曼昆宏观经济学英语课后题答案.docx

曼昆宏观经济学英语课后题答案.docx

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曼昆宏观经济学英语课后题答案

CHAPTER23:

MEASURINGANATION’SINCOME

True/False

Indicatewhetherthestatementistrueorfalse.

 1. 

Thecircularflowdiagramdescribesalltransactionsbetweenhouseholdsandfirmsinasimpleeconomyandshowstheequalityofexpendituresandincome.

ANSWER:

T

POINTS:

0/1

 2. 

Grossdomesticproductincludesmostitemsproducedandsoldillicitly.

ANSWER:

F

POINTS:

0/1

 3. 

Netnationalproductisthetotalincomeofanation’sresidentsminuslossesfromdepreciation.

ANSWER:

T

POINTS:

0/1

 4. 

Disposablepersonalincomeistheincomethathouseholdsandunincorporatedbusinesshaveleftaftersatisfyingalltheirobligationstothegovernment.Itequalspersonalincomeminuspersonaltaxesandcertainnon-taxpaymentstogovernment.

ANSWER:

T

POINTS:

0/1

 5. 

ThepurchaseofnewhousesbyhouseholdsisincludedinthecalculationofpersonalconsumptionexpendituresofGDP.

ANSWER:

F

POINTS:

0/1

MultipleChoice

Identifythechoicethatbestcompletesthestatementoranswersthequestion.

 1. 

WhenGDPfalls,

a.

incomeandexpendituremustbothfall.

b.

incomeandexpenditurecanbothrise.

c.

incomemustfall,butexpendituremayriseorfall.

d.

expendituremustfall,butincomemayriseorfall.

ANSWER:

A

POINTS:

0/1

 2. 

Incomeequalsexpenditurebecause

a.

firmsalwayspayoutalltheirrevenueasincometosomeone.

b.

eachtimeasaleismade,thereisabuyerandaseller.

c.

householdsownthefactorsofproductionusedtogenerateincomes.

d.

Alloftheabovearecorrect.

ANSWER:

B

POINTS:

0/1

 3. 

Ifaprovincemakestheproductionandsaleofillicitdrugslegal,thenGDP

a.

mustincrease.

b.

mustdecrease.

c.

wouldn'tchange.

d.

mayincreaseordecrease.

ANSWER:

A

POINTS:

0/1

 4. 

Whenagovernmentprovidessubsidiestoencouragegrowthofsmallbusinesses,thesubsidieswould

a.

beincludedinGDPbecausetheyareinvestedbybusinesses.

b.

beincludedinGDPbecausetheyareaformofgovernmentspending.

c.

notbeincludedinGDPbecausetheyaretransferpayments.

d.

mayormaynotbeincludedinGDP,dependingonhowthefundsareused.

ANSWER:

C

POINTS:

0/1

 5. 

Dieselfuelis

a.

alwaysconsideredafinalgood.

b.

countedasanintermediategoodifacompanyusesittoprovidetransportationservices.

c.

countedasafinalgoodifafarmerusesittorunatractortogrowcrops.

d.

Bothbandcarecorrect.

ANSWER:

B

POINTS:

0/1

 6. 

Grossdomesticproduct

a.

isthemarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiod（usuallyayear）

b.

istheincomeinthehandsofindividualsafterdeductingincometaxes;incomeavailabletohouseholdstospendandsave

c.

isthevalueofgoodsandservicespurchasedbyalllevelsofgovernment—federal,provincial,andlocal—inagivenperiod

d.

isthemarketvalueofallfinalgoodsandservicesproducedbypermanentresidentsofanationinagiventimeperiod

ANSWER:

A

POINTS:

0/1

 7. 

Macroeconomicsisthatbranchofeconomicsthatstudies

a.

theconditionsofindividualmarkets

b.

theinfluenceofgovernmentsonindividualmarkets

c.

economy-widephenomena

d.

onlytheprivatesectoroftheeconomy

ANSWER:

C

POINTS:

0/1

 8. 

SupposethatnominalGDPis$6,000billionandrealGDPis$3,000.WhatistheGDPpricedeflator?

a.

125

b.

150

c.

200

d.

250

ANSWER:

C

POINTS:

0/1

 9. 

Thepurchaseoffinalgoodsandservicesbyhouseholdsiscalled

a.

investment

b.

publicsectorexpenditure

c.

consumption

d.

netexports

ANSWER:

C

POINTS:

0/1

 10. 

Investmentisthepurchaseofcapitalequipment,inventories,and

a.

structures

b.

non-durablegoods

c.

depreciation

d.

importinvestment

ANSWER:

A

POINTS:

0/1

 11. 

Transferpayments

a.

areincludedinGDPbecausetheyareformsofincome

b.

areincludedinGDPbecausegoodsandserviceshavebeenproducedinthetransfer

c.

areNOTincludedintheGDPbecausegoodsandserviceshavenotbeenproducedinthetransfer

d.

areincludedinGDPbecausetheyrepresenttheproductionoftransfersofgoodsandservicestoforeigncountries

ANSWER:

C

POINTS:

0/1

 12. 

Whichofthefollowingwouldbeconsideredconsumptionexpenditure?

a.

TheSmithsbuyahomebuiltin1990.

b.

ThefederalgovernmentpaysthesalaryofacaptainintheArmedForces.

c.

TheHostlersbuyanewcarthatwasmanufacturedinGermany.

d.

Thegovernmentbuysfoodforitsarmedforces.

ANSWER:

C

POINTS:

0/1

 13. 

