【国际经济学专题考试试卷三十三】Aggregate Demand and Aggregate Supply
国际经济学,选择题集（含答案）
国际经济学,选择题集（含答案）ContentsChapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model 2 Chapter 4 Specific Factors and Income Distribution 13 Chapter 5 Resources and Trade: The Heckscher-Ohlin Model 22 Chapter 6 The Standard Trade Model 31 Chapter 7 Economies of Scale, imperfect Competition, and International Trade 41 Chapter 8 International Factor Movements 50 Chapter 9 The Instruments of Trade Policy 60Chapter 3: Labor Productivity and Comparative Advantage - The Ricardian ModelMultiple Choice Questions1.Countries trade with each other because they are _______ and because of______.A. different, costsB. similar, scale economiesC. different, scale economiesD. similar, costsE.None of the above.2.Trade between two countries can benefit both countries ifA.each country exports that good in which it has a comparative advantage.B.each country enjoys superior terms of trade.C.each country has a more elastic demand for the imported goods.D.each country has a more elastic supply for the supplied goods.E.Both C and D.3.The Ricardian theory of comparative advantage states that a country has acomparative advantage in widgets ifA.output per worker of widgets is higher in that country.B.that country's exchange rate is low.C.wage rates in that country are high.D.the output per worker of widgets as compared to the output of some otherproduct is higher in that country.E.Both B and C.4.In order to know whether a country has a comparative advantage in theproduction of one particular product we need information on at least ____unitlabor requirementsA.oneB.twoC.threeE.five5. A country engaging in trade according to the principles of comparative advantage gains from trade because itA.is producing exports indirectly more efficiently than it could alternatively.B.is producing imports indirectly more efficiently than it coulddomestically.D.is producing imports indirectly using fewer labor units.E.None of the above.6.Given the following information:Unit Labor RequirementsCloth WidgetsHome 10 20Foreign 60 30A.Neither country has a comparative advantage.B.Home has a comparative advantage in cloth.C.Foreign has a comparative advantage in cloth.D.Home has a comparative advantage in widgets.E.Home has a comparative advantage in both products.7.If it is ascertained that Foreign uses prison-slave labor to produce its exports, then home shouldA.export cloth.B.export widgets.C.export both and import nothing.D.export and import nothing.E.All of the above.8.If the Home economy suffered a meltdown, and the Unit Labor Requirements in each of the products quadrupled (that is, doubled to 30 for cloth and 60 for widgets) then home shouldA.export cloth.B.export widgets.C.export both and import nothing.D.export and import nothing.E.All of the above.9.If wages were to double in Home, then Home should:B.export widgets.C.export both and import nothing.D.export and import nothing.E.All of the above.10.If the world equilibrium price of widgets were 4 Cloths, thenA.both countries could benefit from trade with each other.B.neither country could benefit from trade with each other.C.each country will want to export the good in which it enjoys comparative advantage.D.neither country will want to export the good in which it enjoyscomparative advantage.E.both countries will want to specialize in cloth.11.Given the following information:Number of Units Produced by one Unit of LaborCloth WidgetsHome 10 20Foreign 60 30A.Neither country has a comparative advantage.B.Home has a comparative advantage in cloth.C.Foreign has a comparative advantage in cloth.D.Foreign has a comparative advantage in widgets.E.Home has a comparative advantage in both products.12.The opportunity cost of cloth in terms of widgets in Foreign is if it is ascertained that Foreign uses prison-slave labor to produce its exports, then home shouldA.export cloth.B.export widgets.C.export both and import nothing.D.export and import nothing.E.All of the above.13.If wages were to double in Home ,then Home shouldA.export cloth.B.export widgets.C.export both and import nothing.D.export and import nothing.14.If the world equilibrium price of widgets were 4 Cloths, thenA.both countries could benefit from trade with each other.B.neither country could benefit from trade with each other.C.each country will want to export the good in which it enjoys comparativeadvantage.D.neither country will want to export the good in which it enjoyscomparative advantage.E.both countries will want to specialize in cloth.15.If the world equilibrium price of widgets were 40 cloths, thenA.both countries could benefit from trade with each other.B.neither country could benefit from trade with each other.C.each country will want to export the good in which it enjoys comparativeadvantage.D.neither country will want to export the good in which it enjoyscomparative advantage.E.both countries will want to specialize in cloth.16. In a two product two country world, international trade can lead to increases inA.consumer welfare only if output of both products is increased.B.output of both products and consumer welfare in both countries.C.total production of both products but not consumer welfare in bothcountriesD.consumer welfare in both countries but not total production of bothproducts.E.None of the above.17.As a result of trade, specialization in the Ricardian model tends to be/doc/3e771cc58bd63186bcebbcb7.html plete with constant costs and with increasing costs./doc/3e771cc58bd63186bcebbcb7.html plete with constant costs and incomplete with increasing costs.C.incomplete with constant costs and complete with increasing costs.D.incomplete with constant costs and incomplete with increasing costs.E.None of the above.18. A nation engaging in trade according to the Ricardian model will find itsconsumption bundleA.inside its production possibilities frontier.B.on its production possibilities frontier.D.inside its trade-partner's production possibilities frontier.E.on its trade-partner's production possibilities frontier.19.In the Ricardian model, if a country's trade is restricted, this will cause all except which?A.Limit specialization and the division of labor.B.Reduce the volume of trade and the gains from tradeC.Cause nations to produce inside their production possibilities curvesD.May result in a country producing some of the product of its comparative disadvantageE.None of the above.20.If a very small country trades with a very large country according to the Ricardian model, thenA.the small country will suffer a decrease in economic welfare.B.the large country will suffer a decrease in economic welfare.C.the small country will enjoy gains from trade.E.None of the above.21.If the world terms of trade for a country are somewhere between the domestic cost ratio of H and that of F, thenA.country H but not country F will gain from trade.B.country H and country F will both gain from trade.C.neither country H nor F will gain from trade.D.only the country whose government subsidizes its exports will gain.E.None of the above.22.If the world terms of trade equal those of country F, thenA.country H but not country F will gain from trade.B.country H and country F will both gain from trade.C.neither country H nor F will gain from trade.D.only the country whose government subsidizes its exports will gain.E.None of the above.23. If the world terms of trade equal those of country ,F thenA.country H but not country F will gain from trade.B.country H and country F will both gain from trade.C.neither country H nor F will gain from trade.D.only the country whose government subsidizes its exports will gain.24.If a production possibilities frontier is bowed out (concave to the origin), then production occurs under conditions ofA.constant opportunity costs.B.increasing opportunity costs.C.decreasing opportunity costs.D.infinite opportunity costs.E.None of the above.25.If two countries have identical production possibility frontiers, then trade between them is not likely ifA.their supply curves are identical.B.their cost functions are identical.C.their demand conditions identical.D.their incomes are identical.E.None of the above.26.If two countries have identical production possibility frontiers, then trade between them is not likely ifA.their supply curves are identical.B.their cost functions are identical.D.their incomes are identical.E.None of the above.27.The earliest statement of the principle of comparative advantage is associated withA.David Hume.B.David Ricardo.C.Adam Smith.D.Eli Heckscher.E.Bertil Ohlin.28. If one country's wage level is very high relative to the other's (the relative wage exceeding the relative productivity ratios), then if they both use the same currencyA.neither country has a comparative advantage.B.only the low wage country has a comparative advantage.C.only the high wage country has a comparative advantage.D.consumers will still find trade worth while from their perspective.29.If one country's wage level is very high relative to the other's (the relative wageexceeding the relative productivity ratios), thenA.it is not possible that producers in each will find export marketsprofitable.B.it is not possible that consumers in both countries will enhance theirrespective welfares through imports.C.it is not possible that both countries will find gains from trade.D.it is possible that both will enjoy the conventional gains from trade.E.None of the above.30.The Ricardian model is based on all of the following exceptA.only two nations and two products.B. no diminishing returns./doc/3e771cc58bd63186bcebbcb7.html bor is the only factor of production.D.product quality varies among nations.E.None of the above.31. Ricardo's original theory of comparative advantage seemed of limited real-world value because it was founded on the/doc/3e771cc58bd63186bcebbcb7.html bor theory of value.B. capital theory of value.C. land theory of value.D. entrepreneur theory of value.E.None of the above.32.According to Ricardo, a country will have a comparative advantage in theproduct in which its/doc/3e771cc58bd63186bcebbcb7.html bor productivity is relatively low. /doc/3e771cc58bd63186bcebbcb7.html bor productivity is relatively high. /doc/3e771cc58bd63186bcebbcb7.html bor mobility is relatively low. /doc/3e771cc58bd63186bcebbcb7.html bor mobility is relatively high.E.None of the above.33.In a two-country, two-product world, the statement "Germany enjoys acomparative advantage over France in autos relative to ships" is equivalent toA.France having a comparative advantage over Germany in ships.B.France having a comparative disadvantage compared to Germany inautos and ships.D.France having no comparative advantage over Germany.E.None of the above.34.Assume that labor is the only factor of production and that wages in the UnitedStates equal $20 per hour while wages in Japan are $10 per hour. Productioncosts would be lower in the United States as compared to Japan ifA.U.S. labor productivity equaled 40 units per hour and Japan's 15 units perhour.B.U.S. productivity equaled 30 units per hour whereas Japan's was 20.C.U.S. labor productivity equaled 20 and Japan's 30.D.U.S. labor productivity equaled 15 and Japan's 25 units per hour.E.None of the above.35.If the United States’ production possibility frontier was flatter to the widget axis,whereas Germany's was flatter to the butter axis, we know thatA.the United States has no comparative advantageB.Germany has a comparative advantage in butter.C.the U.S. has a comparative advantage in butter.D.Not enough information is given.E.None of the above.36.Suppose the United States' production possibility frontier was flatter to thewidget axis, whereas Germany's was flatter to the butter axis. We now learn that the German mark is sharply depreciated against the U.S. dollar. We now knowthatA.the United States has no comparative advantageB.Germany has a comparative advantage in butter.C.the United States has a comparative advantage in butter.D.Not enough information is given.E.None of the above.37.Suppose the United States' production possibility frontier was flatter to thewidget axis, whereas Germany's was flatter to the butter axis. We now learn that the German wage doubles, but U.S. wages do not change at all. We now knowthatA.the United States has no comparative advantage.B.Germany has a comparative advantage in butter.C.the United States has a comparative advantage in butter.D.Not enough information is given.Essay Questions1.Many countries in Sub-Saharan Africa have very low labor productivities inmany sectors, in manufacturing and agriculture. They often despair of eventrying to attempt to build their industries unless it is done in an autarkic context,behind protectionist walls because they do not believe they can compete withmore productive industries abroad. Discuss this issue in the context of theRicardian model of comparative advantage.2.In 1975, wage levels in South Korea were roughly 5% of those in the UnitedStates. It is obvious that if the United States had allowed Korean goods to befreely imported into the United States at that time, this would have causeddevastation to the standard of living in the United States.,because no producer in this country could possibly compete with such low wages. Discuss this assertion in the context of the Ricardian model of comparative advantage.3.The evidence cited in the chapter using the examples of the East Asia NewIndustrializing Countries suggests that as international productivities converge,so do international wage levels. Why do you suppose this happened for the EastAsian NICs? In light of your answer, what do you think is likely to happen tothe relative wages (relative to those in the United States) of China in the comingdecade? Explain your reasoning.4.When we examine the 2 Good 2 Country version of the Ricardian model ofcomparative advantage, we note that comparative advantage is totallydetermined by physical productivity ratios. Changes in wage rates in eithercountry cannot affect these physically determined comparative advantages, andhence cannot affect, which product will be exported by which country. However, when more than 2 goods are added to the model (still with 2 countries), changesin wage rates in one or the other country can in fact determine which good orgoods each of the countries will export. How can you explain this anomaly?5.An examination of the Ricardian model of comparative advantage yields theclear result that trade is (potentially) beneficial for each of the two tradingpartners since it allows for an expanded consumption choice for each. However, for the world as a whole the expansion of production of one product mustinvolve a decrease in the availability of the other, so that it is not clear that tradeis better for the world as a whole as compared to an initial situation of non-trade(but efficient production in each country). Are there in fact gains from trade forthe world as a whole? Explain.Quantitative/Graphing ProblemsCloth WidgetsHome 100 200Foreign 60 30What is the opportunity cost of Cloth in terms of Widgets in Foreign?2. Given the following information:Unit Labor RequirementsCloth WidgetsHome 100 200Foreign 60 30If these two countries trade these two goods in the context of the Ricardianmodel of comparative advantage, then what is the lower limit of the wo rldequilibrium price of widgets?3. Given the following information:Unit Labor RequirementsCloth WidgetsHome 100 200Foreign 60 30If these two countries trade these two goods with each other in according to the Ricardian model of comparative advantage, what is the lower limit for the price of cloth?4. Given the following information:Units Produced by One Worker/HourCloth WidgetsHome 100 200Foreign 60 30What is the opportunity cost of cloth in terms of Wwdgets in Foreign?5. Given the following information:Cloth WidgetsHome 100 200Foreign 60 30If these two countries trade these two goods with each other in the following the Ricardian model of comparative advantage, then what is the lower limit for theworld equilibrium price of cloth?1. Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is2.c. In the absence of trade, what would the price of apples in terms of bananas be? Why?2. Home is as described in problem 1. There is now also another country, Foreign, with a labor force of 800. Foreign's unit labor requirement in apple production is 5, while in banana prod uction it is 1.a. Graph Foreign's production possibility frontier.b. Construct the world relative supply curve.3. Now suppose world relative demand takes the following form: Demand for apples / demand for bananas = price of bananas / price of applesa. Graph the relative demand curve along with the relative supply curve.b. What is the equilibrium relative price of apples?c. Describe the pattern of trade.d. Show that both Home and Foreign gain from trade.4. Suppose that instead of 1200 workers, Ho me had 2400. Find the equilibrium relative price. What can you say about the efficiency of world production and the division of the gains from trade between Home and Foreign in this case?5. Suppose that Home has 2400 workers, but they are only half as productive in both industries as we have been assuming. Construct the world relative supply curve and determine the equilibrium relative price. How do the gains from trade compare with those in the case described in problem 4?6. “ Korean workers earn only $2.50 an hour; if we allow Korea to export as much as it likes to the United States, our workers will be forced down to the same level. You can’t import a $5 shirt without importing the $2.50 wage that goes with it.” Discuss.7. 请对下列观点加以评价：（1）只有当⼀个国家的⽣产率达到⾜以在国际竞争中⽴⾜的⽔平时，它才能从⾃由贸易中获益；（2）如果来⾃外国的竞争是建⽴在低⼯资的基础上，那么这种竞争是不公平的，⽽且会损害其他参与竞争的国家；（3）如果⼀个国家的⼯⼈⽐其他国家⼯⼈的⼯资低，那么贸易就会使这个国家受到剥削并使福利恶化。
总需求总供给
− A depression is a severe recession.
总需求与总供给
• 短期经济波动
– 经济活动每年都有波动
• 在大多数年份，物品与劳务的产量增加了。 • 在过去的50年间，美国经济的产量平均每年增长3%左右。 • 在一些年份，并没有出现这种正常增长，导致衰退。
– During times of recession, unemployment rises substantially.
• 随着产量减少，失业增加。
− 实际GDP的变化与失业率的变化是反向相关的。 − 在衰退期间，失业率大幅上升。
图1. Figure 1 A Look At Short-Run Economic Fluctuations观察短期经济波动
Aggregate Demand and Aggregate Supply
总需求和总供给
Lecture 5
Learning Objectives 学习目标
• Words：AD；AS；Natural rate of output • Why the Aggregate-Demand curve slopes downward? 为
– 衰退——实际GDP下降和失业增加的时期。 – 萧条——严重的衰退。
1.THREE KEY FACTS ABOUT ECONOMIC FLUCTUATIONS关于经济波动的三个关键事实
Fact 1:Economic fluctuations are irregular and unpredictable.
