 30% as a result of a 5% increase in price. The price elasticity of demand for this good is a. inelastic and equal to 6. b. elastic and equal to 6. c. inelastic and equal to d. elastic and equal to ANS: B NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand Table 5-2 The following table shows a portion of the demand schedule for aparticular good at various levels of income. Price $24 $20 $16 $12 $8 $4 Quantity Demanded (Income = $5,000) 2 4 6 8 10 12 Quantity Demanded (Income = $7,500) 3 6 9 12 15 18 Quantity Demanded (Income = $10,000) 4 8 12 16 20 24 70. Refer to Table 5-2. Using the midpoint method, when income equals $7,500, what is the price elasticity of demand between $16 and $20? a. b. c. d. ANS: D NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand 71. Refer to Table 5-2. Using the midpoint method, when income equals $5,000, what is the price elasticity of demand between $8 and $12? a. b. c. d. ANS: A NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Price elasticity of demand Chapter 5 /Elasticity and Its Application ?311 72. Refer to Table 5-2. Using the midpoint method, at a price of $16, what is the income elasticity of demand when income rises from $5,000 to $10,000?a. b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Income elasticity of demand 73. Refer to Table 5-2. Using the midpoint method, at a price of $8, what is the income elasticity of demand when income rises from $7,500 to $10,000? a.b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2 LOC: Elasticity REF: 5-1 TOP: Income elasticity of demand 74. Refer to Table 5-2. Using the midpoint method, at a price of $12, what is the income elasticity of demand when income rises from $5,000 to $10,000? a.b. c. d. ANS: C NAT: Analytic MSC: Analytical DIF: 2。
曼昆《经济学原理》（微观）第五版测试题库（21）
曼昆《经济学原理》（微观）第五版测试题库（21）Chapter 21The Theory of Consumer ChoiceTRUE/FALSE1. The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of Economics.ANS: T DIF: 1 REF: 21-0 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumer choiceMSC: Definitional2. A consumer’s budget constraint for goods X and Y is determined by how much the consumer likes good X relative to good Y.ANS: F DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Definitional3. The slope of the budget constraint reveals the relative price of good X compared to good Y.ANS: T DIF: 2 REF: 21-1 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative4. A budget constraint illustrates bundles that a consumer prefers equally, while an indifference curve illustrates bundles that are equally affordable to a consumer.ANS: F DIF: 2 REF: 21-1 | 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative5. For a typical consumer, most indifference curves are bowed inward.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive6. For a typical consumer, most indifference curves are downward sloping.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive7. For a typical consumer, indifference curves can intersect if they satisfy the property of transitivity.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Indifference curvesMSC: Interpretive8. When two goods are perfect complements, the indifference curves are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Interpretive9. The indifference curves for left shoes and right shoes are right angles.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complementsMSC: Applicative10. The indifference curves for perfect substitutes are straight lines.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative1406Chapter 21/The Theory of Consumer Choice 1407 11. The indifference curves for nickels and dimes are straight lines. ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect substitutesMSC: Applicative12. When two goods are perfect substitutes, the indifference curves are right angles.ANS: F DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Perfect complements | Perfect substitutesMSC: Interpretive13. If goods A and B are perfect substitutes, then the marginal rate of substitution of good A for good B isconstant.ANS: T DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitution | Perfect substitutesMSC: Interpretive14. The slope at any point on an indifference curve equals the absolute price at which a consumer is willing tosubstitute one good for the other.ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Interpretive15. The marginal rate of substitution between goods A and B measures the price of A relative to the price of B. ANS: F DIF: 2 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional16. The marginal rate of substitution is the slope of the budget constraint.LOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional17. The marginal rate of substitution is the slope of the indifference curve.ANS: T DIF: 1 REF: 21-2 NAT: AnalyticLOC: Utility and consumer choice TOP: Marginal rate of substitutionMSC: Definitional18. At a consumer’s optimal choice, the consumer chooses the combinati on of goods that equates the marginal rate of substitution and the price ratio.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive19. At a consumer’s optimal choice, the consumer chooses the combin ation of goods such that the ratio of the marginal utilities equals the ratio of the prices.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: OptimizationMSC: Interpretive20. If consumers purchase more of a good when their income rises, the good is a normal good.ANS: T DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional21. If a consumer purchases more of good B when his income rises, good B is an inferior good.ANS: F DIF: 1 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Normal goods | Inferior goodsMSC: Definitional22. If a consumer purchases more of good A when her income falls, good A is an inferior good.ANS: T DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Inferior goodsMSC: Definitional23. The income effect of a price change is unaffected by whether the good is a normal or inferior good. ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Income effectMSC: Interpretive24. The income effect of a price change is the change in consumption that results from the movement to a new indifference curve.LOC: Utility and consumer choice TOP: Income effectMSC: Interpretive25. The direction of the substitution effect is not influenced by whether the good is normal or inferior.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice KEY: Substitution effectMSC: Analytical26. The substitution effect of a price change is the change in consumption that results from the movement to a new indifference curve.ANS: F DIF: 2 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Substitution effectMSC: Interpretive27. All points on a demand curve are optimal consumption points.ANS: T DIF: 3 REF: 21-3 NAT: AnalyticLOC: Utility and consumer choice TOP: Demand MSC: Analytical28. Economists use the term Giffen good to describe a good that violates the law of demand.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Interpretive29. Giffen goods are inferior goods for which the income effect dominates the substitution effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Definitional30. Economists have found evidence of a Giffen good when studying the consumption of rice in the Chinese province of Hunan.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Giffen good MSC: Applicative31. Katie wins $1 million in her state’s lottery. If Katie drastically reduces the number of hours she works after she wins the money, we can infer that the income effect is larger than the substitution effect for her.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive32. Susie wins $1 million in her state’s lottery. If Susie keeps working after she wins the money, we can inferthat the income effect is larger than the substitution effect for her.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive33. A rational person can have a negatively-sloped labor supply curve.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Applicativeword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1409 34. The substitution effect in the work-leisure model induces a person to work less in response to higher wages,which tends to make the labor-supply curve slope upward.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive35. The income effect in the work-leisure model induces a person to work less in response to higher wages, whichtends to make the labor-supply curve slope backward.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Labor supplyMSC: Interpretive36. Some economists have advocated reducing the taxation of interest and other capital income, arguing that sucha policy change would raise the after-tax interest rate that savers can earn and would thereby encourage peopleto save more.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive37. A rise in the interest rate will generally result in people consuming more when they are old if the substitutioneffect outweighs the income effect.ANS: T DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: Interpretive38. A rise in the interest rate will generally result in people consuming less when they are old if the substitutioneffect outweighs the income effect.ANS: F DIF: 2 REF: 21-4 NAT: AnalyticLOC: Utility and consumer choice TOP: Consumption-saving decisionMSC: InterpretiveSHORT ANSWER1. Answer the following questions based on the table. A consumer is able to consume the following bundles ofrice and beans when the price of rice is $2 and the price of beans is $3.RICE BEANS1206408a.How much is this consumer's income?b.Draw a budget constraint given this information. Label it B.c.Construct a new budget constraint showing the change if the price of rice falls $1. Label this C.d.Given the original prices for rice ($2) and beans ($3), construct a new budget constraint if thisconsumer's income increased to $48. Label this D.ANS:a.$24b.c.d.DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicativeword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1411 2. Draw a budget constraint that is consistent with the following prices and income.Income = 200P Y = 50P X = 25a.Demonstrate how your original budget constraint would change if income increases to 500.b.Demonstrate how your original budget constraint would change if P Y decreases to 20.c.Demonstrate how your original budget constraint would change if P X increases to 40.ANS:DIF: 2 REF: 21-1 NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraint MSC: Applicativeword ⽂档可⾃由复制编辑3.Assume that a consumer faces the following budget constraints.a. Assuming that income is the same on both occasions, describe the difference in relative pricesbetween Panel A and Panel B.b. If income in Panel B is $126, what is the price of good X?c. If income in Panel A is $84, what is the price of good Y?d. Assuming that the price of good X is the same on both occasions, describe the difference inincome and price of good Y between Panel A and Panel B.ANS:a. The price of good Y is relatively higher in Panel A than Panel B. Said another way, the price ofX is relatively lower in Panel A than Panel B.b. $9c. $12d. Income in Panel A is twice the income in Panel B, and the price of "Y" in Panel B is 1/18 theprice of "Y" in Panel A.DIF: 2 REF: 21-1NAT: Analytic LOC: Utility and consumer choice TOP: Budget constraintMSC: Applicative 4. Evaluate the following statement, "Warren Buffet is the second richest person in the world. He doesn't faceany constraint on his ability to purchase commodities he wants."ANS:Everyone faces scarcity of resources, regardless of how rich they are because wants are assumed to be infinite.DIF: 1 REF: 21-1NAT: Analytic LOC: Utility and consumer choiceTOP: Budget constraint MSC: Interpretive 5. List and briefly explain each of the four properties of indifference curves.ANS:1: Higher indifference curves are preferred to lower ones, because consumers usually prefer more of something to less of it. 2: Indifference curves are downward sloping. The slope of an indifference curve reflects the rate at which the consumer is willing to substitute one good for another. If the quantity of one good is reduced, the quantity of the other good must increase in order for the consumer to be equally happy. 3: Indifference curves do not cross. Ifindifference curves did cross, the same point could be on two different curves, thus contradicting the assumption that consumers prefer more of both goods to less. 4: Indifference curves are bowed inward. This is because people are more willing to trade away goods that they have in abundance and less willing to trade away goods of which they have less.DIF: 1 REF: 21-2NAT: Analytic LOC: Utility and consumer choiceTOP: Indifference curves MSC: InterpretiveChapter 21/The Theory of Consumer Choice 14136. Draw indifference curves that reflect the following preferences.a.pencils with white erasers and pencils with pink erasersb.left shoes and right shoesc.potatoes and riced.income and polluted waterANS:DIF: 2 REF: 21-2 NAT: Analytic LOC: Utility and consumer choice TOP: Indifference curves MSC: Applicative7. Graphically demonstrate the conditions associated with a consumer optimum. Carefully label all curves andaxes.ANS:Where M=IncomeDIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Optimization MSC: Applicative8. Explain the relationship between the budget const raint and indifference curve at a consumer’s optimum. ANS:Since the budget constraint is tangent to the indifference curve at a consumer’s optimum, the slope of the budget constraint (relative market prices) and the slope of the indifference curve (the marginal rate of substitution) are equal at the optimal consumption point.DIF: 1 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Interpretiveword⽂档可⾃由复制编辑Chapter 21/The Theory of Consumer Choice 1415 9. Assume that a person consumes two goods, Coke and Snickers. Use a graph to demonstrate how the consumeradjusts his/her optimal consumption bundle when the price of Coke decreases. Carefully label all curves and axes. What will happen to consumption if Coke is a normal good? What will happen to consumption if Coke is an inferior good? (Remember to explain the possible change when the income effect dominates and when the substitution effect dominates.)ANS:If Coke is a normal good, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the substitution effect dominates, the consumption of Coke will increase when the price decreases. If Coke is an inferior good and the income effect dominates, the consumption of Coke will decrease when the price decreases. If consumption decreases, the demand curve is upward sloping, and Coke would be a Giffen good. Giffen goods are very rare in the real world, and Coke is not likely to be one.DIF: 2 REF: 21-3 NAT: Analytic LOC: Utility and consumer choice TOP: Consumer choice MSC: Applicative。
曼昆《经济学原理》（宏观）第五版测试题库（33）
曼昆《经济学原理》（宏观）第五版测试题库（33）Chapter 33Aggregate Demand and Aggregate SupplyTRUE/FALSE1. According to classical macroeconomic theory, changes in the money supply change nominal but not realvariables.ANS: T DIF: 1 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Classical economics MSC: Definitional2. Because economists understand what things change GDP, they can predict recessions with a fair amount ofaccuracy.ANS: F DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations MSC: Analytical3. Most macroeconomic variables that measure some type of income, spending, or production fluctuate closelytogether.ANS: T DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations MSC: Interpretive4. Like real GDP, investment fluctuates, but it fluctuates much less than real GDP..ANS: F DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations | Investment MSC: Definitional5. When output rises, unemployment falls.ANS: T DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations | Unemployment MSC: Definitional6. An increase in the money supply causes output to rise in the long run.ANS: F DIF: 1 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Monetary neutrality MSC: Definitional7. Most economists believe that classical theory describes the world in the short run but not in the long run. ANS: F DIF: 1 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Classical dichotomy MSC: Interpretive8. A change in the money supply changes only nominal variables in the long run.ANS: T DIF: 1 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Monetary neutrality MSC: Definitional9. The explanations for the slopes of the aggregate demand and short-run aggregate supply curves are the same as the explanations for the slopes of demand and supply curves for specific goods and services.ANS: F DIF: 1 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand slope | Short-run aggregate supply slopeMSC: Definitional10. The aggregate-demand curve shows the quantity of domestic goods and services that households, firms, the government, and customers abroad want to buy at eachprice level.ANS: T DIF: 2 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate-demand curve MSC: Definitional2184Chapter 33/Aggregate Demand and Aggregate Supply 2185 11. A decrease in the price level makes consumers feel wealthier, so they purchase more. This logic helps explainwhy the aggregate demand curve slopes downward.ANS: T DIF: 1 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Wealth effect MSC: Analytical12. Other things the same, a decrease in the price level makes the interest rate decrease, which leads to adepreciation of the dollar in the foreign-currency exchange.ANS: T DIF: 2 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Wealth effect | Exchange-rate effect MSC: Analytical13. The exchange-rate effect is the idea that a higher U.S. price level causes the value of the dollar to increase in foreign exchange markets, and this effect contributes to the downward slope of the aggregate-demand