# 宏观经济学期末考试试卷3(附答案)

1．Real GDP

a. evaluates current production at current prices.

b. evaluates current production at the prices that prevailed in some specific year in

the past.

c. is not a valid measure of the economy's performance, since prices change from year

to year.

d. is a measure of the value of goods only, hence, it excludes the value of services. 2．The steps involved in calculating the consumer price index include, in order:

a. choose a base year, fix the basket, compute the inflation rate, compute the basket's

cost, and compute the index.

b. choose a base year, find the prices, fix the basket, compute the basket's cost, and

compute the index.

c. fix the basket, find the prices, compute the basket's cost, choose a base year and

compute the index.

d. fix the basket, find the prices, compute the inflation rate, choose a base year and

compute the index.

3．Suppose the price of a quart of milk rises from \$1 to \$1.25 and the price of a T-shirt rises from \$8 to \$10. If the CPI rises from 150 to 175 people will likely buy

a. more milk and more T-shirts.

b. more milk and fewer T-shirts.

c. less milk and more T-shirts.

d. less milk and fewer T-shirts.

4．Which of the following is correct?

a. Countries with the highest growth rates over the last 100 years are the ones that

had the highest level of real GDP 100 years ago.

b. Most countries have had little fluctuation around their average growth rates

during the past 100 years.

c. The ranking of countries by income changes substantially over time.

d. Over the last 100 years, Japan had the highest real GDP growth rate, and now has the highest real GDP

per person.

5．Using the production function and notation in the text, K/L measures

a. natural resources per worker.

b. human capital per worker.

c. output per worker.

d. physical capital per worker.

6．Index funds

a. typically have about the same rate of return as more actively managed funds.

b. typically have lower rates of return than more actively managed funds.

c. contain the stocks and bonds from a single Standard Index Classification of industry.

d. typically have higher rates of return than more actively managed funds.

7．In a closed economy, national saving equals

a. investment.

b. income minus the sum of consumption and government expenditures.

c. private saving plus public saving.

d. All of the above are correct.

8．At which interest rate is the present value of \$162.24 two years from today equal to \$150 today?

a. 4 percent

b. 5 percent

c. 6 percent

d. None of the above are correct to the nearest penny.

9．Which of the following is incorrect?

a. Frictional unemployment is inevitable in a dynamic economy.

b. Although the unemployment created by sectoral shifts is unfortunate, in the long run such changes lead

to higher productivity and higher living standards.

c. At least 10 percent of U.S. manufacturing jobs are destroyed every year.

d. In a typical month more than 5 percent of workers leave their jobs.

10．Use the balance sheet for the following question.

Last Bank of Cedar Bend

Assets Liabilities

Reserves \$25,000 Deposits \$150,000

Loans \$125,000

If the reserve requirement is 10 percent, this bank

a. is in a position to make a new loan of \$15,000.

b. has less reserves than required.

c. has excess reserves of less than \$15,000.

d. None of the above are correct.

11．Which of the following lists ranks the Fed's monetary policy tools from most to least frequently used?

a. discount rate changes, reserve requirement changes, open market transactions

b. reserve requirement changes, open market transactions, discount rate changes

c. open market transactions, discount rate changes, reserve requirement changes

d. None of the above lists ranks the tools correctly.

12．A decrease in the money supply creates an excess

a. supply of money that is eliminated by rising prices.

b. supply of money that is eliminated by falling prices.

c. demand for money that is eliminated by rising prices.

d. demand for money that is eliminated by falling prices.

13．Given a nominal interest rate of 6 percent, in which case would you earn the lowest after-tax real rate of interest?

a. Inflation is 4 percent; the tax rate is 25 percent.

b. Inflation is 3 percent; the tax rate is 20 percent.

c. Inflation is 2 percent; the tax rate is 15 percent.

d. The after-tax real interest rate is the same for all of the abov

e.

14．In recent years, U.S. net capital outflow was

a. positive and net exports were negative.

b. positive and net exports were positive.

c. negative and net exports were negative.

d. negative and net exports were positiv

e.

15．If a country has business opportunities that are relatively attractive to other countries, we would expect it to have

a. both positive net exports and positive net capital outflow.

b. both negative net exports and negative net capital outflow.

c. positive net exports and negative net capital outflow.

d. negative net exports and positive net capital outflow.

