曼昆宏观经济学英文课后复习题及练习答案Word文件下载.docx
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曼昆宏观经济学英文课后复习题及练习答案Word文件下载.docx
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6.EconomistsuserealGDPratherthannominalGDPtogaugeeconomicwell-beingbecauserealGDPisnotaffectedbychangesinprices,soitreflectsonlychangesintheamountsbeingproduced.YoucannotdetermineifariseinnominalGDPhasbeencausedbyincreasedproductionorhigherprices.
7.
Year
NominalGDP
RealGDP
GDPDeflator
2005
100X$2=$200
($200/$200)X100=100
2006
200X$3=$600
200X$2=$400
($600/$400)X100=150
ThepercentagechangeinnominalGDPis(600−200)/200x100=200%.ThepercentagechangeinrealGDPis(400−200)/200x100=100%.Thepercentagechangeinthedeflatoris(150−100)/100x100=50%.
8.ItisdesirableforacountrytohavealargeGDPbecausepeoplecouldenjoymoregoodsandservices.ButGDPisnottheonlyimportantmeasureofwell-being.Forexample,lawsthatrestrictpollutioncauseGDPtobelower.Iflawsagainstpollutionwereeliminated,GDPwouldbehigherbutthepollutionmightmakeusworseoff.Or,forexample,anearthquakewouldraiseGDP,asexpendituresoncleanup,repair,andrebuildingincrease.Butanearthquakeisanundesirableeventthatlowersourwelfare.
ProblemsandApplications
1.a.Consumptionincreasesbecausearefrigeratorisagoodpurchasedbyahousehold.
b.Investmentincreasesbecauseahouseisaninvestmentgood.
c.Consumptionincreasesbecauseacarisagoodpurchasedbyahousehold,butinvestmentdecreasesbecausethecarinFord’sinventoryhadbeencountedasaninvestmentgooduntilitwassold.
d.Consumptionincreasesbecausepizzaisagoodpurchasedbyahousehold.
e.Governmentpurchasesincreasebecausethegovernmentspentmoneytoprovideagoodtothepublic.
f.Consumptionincreasesbecausethebottleisagoodpurchasedbyahousehold,butnetexportsdecreasebecausethebottlewasimported.
g.Investmentincreasesbecausenewstructuresandequipmentwerebuilt.
2.Withtransferpayments,nothingisproduced,sothereisnocontributiontoGDP.
3.IfGDPincludedgoodsthatareresold,itwouldbecountingoutputofthatparticularyear,plussalesofgoodsproducedinapreviousyear.Itwoulddouble-countgoodsthatweresoldmorethanonceandwouldcountgoodsinGDPforseveralyearsiftheywereproducedinoneyearandresoldinanother.
4.a.CalculatingnominalGDP:
2005:
($1perqt.ofmilk´
100qts.milk)+($2perqt.ofhoney´
50qts.honey)=$200
2006:
200qts.milk)+($2perqt.ofhoney´
100qts.honey)=$400
2007:
($2perqt.ofmilk´
200qts.milk)+($4perqt.ofhoney´
100qts.honey)=$800
CalculatingrealGDP(baseyear2005):
2007:
CalculatingtheGDPdeflator:
($200/$200)´
100=100
($400/$400)´
($800/$400)´
100=200
b.CalculatingthepercentagechangeinnominalGDP:
PercentagechangeinnominalGDPin2006=[($400−$200)/$200]´
100=100%.
PercentagechangeinnominalGDPin2007=[($800−$400)/$400]´
CalculatingthepercentagechangeinrealGDP:
PercentagechangeinrealGDPin2006=[($400−$200)/$200]´
PercentagechangeinrealGDPin2007=[($400−$400)/$400]´
100=0%.
CalculatingthepercentagechangeinGDPdeflator:
PercentagechangeintheGDPdeflatorin2006=[(100−100)/100]´
PercentagechangeintheGDPdeflatorin2007=[(200−100)/100]´
Pricesdidnotchangefrom2005to2006.Thus,thepercentagechangeintheGDPdeflatoriszero.Likewise,outputlevelsdidnotchangefrom2006to2007.ThismeansthatthepercentagechangeinrealGDPiszero.
c.Economicwell-beingrosemorein2006thanin2007,sincerealGDProsein2006butnotin2007.In2006,realGDProsebutpricesdidnot.In2007,realGDPdidnotrisebutpricesdid.
5.
NominalGDP(billions)
GDPDeflator(baseyear:
1996)
2000
$9,873
118
1999
$9,269
113
a.ThegrowthrateofnominalGDPis($9,873−$9,269)/$9,269´
100%=6.5%.
b.Thegrowthrateofthedeflatoris(118−113)/113´
100%=4.4%.
c.RealGDPin1999(in1996dollars)is$9,269/(113/100)=$8,203.
d.RealGDPin2000(in1996dollars)is$9,873/(118/100)=$8,367.
e.ThegrowthrateofrealGDPis($8,367−$8,203)/$8,203´
100%=2.0%.
f.ThegrowthrateofnominalGDPishigherthanthegrowthrateofrealGDPbecauseofinflation.
