宏观经济学期末考试试卷2(附答案)
1．In the United States real GDP is reported each quarter.
a. These numbers are adjusted to make them measure at annual and seasonally adjusted rates.
b. These numbers are adjusted to make them annual rates, but no adjustment for seasonal variations are made.
c. These numbers are quarterly rates that have been seasonally adjuste
d.
d. These numbers are at quarterly rates and have not been seasonally adjusted.
2．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.
3．If increases in the prices of U.S. medical care cause the CPI to increase by 2 percent,
the GDP deflator will likely increase by a. more than 2 percent. b. 2 percent. c. less than 2 percent.
d. All of the above are correct.
4．The traditional view of the production process is that capital is subject to a. constant returns. b. increasing returns. c. diminishing returns.
d. diminishing returns for low levels of capital, and increasing returns for high levels of capital.
5．Which of the following is correct?
d. All of the above are correct.
6．Use the following table to answer the following question. Assume that the closing price was also the average price at which each stock transaction took place. What
was the total dollar volume of Gillette stock traded that day? a. $912,840,000 b. $91,284,000 c. $9,128,400
d. $912,840
7．Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 2,500 Consumption equals
6,500 and Government expenditures equal 2,000. What are private saving, public saving, and national saving? a. 1500, 1000, 500 b. 1000, 500, 1500 c. 500, 1500, 1000
d. None of the above are correct. 8．Risk-averse people will choose different asset portfolios than people who are not risk avers
e. Over a long period of time, we would expect that a. every risk-averse person will earn a higher rate of return than every non-risk averse person. b. every risk-averse person will earn a lower rate of return than every non-risk averse person.
c. the average risk-averse person will earn a higher rate of return than the average non-risk averse person.
d. the average risk-averse person will earn a lower rate of return than the average non-risk averse
person.
9．The natural rate of unemployment is the
a. unemployment rate that would prevail with zero inflation.
b. rate associated with the highest possible level of GDP.
c. difference between the long-run and short-run unemployment rates.
d. amount of unemployment that the economy normally experiences.
10．Suppose that the reserve ratio is 5 percent and that a bank has $1,000 in deposits. Its required reserves are
a. $5.
b. $50.
c. $95.
d. $950.
11．Suppose a bank has $200,000 in deposits and $190,000 in loans. It has a reserve ratio of
a. 5 percent
b. 9.5 percent
c. 10 percent
d. None of the above is correct.
12．The inflation tax
a. transfers wealth from the government to households.
b. is the increase in income taxes due to lack of indexation.
c. is a tax on everyone who holds money.
d. All of the above are correct.
13．In 1898, prospectors on the Klondike River discovered gold. This discovery caused an unexpected price level
a. decrease that helped creditors at the expense of debtors.
b. decrease that helped debtors at the expense of creditors.
c. increase that helped creditors at the expense of debtors.
d. increase that helped debtors at the expense of creditors.
14．Ivan, a Russian citizen, sells several hundred cases of caviar to a restaurant chain in the United States. By itself, this sale
a. increases U.S. net exports and has no effect on Russian net exports.
b. increases U.S. net exports and decreases Russian net exports.
c. decreases U.S. net exports and has no effect on Russian net exports.
d. decreases U.S. net exports and increases Russian net exports.
15．Suppose that the real exchange rate between the United States and Kenya is defined in terms of baskets of goods. Which of the following will increase the real exchange rate (that is increase the number of baskets of Kenyan goods a basket of U.S. goods buys)?
a. an increase in the number of Kenyan shillings that can be purchased with a dollar
b. an increase in the price of U.S. baskets of goods
c. a decrease in the price in Kenyan shillings of Kenyan goods
d. All of the above are correct.
16．Use the (hypothetical) information in the following table to answer the next question.
In real terms, U.S. goods are more expensive than goods in which country(ies)?
a. Brazil and Mexico
b. Japan, Sweden, and Thailand
c. Japan and Sweden
d. Thailand.
17．Which of the following would tend to shift the supply of dollars in foreign-currency exchange market of the open-economy macroeconomic model to the left?
a. The exchange rate rises.
b. The exchange rate falls.
c. The expected rate of return on U.S. assets rises.
d. The expected rate of return on U.S. assets falls.
18．The real exchange rate equals the relative a. price of domestic and foreign currency. b. price of domestic and foreign goods. c. rate of domestic and foreign interest.
d. None of the above is correct.