16．On behalf of your firm, you make frequent trips to Hong Kong. You notice that you always have to pay more dollars to get enough local currency to get your hair styled than you have to pay to get your hair styled in the United States. This is

a. inconsistent with purchasing-power parity, but might be explained by limited opportunities for

arbitrage in hairstyling across international borders.

b. consistent with purchasing-power parity if prices in Hong Kong are rising more rapidly than prices in

the United States.

c. consistent with purchasing-power parity if prices in Hong Kong are rising less rapidly than prices in the

United States.

d. None of the above is correct.

17．Ceteris paribus, if the Canadian real interest rate were to increase, Canadian net capital outflow

a. and net capital outflow of other countries would rise.

b. and net capital outflow of other countries would fall.

c. would rise, while net capital outflow of other countries would fall.

d. would fall, while net capital outflow of other countries would ris

e.

18．If a government increases its budget deficit, then the real exchange rate

a. and domestic investment rise.

b. and domestic investment fall.

c. rises and domestic investment falls.

d. falls and domestic investment rises.

19．Which of the following is the correct way to show the effects of a new import quota?

a. shift the demand for loanable funds right, the supply of dollars for foreign exchange right, and the

demand for dollars left

b. shift the demand for loanable funds right, and the supply of dollars for foreign exchange left

c. shift the demand for dollars for foreign exchange left

d. None of the above is correct.

20．A large and sudden movement of funds out of a country is called

a. arbitrage.

b. capital flight.

c. crowding out.

d. capital mobility.

21．Aggregate demand shifts right when the government

a. raises personal income taxes.

b. increases the money supply.

c. repeals an investment tax credit.

d. All of the above are correct.

22．If people want to save more for retirement

a. or if the government raises taxes, aggregate demand shifts right.

b. or if the government raises taxes, aggregate demand shifts left.

c. aggregate demand shifts right. If the government raises taxes, aggregate demand

shifts left.

d. aggregate demand shifts left. If the government raises taxes, aggregate demand

shifts right.

23．n the mid-1970s the price of oil rose dramatically. This

a. shifted aggregate supply left.

b. caused U.S. prices to fall.

c. was the consequence of OPEC increasing oil production.

d. All of the above are correct.

24．Liquidity refers to

a. the relation between the price and interest rate of an asset.

b. the risk of an asset relative to its selling price.

c. the ease with which an asset is converted into a medium of exchange.

d. the sensitivity of investment spending to changes in the interest rat

e. 25．When the interest rate increases, the opportunity cost of holding money

a. increases, so the quantity of money demanded increases.

b. increases, so the quantity of money demanded decreases.

c. decreases, so the quantity of money demanded increases.

d. decreases, so the quantity of money demanded decreases.

26．Which of the following properly describes the interest rate effect?

a. As the money supply increases, the interest rate falls, so spending rises.

b. As the money supply increases, the interest rate rises, so spending falls.

c. As the price level increases, the interest rate falls, so spending rises.

d. As the price level increases, the interest rate rises, so spending falls.

27．An increase in government spending initially and primarily shifts

a. aggregate demand right.

b. aggregate demand left.

c. aggregate supply right.

d. neither aggregate demand nor aggregate supply.

28．The reduction in demand that results when a fiscal expansion raises the interest rate is called the

a. multiplier effect.

b. crowding-out effect.

c. accelerator effect.

d. Riccardian equivalence effect.

29．One determinant of the natural rate of unemployment is the

a. rate of growth of the money supply.

b. minimum wage rate.

c. expected inflation rate.

d. All of the above are correct.

30．An increase in the expected rate of inflation shifts

a. only the short-run Phillips curve right.

b. only the short-run Phillips curve left.

c. both the short-run and long-run Phillips curves to the right.

d. both the short-run and long-run Phillips curves to the left.

31．If nominal GDP is 10,000 and real GDP is 8,000 the GDP deflator is 125. 32．International data on the history of real GDP growth rates shows that the rich countries get richer and the poor countries get poorer.

33．One of the reasons that African countries may have grown slower than other countries is that many have high barriers to trade.

34．When the U.S. government is in debt, it follows that they have a deficit.

35．The future value of \$1 saved today is \$1/(1 + r).

36．The market for insurance is one example of reducing risk by using diversification. 37．Someone who is without work but is not looking for work would be counted as unemployed by the BLS.

