economics
1
The key issues of macroeconomics are _______ .
A) unemployment.
B) inflation.
C) economic growth.
D) all of the above.
2
_____________________ (GNP) measures the activity of an economy, the quantity of goods and services the economy can afford to purchase.
A) Real output
B) Real income
C) Real expenditure
D) All of the above
3
The circular flow shows how real resources and financial payments flow between firms and factories.
A) True
B) False
4
Investment is the purchase of ______________ by firms.
A) shares
B) new capital goods
C) raw materials
D) electricity
5
_________ or stocks are goods currently held by a firm for future production or sale.
A) produce
B) intermediate goods
C) inventories
D) work-in-progress
6
_______ are domestically produced but sold abroad. _______ are produced abroad but purchased for use in the domestic economy.
A) withdrawals, injections
B) exports, injections
C) exports, imports
D) injections, imports
7
Depreciation is the rate at which the value of the existing variable inputs decline per period as a result of usage or obsolescence.
A) True
B) False
8
Indicate below what is not measured by GNP:
A) housekeeping services
B) industrial output
C) service industry output
D) total incomes
9
The difference between nominal GNP and real GNP is:
A) interest payments.
B) tax payments.
C) inflation adjustment.
D) social security payments.
10
In an economy, measuring (1)total value added, (2)total spending on final goods and (3)total factor earnings gives the result that:
A) 3 is greater than 2 which is greater than 1.
B) 3 equals 2 equals 1
C) 3 is less than 2 which is less than 1
D) any measure can be larger or smaller than any other.
11
In the circular flow of income, saving is an injection and investment is a leakage.
A) True
B) False
12
In the economy when a steel producer sells steel to car producer, it is regarded as _______._______
A) a final good
B) an intermediate good
C) an injection
D) a leakage
13
Leakages from the circular flow are ____________, ____________ and ____________.
A) investment, savings, government expenditure
B) savings, taxes net of subsidies, imports
C) consumption, investment, government expenditure
D) consumption, taxes, imports
14
Injections into the circular flow are ___________, _____________ and _____________.
A) taxes, investment, exports
B) investment, exports, transfer payments
C) investment, government expenditure, exports
D) taxes, exports, transfer payments
15
In the circular flow in equilibrium we would expect leakages to ____________ injections.
A) equal
B) be less than
C) be greater than
D) be less or greater than
16
Gross national product adjusts GDP for net property income from abroad.
A) True
B) False
17
Nominal GNP measures income ____________.
A) At the present time
B) Corrected for tax changes
C) Corrected for changes in interest rates
D) At current prices
18
Real GNP measures income _____________.
A) including non-market activities
B) adjusted for inflation
C) including externalities
D) including tax evasion
19
Real GNP is a crude measure of national welfare because it excludes _______ .
A) consumption
B) investment
C) exports
D) work in the home
20
When we refer to the hidden economy we mean unrecorded income owing to _________.
A) tax evasion
B) poor statistics
C) the lags between statistical collection and publication
D) smuggling
1
Potential output is the economy's output when ________________.
A) inputs are underemployed
B) inputs are over employed
C) inputs are fully employed
D) inputs are in preparation
2
Autonomous consumption increases with income.
A) True
B) False
3
The goods market is in equilibrium when output ___________planned spending or aggregate demand.
A) is greater than
B) is equal to
C) is less than
D) none of the above
4
Goods market equilibrium means that:
A) planned output is greater than potential output.
B) planned output is less than potential output.
C) planned output equals potential output.
D) planned output equals or is less than potential output.
5
When aggregate demand exceeds actual output there is either ______________________ or _____________ .
A) unplanned disinvestment, unplanned saving
B) unplanned disinvestment, planned saving
C) planned disinvestment, unplanned saving
D) planned disinvestment, planned saving
6
A rise in planned investment increases equilibrium output by the same. amount
If planned savings are greater than planned investment aggregate demand will:
A) not change.
B) fall.
C) rise.
8
Other things remaining equal if people spend ____ of their income this will cause GNP to ____.
A) more, grow
B) more, decline
C) more, remain unchanged
D) more, grow more, decline more, remain unchanged less, grow
9
We would expect a Keynesian economist to believe that governments should ___________ and _______________.
A) not intervene, allow the economy to regulate itself
B) intervene, keep output close to potential outputv
C) balance their budget, practice strict monetarism
D) promote supply-side policies, impose trade barriers
10
In a macroeconomic model without foreign trade or a government, aggregate demand is the sum of:
A) personal saving and private investment.
B) personal saving and personal consumption.
C) personal consumption and private investment.
D) none of the above.
11
The sum of the MPS and MPC is 1.
A) True
B) False
12
A linear consumption function with a positive slope less than one means that if income increases, consumption will ______.
A) fall
B) not change
C) increase
13
Short-run equilibrium output means that aggregate demand _________ actual output.
