曼昆宏观经济学课后答案英文版doc.docx
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曼昆宏观经济学课后答案英文版doc.docx
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曼昆宏观经济学课后答案英文版doc
23章
SOLUTIONSTOTEXTPROBLEMS:
QuickQuizzes:
1.Grossdomesticproductmeasurestwothingsatonce:
(1)thetotalincomeofeveryoneintheeconomy;and
(2)thetotalexpenditureontheeconomy’soutputofgoodsandservices.Itcanmeasurebothofthesethingsatoncebecauseincomemustequalexpenditurefortheeconomyasawhole.
2.TheproductionofapoundofcaviarcontributesmoretoGDPthantheproductionofapoundofhamburgerbecausethecontributiontoGDPismeasuredbymarketvalueandthepriceofapoundofcaviarismuchhigherthanthepriceofapoundofhamburger.
3.Thefourcomponentsofexpenditureare:
(1)consumption;
(2)investment;(3)governmentpurchases;and(4)netexports.Thelargestcomponentisconsumption,whichaccountsformorethantwo-thirdsoftotalexpenditure.
4.NominalGDPistheproductionofgoodsandservicesvaluedatcurrentprices.RealGDPistheproductionofgoodsandservicesvaluedatconstantprices.RealGDPisabettermeasureofeconomicwell-beingbecauseitreflectstheeconomy’sabilitytosatisfypeople’sneedsanddesires.ThusariseinrealGDPmeanspeoplehaveproducedmoregoodsandservices,butariseinnominalGDPcouldoccureitherbecauseofincreasedproductionorbecauseofhigherprices.
5.AlthoughGDPisnotaperfectmeasureofwell-being,policymakersshouldcareaboutitbecausealargerGDPmeansthatanationcanaffordbetterhealthcare,bettereducationalsystems,andmoreofthematerialnecessitiesoflife.
QuestionsforReview:
1.Aneconomy'sincomemustequalitsexpenditure,sinceeverytransactionhasabuyerandaseller.Thus,expenditurebybuyersmustequalincomebysellers.
2.TheproductionofaluxurycarcontributesmoretoGDPthantheproductionofaneconomycarbecausetheluxurycarhasahighermarketvalue.
3.ThecontributiontoGDPis$3,themarketvalueofthebread,whichisthefinalgoodthatissold.
4.ThesaleofusedrecordsdoesnotaffectGDPatallbecauseitinvolvesnocurrentproduction.
5.ThefourcomponentsofGDPareconsumption,suchasthepurchaseofamusicCD;investment,suchasthepurchaseofacomputerbyabusiness;governmentpurchases,suchasanorderformilitaryaircraft;andnetexports,suchasthesaleofAmericanwheattoRussia.
6.EconomistsuserealGDPratherthannominalGDPtogaugeeconomicwell-beingbecauserealGDPisnotaffectedbychangesinprices,soitreflectsonlychangesintheamountsbeingproduced.IfnominalGDPrises,youdonotknowifthatisbecauseofincreasedproductionorhigherprices.
7.
Year
NominalGDP
RealGDP
GDPDeflator
2001
100X$2=$200
100X$2=$200
($200/$200)X100=100
2002
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.PurchasesofnewhousingareincludedintheinvestmentportionofGDPbecausehousingprovidesservicesforalongtime.Forthesamereason,purchasesofnewcarscouldbethoughtofasinvestment,butbyconvention,theyarenot.Thelogiccouldapplytoanydurablegood,suchashouseholdappliances.
4.IfGDPincludedgoodsthatareresold,itwouldbecountingoutputofthatparticularyear,plussalesofgoodsproducedinapreviousyear.Itwoulddouble-countgoodsthatweresoldmorethanonceandwouldcountgoodsinGDPforseveralyearsiftheywereproducedinoneyearandresoldinanother.
