宏观经济学试题 Macroeconomics B Answers.docx
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宏观经济学试题 Macroeconomics B Answers.docx
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宏观经济学试题MacroeconomicsBAnswers
JIANGXIUNIVERSITYOFFINANCEANDECONOMICS
SchoolofInternationalStudies
MacroeconomicTheory
(FinalExamA,Twohours)
Answers
Prof.X.Wang,M.Zhang,P.Lu,L.XiaoandJ.LiJUNE2008B
Attention:
Pleaseusetheseparatepaperandbookletprovidedtoanswerthefollowingquestionsandidentifythenumbersofthequestionyouaredoing.
PartOne:
Definitions(3ptseach,15ptsintotal)
1.PotentialGDPisthevalueofrealGDPwhenalltheeconomy’slabour,capital,land,andentrepreneurialabilityarefullyemployed.
2.Businesscycle—aperiodicbutirregularup-and-downmovementinproduction.
3.Theeconomicgrowthrateisthepercentagechangeinthequantityofgoodsandservicesproducedfromoneyeartothenext.
4.Fiscalpolicyisthegovernment’sattempttoinfluenceeconomicactivitybychangingitstaxes,spending,deficit,anddebtpolicies.
5.Governmentdebtisthetotalamountthatthegovernmenthasborrowed—thatthegovernmentowes.
PartTow:
MultiplierChoice(pleasechooseoneofthebestanswersamongthechoicesgivenineachquestionandthenblackenitonyouranswersheet.2pointseach,50pointsintotal)
1.Anadvanceintechnologyshiftstheproduction
functionupwardandshiftsthelabor
A)demandcurveleftward.
B)supplycurveleftward.
C)demandcurverightward.
D)supplycurverightward.
Answer:
C
2.Supposethatthemoneywagerateis$22perhour
andthatthepricelevelis100.Ifthemoneywage
ratefallsto$11perhourandthepriceleveldoes
notchange,whathappenstotherealwagerate?
A)Therealwageratedoubles.
B)Therealwageraterisesbutdoesnotdouble.
C)Therealwageratedoesnotchange.
D)Therealwageratefalls.
Answer:
D
3.Investmentdemandistherelationshipbetween
investmentandthe____otherthingsremaining
thesame.
A)realinterestrate
B)nominalinterestrate
C)inflationrate
D)pricelevel
Answer:
A
4.Abasicpreconditionforeconomicgrowthisincentives,
providedthrough
A)taxabatementsandtaxcredits
B)markets.
C)governmentcontrolofessentialindustries.
D)governmentcontrolovercreditmarkets.
Answer:
B
5.IfY=realGDP,andL,KandTrepresentthe
quantitiesoflabor,capitalandtechnologyrespectively,
thenthemostappropriaterepresentationof
theaggregateproductionfunctionis
A)L=F(K,Y,T).
B)Y=F(T,K).
C)Y=F(K,T,L).
D)T=F(Y,T,L).
Answer:
C
6.Intheabovefigure,themovementfrompointa
topointeshowstheeffectof
A)thetwo-thirdsrule.
B)anincreaseinthecapitalstock.
C)anincreaseinlaborproductivity.
D)anadvanceintechnology.
Answer:
B
7.Anindividualwantingthemostliquidassetpossible
willhold
A)currency.
B)asavingsaccount.
C)checkabledepositsatabank.
D)U.Sgovernmentbonds.
Answer:
A
8.Supposethatthemoneymultiplieris3.IftheFed
sells$2millioninsecurities,thequantityof
moneywill
A)increaseby$6million.
B)increaseby$666,667.
C)decreaseby$6million.
D)decreaseby$666,667.
Answer:
C
9.Usethefigureabovetoanswerthisquestion.
Supposetheeconomyisoperatingatpointa.A
moveto____couldbeexplainedby____.
A)pointc;anincreaseintheuseofcreditcards
B)pointb;anincreaseinrealGDP
C)pointb;anincreaseininterestrates
D)pointe;anincreaseinU.S.exports
Answer:
A
10Thefigureaboveillustratestheeffectof
A)anincreaseinrealGDP.
B)adecreaseinrealGDP.
C)aFedopenmarketpurchaseofgovernmentsecurities.
D)aFedopenmarketsaleofgovernmentsecurities.
Answer:
D
11.Intheabovefigure,iftheeconomyisinitiallyat
pointa,thelong-runeffectofanincreaseinthe
quantityofmoneyisgivenbymovementfrom
point
A)atopointb,increasingoutputanddecreasing
theunemploymentrate.
B)atopointc,increasingoutputanddecreasing
theunemploymentrate.
C)atopointd,decreasingoutputandincreasing
theunemploymentrate.
D)atopointc,keepingoutputandtheunemployment
rateconstant.
Answer:
D
12.Atthebeginningoftheyear,Tom’sTubeshada
capitalstockof5tubeinflatingmachines.During
theyear,Tomscrapped2oldmachinesandpurchased
3newmachines.Tom’scapitalstockatthe
endofyearequals
A)1machine.
B)2machines.
C)3machines.
D)6machines.
Answer:
D
13.TheexpenditureapproachmeasuresGDPby
adding
A)compensationofemployees,rentalincome,corporate
profits,netinterest,andproprietors’income.
B)compensationofemployees,rentalincome,corporate
profits,netinterest,proprietors’income,
subsidiespaidbythegovernment,indirecttaxes
paid,anddepreciation.
C)compensationofemployees,rentalincome,corporate
profits,netinterest,proprietors’income,
indirecttaxespaid,anddepreciationandsubtracting
subsidiespaidbythegovernment.