curve. ANS: T DIF: 2 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand slope MSC: Interpretive14. The downward slope of the aggregate demand curve is based on logic that as the price level rises, consumption, investment, and net exports all fall.ANS: T DIF: 2 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Aggregate demand slope MSC: Interpretive15. Aggregate demand shifts to the left if the money supply increases.ANS: F DIF: 1 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand shifts | Monetary policy MSC: Applicative16. A decrease in the money supply causes the interest rate to rise so that investment falls.ANS: T DIF: 2 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand shifts | Money supply MSC: Analytical17. If speculators bid up the value of the dollar in the market for foreign-currency exchange, U.S. aggregatedemand would shift to the left.ANS: T DIF: 2 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand shifts | Net exports MSC: Analytical18. The effect of a change in the value of the dollar in the foreign exchange market due to a change in the price level helps explain the slope of aggregate demand, but does not shift it. The effects of a change in the value of the dollar in the foreign exchange market due to speculation is shown by shifting the aggregate demand curve.ANS: T DIF: 3 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate-demand curve MSC: Analytical19. An increase in the money supply shifts the long-run aggregate supply curve to the right.ANS: F DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Long-run aggregate supply | Monetary policy MSC: Applicative20. Technological progress shifts the long-run aggregate supply curve to the right.ANS: T DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic growth and inflation MSC: Applicative21. Other things the same, technological progress raises the price level..ANS: F DIF: 2 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic growth and inflation MSC: Applicative22. Because the price level does not affect the long-run determinants of real GDP, the long-run aggregate-supply is vertical.ANS: T DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Long-run aggregate supply MSC: Interpretive23. We could explain continued increases in both output and the price level by supposing that only aggregatedemand shifted right over time.ANS: F DIF: 2 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic growth and inflation MSC: Analytical24. If not all prices adjust instantly to changing economic circumstances, an unexpected fall in the price levelleaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms toreduce the quantity of goods and services they produce.ANS: T DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Misperceptions theory MSC: Interpretive25. All explanations for the upward slope of the short-run aggregate supply curve suppose that the quantity of output supplied increases when the actual price level exceeds the expected price level.ANS: T DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run aggregate supply slope MSC: Interpretive26. The only way to rationalize an upward slope for the short-run aggregate-supply curve is to argue that wagesare sticky in the short run.ANS: F DIF: 2 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run aggregate-supply curve MSC: Interpretive27. An increase in the actual price level does not shift the short-run aggregate supply curve, but an expectedincrease in the price level shifts the short-run aggregate supply curve to the left.ANS: T DIF: 2 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run aggregate supply MSC: Analytical28. Fluctuations in real GDP are caused only by changes in aggregate demand and not by changes in aggregate supply.ANS: F DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run equilibrium | Economic fluctuations MSC:Definitional29. Increased uncertainty and pessimism about the future of the economy leads firms to desire less investmentspending which shifts the aggregate-demand curve to the left.ANS: T DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand shifts | Pessimism MSC: Applicative30. Increased optimism about the future leads to rising prices and falling unemployment in the short run. ANS: T DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run equilibrium | Pessimism MSC: Analyticalword文档可自由复制编辑Chapter 33/Aggregate Demand and Aggregate Supply 2187 31. 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. ANS: F DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Long-run equilibrium MSC: Analytical32. If aggregate demand shifts right, then eventually price level expectations rise. The increase in price levelexpectations causes the short-run aggregate-supply curve to shift to the left.ANS: T DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Long-run equilibrium MSC: Analytical33. If aggregate demand and aggregate supply both shiftright, we can be sure that the price level is higher in the short run.ANS: F DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run equilibrium MSC: Analytical34. Economists mostly agree that the Great Depression was principally caused by factors that shifted short-runaggregate supply left.ANS: F DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Great Depression MSC: Definitional35. The primary purpose of the aggregate demand and aggregate supply model is to demonstrate the classical dichotomy.ANS: F DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand and aggregate supply model MSC: Interpretive36. Increased output and prices in the United States in the early 1940s were mostly the result of increasedgovernment expenditures.ANS: T DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: World War II MSC: Definitional37. During World War II government expenditures increased almost five-fold and output almost doubled.ANS: T DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: World War II MSC: Definitional38. Stagflation results from continued decreases inaggregate demand.ANS: F DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Stagflation MSC: Applicative39. If the central bank increased the money supply in response to a decrease in short-run aggregate supply, unemployment would return towards its natural rate, but prices would rise even more.ANS: T DIF: 2 REF: 33-5NAT: Analytic LOC: Fiscal and monetary policy TOP: Monetary policyMSC: Analytical40. John Maynard Keynes advocated policies that would increase aggregate demand as a way to decreaseunemployment caused by recessions.ANS: T DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Keynes MSC: DefinitionalSHORT ANSWER1. The long-run trend in real GDP is upward. How is this possible given business cycles? What explains theupward trend?ANS: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.DIF: 2 REF: 33-1 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Economic growth and inflation MSC: Interpretive2. What variables besides real GDP tend to decline during recessions? Given the definition of real GDP, arguethat declines in these variables are to be expected.ANS:Variables that fall along with real GDP include employment, incomes, investment, sales, and home purchases. GDP may be measured as either the production of, expenditures on, or income generated from final goods and services. It follows that any other variable that could be used to measure production, expenditures, or income will generally move in the same direction as GDP.DIF: 2 REF: 33-1 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Economic fluctuationsMSC: Interpretive3. What do most economists believe concerning the relation between the price level and real output?ANS:Most economists believe that in the long run, real variables are not affected by nominal variables. So, for example, changes in the money supply do not change real variables in the long run. However, most economists believe that nominal variables do change real variables in the short run. In the short-run prices and wages may be fixed based on the expected price level. If the actual price level differs from the expected price level, real variables are affected. DIF: 2 REF: 33-2 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Long-run equilibrium | Short-run equilibrium MSC:Interpretive4. Make a list of expenditures whose sum equals GDP.ANS:consumption, investment, government expenditures, and net exports.DIF: 1 REF: 33-3 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Aggregate-demand curveMSC: Definitional5. Explain how an increase in the price level changes interest rates. How does this change in interest rates lead tochanges in investment and net exports?ANS:When the price level increases, the purchasing power of money held on hand and in bank accounts declines. This decline makes people feel less wealthy so that they lend less. The reduction in lending causes the interest rate to rise. The rise in interest rates discourages spending on investment goods so that the aggregate quantity of goods and services demanded decreases. As the interest rate increases, the supply of dollars in the market for foreign-currency exchange falls as people wish to purchase fewer foreign assets. This makes the dollar appreciate which decreases net exports.DIF: 3 REF: 33-3 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Aggregate-demand curveMSC: Analyticalword文档可自由复制编辑Chapter 33/Aggregate Demand and Aggregate Supply 2189 6. Make a list of things that would shift the aggregate demandcurve to the right.ANS:Examples (and variations on examples) in the text include a stock market boom that increases consumption spending, a tax cut that increases consumption, improvements in capital goods such as computers that increase investment, increased optimism about the future of the economy induces increased investment, an investment tax credit, an increase in the money supply, an increase in government defense expenditures, and economic expansions overseas that create increases in net exports.DIF: 2 REF: 33-3 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Aggregate demand shiftsMSC: Applicative7. Make a list of things that would shift the long-run aggregate supply curve to the right.ANS:Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, less generous unemployment insurance, an increase in the capital stock, an increase in the average level of education, a discovery of new mineral deposits, advances in technology, and removal of barriers to international trade.DIF: 2 REF: 33-4 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Short-run aggregate supply shifts MSC: Applicative8. Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supplycurves.ANS:See graph.PLRAS1LRAS2AD2AD1OutputOver 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.DIF: 2 REF: 33-4 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Economic growth and inflation MSC: Analytical9. Use sticky-wage theory to explain why an increase in the expected price level shifts the aggregate supplycurve.ANS:When people expect the price level to increase, wage bargaining will lead to higher wages. The increase in wages raises the costs of production. So firms will supply less at any actual price level.DIF: 2 REF: 33-4 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Sticky-wage theoryMSC: Analytical10. Keynes thought that the behavior of the economy in the short run was influenced by what he called "animalspirits." By this he meant that business people sometimes felt good about the economy, and carried out lots of investment, andat other times felt bad about the economy, and so cut back on their investment spending.Explain how such fluctuations in investment would lead to fluctuations in real GDP and prices.ANS:Fluctuations in investment cause the aggregate demand curve to shift. If the aggregate demand curve shifts to the right, real GDP and the price level rise. If the aggregate demand curve shifts to the left, real GDP and the price level fall. So erratic movements in investment can cause fluctuations in output.DIF: 2 REF: 33-5 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Keynes MSC: Applicative11. Suppose that a decrease in the demand for goods and services pushes the economy into recession. Whathappens to the price level? If the government does nothing, what ensures that the economy still eventually gets back to the natural rate of output?ANS:A decrease in aggregate demand causes the price level to fall. If the government takes no action to counter this, then the actual price level will be below the price level that people expected. Individuals will eventually correct their expectations about the price level. As they do so, prices and wages will adjust accordingly, shifting the aggregate supply curve to the right. For example if wages are sticky, in light of the lower price level, firms and workers will eventually make bargains for lower nominal wages. The reduction in wages lowers costs of production, so firms are willing to produce more at any given price level. Consequently, the short-run aggregate supply curve shifts right. The rightwardshift in aggregate supply eventually causes output to rise back to the natural rate.DIF: 3 REF: 33-1 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Long-run equilibriumMSC: AnalyticalSec00-Aggregate Demand and Aggregate Supply-IntroductionMULTIPLE CHOICE1. Most economists use the aggregate demand and aggregate supply model primarily to analyzea.short-run fluctuations in the economy.b.the effects of macroeconomic policy on the prices of individual goods.c.the long-run effects of international trade policies.d.productivity and economic growth.ANS: A DIF: 1 REF: 33-0 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Aggregate demand and supply model MSC: Interpretive2. Most economists use the aggregate demand and aggregate supply model primarily to analyzea.short-run fluctuations in the economy.b.the effects of macroeconomic policy on the prices of individual goods.c.the long-run effects of international trade policies.d.productivity and economic growth.ANS: A DIF: 1 REF: 33-0 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Aggregate demand and supply model MSC: Interpretive word文档可自由复制编辑Chapter 33/Aggregate Demand and Aggregate Supply 2191 Sec01- Aggregate Demand and Aggregate Supply-Three Key Facts About Economic FluctuationsMULTIPLE CHOICE1. Historical evidence for the U.S. economy indicates thata.recessions have occurred roughly once every six years since the 1960s.b.the unemployment rate usually decreases during a recession and increases shortly after therecession ends.c.real GDP usually remains roughly constant during a recession and decreases shortly after therecession ends.d.changes in real GDP over the business cycle are largely attributable to changes in investment overthe business cycle.ANS: D DIF: 2 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations, investment MSC: Interpretive2. Which of the following is correct?a.Short run fluctuations in economic activity happen only in developing countries.b.During economic contractions most firms experience rising sales.c.Recessions come at regular intervals and are easy to predict.d.When real GDP falls, the rate of unemployment rises.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Facts about economic fluctuations MSC: Definitional3. Which of the following explains why production rises inmost years?a.increases in the labor forceb.increases in the capital stockc.advances in technological knowledged.All of the above are correct.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Growth MSC: Definitional4. Which of the following is most commonly used to monitor short-run changes in economic activity?a.the inflation rateb.real GDPc.aggregate demandd.aggregate supplyANS: B DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations, real GDP MSC: Interpretive5. A relaively mild period of falling incomes and rising unemployment is called aa.depression.b.recession.c.expansion.d.business cycle.ANS: B DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional6. During recessionsa.workers are laid off.b.factories are idle.c.firms may find they are unable to sell all they produce.d.All of the above are correct.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional7. During a recession the economy experiencesa.rising employment and income.b.rising employment and falling income.c.rising income and falling employment.d.falling employment and income.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional8. When we say that economic fluctuations are “irregular and unpredictable,” we mean thata.the relationship between output and unemployment is erratic and difficult to characterize.b.when one macroeconomic variable that measures income or spending is falling, othermacroeconomic variables that measure income or spending are likely to be rising.c.recessions do not occur at regular intervals.d.All of the above are correct.ANS: C DIF: 2 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations MSC: Interpretive9. Which of the following is correct?a.Economic fluctuations are easily predicted by competent economists.b.Recessions have never occurred very close together.c.Other measures of spending, income, and production do not fluctuate closely with real GDP.d.None of the above is correct.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional10. Which of the following statements is correct?a.Most economists use the model of aggregate demand and aggregate supply to analyze short-runeconomic fluctuations.b.Economic fluctuations are essentially unrelated to changes in business conditions.c.Economic fluctuations follow a regular, predictable pattern.d.All of the above are correct.ANS: A DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations MSC: Interpretive11. During recessions which type of spending falls?a.consumption and investmentb.investment but not consumptionc.consumption but not investmentd.neither consumption nor investmentANS: A DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Facts about economic fluctuations MSC: Definitionalword文档可自由复制编辑Chapter 33/Aggregate Demand and Aggregate Supply 219312. Which of the following is correct?a.Over the business cycle consumption fluctuates more thaninvestment.b.Economic fluctuations are easy to predict.c.During recessions sales and profits tend to fall.d.Because of government policy the U.S. has suffered no recessions in the last 25 years.ANS: C DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional13. Recession come ata.regular intervals. During recessions consumption spending falls relatively more than investmentspending.b.regular intervals. During recessions investment spending falls relatively more than consumptionspending.c.irregular intervals. During recessions consumption spending falls relatively more thaninvestment spending.d.irregular intervals. During recessions investment spending falls relatively more thanconsumption spending.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional14. During recessionsa.sales and profits fall.b.sales and profits rise.c.sales rise, profits fall.d.profits fall, sales rise.ANS: A DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional15. Which of the following typically rises during a recession?a.garbage collectionb.unemploymentc.corporate profitsd.automobile salesANS: B DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional16. Real GDPa.is the current dollar value of all goods produced by the citizens of an economy within a given time.b.measures economic activity and income.c.is used primarily to measure long-run changes rather than short-run fluctuations.d.All of the above are correct.ANS: B DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Real GDP MSC: Definitional17. Real GDPa.moves in the same direction as unemployment.b.is not adjusted for inflation.c.measures economic activity and real income.d.All of the above are correct.ANS: C DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Real GDP MSC: Definitional。
