1、1. IntheUnitedStatesrealGDPisreportedeachquarter.a. Thesenumbersareadjustedtomakethemmeasureatannualandseasonallyadjustedrates.b. Thesenumbersareadjustedtomakethemannualrates,butnoadjustmentforseasonalvariationsaremade.c. Thesenumbersarequarterlyratesthathavebeenseasonallyadjusted.d. Thesenumbersare
2、atquarterlyratesandhavenotbeenseasonallyadjusted.2. ThepriceofCDplayersincreasesdramatically,causinga1percentincreaseintheCPI.ThepriceincreasewillmostlikelycausetheGDPdeflatortoincreasebya. morethan1percent.b. lessthan1percent.c. 1percent.d. Itisimpossibletomakeaninformedguesswithoutmoreinformation.
3、3. IfincreasesinthepricesofU.S.medicalcarecausetheCPItoincreaseby2percent,theGDPdeflatorwilllikelyincreasebya. morethan2percent.b. 2percent.c. lessthan2percent.d. Alloftheabovearecorrect.4. Thetraditionalviewoftheproductionprocessisthatcapitalissubjecttoa. constantreturns.b. increasingreturns.c. dim
4、inishingreturns.d. diminishingreturnsforlowlevelsofcapital,andincreasingreturnsforhighlevelsofcapital.5. Whichofthefollowingiscorrect?a. Politicalinstabilitycanreduceforeigninvestment,reducinggrowth.b. GarysBeckerproposaltopaymothersindevelopingcountriestokeeptheirchildreninschoolhasnotworkedverywel
5、linpractice.c. Policiesdesignedtopreventimportsfromothercountriesgenerallyincreaseeconomicgrowth.d.Alloftheabovearecorrect.6.Usethefollowingtabletoanswerthefollowingquestion.StockSymYld%PEVol100sHiLoCloseNetChgGenMillsGIS2.5351375844.343.543.97-0.63GilletteG2.2313042831.129.7300.17GracoGGG1.21670524
6、223.123.95-0.53HersheyHSY2.138541863.461.762.450.72Assumethattheclosingpricewasalsotheaveragepriceatwhicheachstocktransactiontookplace.WhatwasthetotaldollarvolumeofGillettestocktradedthatday?a. $912,840,000b. $91,284,000c. $9,128,400d.$912,8407. SupposethatinaclosedeconomyGDPisequalto10,000,taxesar
7、eequalto2,500Consumptionequals6,500andGovernmentexpendituresequal2,000.Whatareprivatesaving,publicsaving,andnationalsaving?a. 1500,1000,500b. 1000,500,1500c. 500,1500,1000d. Noneoftheabovearecorrect.8. Risk-aversepeoplewillchoosedifferentassetportfoliosthanpeoplewhoarenotriskaverse.Overalongperiodof
8、time,wewouldexpectthata. everyrisk-aversepersonwillearnahigherrateofreturnthaneverynon-riskaverseperson.b. everyrisk-aversepersonwillearnalowerrateofreturnthaneverynon-riskaverseperson.c. theaveragerisk-aversepersonwillearnahigherrateofreturnthantheaveragenon-riskaverseperson.d. theaveragerisk-avers
9、epersonwillearnalowerrateofreturnthantheaveragenon-riskaverseperson.9. Thenaturalrateofunemploymentisthea. unemploymentratethatwouldprevailwithzeroinflation.b. rateassociatedwiththehighestpossiblelevelofGDP.c. differencebetweenthelong-runandshort-rununemploymentrates.d. amountofunemploymentthattheec
10、onomynormallyexperiences.10. Supposethatthereserveratiois5percentandthatabankhas$1,000indeposits.Itsrequiredreservesarea.$5.b.$50.c.$95.d.$950.11. Supposeabankhas$200,000indepositsand$190,000inloans.Ithasareserveratioofa. 5percentb. 9.5percentc. 10percentd. Noneoftheaboveiscorrect.12. Theinflationta
11、xa. transferswealthfromthegovernmenttohouseholds.b. istheincreaseinincometaxesduetolackofindexation.c. isataxoneveryonewhoholdsmoney.d. Alloftheabovearecorrect.13. In1898,prospectorsontheKlondikeRiverdiscoveredgold.Thisdiscoverycausedanunexpectedpricelevela. decreasethathelpedcreditorsattheexpenseof
12、debtors.b. decreasethathelpeddebtorsattheexpenseofcreditors.c. increasethathelpedcreditorsattheexpenseofdebtors.d. increasethathelpeddebtorsattheexpenseofcreditors.14. Ivan,aRussiancitizen,sellsseveralhundredcasesofcaviartoarestaurantchainintheUnitedStates.Byitself,thissalea.increasesU.S.netexportsa