19．In the open-economy macroeconomic model, if the supply of loanable funds increases, the interest rate a. and the real exchange rate increase. b. and the real exchange rate decrease.
c. increases and the real exchange rate decreases.
d. decreases and the real exchange rate increases.
20．For the following
question, use the graph below.
The initial effect of an increase in the budget deficit in the loanable funds market is
illustrated as a move from a. a to b. b. a to c. c. c to b.
d. c to d.
21．When the government spends more, the initial effect is that a. aggregate demand shifts right.
b. aggregate demand shifts left.
c. aggregate supply shifts right.
d. aggregate supply shifts left.
22．Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the minimum wage, a major new discovery of oil, a large influx of immigrants, and new environmental regulations that reduce electricity production. In the short run, we would expect a. the price level to rise and real GDP to fall. b. the price level to fall and real GDP to rise. c. the price level and real GDP both to stay the same.
d. All of the above are possibl
e.
23．Suppose the economy is in long-run equilibrium. In a short span of time, there is a large influx of skilled immigrants, a major new discovery of oil, and a major new technological advance in electricity production. In the short run, we would expect a. the price level to rise and real GDP to fall. b. the price level to fall and real GDP to rise. c. the price level and real GDP both to stay the same.
d. All of the above are possibl
e.
24．According to liquidity preference theory, the money supply curve is a. upward sloping.
b. downward sloping.
c. vertical.
d. horizontal.
25．When the Fed buys government bonds, the reserves of the banking system a. increase, so the money supply increases. b. increase, so the money supply decreases. c. decrease, so the money supply increases.
d. decrease, so the money supply decreases. 26．According to the theory of liquidity preference, an increase in the price level causes the a. interest rate and investment to ris
e. b. interest rate and investment to fall.
c. interest rate to rise and investment to fall.
d. interest rate to fall and investment to ris
e.
27．If the stock market crashes,
a. aggregate demand increases, which the Fed could offset by increasing the
money supply.
b. aggregate demand increases, which the Fed could offset by decreasing the
money supply.
c. aggregate demand decreases, which the Fed could offset by increasing the
money supply.
d. aggregate demand decreases, which the Fed could offset by decreasing the
money supply.
28．If the MPC = 3/5, then the government purchases multiplier is
a. 5/3.
b. 5/2.
c. 5.
d. 15.
29．If the government raises government expenditures, in the short run, prices
a. rise and unemployment falls.
b. fall and unemployment rises.
c. and unemployment rise.
d. and unemployment fall.
30．If the long-run Phillips curve shifts to the left, for any given rate of money growth and inflation the economy will have
a. higher unemployment and lower output.
b. higher unemployment and higher output.
c. lower unemployment and lower output.
d. lower unemployment and higher output.
二、判断题(每小题 1 分，共 20 分) 31．When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.
32．In countries where women are discriminated against, policies that increase their career and educational opportunities are likely to increase the birth rate.
33．Michael Kramer found that world growth rates have increased as population has.
34．Suppose a small closed economy has GDP of $5 billion, Consumption of $3 billion, and Government expenditures of $1 billion. Then domestic investment and national saving are both $1 billion.
35．According to the efficient markets hypothesis, at any moment in time, the market price is the best guess of the company's value based on available information.
36．According to the efficient markets hypothesis, stocks follow a random walk so that stocks that increase in price one year are more likely to increase than decrease in the next year.
37．In the United States, blacks and whites have similar labor force participation rates, but blacks have a higher unemployment rate.
38．According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.
39．In the months of November and December, people in the United States hold a larger part of their money in the form of currency because they intend to shop for the holidays. As a result, the money supply increases, cerise parousia.
40．In the 1990s, U.S. prices rose at about the same rate as in the 1970s.
41．According to the theory of purchasing-power parity, the real exchange rate defined as foreign goods per unit of U.S. goods will equal the domestic price level divided by the foreign price level.
42．Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange market.
43．If policymakers impose import restrictions on automobiles, the U.S. trade deficit would shrink.
44．Most economists believe that classical theory explains the world in the short run, but not the long run.
45．Because not all prices adjust instantly to changing conditions, an unexpected fall in the price level leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and services they produce.
46．All explanations for the upward slope of the short-run aggregate supply curve suppose that output supplied increases when the price level increases more than expected.
47．Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther than the increase in government expenditures.
48．During recessions, the government tends to run a budget deficit.
49．If macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in the short run.
50．The analysis of Friedman and Phelps argues that any change in inflation that is expected has no impact on the unemployment rate.