ThemethodthatmeasuresGDPinrelationshiptothesizeofthepopulationiscalled

a.

GNP

b.

workerGDP

c.

GDPperperson

d.

capitalGDP

ANSWER:

C

POINTS:

0/1

 14. 

ThecomponentsofGDPare

a.

C+I+G

b.

NX+G+C

c.

C+G+NX

d.

C+I+G+NX

ANSWER:

D

POINTS:

0/1

 15. 

SupposenominalGDPis$7700andtheGDPdeflatoris110.RealGDPis

a.

$7700

b.

$7000

c.

$847,000

d.

$8470

ANSWER:

B

POINTS:

0/1

ShortAnswer

 1. 

Whatarethecomponentsofgrossdomesticproduct（GDP）?

RESPONSE:

ANSWER:

ThecomponentsofGDPare:

（1）consumptionspendingbyhouseholdsongoodsandservices,withtheexceptionofpurchasesofnewhousing;

（2）Investmentspendingoncapitalequipment,inventories,andstructures,includinghouseholdpurchasesofnewhousing;（3）governmentpurchasesorspendingongoodsandservicesbythelocal,provincial,andfederallevelsgovernments;and（4）netexportswhichisspendingondomesticallyproducedgoodsandservicesbyforeigners（exports）minusspendingonforeigngoodsandservicesbydomesticresident（imports）.

POINTS:

--/1

 2. 

Differentiatebetweengrossdomesticproduct（GDP）andgrossnationalproduct（GNP）.

RESPONSE:

ANSWER:

GDPisthevalueofallfinalgoodsandservicesproducedwithinacountryinagivenyear;whileGNPisthetotalincomeearnedbyanation’spermanentresidentsornationals（thatis,Canadians）.GNPdiffersfromGDPbyincludingincomethatcitizensofthenation（Canada）earnedaboard,andexcludingincomethatforeignersearnintheparticularcountry（E.g.inCanada）.

POINTS:

--/1

 3. 

DifferentiatebetweenrealGDPandnominalGDP.

RESPONSE:

ANSWER:

NominalGDPisthevalueofallfinalgoodsandservicesproducedwithinacountryinayearandvaluedatcurrentprices;andrealGDPistheGDPvaluedatconstantbaseyearprices. RealGDPisnotaffectedbychangesinthelevelofprices,soitreflectsonlychangesintheamountsbeingproduced.

POINTS:

--/1

 4. 

ExplainwhyGDPisnotconsideredaperfectmeasureofwell-being?

RESPONSE:

ANSWER:

GDPisnotconsideredaperfectmeasureofwell-beingbecausesomeofthefactorsthatcontributetoagoodlifeareomitted. Thesewouldinclude:

leisuretime,thequalityoftheenvironment,thedistributionofincome,andtheproductionofgoodsandservicesthatdidnotpasthroughthemarket（forexample,houseworkdonebythehomemaker,andvolunteerwork）

POINTS:

--/1

 5. 

Howdoeconomistsmeasureeconomicgrowth?

RESPONSE:

ANSWER:

EconomistsmeasureeconomicgrowthasthepercentagechangeinrealGDPfromoneperiodtoanother.ThisisbecausechangesinrealGDPreflectonlychangesintheamountsbeingproduced.

POINTS:

--/1

CHAPTER24:

MEASURINGTHECOSTOFLIVING

True/False

Indicatewhetherthestatementistrueorfalse.

 1. 

TheGDPdeflatorreflectsthepricesofgoodsandservicesboughtbyconsumers, andtheconsumerpriceindexreflectsthepriceofallfinalgoodsandservicesproduceddomestically.

ANSWER:

F

POINTS:

0/1

 2. 

Theconsumerpriceindexcomparesthepriceofafixedbasketofgoodsandservicestothepriceofthebasketinthebaseyear.Ontheotherhand,theGDPdeflatorcomparesthepriceofcurrentlyproducedgoodsandservicestothepriceofthesamegoodsandservicesinthebaseyears.

ANSWER:

T

POINTS:

0/1

 3. 

Indexationreferstotheautomaticcorrectionofadollaramountfortheeffectsofinflationbylaworcontract.

ANSWER:

T

POINTS:

0/1

 4. 

Longtermcontractsbetweenfirmsandunionswillsometimesincludepartialorcompleteindexationofthewagetotheconsumerpriceindex.Thisiscalledacost-of-livingallowanceclause.

ANSWER:

T

POINTS:

0/1

 5. 

Thecoreinflationrateistheconsumerpriceindexwiththeexclusionofthemostvolatilecomponentssuchasenergyandfood.

ANSWER:

T

POINTS:

0/1

MultipleChoice

Identifythechoicethatbestcompletesthestatementoranswersthequestion.

 1. 

IntheCPI,goodsandservicesareweightedaccordingto

a.

howmuchatypicalconsumerbuysofeachitem.

b.

whethertheitemsarenecessitiesorluxuries.

c.

howmuchofeachitemisproducedinthedomesticeconomy.

d.

howmuchisspentontheminthenationalincomeaccounts.

ANSWER:

A

POINTS:

0/1

 2. 

Bynottakingintoaccountthepossibilityofconsumersubstitution,theCPI

a.

understatesthestandardofliving.

b.

overstatesthecostofliving.

c.

neitheroverstatesnorunderstatesthecostofliving.

d.

doesn'taccuratelyreflectthecostofliving,butitisunclearifitoverstatesorunderstatesthecostofliving.

ANSWER:

B

POINTS:

0/1

 3. 

IfthepricesofBrazilian-madeshoesimportedintoCanadaincrea