宏观经济学课件 OBlanchard Macroeconomics 6th chapter 14.docx

宏观经济学课件 OBlanchard Macroeconomics 6th chapter 14.docx

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宏观经济学课件OBlanchardMacroeconomics6thchapter14

Macroeconomics,6e（Blanchard/Johnson）

Chapter14:

Expectations:

TheBasicTools

14.1MultipleChoiceQuestions

1）Whichofthefollowingbestdefinestherealinterestrate（r）?

A）theamountofgoodswemustgiveupnextyearinordertoconsumemoregoodstoday

B）theamountofdollarswemustgiveupnextyearinordertoconsumemoregoodstoday

C）theamountofdollarswemustgiveupnextyearinordertohavemoredollarstoday

D）theamountofdollarswemustgiveuptodayinordertohavemoredollarsnextyear

E）theamountofdollarswemustgiveuptodayinordertoconsumemoregoodstoday

Answer:

A

Diff:

1

2）Thenominalinterestrateis

A）theinterestratemeasuredintermsofgoods.

B）alwayslessthantherealinterestrate.

C）equaltotherealinterestrateminustherateofinflation.

D）thetypeofinterestratetypicallyreportedinthefinancialpagesofnewspapers.

E）equaltotheexpectedrateofinflation.

Answer:

D

Diff:

1

3）Ifthenominalinterestrate8%andexpectedinflation3%,theexpectedrealinterestrateinyeartisapproximately

A）2%.

B）3%.

C）5%.

D）8%.

E）11%.

Answer:

C

Diff:

1

4）Whenevertheexpectedinflationrateispositive

A）therealinterestrateisgreaterthanthenominalinterestrate.

B）therealinterestrateisnegative.

C）therealinterestrateispositive.

D）thenominalinterestratemustbeequaltotherealinterestrate.

E）noneoftheabove

Answer:

E

Diff:

2

5）Supposethatthenominalinterestrateincreaseswhiletheexpectedinflationraterises.Giventhisinformation,weknowwithcertaintythattherealinterestrate

A）willnotchange.

B）willfall.

C）willfall,butonlyiftheincreaseinthenominalrateissmallerthantheincreaseinexpectedinflation.

D）willfall,butonlyiftheincreaseinthenominalrateisgreaterthantheincreaseinexpectedinflation.

E）noneoftheabove

Answer:

C

Diff:

2

6）Underwhichofthefollowingassumptionswouldthenominalinterestratebeequaltotherealinterestrate?

A）expectedinflationisequaltothenominalinterestrate.

B）expectedinflationisequaltotherealinterestrate.

C）expectedinflationisnegative.

D）expectedinflationisequaltozero.

E）noneoftheabove

Answer:

D

Diff:

2

7）Ifthenominalinterestrateislessthantherealinterestrate,weknowthat

A）boththenominalorrealinterestratemustbenegative.

B）thenominalinterestratemustbeequaltoexpectedinflation.

C）expecteddeflationmustbeoccurring.

D）expectedinflationmustbepositive.

E）expectedinflationmustbezero.

Answer:

C

Diff:

2

8）Iftheexpectedinflationrateisnegative,theexpectedrealinterestratemustbe

A）negative.

B）lessthanthenominalinterestrate.

C）equaltothenominalinterestrate.

D）greaterthanthenominalinterestrate.

E）noneoftheabove

Answer:

D

Diff:

2

9）Dataonrealandnominalinterestratesofone-yearU.S.T-Billsshowthat,overthepasttwentyyears,

A）thenominalratehasalwaysbeenlessthantherealrate.

B）wheneverthenominalraterises,therealratefalls,andviceversa.

C）thenominalratehasvaried,buttherealratehasnot.

D）therealratehasvaried,butthenominalratehasnot.

E）therealratehasalwaysbeenlessthanthenominalrate.

Answer:

E

Diff:

1

10）Withanominalinterestrateof10%,thepresentdiscountedvalueof$200tobereceivedinoneyearis

A）$90.91.

B）$165.29.

C）$181.82.

D）$190.00.

E）$220.00.

Answer:

C

Diff:

2

11）Withanominalinterestrateof10%peryear,thepresentdiscountedvalueof$200tobereceivedintwoyearsis

A）$82.64.

B）$90.91.

C）$165.29.

D）$181.82.

E）$220.00.

Answer:

C

Diff:

2

12）Ifthenominalinterestrateis20%peryear,howmuchmoneycananindividualborrowtodayifshewantstorepay$100inoneyear?

A）$80.00

B）$83.33

C）$120.00

D）$78.00

E）$121.00

Answer:

B

Diff:

2

13）Withanominalinterestrateof5%peryear,thepresentdiscountedvalueof$100tobereceivedin10yearsis

A）$50.00.

B）$61.39.

C）$95.24.

D）$150.00.

E）$163.89.

Answer:

B

Diff:

2

14）Withaconstantnominalinterestrateequaltoi,thepresentdiscountedvalueof$1.00tobereceived4yearsfromtodayisequalto

A）1+i.

B）i4.

C）（1+i）4.

D）1/（1+i）4.

E）4（1+i）.

Answer:

D

Diff:

2

15）Anincreaseinthenominalinterestrate,allelseheldconstant,willalwayscausewhichofthefollowing?

A）therealinterestratetodecrease

B）theexpectedinflationratetodecrease

C）thedemandformoneytoincrease

D）alloftheabove

E）noneoftheabove

Answer:

E

Diff:

1

16）Thepresentdiscountedvalueofafuturepaymentbecomessmallerwhen

A）thenominalinterestratedecreases.

