03宏观经济学曼昆第6版配套习题.docx

03宏观经济学曼昆第6版配套习题.docx

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03宏观经济学曼昆第6版配套习题

Chapter3

MeasuringtheCostofLiving

MULTIPLECHOICE

1.BabeRuth,thefamousbaseballplayer,earned$80,000in1931.Today,thebestbaseballplayerscanearn200timesasmuchasBabeRuthin1931.However,priceshavealsorisensince1931.Wecanconcludethat

a.thebestbaseballplayerstodayareabout200timesbetteroffthanBabeRuthwasin1931.

b.becausepriceshavealsorisen,thestandardoflivingofbaseballstarshasn’tchangedsince1931.

c.onecannotmakejudgmentsaboutchangesinthestandardoflivingbasedonchangesinpricesandchangesinincomes.

d.onecannotdeterminewhetherbaseballstarstodayenjoyahigherstandardoflivingthanBabeRuthdidin1931withoutadditionalinformationregardingincreasesinpricessince1931.

ANSWER:

d.onecannotdeterminewhetherbaseballstarstodayenjoyahigherstandardoflivingthanBabeRuthdidin1931withoutadditionalinformationregardingincreasesinpricessince1931.

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2.Whentheconsumerpriceindexrises,thetypicalfamily

a.hastospendmoredollarstomaintainthesamestandardofliving.

b.canspendfewerdollarstomaintainthesamestandardofliving.

c.findsthatitsstandardoflivingisnotaffected.

d.canoffsettheeffectsofrisingpricesbysavingmore.

ANSWER:

a.hastospendmoredollarstomaintainthesamestandardofliving.

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3.Theconsumerpriceindexisusedto

a.trackchangesinthelevelofwholesalepricesintheeconomy.

b.monitorchangesinthecostofliving.

c.monitorchangesinthelevelofrealGDP.

d.trackchangesinthestockmarket.

ANSWER:

b.monitorchangesinthecostofliving.

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4.Theterm“inflation”isusedtodescribeasituationinwhich

a.theoveralllevelofpricesintheeconomyisincreasing.

b.incomesintheeconomyareincreasing.

c.stock-marketpricesarerising.

d.theeconomyisgrowingrapidly.

ANSWER:

a.theoveralllevelofpricesintheeconomyisincreasing.

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5.Whentheoveralllevelofpricesintheeconomyisincreasing,wesaythattheeconomyisexperiencing

a.economicgrowth.

b.inflation.

c.unemployment.

d.deflation.

ANSWER:

b.inflation.

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6.Theinflationrateisdefinedasthe

a.pricelevel.

b.changeinthepricelevel.

c.priceleveldividedbythepricelevelinthepreviousperiod.

d.percentagechangeinthepricelevelfromthepreviousperiod.

ANSWER:

d.thepercentagechangeinthepricelevelfromthepreviousperiod.

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7.TheCPIisameasureoftheoverallcostof

a.inputspurchasedbyatypicalproducer.

b.goodsandservicesboughtbyatypicalconsumer.

c.goodsandservicesproducedintheeconomy.

d.stocksontheNewYorkStockExchange.

ANSWER:

b.goodsandservicesboughtbyatypicalconsumer.

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8.WhichofthefollowingagenciescalculatestheCPI?

a.theNationalPriceBoard

b.theDepartmentOfWeightandMeasurements

c.theBureauofLaborStatistics

d.theCongressionalBudgetOffice

ANSWER:

c.theBureauofLaborStatistics

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9.TheCPIiscalculated

a.weekly.

b.monthly.

c.quarterly.

d.yearly.

ANSWER:

b.monthly.

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10.WhatisthebasketofgoodsusedtoconstructtheCPI?

a.arandomsampleofallgoodsandservicesproducedintheeconomy

b.thegoodsandservicestypicallyboughtbyconsumers,accordingtoBureauofLaborStatisticssurveys

c.goodsandservicesweightedbytheratioofexpendituresonthemrelativetotheconsumptioncomponentofGDP

d.theleastandthemostexpensivegoodsandservicesineachmajorcategoryofconsumerexpenditures

ANSWER:

b.thegoodsandservicestypicallyboughtbyconsumers,accordingtoBureauofLaborStatisticssurveys

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11.WhichgoodsaresupposedtobeincludedintheCPI?

a.allgoodsandservicesproducedintheeconomy

b.allgoodsandservicesthattypicalconsumersbuy

c.allgoodsandservicesintheconsumptioncomponentoftheGDPaccounts

d.allthegoods,butnottheservices,intheconsumptioncomponentoftheGDPaccounts

ANSWER:

b.allgoodsandservicesthattypicalconsumersbuy

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12.IntheCPI,goodsandservicesareweightedaccordingto

a.howmuchconsumersbuyofeachitem.

b.whetherthegoodsandservicesarenecessitiesorluxuries.

c.thelevelsofproductionofthegoodsandservicesinthedomesticeconomy.

d.bytheexpendituresonthemintheGDPnationalincomeaccounts.

ANSWER:

a.howmuchconsumersbuyofeachitem.

