完整word版Macroeconomics习题集1.docx
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完整word版Macroeconomics习题集1
习题集一
Question1
InAustralia,using2000-01asthebaseyear,wewouldfindthat:
a）NominalGDPisalwayslargerthanrealGDP.
b）RealGDPisalwayslargerthannominalGDPfortheperiod1960to2000.
c）RealGDPislargerthannominalGDPfrom1998to2002.
d）RealGDPissmallerthannominalGDPfrom1988to1995.
e）RealGDPandnominalGDPwouldbeequalfortheentireperiod.
Note:
pleaseseefigure2.1onpage31ofthetextbook.
Question2
Duringthedate1990s,JapanexperiencedreductionsintheGDPdeflator.Giventhisinformation,weknowwithcertaintythat:
a）RealGDPfellduringtheseperiods.
b）RealGDPdidnotchangeduringtheseperiods.
c）TheoverallpricelevelinJapandecreasedduringtheseperiods.
d）BothrealGDPandtheoverallpriceleveldecreasedduringtheseperiods.
Question3
SupposethatinJanuary2003inAustralia,200millionpeopleareworking,20millionarenotworkingbutarelookingforwork,and40millionarenotworkingandhavegivenuplookingforwork.Theofficialunemploymentrateforthatmonthis:
a）7.7%
b）9.1%
c）10%
d）23%
e）30%
Question4
AcountryusingtheAustraliansystemofunemploymentstatisticshas100millionpeople,ofwhom50millionareworkingage.Ofthese50million,20millionhavejobs.Oftheremainder:
10millionareactivelysearchingforjobs;10millionwouldlikejobsbutarenotsearching;and10milliondonotwantjobsatall.
Thelabourforceis:
a）10million
b）20million
c）30million
d）40million
e）50million
Question5
Supposetheconsumptionequationisrepresentedbythefollowing:
C=100+.75YD.Themultiplierinthiseconomyis_______.
a）0.25
b）0.75
c）1.33
d）2
e）4
Question6
Theparadoxofsavingsuggeststhatanincreaseinthedesiretosavewillcause:
a）AninceaseinequilibriumGDP.
b）AreductioninGDP.
c）Anincreaseinthedesiretoinvest.
d）NochangeinequilibriumGDP.
e）Apermanentincreaseinthelevelofsaving.
Note:
Pleaseseedefinitionof“paradoxofsaving”onpage674ofthetextbook.
（savingS↑→Y↓→S↓（S=Y-T-C）so,savingisunchanged）
Question7
WhenC=C0+C1YD,anincreaseinC0willcausewhichofthefollowingtoincrease?
a）Equilibriumincome
b）Equilibriumdisposableincome
c）Equilibriumsaving
d）Alloftheabove
e）Noneoftheabove
Question8
Supposethecentralbankwishestoconductexpansionarymonetarypolicy.Giventhis,wewouldexpectwhichofthefollowingtooccur?
a）Acentralbankpurchaseofbondsandanincreaseintheinterestrate
b）Acentralbankpurchaseofbondsandareductionintheinterestrate
c）Acentralbanksaleofbondsandanincreaseintheinterestrate
d）Acentralbanksaleofbondsandareductionintheinterestrate
Question9
Supposethemoneysupplydecreased.Whichofthefollowingeventscouldcausethis?
a）Anincreaseinthemonetarybase
b）Adecreaseintheratioofreservestodeposits
c）Ashiftinpublicpreferencesawayfromcurrencytowardcurrentaccountdeposits
d）Alloftheabove
e）Noneoftheabove
Question10
Supposethereisanopenmarketsaleofbonds.Suchaneventwillcause:
a）Anincreaseinbondpricesandanincreaseintheinterestrate（i）
b）Areductioninbondpricesandanincreaseini.
c）Anincreaseinbondpricesandareductionini.
d）Areductioninabondpricesandareductionini.
e）Noneoftheabove
Question11
Afteracontractionaryfiscalpolicy:
a）TheLMcurveshiftsandwemovealongtheIScurve.
b）TheIScurveshiftsandwemovealongtheLMcurve.
c）BoththeISandLMcurveshift.
d）NeithertheISnortheLMcurveshifts.
e）OutputwillchangecausingachageinmoneydemandandashiftoftheLMcurve.
Quetsion12
Supposethereisataxcut.Whichofthefollowingrepresentsthecompletelistofvariablesthatmustincreaseinresponsetothistaxcut?
a）Consumption
b）Consumptionandinvestment
c）Consumption,investmentandoutput
d）Consumptionandoutput
e）Consumption,outputandtheinterestrate
Question13
Ifefficiencywagetheoryisvalid,wewouldexpectarelativelyhighpremiumoverthereservationwagewhen:
a）Theunemploymentrateishigh.
b）Thejobrequiresverylittletraining.
c）Workerscannotbeeasilymonitored.
d）Workershavefewotheroptionsforemploymentinthearea.
e）Alloftheabove
Question14
Thenaturallevelofoutputisthelevelofoutputthatoccurswhen:
a）Thegoodsmarketisinequilibrium.
b）Theeconomyisoperatingattheunemploymentrateconsistentwithboththewage-settingandprice-settingequations.
c）Thefinancialmarketsareinequilibrium.
d）Theunemploymentrateiszero.
e）Boththegoodsandfinancialmarketsareinequilibrium.
Question15
UsethefollowingPhillipscurveequationtoanswerthisquestion:
πt-πt-1=（μ+z）-αut.