38．Union workers earn about 10 percent to 20 percent more than similar workers who do not belong to unions.

39．Because of the multiple tools at its disposal, the Fed is precise in its control of the money supply.

40．Inflation distorts savings because people pay taxes on their nominal rather than their real interest income.

41．In an open economy, U.S. national savings can be less than U.S. investment.

42．If the real interest rate were above the equilibrium rate, there would be a shortage of loanable funds.

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

44．When output rises, unemployment falls.

45．The explanations for the slopes of the aggregate demand and aggregate supply curves are the same as the explanations for the slope of demand and supply curves for

specific goods and services.46．A decrease in the price level makes consumers feel wealthier, so they purchase more. This logic helps explain why the aggregate demand curve slopes downward.

47．In liquidity preference theory, an increase in the interest rate decreases the quantity of money demanded, but does not shift the money demand curve.

48．In principle the government could increase the money supply or government expenditures to try to offset the effects of a wave of pessimism about the future of the economy.

49．In the long run, the natural rate of unemployment depends primarily on the growth rate of the money supply. 50．A policy change that reduced the natural rate of unemployment would shift both the long-run aggregate-supply curve and the long-run Phillips curve left.

51．human capital:

52．exports:

54．aggregate-demand curve:

55．crowding-out effect:

56．Why is productivity related to the standard of living? In your answer be sure to explain what productivity and standard of living mean. Make a list of things that determine labor productivity.

57．Draw and label a graph showing equilibrium in the market for loanable funds.

58．Founders of the Federal Reserve were concerned that the Fed might form policy favorable to one part of the country or to a particular party. What are some ways that the organization of the Fed reflects such

concerns?

59．Suppose that monetary neutrality holds. Of the following variables, which ones do not change when the money supply increases?

a. real interest rates

b. inflation

c. the price level

d. real output

e. real wages

f. nominal wages

60．The long-run trend in real GDP is upward. How is this possible given business cycles?

What explains the upward trend?

61．Discuss what economists believe is different about the long and short run.

62．Suppose that consumers become pessimistic about the future health of the economy, and

so cut back on their consumption spending. What will happen to aggregate demand

and to output? What might the president and Congress have to do to keep output

stable?

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

1.b

2.c

3.d

4.c

5.d

6.d

7.d

8.a

9.d 10.c 11.c 12.d 13.a 14.c 15.b 16.a 17.d 18.c 19.d 20.b 21.b 22.b 23.a 24.c

25.b 26.d 27.a 28.b 29.b 30.a

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

51.the knowledge and skills that workers acquire through education, training, and experience.

52.goods and services that are produced domestically and sold abroad.

53.a government policy that directly influences the quantity of goods and services that a country imports

or exports.

54.a curve that shows the quantity of goods and services that households, firms, and the government want to buy at each price level.

55.the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.

56.The standard of living is a measure of how well people live. Income per person is an

important dimension of the standard of living and is positively correlated with other things such as nutrition and life expectancy that make people better off. Productivity measures how much people can produce in an hour. As productivity increases, people can produce more (and use less to produce the same amount) and so their standard of living increases.

The factors that determine labor productivity include the amounts of physical capital (equipment and structures), human capital (knowledge and skills), and natural resources available to workers, as well as the state of technological knowledge in

society.

57.Market for Loanable Funds

58. 1. The president appoints the Board of Governors, but the Senate must approve them.

2. The seven members of the Board of Governors serve 14-year terms, so it is unlikely

that a single president will have appointed most of them.

3. The Federal Reserve has 12 regional banks.

4. The presidents of the regional banks serve on the FOMC on a rotating basis.

59. a. real interest rates

d. real output

d. real wages

60.There are occasional short-lived periods of negative real GDP growth. However, in most years real GDP increases. The years of increase are more frequent and the increases large enough that over long periods of time real GDP increases despite the occasional declines. The long-run upward trend in real GDP is due to increases in the labor force and capital stock, and advances in technological knowledge.

61.Most economists believe that in the long run, real variables are not affected by nominal variables. So, for

example, changes in the money supply do not change real variables in the long run. However, most

economists believe that nominal variables to do change real variables in the short run.

62.As consumers become pessimistic about the future of the economy, they cut their expenditures so that

aggregate demand shifts left and output falls. The president and Congress could adjust fiscal policy to increase aggregate demand. They could either increase government spending, or cut taxes, or both.

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.

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