13、ndhasnoeffectonRussiannetexports.b.increasesU.S.netexportsanddecreasesRussiannetexports.c.decreasesU.S.netexportsandhasnoeffectonRussiannetexports.d.decreasesU.S.netexportsandincreasesRussiannetexports.15. SupposethattherealexchangeratebetweentheUnitedStatesandKenyaisdefinedintermsofbasketsofgoods.W
14、hichofthefollowingwillincreasetherealexchangerate(thatisincreasethenumberofbasketsofKenyangoodsabasketofU.S.goodsbuys)?a. anincreaseinthenumberofKenyanshillingsthatcanbepurchasedwithadollarb. anincreaseinthepriceofU.S.basketsofgoodsc. adecreaseinthepriceinKenyanshillingsofKenyangoodsd. Alloftheabove
15、arecorrect.16. Usethe(hypothetical)informationinthefollowingtabletoanswerthenextquestion.CountryCurrencyCurrencyperU.S.DollarU.S.PriceIndexCountryPriceIndexBrazilReal4.00200800JapanYen125.0020050,000MexicoPeso10.002002,000SwedenKrona9.002002,000ThailandBaht45.002008,000Inrealterms,U.S.goodsaremoreex
16、pensivethangoodsinwhichcountry(ies)?a. BrazilandMexicob. Japan,Sweden,andThailandc. JapanandSwedend. Thailand.17. Whichofthefollowingwouldtendtoshiftthesupplyofdollarsinforeign-currencyexchangemarketoftheopen-economymacroeconomicmodeltotheleft?a. Theexchangeraterises.b. Theexchangeratefalls.c. Theex
17、pectedrateofreturnonU.S.assetsrises.d. TheexpectedrateofreturnonU.S.assetsfalls.18. Therealexchangerateequalstherelativea. priceofdomesticandforeigncurrency.b. priceofdomesticandforeigngoods.c. rateofdomesticandforeigninterest.d. Noneoftheaboveiscorrect.19. Intheopen-economymacroeconomicmodel,ifthes
18、upplyofloanablefundsincreases,theinterestratea. andtherealexchangerateincrease.b. andtherealexchangeratedecrease.c. increasesandtherealexchangeratedecreases.d. decreasesandtherealexchangerateincreases.20.Forthefollowingquestion,usethegraphbelow.(b)Theinitialeffectofanincreaseinthebudgetdeficitinthel
19、oanablefundsmarketisillustratedasamovefroma.atob.b.atoc.c.ctob.d.ctod.21. Whenthegovernmentspendsmore,theinitialeffectisthata. aggregatedemandshiftsright.b. aggregatedemandshiftsleft.c. aggregatesupplyshiftsright.d. aggregatesupplyshiftsleft.22. Supposetheeconomyisinlong-runequilibrium.Inashortspano
20、ftime,thereisasharpincreaseintheminimumwage,amajornewdiscoveryofoil,alargeinfluxofimmigrants,andnewenvironmentalregulationsthatreduceelectricityproduction.Intheshortrun,wewouldexpecta. thepriceleveltoriseandrealGDPtofall.b. thepriceleveltofallandrealGDPtorise.c. thepricelevelandrealGDPbothtostaythes
21、ame.d. Alloftheabovearepossible.23. Supposetheeconomyisinlong-runequilibrium.Inashortspanoftime,thereisalargeinfluxofskilledimmigrants,amajornewdiscoveryofoil,andamajornewtechnologicaladvanceinelectricityproduction.Intheshortrun,wewouldexpecta. thepriceleveltoriseandrealGDPtofall.b. thepriceleveltof
22、allandrealGDPtorise.c. thepricelevelandrealGDPbothtostaythesame.d. Alloftheabovearepossible.24. Accordingtoliquiditypreferencetheory,themoneysupplycurveisa. upwardsloping.b. downwardsloping.c. vertical.d. horizontal.25. WhentheFedbuysgovernmentbonds,thereservesofthebankingsystema. increase,sothemone
23、ysupplyincreases.b. increase,sothemoneysupplydecreases.c. decrease,sothemoneysupplyincreases.d. decrease,sothemoneysupplydecreases.26. Accordingtothetheoryofliquiditypreference,anincreaseinthepricelevelcausesthea. interestrateandinvestmenttorise.b. interestrateandinvestmenttofall.c. interestratetori
24、seandinvestmenttofall.d. interestratetofallandinvestmenttorise.27. Ifthestockmarketcrashes,a. aggregatedemandincreases,whichtheFedcouldoffsetbyincreasingthemoneysupply.b. aggregatedemandincreases,whichtheFedcouldoffsetbydecreasingthemoneysupply.c. aggregatedemanddecreases,whichtheFedcouldoffsetbyinc