A) is less than
B) equals
C) is greater than
14
If desired spending in the economy exceeds income we would expect _________.
A) households to save more
B) firms to produce less
C) firms to produce more
D) the MPC to change
15
In equilibrium savings exceed investment
When investment is assumed to be autonomous the slope of the AD schedule is determined by the ___________.
A) marginal propensity to invest
B) level of disposable income
C) marginal propensity to consume
D) average propensity to consume
17
The multiplier tells us how much ____________ changes after a shift in ________________.
A) consumption, income
B) investment, output
C) savings, investment
D) output, aggregate demand
18
The multiplier is calculated as:
A) 1/(1 – MPC)
B) 1/MPS
C) 1/MPC
D) a or b
19
If the MPC is 0.5, the multiplier is _______.
A) 2
B) ?
C) 0.2
D) 20
20
If as a result of households’ wish to save more, there is a change in equilibrium income and no change in equilibrium saving, this is an example of ___________.
A) market imperfection
B) the law of diminishing returns
C) the paradox of thrift
D) market failure
1
______ policy is government policy on spending and taxes.
A) fiscal
B) financial
C) monetary
D) social
2
Stabilization policy is government action to keep _____ close to ______________.
A) taxes, expenditure
B) output, potential output
C) consumption, income
D) imports, exports
3
The budget deficit is the excess of government ________ over government ________.
A) receipts, spending
B) job vacancies, employees
C) spending, receipts
D) imports, exports
4
When aggregate demand and equilibrium output are below potential output, _______ or ____________________ will raise aggregate demand and equilibrium output.
A) higher tax rates, lower transfer benefits
B) higher tax rates, higher transfer benefits
C) lower tax rates, lower transfer benefits
D) lower tax rates, higher transfer benefits
5
With a marginal propensity to consume of 0.9, the multiplier is 1 / (1- MPC) = ?
A) 10 9 1/9 0.9
B) 10 9 1/9 0.9
C) 1/9
D) 0.9
6
The budget surplus or deficit is determined by three things: the tax rate, the level of government spending , and the level of output.
A) True
B) False
7
The __________ shows what the budget would be if output is at potential output.
A) budget deficit
B) structural budget
C) fiscal stance
D) borrowing requirement
8
When some tax and benefits automatically stimulate the economy in recession and dampen spending during inflation they can be regarded as_______ .
A) Latent stabilizers
B) Policy stabilizers
C) Automatic stabilizers
D) Cyclical stabilizers
9
Aggregate demand without a foreign sector is the sum of:
A) C + I
B) C + G
C) I + G
D) C + I + G
10
If the government increases spending and raises taxes by just enough to finance this increase it will:
A) leave output unchanged.
B) increase output.
C) reduce output.
D) increase the MPC.
11
Starting from a balanced budget, for a given tax rate, an increase in income will cause the government budget to
A) move into surplus
B) move into deficit
C) remain unchanged
12
For given government spending and taxation, the government budget deficit will grow in __________ and decline in ___________.
A) booms, booms
B) recession, recession
C) booms, recessions
D) recessions, booms
13
The government budget is a good indicator of fiscal stance.
A) True
B) False
14
Aggregate demand in an economy trading internationally with a government sector can be written as _______________.
A) AD = C + I
B) AD = C + I + G
C) AD = C + I + G + X + Z
D) AD = C + I + G + X – Z
15
The total multiplier for the economy will reflect _________.
A) MPC and MPT
B) MPT and MPZ
C) MPC and MPZ
D) MPC, MPT and MPZ
16
When the level of income _________ there will be a tendency for the trade balance to improve as imports __________ .
A) increases, increase
B) falls, increase
C) falls, fall
D) increase, fall
17
When an open economy is in equilibrium it means that the trade deficit is zero.
A) True
B) False
18
In an open economy leakages to imports ___________ the value of the multiplier.
A) reduce
B) increase
C) do not change
19
Higher export demand _____________ output and a higher MPZ __________ output.
A) reduces, reduces
B) reduces, increases
C) increases, reduces
D) increases, increases
20
In equilibrium, any surplus desired by the private sector must be offset by deficits in either the _________ or the ___________ (or both).
A) company sector, commercial sector
B) government sector, company sector
C) commercial sector, government sector
D) government sector, foreign trade sector
1
Money has 3 main functions, they are: _________, ____________ and ___________.
A) IOU, inflation hedge, store of value
B) Medium of exchange, inflation hedge, store of value
C) Medium of exchange, unit of account, IOU
D) Medium of exchange, unit of account, store of value
2
A _____________ has no medium of exchange. Goods are swapped for other goods.
A) barter economy
B) developing economy
C) basic economy
D) social economy
3
The skill in running a bank entails being able to judge how much must be held in liquid assets , and how much can be lent out in more liquid forms that earn higher interest rates.
A) True
B) False
4
The problem with barter is that you must find someone who has the goods you want and who wants the goods you have; this is known as _______ .