Apermanentreductionintheunemploymentratecauses:
a）Anincreaseinthemarkupoverlabourcosts.
b）Adecreaseinthemarkupoverlabourcosts.
c）Anincreaseintheinflationrateovertime.
d）Adecreaseintheinflationrateovertime.
e）Noneoftheabove
Question16
Ifpolicymakersunderestimatethenaturalrateofunemployment,theymayfollowpoliciesthatcauseAustraliatohave:
a）Moreunemploymentthannecessary.
b）Anunemploymentratethatis“tohigh”
c）Ahigherinflationratethannecessary.
d）Asteadilydecreasinginflationrate.
e）Adramaticallyfluctuatingunemploymentrate.
Question17
BasedonadynamicADrelationwhenthecentralbankcontrolsnominalmoney,outputgrowthwillequalzerowhenwhichofthefollowingconditionsissatisfied?
a）0%nominalmoneygrowth;4%inflation
b）4%nonminalmoneygrowth;0%inflation
c）-4%nominalmoneygrowth;3%inflation
d）4%nominalmoneygrowth;4%inflation
e）Noneoftheabove
Note:
dynamicADrelation:
gy=gm-.So,ifgm==4%,gy=0.
Question18
Inthemediumrun,areductionintherateofinflationtargetwillcause:
a）Anincreaseinthesizeofthesacrificeratio.
b）Areductioninthesizeofthesacrificeratio.
c）Areductioninadjustedmoneygrowth.
d）Areductionintherateofinflation.
e）BothCandD
Note:
Pleaseseefigure9.3onpage217ofthetextbook.
Question19
Whichofthefollowingwillincreasethesteady-stategrowthrateofcapital?
a）Anincreaseinthesavingrate
b）Anincreaseinthepopulationgrowthrate
c）Atemporaryincreaseintechnologicalprogress
d）Alloftheabove
e）Noneoftheabove
Note:
Pleaseseefigure12.3onpage282ofthetextbook.
Question20
Whichofthefollowinghasbeenproposedasanexplanationfortheslowdownintechnologicalprogresssincethemid-1970s?
a）Measurementerror
b）Adiclineinmanufacturing’sshareinGDP
c）Adeclineinspendingonresearchanddevelopment
d）Alloftheabove
e）Noneoftheabove
Note:
Pleaseseepage272-274ofthetextbookofthelastyear.
Question21
Whichofthefollowingistruewhenevertheinflationrateispositve?
a）Therealinterestratemustbegreaterthanthenominalinterestrate.
b）Therealinterestratemustbenegative.
c）Therealinterestratemustbepositive.
d）Thenominalinterestratemustbenegative.
e）Noneoftheabove
Question22
Ifthenominalinterestratein20%peryear,howmuchmoneycananindividualborrowtodayifshewantstorepay$200inoneyear?
a）$240.00
b）$150.00
c）$160.00
d）$166.67
e）$180.00
Note:
200/（1+20%）=$166.67
Question23
Assumethattheyieldcurveisdownward-slopingyieldcurve.Thissuggeststhatfinancialmarketparticipantsexpectshort-terminterestratesto:
a）Increaseinthefuture.
b）Decreaseinthefuture.
c）Beunstableinthefuture.
d）Notchangeinthefuture.
e）Riseinthenearfuture,andfallinthemoredistantfuture.
Question24
Ingeneral,whentheshort-terminterestratesdecrease,long-termrateswill:
a）Increase
b）Remainthesame.
c）Decreasebymorethantheshort-termrate.
d）Decreasebythesameamountastheshort-termrate.
e）Decrease,butbylessthantheshort-termrate.
Question25
Whichoffollowingrepresentsnon-humanwealth?
a）Totalwealthminusthepresentdiscountedvalueofexpectedfutureafter-taxlabourincome
b）Totalwealthminusfinancialwealth
c）Wealththatcannotbetakenfromaperson,bylaw
d）Financialwealthminushousingwealth
e）Totalwealthminusehousingwealth
Question26
Supposeindividualsexpectthatinterestrateswillriseinthefuture.AlsoassumethattheRBAwantstopreventanychangeincurrentoutput.GiventhisgoaloftheRBA,theRBAshouldimplementaplocyinthecurrentperiodthat:
a）ShiftstheIScruverightward.
b）ShiftstheIScurveleftward.
c）ShiftstheIScurveleftwardandtheLMcurveupward.
d）ShiftstheLMcurveupward.
e）ShiftstheLMcurvedownward.
Question27
SupposethereisarealappreciationoftheAustraliandollar.Whichofthefollowingmayhaveoccurred?
a）ForeigncurrencyhasbecomelessexpensiveintheAustraliandollars.
b）ForeigngoodshavebecomemoreexpensivetoAmericans.
c）TheforeignpricelevelhasincreasedrelativetotheAustralianpricelevel.
d）Alloftheabove
e）Noneoftheabove
Note:
=EP/P*
Question28
Anincreaseintherealexchangerateindicatesthat:
a）Foreigngoodsarenowrelativelycheaper.
b）Foreigngoodsarenowrelativelymoreexpensive.
c）Domesticgoodsarenowrelativelymoreexpensive.
d）BothAandC
Note:
=EP/P*.soP↑orP*↓→↑
Question29
Supposethereisareductioninforeignoutput（Y*）.ThisreductioninY*willcausewhichofthefollowinginthedomesticcountry?
a）Areductioninoutput
b）Areductioninconsumption
c）Areductioninnetexports
d）Alloftheabove
e）Noneoftheabove
Note:
（1）Y*↓→X↓→NX↓→Z↓→Y↓
（2）C↓=c0+c1（Y↓-T）
Que
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