B）thepaymentismadesoonerratherthanlater.

C）thepaymentitselfdecreases.

D）alloftheabove

E）noneoftheabove

Answer:

C

Diff:

1

17）Aconsolbondpromisestopay$1000eachyear,forever,startingnextyear.Ifthenominalinterestrateis5%,thepresentdiscountedvalueofthisconsolis

A）$900.00.

B）$995.00.

C）$2,500.00.

D）$20,000.00.

E）$25,000.00.

Answer:

D

Diff:

2

18）Supposethenominalinterestrateiszero.Inthissituation,thepresentdiscountedvalueofafinitesequenceoffuturepaymentsisequaltowhichofthefollowing?

A）zero

B）thesumoftheallpaymentsdividedbytherateofinflation

C）theaveragevalueofeachpayment

D）thesumofallpayments

E）thesquareofthesumofallpayments

Answer:

D

Diff:

1

19）Forthisquestion,assumethattheinterestrateisgreaterthan0.Giventhisinformationandtheinformationaboutthepaymentsprovidedbelow,rankthefollowingthreesequencesofpaymentsaccordingtotheirpresentvalue

"A""B""C"

2005$190$200$210

2006$200$200$200

2007$210$200$190

A）A>B>C

B）A>C>B

C）C>B>A

D）C>A>B

E）B>A>C

Answer:

C

Diff:

2

20）WhichofthefollowingistrueoftheLMcurvewhenthenominalinterestrate（ratherthantherealinterestrate）isontheverticalaxis?

A）theLMcurvebecomesdownwardsloping.

B）areductioninexpectedinflationwillhavenoeffectonthepositionoftheLMcurve.

C）areductionintheexpectedinflationratewillmaketheLMcurveshiftup.

D）areductionintheexpectedinflationratewillmaketheLMcurveshiftdown.

E）noneoftheabove

Answer:

B

Diff:

2

21）Forthisquestion,assumethatexpectedinflationiszero.Inthissituation,weknowthat

A）thenominalandrealinterestratesareequal.

B）thenominalinterestratewillexceedtherealinterestrate.

C）therealinterestratewillexceedthenominalinterestrate.

D）therealinterestwillbezero.

E）therealinterestrateisnegative.

Answer:

A

Diff:

1

22）WhentheIScurveisdrawnwiththenominalinterestrateontheverticalaxis,areductionintheexpectedinflationratewillcause

A）theIScurvetoshiftrightward.

B）theIScurvetoshiftleftward.

C）theIScurvetobecomesteeper.

D）theIScurvetobecomeflatter.

E）nochangeintheIScurve.

Answer:

B

Diff:

2

23）Forthisquestion,assumethattheinterestrateisequalto0.Giventhisinformationandtheinformationaboutthepaymentsprovidedbelow,rankthefollowingthreesequencesofpaymentsaccordingtotheirpresentvalue

"A""B""C"

2005$190$200$210

2006$200$200$200

2007$210$200$190

A）A>B>C

B）A>C>B

C）C>B>A

D）B>A>C

E）noneoftheabove

Answer:

E

Diff:

2

24）IntheIS-LMmodel,anincreaseinexpectedinflationwillcausewhichofthefollowing?

A）anincreaseinoutput

B）anincreaseinthenominalinterestrate

C）areductionintherealinterestrate

D）alloftheabove

E）noneoftheabove

Answer:

D

Diff:

2

25）Whenindividualsmakedecisionsabouthowmuchmoneyandbondstohold,whichofthefollowingvariablesaffectsthosedecisions?

A）therealinterestrateonly

B）thenominalinterestrateonly

C）theexpectedinflationrateonly

D）eithertherealinterestrateortheexpectedinflationrate

E）boththenominalandrealinterestrates

Answer:

B

Diff:

1

26）Becauseexpectedinflationistypicallypositive,weknowthat

A）thenominalinterestrateisgenerallylessthantherealinterestrate.

B）therealinterestrateisgenerallylessthanthenominalinterestrate.

C）thenominalandrealinterestratesaregenerallyequal.

D）therealinterestrateisapproximatelyequaltozero.

Answer:

B

Diff:

1

27）Foragivennominalinterestrate,areductioninexpectedinflationwillcause

A）areductionintherealinterestrate.

B）anincreaseintherealinterestrate.

C）anincreaseininvestment.

D）anincreaseinmoneydemand.

Answer:

B

Diff:

2

28）Supposethatthenominalinterestrateandexpectedinflationbothdecreaseby2%.Giventhisinformation,wewouldexpectwhichofthefollowingtooccur?

A）anincreaseintherealinterestrate

B）areductionintherealinterestrate

C）areductionininvestment

D）anincreaseinmoneydemand

E）bothAandC

Answer:

D

Diff:

2

29）Forthisquestion,assumethatexpectedinflationisequaltothenominalinterestrate.Inthissituation,whichofthefollowingiscorrect?

A）therealinterestrateisnegative

B）therealinterestrateispositive

C）therealinterestrateishigherthanthenominalinterestrate

D）therealinterestrateiszero

Answer:

D

Diff:

1

30）Becausethenominalinterestrateisalwayspositive,thediscountfactorisalways

A）negative.

B）greaterthanone.

C）zero.

D）lessthanone.

Answer:

D

Diff:

1

31）WhichofthefollowingwillNOTcauseanincreaseinthepresentvalueofasequenceofpayments?

A）areductioninthecurrentinterestrate

B）areductioninexpectedfutureinterestrates

C）aninc