A) joint supply
B) joint demand
C) a double coincidence of wants
D) joint utility
5
If the private sector’s desired ratio of cash to bank deposits is 0.5 and the banks’ desired cash reserve ratio is
0.1, then the money multiplier is:
A) 1
B) 2.5
C) 5
D) 10
6
A fall in either the banks’ desired ____________ or the private sector’s desired _______________ raises the money multiplier.
A) cash reserves ratio, ratio of cash to bank deposits
B) bond reserves ratio, ratio of cash to bank deposits
C) bond reserves ratio, ratio of overdrafts to bank deposits
D) cash reserves ratio, ratio of overdrafts to bank deposits
7
M0, M1, M2, M3 and M4 are all:
A) motorways
B) radio stations
C) tax forms
D) measures of money supply
8
The ____________ is the value of the stock of the medium of exchange in circulation.
A) total supply
B) aggregate supply
C) money supply
D) excess supply
9
The interest rate spread is the excess of the ______interest rate over the ________ interest rate.
A) loan, deposit
B) loan, mortgage
C) mortgage, deposit
D) deposit, loanv
10
The primary function of a bank is to :
A) Control the money supply.
B) Provide notes and coins for trade.
C) Make a profit .
D) Provide a cheque clearing system.
11
Banks create money by:
A) printing it.
B) issuing debit cards.
C) accepting cheques.
D) lending out part of their deposits.
12
The size of the money multiplier is determined by the marginal propensity to consume.
A) True
B) False
13
The money supply is ___________.
A) the Bank of England Issue Department
B) money + bank cards +credit cards
C) Cheques + money + bank cards + credit cards
D) Currency in circulation plus bank deposits
14
If banks and the private sector decide to hold less cash the money multiplier will be __________.
A) unchanged
B) larger
C) smaller
D) unstable
15
Three variables affect the demand for money; they are ___________, ___________ and ____________.
A) bank opening hours, the proportion of weekly paid employees, interest rates
B) the price level, interest rates, real income
C) the time of year, bank opening hours, the price level
D) the proportion of weekly paid employees, the time of year, real income
16
If I keep some money available in case I see a bargain, this is an example of _____________.
A) asset demand for money
B) transactions demand for money
C) token demand for money
D) precautionary demand for money
17
An increase in the price level will likely increase the demand for nominal money.
A) True
B) False
18
When interest rates rise, other things equal, we can expect the quantity of real money holdings to _____________.
A) fall
B) increase
C) not change
19
When real income increases, other things equal, we can expect the demand for real money holdings to ______________.
A) fall
B) not change
C) increase
20
M4 is a _____________ measure of money and includes deposits at both _______ and ____________.
A) narrow, banks, building societies
B) wide, banks, insurance companies
C) narrow, banks, insurance companies
D) wide, banks, building societies
1
The monetary base is ___________ and ________________.
A) bank deposits, building society deposits
B) currency in circulation, banks’ cash reserves
C) retail sight deposits, building society deposits
D) retail deposits, wholesale deposits
2
The ___________ is currency in circulation outside the banking system, plus deposits of commercial banks and building societies. x
A) banks’ reserves
B) monetary base
C) money supply
D) money multiplier
3
A required reserve ratio is a minimum ratio of __________ to deposits that banks are required to hold.
A) cash reserves
B) liquid assets
C) money at call
D) overdrafts
4
The discount rate is the interest rate that the Central Bank charges when banks want to borrow cash.
A) True
B) False
5
In ____________ equilibrium the quantity of real balances demanded and supplied are equal.
A) labour market
B) goods market
C) money marketx
D) property market
6
In a closed economy, monetary policy affects consumption and investment demand by affecting _______________.
A) nominal interest rates
B) real interest rates
C) prices
D) wages
7
Monetary policy can affect consumption through the ________ effect.
A) price
B) investment
C) wealth
D) housing market
8
The life-cycle hypothesis assumes people make a lifetime consumption plan (including bequests to their children) that is just affordable out of lifetime income (plus any initial wealth inherited).
A) True
B) False
9
Given the cost of new capital goods and expected stream of future profits, a higher interest rate ________ investment demand.
A) has no effect upon
B) increases
C) reduces
D) does not change
10
If the central bank buys financial securities in the open market to increase the monetary base, this is an example of ____________.
A) lender of last resort
B) financial intermediation
C) open market operations
D) financial regulation
11
If there is excess demand in the money market there must be a corresponding ___________ in the bond market.
A) excess supply
B) excess demand
C) elastic supply
D) inelastic supply
12
Equilibrium in the money market will change if there is _____________.
A) a change in the real money supply
B) a change in real income
C) a change in competition in the banking industry
D) any of the above
13
The money supply is controlled by using open market operations to determine the money multiplier and by using reserve requirements and the discount rate to determine the monetary base.
A) True
B) False
14
Central banks prefer to fix the __________and accept the resulting _____________.