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13.HowaretheweightsonthevariousgoodsandservicesintheCPIbasketdetermined?

a.Allgoodsandservicesareweightedequally.

b.Asurveyisconductedtodeterminehowmuchofeachgoodandservicetypicalconsumerspurchase.

c.theweightsequaltheratioofexpendituresoneachgoodorservicedividedbythetotalconsumptionexpendituresintheGDPaccounts.

d.Eachgoodandserviceisweightedaccordingtoitsprice.

ANSWER:

b.Asurveyisconductedtodeterminehowmuchofeachgoodandservicetypicalconsumerspurchase.

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14.Thestepsinvolvedincalculatingtheconsumerpriceindexinclude,inorder:

a.chooseabaseyear,fixthebasket,computetheinflationrate,computethebasket’scost,andcomputetheindex.

b.chooseabaseyear,findtheprices,fixthebasket,computethebasket’scost,andcomputetheindex.

c.fixthebasket,findtheprices,computethebasket’scost,chooseabaseyearandcomputetheindex.

d.fixthebasket,findtheprices,computetheinflationrate,chooseabaseyearandcomputetheindex.

ANSWER:

c.fixthebasket,findtheprices,computethebasket’scost,chooseabaseyear,andcomputetheindex.

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Usethetablebelowtoanswerthefollowingtwoquestions.

year

peaches

pecans

2000

$11perbushel

$6perbushel

2001

$9perbushel

$10perbushel

15.Supposethatthetypicalconsumerbasketconsistsof10bushelsofpeachesand15bushelsofpecansandthatthebaseyearis2000.Whatistheconsumerpriceindexfor2001?

a.100

b.120

c.200

d.240

ANSWER:

b.120

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16.Whatwastheinflationratein2001?

a.20percent

b.16.7percent

c.10percent

d.8percent

ANSWER:

a.20percent

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Usethetablebelowtoanswerthefollowingtwoquestions.

year

priceofpork

priceofcorn

2003

$20

$20

2004

$20

$30

17.SupposethatthebasketofgoodsintheCPIconsistedof3unitsofporkand2unitsofcorn.Whatistheconsumerpriceindexfor2004ifthebaseyearis2003?

a.100

b.105

c.115

d.120

ANSWER:

d.120

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18.SupposethatthebasketofgoodsintheCPIconsistedof3unitsofporkand2unitsofcorn.Whatistheinflationratefor2004?

a.33.3percent

b.25percent

c.20percent

d.15percent

ANSWER:

c.20percent

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19.ThemarketbasketusedtocalculatetheCPIinAquiloniais4loavesofbread,6gallonsofmilk,2shirtsand2pants.In2001breadcost$1.00perloaf,milkcost$1.50pergallon,shirtscost$6.00eachandpantscost$10.00perpair.In2002breadcost$1.50perloaf,milkcost$2.00pergallon,shirtscost$7.00eachandpantscost$12.00perpair.Whatwastheinflationrate,asmeasuredbytheCPI,forAquiloniabetween2001and2002?

a.30percent

b.24.4percent

c.21.6percent

d.Itisimpossibletodeterminewithoutknowingthebaseyear.

ANSWER:

b.24.4percent

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Usethefollowinginformationtoanswerthenextfourquestions.

InthecountryofShem,theCPIiscalculatedusingamarketbasketconsistingof5apples,4loavesofbread,3robesand2gallonsofgasoline.Theper-unitpricesofthesegoodshavebeenasfollows:

Year

Apples

Bread

Robes

Gasoline

1999

$1.00

$2.00

$10.00

$1.00

2000

$1.00

$1.50

$9.00

$1.50

2001

$2.00

$2.00

$11.00

$2.00

2002

$3.00

$3.00

$15.00

$2.50

20.Whatwastheinflationrate,asmeasuredbytheCPI,between1999and2000?

a.–8.89percent

b.–7.14percent

c.3.75percent

d.Itisimpossibletodeterminewithoutknowingthebaseyear.

ANSWER:

a.–8.89percent

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21.Whatwastheinflationrate,asmeasuredbytheCPI,between2000and2001?

a.28.5percent

b.34.2percent

c.47percent

d.Itisimpossibletodeterminewithoutknowingthebaseyear.

ANSWER:

b.34.2percent

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22.Whatwastheinflationrate,asmeasuredbytheCPI,between2001and2002?

a.40percent

b.40.25percent

c.46.46percent

d.Itisimpossibletodeterminewithoutknowingthebaseyear.

ANSWER:

a.40percent

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23.FortheCPI,thebaseyearis

a.thebenchmarkagainstwhichotheryearsarecompared,anditchangeseachyear.

b.thebenchmarkagainstwhichotheryearsarecompared,anditchangesoccasionally.

c.theyeartheCPIfirstappeared.

d.always1989.

ANSWER:

b.thebenchmarkagainstwhichotheryearsarecompared,anditchangesoccasionally.

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24.Foranygivenyear,theCPIisthepriceofthebasketofgoodsandservicesinthe

a.givenyeardividedbythepriceofthebasketinthebaseyear,thenmultipliedby100.

b.givenyeardividedbythepriceofthebasketinthepreviousyear,thenmultipl