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宏观经济学期末考试试卷1附答案

一、选择题 (每小题 1 分,共 30 分)

1.The government reports that "GDP increased by 1.6 percent in the last quarter." This statement means that GDP increased

a. by 6.4 percent for the year.

b. at an annual rate of 6.4 percent during the last quarter.

c. at an annual rate of 1.6 percent during the last quarter.

d. at an annual rate of .4 percent during the last quarter.

2.A Brazilian company produces soccer balls in the United States and exports all of them. If the price of the soccer balls increases, the GDP deflator

a. and the CPI both increase.

b. is unchanged and the CPI increases.

c. increases and the CPI is unchange

d.

d. and the CPI are unchanged.

3.The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase by

a. more than 1 percent.

b. less than 1 percent.

c. 1 percent.

d. It is impossible to make an informed guess without more information.

4.A nation's standard of living is measured by its

a. real GDP.

b. real GDP per person.

c. nominal GDP.

d. nominal GDP per person.

5.In 2002 President Bush imposed restrictions on imports of steel to protect the U.S.

steel industry.

a. This is an inward-oriented policy which most economists believe have adverse

effects on growth.

b. This is an inward-oriented policy which most economists believe have beneficial effects on

growth.

c. This is an outward-oriented policy which most economists believe have adverse effects on growth.

d. This is an outward-oriented policy which most economists believe have beneficial effects on

growth.

6.Generally when economists and the text talk of the "interest rate," they are talking about the

a. real interest rate.

b. current nominal interest rate.

c. real interest rate minus the inflation rate.

d. equilibrium nominal interest rat

e.

7.An increase in the budget deficit

a. makes investment spending fall.

b. makes investment spending rise.

c. does not affect investment spending.

d. may increase, decrease, or not affect investment spending.

8.Norne Corporation is considering building a new plant. It will cost them $1 million today to build it and it will generate revenues of $1,121 million three years from today. Of the interest rates below, which is the highest interest rate at which Norne would still be willing to build the plant?

a. 3 percent

b. 3.5 percent

c. 4 percent

d. 4.5 percent

9.Recent entrants into the labor force account for about

a. 1/2 of those who are unemployed. Spells of unemployment end about 1/5 of the time with people

leaving the labor force.

b. 1/3 of those who are unemployed. Spells of unemployment end about 1/2 of the time with people

leaving the labor force.

c. 1/4 of those who are unemploye

d. Spells of unemployment end about 1/2 of the time with people

leaving the labor force.

d. 1/4 of those who are unemployed. Spells of unemployment end about 1/5 of the time with people

宏观经济学期末考试试卷1附答案

leaving the labor force

10.Which of the following best illustrates the unit of account function of money?

a. You list prices for candy sold on your Web site, http://www.wendangku.net/doc/08b5f82b667d27284b73f242336c1eb91a373313.html , in

dollars.

b. You pay for your WNBA tickets with dollars.

c. You keep $10 in your backpack for emergencies.

d. None of the above is correct.

11.Current U.S. currency is

a. fiat money with intrinsic value.

b. fiat money with no intrinsic value.

c. commodity money with intrinsic value.

d. commodity money with no intrinsic valu

e.

12.Velocity in the country of Shem is always stable. In 2002, the money supply was $200 billion and the GDP price deflator was four times as high as it was in the base year. In 2003, the money supply increased to $240 billion, the price level increased by 15 percent, and nominal GDP equaled $1,200 billion. By how much did real GDP increase between 2002 and 2003?

a. 20 percent

b. 4.35 percent

c. 2.17 percent

d. There is not enough information to answer the question.

13.Shoeleather costs refer to

a. the cost of more frequent price changes induced by higher inflation.

b. the distortion in resource allocation created by distortions in relative prices due

to inflation.

c. resources used to maintain lower money holdings when inflation is high.

d. the distortion in incentives created by inflation by taxes that do not adjust for

inflation.

14.International trade

a. raises the standard of living in all trading countries.

b. lowers the standard of living in all trading countries.

c. leaves the standard of living unchange

d.

d. raises the standard of living for importing countries and lowers it for exporting countries.