A) demand for money, interest rate
B) interest rate, equilibrium money supply
C) demand for money, equilibrium money supply
D) interest rate, demand for money
15
One of the transmission mechanisms of monetary policy is through consumer demand. When interest rates ___________ household wealth ___________ and consumption _________.
A) rise, increases, increases
B) rise, falls, increases
C) rise, increases, falls
D) rise, falls, falls
16
The permanent income hypothesis would suggest that a person winning a modest lottery prize might interpret such a change as a change in their permanent income.
A) True
B) False
17
Lower interest rates make households ____________ by ___________ the price of bonds and _________ share prices.
A) poorer, lowering, lowering
B) poorer, increasing, lowering
C) wealthier, increasing, increasing
D) wealthier, lowering, lowering
18
A reduction in interest rates, causes an increase in the monetary base that results in an __________ in the availability of consumer credit and a _______________ in the cost of consumer credit.
A) reduction, increase
B) reduction, reduction
C) increase, reduction
D) increase, increase
19
A fall in investment demand can result from ___________.
A) higher interest rates
B) lower expected future profits
C) more expensive capital goods
D) all of the above
20
Suppose the central bank requires banks to hold 100% cash reserves against deposits. Then the money multiplier is:
A) zero
B) unity
C) undefined
D) 10
1
All of the following are types of monetary policy, except _______.
A) a nominal money stock target
B) a balanced budget
C) an inflation target
D) an interest rate rule
2
If the central banks adjusts interest rates to maintain the quantity of money demanded in line with the given target for money supply, it is following a _________ target.
A) monetary
B) fiscal
C) supply side
D) classical
3
The ___________ model enables us to consider combinations of income and interest rates that lead to equilibrium in the goods market and money market.
A) competitive
B) microeconomic
C) IS-LM
D) Aggregate demand
4
Following a monetary target, the central bank adjusts ________________to maintain the _____________________in line with the given target for money .supply.
A) interest rates, quantity of money demanded
B) interest rates, consumer demand
C) inflation, quantity of money demanded
D) inflation, consumer demand
5
The slope of the ____schedule reflects the sensitivity of aggregate demand to interest rates.
A) demand
B) LM
C) IS
D) Supply
6
A reduction in the target money supply shifts the LM schedule to the ____, leading to ______ interest rates but lower output.
A) left, lower
B) left, higher
C) right, lower
D) right, higher
7
Demand management uses monetary and fiscal policy to stabilize output near potential output.
A) True
B) False
8
A mix of easy fiscal policy and tight monetary policy implies government spending is a ____ share of national income but private spending a ____ share.
A) small, big
B) small, small
C) big, small
D) big, big
9
Easy monetary policy and easy fiscal policy together are highly
A) contractionary
B) stabilizing
C) retrograde
D) expansionary
10
Government solvency requires that the present value of the current and future tax revenue is less than the present value of current and future spending plus any initial net debts.
A) True
B) False
11
In the short run, when the economy is in recession, fiscal expansion increases _____ monetary expansion leads to lower __________.
A) output, interest rates
B) interest rates, output
C) unemployment, prices
D) prices, unemployment
12
The intersection of the IS schedule and LM schedule represents equilibrium in the goods and money markets.
A) True
B) False
13
An increase in government spending has a greater crowding out effect on private sector spending ___________.
A) the less elastic the demand for money is
B) the more elastic the demand for money is
C) the less interest sensitive investment spending is
D) the more flexible prices are
14
A schedule which shows combinations of interest rates and output compatible with short-run equilibrium in the goods market is known as ____________.
A) aggregate demand
B) the LM schedule
C) the IS schedule
D) the investment demand schedule
15
In the LM schedule, __________ interest rates are associated with __________ output.
A) higher, lower
B) lower, higher
C) higher, higher
D) lower, lower
E) a and b
F) c and d
16
A fiscal contraction, other things equal, shifts the IS schedule to the ___________, resulting in _________ income and ___________ interest rates.
A) left, lower, lower
B) left, higher, higher
C) right, lower, lower
D) right, higher, higher
17
If fiscal policy is unaltered, and monetary policy has achieved a reduction in interest rates and an increase in income, we can deduce that the LM schedule has ___________.
A) shifted to the left
B) shifted to the right
C) not moved
D) changed slope
18
An increase in government spending will stimulate private spending by causing a reduction in interest rates.
A) True
B) False
19
If people do not spend tax cuts because they expect to have to pay it back in the future they are exhibiting the principle of ____________.
A) risk aversion
B) crowding out
C) fiscal contraction
D) Ricardian equivalence
20
A mixture of tight fiscal policy and easy monetary policy implies relatively high share of ____________ and a low share of ______________.