曼昆《经济学原理》（微观）第五版测试题库（14）（1）
曼昆《经济学原理》（微观）第五版测试题库（14）（1）Chapter 14Firms in Competitive MarketsTRUE/FALSE1. For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenue | Marginal rev-enueMSC: Interpretive2. For a firm operating in a perfectly competitive industry, marginal reve-nue and average revenue are equal.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenue | Marginal rev-enueMSC: Interpretive3. If a firm notices that its average revenue equals the current market price, that firm must be participating in a competitive market.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenueMSC: Interpretive4. A profit-maximizing firm in a competitive market will increase produc-tion when average revenue exceeds marginal cost. ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Average revenueMSC: Interpretive5. Because there are many buyers and sellers in a perfectly competitive market, no one seller can influence the market price. ANS: T DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Definitional6. Firms operating in perfectly competitive markets try to maximize prof-its.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Profit maximization929MSC: Applicative7. In competitive markets, firms that raise their prices are typically re-warded with larger profits.ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive8. When an individual firm in a competitive market increases its produc-tion, it is likely that the market price will fall. ANS: F DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive9. In a competitive market, firms are unable to differentiate their product from that of other producers.ANS: T DIF: 1 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive10. Firms in a competitive market are said to be price takers because there are many sellers in the market and the goods offered by the firms are very similar if not identical.ANS: T DIF: 2 REF: 14-1 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive11. A firm's incentive to compare marginal revenue and marginal cost is an application of the principle that rational people think at the margin. ANS: T DIF: 1 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive12. By comparing the marginal revenue and marginal cost from each unit produced, a firm in a competitive market can determine the profit-maximizing level of production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretiveword⽂档可⾃由复制编辑Chapter 14/Firms in Competitive Markets 931 13. Firms operating in perfectly competitive markets produce an output level where marginal revenue equals marginal cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Marginal revenueMSC: Applicative14. A firm is currently producing 100 units of output per day. The man-ager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $4.75. The firm should continue to pro-duce 100 units in order to maximize its profits (or minimize its losses). ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical15. A firm is currently producing 100 units of output per day. The man-ager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the 100th unit for $5. The firm should continue to produce 100 units in order to maximize its profits (or minimize its losses).ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical16. A firm is currently producing 100 units of output per day. The man-ager reports to the owner that producing the 100th unit costs the firm $5. The firm can sell the unit for $6. The firm should produce more than 100 units in order to maximize its profits (or minimize its losses).ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Analytical17. A dairy farmer must be able to calculate sunk costs in order to deter-mine how much revenue the farm receives for the typical gallon of milk. ANS: F DIF: 1 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: I nterpretive18. Because nothing can be done about sunk costs, they are irrelevant to decisions about business strategy.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: I nterpretive19. A miniature golf course is a good example of where fixed costs be-come relevant to the decision of when to open and when to close for the season.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: I nterpretive20. A popular resort restaurant will maximize profits if it chooses to stay open during the less-crowded “off season” when its total revenues exceed its variable costs.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Sunk costs MSC: I nterpretive21. All firms maximize profits by producing an output level where marginal revenue equals marginal cost; for firms operating in perfectly competitive in-dustries, maximizing profits also means producing an output level where price equals marginal cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive22. A firm operating in a perfectly competitive industry will continue to op-erate in the short run but earn losses if the market price is less than that firm’s average total cost but greater than the firm’s average variable cost. ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive23. A firm operating in a perfectly competitive industry will continue to op-erate in the short run but earn losses if the market price is less than that firm’s average variable co st.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive24. A firm operating in a perfectly competitive industry will shut down in the short run but earn losses if the market price is less than that firm’s aver-age variable cost.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretiveword⽂档可⾃由复制编辑Chapter 14/Firms in Competitive Markets 933 25. In the short run, a firm should exit the industry if its marginal cost ex-ceeds its marginal revenue.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive26. In making a short-run profit-maximizing production decision, the firm must consider both fixed and variable cost. ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive27. A firm will shut down in the short run if revenue is not sufficient to cov-er its variable costs of production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: I nterpretive28. Suppose a firm is considering producing zero units of output. We call this shutting down in the short run and exiting an industry in the long run. ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: I nterpretive29. Suppose a firm is considering producing zero units of output. We call this exiting an industry in the short run and shutting down in the long run. ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: I nterpretive30. A firm will shut down in the short run if revenue is not sufficient to cov-er all of its fixed costs of production.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Shut down MSC: I nterpretive31. The supply curve of a firm in a competitive market is the average va-riable cost curve above the minimum of marginal cost.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive32. When a profit-maximizing firm in a competitive market experiences rising prices, it will respond with an increase in production.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive33. The marginal firm in a competitive market will earn zero economic profit in the long run.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Economic profitMSC: Interpretive34. A profit-maximizing firm in a competitive market will earn zero ac-counting profits in the long run.ANS: F DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Accounting profitMSC: Interpretive35. In the long run, when price is less than average total cost for all possi-ble levels of production, a firm in a competitive market will choose to exit (or not enter) the market.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive36. In the long run, when price is greater than average total cost, some firms in a competitive market will choose to enter the market.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive37. In the long run, a firm should exit the industry if its total costs exceed its total revenues.ANS: T DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximizationMSC: Interpretive38. When a resource used in the production of a good sold in a competi-tive market is available in only limited quantities, the long-run supply curve is likely to be upward sloping.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretiveword⽂档可⾃由复制编辑Chapter 14/Firms in Competitive Markets 935 39. A firm operating in a perfectly competitive industry will continue to op-erate if it earns zero economic profits because it is likely to be earning posi-tive accounting profits.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive40. A firm operating in a perfectly competitive industry will shut down in the short run if its economic profits fall to zero because it is likely to be earn-ing negative accounting profits.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Competitive marketsMSC: Interpretive41. A firm operating in a perfectly competitive market may earn positive, negative, or zero economic profit in the long run. ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Long-run supply curveMSC: Interpretive42. A firm operating in a perfectly competitive market may earn positive, negative, or zero economic profit in the short run. ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Long-run supply curveMSC: Interpretive43. A firm operating in a perfectly competitive market earns zero economic profit in the long run but remains in business because the firm’s revenues cover the business owners’ opportunity costs.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive44. A competitive market will typically experience entry and exit until ac-counting profits are zero.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive45. The long-run equilibrium in a competitive market characterized by firms with identical costs is generally characterized by firms operating at effi-cient scale.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive46. In the long run, a competitive market with 1,000 identical firms will ex-perience an equilibrium price equal to the minimum of each firm's average total cost.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive47. In a long-run equilibrium where firms have identical costs, it is possible that some firms in a competitive market are making a positive economic prof-it.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive48. When economic profits are zero in equilibrium, the firm's revenue must be sufficient to cover all opportunity costs. ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Zero-profit conditionMSC: Interpretive49. The short-run supply curve in a competitive market must be more elastic than the long-run supply curve.ANS: F DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: Interpretive50. The long-run supply curve in a competitive market is more elastic than the short-run supply curve.ANS: T DIF: 2 REF: 14-3 NAT: AnalyticLOC: Perfect competition TOP: Supply curveMSC: InterpretiveSHORT ANSWERword⽂档可⾃由复制编辑Chapter 14/Firms in Competitive Markets 937 1. Describe the difference between average revenue and marginal reve-nue. Why are both of these revenue measures important to a prof-it-maximizing firm?ANS:Average revenue is total revenue divided by the quantity of output. Marginal revenue is the change in total revenue from the sale of each additional unit of output. Marginal revenue is used to determine the profit-maximizing level of production, and average revenue is used to help determine the level of profits. Note that for all firms, price equals average revenue because AR=(PxQ)/Q=P. But only for a firm operating in a perfectly competitive industry does price al-so equal marginal revenue.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Price MSC: D efinitional2. List and describe the characteristics of a perfectly competitive market. ANS:There are many buyers and sellers in the market. The goods offered by the various sellers are largely the same. Firms can freely enter or exit the market. DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Competitive markets MSC: D efinitional3. Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market?ANS:The firm could not sell any more of its product at a lower price than it could sell at the market price. As a result, it would needlessly forgo revenue if it set a price below the market price. If the firm set a higher price, it would not sell anything at all because a competitive market has many sellers who would supply the product at the market price.DIF: 2 REF: 14-1 NAT: Analytic LOC: Perfect competitionTOP: Profit maximization MSC: A nalytical4. Use a graph to demonstrate the circumstances that would prevail in a competitive market where firms are earning economic profits. Can this sce-nario be maintained in the long run? Explain your answer.ANS:In a competitive market where firms are earning economic profits, new firms will have an incentive to enter the market. This entry will expand the number of firms, increase the quantity of the good supplied, and drive down pricesword ⽂档可⾃由复制编辑 and profits. Entry will cease once firms are producing the output level where price equals the minimum of the average total cost curve, meaning that eachfirm earns zero economic profits in the long run.DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximization MSC: A nalytical5. Explain how a firm in a competitive market identifies the prof-it-maximizing level of production. When should the firm raise production, and when should the firm lower production? ANS:The firm selects the level of output at which marginal revenue is equal tomarginal cost. If MR > MC, profit will increase if the firm increases Q. If MR < MC, profit will increase if the firm decreases Q. DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximization MSC: A nalytical6. News reports from the western United States occasionally report inci-dents of cattle ranchers slaughtering a large number of newborn calves and burying them in mass graves rather than transporting them to markets. As-suming that this is rational behavior by profit-maximizing "firms," explain what economic factors may influence such behavior.ANS:If the selling price is not sufficient to cover the variable cost of sending the calves to market, this (potentially emotionally upsetting) behavior makes economic sense.DIF: 2 REF: 14-2 NAT: AnalyticLOC: Perfect competition TOP: Profit maximization MSC: A nalytical。
曼昆经济学原理(5版)_课后答案(超全)
第一篇导言第一章经济学十大原理复习题1．列举三个你在生活中面临的重要权衡取舍的例子。
答：①大学毕业后，面临着是否继续深造的选择，选择继续上学攻读研究生学位，就意味着在今后三年中放弃参加工作、赚工资和积累社会经验的机会；②在学习内容上也面临着很重要的权衡取舍，如果学习《经济学》，就要减少学习英语或其他专业课的时间；③对于不多的生活费的分配同样面临权衡取舍，要多买书，就要减少在吃饭、买衣服等其他方面的开支。
2．看一场电影的机会成本是什么?答：看一场电影的机会成本是在看电影的时间里做其他事情所能获得的最大收益，例如：看书、打零工。
3．水是生活必需的。
一杯水的边际利益是大还是小呢?答：这要看这杯水是在什么样的情况下喝，如果这是一个人五分钟内喝下的第五杯水，那么他的边际利益很小，有可能为负；如果这是一个极度干渴的人喝下的第一杯水，那么他的边际利益将会极大。
4．为什么决策者应该考虑激励?答：因为人们会对激励做出反应。
如果政策改变了激励，它将使人们改变自己的行为，当决策者未能考虑到行为如何由于政策的原因而变化时，他们的政策往往会产生意想不到的效果。
5．为什么各国之间的贸易不像竞赛一样有赢家和输家呢?答：因为贸易使各国可以专门从事自己最擅长的活动，并从中享有更多的各种各样的物品与劳务。
通过贸易使每个国家可供消费的物质财富增加，经济状况变得更好。
因此，各个贸易国之间既是竞争对手，又是经济合作伙伴。
在公平的贸易中是“双赢”或者“多赢”的结果。
6．市场中的那只“看不见的手”在做什么呢?答：市场中那只“看不见的手”就是商品价格，价格反映商品自身的价值和社会成本，市场中的企业和家庭在作出买卖决策时都要关注价格。
因此，他们也会不自觉地考虑自己行为的(社会)收益和成本。
从而，这只“看不见的手”指引着千百万个体决策者在大多数情况下使社会福利趋向最大化。
7．解释市场失灵的两个主要原因，并各举出一个例子。
答：市场失灵的主要原因是外部性和市场势力。
曼昆《经济学原理》（宏观）第五版测试题库（30）