国际经济学题库(含参考答案)
国际经济学题库（含参考答案）一、单选题（共50题，每题1分，共50分）1、区域一体化组织中最松散、最低级的形式是（）A、关税同盟B、自由贸易区C、共同市场D、优惠贸易安排正确答案：D2、要素价格均等化表明（）A、一国丰富要素所有者受益，稀缺要素所有者受损B、一国丰富要素所有者受损，稀缺要素所有者受益C、一国丰富要素所有者和稀缺要素所有者都受益D、一国丰富要素所有者和稀缺要素所有者都受益正确答案：A3、下列不属于关税同盟动态效应的是（）A、大市场效应B、加剧竞争C、吸引外资D、贸易创造效应正确答案：D4、如果开放前一国X产品的相对价格低于其贸易伙伴，则贸易后该国（）A、进口 X产品B、生产者福利增加C、整体福利下降D、消费者福利增加正确答案：B5、下列（）会给本国带来较大的贸易创造效应。
A、本国对贸易商品的供给弹性较大B、本国对成员国的初始关税较大C、本国与成员国之间贸易商品的成本差别较大D、本国对贸易商品的需求弹性较小正确答案：D6、初级产品的出口价格若下降，其出口量将增加，出口总收入（）A、不变B、增加C、下降D、不确定正确答案：C7、马歇尔一勒纳条件所要说明的是在供给弹性（）的情况下，本币贬值能够改善贸易收支的进出口需求弹性条件。
A、零B、无穷大C、1D^大于零小于1正确答案：B8、假设中国和美国都能生产小麦和布，中国将一单位劳动时间全部生产布，可以生产50米；全部生产小麦，可以生产80千克；美国将一单位劳动时间全部生产布，可以生产40米；全部生产小麦，可以生产 100千克。
如果开放后的国际交换比价为1米布=L 8千克小麦，则下列说法正确的是（）A、无法比较美国和中国的获利情况B、中国从贸易开放中获利更多C、美国和中国从贸易开放中获利相同D、美国从贸易开放中获利更多正确答案：D9、下列不属于国际收支平衡表资本项目的是（）A、利息收支B、短期信贷C、短期证券买卖D、票据买卖正确答案：A10、消费者剩余是（）A、消费者为了商品的消费而必须向政府支付的东西B、消费者通过低于市场价格的价格而得到的收益C、消费者购买商品所需支付的价格低于其愿意支付的价格而获得的收益D、消费者可以在各种价格水平得到的收益正确答案：C11、外汇市场中的即期交易不包含（）A、套汇B、投机C、国际贸易结算D、银行同业拆借正确答案：B12、如果一个中国工人能生产3匹布或者1辆汽车，一个美国工人能生产4匹布或2辆汽车，则能促进中国与美国进行贸易并各自收益的交换比率是（）A、4匹布换2辆汽车B、3匹布换1辆汽车C、3匹布换2辆汽车D、5匹布换2辆汽车正确答案：D13、国际经济学的研究对象是（）A、国际商品流动B、国际收支平衡C、世界范围内的稀缺资源的最优配置D^国际人员流动正确答案：C14、根据国民收入决定方程Y=C+I+G+X-M,国际收支的吸收分析法中的“吸收”是指（）A、YB、C+IC、C+I+GD、X-M正确答案：C15、开放经济条件下的宏观经济政策目标是（）A、追求贸易顺差B、汇率稳定C、扩大出口D、国际收支平衡正确答案：D16、在进行贸易后，一国的收入分配会发生如下变化，（）A、收入由消费者转向生产者B、受到进口商品竞争压力的国内生产者遭受损失，而出口商品的生产者则会受益C、消费者受损，生产者受益D、作为整体的国家受益，而个人则会受到损失正确答案：B17、商品和服务贸易记录在国际收支平衡表中的（）A、经常项目B、误差和遗漏项目C、官方结算项目D、资本项目正确答案：A18、下列哪个行业最有可能具有内部规模经济？（）A、好莱坞的电影业B、加州硅谷的半导体产业C、美国的大型农场D、北京中关村的电脑城正确答案：C19、采用（）的配额分配方式，配额的福利效果与关税一样。
【国际经济学专题考试试卷三十四】The Influence of Monetary and Fiscal Policy On Aggregate Demand
Chapter 34The Influence of Monetary and Fiscal Policy On Aggregate DemandTRUE/FALSE1. Both monetary policy and fiscal policy affect aggregate demand.ANS: T DIF: 1 REF: 34-0NAT: Analytic LOC: Monetary and fiscal policyTOP: Monetary policy | Fiscal policy MSC: Definitional2. For the U.S. economy, the most important reason for the downward slope of the aggregate-demand curve isthe interest-rate effect.ANS: T DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Interest-rate effect MSC: Interpretive3. According to the theory of liquidity preference, the interest rate adjusts to balance the supply of, and demandfor, loanable funds.ANS: F DIF: 2 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: Interpretive4. The theory of liquidity preference was developed by Irving Fisher.ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference | Economists MSC: Interpretive5. An increase in the money supply decreases the equilibrium interest rate and shifts the aggregate-demand curveto the right.ANS: T DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary injectionsMSC: Interpretive6. Other things the same, an increase in the price level causes the real value of the dollar to fall in the market forforeign-currency exchange.ANS: F DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Exchange-rate effect MSC: Applicative7. Changes in monetary policy aimed at reducing aggregate demand involve decreasing the money supply orincreasing the interest rate.ANS: T DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary policyMSC: Interpretive8. For the most part, fiscal policy affects the economy in the short run while monetary policy primarily matters inthe long run.ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Fiscal policy | Monetary policy MSC: Interpretive9. For a country such as the U.S., the wealth effect exerts a very important influence on the slope of theaggregate-demand curve, since U.S. wealth is large relative to wealth in most other countries.ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Wealth effectMSC: Interpretive10. If the inflation rate is zero, then the nominal and real interest rate are the same.ANS: T DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Nominal interest rate | Real interest rate MSC: Interpretive22512252 Chapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand11. In liquidity preference theory, an increase in the interest rate, other things the same, decreases the quantity ofmoney demanded, but does not shift the money demand curve.ANS: T DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Theory of liquidity preference MSC: Analytical12. An increase in the price level shifts the money demand curve to the left, causing interest rates to increase. ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Money demandMSC: Interpretive13. An increase in the money supply shifts the aggregate-supply curve to the right.ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary policyMSC: Interpretive14. When the Fed increases the money supply, the interest rate decreases. This decrease in the interest rateincreases consumption and investment demand, so the aggregate-demand curve shifts to the right.ANS: T DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Monetary policy | Aggregate-demand curve MSC: Analytical15. Stock prices often rise when the Fed raises interest rates.ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Stock market | Monetary policy MSC: Interpretive16. When the Fed announces a target for the federal funds rate, it essentially accommodates the day-to-dayfluctuations in money demand by adjusting the money supply accordingly.ANS: T DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Federal funds rate | Monetary policy MSC: Interpretive17. If the marginal propensity to consume is 6/7, then the multiplier is 7.ANS: T DIF: 2 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Multiplier effectMSC: Applicative18. If the marginal propensity to consume is 4/5, then a decrease in government spending of $1 billion decreasesthe demand for goods and services by $5 billion.ANS: T DIF: 2 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Multiplier effectMSC: Applicative19. Both the multiplier effect and the investment accelerator tend to make the aggregate-demand curve shiftfurther than it does due to an initial increase in government expenditures.ANS: T DIF: 1 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Multiplier effect | Investment MSC: Applicative20. The multiplier is computed as MPC / (1 - MPC).ANS: F DIF: 1 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Multiplier effectMSC: Definitional21. Permanent tax cuts have a larger impact on consumption spending than temporary ones.ANS: T DIF: 1 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: TaxesMSC: ApplicativeChapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand 2253 22. Some economists, called supply-siders, argue that changes in the money supply exert a strong influence onaggregate supply.ANS: F DIF: 2 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Supply-side economicsMSC: Applicative23. In principle, the government could increase the money supply or increase government expenditures to try tooffset the effects of a wave of pessimism about the future of the economy.ANS: T DIF: 1 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policyTOP: Stabilization policy | Expectations MSC: Applicative24. The main criticism of those who doubt the ability of the government to respond in a useful way to the businesscycle is that the theory by which money and government expenditures change output is flawed.ANS: F DIF: 2 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Stabilization policyMSC: Definitional25. A significant lag for monetary policy is the time it takes to for a change in the money supply to change theeconomy. A significant lag for fiscal policy is the time it takes to pass legislation authorizing it.ANS: T DIF: 1 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Stabilization policyMSC: Definitional26. Unemployment insurance and welfare programs work as automatic stabilizers.ANS: T DIF: 1 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Automatic stabilizersMSC: Definitional27. Depending on the size of the multiplier and crowding-out effects, the rightward shift in aggregate demandfrom a tax cut could be larger or smaller than the tax cut.ANS: T DIF: 2 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Multiplier effectMSC: Analytic28. During recessions, unemployment insurance payments tend to rise.ANS: T DIF: 2 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Automatic stabilizersMSC: Interpretive29. During recessions, the government tends to run a budget deficit.ANS: T DIF: 1 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Automatic stabilizersMSC: Applicative30. An implication of the Employment Act of 1946 is that the government should respond to changes in theprivate economy to stabilize aggregate demand.ANS: T DIF: 2 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Employment Act of 1946MSC: InterpretiveSHORT ANSWER1. What is the difference between monetary policy and fiscal policy?ANS:The Federal Reserve Bank conducts U.S. monetary policy. It consists of policies to affect the financial side of the economy-most notably the supply of money in the economy. Fiscal policy is conducted by the executive and legislative branches of government, and entails decisions about taxes and government spending.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Fiscal policy | Monetary policyMSC: Definitional2254 Chapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand2. There are three factors that help explain the slope of the aggregate demand curve. Which two are lessimportant? Why are they less important?ANS:The wealth effect and the exchange-rate effect are less important than the interest-rate effect in the United States. The wealth effect is not very important because it operates through changes in the real value of money, and money is only a small fraction of household wealth. So it is unlikely that changes in the price level will lead to large changes in consumption spending through this channel. The exchange-rate effect is not very important in the United States because trade with other countries represents a relatively small fraction of U.S. GDP. So a change in net-exports due to a change in the exchange rate is likely to have a relatively small impact on real GDP.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Wealth effect | Exchange-rate effectMSC: Analytical3. Explain why the interest rate is the opportunity cost of holding currency. What is the benefit of holdingcurrency?ANS:The nominal interest rate on currency is zero. The next best alternative is to buy a bond and earn interest. Currency is used as a medium of exchange. Bonds are illiquid and so are costly to convert to a medium of exchange.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Currency | Interest ratesMSC: Interpretive4. Describe the process in the money market by which the interest rate reaches its equilibrium value if it startsabove equilibrium.ANS:If the interest rate is above equilibrium, there is an excess supply of money. People with more money than they want to hold given the current interest rate deposit the money in banks and buy bonds. The increase in funds to lend out causes the interest rate to fall. As the interest rate falls, the quantity of money demanded increases, which tends to diminish the excess supply of money.DIF: 3 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Money marketMSC: Analytical5. Use the money market to explain the interest-rate effect and its relation to the slope of the aggregate demandcurve.ANS:When the price level falls, people need less money for their transactions. The decreased demand for money leads to a decrease in interest rates as money demand shifts left. Lower interest rates encourage consumption and investment spending. Thus, a decrease in the price level raises the aggregate quantity of goods and services demanded.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Interest-rate effectMSC: Analytical6. Explain the logic according to liquidity preference theory by which an increase in the money supply changesthe aggregate demand curve.ANS:When the money supply increases, the interest rate falls. As the interest rate falls people will want to spend more and firms will want to build more factories and other capital goods. This increase in aggregate demand happens for any given price level, so aggregate demand shifts right.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Monetary policy | Aggregate-demand curveMSC: AnalyticalChapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand 2255 7. How does a reduction in the money supply by the Fed make owning stocks less attractive?ANS:The reduction in the money supply raises the interest rate. So the return on bonds increases relative to the return on stocks. The increase in the interest rate also causes spending to fall, so that revenues and profits fall, making shares of ownership in corporations less valuable.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Money supply | Stock marketMSC: Applicative8. Suppose that the government spends more on a missile defense program. What does this do to aggregatedemand? How is you answer affected by the presence of the multiplier, crowding-out, taxes, andinvestment-accelerator effects?ANS:The increase in expenditures means that government spending rises. The aggregate demand curve shifts to the right. Aggregate demand shifts farther if there is a multiplier effect or an investment accelerator and shifts less if there is crowding out or if taxes are raised to increase government expenditures.DIF: 2 REF: 34-2 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Multiplier effect | Crowding out | InvestmentMSC: Interpretive9. Suppose that there are no crowding-out effects and the MPC is .9. By how much must the governmentincrease expenditures to shift the aggregate demand curve right by $10 billion?ANS:An MPC of .9 means the multiplier = 1/(1 - .9) = 10. The increase in aggregate demand equals the multiplier times the change in government expenditures. So to increase aggregate demand by $10 billion, the government would have to increase expenditures by $1 billion.DIF: 2 REF: 34-2 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Multiplier effectMSC: Analytical10. Suppose that the government increases expenditures by $150 billion while increasing taxes by $150 billion.Suppose that the MPC is .80 and that there are no crowding out or accelerator effects. What is the combined effects of these changes? Why is the combined change not equal to zero?ANS:The multiplier is 1/(1-MPC) = 1/(1-.8) = 1/.2 = 5. The increase of $150 in government expenditures leads to a shift of $150 billion x 5 = $750 billion in aggregate demand. The increase in taxes decreases income by $150 and so initially decreases consumption by $150 billion x MPC = $150 billion x .8 = $120 billion. This change in consumption will create a multiplier effect of $120 billion x 5 = $600. Thus the net change is $750 billion - $600 billion = $150 billion. The changes don’t cancel each other out, because a tax increase decreases consumption by less than the tax increase.DIF: 3 REF: 34-3 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Multiplier effect | TaxesMSC: Analytical11. Suppose that consumers become pessimistic about the future health of the economy. What will happen toaggregate demand and to output? What might the president and Congress have to do to keep output stable? ANS:As consumers become pessimistic about the future of the economy, they cut their expenditures so that aggregate demand shifts left and output falls. The president and Congress could adjust fiscal policy to increase aggregate demand. They could either increase government spending, or cut taxes, or both.DIF: 2 REF: 34-3 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Stabilization policy | ExpectationsMSC: Analytical2256 Chapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand12. Explain how unemployment insurance acts as an automatic stabilizer.ANS:As income falls, unemployment rises. More people will apply for unemployment compensation from the government which raises government spending. An increase in government spending tends to increase aggregate demand, output, and income thereby lessening the effects of the recession.DIF: 2 REF: 34-3 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Automatic stabilizersMSC: ApplicativeSec00 - The Influence of Monetary and Fiscal Policy on Aggregate Demand MULTIPLE CHOICE1. Shifts in the aggregate-demand curve can cause fluctuations ina.neither the level of output nor the level of prices.b.the level of output, but not in the level of prices.c.the level of prices, but not in the level of output.d.the level of output and in the level of prices.ANS: D DIF: 1 REF: 34-0NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Economic fluctuations | Aggregate demand MSC: Interpretive2. Fiscal policy affects the economya.only in the short run.b.only in the long run.c.in both the short and long run.d.in neither the short nor the long run.ANS: C DIF: 1 REF: 34-0NAT: Analytic LOC: Monetary and fiscal policy TOP: Fiscal policyMSC: InterpretiveSec01 - The Influence of Monetary and Fiscal Policy on Aggregate Demand - How Monetary Policy Influences Aggregate DemandMULTIPLE CHOICE1. The interest-rate effecta.depends on the idea that increases in interest rates increase the quantity of money demanded.b.depends on the idea that increases in interest rates increase the quantity of money supplied.c.is the most important reason, in the case of the United States, for the downward slope of theaggregate-demand curve.d.is the least important reason, in the case of the United States, for the downward slope of theaggregate-demand curve.