MACRO CHAPTER 11 TESTQUESTIONS宏观经济学答案Word文档格式.docx

MACRO CHAPTER 11 TESTQUESTIONS宏观经济学答案Word文档格式.docx

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3. 

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

exactlythetypeofbehaviorthatKeynesbelievedmostfirmsexhibit

knownasmeetingdemand

inconsistentwiththekeyassumptionuponwhichthebasicKeynesianmodelisbuilt

freefrommenucosts

4. 

IntheKeynesianmodel,itisassumedthat,whendemandforafirm'

sproductchanges,thefirm:

changespricestomeetthedemand.

changesproductionlevelstomeetthedemand.

changespricesandproductionlevelstomeetdemand.

changesprices,butholdproductionlevelsconstanttomeetthedemand.

5. 

Thedecisionwhethertochangepricesfrequentlyorinfrequentlyisanapplicationofthe:

principleofcomparativeadvantage.

scarcityprinciple.

principleofincreasingopportunitycost.

cost-benefitprinciple.

6. 

Menucostsarethecostsof:

runningarestaurant.

changingprices.

increasingaggregatedemand.

changingproduction.

7. 

Firmsdonotchangepricesfrequentlybecause:

therearelegalprohibitionsagainstdoingso.

itiseasiertochangethequantityofcapitalusedinproduction.

itiscostlytodoso.

customerswillrefusetopatronizefirmsthatchangepricesfrequently.

8. 

Plannedaggregateexpenditureistotal:

valueaddedintheeconomy.

plannedspendingonfinalgoodsandservices.

incomeofhouseholds,businesses,governments,andforeigners.

revenuefromthesaleofgoodsandservices.

9. 

Thefourcomponentsofplannedaggregateexpenditureare:

spendingondomesticgoods,domesticservices,foreigngoods,andforeignservices.

spendingondurablegoods,inventoryinvestment,governmentdebt,andnetexports.

consumption,plannedinvestment,governmenttransfers,andnetinterest.

consumption,plannedinvestment,governmentpurchases,andnetexports.

10. 

AllofthefollowingwouldbeincludedinplannedaggregateexpenditureEXCEPT:

spendingonconsumerdurables.

plannedchangesininventories.

salesofdomesticallyproducedgoodstoforeigners.

interestpaidonthegovernmentdebt.

11. 

purchasesofservicesprovidedbygovernmentemployees.

socialsecuritypayments.

12. 

Plannedinvestmentmaydifferfromactualinvestmentbecauseof:

changesingovernmentpurchasesandnetexports.

themarginalpropensitytoconsume.

unplannedchangesininventories.

fluctuationsinpresetprices.

13. 

Iffirmsselllessthanexpected,actualinvestmentincreasesbecause_____,whichiscountedasinvestment. 

theunsoldgoodsareaddedtoinventory

thegovernmentbuystheunsoldgoods

theunsoldgoodsaredistributedtopoorhouseholds

householdsbuytheunsoldgoodsarebargainprices

14. 

InthebasicKeynesianmodelallofthefollowingaretrueEXCEPT:

plannedconsumptionalwaysequalsactualconsumption.

plannedinvestmentalwaysequalsactualinvestment.

plannedgovernmentspendingalwaysequalsactualgovernmentspending.

plannednetexportsalwaysequalactualnetexports.

15. 

Dave'

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

sMirrorCompanyequals______andplannedinvestmentequals_______. 

$250,000;

$150,000

$300,000;

$200,000

$550,000;

$450,000

$650,000;

$550,000

16. 

Iffirmssellmoreoutputthanexpected,plannedinvestment:

isgreaterthanactualinvestment.

islessthanactualinvestment.

equalsactualinvestment.

equalszero.

17. 

Iffirmsselllessoutputthanexpected,plannedinvestment:

18. 

Unplannedinventoryinvestmentequalszerowhen 

plannedinvestmentisgreaterthanactualinvestment.

plannedinvestmentislessthanactualinvestment.

plannedinvestmentequalsactualinvestment.

expectedsalesaregreaterthanactualsales.