A) public sector investment, private sector investment
B) public sector consumption, private sector consumption
C) public sector employment, private sector employment
D) private sector investment, public sector investment
What is economics
What is economics? There is no single adequate definition of what economics actually is, and the old joke that “economics is what economists do” is hardly helpful. A famous economist of the past, Alfred Marshall (1842-1924), said: Economics is the study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being. Economics has also been defined as the study of decision-making; decisions which involve choosing between alternatives in the related activities of earning, spending, producing and consuming, all with the object of achieving material well-being. In short, economics is, like sociology, law and politics, a study on aspect of human behavior. It is important and relevant to all of us because it is concerned with such everyday activities as buying things, getting a job, using a bank and paying tax. Economics is concerns with people’s wants, in particular the ir material wants, and how they can be satisfied. Economics is often thought of as a science. However, it is a very inexact science because it is a social science, and is affected by the
CFA一级典型例题 Economics 经济学
Economics 1. For markets with perfectly elastic supply, the introduction of a tax will most likely result in: A. a price increase and the seller pays the entire tax. B. a price increase and the buyer pays the entire tax. C. no change in price and the seller pays the entire tax. Answer: B When supply is perfectly elastic (horizontal supply curve) the price increases by the amount of tax and the seller passes on the entire tax burden to the buyer. 2. If the quantity demanded of pears falls by 4% when the price of apples decreases by 3%, then apples and pears are best described as: A. substitutes B. complements C. inferior goods Answer: A The cross elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in the price of a substitute or complement. If the cross elasticity of demand is positive, the goods are substitutes. In this case, the 4 % decline in quantity of pears is divided by the 3 % decline in the price of apples, which is a positive number, -4 / -3 = +1.333333. 3. Consider the following data for a firm operating in perfect competition. Quantity Total Revenue Total Cost 21 $210 $138 22 $220 $145 23 $230 $154 24 $240 $165 The fi rm’s profit-maximizing output (in units) is most likely: A. 21 B. 23 C. in excess of 24 Answer = B Under perfect competition, economic profits are maximized where marginal revenue equals marginal cost; in this case where marginal cost crosses $10 per unit. Profits are maximized at 23 units of production. 4. For a firm in perfect competition, as the quantity of labor increases, the marginal revenue product most likely diminishes because of a decline in:
management economics
BA and virgin Atlantic price fixing .and apply game theory Introduction This article I analyze the price-fixing of the BA and Virgin Atlantic Airways, in the critical part, I use game theory to explain. Price fixing and apply game theory is very important for company. In the main part of my discussion of the three examples .The Price fixing is an agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand. The group of market makers involved in price fixing is sometimes referred to as a cartel.(For Wikipedia) Game theory is a method of studying strategic decision making. More formally, it is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers. Body They Virgin is run by an entrepreneur, Richard Branson. He established his reputation and wealth through the Virgin music business which has now been sold. The airline started in 1984 with a solitary Boeing 747 on the New York to London route and by 1993 had expanded its fleet to 8, and had won landing slots at London Heathrow and extra slots into Tokyo. BA was unhelpful to Virgin denying it access to the Heathrow night flight simulator which it made readily available to a domestic competitor, British Midland. Following the take-over of British Caledonian, BA stopped their contract to service Virgin aircraft. ‘Treat others as you would like to be treated yourself.’ (British Airways, Code of Business Conduct, 2010) BA staff in New York phoned Virgin passengers, often in their hotels at inconvenient hours, offering first class seats or Concorde seats instead of their flights with Virgin. Sometimes, they suggested that Virgin had difficulties and the passengers had to transfer. New Consumer, (2004). To do this BA staff posed as Virgin staff. In order to contact the passengers BA staff obtained illegal access to Virgin's passenger and loading information. Virgin also subsequently alleged that relevant internal BA documents had been shredded (Betts and Chassell, 2011). The case shows three points. British Airways fuel price-fixing trial collapses, British Airways and Virgin Atlantic are set to pay passengers ￡100million compensation after the firms were found guilty of fuel price-fixing. Any compensation paid out to the U.S. lawsuit will reportedly go into an account to be managed by an independent auditor. The level of compensation is said to be only one third of the fuel surcharge on each flight, which could see claimants receive only a few dollars each, with any unclaimed money given to charity.