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Interest-rate effect MSC: Interpretive2. The interest-rate effecta.depends on the idea that increases in interest rates decrease the quantity of goods and servicesdemanded.b.depends on the idea that increases in interest rates decrease the quantity of goods and servicessupplied.c.is responsible for the downward slope of the money-demand curve.d.is the least important reason, in the case of the United States, for the downward slope of theaggregate-demand curve.ANS: A DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Interest-rate effect MSC: InterpretiveChapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand 22573. The wealth effect stems from the idea that a higher price levela.increases the real value of households’ money holdings.b.decreases the real value of households’ money holdings.c.increases the real value of the domestic currency in foreign-exchange markets.d.decreases the real value of the domestic currency in foreign-exchange markets.ANS: B DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Wealth effect MSC: Interpretive4. With respect to their impact on aggregate demand for the U.S. economy, which of the following represents thecorrect ordering of the wealth effect, interest-rate effect, and exchange-rate effect from most important to least important?a.wealth effect, exchange-rate effect, interest-rate effectb.exchange-rate effect, interest-rate effect, wealth effectc.interest-rate effect, wealth effect, exchange-rate effectd.interest-rate effect, exchange-rate effect, wealth effectANS: D DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Aggregate-demand curve MSC: Interpretive5. For the U.S. economy, which of the following is the most important reason for the downward slope of theaggregate-demand curve?a.the wealth effectb.the interest-rate effectc.the exchange-rate effectd.the real-wage effectANS: B DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Interest-rate effectMSC: Definitional6. Which of the following is likely more important for explaining the slope of the aggregate-demand curve of asmall economy than it is for the United States?a.the wealth effectb.the interest-rate effectc.the exchange-rate effectd.the real-wage effectANS: C DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Exchange-rate effectMSC: Interpretive7. For the U.S. economy, which of the following helps explain the slope of the aggregate-demand curve?a.An increase in the price level decreases the interest rate.b.An increase in the price level increases the interest rate.c.An increase in the money supply decreases the interest rate.d.An increase in the money supply increases the interest rate.ANS: B DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Interest-rate effect MSC: Analytic2258 Chapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand8. The wealth effect helps explain the slope of the aggregate-demand curve. This effect isa.relatively important in the United States because expenditures on consumer durables is veryresponsive to changes in wealth.b.relatively important in the United States because consumption spending is a large part of GDP.c.relatively unimportant in the United States because money holdings are a small part of consumerwealth.d.relatively unimportant because it takes a large change in wealth to cause a significant change ininterest rates.ANS: C DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Wealth effectMSC: Definitional9. Which of the following claims concerning the importance of effects that explain the slope of the U.S.aggregate-demand curve is correct?a.The exchange-rate effect is relatively small because exports and imports are a small part of realGDP.b.The interest-rate effect is relatively small because investment spending is not very responsive tointerest rate changes.c.The wealth effect is relatively large because money holdings are a significant portion of mosthouseholds' wealth.d.None of the above is correct.ANS: A DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Aggregate-demand slope MSC: Interpretive10. Which particular interest rate(s) do we attempt to explain using the theory of liquidity preference?a.only the nominal interest rateb.both the nominal interest rate and the real interest ratec.only the interest rate on long-term bondsd.only the interest rate on short-term government bondsANS: B DIF: 2 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: Interpretive11. According to John Maynard Keynes,a.the demand for money in a count ry is determined entirely by that nation’s central bank.b.the supply of money in a country is determined by the overall wealth of the citizens of that country.c.the interest rate adjusts to balance the supply of, and demand for, money.d.the interest rate adjusts to balance the supply of, and demand for, goods and services.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: Interpretive12. According to the theory of liquidity preference,a.if the interest rate is below the equilibrium level, then the quantity of money people want to hold isless than the quantity of money the Fed has created.b.if the interest rate is above the equilibrium level, then the quantity of money people want to hold isgreater than the quantity of money the Fed has created.c.the demand for money is represented by a downward-sloping line on a supply-and-demand graph.d.All of the above are correct.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: InterpretiveChapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand 225913. According to classical macroeconomic theory,a.the price level is sticky in the short run and it plays only a minor role in the short-run adjustmentprocess.b.for any given level of output, the interest rate adjusts to balance the supply of, and demand for,money.c.output is determined by the supplies of capital and labor and the available production technology.d.All of the above are correct.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: The role of money TOP: Classical dichotomyMSC: Interpretive14. According to classical macroeconomic theory,a.output is determined by the supplies of capital and labor and the available production technology.b.for any given level of output, the interest rate adjusts to balance the supply of, and demand for,loanable funds.c.given output and the interest rate, the price level adjusts to balance the supply of, and demand for,money.d.All of the above are correct.ANS: D DIF: 2 REF: 34-1NAT: Analytic LOC: The role of money TOP: Classical dichotomyMSC: Interpretive15. According to the liquidity preference theory, an increase in the overall price level of 10 percenta.increases the equilibrium interest rate, which in turn decreases the quantity of goods and servicesdemanded.b.decreases the equilibrium interest rate, which in turn increases the quantity of goods and servicesdemanded.c.increases the quantity of money supplied by 10 percent, leaving the interest rate and the quantity ofgoods and services demanded unchanged.d.decreases the quantity of money demanded by 10 percent, leaving the interest rate and the quantityof goods and services demanded unchanged.ANS: A DIF: 2 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: Interpretive16. On the graph that depicts the theory of liquidity preference,a.the demand-for-money curve is vertical.b.the supply-of-money curve is vertical.c.the interest rate is measured along the horizontal axis.d.the price level is measured along the vertical axis.ANS: B DIF: 1 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: Interpretive17. Using the liquidity-preference model, when the Federal Reserve increases the money supply,a.the equilibrium interest rate decreases.b.the aggregate-demand curve shifts to the left.c.the quantity of goods and services demanded is unchanged for a given price level.d.the long-run aggregate-supply curve shifts to the right.ANS: A DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Theory of liquidity preference | Monetary policy MSC: Interpretive2260 Chapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand18. In recent years, the Federal Reserve has conducted policy by setting a target for thea.size of the money supply.b.growth rate of the money supply.c.federal funds rate.d.discount rate.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Federal funds rate | Monetary policy MSC: Definitional19. While a television news re porter might state that “Today the Fed lowered the federal funds rate from 5.5percent to 5.25 percent,” a more precise account of the Fed’s action would be as follows:a.“Today the Fed told its bond traders to conduct open-market operations in such a way that theequilibrium federal funds rate would decrease to 5.25 percent.”b.“Today the Fed lowered the discount rate by a quarter of a percentage point, and this action willforce the federal funds rate to drop by the same amount.”c.“Today the Fed to ok steps to decrease the money supply by an amount that is sufficient to decreasethe federal funds rate to 5.25 percent.”d.“Today the Fed took a step toward contracting aggregate demand, and this was done by loweringthe federal funds rate to 5.25 perc ent.”ANS: A DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Federal funds rate | Monetary policy MSC: Interpretive20. Monetary policya.must be described in terms of interest-rate targets.b.must be described in terms of money-supply targets.c.can be described either in terms of the money supply or in terms of the interest rate.d.cannot be accurately described in terms of the interest rate or in terms of the money supply.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary policyMSC: Interpretive21. Which of the following is not a reason the aggregate-demand curve slopes downward? As the price levelincreases,a.firms may believe the relative price of their output has risen.b.real wealth declines.c.the interest rate increases.d.the exchange rate increases.ANS: A DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Aggregate-demand slope MSC: Definitional22. Which of the following would not be an expected response from a decrease in the price level and so help toexplain the slope of the aggregate-demand curve?a.When interest rates fall, Sleepwell Hotels decides to build some new hotels.b.The exchange rate falls, so French restaurants in Paris buy more Iowa pork.c.Janet feels wealthier because of the price-level decrease and so she decides to remodel herbathroom.d.With prices down and wages fixed by contract, Millio’s Frozen Pizzas decides to lay off workers. ANS: D DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Aggregate demand slope MSC: Interpretive。
国际经济学名词解释
Absolute advantage The greater efficiency that one nation may have over another in the production of a commodity. This was the basis for trade for Adam Smith.Aggregate demand (AD) curve The graphical relationship between the total quantity demanded of goods and services at various prices.Aggregate supply (AS) curve The graphical relationship between the nation’s output and the price level over a given time period.Anti-globalization movement The loose organization that blames globalization for many human and environmental problems throughout the world and for sacrificing human and environmental well-being to the corporate profits of multinationals (Sect.9.7B).BBasis for trade The forces that give rise to trade between two nations. This was absolute advantage according to Adam Smith andcomparative advantage according toDavid Ricardo.Bilateral agreements Agreementsbetween two nations regarding quantitiesand terms of specific trade transactions. Bilateral trade Trade between any two nations.Brain drain The migration of highly skilled and trained people from developing to developed nations and from other industrial nations to the United States.CCentrally planned economies Economies in which factors of production are owned by the government and prices are determined by government directives.Closed economy An economy in autarky or not engaging in international transactions.Cobb-Douglas production function The production function exhibiting a unitary elasticity of substitution between labor and capital.Common market Removes all barriers on trade among members, harmonizes trade policies toward the rest of the world, and also allows the free movement of labor and capital among member nations. An example is the European Union (EU) since January 1, 1993.Community indifference curve The curve that shows the various combinations of two commodities yielding equal satisfaction to community or nation. Community indifference curves are negatively sloped, convex from the origin, and should not cross.Complete specialization The utilization of all of a nation’s resources in the production of only one commodity with trade. This usually occurs under constant cosrs.Constant opportunity costs The constant amount of a commodity that must be given up to produce each additional unit of another commodity.Constant returns to The condition under which output growsscale in the proportion as factor inputs.Consumer surplus The difference between what consumers are willing to pay for a specific amount of a commodity and what they actually pay for it .Consumption effect of a tariff The reduction in domestic consumption of a commodity resulting from the increase in its price due to a tariff.Customs union Removes all barriers on reade among members and harmonizes trade policies toward the rest of the world. The best example is the European Union (EU).DDerived demand The demand for factors of production that arises from the denand For final commodities that are produced using the particular factors.Direct investments Real investments in factories, capital goods ,land, and inventories where both capital and management are involved and the investor retains control over t5heuse of the invested capital.Doha Round The multilateral trade negotiations launched in November 2001in Daha (Qatar ) and scheduled to be completed in 2004, that will address, among other things greater trade access by developing countries in developed countries’s markets.Dumping The export of a commodity at below cost or at a lower price than sold domestically.Dynamic external economies The decline in the average cost of production as cumulative industry output increases and firms accumulate knowledge over time.EEconomic integration The commercial policy of discriminatively reducing or eliminating trade barriers only among the nations joining together.Economic union Renoves all barriers on rtade amongmembers, harmonizes trade policies toard the rest of the world, allows the free movement of labor and capital among member nations, and alst harmonizes the monetary, fiscal, and tax policies of its members.European Union The customs union formed by West Germany, France, Italy, Belgium, the Netherlands, Luxembourg that came into existence in 1958,and expanded to 15 nations with the joining of the United Kingdom, Denmark, and Ireland in 1973 , Greece in 1981, Spain and Portugal in 1986,and Austria, and Sweden in 1995.FFactor abundance he factor of production available in greater proportion and at a lower relative price in one nation than in another nation.Factor-intensity reversal The situation where a commodity is L intensive when the relative price of laboris low and K intensive when the relativeprice of capital is low. If prevalent, thiswould lead to rejection of the H-O trademodel.GGains from specialization The increase in consumption resulting from specialization in production.Gains from trade The increase in consumption in each nation resolution from specialization in production and trading.Game theory Amethod of choosing the optimal strategy in conflict situations.HHunan capital The education, job training, and health embodied in workers, which increase increase their productivity.IIncomplete specialization The continued production of both commodities in both nations with increasing costs, even in a small nationwith trade.Increasing returns to scale the production situation where output grows proportionately more than the increase in inputs or factors of production. For example all inputs more than doubles output.International cartel An organization of suppliers of a commodity located in different nations (or a group of governments ) that agrees to restrict output and exports of the commodity with the aim of maximizing or increasing the total profits of the organization. An international cartel that behaves as a monopolist is called a centralized cartel.International trade policy Examines the reasons for and effects of trade restrictions.International trade theory Analyzes the basis and the gains from trade.Intra-industry trade International in the differentiated products of the same industry or broadproduct group.Intra-industry trade index It is given by 1 minus the ratio of the absolute value of exports minus imports over exports plus imports.Laissez-faire The policy of minimum government interference in or regulation of economic activity ,advocated by Adam Smith and other classical economists.LLaw of comparative advantage Explains how mutually beneficial trade can take place even when one nation is less efficient than ,or has an absolute disadvantage with respect to, another nation in the production of all commodities. The less efficient nation should specialize in and export the commodity in which its absolute disadvantage is smaller (this is the commodity of its comparative advantage ),and should import the other commodity.MMarginal rate of substitution (MRS) The amount of one commodity that a mation could give up in exchange for one extra unit of a second commodity and still remain on the same indifference curve. It is given by the slope of the community indifference curve at the point of consumption and declines as the nation consumes more of the second commodity.Most-favord –nation principle The extension to all trade partners of any recirocal tariff reduction negotiated by the United States with any other nation.NNeutral technical progress Technical progress that increases the productivity of labor and capital in the same proportion and leaves K/L constant at constant relative factor prices.Nominal tariff A tariff (such as an ad valorem one) calculated on the price of a final commodity.OOffer curve A curve that shows how much of its import commodity a nation demands to be willing to supply various amounts of its export commodity, or the willingness of the nation to import and export at various relative commodity prices.Optimum tariff The rate of tariff that maximizes the benefit resulting from improvement in the nation’s terms of trade against the negative effect resulting from reduction in the volume of trade.PPerfect competition The market condition where (1) there are many buyers and sellers of a given commodity of factor, each too small to affect the price of the commodity of factor; (2) all units of the same commodity or factor are homogeneous, or of the same quality; (3) there is perfect knowledge and information on allmarkets; and (4) there is perfect internal mobility of factors of production.Preferential trade arrangements The loosest form of economic integration; provides lower barriers to trade among participating nations than on trade with nonparticipating nations. An example is the British Commonwealth Preference Scheme.Production effect of a tariff The increase in domestic production of a commodity resulting from the increase in its price due to a tariff.Prohibitive tariff A tariff sufficiently high to stop all international trade so that the nation returns to autarky.RRevenue effect of a tariff The revenue collected by the government from the tariff.Rybczynski theorem Postulates that at constant commodity prices, an increase in the endowment of one factor will increase by a greater proportion the output of the commodityintensive in that factor and will reducethe output of the other commodity.SSpecific-factors model The model to analyze the effect of a change in commodity price on the returns of factors in a nation when at least one factor is not mobile between industries.Stolper-Samuelson theorem Postulates that an increase in the relative price of a commodity (for example, as a result of a tariff) raise the return or earnings of the factor used intensively in the production of the commodity.Strategic trade policy The argument that an activist trade policy in oligopolistic markets subject to extensive external economies can increase a nation’s welfare.TTrade creation Occurs when some domestic production in a member of the customs union isreplaced by lower-cost imports from another member nation. This increases welfare.Trade deflection The entry of imports from the rest of the world into the low-tariff member of a free trade area to avoid the higher tariffs of other members.UUruguay Round The multilateral trade negotiations started in 1986 and completed at the end of 1993 aimed at reversing the trend of rising no tariff trade barriers. It replaced the GATT with the World Trade Organization (WTO), brought services and agriculture into the WTO, and improved the dispute settlement mechanism.VVertical integration The expansion of a firm backward to supply its own raw materials and intermediate products and/or for ward toprovide its own sales or distributionnetworks.WWealth effect The change in the output per worker or per person as a result of growth in the nation.。
国际经济学试题及答案解析
国际经济学试卷(A)
一、选择题（2x15=30，每题只有一个正确答案）
1、如果dx、sx、dm和sm分别代表出口产品的需求弹性、出口产品的供给弹性、进口产品的需求弹性和进口产品的供给弹性，则马歇尔—勒纳条件用公式表示为（）A．｜dx+dm｜>1 B．｜dx+sx｜>1
C．｜dm+sm｜>1 D．｜sx+sm｜>1
2. “贫困化增长”的一个必要条件为：（）
A．国家的增长偏向于出口产业。
B．外国对该国的出口需求具有价格弹性。
C．国家的消费偏好高度偏向于出口商品。
D．贸易在国民经济中比重不大。
3、从国际贸易对生产要素收入分配的短期影响来看，自由贸易会导致（）
A．生产进口竞争品部门使用的专门生产要素收入水平提高
B．生产进口竞争品部门使用的共同生产要素收入水平下降
C．生产出口品部门使用的共同生产要素收入水平提高
D．生产出口品部门使用的专门生产要素收入水平提高
4、在商品的国际比价保持不变的情况下，偏向出口的生产要素增长会（）
A．扩大出口品生产规模 B．扩大进口品生产规模
C．使贸易规模保持不变 D．使贸易规模缩减
5、在货币主义的汇率决定理论中，与本币价值负相关的变量是（）
A．本国国民收入 B．外国国民收入
C．外国的利息率 D．外国货币供给
6、不能解释产业内贸易现象的理论是（）
A．重叠需求理论 B．规模经济理论
C．要素禀赋理论 D．相互倾销理论。
国际经济学第九版英文课后答案 第19单元
