宏观经济学(曼昆第版配套习题.doc

宏观经济学(曼昆第版配套习题.doc

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Chapter03/MeasuringtheCostofLivingF327

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. givenyeardividedbythepriceofthebasketintheprevious