15.Which of the following would be U.S. foreign portfolio investment?

a. Disney builds a new amusement park near Rome, Italy.

b. Your economics professor buys stock in companies located in Eastern European countries.

c. A Dutch hotel chain opens a new hotel in the United States.

d. A citizen of Singapore buys a bond issued by a U.S. corporation.

16.A Venezuelan firm purchases earth-moving equipment from a U.S. company and pays for it with domestic currency. This transaction

a. increases U.S. net exports, and increases Venezuelan net capital outflow.

b. increases U.S. net exports, and decreases Venezuelan net capital outflow.

c. decreases U.S. net exports, and increases Venezuelan net capital outflow.

d. decreases U.S. net exports, and decreases Venezuelan net capital outflow.

17.At the equilibrium interest rate in the open economy macroeconomic model, the amount that people want to save equals the desired quantity of

a. net capital outflow.

b. domestic investment.

c. net capital outflow plus domestic investment.

d. foreign currency supplied.

18.In an open economy,

a. net capital outflow = imports.

b. net capital outflow = net exports.

c. net capital outflow = exports.

d. None of the above is correct.

19.In the open-economy macroeconomic model, the real exchange rate is determined in the market where dollars are exchanged for foreign currency by the equality of the supply of dollars, which comes from

a. U.S. national saving and the demand for dollars for U.S. net exports.

b. U.S. net capital outflow and the demand for dollars for U.S. net exports.

c. domestic investment and the demand for U.S. net exports.

d. foreign demand for U.S. goods and U.S. demand for foreign goods.

20.If a government increases its budget deficit, then interest rates

a. rise and the trade balance moves toward surplus.

b. rise and the trade balance moves toward deficit.

c. fall and the trade balance moves toward surplus.

d. fall and the trade balance moves toward deficit.

21.Investment spending decreases when the price level

a. rises causing interest rates to rise.

b. rises causing interest rates to fall.

c. falls causing interest rates to rise.

d. falls causing interest rates to fall.

22.An increase in the price level and a decrease in real GDP in the short run could be created by

a. an increase in the money supply.

b. an increase in government expenditures.

c. a fall in stock prices.

d. bad weather in farm states.

23.Which part of real GDP fluctuates most over the course of the business cycle?

a. consumption

b. government expenditures

c. investment

d. net exports

24.According to liquidity preference theory, the price level and interest rate are

a. positively related as are the interest rate and aggregate demand.

b. inversely related as are the interest rate and aggregate demand.

c. positively related while the interest rate and aggregate demand are inversely

related.

d. inversely related while the interest rate and aggregate demand are positively

related.

25.Which of the following shifts aggregate demand to the right?

a. an increase in the price level

b. an increase in the money supply

c. a decrease in the price level

d. a decrease in the money supply

26.If the Fed conducts open-market sales, the money supply

a. increases and aggregate demand shifts right.

b. increases and aggregate demand shifts left.

c. decreases and aggregate demand shifts right.

d. decreases and aggregate demand shifts left.

27.Some economists argue that

a. monetary policy should actively be used to stabilize the economy.

b. fiscal policy should actively be used to stabilize the economy.

c. fiscal policy can be used to shift the AD curve.

d. All of the above are correct.

28.The lag problem associated with monetary policy is due mostly to

a. the fact that business firms make investment plans far in advance.

b. the political system of checks and balances that slows down the process of determining monetary

policy.

c. the time it takes for changes in government spending to affect the interest rate.

d. All of the above are correct.

29.A. W. Phillips' findings were based on data

a. from 1861-1957 for the United Kingdom.

b. from 1861-1957 for the United States.

c. mostly from the post-World War II period in the United Kingdom.

d. mostly from the post-World War II period in the United States.

30.Which of the following is true concerning the long-run Phillips curve?

a. Its position is determined primarily by monetary factors.

b. If it shifts right, long-run aggregate supply shifts right.

c. It cannot be changed by any government policy.

d. its position depends on the natural rate of unemployment.

二、判断题(每小题 1 分,共 20 分)

31.The government component of GDP includes salaries paid to Army generals but not Social Security benefits to the elderly.

32.An increase in the saving rate does not permanently increases the growth rate of real GDP per person.

33.In ten years when you are the owner of a major U.S. corporation, if your corporation opens and operates a branch in a foreign country you will be engaging in foreign direct investment.

34.Corporations receive no proceeds from the resale of their stock.

