英文版宏观经济学期末考试试卷(附答案)Word格式.doc

英文版宏观经济学期末考试试卷(附答案)Word格式.doc

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4．Thetraditionalviewoftheproductionprocessisthatcapitalissubjectto

a. constantreturns.

b. increasingreturns.

c. diminishingreturns.

d. diminishingreturnsforlowlevelsofcapital,andincreasingreturnsforhighlevelsofcapital.

5．Whichofthefollowingiscorrect?

a. Politicalinstabilitycanreduceforeigninvestment,reducinggrowth.

b. Gary'

sBeckerproposaltopaymothersindevelopingcountriestokeeptheirchildreninschoolhasnotworkedverywellinpractice.

c. Policiesdesignedtopreventimportsfromothercountriesgenerallyincreaseeconomicgrowth.

6．Usethefollowingtabletoanswerthefollowingquestion.

Stock

Sym

Yld%

PE

Vol100s

Hi

Lo

Close

NetChg

GenMills

GIS

2.5

35

13758

44.3

43.5

43.97

-0.63

Gillette

G

2.2

31

30428

31.1

29.7

30

0.17

Graco

GGG

1.2

16

705

24.2

23.1

23.95

-0.53

Hershey

HSY

2.1

38

5418

63.4

61.7

62.45

0.72

Assumethattheclosingpricewasalsotheaveragepriceatwhicheachstocktransactiontookplace.WhatwasthetotaldollarvolumeofGillettestocktradedthatday?

a. $912,840,000

b. $91,284,000

c. $9,128,400

d. $912,840

7．SupposethatinaclosedeconomyGDPisequalto10,000,taxesareequalto2,500Consumptionequals6,500andGovernmentexpendituresequal2,000.Whatareprivatesaving,publicsaving,andnationalsaving?

a. 1500,1000,500

b. 1000,500,1500

c. 500,1500,1000

d. Noneoftheabovearecorrect.

8．Risk-aversepeoplewillchoosedifferentassetportfoliosthanpeoplewhoarenotriskaverse.Overalongperiodoftime,wewouldexpectthat

a. everyrisk-aversepersonwillearnahigherrateofreturnthaneverynon-riskaverseperson.

b. everyrisk-aversepersonwillearnalowerrateofreturnthaneverynon-riskaverseperson.

c. theaveragerisk-aversepersonwillearnahigherrateofreturnthantheaveragenon-riskaverseperson.

d. theaveragerisk-aversepersonwillearnalowerrateofreturnthantheaveragenon-riskaverseperson.

9．Thenaturalrateofunemploymentisthe

a. unemploymentratethatwouldprevailwithzeroinflation.

b. rateassociatedwiththehighestpossiblelevelofGDP.

c. differencebetweenthelong-runandshort-rununemploymentrates.

d. amountofunemploymentthattheeconomynormallyexperiences.

10．Supposethatthereserveratiois5percentandthatabankhas$1,000indeposits.Itsrequiredreservesare

a. $5.b. $50.

c. $95.d. $950.

11．Supposeabankhas$200,000indepositsand$190,000inloans.Ithasareserveratioof

a. 5percent

b. 9.5percent

c. 10percent

d. Noneoftheaboveiscorrect.

12．Theinflationtax

a. transferswealthfromthegovernmenttohouseholds.

b. istheincreaseinincometaxesduetolackofindexation.

c. isataxoneveryonewhoholdsmoney.

13．In1898,prospectorsontheKlondikeRiverdiscoveredgold.Thisdiscoverycausedanunexpectedpricelevel

a. decreasethathelpedcreditorsattheexpenseofdebtors.

b. decreasethathelpeddebtorsattheexpenseofcreditors.

c. increasethathelpedcreditorsattheexpenseofdebtors.

d. increasethathelpeddebtorsattheexpenseofcreditors.

14．Ivan,aRussiancitizen,sellsseveralhundredcasesofcaviartoarestaurantchainintheUnitedStates.Byitself,thissale

a. increasesU.S.netexportsandhasnoeffectonRussiannetexports.

b. increasesU.S.netexportsanddecreasesRussiannetexports.

c. decreasesU.S.netexportsandhasnoeffectonRussiannetexports.

d. decreasesU.S.netexportsandincreasesRussiannetexports.

15．SupposethattherealexchangeratebetweentheUnitedStatesandKenyaisdefinedintermsofbasketsofgoods.Whichofthefollowingwillincreasetherealexchangerate（thatisincreasethenumberofbasketsofKenyangoodsabasketofU.S.goodsbuys）?

a. anincreaseinthenumberofKenyanshillingsthatcanbepurchasedwithadollar

b. anincreaseinthepriceofU.S.basketsofgoods

c. adecreaseinthepriceinKenyanshillingsofKenyangoods

16．Usethe（hypothetical）informationinthefollowingtabletoanswerthenextquestion.

