经济学原理对应练习--36.doc

经济学原理对应练习--36.doc

《经济学原理对应练习--36.doc》由会员分享，可在线阅读，更多相关《经济学原理对应练习--36.doc（20页珍藏版）》请在冰点文库上搜索。

Chapter36/FiveDebatesOverMacroeconomicPolicyv1489

Chapter36

FiveDebatesOverMacroeconomicPolicy

MultipleChoice

1. Fluctuationsinemploymentandoutputresultfromchangesin

a. aggregatedemandonly.

b. aggregatesupplyonly.

c. aggregatedemandandaggregatesupply.

d. neitheraggregatedemandnoraggregatesupply.

ANS:

C PTS:

1 DIF:

1 REF:

36-1

TOP:

Aggregatedemand MSC:

Applicative

2. Inthefallof2005,consumersindicatedthattheywerelessoptimisticaboutthefutureoftheeconomy.Thischangeinsentimentwouldlikely

a. shiftaggregatedemandleft.

b. decreaseoutput.

c. increaseunemployment.

d. Alloftheabovearecorrect.

ANS:

D PTS:

1 DIF:

1 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Analytical

3. Ifaggregatedemandshiftsbecauseofawaveirrationalexuberance,thosewhofavorleanagainstthewindpolicywouldadvocatethe

a. federalreserveincreasethemoneysupplyorthegovernmentincreasetaxes.

b. federalreserveincreasethemoneysupplyorthegovernmentdecreasetaxes.

c. federalreservedecreasethemoneysupplyorthegovernmentincreasetaxes.

d. federalreservedecreasethemoneysupplyorthegovernmentdecreasetaxes.

ANS:

C PTS:

1 DIF:

2 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Analytical

4. "Leaningagainstthewind"isexemplifiedbya

a. taxcutwhenthereisarecession.

b. decreaseinthemoneysupplywhenthereisarecession.

c. decreaseingovernmentexpenditureswhenthereisarecession.

d. Alloftheabovearecorrect.

ANS:

A PTS:

1 DIF:

1 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Analytical

5. "Leaningagainstthewind"isexemplifiedbya

a. taxincreasewhenthereisarecession.

b. decreaseinthemoneysupplywhenthereisanexpansion.

c. decreaseingovernmentexpenditureswhenthereisarecession.

d. Alloftheabovearecorrect.

ANS:

B PTS:

1 DIF:

1 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Interpretive

6. PresidentGeorgeW.Bushandcongresscuttaxesandraisedgovernmentexpendituresin2003.Accordingtotheaggregatesupplyandaggregatedemandmodel

a. boththetaxcutandtheincreaseingovernmentexpenditureswouldtendtoincreaseoutput.

b. onlythetaxcutwouldtendtoincreaseoutput.

c. onlytheincreaseingovernmentexpenditureswouldtendtoincreaseoutput.

d. neitherthetaxcutnortheincreaseingovernmentexpenditureswouldtendtoincreaseoutput.

ANS:

A PTS:

1 DIF:

2 REF:

36-1

TOP:

Stabilizationpolicy|Aggregatedemand MSC:

Applicative

7. PresidentGeorgeW.Bushandcongresscuttaxesandraisedgovernmentexpendituresin2003.Whichofthefollowingisnotcorrect?

a. Atthetimetheeconomywasjustmovingintoarecession.

b. Whiletherewassubsequentimprovementineconomicperformance,it’snotentirelyclearthatthiswasduetothepolicy.

c. Ingeneralmonetarypolicycanbeimplementedfasterthanfiscalpolicy.

d. Ingeneralitiseasiertoreversemonetarypolicythantoreversefiscalpolicy.

ANS:

A PTS:

1 DIF:

2 REF:

36-1

TOP:

Stabilizationpolicy|Aggregatedemand MSC:

Applicative

8. Policymakersfollowinga"leanagainstthewind"policywould

a. increasegovernmentexpenditureswhenoutputislowanddecreasethemwhenoutputishigh.

b. increasegovernmentexpenditureswhenoutputislowanddonothingwhenoutputishigh.

c. decreasegovernmentexpenditureswhenoutputislowandincreasethemwhenoutputishigh.

d. decreasegovernmentexpenditureswhenoutputishighanddonothingwhenoutputislow.

ANS:

A PTS:

1 DIF:

1 REF:

36-1

TOP:

Stabilizationpolicy|Policylags MSC:

Definitional

9. Iftheunemploymentraterises,whichpolicieswouldbeappropriatetoreduceit?

a. increasethemoneysupply,increasetaxes

b. increasethemoneysupply,cuttaxes

c. decreasethemoneysupply,increasetaxes

d. decreasethemoneysupply,cuttaxes

ANS:

B PTS:

1 DIF:

2 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Applicative

10. TheFederalReservewilltendtotightenmonetarypolicywhen

a. interestratesarerisingtoorapidly.

b. itthinkstheunemploymentrateistoohigh.

c. thegrowthrateofrealGDPisquitesluggish.

d. itthinksinflationistoohightoday,orwillbecometoohighinthefuture.

ANS:

D PTS:

1 DIF:

2 REF:

36-1

TOP:

Monetarypolicy MSC:

Analytical

11. Iffirmswerefacedwithgreateruncertaintybecauseofconcernthatoilpricesmightrise,theymightdecreaseexpendituresoncapital.Inresponsetothischange,someonewhoadvocated"leanagainstthewind"policiesmightadvocate

a. decreasingthemoneysupply.

b. increasingtaxes.

c. increasinggovernmentexpenditures.

d. Noneoftheaboveiscorrect.