35.According to the rule of 70, if you earn an interest rate of 3.5 percent, your savings will double about every 20 years.

36.The value of a stock depends on the ability of the company to generate dividends and the expected price of the stock when the stockholder sells her shares.

37.A minimum wage above equilibrium creates a labor surplus.

38.According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.

39.The use of money allows trade to be roundabout.

40.The quantity theory of money can explain hyperinflations but not moderate inflation.

41.In every economy, national saving equals domestic investment plus net capital outflow.

42.In the open-economy macroeconomic model, net exports represent the quantity of dollars demanded in the foreign-currency exchange market.

43.Although trade policies do not affect a country's overall trade balance, they do affect specific firms and industries.

44.If speculators bid up the value of the dollar in the market for foreign-currency exchange, aggregate demand would shift to the left.

45.In response to a decrease in output the economy would revert to its original level of prices and output whether the decrease in output was caused by a decrease in aggregate demand or a decrease in aggregate supply.

46.John Maynard Keynes advocated policies that would increase aggregate demand as a way to decrease unemployment caused by recessions.

47.An increase in the money supply shifts the aggregate supply curve right.

48.Unemployment insurance and welfare programs work as automatic stabilizers.

49.In the long run, the inflation rate depends primarily on money supply growth.

50.Although monetary policy cannot reduce the natural rate of unemployment, other types of policies can.

三、名词解释(每小题 2分,共 10 分)

51.catch-up effect:

52.depreciation:

53.capital flight:

54.recession:

55.automatic stabilizers:

四、简答题( 8题中任选6题;每小题 5分,共 30 分)

56.Compare and contrast the population theories of Malthus and Kremer.

57.Using a graph representing the market for loanable funds, show and explain what happens to interest rates and investment if a government goes from a deficit to a surplus.

宏观经济学期末考试试卷1附答案

宏观经济学期末考试试卷1附答案

宏观经济学期末考试试卷1附答案

58.Which two of the Ten Principles of Economics imply that the Fed can profoundly affect the economy?

59.The U.S. Treasury Department issues inflation-indexed bonds. What are

inflation-indexed bonds and why are they important?

60.Make a list of things that would shift the long-run aggregate supply curve to the right.

61.Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supply curves.

62.How does a reduction in the money supply by the Fed make owning stocks less attractive?

63.Why and in what way are fiscal policy lags different from monetary policy lags?

五、讨论题(2题中任选1题;每小题 10 分,共 10

分)

64. Suppose government spends $3 billion to buy police cars. Explain why aggregate demand might increase by more than $3 billion. Explain why aggregate demand might increase by less than $3 billion.

65. In 1939, with the U.S. economy not yet fully recovered from the Great Depression, President Roosevelt proclaimed that Thanksgiving would fall a week earlier than usual so that the shopping period before Christmas would be longer. Explain this decision, using the model of aggregate demand and aggregate supply.

《宏观经济学》答题纸

宏观经济学期末考试试卷1附答案

宏观经济学期末考试试卷1附答案

一、选择题 (每小题 1 分,共 30 分)

1. 2. 3. 4. 5.

6. 7. 8. 9. 10.

11. 12. 13. 14. 15.

16. 17. 18. 19. 20.

21. 22. 23. 24. 25.

26. 27. 28. 29. 30.

二、判断题(正确用“T”;错误用“F”;每小题 1

分,共 20 分)

31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50.

三、名词解释(每小题 2分,共 10 分) 51.catch-up effect: 52.depreciation:

53.capital flight:

54.recession:

55.automatic stabilizers:

四、简答题( 8题中任选6题;每小题 5分,共 30 分;答题时

请标明题号)

宏观经济学期末考试试卷1附答案

宏观经济学期末考试试卷1附答案

宏观经济学期末考试试卷1附答案

宏观经济学期末考试试卷1附答案

宏观经济学期末考试试卷1附答案

五、讨论题(2题中任选1题;每小题 10 分,共 10 分;答题时请

标明题号)

《宏观经济学》试卷A参考答案

1.c

2.c

3.d

4.b

5.a

6.a

7.a

8.b

9.b 10.a 11.b 12.b 13.c 14.a 15.b 16.b 17.c 18.b 19.b 20.b 21.a 22.d 23.c 24.c 25.b 26.d 27.d 28.a 29.a 30.d

31.T 32.T 33.T 34.T 35.T 36.T 37.T 38.F 39.T 40.F 41.T 42.T 43.T 44.T 45.F 46.T 47.F 48.T 49.T 50.T

51.the property whereby contries that start off poor tend to grow more rapidly than countries that start off rich.