曼昆《经济学原理》（宏观）第五版测试题库（30）Chapter 30Money Growth and InflationTRUE/FALSE1. The inflation rate is measured as the percentage change in a price index.ANS: T DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: InflationKEY: MSC: Definitional2. U.S. prices rose at an average annual rate of about 4 percent over the last 70 years.ANS: T DIF: 1 REF: 30-0NAT: Analytic LOC: The role of money TOP: InflationMSC: Analytical3. The United States has never had deflation.ANS: F DIF: 1 REF: 30-0NAT: Analytic LOC: The role of money TOP: DeflationMSC: Definitional4. In the 1990s, U.S. prices rose at about the same rate as in the 1970s.ANS: F DIF: 1 REF: 30-0NAT: Analytic LOC: The role of money TOP: U.S. inflationMSC: Definitional5. As the price level falls, the value of money falls.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Value | MoneyMSC: Interpretive6. The price level is determined by the supply of, and demand for, money.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Definitional7. If the quantity of money supplied is greater than the quantity demanded, then prices should fall.ANS: F DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Analytical8. Dollar prices and relative prices are both nominal variables.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of moneyTOP: Nominal variables | Real variables MSC: Definitional9. The quantity equation is M x V = P x Y.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Quantity equationMSC: Definitional10. According to the Fisher effect, if inflation rises then the nominal interest rate rises.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Fisher effectMSC: Definitional11. An increase in money demand would create a surplus of money at the original value of money.ANS: F DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Applicative201412. Hyperinflations are associated with governments printing money to finance expenditures.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: Unemployment and inflation TOP: HyperinflationMSC: Definitional13. For a given level of money and real GDP, an increase in velocity would lead to an increase in the price level. ANS: T DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Velocity of moneyMSC: Analytical14. The quantity theory of money can explain hyperinflations but not moderate i nflation.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: HyperinflationMSC: Interpretive15. If P represents the price of goods and services measured in money, then 1/P is the value of money measured interms of goods and services.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money | ValueMSC: Interpretive16. When the value of money is on the vertical axis, an increase in the price level shifts money demand to theright.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money demandMSC: Applicative17. The money supply curve shifts to the left when the Fed buys government bonds.ANS: F DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money supplyMSC: Analytical18. When the value of money is on the vertical axis, the money supply curve slopes upward because an increase in the value of money induces banks to create more money.ANS: F DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money supplyMSC: Definitional19. If the Fed increases the money supply, the equilibrium value of money decreases and the equilibrium price level increases.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Analytical20. A rising price level eliminates an excess supply of money.ANS: T DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Analytical21. A rising value of money eliminates an excess supply of money.ANS: F DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Analytical22. Nominal GDP measures output of final goods and services in physical terms.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Nominal variablesMSC: Interpretive2016 Chapter 30 /Money Growth and Inflation23. The classical dichotomy is useful for analyzing the economy because in the long run nominal variables are heavily influenced by developments in the monetary system, and real variables are not.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Classical dichotomyMSC: Definitional24. The irrelevance of monetary changes for real variables is called monetary neutrality. Most economists accept monetary neutrality as a good description of the economy in the long run, but not the short run.ANS: T DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Monetary neutralityMSC: Interpretive25. The quantity theory of money implies that if output and velocity are constant, then a 50 percent increase in themoney supply would lead to less than a 50 percent increase in the price level.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Quantity theoryMSC: Applicative26. The source of all four classic hyperinflations was high rates of money growth.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: HyperinflationMSC: Definitional27. In the long run, an increase in the growth rate of the money supply leads to an increase in the real interest rate,but no change in the nominal interest rate.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Quantity theoryMSC: Definitional28. Inflation induces people to spend more resources maintaining lower money holdings. The costs of doing thisare called shoeleather costs.ANS: T DIF: 1 REF: 30-2NAT: Analytic LOC: The role of money TOP: Shoeleather costs of inflation MSC: Definitional29. Shoeleather costs and menu costs are both costs of anticipated inflation.ANS: T DIF: 1 REF: 30-2NAT: Analytic LOC: Unemployment and inflationTOP: Shoeleather costs of inflation | Menu costs o f inflation MSC: Definitional30. For a given real interest rate, an increase in the inflation rate reduces the after-tax real interest rate.ANS: T DIF: 2 REF: 30-2NAT: Analytic LOC: Unemployment and inflation TOP:Inflation | Taxes | Real interest rate MSC: Analytical31. Inflation necessarily distorts saving when either real interest income or nominal interest income is taxed. ANS: F DIF: 2 REF: 30-2NAT: Analytic LOC: The role of money TOP: Inflation | Real interest rate MSC: Interpretive32. Inflation distorts savings when real interest income, rather than nominal interest income, is taxed.ANS: F DIF: 2 REF: 30-2NAT: Analytic LOC: The role of money TOP: Inflation | Real interest rate MSC: Interpretive33. Suppose the nominal interest rate is 10 percent; the tax rate on interest income is 28 percent, and the inflationrate is 6 percent. Then the after-tax real interest rate is -3.2 percent.ANS: F DIF: 2 REF: 30-2NAT: Analytic LOC: The role of money TOP: Taxes | Real interest rateMSC: Interpretive34. Suppose the nominal interest rate is 5 percent; the tax rate on interest income is 30 percent, and the after-taxreal interest rate is 0.8 percent. Then the inflation rate is 2.7 percent.ANS: T DIF: 2 REF: 30-2NAT: Analytic LOC: The role of money TOP: Taxes | Real interest rate MSC: Interpretive35. If the Fed were to unexpectedly increase the money supply, creditors would gain at the expense of debtors. ANS: F DIF: 1 REF: 30-2NAT: Analytic LOC: The role of moneyTOP: Wealth redistribution | Inflation MSC: Applicative36. If inflation is higher than expected, then borrowers make nominal interest payments that are less than theyexpected.ANS: F DIF: 2 REF: 30-2NAT: Analytic LOC: Unemployment and inflation TOP: Menu costs of inflationMSC: Applicative37. Inflation is costly only if it is unanticipated.ANS: F DIF: 1 REF: 30-2NAT: Analytic LOC: Unemployment and inflation TOP: Inflation costsMSC: Interpretive38. Even though monetary policy is neutral in the short run, it may have profound real effects in the long run. ANS: F DIF: 1 REF: 30-3NAT: Analytic LOC: The role of money TOP: Monetary neutralityMSC: InterpretiveSHORT ANSWER1. Why did farmers in the late 1800s dislike deflation?ANS:Most had large nominal debts. The decrease in the price level meant that they received less for what they produced and so made it harder to pay off the debts whose real value rose as prices fell.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Deflation MSC: Analytical2. Explain the adjustment process in the money market that creates a change in the price level when the moneysupply increases.ANS:When the money supply increases, there is an excess supply of money at the original value of money. After the money supply increases, people have more money than they want to hold in their purses, wallets and checking accounts. They use this excess money to buy goods and services or lend it out to other people to buy goods and services. The increase in expenditures causes prices to rise and the value of money to fall. As the value of money falls, the quantity of money people want to hold increases so that the excess supply is eliminated. At the end of this process the money market is in equilibrium at a higher price level and a lower value of money.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Money marketMSC: Analytical2018 Chapter 30 /Money Growth and Inflation3. Suppose the Fed sells government bonds. Use a graph of the money market to show what this does to the valueof money.ANS:When the Fed sells government bonds, the money supply decreases. This shifts the money supply curve from MS1 to MS2 and makes the value of money increase. Since money is worth more, it takes less to buy goods with it, which means the price level falls.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Money marketMSC: Analytical4. Using separate graphs, demonstrate what happens to the money supply, money demand, the value of money,and the price level if:a. the Fed increases the money supply.b. people decide to demand less money at each value of money.ANS:a. The Fed increases the money supply. When the Fed increases the money supply, the money supply curveshifts right from MS1 to MS2. This shift causes the value of money to fall, so the price level rises.b. People decide to demand less money at each value of money. Since people want to hold less at eachvalue of money, it follows that the money demand curve will shift to the left from MD1 to MD2. Thedecrease in money demand results in a lower value of money and so a higher price level.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Money marketMSC: Analytical5. According to the classical dichotomy, what changes nominal variables? What changes real variables? ANS:The classical dichotomy argues that nominal variables are determined primarily by developments in the monetary system such as changes in money demand and supply. Real variables are largely independent of the monetary system and are determined by productivity and real changes in the factor and loanable funds markets.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Classical dichotomyMSC: Definitional6. Suppose that monetary neutrality holds. Of the following variables, which ones do not change when themoney supply increases?a. real interest ratesb. inflationc. the price leveld. real outpute. real wagesf. nominal wagesANS:a. real interest ratesd. real outpute. real wagesDIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Monetary neutralityMSC: Interpretive7. Wages and prices are many times higher today than they were 30 years ago, yet people do not work a lot morehours or buy fewer goods. How can this be?ANS:Inflation has raised the general price level. An increase in the general price level has no effect on real variables in the long run. Wages are higher, but so are prices. Prices are higher, but so are wages and incomes. In the long run, people change their behavior in response to changes in real variables, not nominal ones.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Nominal variables | Real variablesMSC: Interpretive8. Identify each of the following as nominal or real variables.a. the physical output of goods and servicesb. the overall price levelc. the dollar price of applesd. the price of apples relative to the price of orangese. the unemployment ratef. the amount that shows up on your paycheck after taxesg. the amount of goods you can purchase with the wage you get each hourh. the taxes that you pay the governmentANS:a. real variableb. nominal variablec. nominal variabled. real variablee. real variablef. nominal variableg. real variableh. nominal variableDIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Nominal variables | Real variablesMSC: Interpretive2020 Chapter 30 /Money Growth and Inflation9. Define each of the symbols and explain the meaning o f M V = P Y.ANS:M is the quantity of money, V is the velocity of money, P is the price level, and Y is the quantity of o utput. P Y is nominal GDP. The amount people spend should equal the amount of money in the economy times the average number of times each unit of currency is spent.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Velocity MSC: Definitional10. What assumptions are necessary to argue that the quantity equation implies that increases in the money supplylead to proportional changes in the price level?ANS:We must suppose that V is relatively constant and that changes in the money supply have no effect on real output. DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Quantity theoryMSC: Definitional11. What is the inflation tax, and how might it explain the creation of inflation by a central bank?ANS:The inflation tax refers to the fact that inflation is a tax on money. When prices rise, the value of money currently held is reduced. Hence, when a government raises revenue by printing money, it obtains resources from households by taxing their money holdings through inflation rather than by sending them a tax bill. In countries where governments are unable or unwilling to raise revenues by raising taxes explicitly, the inflation tax may be an alternative source of revenue.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Inflation tax MSC: Interpretive12. Economists agree that increases in the money-supply growth rate increase inflation and that inflation isundesirable. So why have there been hyperinflations and how have they been ended?ANS:Typically, the government in countries that had hyperinflation started with high spending, inadequate tax revenue, and limited ability to borrow. Therefore, they turned to the printing presses to pay their bills. Massive and continued increases in the quantity of money led to hyperinflation, which ended when the governments instituted fiscal reforms eliminating the need for the inflation tax and subsequently slowed money supply growth.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: HyperinflationMSC: Interpretive13. Suppose that velocity and output are constant and that the quantity theory and the Fisher effect both hold.What happens to inflation, real interest rates, and nominal interest rates when the money supply growth rate increases from 5 percent to 10 percent?ANS:Inflation and nominal interest rates each increase by 5 percent points. There is no change in the real interest rate or any other real variable.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Inflation MSC: Analytical14. In recent years Venezuela and Russia have had much higher nominal interest rates than the United Stateswhile Japan has had lower nominal interest rates. What would you predict is true about money growth in these other countries? Why?ANS:The Fisher effect says that increases in the inflation rate lead to one-to-one increases in nominal interest rates. The quantity theory says that in the long run, inflation increases one-to-one with money supply growth. It follows that differences in nominal interest rates may be due to differences in money supply growth rates. It is reasonable to guess that much higher nominal interest rates in Venezuela and Russia indicate higher money supply growth while lower interest rates in Japan indicate lower money supply growth.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Fisher effect MSC: Applicative15. The U.S. Treasury Department issues inflation-indexed bonds. What are inflation-indexed bonds and why arethey important?ANS: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.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Index bonds MSC: Definitional16. List and define any two of the costs of high inflation.ANS:The costs include:Shoeleather costs: the resources wasted when inflation induces people to reduce their money holdings.Menu costs: the cost of more frequent price changes at higher inflation rates.Relative Price Variability: because prices change infrequently, higher inflation causes relative prices to vary more. Decisions based on relative prices are then distorted so that resources may not be allocated efficiently.Inflation Induced Tax Distortions: the income tax is not completely indexed for inflation; an increase in nominal income created by inflation results in higher real tax rates that discourage savings.Confusion and Inconvenience: inflation decreases the reliability of the unit of account making it more complicated to differentiate successful and unsuccessful firms thereby impeding the efficient allocation of funds to alternative investments.Unexpected Inflation: inflation decreases the real value of debt thereby transferring wealth from creditors to debtors. DIF: 1 REF: 30-2 NAT: AnalyticLOC: The role of money TOP: Inflation costsMSC: Definitional17. Inflation distorts relative prices. What does this mean and why does it impose a cost on society?ANS:Relative prices are the value of one good in terms of other goods. Relative prices ordinarily provide signals concerning therelative scarcity of goods so the goods may be allocated efficiently. Some prices change infrequently, so that when inflation rises, there is greater variation in relative prices. However, changes in relative prices created by inflation do not signal changes in the scarcity of goods and so lead to an inefficient allocation of goods and resources.DIF: 1 REF: 30-2 NAT: AnalyticLOC: The role of money TOP: Relative price variabilityMSC: Interpretive18. Explain how inflation affects savings.ANS:Inflation discourages savings. Income tax is collected on nominal rather than real interest rates. So an increase in inflation will increase nominal interest rates and taxes. The increase in taxes in turn lowers the real return on savings and so discourages savings.DIF: 1 REF: 30-2 NAT: AnalyticLOC: The role of money TOP: Saving | InflationMSC: Applicative2022 Chapter 30 /Money Growth and Inflation19. The U.S. Treasury Department began issuing inflation-indexed bonds in early 1997. Since these assets arevirtually risk free, both in terms of default risk and inflation risk, will they quickly replace all other kinds of assets that still entail risk of one kind or another, such as ordinary government bonds or corporate bonds?Explain.ANS:When individuals are choosing between assets of different kinds, they consider both expected return and risk. Because the new inflation-indexed bonds have very low risk, they will also have very low real interest rates. So they will not replace other, more risky assets that promise to pay a much higher real interest rate. They do, however, offer a way of escaping some inflation risk, and have become a popular addition to portfolios.DIF: 1 REF: 30-2 NAT: AnalyticLOC: The role of money TOP: Index bonds MSC: AnalyticalSec00 - Money Growth and InflationMULTIPLE CHOICE1. Over the past 70 years, prices in the U.S. have risen on average abouta. 