曼昆宏观经济学 23章英文答案文档格式.docx
- 文档编号:20769687
- 上传时间:2023-01-25
- 格式:DOCX
- 页数:16
- 大小:69.55KB
曼昆宏观经济学 23章英文答案文档格式.docx
《曼昆宏观经济学 23章英文答案文档格式.docx》由会员分享,可在线阅读,更多相关《曼昆宏观经济学 23章英文答案文档格式.docx(16页珍藏版)》请在冰豆网上搜索。
howgrossdomesticproduct(GDP)isdefinedandcalculated.
thebreakdownofGDPintoitsfourmajorcomponents.
thedistinctionbetweenrealGDPandnominalGDP.
whetherGDPisagoodmeasureofeconomicwell-being.
CONTEXTANDPURPOSE:
Chapter10isthefirstchapterinthemacroeconomicsectionofthetext.Itisthefirstofatwo-chaptersequencethatintroducesstudentstotwovitalstatisticsthateconomistsusetomonitorthemacroeconomy—GDPandtheconsumerpriceindex.Chapter10developshoweconomistsmeasureproductionandincomeinthemacroeconomy.Thefollowingchapter,Chapter11,developshoweconomistsmeasurethelevelofpricesinthemacroeconomy.Takentogether,Chapter10concentratesonthequantityofoutputinthemacroeconomywhileChapter11concentratesonthepriceofoutputinthemacroeconomy.
Thepurposeofthischapteristoprovidestudentswithanunderstandingofthemeasurementandtheuseofgrossdomesticproduct(GDP).GDPisthesinglemostimportantmeasureofthehealthofthemacroeconomy.Indeed,itisthemostwidelyreportedstatisticineverydevelopedeconomy.
KEYPOINTS:
∙Becauseeverytransactionhasabuyerandaseller,thetotalexpenditureintheeconomymustequalthetotalincomeintheeconomy.
∙Grossdomesticproduct(GDP)measuresaneconomy’stotalexpenditureonnewlyproducedgoodsandservicesandthetotalincomeearnedfromtheproductionofthesegoodsandservices.Moreprecisely,GDPisthemarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiodoftime.
∙GDPisdividedamongfourcomponentsofexpenditure:
consumption,investment,governmentpurchases,andnetexports.Consumptionincludesspendingongoodsandservicesbyhouseholds,withtheexceptionofpurchasesofnewhousing.Investmentincludesspendingonnewequipmentandstructures,includinghouseholds’purchasesofnewhousing.Governmentpurchasesincludespendingongoodsandservicesbylocal,state,andfederalgovernments.Netexportsequalthevalueofgoodsandservicesproduceddomesticallyandsoldabroad(exports)minusthevalueofgoodsandservicesproducedabroadandsolddomestically(imports).
∙NominalGDPusescurrentpricestovaluetheeconomy’sproductionofgoodsandservices.RealGDPusesconstantbase-yearpricestovaluetheeconomy’sproductionofgoodsandservices.TheGDPdeflator―calculatedfromtheratioofnominaltorealGDP―measuresthelevelofpricesintheeconomy.
∙GDPisagoodmeasureofeconomicwell-beingbecausepeoplepreferhigherincomestolowerincomes.Butitisnotaperfectmeasureofwell-being.Forexample,GDPexcludesthevalueofleisureandthevalueofacleanenvironment.
CHAPTEROUTLINE:
Regardlessofwhethermicroeconomicsistaughtbeforemacroeconomicsorviceversa,studentsneedtoberemindedofthedifferencesbetweenthetwoareasofstudy.Beginbydefiningthetwotermsandcontrastingandcomparingtheirfocus.
I.ReviewoftheDefinitionsofMicroeconomicsandMacroeconomics
A.Definitionofmicroeconomics:
thestudyofhowhouseholdsandfirmsmakedecisionsandhowtheyinteractinmarkets.
B.Definitionofmacroeconomics:
thestudyofeconomy-widephenomenaincludinginflation,unemployment,andeconomicgrowth.
II.TheEconomy’sIncomeandExpenditure
A.Tojudgewhetherornotaneconomyisdoingwell,itisusefultolookatGrossDomesticProduct(GDP).
StudentshaveheardofGDPandtheyareofteninterestedinlearningmoreaboutwhatitis.ThebasicpointthatyoumustgetacrossisthatGDPisameasureofbothaggregateproductionandaggregateincomeinanationoveraperiodofoneyear.Youcandemonstratethisbyusingthecircular-flowdiagramandexplainingthatproductiongeneratesincome,whichprovidesthepurchasingpowerthatgeneratesthedemandfortheproducts.
1.GDPmeasuresthetotalincomeofeveryoneintheeconomy.
2.GDPmeasurestotalexpenditureonaneconomy’soutputofgoodsandservices.
B.Foraneconomyasawhole,totalincomemustequaltotalexpenditure.
1.Ifsomeonepayssomeoneelse$100tomowalawn,theexpenditureonthelawnservice($100)isexactlyequaltotheincomeearnedfromtheproductionofthelawnservice($100).
2.Wecanalsousethecircular-flowdiagramfromChapter2toshowwhytotalincomeandtotalexpendituremustbeequal.
