布兰查德宏观经济学第七版第7版英文版chapter18.docx
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布兰查德宏观经济学第七版第7版英文版chapter18.docx
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布兰查德宏观经济学第七版第7版英文版chapter18
Macroeconomics,7e(Blanchard)
Chapter18:
TheGoodsMarketinanOpenEconomy
18.1TheISRelationintheOpenEconomy
1)Whichofthefollowingrepresentsthedemandfordomesticgoods?
A)C+I+G
B)C+I+G+X
C)C+I+G-εIM
D)C+I+G+X+εIM
E)C+I+G+X-IM/ε
Answer:
E
Diff:
1
2)Whichofthefollowingrepresentsthedomesticdemandforgoods?
A)C+I+G
B)C+I+G+X
C)C+I+G-IM/ε
D)C+I+G+X-εM/ε
E)C+I+G+X+εIM
Answer:
A
Diff:
1
3)Theexpression,IM,representsthevalueofimportsintermsof
A)foreigncurrency.
B)domesticcurrency.
C)foreigngoods.
D)domesticgoods.
E)exports.
Answer:
C
Diff:
2
4)Thequantityofimportswillincreasewhenthereis
A)areductionintherealexchangerate.
B)anincreaseindomesticoutput.
C)anincreaseinforeignoutput.
D)alloftheabove
E)noneoftheabove
Answer:
B
Diff:
1
5)Exportswilldecreasewhenthereis
A)anincreaseintherealexchangerate.
B)anincreaseindomesticoutput.
C)anincreaseinforeignoutput.
D)alloftheabove
E)noneoftheabove
Answer:
A
Diff:
2
6)Explainthedifferencebetween:
(1)thedemandfordomesticgoods;and
(2)thedomesticdemandforgoods.
Answer:
ThedemandfordomesticgoodsrepresentsthedemandforgoodsproducedINacountry.Thismeasurewilltakeintoaccountthosegoodsproduceddomesticallyandsoldabroad(exports)andthefactthatsomegoodspurchaseddomesticallywereproducedabroad(imports).Thedomesticdemandforgoodsrepresentsthedemandforgoodsbydomesticindividuals,firms,andgovernment:
C+I+G.ThedifferencebetweenthetwoisNX.
Diff:
2
7)Explainthedeterminantsofexportsandimports.
Answer:
Exportsareafunctionofforeignoutputandtherealexchangerate.Importsareafunctionofdomesticoutputandtheexchangerate.
Diff:
1
8)Explainwhythedemandfordomesticgoodscurve(ZZ)hasadifferentshapethanthedomesticdemandcurve(DD).
Answer:
Themarginalpropensitytoimportexplainsthis.AsYincreases,CandIwillincreasecausinganincreaseinDD.Someofthisincreaseindemandisforforeigngoods.ThismustbesubtractedfromDDtoobtainZZ.So,agivenincreaseinYwillhavealargereffectonDDthanitwillonZZ.
Diff:
2
18.2EquilibriumOutputandtheTradeBalance
1)Whichofthefollowingoccurswhenthegoodsmarketisinequilibrium?
A)Domesticoutput(Y)equalsthedemandfordomesticgoods.
B)Yequalsthedomesticdemandforgoods.
C)Yequalsthedomesticdemandfordomesticgoods.
D)Netexportsequals0.
E)Demandfordomesticgoodsequalsthedomesticdemandforgoods.
Answer:
A
Diff:
2
2)Whichofthefollowingistruewhenacountryisexperiencingatradesurplus(NX>0)?
A)Demandfordomesticgoodsisequaltothedomesticdemandforgoods.
B)Demandfordomesticgoodsisgreaterthanthedomesticdemandforgoods.
C)Demandfordomesticgoodsislessthanthedomesticdemandforgoods.
D)Abudgetsurplusexists.
Answer:
B
Diff:
2
3)Whichofthefollowingistruewhenacountyisexperiencingatradedeficit(NX<0)?
A)Demandfordomesticgoodsisequaltothedomesticdemandforgoods.
B)Demandfordomesticgoodsisgreaterthanthedomesticdemandforgoods.
C)Demandfordomesticgoodsislessthanthedomesticdemandforgoods.
D)Abudgetdeficitexists.
Answer:
C
Diff:
2
4)Whichofthefollowingistruewhenacountry'stradepositionisbalanced(i.e.,NX=0)?
A)Demandfordomesticgoodsisequaltothedomesticdemandforgoods.
B)Demandfordomesticgoodsisgreaterthanthedomesticdemandforgoods.
C)Demandfordomesticgoodsislessthanthedomesticdemandforgoods.
D)Neitherabudgetsurplusnordeficitexists(i.e.,G-T=0).
Answer:
A
Diff:
2
5)AssumetheMarshall-Lernerconditionholds.Whichofthefollowingwillcauseanincreaseinnetexports?
A)anincreaseingovernmentspending
B)anincreaseininvestment
C)areductioninforeignoutput
D)areductionintherealexchangerate
E)alloftheabove
Answer:
D
Diff:
2
6)UsingtheZZ/YandNXgraphs,illustrategraphicallyandexplainwhateffectareductionintaxeswillhaveonoutput,exports,imports,andnetexports.Clearlylabelallcurvesandclearlylabeltheinitialandfinalequilibria.
Answer:
AreductioninTwillcauseanincreaseinCandcauseZZtoshiftupasdemandrises.YwillincreasecausinganincreaseinCandS.AsYrises,importswillrise.Giventhatexportsdonotchange,netexportswilldecrease.
Diff:
2
7)UsingtheZZ/YandNXgraphs,illustrategraphicallyandexplainwhateffectareductioninforeignoutput(Y*)willhaveonoutput,exports,imports,andnetexports.Clearlylabelallcurvesandclearlylabeltheinitialandfinalequilibria.