2 percent per year.b. 4 percent per year.c. 6 percent per year.d. 8 percent per year.ANS: B DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Definitional2. Over the past 70 years, the overall price level in the U.S. has experienced a(n)a. 4-fold increase.b. 8-fold increase.c. 12-fold increase.d. 16-fold increase.ANS: D DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Definitional3. Over the last 70 years, the average annual U.S. inflation rate was abouta. 2 percent, implying that prices have increased 10-fold.b. 4 percent, implying that prices have increased 10-fold.c. 2 percent, implying that prices have increased 16-fold.d. 4 percent, implying that prices increased about 16-fold.ANS: D DIF: 2 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Definitional4. Inflation can be measured by thea. change in the consumer price index.b. percentage change in the consumer price index.c. percentage change in the price of a specific commodity.d. change in the price of a specific commodity.ANS: B DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: InflationMSC: Definitional5. Which of the following is not correct?a. The inflation rate is measured as the percentage change in a price index.b. For the last 40 or so years, U.S. inflation hasn’t shown much variation from its average rate of about 2 percent.c. During the 19th century there were long periods of falling prices.d. Some economists argue that the costs of moderate inflation are not nearly as large as the general public believes.ANS: B DIF: 2 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: InflationMSC: Interpretive6. In which of the following cases was the inflation rate 10 percent over the last year?a. One year ago the price index had a value of 110 and now it has a value of 120.b. One year ago the price index had a value of 120 and now it has a value of 132.c. One year ago the price index had a value of 126 and now it has a value of 140.d. One year ago the price index had a value of 145 and now it has a value of 163. ANS: B DIF: 2 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Applicative7. If the price level increased from 120 to 126, then what was the inflation rate?a. 3 percentb. 5 percentc. 6 percentd. None of the above is correct.ANS: B DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Applicative8. If the price level increased from 120 to 150, then what was the inflation rate?a. 30 percentb. 25 percentc. 20 percentd. None of the above is correct.ANS: B DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Applicative9. When prices are falling, economists say that there isa. disinflation.b. deflation.c. a contraction.d. an inverted inflation.ANS: B DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: DeflationMSC: Definitional10. Deflationa. increases incomes and enhances the ability of debtors to pay off their debts.b. increases incomes and reduces the ability of debtors to pay off their debts.c. decreases incomes and enhances the ability of debtors to pay off their debts.d. decreases incomes and reduces the ability of debtors to pay off their debts. ANS: D DIF: 2 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: DeflationMSC: Interpretive。
曼昆经济学原理宏观第五版答案
曼昆经济学原理宏观第五版答案【篇一：经济学原理曼昆(宏观部分答案)】>第二十三章一国收入的衡量复习题 1 ．解释为什么一个经济的收入必定等于其支出? 答：对一个整体经济而言，收入必定等于支出。
因为每一次交易都有两方：买者和卖者。
一个买者的1 美元支出是另一个卖者的1 美元收入。
因此，交易对经济的收入和支出作出了相同的贡献。
由于gdp 既衡量总收入 135 又衡量总支出，因而无论作为总收入来衡量还是作为总支出来衡量，gdp 都相等.2 ．生产一辆经济型轿车或生产一辆豪华型轿车，哪一个对gdp 的贡献更大？为什么? 答：生产一辆豪华型轿车对gdp 的贡献大。
因为gdp 是在某一既定时期一个国家内生产的所有最终物品与劳务的市场价值。
由于市场价格衡量人们愿意为各种不同物品支付的量，所以市场价格反映了这些物品的市场价值。
由于一辆豪华型轿车的市场价格高于一辆经济型轿车的市场价格，所以一辆豪华型轿车的市场价值高于一辆经济型轿车的市场价值，因而生产一辆豪华型轿车对gdp 的贡献更大.3 ．农民以2 美元的价格把小麦卖给面包师。
面包师用小麦制成面包，以3 美元的价格出售。
这些交易对 gdp 的贡献是多少呢? 答：对gdp 的贡献是3 美元。
gdp 只包括最终物品的价值，因为中间物品的价值已经包括在最终物品的价格中了.4 ．许多年以前，peggy 为了收集唱片而花了500 美元。
今天她在旧货销售中把她收集的物品卖了100 美元.这种销售如何影响现期gdp? 答：现期gdp 只包括现期生产的物品与劳务，不包括涉及过去生产的东西的交易。
因而这种销售不影响现期gdp.5 ．列出gdp 的四个组成部分。
各举一个例子.答：gdp 等于消费(c)+投资(i)+政府购买(g)+净出口(nx) 消费是家庭用于物品与劳务的支出，如汤姆一家人在麦当劳吃午餐.投资是资本设备、存货、新住房和建筑物的购买，如通用汽车公司建立一个汽车厂.政府购买包括地方政府、州政府和联邦政府用于物品与劳务的支出，如海军购买了一艘潜艇.净出口等于外国人购买国内生产的物品(出口)减国内购买的外国物品(进口)。
曼昆经济学原理第五版标准答案宏观
曼昆经济学原理第五版答案宏观【篇一:经济学原理曼昆(宏观部分答案)】>第二十三章一国收入的衡量复习题 1.解释为什么一个经济的收入必定等于其支出? 答：对一个整体经济而言，收入必定等于支出。
因为每一次交易都有两方:买者和卖者。
一个买者的1 美元支出是另一个卖者的1 美元收入。
因此，交易对经济的收入和支出作出了相同的贡献。
由于gｄp 既衡量总收入 13５又衡量总支出,因而无论作为总收入来衡量还是作为总支出来衡量,gdｐ都相等.2 ．生产一辆经济型轿车或生产一辆豪华型轿车,哪一个对gdp的贡献更大？为什么? 答:生产一辆豪华型轿车对gdp的贡献大。
因为gｄｐ是在某一既定时期一个国家内生产的所有最终物品与劳务的市场价值。
由于市场价格衡量人们愿意为各种不同物品支付的量,所以市场价格反映了这些物品的市场价值。
由于一辆豪华型轿车的市场价格高于一辆经济型轿车的市场价格,所以一辆豪华型轿车的市场价值高于一辆经济型轿车的市场价值，因而生产一辆豪华型轿车对gdp 的贡献更大．3 ．农民以２美元的价格把小麦卖给面包师。
面包师用小麦制成面包,以3美元的价格出售。
这些交易对ｇdｐ的贡献是多少呢？答：对ｇdp 的贡献是3美元。
ｇdp 只包括最终物品的价值，因为中间物品的价值已经包括在最终物品的价格中了.４ .许多年以前,peggy 为了收集唱片而花了500 美元。
今天她在旧货销售中把她收集的物品卖了１０0 美元.这种销售如何影响现期gｄp? 答：现期gdｐ只包括现期生产的物品与劳务，不包括涉及过去生产的东西的交易。
因而这种销售不影响现期gdp.5 .列出gdp的四个组成部分。
各举一个例子.答：gdp等于消费(c)+投资(ｉ）+政府购买(g)＋净出口(nｘ) 消费是家庭用于物品与劳务的支出,如汤姆一家人在麦当劳吃午餐.投资是资本设备、存货、新住房和建筑物的购买,如通用汽车公司建立一个汽车厂.政府购买包括地方政府、州政府和联邦政府用于物品与劳务的支出，如海军购买了一艘潜艇．净出口等于外国人购买国内生产的物品(出口)减国内购买的外国物品(进口)。
经济学原理 曼昆第五版英文答案Chapter26
c. By the late 1990s, the debt-to-GDP ratio began declining due to budget surpluses.d. The debt-to-GDP ratio began rising again during the first few years of the George W.Bush presidency. The causes have been threefold: tax cuts, a recession, and an increasein government spending for the war on terrorism.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. A stock is a claim to partial ownership in a firm. A bond is a certificate of indebtedness.They are different in numerous ways: (1) a bond pays interest (a fixed payment determinedwhen the bond is issued), while a stock pays dividends (a share of the firm’s profits that canincrease if the firm is more profitable); (2) a bond has a fixed time to maturity, while a stocknever matures; and (3) if a company that has issued both stock and bonds goes bankrupt,the bondholders get paid off before the stockholders, so stocks have greater risk andpotentially greater return than bonds. Stocks and bonds are similar in that both are financialinstruments that are used by companies to raise money for investment, both are traded onexchanges, both entail a degree of risk, and the returns to both are taxed (usually).2. Private saving is the amount of income that households have left after paying their taxes andpaying for their consumption. Public saving is the amount of tax revenue that thegovernment has left after paying for its spending. National saving is equal to the totalincome in the economy that remains after paying for consumption and governmentpurchases. Investment is the purchase of new capital, such as equipment or buildings.These terms are related in two ways: (1) National saving is the sum of public saving andprivate saving.. (2) In a closed economy, national saving equals investment.3. If more Americans adopted a “live for today” approach to life, they would spend more andsave less. This would shift the supply curve to the left in the market for loanable funds. Atthe new equilibrium, there would be less saving and investment and a higher interest rate. Questions for Review1. The financial system's role is to help match one person's saving with another person'sinvestment. Two markets that are part of the financial system are the bond market, throughwhich large corporations, the federal government, or state and local governments borrow,and the stock market, through which corporations sell ownership shares. Two financialintermediaries are banks, which take in deposits and use the deposits to make loans, andmutual funds, which sell shares to the public and use the proceeds to buy a portfolio offinancial assets.2. It is important for people who own stocks and bonds to diversify their holdings because thenthey will have only a small stake in each asset, which reduces risk. Mutual funds make suchdiversification easy by allowing a small investor to purchase parts of hundreds of differentstocks and bonds.3. National saving is the amount of a nation's income that is not spent on consumption orgovernment purchases. Private saving is the amount of income that households have leftafter paying their taxes and paying for their consumption. Public saving is the amount of taxrevenue that the government has left after paying for its spending. The three variables arerelated because national saving equals private saving plus public saving.4. Investment refers to the purchase of new capital, such as equipment or buildings. It is equalto national saving.5. A change in the tax code that might increase private saving is the expansion of eligibility forspecial accounts that allow people to shelter some of their saving from taxation. This wouldincrease the supply of loanable funds, lower interest rates, and increase investment.6. A government budget deficit arises when the government spends more than it receives in taxrevenue. Because a government budget deficit reduces national saving, it raises interestrates, reduces private investment, and thus reduces economic growth.Problems and Applications1. The stock market does have a social purpose. Firms obtain funds for investment by issuingnew stock. People are more likely to buy that stock because there are organized stockmarkets, so people know that they can sell their stock if they want to.2. When the Russian government defaulted on its debt, investors perceived a higher chance ofdefault (than they had before) on similar bonds sold by other developing countries. Thus, thesupply of loanable funds shifted to the left, as shown in Figure 1. The result was an increasein the interest rate.Figure 13. a. The bond of an eastern European government would pay a higher interest rate than the bond of the U.S. government because there would be a greater risk of default.b. A bond that repays the principal in 2025 would pay a higher interest rate than a bond that repays the principal in 2005 because it has a longer term to maturity, so there is more risk to the principal.c. A bond from a software company you run in your garage would pay a higher interest rate than a bond from Coca-Cola because your software company has more credit risk.d. A bond issued by the federal government would pay a higher interest rate than a bond issued by New York State because an investor does not have to pay federal income tax on the bond from New York State.4. Companies encourage their employees to hold stock in the company because it gives theemployees the incentive to care about the firm’s profits, not just their own salary. Then, if employees see waste or see areas in which the firm can improve, they will take actions that benefit the company because they know the value of their stock will rise as a result. It also gives employees an additional incentive to work hard, knowing that if the firm does well, they will profit.But from an employee’s point of view, owning stock in the company for which she or he works can be risky. The employee’s wages or salary is already tied to how well the firm performs. If the firm has trouble, the employee could be laid off or have her or his salaryreduced. If the employee owns stock in the firm, then there is a double whammy ⎯theemployee is unemployed or gets a lower salary and the value of the stock falls as well. So owning stock in your own company is a very risky proposition. Most employees would bebetter off diversifying ⎯owning stock or bonds in other companies ⎯so their fortunes wouldnot depend so much on the firm for which they work. 5. To a macroeconomist, saving occurs when a person’s income exceeds his consumption, while investment occurs when a person or firm purchases new capital, such as a house or business equipment.a. When your family takes out a mortgage and buys a new house, that is investment because it is a purchase of new capital.b. When you use your $200 paycheck to buy stock in AT&T, that is saving because yourincome of $200 is not being spent on consumption goods.c. When your roommate earns $100 and deposits it in her account at a bank, that is saving because the money is not spent on consumption goods.d. When you borrow $1,000 from a bank to buy a car to use in your pizza-delivery business,that is investment because the car is a capital good.6. Given that Y = 8, T = 1.5, S private = 0.5 = Y −T − C , S public = 0.2 = T − G . Because S private = Y − T − C , then rearranging gives C = Y − T − S private = 8 − 1.5 − 0.5 = 6. Because S public = T − G , then rearranging gives G = T − S public = 1.5 − 0.2 = 1.3. Because S = national saving = S private + S public = 0.5 + 0.2 = 0.7. Finally, becauseI = investment = S , I = 0.7.7. Private saving is equal to (Y – C – T) = 10,000 – 6,000 – 1,500 = 2,500.Public saving is equal to (T – G) = 1,500 – 1,700 = -200.National saving is equal to (Y – C – G) = 10,000 – 6,000 – 1,700 = 2,300.Investment is equal to saving = 2,300.The equilibrium interest rate is found by setting investment equal to 2,300 and solving for r: 100r = 2,300.–3,300100r = 1,000.r = 10 percent.8. a. If interest rates increase, the costs of borrowing money to build the factory becomehigher, so the returns from building the new plant may not be sufficient to cover thecosts. Thus, higher interest rates make it less likely that Intel will build the new factory.b. Even if Intel uses its own funds to finance the factory, the rise in interest rates stillmatters. There is an opportunity cost on the use of the funds. Instead of investing in thefactory, Intel could invest the money in the bond market to earn the higher interest rateavailable there. Intel will compare its potential returns from building the factory to thepotential returns from the bond market. If interest rates rise, so that bond marketreturns rise, Intel is again less likely to invest in the factory.Figure 29. a. Figure 2 illustrates the effect of the $20 billion increase in government borrowing.Initially, the supply of loanable funds is curve S1, the equilibrium real interest rate is i1,and the quantity of loanable funds is L1. The increase in government borrowing by $20billion reduces the supply of loanable funds at each interest rate by $20 billion, so thenew supply curve, S2, is shown by a shift to the left of S1 by exactly $20 billion. As aresult of the shift, the new equilibrium real interest rate is i2. The interest rate hasincreased as a result of the increase in government borrowing.b. Because the interest rate has increased, investment and national saving decline andprivate saving increases. The increase in government borrowing reduces public saving.From the figure you can see that total loanable funds (and thus both investment and national saving) decline by less than $20 billion, while public saving declines by $20billion and private saving rises by less than $20 billion.c. The more elastic is the supply of loanable funds, the flatter the supply curve would be, sothe interest rate would rise by less and thus national saving would fall by less, as Figure3 shows.Figure 3Figure 4d. The more elastic the demand for loanable funds, the flatter the demand curve would be,so the interest rate would rise by less and thus national saving would fall by more, as Figure 4 shows.e. If households believe that greater government borrowing today implies higher taxes topay off the government debt in the future, then people will save more so they can pay the higher future taxes. Thus, private saving will increase, as will the supply of loanablethe equilibrium quantity of investment and national saving decline, and reducing theamount that the interest rate rises.If the rise in private saving was exactly equal to the increase in government borrowing,there would be no shift in the national saving curve, so investment, national saving, and the interest rate would all be unchanged. This is the case of Ricardian equivalence.10. If world savings declines at the same time world investment rises, the supply curve ofloanable funds shifts to the left and the demand curve shifts to the right. Figure 6 illustrates the result. The world interest rate will rise, while the overall effect on the equilibrium quantity of loanable funds is ambiguous⎯it depends on the relative sizes of the shifts of the twocurves and on their elasticities.Figure 511. a. Investment can be increased by reducing taxes on private saving or by reducing thegovernment budget deficit. But reducing taxes on private saving has the effect ofincreasing the government budget deficit, unless some other taxes are increased orgovernment spending is reduced. So it is difficult to engage in both policies at the sametime.b. To know which of these policies would be a more effective way to raise investment, youwould need to know: (1) what the elasticity of private saving is with respect to the after-tax real interest rate, because that would determine how much private saving wouldincrease if you reduced taxes on saving; (2) how private saving responds to changes inthe government budget deficit, because, for example, if Ricardian equivalence holds, the decline in the government budget deficit would be matched by an equal decline inprivate saving, so national saving would not increase at all; and (3) how elasticinvestment is with respect to the interest rate, because if investment is quite inelastic,neither policy will have much of an impact on investment.。