CHAPTER 19PRICES AND OUTPUT IN AN OPEN ECONOMY:AGGREGATE DEMAND AND AGGREGATE SUPPLY OUTLINE19.1 Introduction19.2 Aggregate Demand, Aggregate Supply, and Equilibrium in a Closed Economy19.2a Aggregate Demand in a Closed Economy19.2b Aggregate Supply in the Long Run and in the Short Run19.2c Short-Run and Long-Run Equilibrium in a Closed EconomyCase Study 19-1: Deviations of Short-Run Outputs from the Natural Level in the U.S.19.3 Aggregate Demand in an Open Economy Under Fixed and Flexible Exchange Rates19.3a Aggregate Demand in an Open Economy Under Fixed Exchange Rates19.3b Aggregate demand in an Open Economy Under Flexible Exchange Rates19.4 Effect of Economic Shocks and Macroeconomic Policies on Aggregate Demandin Open Economies with Flexible Prices19.4a Real-Sector Shocks and Aggregate Demand19.4b Monetary Shocks and Aggregate Demand19.4c Fiscal and Monetary Policies and Aggregate Demand in Open Economies19.5 Effect of Fiscal and Monetary Policies in Open Economies with Flexible PricesCase Study 19.2: Central Bank Independence and Inflation in Industrial Countries19.6 Macroeconomic Policies to Stimulate Growth and to Adjust to Supply Shocks19.6a Economic Policies for Growth19.6b Economic Policies to Adjust to Supply ShocksCase Study 19.3: Petroleum Shocks and Stagflation in the United StatesCase Study 19.4: Actual and Natural Unemployment Rate, and Inflation in United StatesCase Study 19.5: Actual and Natural Unemployment Rate, and Inflation in United StatesCase Study 19.6: Has the U.S. Economy Become Recession Proof? Key TermsAggregate demand curve (AD)Aggregate supply curve (AS)Long-run aggregate supply curve (LRAS)Natural level of output (YN)Short-run aggregate supply curve (SRAS)Expected pricesStagflationLecture Guide1. This is not a core chapter and I would omit it in a one-semester undergraduate course in international economics.2. If I were to cover this chapter, I would cover two sections in each of three lectures and assign the end-of-chapter problems.Answer to Problems1. See Figure 1.2. See Figure 2.3. See Figure 3.4. See Figure 4.5. An unexpected increase in prices in the face of sticky wages means that real wages temporarily fall. This leads firms to hire more workers and thus increase output in the short run. In the long-run, however, money wages fully adjust to (i.e., increase in the same proportion as) the increasein prices. As a result, real wages return to their previous higher level, firms reduce employment to their original lower level, and the nation's output returns to its lower long-runnatural level, but at the new higher price level.6. Starting from point C in Figure 19-3, an unexpected decrease in aggregate demand from AD' to AD causes prices to fall and firms to temporarily reduce their output, giving the new short-run equilibrium point where the AD' curve intersects the SRAS' curve. In the long run, however, as expected prices fall to match actual prices, the short-run aggregate supply curve shifts down by the amount of the price reduction (i.e., from SRAS' to SRAS) and defines new long- run equilibrium point E at the natural level of output YN, but lower price level of PE.Another way of saying this is that at point to the left of the LRAS curve, actual prices are lower than expected prices. Expected prices then fall and this shifts the SRAS curve downward until expected prices are equal to the lower actual prices, and the economy returns to its long-run natural level of output equilibrium.7. An unexpected decrease in aggregate demand causes prices to fall. If wages are sticky and do not immediately fall in the same proportion as the fall in prices, real wages will temporarily increase. This leads firms to hire fewer workers and thus reduce output in the short run. In the long-run, however, money wages fully adjust to (i.e., fall in the same proportion as) the fall in prices. As a result, real wages return to their previous lower level, firms increase employment to their original higher level, and the nation's output returns to its higher long-run or naturallevel, but at the new higher lower level.8. If the LM' curve intersected the IS' curve at a point below the BP' curve in the left panel of Figure 19-5, the interest rate in the nation would be lower than required for balance of payments equilibrium. The nation would then have a deficit in its balance of payments. Under a fixed exchange rate system, the deficit in the nation's balance of payments would result in an outflow of international reserves and thus a reduction in the nation's money supply, which would shift up the LM' curve sufficiently to intersect the IS' curve on the BP' curve, so that the nationwould be simultaneously in equilibrium in the goods and money markets and in the balance of payments, as at point E".9. See Figure 5.10. Starting from equilibrium in the goods and services sector, in the monetary sector, and in the balance of payments, an autonomous worsening of the nation's trade balance at unchanged domestic prices, causes the IS and BP curves to shift to the left and opens a deficit in the nation's balance of payments under fixed exchange rates. This leads to a leftward shift of the LM curve and a reduction in national income. Thus, the nation's aggregate demand curve shifts to the left.11. With flexible exchange rates, the autonomous worsening of the nation's trade balance at unchanged domestic prices, causes the IS and BP curves to shift to the left (just as in the case of fixed rates). Now, however, the tendency of the nation's balance of payments to go into deficit leads to a depreciation of the nation's currency and a deterioration in the nation's trade balance, so that the BP and IS curves shift to the left, back to their original position along the unchanged LM curve. Thus, the nation returns to the original equilibrium position and point on its original aggregate demand curve.12. Expansionary fiscal policy under fixed exchange rates or easy monetary policy under flexible rates can correct a recession but only the expense of higher prices or inflation. If prices are flexible downward in the nation, however, the recession can be corrected automatically and in a relatively short time by falling domestic prices, which would stimulate the domestic and foreign demand for the nation's goods and services. If domestic prices are sticky or not too flexible downward, however, relying on market force (i.e., falling prices in the nation) to automatically correct the recession may take too long, and this may justify the use of expansionary fiscal or monetary policies.13. The nation would reach the long-run equilibrium point where the AD' curve crosses the unchanged LRAS curve. The SRAS curve would also shift and cross the LRAS curve at the same point. The nation's natural level of output and employment would then be the same as before the supply (petroleum) shock, but prices would be higher.14. The concept of the natural rate of unemployment is useful as long as no structural changes take place in the economy. When structural changes do occur (and globalization may just be such a structural change), then the rate of natural unemployment will change. With globalization the natural rate of unemployment may well be 5 percent or lower in the United States today.Multiple-Choice Questions1. In general, as the economy expends or contracts over the business cycle *a. prices changeb. prices remain unchanged except in a recessionc. prices remain unchanged until the economy reaches full employmentd. all of the above2. The aggregate demand curve (AD) for closed economy is derived from thea. IS curveb. LM curvec. FE curve*d. IS and LM curves3. A reduction in the general price level with a constant money supply is shown by aa. leftward shift in the LM curve*b. movement down along a given aggregate demand curvec. rightward shift in the aggregate supply curved. a rightward shift in the IS curve4. An increase in the money supply with constant prices leads to aa. leftward shift in the LM curveb. movement along a given aggregate demand curve*c. rightward shift in the aggregate demand curved. rightward shift in the IS curve5. An increase in government expenditures leads toa. a rightward shift in the IS curveb. a rightward shift in the AD curvec. an increase in the level of national income*d. all of the above6. A nation's output in the short-run cana. exceed its natural levelb. fall short of its natural levelc. equal to its natural level*d. any of the above7. Which of the following statements is false?a. a nations' natural level of output can increase as a result of growthb. imperfection in product markets can lead to temporary deviations in a nation's output from its long-run natural level*c. sticky wages cannot lead to temporary deviations in a nation's outputfrom its long-run natural leveld. none of the above.8. Output in the short run exceeds the natural level of output if expected prices*a. exceed actual pricesb. are lower than actual pricesc. are equal to actual pricesd. any of the above9. The aggregate demand curve (AD) for an open economy is derived from thea. IS curveb. LM curvec. BP curve*d. all of the above10. The aggregate demand curve for an open economy under fixed exchange rates isa. less elastic than if the economy were closed*b. more elastic than in the economy were closedc. more elastic than in the economy operated with flexible exchange ratesd. all of the above11. An autonomous improvement in the nation's trade balance under fixed exchange rates will cause the nation's aggregate demand curve to*a. shift to the rightb. shift to the leftc. remain unchangedd. any of the above12. An autonomous short-term capital outflow under flexible exchange rates causes the nation's aggregate demand curve to*a. shift to the rightb. shift to the leftc. remain unchangedd. any of the above13. With high short-term international capital flows, fixed exchange rates, and flexible pricesa. monetary policy is effective*b. fiscal policy is effectivec. both fiscal and monetary policies are effectived. neither fiscal policy nor monetary policies are effective14. Which of the following statements is false?a. expansionary fiscal or monetary policy can increase the nation's outputtemporarily above its natural levelb. expansionary fiscal or monetary policy can used to correct a recession but only at the expense of higher prices in the nation*c. a recession cannot be eliminated automatically even if domestic prices are flexible downwardd. when prices are not flexible downward inflation may be less costly that recession15. Which of the following statements is false with regard to the effect of macroeconomic policies?a. they generally cause shifts in the aggregate demand curveb. they can possibly increase long-run growthc. they can help correct supply shocks that increases production costs but only at the expense of even higher inflation*d. they always cause shifts in the long-run aggregate supply curve。
国际经济学学位考试试题(参考答案见题后)
《国际经济学》学位考试试题（参考答案见题后）一、单项选择题1、斯密在批判重商主义的同时还提出了 (A )。
A.自由贸易思想B.管理贸易思想C.保护贸易思想D.干预贸易思想2、重商主义认为衡量国家财富的标准应是（C）。
A. 商品B. 生产力C. 金银D. 购买力3、资本主义进入垄断时期以后，主要资本主义国家实施的是（B）。
A. 新贸易保护主义政策B. 超保护贸易政策C. 自由贸易政策D. 重商主义政策4、沿着外凸的生产可能性边界线向下移动时，随着一种物品产量的增加，生产该物品的机会成本将会（B）。
A. 保持不变B. 增加C. 减少D. 无法确定5、晚期的重商主义理论又被称为（D）。
A. 货币差额论B. 重农主义C. 重工主义D. 贸易差额论6、英国经济学家亚当。
斯密在1776年出版的《国富论》中提出了（A）A．绝对优势理论 B.比较优势理论 C. 货币差额论 D.保护贸易理论7、斯密在批判重商主义的同时还提出了 ( A )。
A.自由贸易思想B.管理贸易思想C.保护贸易思想D.干预贸易思想8、重商主义认为衡量国家财富的标准应是（C）。
A. 商品B. 生产力C. 金银D. 购买力9、资本主义进入垄断时期以后，主要资本主义国家实施的是（B）。
A. 新贸易保护主义政策B. 超保护贸易政策C. 自由贸易政策D. 重商主义政策10、以下是在没有贸易的情况下，甲、乙两个国家生产每吨小麦和每万米匹布所需投入的劳动量（劳动/年），根据此表，以下选项中错误的是（D）。
A.B. 甲国的布匹生产具有绝对优势C. 甲国的小麦生产具有相对优势D. 甲国的布匹生产具有相对优势11、斯密在批判重商主义的同时还提出了 (A )。
A.自由贸易思想B.管理贸易思想C.保护贸易思想D.干预贸易思想12、以下是在没有贸易的情况下，甲、乙两个国家生产每吨小麦和每万米匹布所需投入的劳动量（劳动/年），根据此表，以下选项中错误的是（D）。
A.B. 甲国的布匹生产具有绝对优势C. 甲国的小麦生产具有相对优势D. 甲国的布匹生产具有相对优势13、以下几种外币资产中，不是外汇的是( D )A. 美元B. 英镑C. 港元D. 越南盾14、要素价格均等化定理是（C）。
《国际经济学(英文版)》选择题汇总版(附答案)精选全文
精选全文完整版（可编辑修改）《国际经济学》选择题汇总版（附答案）Ch1-Ch31.The United States is less dependent on trade than most other countries becauseA) the United States is a relatively large country with diverse resources.B) the United States is a “Superpower.”C)the military power of the United States makes it less dependent on anything.D) the United States invests in many other countries.E) many countries invest in the United States.2. Because the Constitution forbids restraints on interstate trade,A) the U.S. may not impose tariffs on imports from NAFTA countries.B) the U.S. may not affect the international value of the $ U.S.C) the U.S. may not put restraints on foreign investments in California if it involves a financial intermediary in New York State.D) the U.S. may not impose export duties.E) the U.S. may not disrupt commerce between Florida and Hawaii.3. International economics can be divided into two broad sub-fieldsA) macro and micro.B) developed and less developed.C) monetary and barter.D) international trade and international money.E) static and dynamic.4. International monetary analysis focuses onA) the real side of the international economy.B) the international trade side of the international economy.C) the international investment side of the international economy.D) the issues of international cooperation between Central Banks.E) the monetary side of the international economy, such as currency exchange.5. The gravity model offers a logical explanation for the fact thatA)trade between Asia and the U.S. has grown faster than NAFTA trade.B) trade in services has grown faster than trade in goods.C) trade in manufactures has grown faster than in agricultural products.D) Intra-European Union trade exceeds international trade by the European Union.E) the U.S. trades more with Western Europe than it does with Canada.6. The gravity model explains whyA)trade between Sweden and Germany exceeds that between Sweden and Spain.B)countries with oil reserves tend to export oil.C)capital rich countries export capital intensive products.D) intra-industry trade is relatively more important than other forms of trade between neighboring countries.E) European countries rely most often on natural resources.7. Why does the gravity model work?A) Large economies became large because they were engaged in international trade.B) Large economies have relatively large incomes, and hence spend more on government promotion of trade and investment.C) Large economies have relatively larger areas which raises the probability that a productive activity will take place within the borders of that country.D) Large economies tend to have large incomes and tend to spend more on imports.E) Large economies tend to avoid trading with small economies.8. We see that the Netherlands, Belgium, and Ireland trade considerably more with the United States than with many other countries.A) This is explained by the gravity model, since these are all large countries.B) This is explained by the gravity model, since these are all small countries.C) This fails to be consistent with the gravity model, since these are small countries.D)This fails to be consistent with the gravity model, since these are large countries.E)This is explained by the gravity model, since they do not share borders.9. In the present, most of the exports from China areA) manufactured goods.B) services.C)primary products including agricultural.D) technology intensive products.E) overpriced by world market standards.10. A country engaging in trade according to the principles of comparative advantage gains from trade because itA) is producing exports indirectly more efficiently than it could alternatively.B) is producing imports indirectly more efficiently than it could domestically.C) is producing exports using fewer labor units.D) is producing imports indirectly using fewer labor units.E) is producing exports while outsourcing services.11. The Ricardian model attributes the gains from trade associated with the principle of comparative advantage result toA) differences in technology.B) differences in preferences.C)differences in labor productivity.D) differences in resources.E) gravity relationships among countries.12. A nation engaging in trade according to the Ricardian model will find its consumption bundleA) inside its production possibilities frontier.B)on its production possibilities frontier.C)outside its production possibilities frontier.D) inside its trade-partner's production possibilities frontier.E)on its trade-partner's production possibilities frontier.13. Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan ifA) U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour.B) U.S. labor productivity equaled 30 units per hour and Japan's 20 units per hour.C) U.S. labor productivity equaled 20 units per hour and Japan's 30 units per hour.D) U.S. labor productivity equaled 15 units per hour and Japan's 25 units per hour.E) U.S. labor productivity equaled 15 units per hour and Japan's 40 units per hour.14. In a two-country, two-product world, the statement “Germany enjoys a comparative advantage over France in autos relative to ships”is equivalent toA) France having a comparative advantage over Germany in ships.B) France having a comparative disadvantage compared to Germany in autos and ships.C) Germany having a comparative advantage over France in autos and ships.D) France having no comparative advantage over Germany.E) France should produce autos.15. If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know thatA) the United States has no comparative advantageB) Germany has a comparative advantage in butter.C) the U.S. has a comparative advantage in butter.D) Germany has comparative advantages in both products.E) the U.S. has a comparative disadvantage in widgets.Ch4-Ch51.The Ricardian model of international trade demonstrates that trade can be mutually beneficial. Why, then, do governments restrict imports of some goods?A)Trade can have substantial effects on a country's distribution of income.B) The Ricardian model is often incorrect in its prediction that trade can be mutually beneficial.C) Import restrictions are the result of trade wars between hostile countries.D) Imports are only restricted when foreign-made goods do not meet domestic standards of quality.E) Restrictions on imports are intended to benefit domestic consumers.2. Japan's trade policies with regard to rice reflect the fact thatA) japanese rice farmers have significant political power.B) Japan has a comparative advantage in rice production and therefore exports most of its rice crop.C) there would be no gains from trade available to Japan if it engaged in free trade in rice.D) there are gains from trade that Japan captures by engaging in free trade in rice.E) Japan imports most of the rice consumed in the country.3. In the specific factors model, which of the following is treated as a specific factor?A)LaborB) LandC) ClothD) FoodE) Technology4. The specific factors model assumes that there are ________ goods and ________ factor(s) of production.A) two; threeB) two; twoC) two; oneD) three; twoE) four; three5. The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equal to________ and it ________ as more cloth is produced.A) -MPLF/MPLC; becomes steeperB) -MPLF/MPLC; becomes flatterC) -MPLF/MPLC; is constantD) -MPLC/MPLF; becomes steeperE) -MPLC/MPLF; is constant6. Under perfect competition, the equilibrium price of labor used to produce cloth will be equal toA)the slope of the production possibility frontier.B) the average product of labor in the production of cloth times the price of cloth.C) the ratio of the marginal product of labor in the production of cloth to the marginal product of labor in the production of food times the ratio of the price of cloth. to the price of food.D) the marginal product of labor in the production of cloth times the price of cloth.E) the price of cloth divided by the marginal product of labor in the production of cloth.7. In the specific factors model, which of the following will increase the quantity of labor used in cloth production?A)an increase in the price of cloth relative to that of foodB) an increase in the price of food relative to that of clothC) a decrease in the price of laborD) an equal percentage decrease in the price of food and clothE) an equal percentage increase in