布兰查德宏观经济学第七版第7版英文版chapter5.docx
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布兰查德宏观经济学第七版第7版英文版chapter5.docx
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布兰查德宏观经济学第七版第7版英文版chapter5
Macroeconomics,7e(Blanchard)
Chapter5:
GoodsandFinancialMarkets.TheIS-LMModel
5.1TheGoodsMarketandtheISRelation
1)TheIScurverepresents
A)thesinglelevelofoutputwherethegoodsmarketisinequilibrium.
B)thesinglelevelofoutputwherefinancialmarketsareinequilibrium.
C)thecombinationsofoutputandtheinterestratewherethemoneymarketisinequilibrium.
D)thecombinationsofoutputandtheinterestratewherethegoodsmarketisinequilibrium.
E)noneoftheabove
Answer:
D
Diff:
1
2)TheIScurvewillshifttotherightwhenwhichofthefollowingoccurs?
A)anincreaseinthemoneysupply
B)anincreaseingovernmentspending
C)areductionintheinterestrate
D)alloftheabove
E)noneoftheabove
Answer:
B
Diff:
2
3)WhichofthefollowingoccursastheeconomymovesleftwardalongagivenIScurve?
A)Anincreaseintheinterestratecausesinvestmentspendingtodecrease.
B)Anincreaseintheinterestratecausesmoneydemandtoincrease.
C)Anincreaseintheinterestratecausesareductioninthemoneysupply.
D)Areductioningovernmentspendingcausesareductionindemandforgoods.
E)Anincreaseintaxescausesareductionindemandforgoods.
Answer:
A
Diff:
2
4)During2008intheUnitedStates,consumerconfidencefellsignificantly.Whichofthefollowingwilloccurasaresultofthisreductioninconsumerconfidence?
A)TheLMcurvewillshiftup.
B)TheLMcurvewillshiftdown.
C)TheIScurvewillshiftrightward.
D)TheIScurvewillshiftleftward.
E)TheIScurvewillshiftrightward,andtheLMcurvewillshiftup.
Answer:
D
Diff:
2
5)Supposepolicymakersdecidetoreducetaxes.Thisfiscalpolicyactionwillcausewhichofthefollowingtooccur?
A)TheLMcurveshiftsandtheeconomymovesalongtheIScurve.
B)TheIScurveshiftsandtheeconomymovesalongtheLMcurve.
C)BoththeISandLMcurvesshift.
D)NeithertheISnortheLMcurveshifts.
E)OutputwillchangecausingachangeinmoneydemandandashiftoftheLMcurve.
Answer:
B
Diff:
2
6)Supposefiscalpolicymakersimplementapolicytoreducethesizeofabudgetdeficit.BasedontheIS-LMmodel,weknowwithcertaintythatthefollowingwilloccurasaresultofthisfiscalpolicyaction.
A)Investmentspendingwilldecrease.
B)Investmentspendingwillincrease.
C)Therewillbenochangeininvestmentspending.
D)Investmentspendingmayincrease,decrease,ornotchange.
E)noneoftheabove
Answer:
D
Diff:
3
7)Forthisquestion,assumethatinvestmentspendingdependsonlyontheinterestrateandnolongerdependsonoutput.Giventhisinformation,areductioningovernmentspending
A)willcauseinvestmenttodecrease.
B)willcauseinvestmenttoincrease.
C)maycauseinvestmenttoincreaseortodecrease.
D)willhavenoeffectonoutput.
E)willcauseareductioninoutputandhavenoeffectontheinterestrate.
Answer:
B
Diff:
3
8)Supposeinvestmentspendingisnotverysensitivetotheinterestrate.Giventhisinformation,weknowthat
A)theIScurveshouldberelativelyflat.
B)theIScurveshouldberelativelysteep.
C)theLMcurveshouldberelativelyflat.
D)theLMcurveshouldberelativelysteep.
E)neithertheISnortheLMcurvewillbeaffected.
Answer:
B
Diff:
2
9)Explainthedeterminantsofinvestment.Includeinyouransweranexplanationofhowachangeineachdeterminantaffectsinvestment.
Answer:
Investmentdependsonthelevelofsales/outputandontheinterestrate.Asoutputchanges,thedemandforgoodswillchangeandfirmswillchangeinvestmentsothattheircapacitychangeswiththelevelofeconomicactivity(anddemand).Ialsodependsontheinterestrate.Astheinterestraterises,thecostofborrowingrises.Firmswillcutbackoninvestmentasborrowingcostsrise.
Diff:
2
10)WhatistheISrelation?
ExplainwhyIScurveisdownwardsloping.
Answer:
TheISrelationshowsthecombinationsoftheinterestrateandthelevelofoutputthatareconsistentwithequilibriuminthegoodsmarket.Anincreaseintheinterestrateleadstoadeclineinoutput.Consequently,theIScurveisdownwardsloping.
Diff:
2
11)GraphicallyderivetheIScurvefromthegoodsmarketequilibrium.
Answer:
SupposetheinitialequilibriuminthegoodsmarketisatpointAwithinterestratei.Supposenowthattheinterestrateincreasesfromitsinitialvalueitoahighervaluei'.Theincreaseintheinterestratedecreasesinvestment.Thedecreaseininvestmentleadstoadecreaseinoutput.NowthenewequilibriumpointisatA',withahighervalueofiandlowervalueofY.AfterweplotthecombinationsofiandYwhenthegoodsmarketisinequilibrium,wecanconnectthesetwopoints(AandA')togetadownwardslopingIScurve.