6.Economistsignoretheriseinpeople'
sincomesthatiscausedbyhigherpricesbecausealthoughincomesarehigher,thepricesofthegoodsandservicesthatpeoplebuyarealsohigher.Therefore,theywillnotnecessarilybeabletopurchasemoregoodsandservices.Forthisreason,economistsprefertolookatrealGDPinsteadofnominalGDP.
7.Manyanswersarepossible.
8.a.GDPequalsthedollaramountBarrycollects,whichis$400.
b.NNP=GDP–depreciation=$400−$50=$350.
c.Nationalincome=NNP−salestaxes=$350−$30=$320.
d.Personalincome=nationalincome−retainedearnings=$320−$100=$220.
e.Disposablepersonalincome=personalincome−personalincometax=$220−$70=$150.
9.a.GDPisthemarketvalueofthefinalgoodsold,$180.
b.Valueaddedforthefarmer:
$100.
Valueaddedforthemiller:
$150–$100=$50.
Valueaddedforthebaker:
$180–$150=$30.
c.Together,thevalueaddedforthethreeproducersis$100+$50+$30=$180.ThisisthevalueofGDP.
10.IncountrieslikeIndia,peopleproduceandconsumeafairamountoffoodathomethatisnotincludedinGDP.SoGDPperpersoninIndiaandtheUnitedStateswilldifferbymorethantheircomparativeeconomicwell-being.
11.IfthegovernmentcaresaboutthetotalincomeofAmericans,itwillemphasizeGNP,becausethatmeasureincludestheincomesofAmericansthatisearnedabroadandexcludestheincomesofforeignerslivingintheUnitedStates.IfthegovernmentcaresaboutthetotalamountofeconomicactivityoccurringintheUnitedStates,itwillemphasizeGDP,whichmeasuresthelevelofproductioninthecountry,whetherproducedbydomesticcitizensorforeigners.
12.a.Theincreasedlabor-forceparticipationofwomenhasincreasedGDPintheUnitedStates,becauseitmeansmorepeopleareworkingandproductionhasincreased.
b.Ifourmeasureofwell-beingincludedtimespentworkinginthehomeandtakingleisure,itwouldnotriseasmuchasGDP,becausetheriseinwomen'
slabor-forceparticipationhasreducedtimespentworkinginthehomeandtakingleisure.
c.Otheraspectsofwell-beingthatareassociatedwiththeriseinwomen'
sincreasedlabor-forceparticipationincludeincreasedself-esteemandprestigeforwomenintheworkforce,especiallyatmanageriallevels,butdecreasedqualitytimespentwithchildren,whoseparentshavelesstimetospendwiththem.Suchaspectswouldbequitedifficulttomeasure.
Chp24
QuestionsforReview
1.A10%increaseinthepriceofchickenhasagreatereffectontheconsumerpriceindexthana10%increaseinthepriceofcaviarbecausechickenisabiggerpartoftheaverageconsumer'
smarketbasket.
2.Thethreeproblemsintheconsumerpriceindexasameasureofthecostoflivingare:
(1)substitutionbias,whicharisesbecausepeoplesubstitutetowardgoodsthathavebecomerelativelylessexpensive;
(2)theintroductionofnewgoods,whicharenotreflectedquicklyintheCPI;
and(3)unmeasuredqualitychange.
3.IfthepriceofaNavysubmarinerises,thereisnoeffectontheconsumerpriceindex,becauseNavysubmarinesarenotconsumergoods.ButtheGDPpriceindexisaffected,becauseNavysubmarinesareincludedinGDPasapartofgovernmentpurchases.
4.Becausetheoverallpriceleveldoubled,butthepriceofthecandybarrosesixfold,therealprice(thepriceadjustedforinflation)ofthecandybartripled.
5.Thenominalinterestrateistherateofinterestpaidonaloanindollarterms.Therealinterestrateistherateofinterestcorrectedforinflation.Therealinterestrateisthenominalinterestrateminustherateofinflation.
1.a.Findthepriceofeachgoodineachyear:
Cauliflower
Broccoli
Carrots
$2
$1.50
$0.10
2007
$3
$0.20
b.If2006isthebaseyear,themarketbasketusedtocomputetheCPIis100headsofcauliflower,50bunchesofbroccoli,and500carrots.Wemustnowcalculatethecostofthemarketbasketineachyear:
(100x$2)+(50x$1.50)+(500x$.10)=$325
(100x$3)+(50x$1.50)+(500x$.20)=$475
Then,using2006asthebaseyear,wecancomputetheCPIineachyear:
$325/$325x100=100
$475/$325x100=146
c.WecanusetheCPItocomputetheinflation
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