the price of food and cloth8. A country that does not engage in trade can benefit from trade only ifA)it has an absolute advantage in at least one good.B) it employs a unique technology.C) pre-trade and free-trade relative prices are not identical.D) its wage rate is below the world average.E) pre-trade and free-trade relative prices are identical.9. In the specific factors model, the effects of trade on welfare are ________ for mobile factors, ________ for fixed factors used to produce the exported good, and ________ for fixed factors used to produce the imported good.A)ambiguous; positive; negativeB) ambiguous; negative; positiveC) positive; ambiguous; ambiguousD) negative; ambiguous; ambiguousE) positive; positive; positive10.The effect of trade on specialized employees of import-competing industries will be ________ jobs and ________ pay because they are relatively ________.A)fewer; lower; mobileB) fewer; lower; immobileC) more; lower; immobileD) more; higher; mobileE) more; higher; immobile11. There is a bias in the political process against free trade becauseA)there is a high correlation between the volume of imports and the unemployment rate.B) the gains from free trade cannot be measured.C) those who gain from free trade can't compensate those who lose.D) foreign governments make large donations to U.S. political campaigns.E) those who lose from free trade are better organized than those who gain.12.In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ inA)tastes and preferences.B) military capabilities.C) the size of their economies.D) relative abundance of factors of production.E) labor productivities.13. If a country produces good Y (measured on the vertical axis) and good X (measured on the horizontal axis), then the absolute value of the slope of its production possibility frontier is equal toA)the opportunity cost of good X.B) the price of good X divided by the price of good Y.C) the price of good X divided by the price of good Y.D) the opportunity cost of good Y.E) the cost of capital (assuming that good Y is capital intensive) divided by the cost of labor.14. In the 2-factor, 2 good Heckscher-Ohlin model, trade will ________ the owners of a country's ________ factor and will ________ the good that uses that factor intensively.A)benefit; abundant; exportB)harm; abundant; importC) benefit; scarce; exportD) benefit; scarce; importE) harm; scarce; export15. The assumption of diminishing returns in the Heckscher-Ohlin model means that, unlike in the Ricardian model, it is likely thatA) countries will consume outside their production possibility frontier.B) countries will benefit from free international trade.C) countries will not be fully specialized in one product.D) comparative advantage will not determine the direction of trade.E) global production will decrease under trade.16.If Japan is relatively capital rich and the United States is relatively land rich, and if food is relatively land intensive then trade between these two, formerly autarkic countries will result inA)an increase in the relative price of food in the U.S.B) an increase in the relative price of food in Japan.C) a global increase in the relative price of food.D) a decrease in the relative price of food in both countries.E) an increase in the relative price of food in both countries.17. Starting from an autarky (no-trade) situation with Heckscher-Ohlin model, if Country H is relatively labor abundant, then once trade beginsA) rent will be unchanged but wages will rise in H.B) wages and rents should rise in H.C) wages and rents should fall in H.D) wages should fall and rents should rise in H.E) wages should rise and rents should fall in H.18.The Leontieff ParadoxA) failed to support the validity of the Heckscher-Ohlin model.B) supported the validity of the Ricardian theory of comparative advantage.C) supported the validity of the Heckscher-Ohlin model.D) failed to support the validity of the Ricardian theory.E) proved that the U.S. economy is different from all others.19. Which of the following is an assertion of the Heckscher-Ohlin model?A) Factor price equalization will occur only if there is costless mobility of all factors across borders.B) An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C) In the long-run, labor is mobile and capital is not.D) The wage-rental ratio determines the capital-labor ratio in a country's industries.E) Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.20. Which of the following is an assertion of the Heckscher-Ohlin model?A) An increase in a country's labor supply will increase production of the labor-intensive good and decrease production of the capital-intensive good.B) An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C) In the long-run, labor is mobile and capital is not.D) Factor price equalization will occur only if there is costless mobility of all factors across borders.E) Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.Ch6-Ch101.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, thenA) the terms of trade of cloth exporters will improve.B) all countries would be better off.C) the terms of trade of food exporters will improve.D) the terms of trade of all countries will improve.E) the terms of trade of cloth exporters will worsen.2.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, thenA) world relative quantity of cloth supplied will increase.B) world relative quantity of cloth supplied and demanded will increase.C) world relative quantity of cloth supplied and demanded will decrease.D) world relative quantity of cloth demanded will decrease.E) world relative quantity of food will increase.3.If the U.S. (a large country) imposes a tariff on its imported good, this will tend toA) have no effect on terms of trade.B) improve the terms of trade of the United States.C) improve the terms of trade of all countries.D) because a deterioration of U.S. terms of trade.E) raise the world price of the good imported by the United States.4.If Slovenia were a large country in world trade, then if it instituted a large set of subsidies for its exports, this mustA) decrease its marginal propensity to consume.B) have no effect on its terms of trade.C) improve its terms of trade.D) harm its terms of trade.E) harm world terms of trade.5.Internal economies of scale arise when the cost per unitA) falls as the average firm grows larger.B) rises as the industry grows larger.C) falls as the industry grows larger.D) rises as the average firm grows larger.E) remains constant over a broad range of output.6. External economies of scale will ________ average cost when output is ________ by________.A) reduce; increased; the industryB) reduce; increased; a firmC) increase; increased; a firmD) increase; increased; the industryE) reduce; reduce; the industry7. If some industries exhibit internal increasing returns to scale in each country, we should not expect to seeA) perfect competition in these industries.B) intra-industry trade between countries.C) inter-industry trade between countries.D) high levels of specialization in both countries.E) increased productivity in both countries.8. A learning curve relates ________ to ________ and is a case of ________ returns.A) unit cost; cumulative production; dynamic decreasing returnsB) output per time period; long-run marginal cost; dynamic increasing returnsC) unit cost; cumulative production; dynamic increasing returnsD) output per time period; long-run marginal cost; dynamic decreasing returnsE) labor productivity; education; increasing marginal returns9.Patterns of interregional trade are primarily determined by ________ rather than ________ because factors of production are generally ________.A) external economies; natural resources; mobileB) internal economies; external economies; mobileC) external economies; population; immobileD) internal economies; population; immobileE) population; external economies; immobile10. Monopolistic competition is associated withA) product differentiation.B) price-taking behavior.C) explicit consideration at the firm level of the strategic impact of other firms' pricing decisions.D) high profit margins in the long run.E) increasing returns to scale.11. A firm in long-run equilibrium under monopolistic competition will earnA) positive monopoly profits because each sells a differentiated product.B) zero economic profits because of free entryC) positive oligopoly profits because each firm sells a differentiated product.D) negative economic profits because it has economies of scale.E) positive economic profit if it engages in international trade.12. The most common form of price discrimination in international trade isA) dumping.B) non-tariff barriers.C) Voluntary Export Restraints.D) preferential trade arrangements.E) product boycotts.13.Consider the following two cases. In the first, a U.S. firm purchases 18% of a foreign firm. In the second, a U.S. firm builds a new production facility in a foreign country. Both are________, with the first referred to as ________ and the second as ________.A) foreign direct investment (FDI) outflows; brownfield; greenfieldB) foreign direct investment (FDI) inflows; greenfield; brownfieldC) foreign direct investment (FDI) outflows; greenfield; brownfieldD) foreign direct investment (FDI) inflows; brownfield; greenfieldE) foreign direct investment (FDI); inflows; outflows14. Specific tariffs areA) import taxes stated in specific legal statutes.B) import taxes calculated as a fixed charge for each unit of imported goods.C) import taxes calculated as a fraction of the value of the imported goods.D) the same as import quotas.E) import taxes calculated based solely on the origin country.15. A problem encountered when implementing an "infant industry" tariff is thatA) domestic consumers will purchase the foreign good regardless of the tariff.B) the industry may never "mature."C) most industries require tariff protection when they are mature.D) the tariff may hurt the industry's domestic sales.E) the tariffs fail to protect the domestic producers.16. In the country levying the tariff, the tariff willA) increase both consumer and producer surplus.B) decrease both the consumer and producer surplus.C) decrease consumer surplus and increase producer surplus.D) increase consumer surplus and decrease producer surplus.E) decrease consumer surplus but leave producers surplus unchanged.17. If the tariff on computers is not changed, but domestic computer producers shift from domestically produced semiconductors to imported components, then the effective rate of protection in the computer industry willA) increase.B) decreaseC) remain the same.D) depend on whether computers are PCs or "Supercomputers."E) no longer apply.18. When a government allows raw materials and other intermediate products to enter a country duty free, this generally results in a(an)A) effective tariff rate less than the nominal tariff rate.B) nominal tariff rate less than the effective tariff rate.C) rise in both nominal and effective tariff rates.D) fall in both nominal and effective tariff rates.E) rise in only the effective tariff rate.19. Should the home country be "large" relative to its trade partners, its imposition of a tariff on imports would lead to an increase in domestic welfare if the terms of the trade rectangle exceed the sum of theA) revenue effect plus redistribution effect.B) protective effect plus revenue effect.C) consumption effect plus redistribution effect.D) production distortion effect plus consumption distortion effect.E) terms of trade gain.20. The efficiency case made for free trade is that as trade distortions such as tariffs are dismantled and removed,A) government tariff revenue will decrease, and therefore national economic welfare will decrease.B) government tariff revenue will decrease, and therefore national economic welfare will increase.C) deadweight losses for producers and consumers will decrease, hence increasing national economic welfare.D) deadweight losses for producers and consumers will decrease, hence decreasing national economic welfare.E) government tariff revenue will increase, hence increasing national economic welfare.21. Which organization determines procedures for the settlement of international trade disputes?A) World BankB) World Trade OrganizationC) International Monetary OrganizationD) International Bank for Reconstruction and DevelopmentE) The League of Nations22. Today U.S. protectionism is concentrated inA) high-tech industries.B) labor-intensive industries.C) industries in which Japan has a comparative advantage.D) computer intensive industries.E) capital-intensive industries.23. The quantitative importance of U.S. protection of the domestic clothing industry is best explained by the fact thatA) this industry is an important employer of highly skilled labor.B) this industry is an important employer of low skilled labor.C) most of the exporters of clothing into the U.S. are poor countries.D) this industry is a politically well organized sector in the U.S.E) the technology involved is very advanced.24. The optimum tariff is most likely to apply toA) a small tariff imposed by a small country.B) a small tariff imposed by a large country.C) a large tariff imposed by a small country.D) a large tariff imposed by a large country.E) an ad valorem tariff on a small country.25. The median voter modelA) works well in the area of trade policy.B) is not intuitively reasonable.C) tends to result in biased tariff rates.D) does not work well in the area of trade policy.E) is not widely practiced in the United States.By：某某。
国际经济学考试题库（答案版）
国际经济学考试题库（答案版）一、试述H-O模型的主要内容并予以评价。
1、基本内容：资本丰富的国家在资本密集型产品上相对供给能力较强，劳动丰富的国家则在劳动密集型产品上相对供给能力较强。
根据比较优势原则，一国出口密集使用其丰富要素的产品，进口密集使用其稀缺要素的产品。
要素的自然禀赋—要素供给—要素的相对富饶程度—要素相对价格—生产成本差异—商品价格差异—贸易的发生2、评价：贡献：a、从一国经济资源优势解释国际贸易发生的原因；b、从实际优势出发决定贸易模式；c、从贸易对经济的影响分析贸易的作用。
局限性：a、禀赋并非贸易发生的充分条件；b、对需求因素未予以充分考虑，影响了理论对实际情况的分析；c、过分强调静态结果，排除技术进步及实际存在的情况，影响了理论的适用性。
二、结合货币市场和外汇市场，以美元为本币，请画图美联储增加货币供给后，美元对欧元的汇率将如何变动。
外汇指的是以外国货币表示的，为各国普遍接受的，可用于国际间债权债务结算的各种支付手段。
货币政策是指政府或中央银行为影响经济活动所采取的措施，尤指控制货币供给以及调控利率的各项措施。
一国货币供给的增加会使该国货币在外汇市场上贬值。
美国的货币市场决定美元的利率，美元利率则影响维持利率平价的汇率。
所以当美联储增加货币供给后，会导致美元相对欧元的贬值。
但美元供给的变动对长期利率和实际产出没有影三、什么是恶性通货膨胀，可能导致恶性通货膨胀的原因以及应对措施。
恶性通货膨胀又称“超速通货膨胀”，是三位数以上的通货膨胀。
指流通货币量的增长速度大大超过货币流通速度的增长，货币购买力急剧下降，物价水平加速上升，整体物价水平以极高速度快速上涨的现象，使民众对货币价值失去信心。
由于货币的流通量增加快速，使货币变得没有价值时，人们会急于要以货币换取实物，人心惶惶的结果只会更加速通货膨胀的恶化，整体经济濒临崩溃边缘。
恶性通货膨胀是一种不能控制的通货膨胀，在物价很快地上涨的情况下，就使货币失去价值。
国际经济学试题(完整版)及答案(题库)
国际经济学试题(完整版)及答案(题库)一、选择题1. 下列哪一项不属于国际贸易的基本类型？A. 有形贸易B. 无形贸易C. 出口贸易D. 转口贸易答案：A2. 比较优势理论的提出者是：A. 亚当·斯密B. 大卫·李嘉图C. 约翰·梅纳德·凯恩斯D. 保罗·萨缪尔森答案：B3. 购买力平价理论认为，汇率决定于：A. 物价水平B. 货币供给C. 贸易平衡D. 经济增长率答案：A4. 要素禀赋理论认为，国际贸易的基础是：A. 比较优势B. 贸易平衡C. 要素丰裕D. 货币供给答案：C5. 国际生产综合论认为，跨国公司进行国际投资的主要动机是：A. 降低成本B. 扩大市场C. 获取资源D. 以上都是答案：D6. 货币贬值对一国经济可能产生的影响是：A. 出口增加，进口减少B. 出口减少，进口增加C. 出口增加，进口增加D. 出口减少，进口减少答案：A7. 下列哪项不是贸易壁垒？A. 关税B. 非关税壁垒C. 自由贸易区D. 区域经济一体化答案：C8. 国际收支平衡表上，经常账户包括：A. 货币和黄金B. 转移和收入C. 商品和劳务D. 资本账户答案：C9. 国际货币基金组织（IMF）的主要目标是：A. 促进国际货币合作B. 稳定汇率C. 减少国际收支不平衡D. 以上都是答案：D10. 下列哪项不是国际贸易政策？A. 自由贸易政策B. 保护贸易政策C. 贸易战D. 闭关锁国政策答案：C二、判断题1. 国际贸易可以促进各国资源的有效配置。
（√）2. 比较优势理论认为，每个国家都应该专业化生产自己具有比较优势的产品。
（√）3. 购买力平价理论认为，汇率应该保持固定不变。
（×）4. 国际生产综合论认为，跨国公司进行国际投资是为了降低成本和扩大市场。
（√）5. 货币贬值会提高一国货币的购买力。
（×）6. 贸易壁垒可以保护本国产业免受外国竞争。
（√）7. 国际收支平衡表上的资本账户反映了一国在一定时期内对外投资的净额。
国际经济学英文题库(最全版附答案)(可编辑修改word版)
【国际经济学】英文题库Chapter 1: IntroductionMultiple-Choice Questions1.Which of the following products are not produced at all in the United States? *A. Coffee, tea, cocoaB.steel, copper, aluminumC.petroleum, coal, natural gasD.typewriters, computers, airplanes2.International trade is most important to the standard of living of:A.the United States*B. SwitzerlandC. GermanyD. England3.Over time, the economic interdependence of nations has:*A. grownB.diminishedC.remained unchangedD.cannot say4.A rough measure of the degree of economic interdependence of a nation is give n by:A.the size of the nations' populationB.the percentage of its population to its GDP*C. the percentage of a nation's imports and exports to its GDPD. all of the above5.Economic interdependence is greater for:*A. small nationsrge nationsC.developed nationsD.developing nations6.The gravity model of international trade predicts that trade between two nations is largerA.the larger the two nationsB.the closer the nationsC.the more open are the two nations*D. all of the above7.International economics deals with:A.the flow of goods, services, and payments among nationsB.policies directed at regulating the flow of goods, services, and paymentsC.the effects of policies on the welfare of the nation*D. all of the above8.International trade theory refers to:*A. the microeconomic aspects of international tradeB.the macroeconomic aspects of international tradeC.open economy macroeconomics or international financeD.all of the above9.Which of the following is not the subject matter of international finance?A.foreign exchange marketsB.the balance of payments*C. the basis and the gains from tradeD. policies to adjust balance of payments disequilibria10.Economic theory:A.seeks to explain economic eventsB.seeks to predict economic eventsC.abstracts from the many detail that surrounds an economic event*D. all of the above11.Which of the following is not an assumption generally made in the study of int ernational economics?A.two nationsB.two commodities*C. perfect international mobility of factorsD. two factors of production12.In the study of international economics:A.international trade policies are examined before the bases for tradeB.adjustment policies are discussed before the balance of paymentsC.the case of many nations is discussed before the two-nations case*D. none of the above13.International trade is similar to interregional trade in that both must overcome: *A. distance and spaceB.trade restrictionsC.differences in currenciesD.differences in monetary systems14.The opening or expansion of international trade usually affects all members of s ociety:A.positivelyB.negatively*C. most positively but some negativelyD. most negatively but some positively15.An increase in the dollar price of a foreign currency usually:A. benefit U.S. importers*B. benefits U.S. exportersC. benefit both U.S. importers and U.S. exportersD. harms both U.S. importers and U.S. exporters16.Which of the following statements with regard to international economics is true?A. It is a relatively new field*B. it is a relatively old fieldC. most of its contributors were not economistsD. none of the above思考题：1.为什么学习国际经济学非常重要？2.列举体现当前国际经济学问题的一些重要事件，它们为什么重要？3.当今世界面临的最重要的国家经济问题是什么？全球化的利弊各是什么？