三、名词解释(每小题 2 分，共 10 分)
51．diminishing returns:
52．nominal exchange rate:
53．crowding-out effect:
54．stagflation:
55．automatic stabilizers:
四、简答题( 8题中任选6题；每小题 5分，共
30 分)
56．Why are property rights important for the growth of a nation's standard of living?
57．Suppose that you are a broker and people tell you the following about themselves. What sort of bond would you recommend to each? Defend your choices.
a. "I am in a high federal income tax bracket and I don't want to take very much risk."
b. "I want a high return and I am willing to take a lot of risk to get it."
c. "I want a decent return and I have enough deductions that I don't value tax breaks highly."
58．Draw a simple T-account for First National Bank of Me, which has $5,000 of deposits, a reserve ratio of 10 percent, and excess reserves of $300.
59．What are the costs of inflation?
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．Why do economists think that the wealth effect and exchange-rate effect are not very important factors in explaining why aggregate demand slopes downward, at least in the United States?
63．Describe the process in the money market by which the interest rate reaches its equilibrium value if it starts above equilibrium.
五、讨论题(2题中任选1题；每小题 10 分，共 10 分)
64. Assume the economy is in a recession. Explain how each of the following policies would affect consumption and investment. In each case, indicate any direct effects, any effects resulting from changes in total output, any effects resulting from changes in interest rate, and the overall effect. If there are conflicting effects making the answer ambiguous, say so. a). a reduction in taxes; b) an expansion of the money supply.
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
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.
52．depreciation:
53．capital flight:
54．recession:
55．automatic stabilizers:
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B参考答案
1.a
2.d
3.c
4.c
5.a
6.b
7.b
8.d
9.d 10.b 11.a 12.c 13.d 14.d 15.d 16.d 17.c 18.b 19.b 20.c 21.a 22.d 23.b 24.c 25.a 26.c 27.c 28.b 29.a 30.d
31.F 32.F 33.T 34.T 35.T 36.F 37.T 38.F 39.F 40.F 41.F 42.T 43.F 44.F 45.T 46.T 47.T 48.T 49.T 50.T
51.the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.
52.the rate at which a person can trade the currency of one country for the currency of another.
53.the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.
54.a period of falling output and rising prices.
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.Property rights are an important prerequisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financial assets of the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living. 57. a. A municipal bond, because generally they have low credit risk and are not subject to federal income tax.
b. A junk bond. Because of their high risk, they have a high return.
c. A corporate bond that isn't a junk bon
d. Because they have more risk than
government bonds and have no special tax treatment, they pay moderate rates
of return.
58.First National Bank of Me
Assets Liabilities
Reserves $800 Deposits $5,000
Loans $4,200
59.The costs of inflation include "shoeleather costs," the cost of reducing your money holdings to reduce your inflation tax; "menu costs," the costs of price adjustments; the costs of resource misallocation that result from the relative-price variability induced by inflation; the costs of inflation-induced tax distortions; the costs of confusion and inconvenience; and the costs associated with the arbitrary redistribution of wealth that accompany unexpected inflation.
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 wealth effect is not very important because it operates through changes in the real value of money,
and money is only a small fraction of household wealth. So it is unlikely that changes in the price level will lead to large changes in consumption spending through this channel. The exchange-rate effect is not very important in the United States because trade with other countries represents a relatively small fraction of U.S. GDP.
63. If the interest rate is above equilibrium, there is an excess supply of money. People with more money than they want to hold given the current interest rate deposit the money in banks and buy bonds. The increase in funds to lend out causes the interest rate to fall. As the interest rate falls, the quantity of money demanded increases, which tends to diminish the excess supply of money.
64. a) 税收减少增加了储蓄的收益、减少了投资的成本，但税收减少对储蓄和投资的影响要视情况而定。储蓄的增加取决于储蓄的税收弹性，如果储蓄的税收弹性大，则消费会大量减少，反之，消费不会减少许多；投资的增加也取决于投资的税收弹性，如果投资的税收弹性大，则投资会大量增加，反之，投资不会增加多少。它的总效应不确定，这要看储蓄的税收效应和投资的税收效应的大小。
b) 货币供给的扩张减低了利率，利率下降意味着投资成本和消费下降，因而会刺激消费和投资增加，这是一种产生于利率变动的间接效应。它的总效应是增加社会总需求。
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
.