19. 

Whenactualinvestmentisgreaterthanplannedinvestment:

firmssoldlessoutputthanexpected.

firmssoldmoreoutputthanexpected.

thequantityofoutputsoldistheamountthefirmexpectedtosell.

theeconomyproducesshort-runequilibriumoutput.

20. 

Whenactualinvestmentislessthanplannedinvestment:

21. 

Plannedaggregateexpenditure（PAE）equals:

C+Ip+G+NX.

Cp+I+G+NX.

C+I+Gp+NX.

C+I+G+NXp.

22. 

C+Ip+G+NXequals:

plannedaggregateexpenditure.

potentialGDP.

theoutputgap.

theincome-expendituremultiplier.

23. 

Thelargestcomponentofplannedaggregateexpenditureis:

consumption.

investment.

governmentpurchases.

exports.

24. 

Theconsumptionfunctionisrelationshipbetweenconsumptionand:

totalspending.

itsdeterminants,suchasdisposableincome.

25. 

IntheKeynesianmodel,consumptiondependson:

whetherthegovernmenthasabudgetsurplusordeficit.

potentialoutput.

thenaturalrateofunemployment.

disposableincome.

26. 

ThetwopartsoftheKeynesianconsumptionfunctionareconsumptionthatdependson______andconsumptionthatdependson_____. 

disposableincome;

factorsotherthandisposableincome

plannedspending;

unplannedspending

realincome;

nominalincome

money;

wealth

27. 

Theslopeoftheconsumptionfunction:

isvertical.

ishorizontal.

equals1.

equalsthempc.

28. 

Theverticalinterceptoftheconsumptionfunctionequals______andtheslopeequals_____. 

thempc;

autonomousconsumption

autonomousconsumption;

thempc

theunplannedcomponentofconsumption;

theplannedcomponentofconsumption

theplannedcomponentofconsumption;

theunplannedcomponentofconsumption

29. 

Asdisposableincomeincreases,consumption:

increases.

decreases.

mayeitherincreaseordecreasedependingonthewealtheffect.

mayeitherincreaseordecreasedependingonthempc.

30. 

Asdisposableincomedecreases,consumption:

31. 

Thetendencyofchangesinassetpricestoaffectspendingonconsumptiongoodsiscalledthe______effect. 

income

substitution

wealth

multiplier

32. 

Historicallyspeaking,aonedollardecreaseinhouseholdwealthwillcauseconsumerspendingtofallby:

$0.03to$0.07.

$0.30to$0.70.

$3.00to$7.00.

$30.00to$70.00.

33. 

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

$35billion

$200billion

$350billion

$2trillion

34. 

Changesinautonomousconsumptioncouldbetheresultof:

changesindisposableincome.

changesininflation.

changesinthempc.

changesinhousingprices.

35. 

Adecreaseinstockpricesalterstheconsumptionfunctionby:

increasingthempc.

decreasingthempc.

increasingtheconstantterm.

decreasingtheconstantterm.

36. 

Whenhousingpricesdecrease,householdwealth_____,andconsumption_____. 

increases;

increases

decreases

decreases;

37. 

Themarginalpropensitytoconsume（mpc）isthe:

amountbywhichdisposableincomeincreaseswhenconsumptionincreasesby$1.

amountbywhichconsumptionincreaseswhendisposableincomeincreasesby$1.

percentagebywhichconsumptionincreaseswhendisposableincomeincreasesby1%.

percentagebywhichdisposableincomeincreaseswhenconsumptionincreasesby1%.

38. 

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

0.1.

0.9.

1.0.

9.0.

39. 

Ifthemarginalpropensitytoconsumeequals0.75,thena$100increaseinafter-taxdisposableincomeleadstoa______increaseinconsumption. 

$13.33

$25

$75

$133

40. 

Dataonafter-taxincome