Chapter 2: The Law of Comparative AdvantageMultiple-Choice Questions1.The Mercantilists did not advocate:*A.free tradeB.stimulating the nation's exportsC.restricting the nations' importsD.the accumulation of gold by the nation2.According to Adam Smith, international trade was based on:*A. absolute advantageparative advantageC.both absolute and comparative advantageD.neither absolute nor comparative advantage3.What proportion of international trade is based on absolute advantage?A.AllB.most*C. someD. none4.The commodity in which the nation has the smallest absolute disadvantage is the commodity of its:A.absolute disadvantageB.absolute advantageparative disadvantage*D. comparative advantage5.If in a two-nation (A and B), two-commodity (X and Y) world, it is established t hat nation A has a comparative advantage in commodity X, then nation B must hav e:A.an absolute advantage in commodity YB.an absolute disadvantage in commodity YC.a comparative disadvantage in commodity Y*D. a comparative advantage in commodity Y6.If with one hour of labor time nation A can produce either 3X or 3Y while natio n B can produce either 1X or 3Y (and labor is the only input):A.nation A has a comparative disadvantage in commodity XB.nation B has a comparative disadvantage in commodity Y*C. nation A has a comparative advantage in commodity XD. nation A has a comparative advantage in neither commodity7.With reference to the statement in Question 6:A.Px/Py=1 in nation AB.Px/Py=3 in nation BC.Py/Px=1/3 in nation B*D. all of the above8.With reference to the statement in Question 6, if 3X is exchanged for 3Y:A.nation A gains 2X*B. nation B gains 6YC. nation A gains 3YD. nation B gains 3Y9.With reference to the statement of Question 6, the range of mutually beneficial t rade between nation A and B is:A.3Y < 3X < 5YB.5Y < 3X < 9Y*C. 3Y < 3X < 9YD. 1Y < 3X < 3Y10.If domestically 3X=3Y in nation A, while 1X=1Y domestically in nation B:A.there will be no trade between the two nationsB.the relative price of X is the same in both nationsC.the relative price of Y is the same in both nations*D. all of the above11.Ricardo explained the law of comparative advantage on the basis of:*A. the labor theory of valueB.the opportunity cost theoryC.the law of diminishing returnsD.all of the above12.Which of the following statements is true?A.The combined demand for each commodity by the two nations is negatively slop edB.the combined supply for each commodity by the two nations is rising stepwiseC.the equilibrium relative commodity price for each commodity with trade is gi ven by the intersection of the demand and supply of each commodity by the two n ations*D. all of the above13.A difference in relative commodity prices between two nations can be based up on a difference in:A.factor endowmentsB.technologyC.tastes*D. all of the above14.In the trade between a small and a large nation:A. the large nation is likely to receive all of the gains from trade*B. the small nation is likely to receive all of the gains from tradeC. the gains from trade are likely to be equally sharedD. we cannot say15.The Ricardian trade model has been empirically*A. verifiedB.rejectedC.not testedD.tested but the results were inconclusive思考题：比较优势原理所带来的贸易所得是从何而来的？贸易利益又是如何分配的？现实世界中比较优势是如何度量的？你认为目前中国具有比较优势的商品有哪些？这意味着什么？比较优势会不会发生变化？什么样的原因可能会导致其变化？经济学家是如何验证比较优势原理的？Chapter 3: The Standard Theory of International TradeMultiple-Choice Questions1.A production frontier that is concave from the origin indicates that the nation inc urs increasing opportunity costs in the production of:modity X onlymodity Y only*C. both commoditiesD. neither commodity2.The marginal rate of transformation (MRT) of X for Y refers to:A.the amount of Y that a nation must give up to produce each additional unit of XB.the opportunity cost of XC.the absolute slope of the production frontier at the point of production*D. all of the above3.Which of the following is not a reason for increasing opportunity costs:*A. technology differs among nationsB.factors of production are not homogeneousC.factors of production are not used in the same fixed proportion in the production of all commoditiesD.for the nation to produce more of a commodity, it must use resources that are l ess and less suited in the production of the commoditymunity indifference curves:A.are negatively slopedB.are convex to the originC.should not cross*D. all of the above5.The marginal rate of substitution (MRS) of X for Y in consumption refers to the:A.amount of X that a nation must give up for one extra unit of Y and still remain on the same indifference curve*B. amount of Y that a nation must give up for one extra unit of X and still remai n on the same indifference curveC. amount of X that a nation must give up for one extra unit of Y to reach a high er indifference curveD. amount of Y that a nation must give up for one extra unit of X to reach a high er indifference curve6.Which of the following statements is true with respect to the MRS of X for Y?A.It is given by the absolute slope of the indifference curveB.declines as the nation moves down an indifference curveC.rises as the nation moves up an indifference curve*D. all of the above7.Which of the following statements about community indifference curves is true?A.They are entirely unrelated to individuals' community indifference curvesB.they cross, they cannot be used in the analysis*C. the problems arising from intersecting community indifference curves can be ov ercome by the application of the compensation principleD. all of the above.8.Which of the following is not true for a nation that is in equilibrium in isolation? *A. It consumes inside its production frontierB.it reaches the highest indifference curve possible with its production frontierC.the indifference curve is tangent to the nation's production frontierD.MRT of X for Y equals MRS of X for Y, and they are equal to Px/Py9.If the internal Px/Py is lower in nation 1 than in nation 2 without trade:A.nation 1 has a comparative advantage in commodity YB.nation 2 has a comparative advantage in commodity X*C. nation 2 has a comparative advantage in commodity YD. none of the above10.Nation 1's share of the gains from trade will be greater:A. the greater is nation 1's demand for nation 2's exports*B. the closer Px/Py with trade settles to nation 2's pretrade Px/PyC. the weaker is nation 2's demand for nation 1's exportsD. the closer Px/Py with trade settles to nation 1's pretrade Px/Py11.If Px/Py exceeds the equilibrium relative Px/Py with tradeA.the nation exporting commodity X will want to export more of X than at equili briumB.the nation importing commodity X will want to import less of X than at equili briumC.Px/Py will fall toward the equilibrium Px/Py*D. all of the above12.With free trade under increasing costs:A.neither nation will specialize completely in productionB.at least one nation will consume above its production frontierC.a small nation will always gain from trade*D. all of the above13.Which of the following statements is false?A.T he gains from trade can be broken down into the gains from exchange and the gains from specializationB.gains from exchange result even without specialization*C. gains from specialization result even without exchangeD. none of the above14.The gains from exchange with respect to the gains from specialization are alwa ys:A.greaterB.smallerC.equal*D. we cannot say without additional information15.Mutually beneficial trade cannot occur if production frontiers are:A.equal but tastes are notB.different but tastes are the sameC.different and tastes are also different*D. the same and tastes are also the same.思考题：国际贸易的标准理论与大卫.李嘉图的比较优势原理有何异同？两国仅仅由于需求偏好不同可以进行市场分工和狐狸贸易吗？两国仅仅由于要素禀赋不同和/或生产技术不同可以进行分工和贸易吗?Chapter 4: Demand and Supply, Offer Curves, and the Terms of TradeMultiple Choice Questions1.Which of the following statements is correct?A.The demand for imports is given by the excess demand for the commodityB.the supply of exports is given by the excess supply of the commodityC.the supply curve of exports is flatter than the total supply curve of the commodi ty*D. all of the above2.At a relative commodity price above equilibriumA.the excess demand for a commodity exceeds the excess supply of the commodit yB.the quantity demanded of imports exceeds the quantity supplied of exports*C. the commodity price will fallD. all of the above3.The offer curve of a nation shows:A.the supply of a nation's importsB.the demand for a nation's exportsC.the trade partner's demand for imports and supply of exports*D. the nation's demand for imports and supply of exports4.The offer curve of a nation bulges toward the axis measuring the nationsA.import commodity*B. export commodityC. export or import commodityD. nontraded commodity5.Export prices must rise for a nation to increase its exports because the nation:A.incurs increasing opportunity costs in export productionB.faces decreasing opportunity costs in producing import substitutesC.faces decreasing marginal rate of substitution in consumption*D. all of the above6.Which of the following statements regarding partial equilibrium analysis is false?A.It relies on traditional demand and supply curvesB.it isolates for study one market*C. it can be used to determine the equilibrium relative commodity price but not th e equilibrium quantity with tradeD. none of the above7.Which of the following statements regarding partial equilibrium analysis is true?A.The demand and supply curve are derived from the nation's production frontier a nd indifference mapB.It shows the same basic information as offer curvesC.It shows the same equilibrium relative commodity prices as with offer curves*D. all of the above8.In what way does partial equilibrium analysis differ from general equilibrium anal ysis?A.The former but not the latter can be used to determine the equilibrium price wit h tradeB.the former but not the latter can be used to determine the equilibrium quantitywith tradeC.the former but not the latter takes into consideration the interaction among all markets in the economy*D. the former gives only an approximation to the answer sought.9.If the terms of trade of a nation are 1.5 in a two-nation world, those of the trade partner are:A. 3/4*B. 2/3C. 3/2D. 4/310.If the terms of trade increase in a two-nation world, those of the trade partner :*A. deteriorateB.improveC.remain unchangedD.any of the above11.If a nation does not affect world prices by its trading, its offer curve:A.is a straight lineB.bulges toward the axis measuring the import commodity*C. intersects the straight-line segment of the world's offer curveD. intersects the positively-sloped portion of the world's offer curve12.If the nation's tastes for its import commodity increases:A.the nation's offer curve rotates toward the axis measuring its import commodityB.the partner's offer curve rotates toward the axis measuring its import commodityC.the partner's offer curve rotates toward the axis measuring its export commodity *D. the nation's offer curve rotates toward the axis measuring its export commodity13.If the nation's tastes for its import commodity increases:A. the nation's terms of trade remain unchanged*B. the nation's terms of trade deteriorateC. the partner's terms of trade deteriorateD. any of the above14.If the tastes for a nation import commodity increases, trade volume:*A. increasesB.declinesC.remains unchangedD.any of the above15.A deterioration of a nation's terms of trade causes the nation's welfare to:A.deteriorateB.improveC.remain unchanged*D. any of the above思考题：提供曲线如何推导？有何用途？两国贸易时的均衡商品价格是如何决定的？受哪些因素影响？贸易条件的含义是？贸易条件的改善意味着什么？哪些因素可能导致贸易条件的改善？Chapter 5: Factor Endowments and the Heckscher-Ohlin TheoryMultiple-Choice Questions1.The H-O model extends the classical trade model by:A.explaining the basis for comparative advantageB.examining the effect of trade on factor prices*C. both A and BD. neither A nor B2.Which is not an assumption of the H-O model:A.the same technology in both nationsB.constant returns to scale*C. complete specializationD. equal tastes in both nations3.With equal technology nations will have equal K/L in production if:*A. factor prices are the sameB.tastes are the sameC.production functions are the sameD.all of the above4.We say that commodity Y is K-intensive with respect to X when:A.more K is used in the production of Y than XB.less L is used in the production of Y than X*C. a lower L/K ratio is used in the production of Y than XD. a higher K/L is used in the production of X than Y5.When w/r falls, L/KA.falls in the production of both commodities*B. rises in the production of both commoditiesC. can rise or fallD. is not affected6.A nation is said to have a relative abundance of K if it has a:A.greater absolute amount of KB.smaller absolute amount of LC.higher L/K ratio*D. lower r/w7.A difference in relative commodity prices between nations can be based on a dif ference in:A.technologyB.factor endowmentsC.tastes*D. all of the above8.In the H-O model, international trade is based mostly on a difference in:A.technology*B. factor endowmentsC. economies of scaleD. tastes9.According to the H-O model, trade reduces international differences in:A.relative but not absolute factor pricesB.absolute but not relative factor prices*C. both relative and absolute factor pricesD. neither relative nor absolute factor prices10.According to the H-O model, international trade will:A.reduce international differences in per capita incomesB.increases international differences in per capita incomes*C. may increase or reduce international differences in per capita incomesD. lead to complete specialization11.The H-O model is a general equilibrium model because it deals with:A.production in both nationsB.consumption in both nationsC.trade between the two nations*D. all of the above12.The H-O model is a simplification of the a truly general equilibrium model because it deals with:A.two nationsB.two commoditiesC.two factors of production*D. all of the above13.The Leontief paradox refers to the empirical finding that U.S.*A. import substitutes are more K-intensive than exportsB.imports are more K-intensive than exportsC.exports are more L-intensive than importsD.exports are more K-intensive than import substitutes14.From empirical studies, we conclude that the H-O theory:A.must be rejectedB.must be accepted without reservations*C. can be accepted while awaiting further testingD. explains all international trade15.For factor reversal to occur, two commodities must be produced with:*A. sufficiently different elasticity of substitution of factorsB.the same K/L ratioC.technologically-fixed factor proportionsD.equal elasticity of substitution of factors思考题：H-O 理论有哪些假设？各假设的含义是什么？为什么要做出这些假设？如何检验H-O 理论的正确性？H-O-S 定理的假设条件又是什么？他与生产要素国际间的流动有何关系？如何检验H-O-S 定理在现实中的可靠性？Chapter 6: Economies of Scale, Imperfect Competition, and International T radeMultiple-Choice Questions:1.Relaxing the assumptions on which the Heckscher-Ohlin theory rests:A.leads to rejection of the theoryB.leaves the theory unaffected*C. requires complementary trade theoriesD. any of the above.Which of the following assumptions of the Heckscher-Ohlin theory, when relaxed, le avethe theory unaffected?A.Two nations, two commodities, and two factorsB.both nations use the same technologyC.the same commodity is L-intensive in both nations*D. all of the aboveWhich of the following assumptions of the Heckscher-Ohlin theory, when relaxed, require new trade theories?*A. Economies of scaleB.incomplete specializationC.similar tastes in both nationsD.the existence of transportation costsInternational trade can be based on economies of scale even if both nations have i dentical:A.factor endowmentsB.tastesC.technology*D. all of the above5.A great deal of international trade:A.is intra-industry tradeB.involves differentiated productsC.is based on monopolistic competition*D. all of the above6.The Heckscher-Ohlin and new trade theories explains most of the trade:A.among industrial countriesB.between developed and developing countriesC.in industrial goods*D. all of the aboveThe theory that a nation exports those products for which a large domestic market existswas advanced by:*A. LinderB.VernonC.LeontiefD.Ohlin8.Intra-industry trade takes place:A. because products are homogeneous*B. in order to take advantage of economies of scaleC. because perfect competition is the prevalent form of market organizationD. all of the aboveIf a nation exports twice as much of a differentiated product that it imports, its intr a-industry (T) index is equal to:A. 1.00B. 0.75*C. 0.50D. 0.2510.Trade based on technological gaps is closely related to:A. the H-O theory*B. the product-cycle theoryC. Linder's theoryD. all of the above11.Which of the following statements is true with regard to the product-cycle theor y?A.It depends on differences in technological changes over time among countriesB.it depends on the opening and the closing of technological gaps among countriesC.it postulates that industrial countries export more advanced products to less adva nced countries*D. all of the above12.Transport costs:A.increase the price in the importing countryB.reduces the price in the exporting country*C. both of the aboveD. neither A nor B.13.Transport costs can be analyzed:A.with demand and supply curvesB.production frontiersC.offer curves*D. all of the above14.The share of transport costs will fall less heavily on the nation:*A. with the more elastic demand and supply of the traded commodityB.with the less elastic demand and supply of the traded commodityC.exporting agricultural productsD.with the largest domestic market15.A footloose industry is one in which the product:A.gains weight in processingB.loses weight in processingC.both of the above*D. neither A nor B.思考题：本章的贸易理论与基于比较优势的贸易理论有哪些不同？这两类贸易理论是互相排斥的吗？H-O 理论与心贸易理论之间有什么经验关联？运输成本对H-O 定理和H-O-S 定理有何影响？不同的环保标准时如何影响产业选址及国际贸易的？2009 年底联合国哥本哈根气候大会中的议题与国际贸易有何关系？这对我国经贸发展有何影响？Chapter 7: Economic Growth and International TradeMultiple-Choice Questions1.Dynamic factors in trade theory refer to changes in:A.factor endowmentsB.technologyC.tastes*D. all of the above2.Doubling the amount of L and K under constant returns to scale:A.doubles the output of the L-intensive commodityB.doubles the output of the K-intensive commodityC.leaves the shape of the production frontier unchanged*D. all of the above.3.Doubling only the amount of L available under constant returns to scale:A.less than doubles the output of the L-intensive commodity*B. more than doubles the output of the L-intensive commodityC. doubles the output of the K-intensive commodityD. leaves the output of the K-intensive commodity unchanged4.The Rybczynski theorem postulates that doubling L at constant relative commodit y prices:A.doubles the output of the L-intensive commodity*B. reduces the output of the K-intensive commodityC. increases the output of both commoditiesD. any of the above5.Doubling L is likely to:A.increases the relative price of the L-intensive commodityB.reduces the relative price of the K-intensive commodity*C. reduces the relative price of the L-intensive commodityD. any of the aboveTechnical progress that increases the productivity of L proportionately more than the productivity of K is called:*A. capital savingbor savingC.neutralD.any of the above7.A 50 percent productivity increase in the production of commodity Y:A.increases the output of commodity Y by 50 percentB.does not affect the output of XC.shifts the production frontier in the Y direction only*D. any of the above8.Doubling L with trade in a small L-abundant nation:*A. reduces the nation's social welfareB.reduces the nation's terms of tradeC.reduces the volume of tradeD.all of the above9.Doubling L with trade in a large L-abundant nation:A.reduces the nation's social welfareB.reduces the nation's terms of tradeC.reduces the volume of trade*D. all of the aboveIf, at unchanged terms of trade, a nation wants to trade more after growth, then t henation's terms of trade can be expected to:*A. deteriorateB.improveC.remain unchangedD.any of the aboveA proportionately greater increase in the nation's supply of labor than of capital is l ikelyto result in a deterioration in the nation's terms of trade if the nation exports:A. the K-intensive commodity*B. the L-intensive commodityC. either commodityD. both commodities12.Technical progress in the nation's export commodity:*A. may reduce the nation's welfareB.will reduce the nation's welfareC.will increase the nation's welfareD.leaves the nation's welfare unchanged13.Doubling K with trade in a large L-abundant nation:A.increases the nation's welfareB.improves the nation's terms of tradeC.reduces the volume of trade*D. all of the above14.An increase in tastes for the import commodity in both nations:A. reduces the volume of trade*B. increases the volume of tradeC. leaves the volume of trade unchangedD. any of the above15.An increase in tastes of the import commodity of Nation A and export in B: *A. will reduce the terms of trade of Nation AB.will increase the terms of trade of Nation AC.will reduce the terms of trade of Nation BD.any of the above思考题：要素积累和技术进步如何影响一国的生产可能性曲线的形状和位置？何种类型的经济增长最可恩能够导致国家福利的下降？那种类型的经济增长最可能导致国家福利的改善？Chapter 8: Trade Restrictions: TariffsMultiple-choice Questions1.Which of the following statements is incorrect?A.An ad valorem tariff is expressed as a percentage of the value of the traded co mmodityB.A specific tariff is expressed as a fixed sum of the value of the traded commodit y.C.Export tariffs are prohibited by the U.S. Constitution*D. The U.S. uses exclusively the specific tariff2.A small nation is one:A.which does not affect world price by its tradingB.which faces an infinitely elastic world supply curve for its import commodityC.whose consumers will pay a price that exceeds the world price by the amount o f the tariff*D. all of the above3.If a small nation increases the tariff on its import commodity, its:A.consumption of the commodity increasesB.production of the commodity decreasesC.imports of the commodity increase*D. none of the aboveThe increase in producer surplus when a small nation imposes a tariff is measuredby the area:*A. to the left of the supply curve between the commodity price with and without t he tariffB.under the supply curve between the quantity produced with and without the tarif f。
