宏观经济学试题 Macroeconomics B Answers.docx

宏观经济学试题 Macroeconomics B Answers.docx

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宏观经济学试题MacroeconomicsBAnswers

JIANGXIUNIVERSITYOFFINANCEANDECONOMICS

SchoolofInternationalStudies

MacroeconomicTheory

（FinalExamA,Twohours）

Answers

Prof.X.Wang,M.Zhang,P.Lu,L.XiaoandJ.LiJUNE2008B

Attention:

Pleaseusetheseparatepaperandbookletprovidedtoanswerthefollowingquestionsandidentifythenumbersofthequestionyouaredoing.

PartOne:

Definitions（3ptseach,15ptsintotal）

1.PotentialGDPisthevalueofrealGDPwhenalltheeconomy’slabour,capital,land,andentrepreneurialabilityarefullyemployed.

2.Businesscycle—aperiodicbutirregularup-and-downmovementinproduction.

3.Theeconomicgrowthrateisthepercentagechangeinthequantityofgoodsandservicesproducedfromoneyeartothenext.

4.Fiscalpolicyisthegovernment’sattempttoinfluenceeconomicactivitybychangingitstaxes,spending,deficit,anddebtpolicies.

5.Governmentdebtisthetotalamountthatthegovernmenthasborrowed—thatthegovernmentowes.

PartTow:

MultiplierChoice（pleasechooseoneofthebestanswersamongthechoicesgivenineachquestionandthenblackenitonyouranswersheet.2pointseach,50pointsintotal）

1.Anadvanceintechnologyshiftstheproduction

functionupwardandshiftsthelabor

A）demandcurveleftward.

B）supplycurveleftward.

C）demandcurverightward.

D）supplycurverightward.

Answer:

C

2.Supposethatthemoneywagerateis$22perhour

andthatthepricelevelis100.Ifthemoneywage

ratefallsto$11perhourandthepriceleveldoes

notchange,whathappenstotherealwagerate?

A）Therealwageratedoubles.

B）Therealwageraterisesbutdoesnotdouble.

C）Therealwageratedoesnotchange.

D）Therealwageratefalls.

Answer:

D

3.Investmentdemandistherelationshipbetween

investmentandthe____otherthingsremaining

thesame.

A）realinterestrate

B）nominalinterestrate

C）inflationrate

D）pricelevel

Answer:

A

4.Abasicpreconditionforeconomicgrowthisincentives,

providedthrough

A）taxabatementsandtaxcredits

B）markets.

C）governmentcontrolofessentialindustries.

D）governmentcontrolovercreditmarkets.

Answer:

B

5.IfY=realGDP,andL,KandTrepresentthe

quantitiesoflabor,capitalandtechnologyrespectively,

thenthemostappropriaterepresentationof

theaggregateproductionfunctionis

A）L=F（K,Y,T）.

B）Y=F（T,K）.

C）Y=F（K,T,L）.

D）T=F（Y,T,L）.

Answer:

C

6.Intheabovefigure,themovementfrompointa

topointeshowstheeffectof

A）thetwo-thirdsrule.

B）anincreaseinthecapitalstock.

C）anincreaseinlaborproductivity.

D）anadvanceintechnology.

Answer:

B

7.Anindividualwantingthemostliquidassetpossible

willhold

A）currency.

B）asavingsaccount.

C）checkabledepositsatabank.

D）U.Sgovernmentbonds.

Answer:

A

8.Supposethatthemoneymultiplieris3.IftheFed

sells$2millioninsecurities,thequantityof

moneywill

A）increaseby$6million.

B）increaseby$666,667.

C）decreaseby$6million.

D）decreaseby$666,667.

Answer:

C

9.Usethefigureabovetoanswerthisquestion.

Supposetheeconomyisoperatingatpointa.A

moveto____couldbeexplainedby____.

A）pointc;anincreaseintheuseofcreditcards

B）pointb;anincreaseinrealGDP

C）pointb;anincreaseininterestrates

D）pointe;anincreaseinU.S.exports

Answer:

A

10Thefigureaboveillustratestheeffectof

A）anincreaseinrealGDP.

B）adecreaseinrealGDP.

C）aFedopenmarketpurchaseofgovernmentsecurities.

D）aFedopenmarketsaleofgovernmentsecurities.

Answer:

D

11.Intheabovefigure,iftheeconomyisinitiallyat

pointa,thelong-runeffectofanincreaseinthe

quantityofmoneyisgivenbymovementfrom

point

A）atopointb,increasingoutputanddecreasing

theunemploymentrate.

B）atopointc,increasingoutputanddecreasing

theunemploymentrate.

C）atopointd,decreasingoutputandincreasing

theunemploymentrate.

D）atopointc,keepingoutputandtheunemployment

rateconstant.

Answer:

D

12.Atthebeginningoftheyear,Tom’sTubeshada

capitalstockof5tubeinflatingmachines.During

theyear,Tomscrapped2oldmachinesandpurchased

3newmachines.Tom’scapitalstockatthe

endofyearequals

A）1machine.

B）2machines.

C）3machines.

D）6machines.

Answer:

D

13.TheexpenditureapproachmeasuresGDPby

adding

A）compensationofemployees,rentalincome,corporate

profits,netinterest,andproprietors’income.

B）compensationofemployees,rentalincome,corporate

profits,netinterest,proprietors’income,

subsidiespaidbythegovernment,indirecttaxes

paid,anddepreciation.

C）compensationofemployees,rentalincome,corporate

profits,netinterest,proprietors’income,

indirecttaxespaid,anddepreciationandsubtracting

subsidiespaidbythegovernment.

