MACRO CHAPTER 11 TESTQUESTIONS宏观经济学答案.docx

MACRO CHAPTER 11 TESTQUESTIONS宏观经济学答案.docx

《MACRO CHAPTER 11 TESTQUESTIONS宏观经济学答案.docx》由会员分享，可在线阅读，更多相关《MACRO CHAPTER 11 TESTQUESTIONS宏观经济学答案.docx（28页珍藏版）》请在冰点文库上搜索。

MACROCHAPTER11TESTQUESTIONS宏观经济学答案

MACROCHAPTER11TESTQUESTIONS

Chapter11

Spending,Output,andFiscalPolicy

MultipleChoiceQuestions

1. Theassumptionthatfirmsmeetthedemandfortheirproductsatpresetpricesisthekeyassumptionuponwhich______isbuilt. 

A. thebasicKeynesianmodel

B. Okun'sLaw

C. thesupplyanddemandmodel

D. quantityequationformoney

2. ThebasicKeynesianmodelisbuiltonthekeyassumptionthat:

A. menucostsarenotsignificant.

B. firmsmeetthedemandfortheirproductsatpresetprices.

C. firmspricetheirproductssoastoseeapresetquantityofoutput.

D. pricesarepreventedfromchangingfrequentlybygovernmentregulations.

3. Supposethattheownerofalocalicecreamstore,knowingthatdemandforicecreamishigherwhentheweatheriswarmer,alwayschargesapriceincentsforascoopoficecreamthatisequaltotwotimesthecurrentoutdoortemperature,measuredinFahrenheit（sothatifitis90degreesoutside,theicecreamis$1.80perscoop）.Thistypeofbehavioris______. 

A. exactlythetypeofbehaviorthatKeynesbelievedmostfirmsexhibit

B. knownasmeetingdemand

C. inconsistentwiththekeyassumptionuponwhichthebasicKeynesianmodelisbuilt

D. freefrommenucosts

4. IntheKeynesianmodel,itisassumedthat,whendemandforafirm'sproductchanges,thefirm:

A. changespricestomeetthedemand.

B. changesproductionlevelstomeetthedemand.

C. changespricesandproductionlevelstomeetdemand.

D. changesprices,butholdproductionlevelsconstanttomeetthedemand.

5. Thedecisionwhethertochangepricesfrequentlyorinfrequentlyisanapplicationofthe:

A. principleofcomparativeadvantage.

B. scarcityprinciple.

C. principleofincreasingopportunitycost.

D. cost-benefitprinciple.

6. Menucostsarethecostsof:

A. runningarestaurant.

B. changingprices.

C. increasingaggregatedemand.

D. changingproduction.

7. Firmsdonotchangepricesfrequentlybecause:

A. therearelegalprohibitionsagainstdoingso.

B. itiseasiertochangethequantityofcapitalusedinproduction.

C. itiscostlytodoso.

D. customerswillrefusetopatronizefirmsthatchangepricesfrequently.

8. Plannedaggregateexpenditureistotal:

A. valueaddedintheeconomy.

B. plannedspendingonfinalgoodsandservices.

C. incomeofhouseholds,businesses,governments,andforeigners.

D. revenuefromthesaleofgoodsandservices.

9. Thefourcomponentsofplannedaggregateexpenditureare:

A. spendingondomesticgoods,domesticservices,foreigngoods,andforeignservices.

B. spendingondurablegoods,inventoryinvestment,governmentdebt,andnetexports.

C. consumption,plannedinvestment,governmenttransfers,andnetinterest.

D. consumption,plannedinvestment,governmentpurchases,andnetexports.

10. AllofthefollowingwouldbeincludedinplannedaggregateexpenditureEXCEPT:

A. spendingonconsumerdurables.

B. plannedchangesininventories.

C. salesofdomesticallyproducedgoodstoforeigners.

D. interestpaidonthegovernmentdebt.

11. AllofthefollowingwouldbeincludedinplannedaggregateexpenditureEXCEPT:

A. purchasesofservicesprovidedbygovernmentemployees.

B. plannedchangesininventories.

C. salesofdomesticallyproducedgoodstoforeigners.

D. socialsecuritypayments.

12. Plannedinvestmentmaydifferfromactualinvestmentbecauseof:

A. changesingovernmentpurchasesandnetexports.

B. themarginalpropensitytoconsume.

C. unplannedchangesininventories.

D. fluctuationsinpresetprices.

13. Iffirmsselllessthanexpected,actualinvestmentincreasesbecause_____,whichiscountedasinvestment. 

A. theunsoldgoodsareaddedtoinventory

B. thegovernmentbuystheunsoldgoods

C. theunsoldgoodsaredistributedtopoorhouseholds

D. householdsbuytheunsoldgoodsarebargainprices

14. InthebasicKeynesianmodelallofthefollowingaretrueEXCEPT:

A. plannedconsumptionalwaysequalsactualconsumption.

B. plannedinvestmentalwaysequalsactualinvestment.

C. plannedgovernmentspendingalwaysequalsactualgovernmentspending.

D. plannednetexportsalwaysequalactualnetexports.

15. Dave'sMirrorCompanyexpectstosell$1,000,000worthofmirrorsandtoproduce$1,250,000worthofmirrorsinthecomingyear.Thecompanypurchases$300,000worthofnewequipmentduringtheyear.Salesfortheyearturnouttobe$900,000.ActualinvestmentbyDave'sMirrorCompanyequals______andplannedinvestmentequals_______. 