25、reasingthemoneysupply.d. aggregatedemanddecreases,whichtheFedcouldoffsetbydecreasingthemoneysupply.28. IftheMPC=3/5,thenthegovernmentpurchasesmultiplierisa.5/3.b.5/2.c.5.d.15.29. Ifthegovernmentraisesgovernmentexpenditures,intheshortrun,pricesa. riseandunemploymentfalls.b. fallandunemploymentrises.c
26、 andunemploymentrise.d. andunemploymentfall.30. Ifthelong-runPhillipscurveshiftstotheleft,foranygivenrateofmoneygrowthandinflationtheeconomywillhavea. higherunemploymentandloweroutput.b. higherunemploymentandhigheroutput.c. lowerunemploymentandloweroutput.d. lowerunemploymentandhigheroutput.31. Whe
27、nanAmericandoctoropensapracticeinBermuda,hisproductionthereispartofU.S.GDP.F32. Incountrieswherewomenarediscriminatedagainst,policiesthatincreasetheircareerandeducationalopportunitiesarelikelytoincreasethebirthrate.F33. MichaelKramerfoundthatworldgrowthrateshaveincreasedaspopulationhas.T34. Supposea
28、smallclosedeconomyhasGDPof$5billion,Consumptionof$3billion,andGovernmentexpendituresof$1billion.Thendomesticinvestmentandnationalsavingareboth$1billion.T35. Accordingtotheefficientmarketshypothesis,atanymomentintime,themarketpriceisthebestguessofthecompanysvaluebasedonavailableinformation.T36. Accor
29、dingtotheefficientmarketshypothesis,stocksfollowarandomwalksothatstocksthatincreaseinpriceoneyeararemorelikelytoincreasethandecreaseinthenextyear.F37. IntheUnitedStates,blacksandwhiteshavesimilarlaborforceparticipationrates,butblackshaveahigherunemploymentrate.T38. Accordingtothetheoryofefficiencywa
30、ges,firmsoperatemoreefficientlyiftheycanpaywagesthatarebelowtheequilibriumIeveLF39. InthemonthsofNovemberandDecember,peopleintheUnitedStatesholdalargerpartoftheirmoneyintheformofcurrencybecausetheyintendtoshopfortheholidays.Asaresult,themoneysupplyincreases,ceterisPariblis.F40. Inthe1990s,U.S.prices
31、roseataboutthesamerateasinthe1970s.F41. Accordingtothetheoryofpurchasing-powerparity,therealexchangeratedefinedasforeigngoodsperunitofU.S.goodswillequalthedomesticpriceleveldividedbytheforeignpriceIeveLF42. Netcapitaloutflowrepresentsthequantityofdollarssuppliedintheforeign-currencyexchangemarket.T4
32、3. Ifpolicymakersimposeimportrestrictionsonautomobiles,theU.S.tradedeficitwouldshrink.F44. Mosteconomistsbelievethatclassicaltheoryexplainstheworldintheshortrun,butnotthelongrun.F45. Becausenotallpricesadjustinstantlytochangingconditions,anunexpectedfallinthepricelevelleavessomefirmswithhigher-than-
33、desiredprices,andthesehigher-than-desiredpricesdepresssalesandinducefirmstoreducethequantityofgoodsandservicestheyproduce.T46. Allexplanationsfortheupwardslopeoftheshort-runaggregatesupplycurvesupposethatoutputsuppliedincreaseswhenthepricelevelincreasesmorethanexpected.T47. Boththemultiplierandthein
34、vestmentacceleratortendtomaketheaggregatedemandcurveshiftfartherthantheincreaseingovernmentexpenditures.T48. Duringrecessions,thegovernmenttendstorunabudgetdeficit.T49. Ifmacroeconomicpolicyexpandsaggregatedemand,unemploymentwillfallandinflationwillriseintheshortrun.T50. TheanalysisofFriedmanandPhel
35、psarguesthatanychangeininflationthatisexpectedhasnoimpactontheunemploymentrate.TAjunkbond.Becauseoftheirhighrisk,theyhaveahighreturn.c.IwantadecentreturnandIhaveenoughdeductionsthatIdontvaluetaxbreakshighly.Acorporatebondthatisntajunkbond.Becausetheyhavemoreriskthangovernmentbondsandhavenospecialtax
36、treatment,theypaymoderateratesofreturn.58. DrawasimpleT-accountforFirstNationalBankofMe,whichhas$5,000ofdeposits,areserveratioof10percent,andexcessreservesof$300.FirstNationalBankofMeAssetsLiabilitiesReserves$800Deposits$5,000Loans$4,20059. Whatarethecostsofinflation?Thecostsofinflationincludeshoele
