宏观经济学期末考试试卷2(附答案)

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1．In the United States real GDP is reported each quarter.

a. These numbers are adjusted to make them measure at annual and seasonally adjusted rates.

b. These numbers are adjusted to make them annual rates, but no adjustment for seasonal variations are made.

c. These numbers are quarterly rates that have been seasonally adjuste

d.

d. These numbers are at quarterly rates and have not been seasonally adjusted.

2．The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase by a. more than 1 percent.

b. less than 1 percent. —

c. 1 percent.

d. It is impossible to make an informed guess without more information.

3．If increases in the prices of . medical care cause the CPI to increase by 2 percent, the

GDP deflator will likely increase by a. more than 2 percent. b. 2 percent. c. less than 2 percent.

d. All of the above are correct.

4．The traditional view of the production process is that capital is subject to

】

a. constant returns.

b. increasing returns.

c. diminishing returns.

d. diminishing returns for low levels of capital, and increasing returns for high levels of capital.

c. Policies designed to prevent imports from other countries generally increase economic growth. $

d. All of the above are correct.

6．Use the following table to answer the following question. Assume that the closing price was also the average price at which each stock transaction took place. What

was the total dollar volume of Gillette stock traded that day

）

a. $912,840,000

b. $91,284,000

c. $9,128,400

d. $912,840

7．Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 2,500 Consumption equals 6,500 and Government expenditures equal 2,000. What are private saving, public saving, and national saving a. 1500, 1000, 500 b. 1000, 500, 1500

c. 500, 1500, 1000 <

d. None of the above are correct.

8．Risk-averse people will choose different asset portfolios than people who are not risk averse. Over a long period of time, we would expect that

a. every risk-averse person will earn a higher rate of return than every non-risk averse person.

b. every risk-averse person will earn a lower rate of return than every non-risk

averse person.

c. the average risk-averse person will earn a higher rate of return than the

average non-risk averse person.

d. the average risk-averse person will earn a lower rate of return than the

average non-risk averse person.

9．The natural rate of unemployment is the

a. unemployment rate that would prevail with zero inflation.

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b. rate associated with the highest possible level of GDP.

c. difference between the long-run and short-run unemployment rates.

d. amount of unemployment that the economy normally experiences.

10．Suppose that the reserve ratio is 5 percent and that a bank has $1,000 in deposits. Its required reserves are

a. $5.

b. $50.

c. $95.

d. $950.

11．Suppose a bank has $200,000 in deposits and $190,000 in loans. It has a reserve ratio of

]

a. 5 percent

b. percent

c. 10 percent

d. None of the above is correct.

12．The inflation tax

a. transfers wealth from the government to households.

b. is the increase in income taxes due to lack of indexation.

c. is a tax on everyone who holds money.

,

d. All of the above are correct.

13．In 1898, prospectors on the Klondike River discovered gold. This discovery caused

an unexpected price level

a. decrease that helped creditors at the expense of debtors.

b. decrease that helped debtors at the expense of creditors.

c. increase that helped creditors at the expense of debtors.

d. increase that helped debtors at the expense of creditors.

14．Ivan, a Russian citizen, sells several hundred cases of caviar to a restaurant chain in the United States. By itself, this sale

a. increases . net exports and has no effect on Russian net exports.

【

b. increases . net exports and decreases Russian net exports.

c. decreases . net exports and has no effect on Russian net exports.

d. decreases . net exports and increases Russian net exports.

15．Suppose that the real exchange rate between the United States and Kenya is defined in terms of baskets of goods. Which of the following will increase the real exchange rate (that is increase the number of baskets of Kenyan goods a basket of . goods buys)

a. an increase in the number of Kenyan shillings that can be purchased with a dollar

b. an increase in the price of . baskets of goods

c. a decrease in the price in Kenyan shillings of Kenyan goods

d. All of the above are correct.

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16．Use the (hypothetical) information in the following table to answer the next question.

…

In real terms, . goods are more expensive than goods in which country(ies)