曼昆(经济学原理)第五版宏观经济学27
基本金融工具
7
主动学习 1
现值
你正在考虑以7万美元买一块6亩的土地，这块地在 5年后会值10万美元
A. 如果 r = 0.05，你是否应该买？ B. 如果 r = 0.10，你是否应该买？
8
主动学习 1
参考答案
你正在考虑以7万美元买一块6亩的土地，这块地在 5年后会值10万美元 A. 如果 r = 0.05，你是否应该买？
保险允许风险分摊，能使风险厌恶的人更好： 比如，对于房子着火的风险，一万个人承担万分 之一的风险比你自己一个人独自承担全部风险容 易得多
基本金融工具
15
保险市场的两个问题
1. 逆向选择： 高风险的人从保险的保护中获益更大，所以高风 险的人比低风险的人更可能申请保险
2. 道德风险： 人们在购买保险之后，对他们谨慎从事以避免风 险的激励小了
未来货币量的现值：用现行利率产生一定量未来货 币所需要的现在货币量
相关概念: 货币量的未来值：在现行利率既定时，现在货币 量将带来的未来货币量
基本金融工具
3
例 1: 一个简单的存款
以5%的利率在银行存款$100，这笔钱的未来值是多 少？
N 年以后， FV = $100(1 + 0.05)N
3年以后， FV = $100(1 + 0.05)3 = $115.76
由于复利，利率的微小差别在长期会产生巨大的差 别
例如：买$1000微软的股票，并持有30年 如果回报率 = 0.08, FV = $10,063 如果回报率 = 0.10, FV = $17,450
基本金融工具
10
70规则
70规则： 如果一个变量每年按x%增长，那么大约在70/x年 以后，该变量翻一番
曼昆_宏观经济学_第五版答案（可直接复制）
曼昆_宏观经济学_第五版答案（可直接复制）第一篇导言复习题第一章宏观经济学的科学1、解释宏观经济学和微观经济学之间的差距，这两个领域如何相互关联？【答案】微观经济学研究家庭和企业如何作出决策以及这些决策在市场上的相互作用。
微观经济学的中心原理是家庭和企业的最优化——他们在目的和所面临的约束条件下可以让自己的境况更好。
而相对的，宏观经济学研究经济的整体情况，它主要关心总产出、总就业、一般物价水平和国际贸易等问题，以及这些宏观指标的波动趋势与规律。
应该看到，宏观经济学研究的这些宏观经济变量是以经济体系中千千万万个体家庭和企业之间的相互作用所构成的。
因此，微观经济决策总是构成宏观经济模型的基础，宏观经济学必然依靠微观经济基础。
2、为什么经济学家建立模型？【答案】一般来说，模型是对某些具体事物的抽象，经济模型也是如此。
经济模型可以简洁、直接地描述所要研究的经济对象的各种关系。
这样，经济学家可以依赖模型对特定的经济问题进行研究；并且，由于经济实际不可控，而模型是可控的，经济学家可以根据研究需要，合理、科学的调整模型来研究各种经济情况。
另外，经济模型一般是数学模型，而数学是全世界通用的科学语言，使用规范、标准的经济模型也有利于经济学家正确表达自己的研究意图，便于学术交流。
3、什么是市场出清模型？什么时候市场出清的假设是适用的？【答案】市场出清模型就是供给与需求可以在价格机制调整下很快达到均衡的模型。
市场出清模型的前提条件是价格是具有伸缩性的（或弹性）。
但是，我们知道价格具有伸缩性是一个很强的假设，在很多实际情况下，这个假设都是不现实的。
比如：劳动合同会使劳动力价格在一段时期内具有刚性。
因此，我们必须考虑什么情况下价格具有伸缩性是合适的。
现在一般认为，在研究长期问题时，假设价格具有伸缩性是合理的；而在研究短期问题时，最好假设价格具有刚性。
因为，从长期看，价格机制终将发挥作用，使市场供需平衡，即市场出清，而在短期，价格机制因其他因素制约，难以很快使市场出清。
曼昆经济学原理第五版答案英文ch26
WHAT’S NEW:The terms “structural” and “frictional” unemploymement are now introduced. Two new In the News boxes have been added on “Should You Join a Union?” and “German Unemployment.”LEARNING OBJECTIVES:By the end of this chapter, students should understand:the data used to measure the amount of unemployment.how unemployment can result from minimum-wage laws.how unemployment can arise from bargaining between firms and unions.how unemployment results when firms choose to pay efficiency wages.KEY POINTS: 1. The unemployment rate is the percentage of those who would like to work but do not havejobs. The Bureau of Labor Statistics calculates this statistic monthly based on a survey of thousands of households.2. The unemployment rate is an imperfect measure of joblessness. Some people who callthemselves unemployed may actually not want to work, and some people who would like to work have left the labor force after an unsuccessful search.3. In the U.S. economy, most people who become unemployed find work within a short periodof time. Nonetheless, most unemployment observed at any given time is attributable to the few people who are unemployed for long periods of time.4. One reason for unemployment is the time it takes for workers to search for jobs that bestsuit their skills and tastes. Unemployment insurance is a government policy that, while protecting workers’ incomes, increases the amount of frictional unemployment.5. A second reason why our economy always has some unemployment is minimum-wage laws.By raising the wage of unskilled and inexperienced workers above the equilibrium level,26 UNEMPLOYMENT AND ITS NATURAL RATEminimum-wage laws raise the quantity of labor supplied and reduce the quantity demanded.The resulting excess supply of labor represents unemployment.6. A third reason for unemployment is the market power of unions. When unions push thewages in unionized industries above the equilibrium level, they create an excess supply of labor.7. A fourth reason for unemployment is suggested by the theory of efficiency wages. Accordingto this theory, firms find it profitable to pay wages above the equilibrium level. High wages can improve worker health, lower worker turnover, increase worker effort, and raise worker quality.CHAPTER OUTLINE:I. Unemployment can be divided into two categories.A. The economy’s natural rate of unemployment refers to the amount ofunemployment that the economy normally experiences.B. Cyclical unemployment refers to the year-to-year fluctuations in unemploymentaround its natural rate.II. Identifying UnemploymentA. How Is Unemployment Measured?1. The Bureau of Labor Statistics (BLS) surveys 60,000 households everymonth.2. The BLS places each adult into one of three categories: employed,unemployed, or not in the labor force.3. Definition of Labor Force: the total number of workers, includingboth the employed and the unemployed.4.Definition of Unemployment Rate: the percentage of the laborforce that is unemployed.5. Definition of Labor-Force Participation Rate: the percentage ofthe adult population that is in the labor force.6. Example: data from 1998. In that year, there were 131.5 millionemployed people and 6.2 million unemployed people.a. Labor Force = 131.5 + 6.2 = 137.7 million.b. Unemployment Rate = (6.2/137.7) × 100% = 4.5%.c. If the adult population was 205.2 million, the labor-forceparticipation rate was:Labor-Force Participation Rate = (137.7/205.2) × 100% =67.1%.7. Table 26-1 shows unemployment and labor-force participation rates forvarious sub-groups of the U.S. population.8. Figure 26-2 shows the unemployment rate in the United States since1960.Harcourt, Inc. items and deri v ed items copyright © 2001 by Harcourt, Inc.a. Women have lower labor-force participation rates than me n, buthave similar rates of unemployment.b. Blacks have similar labor-force participation rates to whites, buthave higher rates of unemployment.c. Teenagers have lower labor-force participation rates than adults,but have higher unemployment rates.B. Definition of the Natural Rate of Unemployment: the normal rate ofunemployment around which the unemployment rate fluct uates.C. Definition of Cyclical Unemployment: the deviat ion of unemploymentfrom its natural rate.D. Case Study: Labor-Force Participation of Men and Women in the U.S. Economy1. There has been a dramatic rise in the labor-force participation rates ofwomen over the past fifty years.2. Figure 26-3 shows this rise in the labor-force participation rate of womenand also reveals that the labor-force participation rates for men haveactually fallen by a small amount over the same time period.E. Does the Unemployment Rate Measure What We Want It To?1. Measuring the unemployment rate is not as straightforward as it mayseem.2. There is a tremendous amount of movement into and out of the laborforce.a. Many of the unemployed are new entrants or reentrants lookingfor work.b. Many unemployment spells end with a person leaving the laborforce as opposed to actually finding a job.3. There may be individuals who are calling themselves unemployed toreceive government assistance, yet they are not trying hard to find work.These individuals are more likely not a part of the true labor force, butthey will be counted as unemployed.4. Definition of Discouraged Workers: individuals who would like towork but have given up looking for a job.a. These individuals will not be counted as part of the labor force.b. Thus, while they are likely a part of the unemployed, they willnot show up in the unemployment statistics.F. How Long Are the Unemployed Without Work?1. Another important variable that policymakers may be concerned with isthe duration of unemployment.2. Most spells of unemployment are short, and most unemploymentobserved at any given time is long term.G. Why Are There Always People Unemployed?1. In an ideal labor market, wages would adjust so that the quantity oflabor supplied and the quantity of labor demanded would be equal.2. However, there is always unemployment even when the economy isdoing well. The unemployment rate is never zero; it fluctuates aroundthe natural rate.a. Definition of Frict ional Unemployment: unemploymentthat results because it takes time for workers to searchfor the jobs that best suit their tastes and skills.b. Definition of Structural Unemployment: unemploymentthat results because the number of jobs available insome labor markets is insufficient for everyone whowants a job to get one.c. Three possible reasons for structural unemployment areminimum-wage laws, unions, and efficiency wages.III. Job SearchA. Definition of Job Search: the process by which workers find appropriatejobs given their tastes and skills.B. Because workers differ from one another i n terms of their skills and tastes andjobs differ in their attributes, it is often difficult for workers to match with theappropriate job.C. Why Some Frictional Unemployment Is Inevitable1. Frictional unemployment often occurs because of a change in thedemand for labor among different firms.Harcourt, Inc. items and deri v ed items copyright 2001 by Harcourt, Inc.a. When workers decide to stop buying a good produced by Firm Aand instead start buying a good produced by Firm B, someworkers at Firm A will likely lose their jobs.b. New jobs will be created at Firm B, but it will take some time tomove the displaced workers from Firm A to these openings.c. The result of this transition is temporary unemployment.d. The same type of situation can occur across industries as well.2. This implies that, because the economy is always changing, searchunemployment is inevitable. Workers in declining industries will findthemselves looking for new jobs, and firms in growing industries will beseeking new workers.D. Public Policy and Job Search1. Government programs can help to reduce the amount of searchunemployment.2. These programs include:a. Government-run employment agencies.b. Public training programs.3. Critics of these programs argue that the private labor market will do abetter job of matching workers with employers and therefore thegovernment should not be involved in the process of job search.F. Unemployment Insurance1. Definition of Unemployment Insurance: a government programthat partially protects workers’ incomes when they becomeunemployed.2. Because unemployment insurance reduces the hardship ofunemployment, it actually increases the amount of unemployment thatexists.3. Several studies have shown that more generous unemploymentinsurance benefits lead to reduced job search effort and, as a result,more unemployment.4. In the News: German Unemploymenta. Unemployment benefits are much more generous in Germanythan they are in the United States.b. This is an article from The Boston Globe discussing the effects ofthis generosity.IV. Minimum-Wage LawsA. Unemployment can occur because of minimum-wage laws.B. The minimum wage is a price floor.1. If the minimum wage is set above the equilibrium wage in the labormarket, a surplus of labor will occur.2. However, this is a binding constraint only when the minimum wage is setabove the equilibrium wage.a. Most workers in the economy earn a wage above the minimumwage.b. Minimum-wage laws therefore have the largest effect on workerswith low skill and little experience (such as teenagers).C. Anytime a wage is kept above the equilibrium level for any reason, the result isunemployment.1. Other causes of this situation include unions and efficiency wages.2. This situation is different from frictional unemployment where theprocess for the “right” job is the cause for unemployment.V. Unions and Collective BargainingA. Definition of Union: a worker associat ion that bargains with employersover wages and working condit ions.Harcourt, Inc. items and deri v ed items copyright 2001 by Harcourt, Inc.B. Unions play a smaller role in the U.S. economy today than they did in the past.However, unions continue to be prevalent in many European countries.C. The Economics of Unions1. Definition of Collect ive Bargaining: the process by which unionsand firms agree on the terms of employment.2. Unions try to negotiate for better wages, better benefits, and betterworking conditions than the firm would offer if there was no union.3. Definition of Strike: the organized wit hdrawal of labor from a firmby a union.4. Economists have found that union workers typically earn 10 to 20percent more than similar workers who do not belong to unions.5. This implies that unions raise the wage above the equilibrium wage,resulting in unemployment.D. Are Unions Good or Bad for the Economy?1. Critics of unions argue that unions are a cartel, which causes inefficiencybecause fewer workers end up being hired at the higher union wage.2. Advocates of unions argue that unions are an answer to the problemsthat occur when a firm has too much power in the labor market (forexample, if it was the only major employer in town).E. In the News: Should You Join a Union?1. Individuals looking for jobs may have to consider whether or not theyshould join a union.2. This is an article from The New York Times discussing the benefits ofunion membership.VI. The Theory of Efficiency WagesA. Definition of Efficiency Wages: above-equilibrium wages paid by firms inorder to increase worker productivity.B. Efficiency wages raise the wage above the market equilibrium wage, resulting inunemployment.C. There are several reasons why a firm may pay efficiency wages.1. Worker Healtha. Better-paid workers can afford to eat better and can afford goodmedical care.b. This is not applicable in rich countries such as the United States,but can raise the productivity of workers in less-developedcountries.2. Worker Turnovera. A firm can reduce turnover by paying a wage greater than itsworkers could receive elsewhere.b. This is especially helpful for firms that have high hiring andtraining costs.3. Worker Efforta. Again, if a firm pays a worker more than he or she can receiveelsewhere, the worker will be more likely to try to protect his orher job by working harder.b. This is especially helpful for firms who have difficulty monitoringtheir workers.4. Worker Qualitya. Offering higher wages attracts a better pool of applicants.b. Case Study: Henry Ford and the Very Generous $5-A-DayWage―discusses how Ford used a high w age (about twice thegoing rate) to attract better employees. After instituting thishigher wage policy, the company’s production costs actually felldue to reduced turnover, absenteeism, and shirking.5. FYI: The Economics of Asymmetric Informationa. In many transactions, one individual has better information thanthe other.b. Adverse selection occurs when one person knows more aboutthe attributes of a good than another and, as a result, theuninformed person runs the risk of being sold a good of lowquality.c. Moral hazard occurs when one person (the agent) is performingsome task for another person (the principal). Because theprincipal cannot perfectly monitor the agent’s behavior, theagent tends to undertake less effort than the principle considersdesirable.Harcourt, Inc. items and deri v ed items copyright 2001 by Harcourt, Inc.ADJUNCT TEACHING TIPS AND WARM-UP ACTIVITIES:1.Take a survey of students in your class regarding their labor-force participation. Use theinformation to show students how the labor force, unemployment rate, and labor-forceparticipation rate can be calculated.