【国际经济学专题考试试卷三十六】Five Debates Over Macroeconomic Policy
Chapter 36Five Debates Over Macroeconomic PolicyTRUE/FALSE1. Many studies indicate changes in monetary policy have most of their effect on aggregate demand about sixmonths after the change is made.ANS: T DIF: 1 REF: 36-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary policyMSC: Interpretive2. The laws that created the Fed give the institution only vague recommendations about what goals it shouldpursue, and they do not tell the Fed how to pursue whatever goals it might choose.ANS: T DIF: 1 REF: 36-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary policyMSC: Interpretive3. The Federal Reserve operates under a rule that requires money supply growth by one percentage point forevery percentage point that unemployment rises above its natural rate.ANS: F DIF: 1 REF: 36-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary policyMSC: Interpretive4. Proponents of a balanced government budget acknowledge that running a budget deficit is justifiable in timeof war.ANS: T DIF: 1 REF: 36-4NAT: Analytic LOC: Monetary and fiscal policy TOP: Government debtMSC: Interpretive5. In effect, a consumption tax would put all saving automatically into a tax-advantaged savings account similarto an Individual Retirement Account (IRA).ANS: T DIF: 2 REF: 36-5NAT: Analytic LOC: Monetary and fiscal policy TOP: Taxes, savingMSC: Interpretive6. One prominent debate over macroeconomic policy centers on the question of whether monetary and fiscalpolicy should be used to try to stabilize the economy.ANS: T DIF: 1 REF: 36-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Stabilization policyMSC: Interpretive7. People‟s skepticism about central bankers‟ announcements of their intentions stems from the fact thatpolicymakers may act in a fashion that is time inconsistent.ANS: T DIF: 2 REF: 36-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary policyMSC: Interpretive8. Proponents of zero-inflation policies acknowledge that the public is unconcerned about the inflation rate. ANS: F DIF: 1 REF: 36-3NAT: Analytic LOC: Monetary and fiscal policy TOP: InflationMSC: Interpretive9. Proponents and opponents of balanced-budget policies agree that the government debt cannot continue toincrease forever.ANS: F DIF: 1 REF: 36-4NAT: Analytic LOC: Monetary and fiscal policy TOP: Government debtMSC: Interpretive2370Chapter 36/Five Debates Over Macroeconomic Policy 2371 10. A recession has no benefit to society-it represents a sheer waste of resources.ANS: T DIF: 1 REF: 36-1NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Stabilization policy MSC: Definitional11. A "lean against the wind" policy says the government should not use stabilization policy and simply let theeconomy "weather the storm."ANS: F DIF: 1 REF: 36-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Stabilization policyMSC: Definitional12. Advocates of stabilization policy argue that when there is a recession, the government should increase themoney supply and increase government expenditures.ANS: T DIF: 1 REF: 36-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Stabilization policyMSC: Applicative13. Economists predict the business cycle well enough that stabilization policy is likely to work despite lags in theeffects of policy.ANS: F DIF: 2 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Stabilization policy | Economic forecasts MSC: Definitional14. The laws that created the Fed give it some specific recommendations about what goals it should pursue so ithas little discretion in making policy.ANS: F DIF: 2 REF: 36-2NAT: Analytic LOC: Monetary and fiscal policyTOP: Monetary policy discretion versus rules MSC: Definitional15. If the central bank has discretion to make policy, it may create economic fluctuations that reflect the electoralcalendar. This is called the political business cycle.ANS: T DIF: 1 REF: 36-2NAT: Analytic LOC: Understanding and applying economic modelsTOP: Political business cycle MSC: Definitional16. If the Fed followed a rule for monetary policy, the time inconsistency problem would be eliminated.ANS: T DIF: 1 REF: 36-2NAT: Analytic LOC: Understanding and applying economic modelsTOP: Time inconsistency MSC: Interpretive17. In practice, the problems created by time inconsistency and the political business cycle appear to be quiteserious.ANS: F DIF: 1 REF: 36-2NAT: Analytic LOC: Understanding and applying economic modelsTOP: Time inconsistency | Political business cycle MSC: Definitional18. Economists agree that if a monetary policy rule is to be used, the best one makes the growth rate of the moneysupply constant.ANS: F DIF: 1 REF: 36-2NAT: Analytic LOC: Monetary and fiscal policyTOP: Monetary policy discretion versus rules MSC: Definitional19. The cost of inflation reduction is a large, permanent increase in unemployment.ANS: F DIF: 1 REF: 36-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Inflation reductionMSC: Applicative20. The cost of inflation reduction is less if people believe that the central bank will really reduce inflation. ANS: T DIF: 2 REF: 36-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Inflation reductionMSC: Applicative2372 Chapter 36/Five Debates Over Macroeconomic Policy21. It is possible that the cost of inflation reduction might be quite large compared to the annual costs of moderateinflation.ANS: T DIF: 1 REF: 36-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Inflation reductionMSC: Applicative22. There are ways that policymakers could reduce the costs of inflation without reducing inflation.ANS: T DIF: 1 REF: 36-4NAT: Analytic LOC: Monetary and fiscal policy TOP: Inflation costsMSC: Applicative23. When the government has a deficit, a burden is necessarily imposed on future generations of taxpayers. ANS: F DIF: 1 REF: 36-4NAT: Analytic LOC: Monetary and fiscal policyTOP: Budget deficits | Generational effects of deficits MSC: Applicative24. The average U.S. citizens' share of the government debt represents about 10 percent of her lifetime income. ANS: F DIF: 1 REF: 36-4NAT: Analytic LOC: Monetary and fiscal policy TOP: Burden of the debtMSC: Definitional25. Social Security transfers wealth from younger generations to older generations.ANS: T DIF: 1 REF: 36-4NAT: Analytic LOC: The role of government TOP: Burden of the debtMSC: Applicative26. The major driver of future federal spending is rising health care costs.ANS: T DIF: 1 REF: 36-4NAT: Analytic LOC: The role of government TOP: Burden of the debtMSC: Applicative27. The major driver of future federal spending is rising energy costs.ANS: F DIF: 1 REF: 36-4NAT: Analytic LOC: The role of government TOP: Burden of the debtMSC: Applicative28. A nation's saving rate is not a primary determinant of its long-run economic prosperity.ANS: F DIF: 1 REF: 36-4NAT: Analytic LOC: Understanding and applying economic modelsTOP: Saving MSC: Interpretive29. Once state and federal taxes are added together, a typical worker faces about a 40 percent marginal tax-rate oninterest income.ANS: T DIF: 1 REF: 36-4NAT: Analytic LOC: Understanding and applying economic modelsTOP: Saving incentives MSC: Definitional30. Tax laws do not give preferential treatment to some kinds of retirement saving.ANS: F DIF: 1 REF: 36-5NAT: Analytic LOC: The study of economics and definitions in economicsTOP: Saving incentives MSC: Definitional31. Some studies have found that saving is not very sensitive to the rate of return on saving.ANS: T DIF: 1 REF: 36-5NAT: Analytic LOC: Monetary and fiscal policy TOP: Saving incentivesMSC: Definitional32. A reduction in the marginal tax-rate includes a substitution effect that tends to increase savings.ANS: T DIF: 1 REF: 36-5NAT: Analytic LOC: Monetary and fiscal policyTOP: Income and substitution effect | Saving incentives MSC: ApplicativeChapter 36/Five Debates Over Macroeconomic Policy 2373 33. A reduction in the marginal tax-rate includes an income effect that tends to increase savings.ANS: F DIF: 1 REF: 36-5NAT: Analytic LOC: Monetary and fiscal policyTOP: Income and substitution effect | Saving incentives MSC: Applicative34. In essence, a consumption tax puts all saving into tax-advantaged savings accounts.ANS: T DIF: 1 REF: 36-5NAT: Analytic LOC: Monetary and fiscal policy TOP: Saving incentivesMSC: Interpretive35. If real output grows at 3 percent per year and the inflation rate is 3 percent per year then government debt cangrow by 6 percent per year and not increase the ratio of debt to income.ANS: T DIF: 1 REF: 36-5NAT: Analytic LOC: Understanding and applying economic modelsTOP: Debt-to-income ratio MSC: Interpretive36. Forward looking parents can reverse the adverse effects of government debt by saving more and leaving alarger bequest to their children.ANS: T DIF: 1 REF: 36-5NAT: Analytic LOC: Understanding and applying economic modelsTOP: Saving MSC: InterpretiveSHORT ANSWER1. Explain the main arguments in favor of economic stabilization.ANS:Fluctuations in the economy-recessions and booms-are costly. Recessions in particular are a waste of resources, since people and machines are idle when they could be producing goods and services. Stabilization policies can help to eliminate this waste of resources.DIF: 1 REF: 36-1 TOP: Stabilization policyMSC: Interpretive2. Explain why policy lags could make stabilization policies counterproductive.ANS:As the textbook explains, it takes time to recognize an economic problem, to take action, and for that action to have its effect on the economy. By the time a policy is enacted and takes effect, the economy may have already recovered. So policy will end up being destabilizing; it may actually result in larger economic fluctuations.DIF: 1 REF: 36-1 TOP: Stabilization policyMSC: Interpretive3. Which kind of lag is important for monetary policy? Which kind of lag is important for fiscal policy?ANS:Both are prone to lags, but the lags are different for the two types of policy. Monetary policy can be enacted quickly, but because it works through changes in interest rates and investment, it may take a long time to have an impact. Fiscal policy works with a long lag due to the polictical process that must be followed, including congressional committees and the requirement of Presidential approval.DIF: 1 REF: 36-1 TOP: Policy lagsMSC: Interpretive4. Suppose that changes in aggregate demand tended to be infrequent and that it takes a long time for theeconomy to return to long-run output. How would this affect the arguments of those who oppose using policy to stabilize output?ANS:Those who oppose stabilization policy mostly argue that by the time policy can be put into action and affect aggregate demand, economic conditions may have changed so that the policy is no longer appropriate. If the economy tended to stay on one side of the natural rate of output for a long time, policymakers could worry less about lags.DIF: 3 REF: 36-1 TOP: Stabilization policyMSC: Analytical2374 Chapter 36/Five Debates Over Macroeconomic Policy5. What is the political business cycle and how does it relate to whether the central bank should have discretionor use a rule?ANS:The political business cycle describes the idea that politicians may manipulate the economy to serve their own political ends. For example, the political party in power might want to generate an economic boom prior to an election, even if this policy is ultimately not in the best interest of the country. If the central bank had to follow a policy rule it would be unable to manipulate monetary policy for political gain.DIF: 1 REF: 36-2 TOP: Political business cycleMSC: Analytical6. Explain the time inconsistency of monetary policy.ANS:Time inconsistency refers to the idea that policymakers may have an incentive to say one thing but do something different. For example, the Fed may wish to announce a tight monetary policy, in a bid to reduce expectations about inflation, but if inflation expectations fall, it may want to enact a loose monetary policy, in order to stimulate the economy. The result is likely to be a loss of the Fed's credibility and a higher expected inflation rate.DIF: 2 REF: 36-2 TOP: Time inconsistencyMSC: Analytical7. Describe three costs of inflation.ANS:There are several costs of inflation. Shoeleather costs are the resources people spend to economize on their money holdings when inflation is high. Menu costs are the costs created by changing price tags and prices in menus and catalogs. Increased relative price variability from higher inflation distorts signals provided by relative price changes and so misallocates resources. Distortions created by inflation in the tax code discourage saving and so may lower the standard of living. Unexpected inflation arbitrarily redistributes wealth. In general a changing value of the unit of account creates inconvenience.DIF: 1 REF: 36-3 TOP: Inflation costsMSC: Definitional8. Suppose a country has had a high and relatively stable inflation rate for a long time. How might this affect thecosts and benefits of inflation reduction?ANS:If inflation is usually about what people expect, the arbitrary redistribution of wealth associated withdollar-denominated debts may be small. High and continuing inflation may lead people to develop ways to lessen the costs of inflation. Indexed bonds and checking accounts or government policy to reduce tax distortions created by the tax code are examples. The costs of inflation reduction may be high if people have become accustomed to inflation. When expected inflation is high, the tradeoff between inflation and unemployment is poor and even small reductions in inflation may require large increases in unemployment. Further, a country that has experienced high inflation for a long time is likely to be skeptical of the central bank's commitment to reduce inflation.DIF: 2 REF: 36-3 TOP: Inflation reductionMSC: Analytical9. What‟s the basis for arguing that deficits are likely to lead to lower living standards in the future?ANS:A government deficit means that the government is dissaving. Unless the government's failure to save is offset by increased private saving, a government deficit is likely to be associated with lower national saving. Lower national saving means a lower capital stock, and hence lower living standards in the future.DIF: 2 REF: 36-4 TOP: Burden of the debtMSC: AnalyticalChapter 36/Five Debates Over Macroeconomic Policy 2375 10. Suppose that the government goes into deficit in order to help local school districts build better schools. Doesthis burden future generations?ANS:The benefits of the project accrue not just to the current generation, but also to future generations. By running a deficit, the government spreads some of the cost to future generations as well.DIF: 1 REF: 36-4 TOP: Burden of the debtMSC: Applicative11. Explain how it is possible for the government debt to grow forever.ANS:The debt can grow because the economy grows. If, for example, nominal GDP grows at 3 percent per year, and the debt also grows at 3 percent per year, then the debt will be a constant fraction of GDP. This is perfectly sustainable. Problems arise only if the debt grows faster than GDP. Such a situation cannot prevail forever, because that would imply that the debt would eventually be many times larger than GDP, and the government would no longer be able to pay the interest payments on its debt.DIF: 2 REF: 36-4 TOP: Debt-to-income ratioMSC: Analytical12. Is it possible that deficits do not burden future generations?ANS:Some programs, such as Social Security, tax younger generations to provide benefits for older generations. Some programs, such as education, have benefits primarily for younger generations.Programs such as education may have greater benefits than costs for younger generations.Forward thinking parents can save in the face of government deficits. The increased saving can translate into a larger bequest for their children and offset the increased debt burden the future generation faces.DIF: 1 REF: 36-4 TOP: Burden of the debtMSC: Applicative13. Identify three government policies that discourage saving.ANS:First, the returns to saving are heavily taxed (which is why some economists advocate a consumption tax). Second, there is double taxation of some forms of capital income. Third, bequests above some level are taxed, which limits parents' incentives to save for their children. Fourth, some government benefits are means-tested, so a household that saves is less likely to receive such benefits.DIF: 2 REF: 36-4 TOP: Saving incentivesMSC: Applicative14. Means-tested government programs tend to reduce saving. What are means-tested programs and how do theyreduce saving?ANS:Means-tested benefits give assistance, or more assistance, to those who can show need by way of lack of income. Those who save accumulate wealth and so are less likely to qualify for assistance. Consequently, the programs discourage saving.DIF: 2 REF: 36-4TOP: Saving incentives | Means tests MSC: Applicative15. Why do many economists advocate a consumption tax rather than an income tax?ANS:The current income tax means that income is taxed at the same rate if it is used for current consumption or if it is saved. A consumption tax would encourage saving, because individuals would be taxed only when they spend. Income saved would be exempt from tax until it was ultimately used for consumption. Thus a consumption tax would encourage saving.DIF: 2 REF: 36-5TOP: Saving incentives | Consumption tax MSC: Interpretive2376 Chapter 36/Five Debates Over Macroeconomic Policy16. Explain how a higher rate of return on saving could, at least in theory, lead to lower saving.ANS:A higher rate of return on saving means that savers obtain higher income. The associated income effect means that individuals have an incentive to consume more today, as well as in the future. If this is strong enough to outweigh the substitution effect (a higher rate of return on saving encourages more saving and less consumption), then the saving rate could go down. (Another way to say this is that, with a higher return on saving, you can enjoy the same level of consumption tomorrow even if you save less today.)DIF: 2 REF: 36-5TOP: Saving incentives | Income and substitution effect MSC: Analytical17. Explain how tax provisions to encourage private saving may reduce national saving.ANS:Without careful planning it is possible that a reduction in taxation of capital income (for example) would reduce government revenue. If there is no offsetting reduction in government spending the result is a budget deficit. This is a decrease in public saving. If the increase in private saving resulting from the tax change is not greater than the decrease in public saving the result is a decline in national saving.DIF: 2 REF: 36-5TOP: Saving incentives | Income and substitution effect MSC: AnalyticalSec 01--Five debates over macroeconomic policyShould monetary policy be used to try to stabilize the economy?MULTIPLE CHOICE1. Fluctuations in employment and output result from changes ina.aggregate demand only.b.aggregate supply only.c.aggregate demand and aggregate supply.d.neither