52.a decrease in the value of a currency as measured by the amount of foreign currency it can buy.

53.a large and sudden reduction in the demand for assets located in a country.

54.a period of declining real incomes and rising unemployment.

55.changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession

without policymakers having to take any deliberate action.

56.The difference is that Malthus predicted that population growth would be greater than growth in the ability to increase output. He believed that people would continue to populate the earth until output reached a subsistence level. On the other hand Kremer argues that population growth increased productivity allowing people to improve their standard of living despite growing population. Kremer argues that with more population comes more innovations. The improvements in technology more than offset any adverse impact of the increase in population on the standard of living.

宏观经济学期末考试试卷1附答案

57. As shown in the graph below, the economy starts in equilibrium at point E0 with interest rate r0 and equilibrium quantity of saving and investment at q0. If the government succeeds in obtaining a surplus, there will be more public saving in the economy at each interest rate, and the supply of loanable funds curve will shift from S0 to S1. The new equilibrium will be at E1, with a lower interest rate, r1 and a higher quantity of saving and investment, q1. Hence, if the federal government succeeds in having a surplus, interest rates will fall and investment will increase.

Market for Loanable Funds

宏观经济学期末考试试卷1附答案

58. 1. Prices rise when the government prints too much money.

2. There is a short-run tradeoff between inflation and unemployment.

59. Inflation-indexed bonds are bonds whose interest and principal payments are adjusted upward for inflation, guaranteeing their real purchasing power in the future.

They are important because they provide a safe, inflation-proof asset for savers and they may allow the Treasury to borrow more easily at a lower current cost.

60. Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, more generous unemployment insurance, an increase in the capital stock, an increase in the average level of education, a discovery of new mineral deposits, technology, and removal of barriers to international trade.

61.See graph.

Over time technological advances cause the long-run aggregate supply curve to shift right. Increases in the money supply cause the aggregate demand curve to shift right. Output growth puts downward pressure on the price level, but money supply growth contributes to rising prices.

62. The reduction in the money supply raises the interest rate. So the return on bonds increases relative to the return on stocks. The increase in the interest rate also causes spending to fall so that revenues and profits fall making shares of ownership in corporations less valuable.

63.The fiscal policy lags are mostly a matter of waiting to implement the policy. By the time the president and Congress can agree to and pass legislation changing expenditures or taxes, the recession may have ended. The Federal Reserve can act to change the money supply quickly, but it may take some time before the effects of an increase in the money supply work their way through the economy.

64. 当政府支出30亿美元购买警车时,直接投资增加警车生产企业的利润,这种增加又使该企业雇佣更多工人,并增加生的。随着工人看到收入更多,企业所有者看到利润更多,他们对这种收入增加的反应是增加他们自己对消费品的支出。结果,政府对警车的购买还增加了经济中许多其它企业产

品的需求。由于政府支出每美元可以增加的物品与劳务的总需求大于一美元,所以说政府购买对总

需求有一种乘数效应。在这第一轮之后,这种乘数效应还会继续。当消费支出增加时,生产这些消费品的企业雇佣了更多工人,并有更高的利润。更高的收入和利润又刺激了消费支出,以此类推。因此,当政府支出30亿美元购买警车时,总需求的增加会大于30亿美元。

当政府增加30亿美元购买警车刺激了物品与劳务需求时,它也引起了利率上升,而且较高的利率往往减少了物品与劳务需求。这就是说,当政府购买增加了30亿美元时,它也会挤出投资。这种挤出效应部分抵消了政府购买增加对总需求的影响。总之,当政府增加30亿的购买时,总需求的增加可以大于或小于30亿美元,这取决于乘数效应大还是挤出效应大。

65. 当罗斯福总统宣布感恩前一周时,刺激了居民的消费支出,经济中对物品与劳务的需求会增加,从而总需求曲线从AD1右移到AD2.随着经济从A点变动到B点,产量从Y1增加到Y2,物价水平众P1升至P2

.

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