5.a.CalculatingnominalGDP:
2001:
($1perqt.ofmilk´100qts.milk)+($2perqt.ofhoney´50qts.honey)=$200
2002:
($1perqt.ofmilk´200qts.milk)+($2perqt.ofhoney´100qts.honey)=$400
2003:
($2perqt.ofmilk´200qts.milk)+($4perqt.ofhoney´100qts.honey)=$800
CalculatingrealGDP(baseyear2001):
2001:
($1perqt.ofmilk´100qts.milk)+($2perqt.ofhoney´50qts.honey)=$200
2002:
($1perqt.ofmilk´200qts.milk)+($2perqt.ofhoney´100qts.honey)=$400
2003:
($1perqt.ofmilk´200qts.milk)+($2perqt.ofhoney´100qts.honey)=$400
CalculatingtheGDPdeflator:
2001:
($200/$200)´100=100
2002:
($400/$400)´100=100
2003:
($800/$400)´100=200
b.CalculatingthepercentagechangeinnominalGDP:
PercentagechangeinnominalGDPin2002=[($400-$200)/$200]´100=100%.
PercentagechangeinnominalGDPin2003=[($800-$400)/$400]´100=100%.
CalculatingthepercentagechangeinrealGDP:
PercentagechangeinrealGDPin2002=[($400-$200)/$200]´100=100%.
PercentagechangeinrealGDPin2003=[($400-$400)/$400]´100=0%.
CalculatingthepercentagechangeinGDPdeflator:
PercentagechangeintheGDPdeflatorin2002=[(100-100)/100]´100=0%.
PercentagechangeintheGDPdeflatorin2003=[(200-100)/100]´100=100%.
Pricesdidnotchangefrom2001to2002.Thus,thepercentagechangeintheGDPdeflatoriszero.Likewise,outputlevelsdidnotchangefrom2002to2003.ThismeansthatthepercentagechangeinrealGDPiszero.
c.Economicwell-beingrosemorein2002thanin2003,sincerealGDProsein2002butnotin2003.In2002,realGDProseandpricesdidn’t.In2003,realGDPdidn’triseandpricesdid.
6.
Year
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.
7.Economistsignoretheriseinpeople'sincomesthatiscausedbyhigherpricesbecausealthoughincomesarehigher,thepricesofthegoodsandservicesthatpeoplebuyarealsohigher.Therefore,theywillnotnecessarilybeabletopurchasemoregoodsandservices.Forthisreason,economistsprefertolookatrealGDPinsteadofnominalGDP.
8.Manyanswersarepossible.
9.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.
10.IncountrieslikeIndia,peopleproduceandconsumeafairamountoffoodathomethatisnotincludedinGDP.SoGDPperpersoninIndiaandtheUnitedStateswilldifferbymorethantheircomparativeeconomicwell-being.
11.IfthegovernmentcaresaboutthetotalincomeofAmericans,itwillemphasizeGNP,sincethatmeasureincludestheincomeofAmericansthatisearnedabroadandexcludestheincomeofforeigners.IfthegovernmentcaresaboutthetotalamountofeconomicactivityoccurringintheUnitedStates,itwillemphasizeGDP,whichmeasuresthelevelofproductioninthecountry,whetherproducedbydomesticcitizensorforeigners.
12.a.Theincreasedlabor-forceparticipationofwomenhasincreasedGDPintheUnitedStates,sinceitmeansmorepeopleareworkingandproductionhasincreased.
b.Ifourmeasureofwell-beingincludedtimespentworkinginthehomeandtakingleisure,itwouldn'triseasmuchasGDP,sincetheriseinwomen'slabor-forceparticipationhasreducedtimespentworkinginthehomeandtakingleisure.
c.Otheraspectsofwell-beingthatareassociatedwiththeriseinwomen'sincreasedlabor-forceparticipationincludeincreasedself-esteemandprestigeforwomenintheworkforce,especiallyatmanageriallevels,butdecreasedqualitytimespentwithchildren,whoseparentshavelesstimetospendwiththem.Suchaspectswouldbequitedifficulttomeasure.
24章
SOLUTIONSTOTEXTPROBLEMS:
QuickQuizzes
1.Theconsumerpriceindextriestomeasuretheoverallcostofthegoodsandservicesboughtbyatypicalconsumer.Itisconstructedbysurveyingconsumerstofixabasketofgoodsandservicesthatthetypicalconsumerbuys,findingthepricesofthegoodsandservicesovertime,computingthecostofthebasketatdifferenttimes,andthenchoosingabaseyear.Tocomputetheindex,wedividethecostofthemarketb
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