D）consumptionexpenditure,grossprivatedomestic

investment,netexportsofgoodsandservices,

andgovernmentpurchasesofgoodsandservices.

Answer:

D

14.Thelargestcomponentofnationalincomeis

A）compensationofemployees.

B）rentalincome.

C）corporateprofits.

D）proprietors’income.

Answer:

A

15Ifaggregatehoursworkedgrowsmoreslowlythan

thenumberofpeopleemployedthen

A）peopleareworkingfewerhoursonaverage.

B）peopleareworkingmorehoursonaverage.

C）theremustbefewerparttimeworkers.

D）Noneoftheabovearecorrectbecauseaggregate

hourscannotgrowmoreslowlythanthenumber

ofpeopleemployed.

Answer:

A

16.Frictionalunemploymentistheresultof

A）technologicalchangeorforeigncompetition.

B）normallabormarketturnover.

C）aslowdownintherateofeconomicexpansion.

D）irresponsibleworkerswithpoorworkhabits.

Answer:

B

17.IftheCPIbasketofgoodscost$200inthereference

baseperiodand$450inalateryear,theCPI

inthelateryearequals

A）225.

B）250.

C）300.

D）450.

Answer:

A

18.IftheCPIwas132.5attheendof2004and

137.5attheendof2005,theinflationrateover

thesetwoyearswas

A）3.6percent.

B）3.8percent.

C）5.0percent.

D）Noneoftheaboveanswersiscorrect.

Answer:

B

19.Inthemacroeconomiclongrun,

A）realGDP=potentialGDP.

B）theeconomyisatfullemployment.

C）regardlessofthepricelevel,theeconomyisproducing

atpotentialGDP.

D）Alloftheabovearecorrect.

Answer:

D

20.Theconsumptionfunctionshowsa

A）positiverelationshipbetweenanindividual’s

wealthandhisorherconsumptionexpenditure.

B）positiverelationshipbetweendisposableincome

andconsumptionexpenditure.

C）negativerelationshipbetweenconsumptionexpenditure

andaggregatesaving.

D）negativerelationshipbetweendisposableincome

andconsumptionexpenditure.

Answer:

B

21.TheMPCisequalto

A）ΔC/ΔS.

B）ΔS/ΔC.

C）ΔC/ΔYD.

D）ΔS/ΔYD.

Answer:

C

22.SupposerealGDPincreasesfrom$4trillionto$5

trillion.Asaresult,consumptionexpenditureincreases

from$4trillionto$4.75trillion.Thisresult

impliestheMPSequals

A）0.75.

B）0.25.

C）0.

D）someamountthatcannotbedeterminedwithout

moreinformation.

Answer:

D

23.Inaneconomywithhouseholdsandfirmsbutno

governmentorforeigntrade,themultiplierequals

A）1/MPC.

B）1/MPS.

C）1/（1–MPS）.

D）1/（MPC+MPS）.

Answer:

B

24.Intheabovefigure,supposetheeconomyisat

pointA.Tomovetheeconomysothatitisproducing

atitspotentialGDP,thegovernment

mightincreaseitspurchases

A）by$2trillion.

B）sothattheaggregatesupplycurveshiftssothat

itgoesthroughpointD.

C）sothattheaggregatedemandcurveshiftssothat

itgoesthroughpointB.

D）sothattheaggregatedemandcurveandtheaggregate

supplycurvebothshiftsothattheyboth

gothroughpointC.

Answer:

C

25.Intheabovefigure,supposetheeconomyisat

pointAwhenthecountryexperiencesanincrease

inenergycosts.Ifthecentralbankfollowsa

monetaristfixedruleanddoesnotchangethe

quantityofmoney,theeconomywill

A）remainatpointA.

B）movetopointB.

C）movetopointC.

D）movetopointD.

Answer:

D

PartThree:

ShortQuestions（4questions,20ptsintotal）

Youareencouragedtoanswerthesequestionsbydrawingfigures

1.WhatisAlanGreenspan’sdefinitionofpricestability?

Explainhisdefinition.（5’ts）

Answer:

AlanGreenspandefinespricestabilityastheconditioninwhichtheinflationratedoesnotfeatureinpeople’seconomiccalculations.Aninflationratecloseto0percentqualifiesaspricestabilityunderhisdefinition.Infact,mosteconomistswhoascribetothisdefinitionbelievethataninflationratebetween0percentand3percentmeetsthisdefinition.Theseeconomistsassertthat0percentinflationisnotnecessaryforpricestabilitybecauseofthemeasurementerrorsassociatedwithcalculatingthetrueinflationrate.Becausetheseerrorsbiasthemeasuredrateupwards,ameasuredinflationratebetween0percentand3percentis

closetoanactualinflationrateof0percent.

2.Describewaysthatgovernmentscanpromotefastereconomicgrowth.（5’pts）

Answer:

Policiesforincreasingtheeconomicgrowthrateare

1）Stimulatesaving（forinstance,taxincentivescouldbedirectedatincreasingsavingwhichwillthenincreasethecapitalstock）;

2）Stimulateresearchanddevelopment（inventionscanbecopied,sogovernmentsubsidiescanleadtomoreinventionsthatspreadthroughouttheeconomy）;

3）Targethigh-technologyindustriesbyencouragingsuchindustries,acountrytemporarilycanearnabove-averageprofitsbutthereis

thedangerthatthewrongindustrieswillbetargeted;

4）Encourageinternationaltradefreeinternationaltradeencourageseconomicgrowthbecausefreetradeextractsallthepossiblegainsfromspecializat