aggregate demand nor aggregate supply.ANS: C DIF: 1 REF: 36-1NAT: Analytic LOC: The role of government TOP: Aggregate demandMSC: Applicative2. In the Summer of 2008, consumers indicated that they were less optimistic about the future of the economy.This change in sentiment would likelya.shift aggregate demand to the right.b.increase output.c.increase unemployment.d.increase prices.ANS: C DIF: 1 REF: 36-1NAT: Analytic LOC: The role of government TOP: Stabilization policyMSC: Analytical3. If aggregate demand shifts because of a wave irrational exuberance, those who favor a policy that “leansagainst the wind” would advocate thea.Federal Reserve increase the money supply or the government increase taxes.b.Federal Reserve increase the money supply or the government decrease taxes.c.Federal Reserve decrease the money supply or the government increase taxes.d.Federal Reserve decrease the money supply or the government decrease taxes.ANS: C DIF: 2 REF: 36-1NAT: Analytic LOC: The role of government TOP: Stabilization policyMSC: AnalyticalChapter 36/Five Debates Over Macroeconomic Policy 23774. "Leaning against the wind" is exemplified by aa.tax cut when there is a recession.b.decrease in the money supply when there is a recession.c.decrease in government expenditures when there is a recession.d.increasing money supply when there is a boom.ANS: A DIF: 1 REF: 36-1NAT: Analytic LOC: The role of government TOP: Stabilization policyMSC: Analytical5. "Leaning against the wind" is exemplified by aa.tax increase when there is a recession.b.decrease in the money supply when there is an expansion.c.decrease in government expenditures when there is a recession.d.All of the above are correct.ANS: B DIF: 1 REF: 36-1TOP: Stabilization policy MSC: Interpretive6. President George W. Bush and congress cut taxes and raised government expenditures in 2003. According tothe aggregate supply and aggregate demand modela.both the tax cut and the increase in government expenditures would tend to increase output.b.only the tax cut would tend to increase output.c.only the increase in government expenditures would tend to increase output.d.neither the tax cut nor the increase in government expenditures would tend to increase output.ANS: A DIF: 2 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Stabilization policy | Aggregate demand MSC: Applicative7. Policymakers following a "lean against the wind" policy woulda.increase government expenditures when output is low and decrease them when output is high.b.increase government expenditures when output is low and do nothing when output is high.c.decrease government expenditures when output is low and increase them when output is high.d.decrease government expenditures when output is high and do nothing when output is low.ANS: A DIF: 1 REF: 36-1NAT: Analytic LOC: The role of governmentTOP: Stabilization policy | Policy lags MSC: Definitional8. If the unemployment rate rises, which policies would be appropriate to reduce it?a.increase the money supply, increase taxesb.increase the money supply, cut taxesc.decrease the money supply, increase taxesd.decrease the money supply, cut taxesANS: B DIF: 2 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Stabilization policy MSC: Applicative9. The Federal Reserve will tend to tighten monetary policy whena.interest rates are rising too rapidly.b.it thinks the unemployment rate is too high.c.the growth rate of real GDP is quite sluggish.d.it thinks inflation is too high today, or will become too high in the future.ANS: D DIF: 2 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Monetary policy MSC: Analytical2378 Chapter 36/Five Debates Over Macroeconomic Policy10. If firms were faced with greater uncertainty because of concern that oil prices might rise, they might decreaseexpenditures on capital. In response to this change, someone who advocated "lean against the wind" policies might advocatea.decreasing the money supply.b.increasing taxes.c.increasing government expenditures.d.decreasing government expenditures.ANS: C DIF: 2 REF: 36-1NAT: Analytic LOC: The role of government TOP: Stabilization policyMSC: Analytical11. Those who desire that policymakers stabilize the economy would advocate which of the following whenaggregate demand is insufficient to ensure full employment?a.Decrease the money supply.b.Decrease taxes.c.Decrease government expenditures.d.Do nothing and let markets correct themselves.ANS: B DIF: 1 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Stabilization policy MSC: Analytical12. Suppose aggregate demand fell. In order to stabilize the economy, the government mighta.increase the money supply.b.decrease government expenditures.c.increase taxes.d.do nothing.ANS: A DIF: 1 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Stabilization policy MSC: Applicative13. The Fed lowered interest rates in 2001 and 2002. This implies, other things the same, that the Feda.increased the money supply because it was concerned about unemployment.b.increased the money supply because it was concerned about inflation.c.decreased the money supply because it was concerned about unemployment.d.decreased the money supply because it was concerned about inflation.ANS: A DIF: 2 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Stabilization policy MSC: Analytical14. The Fed raised interest rates in 2004 and 2005. This implies, other things the same, that the Feda.increased the money supply because it was concerned about unemployment.b.increased the money supply because it was concerned about inflation.c.decreased the money supply because it was concerned about unemployment.d.decreased the money supply because it was concerned about inflation.ANS: D DIF: 2 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Stabilization policy MSC: Analytical15. The effects of a decline in the value of financial assets, such as stocks, on consumption and the economymight be offset bya.increasing government spending.b.decreasing the money supply.c.increasing taxes.d.undertaking no policy action.ANS: A DIF: 2 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Stabilization policy MSC: ApplicativeChapter 36/Five Debates Over Macroeconomic Policy 2379 16. The economy goes into recession. Which of the following lists contains things policymakers could do to try toend the recession?a.increase the money supply, increase taxes, increase government spendingb.increase the money supply, increase taxes, decrease government spendingc.increase the money supply, decrease taxes, increase government spendingd.decrease the money supply, increase taxes, decrease government spendingANS: C DIF: 2 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Stabilization policy MSC: Applicative17. Studies have shown significant spending changes arise from interest rate changes only aftera. a few days.b. a few weeks.c. a few months.d. a few years.ANS: C DIF: 2 REF: 36-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Policy lagsMSC: Definitional18. In general, the longest lag fora.both fiscal and monetary policy is the time it takes to change policy.b.both fiscal and monetary policy is the time it takes for policy to affect aggregate demand.c.monetary policy is the time it takes to change policy, while for fiscal policy the longest lag is thetime it takes for policy to affect aggregate demand.d.fiscal policy is the time it takes to change policy, while for monetary policy the longest lag is thetime it takes for policy to affect aggregate demand.ANS: D DIF: 1 REF: 36-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Balanced budget | Policy lags MSC: Definitional19. The principal lag for monetary policya.and fiscal policy is the time it takes to implement policy.b.and fiscal policy is the time it takes for policy to change spending.c.is the time it takes to implement policy. The principal lag for fiscal policy is the time it takes forpolicy to change spending.d.is the time it takes for policy to change spending. The principal lag for fiscal policy is the time ittakes to implement it.ANS: D DIF: 2 REF: 36-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Policy lagsMSC: Definitional20. The principal reason that monetary policy has lags is that it takes a long time fora.changes in the interest rate to change aggregate demand.b.changes in the money supply to change interest rates.c.the Fed to make changes in policy.d.the federal government to change the tax code.ANS: A DIF: 1 REF: 36-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Policy lagsMSC: Definitional21. Opponents of using policy to stabilize the economy generally believe thata.neither fiscal nor monetary policy have much impact on aggregate demand.b.attempts to stabilize the economy decrease the magnitude of economic fluctuations.c.unemployment and inflation are not cause for much concern.d.economic coditions can easily change between the start of policy action and when it takes effect.ANS: D DIF: 1 REF: 36-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Stabilization policy MSC: Interpretive。
国际经济学试题库+答案
国际经济学试题库+答案一、单选题（共68题，每题1分，共68分）1.（）理论被认为是对要素禀赋理论的动态化延伸。
A、相互倾销B、产品生命周期理论C、重叠需求D、规模经济正确答案：B2.当货币远期汇率低于即期汇率时，外汇交易的专门术语称此为（）A、贴水B、升水C、升值D、平价正确答案：A3.如果开放前一国 X 产品的相对价格低于其贸易伙伴，则贸易后该国（）A、进口 X 产品B、生产者福利增加C、整体福利下降D、消费者福利增加正确答案：B4.林德的需求重叠理论（）A、有助于解释工业化国家和发展中国家之间的广泛贸易B、认为制成品最初在本国生产，然后出口到与本国人均 GDP 相近的国家C、有力地支持了基于比较优势的要素禀赋理论D、认为国内所有消费者的偏好都相同正确答案：B5.一国的战略性产业主要是指（）A、高耗能产业B、高科技产业C、劳动密集型产业D、资本密集型产业正确答案：B6.美国对日本汽车需求的上升将导致（）A、美国居民对日元需求增加B、美国日元供给减少C、美国日元供给增加D、美国居民对日元需求减少正确答案：A7.国际经济学的研究对象是（）A、世界范围内的稀缺资源的最优配置B、国际收支平衡C、国际人员流动D、国际商品流动正确答案：A8.战略性贸易政策不适宜在（）市场条件下运用。
A、寡头垄断B、自然垄断C、完全竞争D、垄断竞争正确答案：C9.目前世界上绝大多数国家的外汇牌价使用的都是（）A、动态标价法B、静态标价法C、间接标价法D、直接标价法正确答案：D10.下述哪一种不属于投机性外汇交易（）A、套期保值B、双边套汇C、多边套汇D、套利正确答案：A11.成员国间实行自由贸易的优惠贸易协定和共同的外部关税是（）A、共同市场B、关税同盟C、自由贸易区D、经济联盟正确答案：B12.从外汇买卖交割期限的角度，汇率可以划分为（）A、基本汇率和套算汇率B、买入汇率和卖出汇率C、名义汇率和实际汇率D、即期汇率和远期汇率正确答案：D13.幼稚产业论认为处于农业时期的国家应该采取的对外贸易政策是（）A、自由贸易政策B、保护贸易政策C、两种政策同时使用D、不确定正确答案：A14.开放经济条件下的宏观经济政策目标是（）A、扩大出口B、追求贸易顺差C、国际收支平衡D、汇率稳定正确答案：C15.下列不属于关税同盟动态效应的是（）A、大市场效应B、贸易创造效应C、加剧竞争D、吸引外资正确答案：B16.假设中国和美国都能生产小麦和布，中国将一单位劳动时间全部生产布，可以生产 50 米；全部生产小麦，可以生产 80 千克；美国将一单位劳动时间全部生产布，可以生产 40 米；全部生产小麦，可以生产 100 千克。
33 AGGREGATE DEMAND AND AGGREGATE SUPPLY
WHY THE AGGREGATE-DEMAND CURVE MIGHT SHIFT 为什么总需求曲线会移动
总需求曲线的假设前提： 总需求曲线的假设前提： 其他条件相同。 其他条件相同。货币供 给是固定的。 给是固定的。 曲线移动的原因： 曲线移动的原因： 1、消费引起的移动 、 2、投资引起的移动 、 3、政府购买引起的移 、 动 4、净出口引起的移动 、
物 价 水 平 P2000 P1990 P1980 AD2000 AD1990 AD1980 0 Y1980 Y1990 Y2000 产量 LRAS1980 LRAS1990 LRAS2000
Why the Aggregate-Supply Curve Slopes Upward in the Short Run 为什么短期中总供给曲线向右上方倾斜
THE AGGREGATE-DEMAND CURVE 总需求曲线
The Price Level and Investment: The Interest-Rate Effect 物价水平与投资： 物价水平与投资：利率效应 物价水平降低，公众少持有货币， 物价水平降低，公众少持有货币，降低利率 水平，鼓励了储蓄与投资， 水平，鼓励了储蓄与投资，投资支出的增加 扩大了物品与劳务的需求量。 扩大了物品与劳务的需求量。 著名经济学家凯恩斯（ 著名经济学家凯恩斯（1883-1946）强调了 ） 这种利率效应，有时成为凯恩斯效应。 这种利率效应，有时成为凯恩斯效应。
Fact 2: Most Macroeconomic Quantities Fluctuate Together 事实二： 事实二：大多数宏观经济变量同时波动
实际GDP是最常用于监视经济中短期变动的一个变 是最常用于监视经济中短期变动的一个变 实际 因为，它最全面地衡量了经济活动。 量，因为，它最全面地衡量了经济活动。 为了监测短期波动，用哪一种衡量指标来观察经济 为了监测短期波动， 活动实际上无关紧要。因为，大多数衡量某种收入、 活动实际上无关紧要。因为，大多数衡量某种收入、 支出或经济波动的宏观经济变量几乎是同时变动的。 支出或经济波动的宏观经济变量几乎是同时变动的。 虽然许多宏观经济变量同时变动， 虽然许多宏观经济变量同时变动，但他们波动的幅 度并不同。 度并不同。
国际经济学试题(国际金融部分答案)
国际经济学试题(国际金融部分答案)福建农林大学单选题1、设一年前美元对人民币的汇率是1美元等于8.2345元人民币，假设美国的物价比前一年上升8%，而中国的物价水平上升10%，则美元与人民币之间理论上的汇率为(A)A.8.3870B.8.085C.8.3992D.6.58762、（A）是国际收支平衡表中最基本最重要的项目。
A.经常项目B.资本项目C.贸易收支D.平衡项目3、当出现需求无弹性时，一国货币贬值可以导致（B）A.贸易收支改善B.贸易收支恶化C.出口数量下降D.出口换汇增加4、货币贬值对国内吸收的直接影响不包括（D）A.货币余额效应B.收入再分配效应C.货币幻觉效应D.引致支出效应5、下列符合利率平价理论结论的是（A）A.远期汇率升贴水率小于利率差，资本内流的套利活动会盈利B.远期汇率升贴水率大于利率差，资本内流的套利活动能盈利C.远期汇率升贴水率小于利率差，资本外流的套利活动能盈利6、下列说法正确的是（C）A远期汇率与远期现货汇率相同B.远期汇率高于即期汇率称为远期贴水C.通常所说的用一国货币表示的另一国货币的价格实际上是名义利率D.如果本国利率高于外国利率，相对于外国，本币将在远期升值7、当一国国际收支为顺差时，（A）A.外汇的供给大于对外币的需求B.外汇的供给小于对外币的需求C.外汇供给与需求和国际收支差额没有关系D.外汇的供给等于对外币的需求8、美国对日本汽车需求的上升将导致（D）A.在美国日元的供给将减少B.在美国日元的供给将增加C.美国居民对日元的需求减少D.美国居民对日元的需求增加9根据货币分析法，在固定汇率制度下，减少一国国际收支赤字的最佳方案是（D）A.货币升值B.货币贬值C.提高货币供给增长率D.降低货币供给增长率10、吸收分析法的一个重要假设前提是（C）福建农林大学A.经常项目处于或近似于平衡B.进出口商品的供给弹性趋于无穷大，进出口商品需求弹性之和的绝对值大于1C.所有的商品价格、货币工资和利率都保持不变D.收入保持不变判断题1、在货币分析理论中，不管是固定汇率制还是浮动汇率制，紧缩性的货币政策对改善国际收支都有效（某）2、一国对外投资所获得的利率收入应记在国际收支平衡表中的金融账户中（√）3、一国衡量国际收支的标准是综合差额，那么国际储备是+750万美元，则表明国际收支是顺差（某）4、在利率平价理论中，一国利率较高，则远期汇率将升水（某）5、据利率平价理论，如果一国利率上升，该国货币的即期汇率应升值。
国际经济学期末考试题及答案英语
国际经济学期末考试题及答案英语一、选择题（每题2分，共20分）1. 根据比较优势理论，一个国家应该专注于生产什么？A. 所有商品B. 其生产成本最低的商品C. 其生产成本最高的商品D. 所有商品的生产成本都低于其他国家的商品答案：B2. 国际货币基金组织的主要职能是什么？A. 提供贸易便利B. 促进世界经济发展C. 提供紧急财政援助D. 维护世界和平答案：C3. 以下哪项不是世界贸易组织的基本原则？A. 非歧视原则B. 最惠国待遇原则C. 自由贸易原则D. 保护主义原则答案：D4. 固定汇率制度下，一个国家如何维持其货币价值？A. 通过市场机制B. 通过中央银行干预C. 通过改变利率D. 通过改变税收政策答案：B5. 以下哪项不是国际直接投资的特点？A. 长期性B. 控制权C. 短期性D. 跨国性答案：C6. 国际收支平衡表中，经常账户包括哪些内容？A. 货物和服务贸易B. 投资收益C. 转移支付D. 所有上述内容答案：D7. 以下哪项不是国际金融市场的功能？A. 资金的筹集B. 风险管理C. 信息传播D. 商品交换答案：D8. 什么是国际货币体系？A. 国际货币的发行和流通体系B. 国际货币的兑换和结算体系C. 国际货币的监管和协调体系D. 所有上述内容答案：D9. 经济全球化的主要推动力是什么？A. 技术进步B. 贸易自由化C. 资本流动D. 所有上述内容答案：D10. 什么是国际经济合作？A. 国家间的经济竞争B. 国家间的经济援助C. 国家间的经济协调和合作D. 国家间的经济制裁答案：C二、简答题（每题10分，共40分）1. 简述绝对优势理论的主要内容。
答案：绝对优势理论由亚当·斯密提出，主张一个国家应该专注于生产其绝对生产效率最高的商品，并与其他国家进行贸易，以实现资源的最优配置和经济效益的最大化。
2. 描述国际货币基金组织的主要任务。
答案：国际货币基金组织的主要任务包括监督全球经济和金融发展，提供政策建议，以及在成员国面临支付困难时提供财政援助。
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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 supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: Economic fluctuations | Investment MSC: Definitional5. When output rises, unemployment falls.ANS: T DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: Monetary neutrality MSC: Definitional9. The explanations for the slopes of the aggregate demand and short-run aggregate supply curves are the sameas 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 supplyTOP: Aggregate demand slope | Short-run aggregate supply slopeMSC: Definitional10. The aggregate-demand curve shows the quantity of domestic goods and services that households, firms, thegovernment, and customers abroad want to buy at each price level.ANS: T DIF: 2 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 inforeign 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 pricelevel 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: Economic growth and inflation MSC: Applicative2186 Chapter 33/Aggregate Demand and Aggregate Supply21. Other things the same, technological progress raises the price level..ANS: F DIF: 2 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Economic growth and inflation MSC: Applicative22. Because the price level does not affect the long-run determinants of real GDP, the long-run aggregate-supplyis vertical.ANS: T DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: 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 supplyTOP: 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 to reduce the quantity of goods and services they produce.ANS: T DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Misperceptions theory MSC: Interpretive25. All explanations for the upward slope of the short-run aggregate supply curve suppose that the quantity ofoutput 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: Short-run aggregate supply MSC: Analytical28. Fluctuations in real GDP are caused only by changes in aggregate demand and not by changes in aggregatesupply.ANS: F DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: 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 supplyTOP: 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 supplyTOP: Short-run equilibrium | Pessimism MSC: AnalyticalChapter 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 whetherthe 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 supplyTOP: 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 supplyTOP: Long-run equilibrium MSC: Analytical33. If aggregate demand and aggregate supply both shift right, we can be sure that the price level is higher in theshort run.ANS: F DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: 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 supplyTOP: Great Depression MSC: Definitional35. The primary purpose of the aggregate demand and aggregate supply model is to demonstrate the classicaldichotomy.ANS: F DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: 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 supplyTOP: 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 supplyTOP: World War II MSC: Definitional38. Stagflation results from continued decreases in aggregate demand.ANS: F DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: 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 supplyTOP: Keynes MSC: Definitional2188 Chapter 33/Aggregate Demand and Aggregate SupplySHORT 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: AnalyticalChapter 33/Aggregate Demand and Aggregate Supply 2189 6. Make a list of things that would shift the aggregate demand curve 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: Analytical2190 Chapter 33/Aggregate Demand and Aggregate Supply10. 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, and at 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: KeynesMSC: 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 rightward shift 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: InterpretiveChapter 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 supplyTOP: 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 supplyTOP: Facts about economic fluctuations MSC: Definitional3. Which of the following explains why production rises in most 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: Business cycle MSC: Definitional2192 Chapter 33/Aggregate Demand and Aggregate Supply6. 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: Facts about economic fluctuations MSC: DefinitionalChapter 33/Aggregate Demand and Aggregate Supply 219312. Which of the following is correct?a.Over the business cycle consumption fluctuates more than investment.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 supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: 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 supplyTOP: Real GDP MSC: Definitional18. As recessions begin, productiona.and unemployment both rise.b.rises and unemployment falls.c.falls and unemployment rises.d.and unemployment both fall.ANS: C DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Unemployment and the business cycle MSC: Definitional19. During recessions investmenta.falls by a larger percentage than GDP.b.falls by about the same percentage as GDP.c.falls by a smaller percentage than GDP.d.falls but the percentage change is sometimes much larger and sometimes much smaller. ANS: A DIF: 2 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Investment and the business cycle MSC: Analytical20. Which of the following is correct concerning recessions?a.They come at fairly regular and predictable intervals.b.They are associated with comparatively large declines in investment spending.c.They are any period when real GDP growth is less than average.d.They tend to be associated with falling unemployment rates.ANS: B DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Business cycle MSC: Definitional21. Historically, the change in real GDP during recessions has beena.mostly a change in investment spending.b.mostly a change in consumption spending.c.about equally divided between consumption and investment spending.d.sometimes mostly a change in consumption and sometimes mostly a change in investment. ANS: A DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Investment and the business cycle MSC: Definitional22. Which part of real GDP fluctuates most over the course of the business cycle?a.consumption expendituresernment expendituresc.investment expenditures exportsANS: C DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Investment and the business cycle MSC: Definitional23. During recessions declines in investment account for abouta.1/6 of the decline in real GDP.b.1/3 of the decline in real GDP.c.1/2 of the decline in real GDP.d.2/3 of the decline in real GDP.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Investment and the business cycle MSC: Definitional。