37、athercosts,thecostofreducingyourmoneyholdingstoreduceyourinflationtax;menucosts,thecostsofpriceadjustments;thecostsofresourcemisallocationthatresultfromtherelative-pricevariabilityinducedbyinflation;thecostsofinflation-inducedtaxdistortions;thecostsofconfusionandinconvenience;andthecostsassociatedwi
38、ththearbitraryredistributionofwealththataccompanyunexpectedinflation.60. Makealistofthingsthatwouldshiftthelong-runaggregatesupplycurvetotheright.Examplesinthetext(orvariations)includeincreasedimmigration,adecreaseintheminimumwage,moregenerousunemploymentinsurance,anincreaseinthecapitalstock,anincre
39、aseintheaveragelevelofeducation,adiscoveryofnewmineraldeposits,technology,andremovalofbarrierstointernationaltrade.PriceLevelLRAS0dLRASneW61. Illustratetheclassicalanalysisofgrowthandinflationwithaggregatedemandandlong-runaggregatesupplycurves.ADneWADoidOutput得分评卷人三、名词解释（每题2分，共10分）62. diminishingret
40、urns:thepropertywherebythebenefitfromanextraunitofaninputdeclinesasthequantityoftheinputincreases.63. nominalexchangerate:therateatwhichapersoncantradethecurrencyofonecountryforthecurrencyofanother.64. crowding-outeffect:theoffsetinaggregatedemandthatresultswhenexpansionaryfiscalpolicyraisestheinter
41、estrateandtherebyreducesinvestmentspending.65. stagflation:aperiodoffallingoutputandrisingprices.66. automaticstabilizers:changesinfiscalpolicythatstimulateaggregatedemandwhentheeconomygoesintoarecessionwithoutpolicymakershavingtotakeanydeliberateaction.得分评卷人四、简答题（8题中任选6题；每题5分，共30分）67. Whyarepropert
42、yrightsimportantforthegrowthofanationsstandardofliving?Propertyrightsareanimportantprerequisiteforthepricesystemtoworkinamarketeconomy.Ifanindividualorcompanyisnotconfidentthatclaimsoverpropertyorovertheincomefrompropertycanbeprotected,orthatcontractscanbeenforced,therewillbelittleincentiveforindivi
43、dualstosave,invest,orstartnewbusinesses.Likewise,therewillbelittleincentiveforforeignerstoinvestintherealorfinancialassetsofthecountry.Thedistortionofincentiveswillreduceefficiencyinresourceallocationandwillreducesavingandinvestmentwhichinturnwillreducethestandardofliving.68. Supposethatyouareabroke
44、randpeopletellyouthefollowingaboutthemselves.Whatsortofbondwouldyourecommendtoeach?Defendyourchoices.a. IaminahighfederalincometaxbracketandIdontwanttotakeverymuchrisk.Amunicipalbond,becausegenerallytheyhavelowcreditriskandarenotsubjecttofederalincometax.b. IwantahighreturnandIamwillingtotakealotofr
45、isktogetit.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）货币供应的扩张减低了利率，利率下降意味着投资本钱和消费下降，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.In1939,withtheU.S.economynotyetfullyrecoveredfromtheGreatDepression,PresidentRooseveltproclaimedthatThanksgivingwouldfallaweekearlierthanusualsothattheshoppingperiodbeforeChrist
46、maswouldbelonger.Explainthisdecision,usingthemodelofaggregatedemandandaggregatesupply.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ADl右移到AD2.随着经济从A点变动到B点，产量从YI增加到丫2,物价水平众Pl升至P2.物价水平短期总供给产量增加消费的影响Overtimetechnologicaladvancescausethelong-runaggregatesupplycurvetoshiftright.Increasesinthemoneysup
47、plycausetheaggregatedemandcurvetoshiftright.Outputgrowthputsdownwardpressureonthepricelevel,butmoneysupplygrowthcontributestorisingprices.62. Whydoeconomiststhinkthatthewealtheffectandexchange-rateeffectarenotveryimportantfactorsinexplainingwhyaggregatedemandslopesdownward,atleastintheUnitedStates?Thewealtheffectisnotveryimportantbecauseitoperatesthroughchangesintherealvalueofmoney,andmoneyisonlyasmallfractionofhouseholdwealth.Soitisunlikelythatchangesinthepricelevelwillleadtolargechangesinconsumptionspendingthroughthischannel.Theexchange-r
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