曼昆《经济学原理》宏观第五版测试题库 34.docx
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曼昆《经济学原理》宏观第五版测试题库 34.docx
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曼昆《经济学原理》宏观第五版测试题库34
Chapter34
TheInfluenceofMonetaryandFiscalPolicyOnAggregateDemand
TRUE/FALSE
1.Bothmonetarypolicyandfiscalpolicyaffectaggregatedemand.
ANS:
TDIF:
1REF:
34-0
NAT:
AnalyticLOC:
Monetaryandfiscalpolicy
TOP:
Monetarypolicy|FiscalpolicyMSC:
Definitional
2.FortheU.S.economy,themostimportantreasonforthedownwardslopeoftheaggregate-demandcurveistheinterest-rateeffect.
ANS:
TDIF:
2REF:
34-1
NAT:
AnalyticLOC:
Aggregatedemandandaggregatesupply
TOP:
Interest-rateeffectMSC:
Interpretive
3.Accordingtothetheoryofliquiditypreference,theinterestrateadjuststobalancethesupplyof,anddemandfor,loanablefunds.
ANS:
FDIF:
2REF:
34-1
NAT:
AnalyticLOC:
Theroleofmoney
TOP:
TheoryofliquiditypreferenceMSC:
Interpretive
4.ThetheoryofliquiditypreferencewasdevelopedbyIrvingFisher.
ANS:
FDIF:
1REF:
34-1
NAT:
AnalyticLOC:
Theroleofmoney
TOP:
Theoryofliquiditypreference|EconomistsMSC:
Interpretive
5.Anincreaseinthemoneysupplydecreasestheequilibriuminterestrateandshiftstheaggregate-demandcurvetotheright.
ANS:
TDIF:
2REF:
34-1
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Monetaryinjections
MSC:
Interpretive
6.Otherthingsthesame,anincreaseinthepricelevelcausestherealvalueofthedollartofallinthemarketforforeign-currencyexchange.
ANS:
FDIF:
2REF:
34-1
NAT:
AnalyticLOC:
Aggregatedemandandaggregatesupply
TOP:
Exchange-rateeffectMSC:
Applicative
7.Changesinmonetarypolicyaimedatreducingaggregatedemandinvolvedecreasingthemoneysupplyorincreasingtheinterestrate.
ANS:
TDIF:
2REF:
34-1
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Monetarypolicy
MSC:
Interpretive
8.Forthemostpart,fiscalpolicyaffectstheeconomyintheshortrunwhilemonetarypolicyprimarilymattersinthelongrun.
ANS:
FDIF:
1REF:
34-1
NAT:
AnalyticLOC:
Monetaryandfiscalpolicy
TOP:
Fiscalpolicy|MonetarypolicyMSC:
Interpretive
9.ForacountrysuchastheU.S.,thewealtheffectexertsaveryimportantinfluenceontheslopeoftheaggregate-demandcurve,sinceU.S.wealthislargerelativetowealthinmostothercountries.
ANS:
FDIF:
1REF:
34-1
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Wealtheffect
MSC:
Interpretive
10.Iftheinflationrateiszero,thenthenominalandrealinterestratearethesame.
ANS:
TDIF:
1REF:
34-1
NAT:
AnalyticLOC:
Monetaryandfiscalpolicy
TOP:
Nominalinterestrate|RealinterestrateMSC:
Interpretive
11.Inliquiditypreferencetheory,anincreaseintheinterestrate,otherthingsthesame,decreasesthequantityofmoneydemanded,butdoesnotshiftthemoneydemandcurve.
ANS:
TDIF:
1REF:
34-1
NAT:
AnalyticLOC:
Monetaryandfiscalpolicy
TOP:
TheoryofliquiditypreferenceMSC:
Analytical
12.Anincreaseinthepricelevelshiftsthemoneydemandcurvetotheleft,causinginterestratestoincrease.
ANS:
FDIF:
1REF:
34-1
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Moneydemand
MSC:
Interpretive
13.Anincreaseinthemoneysupplyshiftstheaggregate-supplycurvetotheright.
ANS:
FDIF:
1REF:
34-1
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Monetarypolicy
MSC:
Interpretive
14.WhentheFedincreasesthemoneysupply,theinterestratedecreases.Thisdecreaseintheinterestrateincreasesconsumptionandinvestmentdemand,sotheaggregate-demandcurveshiftstotheright.
ANS:
TDIF:
2REF:
34-1
NAT:
AnalyticLOC:
Monetaryandfiscalpolicy
TOP:
Monetarypolicy|Aggregate-demandcurveMSC:
Analytical
15.StockpricesoftenrisewhentheFedraisesinterestrates.
ANS:
FDIF:
1REF:
34-1
NAT:
AnalyticLOC:
Monetaryandfiscalpolicy
TOP:
Stockmarket|MonetarypolicyMSC:
Interpretive
16.WhentheFedannouncesatargetforthefederalfundsrate,itessentiallyaccommodatestheday-to-dayfluctuationsinmoneydemandbyadjustingthemoneysupplyaccordingly.
ANS:
TDIF:
2REF:
34-1
NAT:
AnalyticLOC:
Monetaryandfiscalpolicy
TOP:
Federalfundsrate|MonetarypolicyMSC:
Interpretive
17.Ifthemarginalpropensitytoconsumeis6/7,thenthemultiplieris7.
ANS:
TDIF:
2REF:
34-2
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Multipliereffect
MSC:
Applicative
18.Ifthemarginalpropensitytoconsumeis4/5,thenadecreaseingovernmentspendingof$1billiondecreasesthedemandforgoodsandservicesby$5billion.