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The unemployment rate is measured through a survey of 60,000 households to find outthe percentage of the labor force that is unemployed. The unemployment rateoverstates the amount of joblessness because some of those who report beingunemployed may not, in fact, be trying hard to find a job. But the unemployment rateunderstates the amount of joblessness because discouraged workers report being out of the labor force even though they want jobs.2. An increase in the world price of oil increases the amount of frictional unemployment asoil-producing firms increase output and employment, but other firms, such as those inthe auto industry, reduce output and employment. The sectoral shift from the autoindustry to oil firms causes higher frictional unemployment for a time until workers have shifted from the auto industry to the oil industry. Although no increase in unemployment is really desirable, this type of frictional unemployment is necessary to reallocateresources between different sectors. Public policies that might affect the unemployment caused by this change in the price of oil include employment agencies, which can helpauto workers move into the oil industry, job-training programs to help workers adapt to a new industry, and unemployment insurance, which keeps workers from sufferingeconomic hardship while changing from one industry to another.Figure 26-13. Figure 26-1 shows the supply curve (S) and the dema nd curve (D) for labor. The wage(W) is above the equilibrium wage (W E). The result is unemployment, equal to theamount by which labor supply (L S) exceeds labor demand (L D).4. A union in the auto industry raises the wages of workers at General Motors and Ford bythreatening to strike. To prevent the costs of a strike, the firms generally pay higherwages than they would if there were no union. However, the higher wages reduceemployment at General Motors and Ford. Wages and employment in other indus tries are affected, since unemployed autoworkers seek jobs elsewhere, reducing wages andincreasing employment.5. There are four reasons that firms might find it profitable to pay wages above the levelthat balances the quantity of labor supplied and the quantity of labor demanded: (1) to ensure that workers are in good health so they’ll be more productive; (2) to reduceworker turnover because it’s costly to hire new workers; (3) to make workers eager tokeep their jobs, thus discouraging them from shirking; and (4) to attract a better pool of workers.Questions for Review1. The BLS categorizes each adult (16 years of age and older) as either employed,unemployed, or not in the labor force. The labor force consists of the sum of theemployed and the unemployed. The unemployment rate is the percentage of the laborforce that is unemployed. The labor-force participation rate is the percentage of the total adult population that is in the labor force.2. Unemployment is typically short term. Most people who become unemployed are able tofind new jobs fairly quickly. But some unemployment is attributable to the relatively few workers who are jobless for long periods of time.3. Frictional unemployment is inevitable because the economy is always changing. Somefirms are shrinking while others are expanding. Some regions are experiencing fastergrowth than other regions. Transitions of workers between firms and between regionsare accompanied by temporary unemployment.The government could help to reduce the amount of frictional unemployment by publicpolicies that provide information about job vacancies in order to match workers and jobs more quickly, and through public training programs that help ease the transition ofworkers from declining to expanding industries and help disadvantaged groups escapepoverty.4. Minimum-wage laws are a better explanation for unemployment among teenagers thanamong college graduates. Teenagers have fewer job-related skills than collegegraduates, so their wages are low enough to be affected by the minimum wage. College graduates' wages far exceed the minimum wage.5. Unions may affect the natural rate of unemployment via the effect on insiders andoutsiders. Since unions raise the wage above the equilibrium level, the quantity of labor demanded declines while the supply of labor rises, so there is unemployment. Insidersare those who keep their jobs. Outsiders, workers who become unemployed, have twochoices: either get a job in a firm that isn't unionized or remain unemployed and wait fora job to open up in the union sector. As a result, the natural rate of unemployment isHarcourt, Inc. items and deri v ed items copyright 2001 by Harcourt, Inc.higher than it would be without unions.6. Advocates of unions claim that unions are good for the economy because they are anantidote to the market power of the firms that hire workers and they are important forhelping firms respond efficiently to workers' concerns.7. Four reasons why a firm's profits might increase when it raises wages are: (1) betterpaid workers are healthier and more productive; (2) worker turnover is reduced; (3)worker effort is increased; and (4) the firm can attract higher quality workers.Problems and Applications1. The labor force consists of the number of employed (138,547,000) plus the number ofunemployed (6,021,000), which equals 144,568,000.To find the labor-force participation rate, we need to know the size of the adultpopulation. Adding the labor force (144,568,000) to the number of people not in thelabor force (67,723,000) gives the adult population of 212,291,000. The labor-forceparticipation rate is the labor force (144,568,000) divided by the adult population(212,291,000) times 100%, which equals 68%.The unemployment rate is the number of unemployed (6,021,000) divided by the laborforce (144,568,000) times 100%, which equals 4.2%.2. Men aged 55 and over experienced the greatest decline in labor force participation. Thiswas because of increased Social Security benefits and retirement income than before,encouraging retirement at an earlier age.3. Younger women experienced a bigger increase in labor force participation than olderwomen because more of them have entered the labor force (in part because of socialchanges), so there are more two-career families. In addition, women have delayedhaving children until later in life and have reduced the number of children they have, so they are in the labor force for a greater proportion of their lives than was the casepreviously.4. The fact that employment has increased 2.1 million w hile unemployment has declined0.5 million is consistent with growth in the labor force of 1.6 million workers. The laborforce constantly increases as the population grows and as labor-force participationincreases, so the increase in the number of people employed may always exceed thereduction in the number unemployed.5. a. A construction worker who is laid off because of bad weather is likely toexperience short-term unemployment, since the worker will be back to work assoon as the weather clears up.b. A manufacturing worker who loses her job at a plant in an isolated area is likelyto experience long-term unemployment, since there are probably few otheremployment opportunities in the area. She may need to move somewhere elseto find a suitable job, which means she'll be out of work for some time.c. A worker in the stagecoach industry who was laid off because of the growth ofHarcourt, Inc. items and deri v ed items copyright 2001 by Harcourt, Inc. railroads is likely to be unemployed for a long time. The worker will have a lot oftrouble finding another job when his entire industry is shrinking. He'll probablyneed to gain additional training or skills to get a job in a different industry.d. A short-order cook who loses his job when a new restaurant opens is likely tofind another job fairly quickly, perhaps even at the new restaurant, so willprobably have only a short spell of unemployment.e.An expert welder with little education who loses her job when the companyinstalls automatic welding machinery is likely to be without a job for a long time,since she lacks the technological skills to keep up with the latest equipment. Toremain in the welding industry, she may need to retool by going back to schooland learning the newest techniques.6. Figure 26-2 shows a diagram of the labor market with a binding minimum wage. Theinitial equilibrium with minimum wage m 1 has quantity of labor supply L 1S greater thanthe quantity of labor demanded L 1D , with unemployment equal to L 1S - L 1D . An increase in the minimum wage to m 2 leads to an increase in the quantity of labor supplied to L 2S and a decrease in the quantity of labor demanded to L 2D . As a result, unemploymentincreases as the minimum wage rises.Figure 26-27. Firms in small towns have more market power in hiring because there are feweropportunities for workers to find jobs elsewhere. Firms generally have less market power now than they used to, since it's now easier for employees to travel farther to go to work. This change in the market power of firms has reduced the need for unions, sincecompetition from other firms keeps workers' wages and benefits high and reduces theneed for collective bargaining.8.a. Figure 26-3 illustrates the effect of a union being established in one labor market.When one labor market is unionized, shown in the figure on the left, the wagerises from w 1U to w 2U and the quantity of labor demanded declines from U 1 to U 2D .Since the wage is higher, the supply of labor increases to U 2S , so there are U 2S -U 2D unemployed workers in the unionized sector. The quantity of la boremployed in this market is inefficient, since more workers would like to have jobsat the existing wage.b. When those workers who become unemployed in the union sector seekemployment in the nonunionized market, shown in the figure on the right, thesupply of labor shifts to the right from S1 to S2. The result is a decline in thewage in the nonunionized sector from w1N to w2N and an increase in employmentin the nonunionized sector from N1 to N2.Figure 26-39. a. When the Japanese developed a strong auto industry, U.S. auto demand becamemore elastic as a result of increased competition. With more elastic demand forautos, the elasticity of demand for American autoworkers increased.b. Since the rise in auto imports made the demand for autoworkers more elastic, tomaintain a higher-than-competitive wage rate requires a greater reduction in thequantity of labor demanded. So the union had to choose between allowing theunion wage to decline or facing the loss of many jobs.c. Given the tradeoff faced by the union, they allowed the union wage to get closerto the competitive wage.10. Workers need to be monitored if they earn a flat salary but little monitoring is neededunder a commission structure. Under a system with flat salaries, the wage needs toexceed the equilibrium wage to encourage greater effort by workers. The wage needn’t exceed the equilibrium wage under a system with commissions, since workers canchoose their level of effort and get paid in proportion to their effort. The factors thatdetermine the type of compensation scheme include the cost of monitoring, thewillingness of workers to bear risk under the commission scheme, and theinterdependence of tasks.11. a. When landlords require tenants to pay security deposits, landlords are theprincipals and renters are the agents. Asymmetric information arises becauseHarcourt, Inc. items and deri v ed items copyright 2001 by Harcourt, Inc.renters won't care for the property as carefully as an owner would. To reducethis problem of moral hazard, landlords require tenants to pay security deposits,so tenants must take care of the property to get their money back.b. When firms compensate top executives with options to buy company stock at agiven price in the future, the firm is the principal and the executives are theagents. Asymmetric information arises because the executives can do things fortheir own benefit that don't increase the profitability of the firm. For example,executives might buy many expensive perks for themselves (plush offices, a fleetof corporate jets) that the executives enjoy but that reduce profits. The stockoptions reduce this moral-hazard problem by tying the executives' totalcompensation directly to the profits of the firm.c.When car insurance companies offer discounts to customers who install anti-theftdevices in their cars, the insurance company is the principal and the customersare the agents. Asymmetric information arises on the part of the customers,who won't take as much care to prevent their cars from being stolen since theyknow they're insured. By giving discounts for antitheft devices, the insurancecompany offsets this moral hazard, making it more likely that people will installthe devices, and thus less likely that cars will be stolen.12. Raising the price of an insurance policy leads to adverse selection. Healthier people willleave the firm and buy insurance elsewhere. The firm will end up insuring a greaterpercentage of unhealthy people. Even though the company's income from selling theinsurance will rise, the less-healthy people they're now insuring will make more claims,and the firm's profits will probably decline.13.a. If a firm were providing no such benefits prior to the legislation, the curveshowing the demand for labor would shift down by exactly $4 at each quantity oflabor, because the firm wouldn't be willing to pay as high a wage given theincreased cost of the benefits.Figure 26-4 b. If employees value the benefit by exactly $4 per hour, they'd be willing to workthe same amount for a wage that's $4 less per hour, so the supply curve of laborshifts down by exactly $4.。
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Chapter 26Saving, Investment, and the Financial SystemTRUE/FALSE1. The financial system coordinates investment and saving, which are important determinants of long-run realGDP.ANS: T DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Investment | Saving MSC: Definitional2. When economists refer to investment, they mean the purchasing of stocks and bonds and other types of saving. ANS: F DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Investment | Saving MSC: Definitional3. Banks and mutual funds are examples of financial markets.ANS: F DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Financial intermediaries | Financial markets MSC: Definitional4. When a firm wants to borrow directly from the public to finance the purchase of new equipment, it does so byselling shares of stock.ANS: F DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds | Stock MSC: Definitional5. Most entrepreneurs finance their purchases of real capital using their past saving.ANS: F DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Investment MSC: Definitional6. Other things the same, the higher the rate of saving and investment in a country, the higher will be thestandard of living.ANS: T DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Saving | Investment MSC: Interpretive7. Lenders sell bonds and borrowers buy them.ANS: F DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds MSC: Definitional8. When a firm wants to borrow directly from the public to finance the purchase of new equipment, it does so byselling bonds.ANS: T DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds | Stock MSC: Definitional9. Other things the same, corporate bonds generally feature higher interest rates than U.S. government bonds. ANS: T DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds MSC: Definitional10. The sale of either stocks or bonds to raise money is known as equity finance.ANS: F DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds | Stock MSC: Definitional1742Chapter 26/Saving, Investment, and the Financial System ❖1743 11. When a corporation experiences financial problems, bondholders are paid before stockholders.ANS: T DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds | Stock MSC: Definitional12. Corporations receive no proceeds from the resale of their stock.ANS: T DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Stock MSC: Definitional13. Generally, if people begin to expect a company to have higher future profits, the price of the company’s stockwill begin to decrease.ANS: F DIF: 2 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Stock MSC: Interpretive14. If a share of stock in Skylight Chili sells for $75, the retained earnings per share are $5, and the divided pershare is $2, then the price-earnings ratio is 15.ANS: F DIF: 2 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Stock MSC: Applicative15. If people become less optimistic about the future earnings of Hyde Park Jazz Studio, then the price of thecompany’s stock will fall.ANS: T DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Stock. MSC: Interpretive16. Mutual funds are a type of financial intermediary.ANS: T DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Mutual funds | Financial intermediaries MSC: Definitional17. Index funds are usually outperformed by mutual funds that are actively managed by professional moneymanagers.ANS: F DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Mutual funds MSC: Definitional18. To state that national saving is equal to investment, for a closed economy, is to state an accounting identity. ANS: T DIF: 1 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Identities MSC: Interpretive19. National saving is equal to Y - T - C.ANS: F DIF: 2 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: National saving MSC: Interpretive20. Public saving is T - G, while private saving is Y - T - C.ANS: T DIF: 1 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Private saving | Public saving MSC: Interpretive21. Public saving is equal to national saving minus private saving.ANS: T DIF: 2 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: National saving MSC: Definitional22. To state that public saving is equal to investment, for a closed economy, is to state an accounting identity. ANS: F DIF: 1 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Identities MSC: Interpretive23. In a closed economy, investment must be equal to private saving.ANS: F DIF: 2 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Private saving | Investment MSC: Definitional24. If, for an imaginary closed economy, investment amounts to $10,000 and the government is running a $2,500deficit, then private saving must amount to $12,500.ANS: T DIF: 2 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Identities | Private saving | Investment MSC: Applicative25. If, for an imaginary closed economy, investment amounts to $12,000 and the government is running a $2,000deficit, then private saving must amount to $10,000.ANS: F DIF: 2 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Identities | Private saving | Investment MSC: Applicative26. Suppose a small closed economy has GDP of $5 billion, consumption of $3 billion, and governmentexpenditures of $1 billion. Then investment and national saving are both $1 billion.ANS: T DIF: 2 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: National saving | Investment MSC: Applicative27. Joan uses some of her income to buy mutual fund shares. A macroeconomist refers to Joan's purchase asinvestment.ANS: F DIF: 1 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Saving | Investment MSC: Interpretive28. Alberta buys a paint sprayer and a lift for her car customizing shop. A macroeconomist would refer to thesepurchases as investment.ANS: T DIF: 1 REF: 26-2NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Investment MSC: Interpretive29. The demand for loanable funds comes from saving and the supply of loanable funds comes from investment. ANS: F DIF: 1 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Market for loanable funds MSC: Definitional30. A decrease in taxes on interest income would increase the interest rate.ANS: F DIF: 2 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Saving | Market for loanable funds MSC: Applicative31. If Congress instituted an investment tax credit, the demand for loanable funds would shift rightward.ANS: T DIF: 2 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Investment MSC: Applicative32. When the government budget deficit