Macroeconomics复习材料1.docx

Macroeconomics复习材料1.docx

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Macroeconomics复习材料1

习题集一

Question1

InAustralia,using2000-01asthebaseyear,wewouldfindthat:

a）NominalGDPisalwayslargerthanrealGDP.

b）RealGDPisalwayslargerthannominalGDPfortheperiod1960to2000.

c）RealGDPislargerthannominalGDPfrom1998to2002.

d）RealGDPissmallerthannominalGDPfrom1988to1995.

e）RealGDPandnominalGDPwouldbeequalfortheentireperiod.

Note:

pleaseseefigure2.1onpage31ofthetextbook.

Question2

Duringthedate1990s,JapanexperiencedreductionsintheGDPdeflator.Giventhisinformation,weknowwithcertaintythat:

a）RealGDPfellduringtheseperiods.

b）RealGDPdidnotchangeduringtheseperiods.

c）TheoverallpricelevelinJapandecreasedduringtheseperiods.

d）BothrealGDPandtheoverallpriceleveldecreasedduringtheseperiods.

Question3

SupposethatinJanuary2003inAustralia,200millionpeopleareworking,20millionarenotworkingbutarelookingforwork,and40millionarenotworkingandhavegivenuplookingforwork.Theofficialunemploymentrateforthatmonthis:

a）7.7%

b）9.1%

c）10%

d）23%

e）30%

Question4

AcountryusingtheAustraliansystemofunemploymentstatisticshas100millionpeople,ofwhom50millionareworkingage.Ofthese50million,20millionhavejobs.Oftheremainder:

10millionareactivelysearchingforjobs;10millionwouldlikejobsbutarenotsearching;and10milliondonotwantjobsatall.

Thelabourforceis:

a）10million

b）20million

c）30million

d）40million

e）50million

Question5

Supposetheconsumptionequationisrepresentedbythefollowing:

C=100+.75YD.Themultiplierinthiseconomyis_______.

a）0.25

b）0.75

c）1.33

d）2

e）4

Question6

Theparadoxofsavingsuggeststhatanincreaseinthedesiretosavewillcause:

a）AninceaseinequilibriumGDP.

b）AreductioninGDP.

c）Anincreaseinthedesiretoinvest.

d）NochangeinequilibriumGDP.

e）Apermanentincreaseinthelevelofsaving.

Note:

Pleaseseedefinitionof“paradoxofsaving”onpage674ofthetextbook.

（savingS↑→Y↓→S↓（S=Y-T-C）so,savingisunchanged）

Question7

WhenC=C0+C1YD,anincreaseinC0willcausewhichofthefollowingtoincrease?

a）Equilibriumincome

b）Equilibriumdisposableincome

c）Equilibriumsaving

d）Alloftheabove

e）Noneoftheabove

Question8

Supposethecentralbankwishestoconductexpansionarymonetarypolicy.Giventhis,wewouldexpectwhichofthefollowingtooccur?

a）Acentralbankpurchaseofbondsandanincreaseintheinterestrate

b）Acentralbankpurchaseofbondsandareductionintheinterestrate

c）Acentralbanksaleofbondsandanincreaseintheinterestrate

d）Acentralbanksaleofbondsandareductionintheinterestrate

Question9

Supposethemoneysupplydecreased.Whichofthefollowingeventscouldcausethis?

a）Anincreaseinthemonetarybase

b）Adecreaseintheratioofreservestodeposits

c）Ashiftinpublicpreferencesawayfromcurrencytowardcurrentaccountdeposits

d）Alloftheabove

e）Noneoftheabove

Question10

Supposethereisanopenmarketsaleofbonds.Suchaneventwillcause:

a）Anincreaseinbondpricesandanincreaseintheinterestrate（i）

b）Areductioninbondpricesandanincreaseini.

c）Anincreaseinbondpricesandareductionini.

d）Areductioninabondpricesandareductionini.

e）Noneoftheabove

Question11

Afteracontractionaryfiscalpolicy:

a）TheLMcurveshiftsandwemovealongtheIScurve.

b）TheIScurveshiftsandwemovealongtheLMcurve.

c）BoththeISandLMcurveshift.

d）NeithertheISnortheLMcurveshifts.

e）OutputwillchangecausingachageinmoneydemandandashiftoftheLMcurve.

Quetsion12

Supposethereisataxcut.Whichofthefollowingrepresentsthecompletelistofvariablesthatmustincreaseinresponsetothistaxcut?

a）Consumption

b）Consumptionandinvestment

c）Consumption,investmentandoutput

d）Consumptionandoutput

e）Consumption,outputandtheinterestrate

Question13

Ifefficiencywagetheoryisvalid,wewouldexpectarelativelyhighpremiumoverthereservationwagewhen:

a）Theunemploymentrateishigh.

b）Thejobrequiresverylittletraining.

c）Workerscannotbeeasilymonitored.

d）Workershavefewotheroptionsforemploymentinthearea.

e）Alloftheabove

Question14

Thenaturallevelofoutputisthelevelofoutputthatoccurswhen:

a）Thegoodsmarketisinequilibrium.

b）Theeconomyisoperatingattheunemploymentrateconsistentwithboththewage-settingandprice-settingequations.

c）Thefinancialmarketsareinequilibrium.

d）Theunemploymentrateiszero.

e）Boththegoodsandfinancialmarketsareinequilibrium.

Question15

UsethefollowingPhillipscurveequationtoanswerthisquestion:

πt-πt-1=（μ+z）-αut.