(From mail online) secondly, The EU said that the airlines ”co-ordinated their action on surcharges for fuel and security without discounts “between early 1999 and 2006. The taial of three ex-British Airways executives and one current employee on price-fixing charges has collapsed.the European Commission has fined 11 airlines almost 800m euros(690m pounds)for fixing the price of air cargo between 1999 and 2006. Devendra Kodwani, Lecturer in Finance at the OU′s Business School, explains the wider implications of price fixing with four British Airways executives due to appear in court on price-fixing charges. Are alleged to have colluded with their counterparts at Virgin Atlantic concerning fuel surcharges on long-haul flights. But with the trial being delayed, Devendra also explains what mechanics of
经济学(Economics)
經濟學（Economics） 第一章經濟學的基本概念 一、經濟學的研究，是人們謀求有效解決經濟問題的探討。經濟問題 的關鍵在於人類無窮的慾望無法同時獲得滿足，有限的經濟資源在任何時候及任何社會，總是顯得相對稀少，故經濟問題也就是稀少性的問題。 二、經濟學是要研究，人類如何利用有限的資源來儘量滿足無窮欲望 的學問。經濟學是一門科學。經濟科學提出問題，針對這問題設立符合現實的假設，經由推理得到一般性的結論。 三、生產要素包括土地、勞力、資本、及企業能力。這四項生產因素 所得的報酬分別稱為地租、工資、利息、及利潤。 四、市場機能是以價格的變動為準繩，分配有限的資源，以決定生產 什麼，如何生產、為誰生產、及經濟成長的功能。為了能完全發揮市場機能，須有自由買賣、完全競爭、及資訊完全公開的條件。 五、個體經濟學以個人及個別企業的行為做為分析對象，它以個別產 品及勞務的價格為討論的核心。總體經濟學以整個國家做為研究對象。它以國民所得為討論的核心。經濟學又可分實證經濟學與規範經濟學。 六、在經濟學中，對人類的基本經濟行為有假設。即假設人是追求自 己利益的；人會喜歡多，會覺得愈多愈好；人是理性的，即行為講效率而不矛盾。 七、選擇：稀少性的存在，使人不得不做選擇。選擇時，人會比較可 得到的利益與必須放棄的代價，來做對他最有利的選擇。 第二章需要（求）與供給 一、需求是指，在一定時間內，消費者（或購買者）對於一種財貨或
勞務，在其不同價格下，所願意見能能購買的數量。需求曲線由左上方往右下方傾斜，這顯示在影響需求的其他因素不變下，需求量與價格呈減函數關係之需求法則的特性。 二、市場需要曲線是：「假定其他因素不變，消費者對某一物品，在 一特定期願意且有能力購買的價格與購買量之間的關係」。 需要是是一個點的概念，需要曲線是一條線的概念。 我們假定不變的、會影響消費者需要的其他因素裡面，包括消費者的所得、市場的規模、消費者的偏好、相關物品的價格、預期、及特殊因素。 三、需要法則指：在一條需要曲線上，價格愈高，需要量愈少；反之， 價格愈低，則需要量愈多，即價格與需要量變動於相反方向，這種特性稱為需要法則。需要法則適用於正常品及非吉芬品的劣等品。 四、市場的供給量是：「假定其他因素不變，針對一種物品的一個特 定價格，生產者願意且有能力以這價格出售的、特定期間內之銷售量」。銷售量不必真的成交，只要生產者有這意願及能力即可。 五、供給是指，在一定時間內供給者（或產銷者）對於一種財貨或勞 務，在其不同價格下，所願意見能移提供的數量。因市市場的供給曲線是：「假定其他因素不變，生產某一物品的全體廠商，在一特定期間內願意且有能力出售的價格與銷售量之間的關係」。 市場的供給曲線，亦稱產業的供給曲線。 六、供給法則指：在一條供給曲線上，價格愈高，供給量愈多；反之， 價格愈低，則供給量也愈少，即價格與供給量變動於相同方向，這種特性稱為供給法則。只要有一樣固定設備還來不及調整，就會有供給法則所表示的現象。 七、供給的變動是「假定價格不變」，而觀察「其他因素」對供給的 影響。供給增加，會使供給曲線向右移；供給減少，會使供給曲線向左移。 八、市場均衡表示買者與賣者雙方都得到最大滿足，而不會想改變價 格及交易量的狀況。市場均衡產生在需要曲線與供給曲線之交點，即以需要量等於供給量為均衡條件。這個交點稱為均衡點，而這時的價格與交易量，分別稱為均衡價格與均衡交易量。
economics word 经济学 英语单词
A accounting cost会计成 本accounting profit会计利润 adverse selection逆向选择allocation配置 allocation of resources资源配置allocative efficiency配置效率 antitrust legislation反托拉斯法 arc elasticity 弧弹性 Arrow's impossibility theorem阿罗不可能定理Assumption 假设asymetric information非对称性信息average平均average cost 平均成本 average cost pricing平均成 本定价法 average fixed cost平均固定 成本 average product of capital资本平 均产量 average product of labour劳动平 均产量 average revenue平均 收益 average total cost平均总成 本 average variable cost 平均可变成本 B barriers to entry进入壁垒 base year基年 bilateral monopoly双 边垄断 bliss point极 乐点 boundary point边界点 break even point收支相抵 点 budget预算 budget constraint预 算约束 budget line预 算线 budget set预 算集 C capital资本 capital stock 资本存量 capital output ratio资本产出 比率 capitalism资 本主义 cardinal utility theory基数效 用论 cartel卡特尔 ceteris puribus assumption “其他条件不变” 的假设 ceteris puribus demand curve 其他因素不变的 需求曲线 Chamberlin model张伯伦 模型 change in demand需求 变化 change in quantity demanded需 求量变化 change in quantity supplied供给 量变化 change in supply供给变 化 choice选择 closed set闭 集 Coase theorem科斯 定理 Cobb—Dougla s production function柯布-- 道格拉斯生产函 数 cobweb model 蛛网模型 collective bargaining集 体协议工资 collusion合谋 command economy指令 经济 commodity商 品 commodity combination 商品组合 commodity market商品市 场 commodity space商品空 间 common property公用 财产 comparative static analysis 比较静态分析 compensated budget line补 偿预算线 compensated demand function补偿 需求函数 compensation principles补偿 原则 compensating variation in income收入补 偿变量 competition 竞争 competitive market竞争性 市场 complement goods互补品
Economics
University of Waikato Department of Economics ECON200 – 06B Macroeconomics and the Global Economy Assignment 1 Due: August, Wednesday the 16th, 2006 at 11:59. Please: 1. Answer the questions in the spaces provided on these sheets. 2. Read the section on Internal Assessment and Honesty in the Course Handbook 3. Add your completed Management Student Centre (MSC) cover sheet to the front of this assignment. Check that you have your correct tutorial number on the cover sheet. 4. Submit your assignments to the MSC. 5. Keep a copy of your assignment in case the original goes astray.