A. $250,000;$150,000

B. $300,000;$200,000

C. $550,000;$450,000

D. $650,000;$550,000

16. Iffirmssellmoreoutputthanexpected,plannedinvestment:

A. isgreaterthanactualinvestment.

B. islessthanactualinvestment.

C. equalsactualinvestment.

D. equalszero.

17. Iffirmsselllessoutputthanexpected,plannedinvestment:

A. isgreaterthanactualinvestment.

B. islessthanactualinvestment.

C. equalsactualinvestment.

D. equalszero.

18. Unplannedinventoryinvestmentequalszerowhen 

A. plannedinvestmentisgreaterthanactualinvestment.

B. plannedinvestmentislessthanactualinvestment.

C. plannedinvestmentequalsactualinvestment.

D. expectedsalesaregreaterthanactualsales.

19. Whenactualinvestmentisgreaterthanplannedinvestment:

A. firmssoldlessoutputthanexpected.

B. firmssoldmoreoutputthanexpected.

C. thequantityofoutputsoldistheamountthefirmexpectedtosell.

D. theeconomyproducesshort-runequilibriumoutput.

20. Whenactualinvestmentislessthanplannedinvestment:

A. firmssoldlessoutputthanexpected.

B. firmssoldmoreoutputthanexpected.

C. thequantityofoutputsoldistheamountthefirmexpectedtosell.

D. theeconomyproducesshort-runequilibriumoutput.

21. Plannedaggregateexpenditure（PAE）equals:

A. C+Ip+G+NX.

B. Cp+I+G+NX.

C. C+I+Gp+NX.

D. C+I+G+NXp.

22. C+Ip+G+NXequals:

A. plannedaggregateexpenditure.

B. potentialGDP.

C. theoutputgap.

D. theincome-expendituremultiplier.

23. Thelargestcomponentofplannedaggregateexpenditureis:

A. consumption.

B. investment.

C. governmentpurchases.

D. exports.

24. Theconsumptionfunctionisrelationshipbetweenconsumptionand:

A. plannedaggregateexpenditure.

B. totalspending.

C. investment.

D. itsdeterminants,suchasdisposableincome.

25. IntheKeynesianmodel,consumptiondependson:

A. whetherthegovernmenthasabudgetsurplusordeficit.

B. potentialoutput.

C. thenaturalrateofunemployment.

D. disposableincome.

26. ThetwopartsoftheKeynesianconsumptionfunctionareconsumptionthatdependson______andconsumptionthatdependson_____. 

A. disposableincome;factorsotherthandisposableincome

B. plannedspending;unplannedspending

C. realincome;nominalincome

D. money;wealth

27. Theslopeoftheconsumptionfunction:

A. isvertical.

B. ishorizontal.

C. equals1.

D. equalsthempc.

28. Theverticalinterceptoftheconsumptionfunctionequals______andtheslopeequals_____. 

A. thempc;autonomousconsumption

B. autonomousconsumption;thempc

C. theunplannedcomponentofconsumption;theplannedcomponentofconsumption

D. theplannedcomponentofconsumption;theunplannedcomponentofconsumption

29. Asdisposableincomeincreases,consumption:

A. increases.

B. decreases.

C. mayeitherincreaseordecreasedependingonthewealtheffect.

D. mayeitherincreaseordecreasedependingonthempc.

30. Asdisposableincomedecreases,consumption:

A. increases.

B. decreases.

C. mayeitherincreaseordecreasedependingonthempc.

D. mayeitherincreaseordecreasedependingonthewealtheffect.

31. Thetendencyofchangesinassetpricestoaffectspendingonconsumptiongoodsiscalledthe______effect. 

A. income

B. substitution

C. wealth

D. multiplier

32. Historicallyspeaking,aonedollardecreaseinhouseholdwealthwillcauseconsumerspendingtofallby:

A. $0.03to$0.07.

B. $0.30to$0.70.

C. $3.00to$7.00.

D. $30.00to$70.00.

33. Supposethestockmarketcrashed,wipingout$5trillionofhouseholdwealth.Consistentwitheconomicmodelsbasedonhistoricaltrends,consumptionspendingmightfallbyasmuchas,butprobablynotmorethan,______. 

A. $35billion

B. $200billion

C. $350billion

D. $2trillion

34. Changesinautonomousconsumptioncouldbetheresultof:

A. changesindisposableincome.

B. changesininflation.

C. changesinthempc.

D. changesinhousingprices.

35. Adecreaseinstockpricesalterstheconsumptionfunctionby:

A. increasingthempc.

B. decreasingthempc.

C. increasingtheconstantterm.

D. decreasingtheconstantterm.

36. Whenhousingpricesdecrease,householdwealth_____,andconsumption_____. 

A. increases;increases

B. increases;decreases

C. decreases;decreases

D. decreases;increases

37. Themarginalpropensitytoconsume（mpc）isthe:

A. amountbywhichdisposableincomeincreaseswhenconsumptionincreasesby$1.

B. amountbywhichconsumptionincreaseswhendisposableincomeincreasesby$1.

C. percentagebywhichconsumptionincreaseswhendisposableincomeincreasesby1%.

D. percentagebywhichdisposableincomeincreaseswhenconsumptionincreasesby1%.

38. Ifconsumptionincreasesby$9whenafter-taxdisposableincomeincreasesby$10,themarginalpropensitytoconsume（mpc）equals:

A. 0.1.

B. 0.9.

C. 1.0.

D. 9.0.

39. Ifthemarginalpropensitytoconsumeequals0.75,thena$100increaseinafter-taxdisposableincomeleadstoa______increaseinconsumption. 

A. $13.33

B. $25

C. $75

D. $133

40. Dataonafter-taxincome