Apermanentreductionintheunemploymentratecauses:

a）Anincreaseinthemarkupoverlabourcosts.

b）Adecreaseinthemarkupoverlabourcosts.

c）Anincreaseintheinflationrateovertime.

d）Adecreaseintheinflationrateovertime.

e）Noneoftheabove

Question16

Ifpolicymakersunderestimatethenaturalrateofunemployment,theymayfollowpoliciesthatcauseAustraliatohave:

a）Moreunemploymentthannecessary.

b）Anunemploymentratethatis“tohigh”

c）Ahigherinflationratethannecessary.

d）Asteadilydecreasinginflationrate.

e）Adramaticallyfluctuatingunemploymentrate.

Question17

BasedonadynamicADrelationwhenthecentralbankcontrolsnominalmoney,outputgrowthwillequalzerowhenwhichofthefollowingconditionsissatisfied?

a）0%nominalmoneygrowth;4%inflation

b）4%nonminalmoneygrowth;0%inflation

c）-4%nominalmoneygrowth;3%inflation

d）4%nominalmoneygrowth;4%inflation

e）Noneoftheabove

Note:

dynamicADrelation:

gy=gm-.So,ifgm==4%,gy=0.

Question18

Inthemediumrun,areductionintherateofinflationtargetwillcause:

a）Anincreaseinthesizeofthesacrificeratio.

b）Areductioninthesizeofthesacrificeratio.

c）Areductioninadjustedmoneygrowth.

d）Areductionintherateofinflation.

e）BothCandD

Note:

Pleaseseefigure9.3onpage217ofthetextbook.

Question19

Whichofthefollowingwillincreasethesteady-stategrowthrateofcapital?

a）Anincreaseinthesavingrate

b）Anincreaseinthepopulationgrowthrate

c）Atemporaryincreaseintechnologicalprogress

d）Alloftheabove

e）Noneoftheabove

Note:

Pleaseseefigure12.3onpage282ofthetextbook.

Question20

Whichofthefollowinghasbeenproposedasanexplanationfortheslowdownintechnologicalprogresssincethemid-1970s?

a）Measurementerror

b）Adiclineinmanufacturing’sshareinGDP

c）Adeclineinspendingonresearchanddevelopment

d）Alloftheabove

e）Noneoftheabove

Note:

Pleaseseepage272-274ofthetextbookofthelastyear.

Question21

Whichofthefollowingistruewhenevertheinflationrateispositve?

a）Therealinterestratemustbegreaterthanthenominalinterestrate.

b）Therealinterestratemustbenegative.

c）Therealinterestratemustbepositive.

d）Thenominalinterestratemustbenegative.

e）Noneoftheabove

Question22

Ifthenominalinterestratein20%peryear,howmuchmoneycananindividualborrowtodayifshewantstorepay$200inoneyear?

a）$240.00

b）$150.00

c）$160.00

d）$166.67

e）$180.00

Note:

200/（1+20%）=$166.67

Question23

Assumethattheyieldcurveisdownward-slopingyieldcurve.Thissuggeststhatfinancialmarketparticipantsexpectshort-terminterestratesto:

a）Increaseinthefuture.

b）Decreaseinthefuture.

c）Beunstableinthefuture.

d）Notchangeinthefuture.

e）Riseinthenearfuture,andfallinthemoredistantfuture.

Question24

Ingeneral,whentheshort-terminterestratesdecrease,long-termrateswill:

a）Increase

b）Remainthesame.

c）Decreasebymorethantheshort-termrate.

d）Decreasebythesameamountastheshort-termrate.

e）Decrease,butbylessthantheshort-termrate.

Question25

Whichoffollowingrepresentsnon-humanwealth?

a）Totalwealthminusthepresentdiscountedvalueofexpectedfutureafter-taxlabourincome

b）Totalwealthminusfinancialwealth

c）Wealththatcannotbetakenfromaperson,bylaw

d）Financialwealthminushousingwealth

e）Totalwealthminusehousingwealth

Question26

Supposeindividualsexpectthatinterestrateswillriseinthefuture.AlsoassumethattheRBAwantstopreventanychangeincurrentoutput.GiventhisgoaloftheRBA,theRBAshouldimplementaplocyinthecurrentperiodthat:

a）ShiftstheIScruverightward.

b）ShiftstheIScurveleftward.

c）ShiftstheIScurveleftwardandtheLMcurveupward.

d）ShiftstheLMcurveupward.

e）ShiftstheLMcurvedownward.

Question27

SupposethereisarealappreciationoftheAustraliandollar.Whichofthefollowingmayhaveoccurred?

a）ForeigncurrencyhasbecomelessexpensiveintheAustraliandollars.

b）ForeigngoodshavebecomemoreexpensivetoAmericans.

c）TheforeignpricelevelhasincreasedrelativetotheAustralianpricelevel.

d）Alloftheabove

e）Noneoftheabove

Note:

=EP/P*

Question28

Anincreaseintherealexchangerateindicatesthat:

a）Foreigngoodsarenowrelativelycheaper.

b）Foreigngoodsarenowrelativelymoreexpensive.

c）Domesticgoodsarenowrelativelymoreexpensive.

d）BothAandC

Note:

=EP/P*.soP↑orP*↓→↑

Question29

Supposethereisareductioninforeignoutput（Y*）.ThisreductioninY*willcausewhichofthefollowinginthedomesticcountry?

a）Areductioninoutput

b）Areductioninconsumption

c）Areductioninnetexports

d）Alloftheabove

e）Noneoftheabove

Note