连续很多天都是天亮之后才睡觉。别人问我，你晚上不睡觉都在干嘛。我马上回答，写稿啊，书稿还没交呢。但其实，我一个字也没写。而之所以熬夜，也不过是因为心里有牵挂的人和未完成的事吧。
别人问你怎么还不睡，你说不困。其实熬夜很困，打个哈欠都会有眼泪流出来，只是心中一直有所期待，有所牵挂。就好像下一秒就会收到喜欢的人的消息，下一秒就能遇见一个惊喜。又或者，熬了太久却迟迟得不到自己想要的结果，渐渐的习惯了孤独。
为什么会熬夜呢，大概是因为白天的自己太理智，太冷漠，好像什么都不在乎。所以有些情绪和思念，心酸和不舍，是要留到深夜独自慢慢消化的。白天的自己和晚上的自己完全不是同一个人啊，白天口口声声说一定早睡，晚上却从来做不到。像失忆一样拿命熬夜，白天开开心心无忧无虑，晚上却忧郁的不行。白天觉得我最牛逼，晚上却变成世界第一大傻逼。
总觉得幸福的人是不用熬夜的，每天都有规律的生活，爱的人就躺在身边，现在过的是想要的生活，手里牵的是喜欢的人。
昨天有人问我，为什么你晚上不睡觉。
我想了很久，已经两三年没有在两点之前入睡过了。但我也说不清为什么，那个人突然给我发了一段话，我突然觉得，这是我熬夜的原因，也是很多人熬夜的原因。
你总是习惯熬夜，然后我也故意很晚都不睡。装作是和你一样睡不着，这样就可以和你聊很久，可是你都不知道其实我要困死了。后来你走了，熬夜的习惯却怎么都改不掉。
说片面点是熬夜，说实在点是失眠，说实话是想你。
你有没有过，为了陪一个人聊天，其实下一秒已经要睡着，但还是死抓着手机不肯睡。
你有没有过，因为一个人的一句话，明明很困却突然变得很清醒，开心和喜悦赶走了所有困意。
你有没有过，为了等一个人的晚安，不停的刷着朋友圈发着动态，其实只想让他看到你还没睡。
你有没有过，因为太思念一个人，每天都害怕深夜来临，害怕孤独，害怕寂寞，害怕牵挂的感觉。
我知道，你都有过。
可是，你每天这样熬夜，有人心疼你吗？
前天晚上一个作家姐姐突然发消息说，妹妹，钱是挣不完的，别累着自己，身体最重要。昨晚她发现我又在熬夜，给我发消息说，一定照顾好自己，莫名心疼你。
我很感动，又觉得很可笑。一个没见过面的人看你熬夜都会心疼，会劝你照顾好自己，但你每天熬夜想着的那个人，没给你发过一条消息。第一次见面的陌生人都会劝你少喝酒少抽烟，素不相识的微信好友都会让你早点休息，可你抽烟喝酒熬夜在等的那个人，从来都没在意过你，连一句晚安都没有。
我经常给别人讲道理，永远不要为了一个不爱你的人折磨自己。但这句话其实就像放屁，因为一旦爱上一个人，就没办法控制自己。我们在爱情里，从来都不是理性的。后来有人问我，怎么忘记一个人。
我说，把酒喝够，把烟抽完，把黑夜熬成天亮，等你真的感觉疼了，你就忘记了。不撞南墙不死心，大概就是这个道理。别人苦口婆心的劝说，其实你一点儿都听不进去。你害怕失去、害怕背叛、害怕从未拥有，你害怕的太多、心事太多，所以很难入睡。那你就熬吧，等熬过了这一阵，你又会觉得其实生活还是很美好。
你要记住，所有关于感情的问题，都不要在深夜做决定。无论分手还是牵手，无论坚持还是放弃。因为女人啊，从来都不是理性动物，再加上深夜里的一杯红酒，一根香烟，感性越发强烈。
五年前第一次听梁静茹的《问》，歌里唱，如果女人，总是等到夜深，无悔付出青春，他就会对你真。
那时候真的傻到相信，用心爱一个人，就能把他留在自己身边。现在才明白，在一起一辈子这种事，不是嘴上说了就可以。外面的诱惑这么多，人的欲望这么大，而你能给的爱，其实就这么多。
后来我经常说，如果爱一个人又不可得，那就找个爱自己的吧。别太累，别付出太多，别太委屈，你说你爱他所以无所畏惧，但你的感情和耐心其实就这么多，你无法永远输出。
总有一天它们会因迟迟得不到回应而枯竭。等到那一天你会发现，哪怕再遇到喜欢的人，也没有力气去喜欢了。