ANS:
TDIF:
2REF:
34-2
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Multipliereffect
MSC:
Applicative
19.Boththemultipliereffectandtheinvestmentacceleratortendtomaketheaggregate-demandcurveshiftfurtherthanitdoesduetoaninitialincreaseingovernmentexpenditures.
ANS:
TDIF:
1REF:
34-2
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Multipliereffect|Investment
MSC:
Applicative
20.ThemultiplieriscomputedasMPC/(1-MPC).
ANS:
FDIF:
1REF:
34-2
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Multipliereffect
MSC:
Definitional
21.Permanenttaxcutshavealargerimpactonconsumptionspendingthantemporaryones.
ANS:
TDIF:
1REF:
34-2
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Taxes
MSC:
Applicative
22.Someeconomists,calledsupply-siders,arguethatchangesinthemoneysupplyexertastronginfluenceonaggregatesupply.
ANS:
FDIF:
2REF:
34-2
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Supply-sideeconomics
MSC:
Applicative
23.Inprinciple,thegovernmentcouldincreasethemoneysupplyorincreasegovernmentexpenditurestotrytooffsettheeffectsofawaveofpessimismaboutthefutureoftheeconomy.
ANS:
TDIF:
1REF:
34-3
NAT:
AnalyticLOC:
Monetaryandfiscalpolicy
TOP:
Stabilizationpolicy|ExpectationsMSC:
Applicative
24.Themaincriticismofthosewhodoubttheabilityofthegovernmenttorespondinausefulwaytothebusinesscycleisthatthetheorybywhichmoneyandgovernmentexpenditureschangeoutputisflawed.
ANS:
FDIF:
2REF:
34-3
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Stabilizationpolicy
MSC:
Definitional
25.Asignificantlagformonetarypolicyisthetimeittakestoforachangeinthemoneysupplytochangetheeconomy.Asignificantlagforfiscalpolicyisthetimeittakestopasslegislationauthorizingit.
ANS:
TDIF:
1REF:
34-3
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Stabilizationpolicy
MSC:
Definitional
26.Unemploymentinsuranceandwelfareprogramsworkasautomaticstabilizers.
ANS:
TDIF:
1REF:
34-3
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Automaticstabilizers
MSC:
Definitional
27.Dependingonthesizeofthemultiplierandcrowding-outeffects,therightwardshiftinaggregatedemandfromataxcutcouldbelargerorsmallerthanthetaxcut.
ANS:
TDIF:
2REF:
34-3
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Multipliereffect
MSC:
Analytic
28.Duringrecessions,unemploymentinsurancepaymentstendtorise.
ANS:
TDIF:
2REF:
34-3
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Automaticstabilizers
MSC:
Interpretive
29.Duringrecessions,thegovernmenttendstorunabudgetdeficit.
ANS:
TDIF:
1REF:
34-3
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
Automaticstabilizers
MSC:
Applicative
30.AnimplicationoftheEmploymentActof1946isthatthegovernmentshouldrespondtochangesintheprivateeconomytostabilizeaggregatedemand.
ANS:
TDIF:
2REF:
34-3
NAT:
AnalyticLOC:
MonetaryandfiscalpolicyTOP:
EmploymentActof1946
MSC:
Interpretive
SHORTANSWER
1.Whatisthedifferencebetweenmonetarypolicyandfiscalpolicy?
ANS:
TheFederalReserveBankconductsU.S.monetarypolicy.Itconsistsofpoliciestoaffectthefinancialsideoftheeconomy-mostnotablythesupplyofmoneyintheeconomy.Fiscalpolicyisconductedbytheexecutiveandlegislativebranchesofgovernment,andentailsdecisionsabouttaxesandgovernmentspending.
DIF:
2REF:
34-1NAT:
Analytic
LOC:
MonetaryandfiscalpolicyTOP:
Fiscalpolicy|Monetarypolicy
MSC:
Definitional
2.Therearethreefactorsthathelpexplaintheslopeoftheaggregatedemandcurve.Whichtwoarelessimportant?
Whyaretheylessimportant?
ANS:
Thewealtheffectandtheexchange-rateeffectarelessimportantthantheinterest-rateeffectintheUnitedStates.
Thewealtheffectisnotveryimportantbecauseitoperatesthroughchangesintherealvalueofmoney,andmoneyisonlyasmallfractionofhouseholdwealth.Soitisunlikelythatchangesinthepricelevelwillleadtolargechangesinconsumptionspendingthroughthischannel.Theexchange-rateeffectisnotveryimportantintheUnitedStatesbecausetradewithothercountriesrepresentsarelativelysmallfractionofU.S.GDP.Soachangeinnet-exportsduetoachangeintheexchangerateislikelytohavearelativelysmallimpactonrealGDP.
DIF:
2REF:
34-1NAT:
Analytic
LOC:
MonetaryandfiscalpolicyTOP:
Wealtheffect|Exchange-rateeffect
MSC:
Analytical
3.Explainwhytheinterestrateistheopportunitycostofholdingcurrency.Whatisthebenefitofholdingcurrency?
ANS:
Thenominalinterestrateoncurrencyiszero.Thenextbestalternativeistobuyabondandearninterest.Currencyisusedasamediumofexchange.Bondsareilliquidandsoarecostlytoconverttoamediumofexchange.
DIF:
2REF:
34-1NAT:
Analytic
LOC:
MonetaryandfiscalpolicyTOP:
Currency|Interestrates
MSC:
Interpretive
4.Describetheprocessinthemoneymarketbywhichtheinterestratereachesitsequilibriumvalueifitstartsaboveequilibrium.
ANS:
Iftheinterestrateisaboveequilibrium,thereisanexcesssupplyofmoney.Peoplewithmoremoneythantheywanttoholdgiventhecurrentinterestratedepositthemoneyinbanksandbuybonds.Theincreaseinfundstolendoutcauses
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