Answer:
Areductioninforeignincome,Y*,willcauseadecreaseinexports(theNXcurveshiftsup)andandecreaseindemand.Asdemandfalls,YwilldecreasecausingafallinCandS.AsYdecreases,importswilldecreaseaswell.Asshowninthetext,thedecreaseinimportswillbelessthanthefallinexports.So,NXwillbelower.
Diff:
2
8)Explainwhyinpracticepolicycoordinationishardtoachieve.
Answer:
Oneofreasonsisthatsomecountriesmighthavetodomorethanothersandmaynotwanttodoso.Second,countrieshaveastrongincentivetopromisetocoordinateandthennotdeliveronthatpromise.Onlywhenthingsarereallybad,doescoordinationappeartotakehold.
Diff:
2
9)UsingtheZZ/YandNXgraphs,illustrategraphicallyandexplainwhateffectanincreaseingovernmentspendingwillhaveonoutput,exports,imports,andnetexports.Clearlylabelallcurvesandclearlylabeltheinitialandfinalequilibria.
Answer:
AnincreaseingovernmentspendingwillcauseZZtoshiftupasdemandrises.YwillincreasecausinganincreaseinCandS.AsYrises,importswillrise.Giventhatexportsdonotchange,netexportswilldecrease.
Diff:
2
18.3IncreasesinDemand-DomesticorForeign
1)Inanopeneconomy,anincreaseingovernmentspendingwillcause
A)areductionindomesticoutput.
B)areductioninimports.
C)areductioninnetexports.
D)alloftheabove
E)noneoftheabove
Answer:
D
Diff:
2
2)Inanopeneconomy,whichofthefollowingwillcauseanincreaseinthesizeofthemultiplier?
A)areductioninthemarginalpropensitytoimport
B)areductionforeignoutput
C)anincreaseinthemarginalpropensitytosave
D)alloftheabove
E)noneoftheabove
Answer:
A
Diff:
2
3)Supposethereisareductioninforeignoutput(Y*).ThisreductioninY*willcausewhichofthefollowinginthedomesticcountry?
A)areductioninoutput
B)areductioninconsumption
C)areductioninnetexports
D)alloftheabove
E)noneoftheabove
Answer:
D
Diff:
2
4)Whichofthefollowingwillalwayscauseanincreaseinnetexports?
A)areductionindomesticoutput
B)anincreaseintherealexchangerate
C)anincreaseingovernmentspending
D)anincreaseininvestment
E)alloftheabove
Answer:
A
Diff:
2
5)Anincreaseingovernmentspendingwillhaveagreaterimpactonnetexportswhen
A)themarginalpropensitytosaveissmaller.
B)theeconomyisclosed.
C)thesensitivityofinvestmenttoincomeissmaller.
D)alloftheabove
E)noneoftheabove
Answer:
A
Diff:
2
6)Whichofthefollowingwilloccurinasmallcountrywithahighmarginalpropensitytoimport?
A)Changesingovernmentspendingwillcauselargechangesinoutput.
B)Changesingovernmentspendingwillcauselargechangesinthetradebalance.
C)Adepreciationwillcauseonlysmallchangesinthetradebalance.
D)Thereisnocombinationofpoliciesthatcaneliminatethetradedeficit.
E)alloftheabove
Answer:
B
Diff:
2
7)Whichofthefollowingwouldmakethespendingmultipliersmaller?
A)areductioninmarginalpropensitytosave
B)asmallinitialtradedeficit
C)areductioninthemarginalpropensitytoimport
D)arealappreciation
E)noneoftheabove
Answer:
E
Diff:
2
8)Supposethattherestoftheworldexperiencesaneconomicboomcausinganincreaseinforeignoutput(Y*).ThisincreaseinY*willnotcausewhichofthefollowingtooccur?
A)thedomesticcountry'soutputtoincrease
B)thedomesticcountry'sconsumptiontoincrease
C)thedomesticcountry'soutputtoincreaseanditstradebalancetoworsenasimportsincrease
D)alloftheabove
E)noneoftheabove
Answer:
C
Diff:
2
9)Inanopeneconomy,netexportswillbeequaltowhichofthefollowing?
A)X-IM/ε
B)T-G
C)DD
D)Z
E)S-I
Answer:
A
Diff:
1
10)Whichofthefollowingwilloccurasaresultofataxincrease?
A)privatesavingincreases
B)investmentincreases
C)thetradebalanceimproves
D)thetradebalanceworsens
E)thebudgetdeficitincreases
Answer:
C
Diff:
2
11)Anopeneconomywithalowsavingrate(privateandpublic)musthave
A)lowinvestmentonly.
B)highinvestmentonly.
C)atradesurplusonly.
D)lowinvestmentoratradedeficit.
E)lowinvestmentoratradesurplus.
Answer:
D
Diff:
2
12)Policycoordinationisdifficultbecauseeachcountry
A)preferstobetheonetoincreasedemand.
B)preferstobetheonetoappreciateitscurrency.
C)prefersthatothercountriesincreasetheirdemand.
D)preferstobetheonetoincreasetaxes.
E)prefersthatothercountriesincreasetaxes.
Answer:
C
Diff:
1
13)Whichofthefollowingconditionsmustbesatisfiedforthedemandfordomesticgoodstobeequaltothedomesticdemandforgoods?
A)X=εIM
B)X=0
C)G-T=0
D)S=I
E)X=IM/ε
Answer:
E
Diff:
1
14)Anincreaseinwhichofthefollowingvariableswillcauseareductioninthedemandfordomesticgoods?
A)foreignincome
B)therealexchanger
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