ANS:

C PTS:

1 DIF:

2 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Analytical

12. Thosewhodesirethatpolicymakersstabilizetheeconomywouldadvocatewhichofthefollowingwhenaggregatedemandisinsufficienttoensurefullemployment?

a. decreasethemoneysupply

b. decreasetaxes

c. decreasegovernmentexpenditures

d. Noneoftheaboveiscorrect.

ANS:

B PTS:

1 DIF:

1 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Analytical

13. Supposeaggregatedemandfell.Inordertostabilizetheeconomy,thegovernmentmight

a. increasethemoneysupply.

b. increasegovernmentexpenditures.

c. decreasetaxes.

d. Alloftheabovearecorrect.

ANS:

D PTS:

1 DIF:

1 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Applicative

14. TheFedloweredinterestratesin2001and2002.Thisimplies,otherthingsthesame,thattheFed

a. increasedthemoneysupplybecauseitwasconcernedaboutunemployment.

b. increasedthemoneysupplybecauseitwasconcernedaboutinflation.

c. decreasedthemoneysupplybecauseitwasconcernedaboutunemployment.

d. decreasedthemoneysupplybecauseitwasconcernedaboutinflation.

ANS:

A PTS:

1 DIF:

2 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Analytical

15. TheFedraisedinterestratesin2004and2005.Thisimplies,otherthingsthesame,thattheFed

a. increasedthemoneysupplybecauseitwasconcernedaboutunemployment.

b. increasedthemoneysupplybecauseitwasconcernedaboutinflation.

c. decreasedthemoneysupplybecauseitwasconcernedaboutunemployment.

d. decreasedthemoneysupplybecauseitwasconcernedaboutinflation.

ANS:

D PTS:

1 DIF:

2 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Analytical

16. Theeffectsofadeclineinthevalueoffinancialassets,suchasstocks,onconsumptionandtheeconomymightbeoffsetby

a. increasinggovernmentspending.

b. decreasingthemoneysupply.

c. increasingtaxes.

d. Noneoftheaboveiscorrect.

ANS:

A PTS:

1 DIF:

2 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Applicative

17. Theeconomygoesintorecession.Whichofthefollowinglistscontainsthingspolicymakerscoulddototrytoendtherecession?

a. increasethemoneysupply,increasetaxes,increasegovernmentspending

b. increasethemoneysupply,increasetaxes,decreasegovernmentspending

c. increasethemoneysupply,decreasetaxes,increasegovernmentspending

d. decreasethemoneysupply,increasetaxes,decreasegovernmentspending

ANS:

C PTS:

1 DIF:

2 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Applicative

18. Howlonghavestudiesshownittakesforinterestratechangestoleadtosignificantchangesinspending?

a. Afewdays.

b. Afewweeks.

c. Afewmonths.

d. Afewyears.

ANS:

C PTS:

1 DIF:

2 REF:

36-1

TOP:

Policylags MSC:

Definitional

19. Ingeneral,thelongestlagfor

a. bothfiscalandmonetarypolicyisthetimeittakestochangepolicy.

b. bothfiscalandmonetarypolicyisthetimeittakesforpolicytoaffectaggregatedemand.

c. monetarypolicyisthetimeittakestochangepolicy,whileforfiscalpolicythelongestlagisthetimeittakesforpolicytoaffectaggregatedemand.

d. fiscalpolicyisthetimeittakestochangepolicy,whileformonetarypolicythelongestlagisthetimeittakesforpolicytoaffectaggregatedemand.

ANS:

D PTS:

1 DIF:

1 REF:

36-1

TOP:

Balancedbudget|Policylags MSC:

Definitional

20. Theprincipallagformonetarypolicy

a. andfiscalpolicyisthetimeittakestoimplementpolicy.

b. andfiscalpolicyisthetimeittakesforpolicytochangespending.

c. isthetimeittakestoimplementpolicy.Theprincipallagforfiscalpolicyisthetimeittakesforpolicytochangespending.

d. isthetimeittakesforpolicytochangespending.Theprincipallagforfiscalpolicyisthetimeittakestoimplementit.

ANS:

D PTS:

1 DIF:

2 REF:

36-1

TOP:

Policylags MSC:

Definitional

21. Theprincipalreasonthatmonetarypolicyhaslagsisthatittakesalongtimefor

a. changesintheinterestratetochangeaggregatedemand.

b. changesinthemoneysupplytochangeinterestrates.

c. theFedtomakechangesinpolicy.

d. Noneoftheaboveiscorrect.

ANS:

A PTS:

1 DIF:

1 REF:

36-1

TOP:

Policylags MSC:

Definitional

22. Opponentsofusingpolicytostabilizetheeconomygenerallybelievethat

a. neitherfiscalnormonetarypolicyhavemuchimpactonaggregatedemand.

b. attemptstostabilizetheeconomycanincreasethemagnitudeofeconomicfluctuations.

c. unemploymentandinflationarenotcauseformuchconcern.

d. Alloftheabovearecorrect.

ANS:

B PTS:

1 DIF:

1 REF:

36-1

TOP:

Stabilizationpolicy MSC:

Interpretive

23. Whichofthefollowingiscorrect?

a. economicforecastsarepreciseandaggregatespendingrespondsalmostimmediatelytointerestratechanges.

b. economicforecastarepreciseandaggregatespendingrespondstointerestratechangeswithalag.

c. economicforecastsareimpreciseandaggregatespendingrespondsalmostimmediatelytointerestratechanges.

d. economicforecastareimpreciseandaggregatespendingrespondstointerestratechangeswithalag.

ANS:

D PTS:

1 DIF:

2 REF:

36-1

TOP:

Policylags|Economicforecasts MSC:

Definitional

24. Whichofthefollowingisanargumentagain