rises, national saving is reduced, interest rates rise, and investment falls. ANS: T DIF: 2 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Budget deficits MSC: Applicativeword文档可自由复制编辑Chapter 26/Saving, Investment, and the Financial System ❖1745 33. The term crowding out refers to decreases in the interest rate caused by government budget surpluses.ANS: F DIF: 2 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Crowding out MSC: Definitional34. When the U.S. government is in debt during a given year, it follows that its budget is in deficit for that year. ANS: F DIF: 1 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Government debt | Budget deficits MSC: Interpretive35. The ratio of government debt to GDP was higher during the Reagan presidency than at any previous time inU.S. history.ANS: F DIF: 1 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Government debt MSC: Definitional36. An increase in the demand for loanable funds increases the equilibrium interest rate and increases theequilibrium level of saving.ANS: T DIF: 2 REF: 26-3NAT: Analytic LOC: Understanding and applying economic modelsTOP: Market for loanable funds MSC: Applicative37. An increase in the demand for loanable funds increases the equilibrium interest rate and decreases theequilibrium level of saving.ANS: F DIF: 2 REF: 26-3NAT: Analytic LOC: Understanding and applying economic modelsTOP: Market for loanable funds MSC: Applicative38. The term loanable funds refers to all income that is not used for consumption.ANS: F DIF: 2 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Market for loanable funds MSC: Definitional39. The term loanable funds refers to all income that is not used for consumption or government expenditures. ANS: T DIF: 2 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Market for loanable funds MSC: Definitional40. We interpret the term loanable funds to mean the flow of resources available to fund private investment. ANS: T DIF: 2 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Market for loanable funds MSC: Interpretive41. An increase in the budget deficit shifts the demand for loanable funds to the right.ANS: F DIF: 2 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Budget deficits MSC: Applicative42. A government may use deficit financing to smooth tax rates over time.ANS: T DIF: 2 REF: 26-3NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Budget deficits MSC: AnalyticSHORT ANSWER1. What are the basic differences between bonds and stocks?ANS:A bond is a certificate of indebtedness that specifies the obligations of the borrower to the holder of the bond, while stock represents a share of ownership in a firm and is, therefore, a claim on the profits that the firm makes. The sale of bonds to raise money is called debt finance, while the sale of stock is called equity finance. Whereas the owner of shares of stock in a company share in the profits of a company, the owner of bonds receives a fixed interest rate. Compared to bonds, stocks offer the holder both higher risk and a potentially higher return.DIF: 2 REF: 26-1 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: Stock | BondsMSC: Interpretive2. Which of the two bonds in each example would you expect to generally pay the higher interest rate? Explainwhy.a. a U.S. government bond or a Brazilian government bondb. a U.S. government bond or a municipal bond with the same term and issued by a creditworthymunicipality.c. a 6-month Treasury bill or a 20-year Treasury bondd. a Microsoft bond or a bond issued by a new recording companyANS:a.The Brazilian government bond would likely pay a higher interest rate because the market perceives ahigher level of risk for the Brazilian bond relative to the U.S. bond.b.Because of the tax advantages of municipal bonds, the U.S. government bond would likely pay thehigher interest rate.c.The 20-year bond would likely pay a higher interest rate than would the 6-month bill. The future isuncertain and therefore more risky for a 20-year bond than for a 6-month bill.d.Since Microsoft is less likely to default than a new and unknown company, the interest on the bond ofthe new company is likely to be higher.DIF: 2 REF: 26-1 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: BondsMSC: Applicative3. Suppose that you are a broker and people tell you the following about themselves. What sort of bond wouldyou 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 breaks highly."ANS:a. A municipal bond. Municipal bonds generally have low credit risk and are not subject to federal incometax.b. A junk bond. Junks bonds have a high return because they have high risk.c. A corporate bond that isn't a junk bond. Corporate bonds have more risk than government bonds buthave no special tax treatment, so they pay moderate rates of return.DIF: 2 REF: 26-1 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: BondsMSC: Analyticalword文档可自由复制编辑Chapter 26/Saving, Investment, and the Financial System ❖1747 4. Your brother-in-law wants to buy either stock or bonds in Cedar Valley Furniture, which manufactureswooden furniture. He wants your advice on whether to buy 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."ANS: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 not change as profits increase, so this quotesuggests buying stock would better suit your brother-in law's purposes.b.Bondholders are simply creditors, while stockholders are part owners. So this quote indicates yourbrother-in-law would prefer to buy stock.c.In case of financial difficulties stockholders get paid after bondholders, so the stock is somewhat morerisky. So, your brother-in-law may prefer the bond.DIF: 2 REF: 26-1 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: Stock | BondsMSC: Interpretive5. Suppose the Move It! exercise chain has revenues of $45 million, accounting costs of $15 million, andcurrently has issued 10 million shares of stocks selling at $90 each. Compute the price-earning ratio. Show your work. Is this ratio relatively high or low? What might an increase in the price-earnings ratio indicate? ANS:The earnings per share is ($45 million - $15 million)/10 million = $3. So, the price-earnings ratio is $90/$3 = 30. This is a high P/E ratio, as the historical average for the market is about 15. An increase in the PE ratio may indicate the people expect the firm to have higher earnings in the future or that the stock has become overvalued.DIF: 2 REF: 26-1 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: StockMSC: Analytical6. In the national income accounting identity showing the equality between national saving and investment, whatare the algebraic expressions for private saving and public saving?ANS:Private saving is Y - C - T, Public Saving is T - GDIF: 2 REF: 26-2 NAT: AnalyticLOC: The Study of economics, and definitions of economicsTOP: Private saving | Public saving MSC: Interpretive7. Identify each of the following acts as representing either saving or investment.a.Fred uses some of his income to buy government bonds.b.Julie takes some of her income and buys mutual funds.c.Alex purchases a new truck for his delivery business using borrowed funds.d.Elaine uses some of her income to buy stock in a major corporation.e.Henrietta hires a builder to construct a new building for her bicycle shop.ANS:a.Fred is saving.b.Julie is saving.c.Alex is investing.d.Elaine is saving.e.Henrietta is investing.DIF: 1 REF: 26-2 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: Saving | InvestmentMSC: Interpretive8. Draw and label a graph showing equilibrium in the market for loanable funds.ANS:Market for Loanable FundsDIF: 1 REF: 26-3 NAT: AnalyticLOC: Understanding and Applying Economic Models TOP: Market for loanable fundsMSC: Interpretive9. Explain why the demand for loanable funds slopes downward and why the supply of loanable funds slopesupward.ANS:When the interest rate rises investment spending becomes more expensive, so people invest less. As the interest rate rises saving becomes more rewarding, so people want to save more. The inverse relation between interest and borrowing is reflected in the downward slope of the demand for loanable funds curve. The positive relation between interest and saving is reflected in the upward slope of the supply of loanable funds curve.DIF: 2 REF: 26-3 NAT: AnalyticLOC: Understanding and Applying Economic Models TOP: Market for loanable fundsMSC: Interpretive10. The model of the market for loanable funds shows that an investment tax credit will cause interest rates to riseand investment to rise. Yet we also suppose that higher interest rates lead to lower investment. How can these two conclusions be reconciled?ANS:The claim that an increase in the interest rate decreases investment supposes that only the interest rate changes and everything else is constant. The investment tax credit causes investment to rise at each interest rate. As firms want to borrow more the interest rate will rise. The rise in interest rates does make investment less than it would otherwise be, but unless the supply of loanable funds is vertical, the increase in investment demand from the tax credit is larger than the decrease in investment demand from the rising interest rate.DIF: 3 REF: 26-3 NAT: AnalyticLOC: Understanding and Applying Economic Models TOP: InvestmentMSC: Analyticalword文档可自由复制编辑Chapter 26/Saving, Investment, and the Financial System ❖1749 11. Using a graph representing the market for loanable funds, show and explain what happens to interest rates andinvestment if the government budget goes from a deficit to a surplus.ANS: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 and so more national saving 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 FundsDIF: 2 REF: 26-3 NAT: AnalyticLOC: Understanding and Applying Economic ModelsTOP: Budget deficits | Budget surpluses MSC: ApplicativeSec00 - Saving, Investment, and the Financial SystemMULTIPLE CHOICE1. When opening a print shop you need to buy printers, computers, furniture, and similar items. Economists callthese expendituresa.capital investment.b.investment in human capital.c.business consumption expenditures.d.personal saving.ANS: A DIF: 1 REF: 26-0NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Investment MSC: Definitional2. If you were to start a business delivering documents, you might need to purchase cell phones, bicycles, desks,and chairs.a.These purchases are called capital investment. If you raise the funds from others to purchase themyou are a saver.b.These purchases are called capital investment. If you raise the funds from others to purchase themyou are a borrower.c.These purchases are called consumption. If you raise the funds from others to purchase them youare a saver.d.These purchases are called consumption. If you raise the funds from others to purchase them youare a borrower.ANS: B DIF: 2 REF: 26-0NAT: Analytic LOC: The study of economics, and definitions of economicsTOP: Investment MSC: Interpretive3. When a country saves a larger portion of its GDP than it did before, it will havea.more capital and higher productivity.b.more capital and lower productivity.c.less capital and higher productivity.d.less capital and lower productivity.ANS: A DIF: 1 REF: 26-0NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Saving | Investment MSC: Interpretive4. Institutions that help to match one person's saving with another person's investment are collectively called thea.Federal Reserve system.b.banking system.c.monetary system.d.financial system.ANS: D DIF: 1 REF: 26-0NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Financial system MSC: Definitional5. The primary economic function of the financial system is toa.keep interest rates low.b.provide expert advice to savers and investors.c.match one person’s consumption expenditures with another person’s capital expend itures.d.match one person’s saving with another person’s investment.ANS: D DIF: 2 REF: 26-0NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Financial system MSC: Interpretive6. Given that Lekeisha's income exceeds her expenditures, Lekeisha is best described as aa.saver or as a supplier of funds.b.saver or as a demander of funds.c.borrower or as a supplier of funds.d.borrower or as a demander of funds.ANS: A DIF: 1 REF: 26-0NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Saving MSC: Interpretive7. Alyssa is opening a bicycle shop, and her monthly expenditures to get the shop up and running exceed hermonthly income. Alyssa is best described as aa.saver or as a supplier of funds.b.saver or as a demander of funds.c.borrower or as a supplier of funds.d.borrower or as a demander of funds.ANS: D DIF: 1 REF: 26-0NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Investment MSC: Interpretive8. Most entrepreneurs do not have enough money of their own to start their businesses. When they acquire thenecessary funds from someone else,a.their consumption expenditures are being financed by someone else’s saving.b.their consumption expenditure s are being financed by someone else’s investment.c.their investments are being financed by someone else’s saving.d.their saving is being financed by someone else’s investment.ANS: C DIF: 2 REF: 26-0NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Investment | Saving MSC: Interpretiveword文档可自由复制编辑Chapter 26/Saving, Investment, and the Financial System ❖1751 Sec01 - Saving, Investment, and the Financial System - Financial Institutions in the U.S. EconomyMULTIPLE CHOICE1. At the broadest level, the financial system moves the economy’s scarce resources froma.the rich to the poor.b.financial institutions to business firms and government.c.households to financial institutions.d.savers to borrowers.ANS: D DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Financial system MSC: Interpretive2. The fact that borrowers sometimes default on their loans by declaring bankruptcy is directly related to thecharacteristic of a bond calleda.credit risk.b.interest risk.c.term risk.d.private risk.ANS: A DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds MSC: Definitional3. When a large, well-known corporation wishes to borrow directly from the public, it cana.sell bonds.b.sell shares of stock.c.go to a bank for a loan.d.All of the above are correct.ANS: A DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds MSC: Interpretive4. Which of the following statements about the term of a bond is correct?a.Term refers to the various characteristics of a bond, including its interest rate and tax treatment.b.The term of a bond is determined entirely by its credit risk.c.The term of a bond is determined entirely by how much sales charge the buyer of the bond payswhen he or she purchases the bond.d.Interest rates on long-term bonds are usually higher than interest rates on short-term bonds.ANS: D DIF: 2 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds MSC: Interpretive5. We would expect the interest rate on Bond A to be higher than the interest rate on Bond B if the two bondshave identical characteristics except thata.the credit risk associated with Bond A is lower than the credit risk associated with Bond B.b.Bond A was issued by the state of New York and Bond B was issued by the Exxon MobilCorporation.c.Bond A has a term of 20 years and Bond B has a term of 2 years.d.All of the above are correct.ANS: C DIF: 2 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds MSC: Applicative6. We would expect the interest rate on Bond A to be higher than the interest rate on Bond B if the two bondshave identical characteristics except thata.Bond A was issued by a financially weak corporation and Bond B was issued by a financiallystrong corporation.b.Bond A was issued by the General Electric Corporation and Bond B was issued by the state ofCalifornia.c.Bond A has a term of 20 years and Bond B has a term of 1 year.d.All of the above are correct.ANS: D DIF: 2 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Bonds MSC: Applicative7. As an alternative to selling shares of stock as a means of raising funds, a large company could, instead,a.invest in physical capital.e equity finance.c.sell bonds.d.purchase bonds.ANS: C DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Stock | Bonds MSC: Interpretive8. Which of the following statements is correct?a.The expected future profitability of a corporation influences the demand for that corporation’sstock.b.When a corporation sells stock as a means of raising funds it is engaging in debt finance.c.The owners of bonds sold by the Microsoft Corporation are part owners of that corporation.d.All bonds are, by definition, perpetuities.ANS: A DIF: 2 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Stock | Bonds MSC: Interpretive9. Which of the following statements is correct?a. A corporation receives a monetary payment every time its shares of stock are traded bystockholders on organized stock exchanges.b.When a corporation sells bonds as a means of raising funds it is engaging in debt finance.c. A share of stock is an IOU.d.The two most important financial markets in the economy are the stock market and financialintermediaries.ANS: B DIF: 2 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Stock | Bonds MSC: Interpretive10. The economy’s two most important financial markets area.the investment market and the saving market.b.the bond market and the stock market.c.banks and the stock market.d.financial markets and financial institutions.ANS: B DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Financial markets MSC: Interpretive11. Two of the economy’s most important financial intermedia ries area.suppliers of funds and demanders of funds.b.banks and the bond market.c.the stock market and the bond market.d.banks and mutual funds.ANS: D DIF: 1 REF: 26-1NAT: Analytic LOC: The Study of economics, and definitions of economicsTOP: Financial intermediaries M SC: Interpretiveword文档可自由复制编辑。