Country

Currency

CurrencyperU.S.Dollar

U.S.PriceIndex

CountryPriceIndex

Brazil

Real

4.00

200

800

Japan

Yen

125.00

50,000

Mexico

Peso

10.00

2,000

Sweden

Krona

9.00

Thailand

Baht

45.00

8,000

Inrealterms,U.S.goodsaremoreexpensivethangoodsinwhichcountry（ies）?

a. BrazilandMexico

b. Japan,Sweden,andThailand

c. JapanandSweden

d. Thailand.

17．Whichofthefollowingwouldtendtoshiftthesupplyofdollarsinforeign-currencyexchangemarketoftheopen-economymacroeconomicmodeltotheleft?

a. Theexchangeraterises.

b. Theexchangeratefalls.

c. TheexpectedrateofreturnonU.S.assetsrises.

d. TheexpectedrateofreturnonU.S.assetsfalls.

18．Therealexchangerateequalstherelative

a. priceofdomesticandforeigncurrency.

b. priceofdomesticandforeigngoods.

c. rateofdomesticandforeigninterest.

d. Noneoftheaboveiscorrect.

19．Intheopen-economymacroeconomicmodel,ifthesupplyofloanablefundsincreases,theinterestrate

a. andtherealexchangerateincrease.

b. andtherealexchangeratedecrease.

c. increasesandtherealexchangeratedecreases.

d. decreasesandtherealexchangerateincreases.

20．Forthefollowingquestion,usethegraphbelow.

Theinitialeffectofanincreaseinthebudgetdeficitintheloanablefundsmarketisillustratedasamovefrom

a. atob.

b. atoc.

c. ctob.

d. ctod.

21．Whenthegovernmentspendsmore,theinitialeffectisthat

a. aggregatedemandshiftsright.

b. aggregatedemandshiftsleft.

c. aggregatesupplyshiftsright.

d. aggregatesupplyshiftsleft.

22．Supposetheeconomyisinlong-runequilibrium.Inashortspanoftime,thereisasharpincreaseintheminimumwage,amajornewdiscoveryofoil,alargeinfluxofimmigrants,andnewenvironmentalregulationsthatreduceelectricityproduction.Intheshortrun,wewouldexpect

a. thepriceleveltoriseandrealGDPtofall.

b. thepriceleveltofallandrealGDPtorise.

c. thepricelevelandrealGDPbothtostaythesame.

d. Alloftheabovearepossible.

23．Supposetheeconomyisinlong-runequilibrium.Inashortspanoftime,thereisalargeinfluxofskilledimmigrants,amajornewdiscoveryofoil,andamajornewtechnologicaladvanceinelectricityproduction.Intheshortrun,wewouldexpect

24．Accordingtoliquiditypreferencetheory,themoneysupplycurveis

a. upwardsloping.

b. downwardsloping.

c. vertical.

d. horizontal.

25．WhentheFedbuysgovernmentbonds,thereservesofthebankingsystem

a. increase,sothemoneysupplyincreases.

b. increase,sothemoneysupplydecreases.

c. decrease,sothemoneysupplyincreases.

d. decrease,sothemoneysupplydecreases.

26．Accordingtothetheoryofliquiditypreference,anincreaseinthepricelevelcausesthe

a. interestrateandinvestmenttorise.

b. interestrateandinvestmenttofall.

c. interestratetoriseandinvestmenttofall.

d. interestratetofallandinvestmenttorise.

27．Ifthestockmarketcrashes,

a. aggregatedemandincreases,whichtheFedcouldoffsetbyincreasingthemoneysupply.

b. aggregatedemandincreases,whichtheFedcouldoffsetbydecreasingthemoneysupply.

c. aggregatedemanddecreases,whichtheFedcouldoffsetbyincreasingthemoneysupply.

d. aggregatedemanddecreases,whichtheFedcouldoffsetbydecreasingthemoneysupply.

28．IftheMPC=3/5,thenthegovernmentpurchasesmultiplieris

a. 5/3.b. 5/2.

c. 5.d. 15.

29．Ifthegovernmentraisesgovernmentexpenditures,intheshortrun,prices

a. riseandunemploymentfalls.

b. fallandunemploymentrises.

c. andunemploymentrise.

d. andunemploymentfall.

30．Ifthelong-runPhillipscurveshiftstotheleft,foranygivenrateofmoneygrowthandinflationtheeconomywillhave

a. higherunemploymentandloweroutput.

b. higherunemploymentandhigheroutput.

c. lowerunemploymentandloweroutput.

d. lowerunemploymentandhigheroutput.

31．WhenanAmericandoctoropens