Figure1
a.Householdsbuygoodsandservicesfromfirms;
firmsusethismoneytopayforresourcespurchasedfromhouseholds.
b.Inthesimpleeconomydescribedbythiscircular-flowdiagram,calculatingGDPcouldbedonebyaddingupthetotalpurchasesofhouseholdsorsummingtotalincomeearnedbyhouseholds.
c.Notethatthissimplediagramissomewhatunrealisticasitomitssaving,taxes,governmentpurchases,andinvestmentpurchasesbyfirms.However,becauseatransactionalwayshasabuyerandaseller,totalexpenditureintheeconomymustbeequaltototalincome.
III.TheMeasurementofGrossDomesticProduct
A.Definitionofgrossdomesticproduct(GDP):
themarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiodoftime.
ToputGDPintermsthatstudentsmayunderstandbetter,explaintothemthatGDPrepresentstheamountofmoneyonewouldneedtopurchaseoneyear’sworthoftheeconomy’sproductionofallfinalgoodsandservices.
HaveacontestandseewhichstudentcancomeclosestinguessingthelevelofGDPfortheUnitedStateslastyear.
B.“GDPIstheMarketValue...”
1.Toaddtogetherdifferentitems,marketvaluesareused.
2.Marketvaluesarecalculatedbyusingmarketprices.
C.“...OfAll...”
1.GDPincludesallitemsproducedandsoldlegallyintheeconomy.
2.Thevalueofhousingservicesissomewhatdifficulttomeasure.
a.Ifhousingisrented,thevalueoftherentisusedtomeasurethevalueofthehousingservices.
b.Forhousingthatisowned(ormortgaged),thegovernmentestimatestherentalvalueandusesthisfiguretovaluethehousingservices.
3.GDPdoesnotincludeillegalgoodsorservicesoritemsthatarenotsoldinmarkets.
a.Whenyouhiresomeonetomowyourlawn,thatproductionisincludedinGDP.
b.Ifyoumowyourownlawn,thatproductionisnotincludedinGDP.
D.“...Final...”
1.IntermediategoodsarenotincludedinGDP.
Makesurethatstudentsrealizethatinvestmentgoods(suchasstructuresandvehiclesusedinproduction)arenotintermediategoods.Investmentgoodsrepresentproductspurchasedforfinalusebybusinessfirms.
2.Thevalueofintermediategoodsisalreadyincludedaspartofthevalueofthefinalgood.
3.Goodsthatareplacedintoinventoryareconsideredtobe“final”andincludedinGDPasafirm’sinventoryinvestment.
a.Goodsthataresoldoutofinventoryarecountedasadecreaseininventoryinvestment.
b.Thegoalistocounttheproductionwhenthegoodisfinished,whichisnotnecessarilythesametimethattheproductissold.
E.“...GoodsandServices...”
1.GDPincludesbothtangiblegoodsandintangibleservices.
F.“...Produced...”
1.Onlycurrentproductioniscounted.
2.UsedgoodsthataresolddonotcountaspartofGDP.
G.“...WithinaCountry...”
1.GDPmeasurestheproductionthattakesplacewithinthegeographicalboundariesofaparticularcountry.
2.IfaCanadiancitizenworkstemporarilyintheUnitedStates,thevalueofhisoutputisincludedinGDPfortheUnitedStates.IfanAmericanownsafactoryinHaiti,thevalueoftheproductionofthatfactoryisnotincludedinU.S.GDP.
StudentssometimeshavetroubleunderstandingthattheproductionofaforeignfirmoperatingintheUnitedStatesispartofU.S.GDP.Helpthemmaketheconnectionbyusingthecircular-flowdiagram.Showthemthat,evenifitisaforeignfirm,thefirm’sworkersarelivingintheUnitedStatesandbuyingclothes,groceries,andothergoodsintheUnitedStates.Thus,theworkersintheforeignfirmoperatingintheUnitedStatesarefuelingthedomesticeconomy.
H.“...inaGivenPeriodofTime.”
1.TheusualintervaloftimeusedtomeasureGDPisaquarter(threemonths).
2.WhenthegovernmentreportsGDP,thedataaregenerallyreportedonanannualbasis.
3.Inaddition,dataaregenerallyadjustedforregularseasonalchanges(suchasChristmas).
I.Inadditiontosummingexpenditure,thegovernmentalsocalculatesGDPbyaddinguptotalincomeintheeconomy.
1.ThetwowaysofcalculatingGDPalmostexactlygivethesameanswer.
2.ThedifferencebetweenthetwocalculationsofGDPiscalledthestatisticaldiscrepancy.
J.FYI:
OtherMeasuresofIncome
Itcanbeachallengetoteachallofthesedefinitionswithoutputtingyourstudentstosleep.Concentrateonthemeasuresthatwillmeanthemosttostudentsasthesemesterprogresses.
A.GrossNationalProduct(GNP)isthetotalincomeearnedbyanation’spermanentresidents.
1.GNPincludesincomethatAmericancitizensearnabroad.
2.GNPexcludesincomethatforeignersearnintheUnitedStates.
B.NetNationalProduct(NNP)isthetotalincomeofanation’sresidents(GNP)minuslossesfromdepreciation(wearandtearonaneconomy’sstockofequipmentandstructures).
C.Nationalincomeisthetotalincomeearnedbyanation’sresidentsintheproductionofgoodsandservices.
1.NationalincomediffersfromNNPbyexcludingindirectbusinesstaxesandincludingbusinesssubsidies.
2.NNPandnationalincomealsodifferdueto“statistic
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 曼昆宏观经济学 23章英文答案 宏观经济学 23 英文 答案