Diff:
2
5.2FinancialMarketsandtheLMRelation
1)Foreachinterestrate,theLMcurveillustratesthelevelofoutputwhere
A)thegoodsmarketisinequilibrium.
B)inventoryinvestmentequalszero.
C)moneysupplyequalsmoneydemand.
D)alloftheabove
E)noneoftheabove
Answer:
C
Diff:
2
2)TheLMcurveshiftsdown(or,equivalently,totheright)whenwhichofthefollowingoccurs?
A)anincreaseintaxes
B)anincreaseinoutput
C)anopenmarketsaleofbondsbythecentralbank
D)anincreaseinconsumerconfidence
E)noneoftheabove
Answer:
E
Diff:
2
3)Whichofthefollowingstatementsisconsistentwithagiven(i.e.,fixed)LMcurve?
A)Areductionintheinterestratecausesinvestmentspendingtoincrease.
B)Areductionintheinterestratecausesmoneydemandtodecrease.
C)Areductionintheinterestratecausesanincreaseinthemoneysupply.
D)Anincreaseinoutputcausesanincreaseindemandforgoods.
E)Anincreaseinoutputcausesanincreaseinmoneydemand.
Answer:
E
Diff:
2
4)Inlate2007andearly2008,theU.S.FederalReservepursuedexpansionarymonetarypolicy.Whichofthefollowingwilloccurasaresultofthismonetarypolicyaction?
A)TheLMcurveshiftsdown.
B)TheLMcurveshiftsup.
C)TheIScurveshiftsrightwardastheinterestratefalls.
D)TheIScurveshiftsleftwardastheinterestrateincreases.
E)noneoftheabove
Answer:
A
Diff:
2
5)Supposethedemandformoneyisnotverysensitivetotheinterestrate.Giventhisinformation,weknowthat
A)theIScurveshouldberelativelyflat.
B)theIScurveshouldberelativelysteep.
C)theLMcurveshouldberelativelyflat.
D)theLMcurveshouldberelativelysteep.
E)neithertheISnortheLMcurvewillbeaffected.
Answer:
D
Diff:
3
6)Whichofthefollowingisthedefinitionfortherealsupplyofmoney?
A)Thestockofmoneymeasuredintermsofgoods,notdollars.
B)Thestockofhighpoweredmoneyonly.
C)Therealvalueofcurrencyincirculationonly.
D)Theactualquantityofmoney,ratherthantheofficiallyreportedquantity.
E)TheratiooftherealGDPtothenominalmoneysupply.
Answer:
A
Diff:
1
7)First,definetheLMcurve.Second,explainwhyithasitsparticularshape.
Answer:
TheLMcurveillustratesthecombinationsoftheinterestrateandlevelofoutputthatmaintainfinancialmarketequilibrium.Thecurveisupwardslopingbecauseasincomeincreases,moneydemandwillrise.Thisincreaseinmoneydemandwillcauseanexcessdemandformoneyandanexcesssupplyofbonds.Bondpriceswillfallandtheinterestratewillincreaseuntilequilibriumisrestored.
Diff:
2
5.3PuttingtheISandtheLMRelationsTogether
1)SupposetheeconomyiscurrentlyoperatingonboththeLMcurveandtheIScurve.Whichofthefollowingistrueforthiseconomy?
A)Productionequalsdemand.
B)Thequantitysuppliedofbondsequalsthequantitydemandedofbonds.
C)Themoneysupplyequalsmoneydemand.
D)Financialmarketsareinequilibrium.
E)alloftheabove
Answer:
E
Diff:
1
2)SupposetheeconomyisoperatingontheLMcurvebutnotontheIScurve.Giventhisinformation,weknowthat
A)thegoodsmarketisinequilibriumandthemoneymarketisnotinequilibrium.
B)themoneymarketandbondmarketsareinequilibriumandthegoodsmarketisnotinequilibrium.
C)themoneymarketandgoodsmarketareinequilibriumandthebondmarketisnotinequilibrium.
D)themoney,bondandgoodsmarketsareallinequilibrium.
E)neitherthemoney,bond,norgoodsmarketsareinequilibrium.
Answer:
B
Diff:
2
3)SupposethecurrentlevelofoutputandtheinterestratearesuchthattheeconomyisoperatingonneithertheISnorLMcurve.Whichofthefollowingistrueforthiseconomy?
A)Productiondoesnotequaldemand.
B)Themoneysupplydoesnotequalmoneydemand.
C)Thequantitysuppliedofbondsdoesnotequalthequantitydemandedofbonds.
D)Financialmarketsarenotinequilibrium.
E)alloftheabove
Answer:
E
Diff:
2
4)Anincreaseinthemoneysupplywillcauseanincreaseinwhichofthefollowingvariables?
A)output
B)investment
C)consumption
D)alloftheabove
E)noneoftheabove
Answer:
D
Diff:
2
5)Supposethereisanincreaseinconsumerconfidence.Whichofthefollowingrepresentsthecompletelistofvariablesthatmustincreaseinresponsetothisincreaseinconsumerconfidence?
A)consumption
B)consumptionandinvestment
C)consumption,investmentandoutput
D)consumptionandoutput
E)consumption,outputandtheinterestrate
Answer:
E
Diff:
2
6)Supposethereisafiscalcontraction.Whichofthefollowingisacompletelistofthevariablesthatmustdecrease?
A)consumption
B)consumptionandinvestment
C)consumptionandoutput
D)consumption,outputandtheinterestrate
E)consumption,outputandinvestment
Answer:
C
Diff:
2
7)Weknowwithcertaintythatataxincreasemustcausewhichofthefollowing?
A)anincrea
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