Questions: [25 marks] Question 1: Do some research on value theory in economics and define the labour theory of value. Explain the interest of this theory and its failures. Which theory does a better job? [4 marks] There are two kind of value theory of economics. One is labour theory of value. It defines as the value of one good is the amount of human labour expended in producing it. Most classical economists like Smith, Ricardo and Marx subscribed to it. The other one is price theory of value, it defines as the value of one good is measured by its price which reflects demand and supply (Marshall, Allais, Debreu, most modern economists) The interest of the labour threory value is it can be used to measure how productivity of the labour to do the job. Also, it can measure how well or bad the workers are doing this job. It could increase the worker s’competitive. The company will not only focus on the cheaper resource and the materials, but pay more attention to train the employees. The failure of labour theory of value is there are many critics of it. The labour theory of value is no longer satisfying the specific requirement of the consumers. There are different requirement for the consumers, the labour theory of value cannot resolve everyone’s requirement. So, it is not useful for some of the customers. Actually, every value theory has it own strengths. However, in the economics, the price theory of value would be better, because the market prices are used to measure the value of very different things. The company set up the price is usually thinking about the cost of the material, resources, workers, and the competition of the market. Therefore, the price theory of value is doing the better job.
IGCSE Economics
Welcome to iGCSE Economics
With the people on your table discuss (talk about) the following… 1.You’ve never studied economics before…why did you choose it? 2.What do you know about economics? 3.What are you looking forward to studying in economics? 4.What skills do you think you will need to be good at economics?
Today – true or false and why??I really need a new phone. This one is getting slow.?I really want water. ?I do not need teachers like you in my life. ?My dog needs a walk.
Week 1 Tuesday P4 – M117 (HW) Wednesday P4 – M117 Week 2 (this week) Tuesday P4 – M1117 (HW) Wednesday P4 – M117 Friday P4 – M117
What would be the first things you would look for in your new home? Why? You
Economic原文翻译Economicsfocus
Economics focus 经济焦点 Don’t look down 不要向下看 The poor like taxing the rich less than you would think 穷人不像你想的那样喜欢富人被征税【穷人不像你想得那样喜欢征富人的税】 Aug 13th 2011 | from the print edition IN THE 1939 classic Western “Stagecoach”, a villainous banker with a bag of e mbezzled cash in his lap frets about the state of the American economy: “Our national debt is something shocking!” he complains. That year American public debt was just over two-fifths of GDP. This year, the IMF reckons, it will be just over 98%, rising to over 102% in 2012. Were he still around, the unscrupulous banker might have struggled to express his outrage, although he might have found solace in the fact that America’s August 2nd deal to increase the debt ceiling envisages $2.4 trillion in spending cuts but no tax hikes. This strikes many, both outside the United States and within it, as odd. A Democratic congressman called the debt deal a “sugar-coated Satan sandwich”. 1939年在经典的西部”驿站马车”里, 一个腐败的银行家, 腿上放着一袋子的贪污款, 他对美国经济的现状十分担忧:” 我们国家的债务规模实在太吓人了!” 他抱怨道. 那一年, 美国的公共债务仅仅占到GDP的五分之二. 今年, 国际货币基金组织IMF承认, 美国公共债务的GDP占比达到了98%, 预计2012年将超过102%. 如果他现在还在世的话, 这个无耻的银行家可能会费尽心思的来表达他的愤怒, 尽管8.2号美国的提高债务上限, 开支消减2.4万亿但无税务增加的一揽子计划会给他一丝安慰. 这使得美国国内外一片惊讶. 一位民主党国会议员将这个债务计划称为”糖衣魔鬼三明治”. It does, however, loosely reflect longstanding differences between Americans’ attitudes to taxation and those in much of the rest of the rich world. America is far less inclined than many of its rich-world peers to use taxation and redistribution to reduce inequality. The OECD, a think-tank, reckons that taxation eats up a little less than 30% of the average American’s total compensation, compared with nearly 50% in Germany and France. America’s top federal income-tax rate of 35% is lower than in many other advanced economies (although most Americans also pay state taxes). Britain’s top tax rate is 50%. Swedes and Danes acquiesce to tax rates that would outrage many Americans: Sweden’s top rate is 57% and Denmark’s is 55%. Unsurprisingly, the American state is also less generous to the poor. Unemployment benefits in the United States replace a smaller share of income, and run out more quickly, than in most European countries. 但是, 这确实隐约反应出了长期以来美国对赋税的态度与其他发达国家中的大
economics教学内容
e c o n o m i c s
