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?

a. Political instability can reduce foreign investment, reducing growth.

b. Gary's Becker proposal to pay mothers in developing countries to keep

their children in school has not worked very well in practice.

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

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. 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.

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.

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)

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.

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.

青山埋白骨，绿水吊忠魂。