D)consumptionexpenditure,grossprivatedomestic
investment,netexportsofgoodsandservices,
andgovernmentpurchasesofgoodsandservices.
Answer:
D
14.Thelargestcomponentofnationalincomeis
A)compensationofemployees.
B)rentalincome.
C)corporateprofits.
D)proprietors’income.
Answer:
A
15Ifaggregatehoursworkedgrowsmoreslowlythan
thenumberofpeopleemployedthen
A)peopleareworkingfewerhoursonaverage.
B)peopleareworkingmorehoursonaverage.
C)theremustbefewerparttimeworkers.
D)Noneoftheabovearecorrectbecauseaggregate
hourscannotgrowmoreslowlythanthenumber
ofpeopleemployed.
Answer:
A
16.Frictionalunemploymentistheresultof
A)technologicalchangeorforeigncompetition.
B)normallabormarketturnover.
C)aslowdownintherateofeconomicexpansion.
D)irresponsibleworkerswithpoorworkhabits.
Answer:
B
17.IftheCPIbasketofgoodscost$200inthereference
baseperiodand$450inalateryear,theCPI
inthelateryearequals
A)225.
B)250.
C)300.
D)450.
Answer:
A
18.IftheCPIwas132.5attheendof2004and
137.5attheendof2005,theinflationrateover
thesetwoyearswas
A)3.6percent.
B)3.8percent.
C)5.0percent.
D)Noneoftheaboveanswersiscorrect.
Answer:
B
19.Inthemacroeconomiclongrun,
A)realGDP=potentialGDP.
B)theeconomyisatfullemployment.
C)regardlessofthepricelevel,theeconomyisproducing
atpotentialGDP.
D)Alloftheabovearecorrect.
Answer:
D
20.Theconsumptionfunctionshowsa
A)positiverelationshipbetweenanindividual’s
wealthandhisorherconsumptionexpenditure.
B)positiverelationshipbetweendisposableincome
andconsumptionexpenditure.
C)negativerelationshipbetweenconsumptionexpenditure
andaggregatesaving.
D)negativerelationshipbetweendisposableincome
andconsumptionexpenditure.
Answer:
B
21.TheMPCisequalto
A)ΔC/ΔS.
B)ΔS/ΔC.
C)ΔC/ΔYD.
D)ΔS/ΔYD.
Answer:
C
22.SupposerealGDPincreasesfrom$4trillionto$5
trillion.Asaresult,consumptionexpenditureincreases
from$4trillionto$4.75trillion.Thisresult
impliestheMPSequals
A)0.75.
B)0.25.
C)0.
D)someamountthatcannotbedeterminedwithout
moreinformation.
Answer:
D
23.Inaneconomywithhouseholdsandfirmsbutno
governmentorforeigntrade,themultiplierequals
A)1/MPC.
B)1/MPS.
C)1/(1–MPS).
D)1/(MPC+MPS).
Answer:
B
24.Intheabovefigure,supposetheeconomyisat
pointA.Tomovetheeconomysothatitisproducing
atitspotentialGDP,thegovernment
mightincreaseitspurchases
A)by$2trillion.
B)sothattheaggregatesupplycurveshiftssothat
itgoesthroughpointD.
C)sothattheaggregatedemandcurveshiftssothat
itgoesthroughpointB.
D)sothattheaggregatedemandcurveandtheaggregate
supplycurvebothshiftsothattheyboth
gothroughpointC.
Answer:
C
25.Intheabovefigure,supposetheeconomyisat
pointAwhenthecountryexperiencesanincrease
inenergycosts.Ifthecentralbankfollowsa
monetaristfixedruleanddoesnotchangethe
quantityofmoney,theeconomywill
A)remainatpointA.
B)movetopointB.
C)movetopointC.
D)movetopointD.
Answer:
D
PartThree:
ShortQuestions(4questions,20ptsintotal)
Youareencouragedtoanswerthesequestionsbydrawingfigures
1.WhatisAlanGreenspan’sdefinitionofpricestability?
Explainhisdefinition.(5’ts)
Answer:
AlanGreenspandefinespricestabilityastheconditioninwhichtheinflationratedoesnotfeatureinpeople’seconomiccalculations.Aninflationratecloseto0percentqualifiesaspricestabilityunderhisdefinition.Infact,mosteconomistswhoascribetothisdefinitionbelievethataninflationratebetween0percentand3percentmeetsthisdefinition.Theseeconomistsassertthat0percentinflationisnotnecessaryforpricestabilitybecauseofthemeasurementerrorsassociatedwithcalculatingthetrueinflationrate.Becausetheseerrorsbiasthemeasuredrateupwards,ameasuredinflationratebetween0percentand3percentis
closetoanactualinflationrateof0percent.
2.Describewaysthatgovernmentscanpromotefastereconomicgrowth.(5’pts)
Answer:
Policiesforincreasingtheeconomicgrowthrateare
1)Stimulatesaving(forinstance,taxincentivescouldbedirectedatincreasingsavingwhichwillthenincreasethecapitalstock);
2)Stimulateresearchanddevelopment(inventionscanbecopied,sogovernmentsubsidiescanleadtomoreinventionsthatspreadthroughouttheeconomy);
3)Targethigh-technologyindustriesbyencouragingsuchindustries,acountrytemporarilycanearnabove-averageprofitsbutthereis
thedangerthatthewrongindustrieswillbetargeted;
4)Encourageinternationaltradefreeinternationaltradeencourageseconomicgrowthbecausefreetradeextractsallthepossiblegainsfromspecializat
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