Chapter 1 Economics Text A I. Why Study Economics？ a. Economics: the study of how society manages its scarce resources. 经济学是在一定经济制度和经济体制条件下，研究如何有效利用可供选择的有限资源，以求人类无限欲望的最大满足.e.g. 1) how people decide what to buy and how much to work, save and spend 2) how firms decide how much to produce and how many workers to hire 3) how society decides to divide its resources among competing needs such as national defense, consumer goods and environmental protection b. Resource: anything that can be used to produce something else c. Scarcity: the resources available to a society for the production of goods and services are limited
d. Scarcity principle: although we have boundless needs and wants, resources available to us are limited so having more of one thing usually means less of another II. The chapter introduces ten principles of economics as part of three issues. How people make decisions(1---4) How people interact(5---7) How the economy as a whole works(8—10) 1. Principle 1: People face trade-offs.人们面临权衡取舍 All decisions involve trade-offs. Examples: a. Going to a party the night before your midterm leaves less time for studying. b. Having more money to make purchases requires working longer hours and leaving less time for leisure. c. Protecting the environment requires resources that could otherwise be used to produce consumer goods. Society faces an important trade-off: efficiency versus equality
60 second adventures in Economics(60秒读懂经济学概念)
60 second adventures in Economics Number one: The Invisible Hand An economy is a tricky thing to control, and governments are always trying to figure out how to do it. Back in 1776 economist Adam Smith shocked everyone by saying that what governments should actually do is just leave people alone to buy and sell freely among themselves. He suggested that if they just leave self-interested traders to compete with one another, markets are guided to positive outcomes”as if by an invisible hand”. If someone charges less than you customers will buy from them instead as you have to lower the price or offer something better. Wherever enough people demand something, they will be supplied by the market like spoilt children only in this case, everyone is happy. Later free-marketeers like Austrian economist Friedrich Hayek, argued that this “hands off”approach actually works better than any kind of central plan. But the problem is, economies can take a long time to reach their” equilibrium”, and may even stall along the way. And in the meantime people can get a little frustrated, which is why governments usually end up taking things into their own more visible hands instead. Number 2: The Paradox of Thrift Much like a child getting his pocket money, one of the biggest economic questions is still whether it’s better to save or spend. Free-marketeers like Hayek and Milton Friedman say that, even in difficult times, it’s best to be thrifty and save. Bank then channel the savings into investment, in new plants, skills and techniques that let us produce more. And even if this new technology destroys jobs, wages will drop, and businesses hire more people so unemployment falls again. Simple. At least in the long run. But then a “live-fast-die-young” kinda chap called John Maynaed Keynes cheerfully pointed out that “in the long run we’re all dead”. So , to avoid the misery of unemployment, the government should instead spend money to create jobs. Whereas if the government tightens its belt when people and businesses are doing the same, less is spent, so unemployment gets even worse. That is the paradox of thrift. So instead they should spend now and tax later when everyone’happy to pay. Though making people happy to pay tax was something even Keynes didn’t solve. Number Three: The Phillips Curve. Bill Phillips was crocodile hunter and economist from New Zealand, who spotted that, when employment levels are high, wages rise faster people have more money to spend, so prices go up and so does inflation. And likewise, then unemployment is high, the lack of money to spend means that inflation goes down. This became known as the Phillips Curve. Governments even set policy by the curve, tolerating the inflation when they spent extra money creating jobs. But they forgot that the workers could also see the effects of the curve. So , when unemployment went down, they expected inflation and demanded higher wages, causing unemployment to go back up, while inflation remained high. Which is what happened in the 1970s when both inflation and unemployment rose. Then in the 90s,umployment dropped while inflation stayed low, which all rather took the bend out of Phillips’curve. But at least part of Phillips’trouble some trade –off lives on: when faster growth and full employment return. You can bet inflation will be along to spoil the party. Number Four: The Principle of Comparative Advantage. Whether you think the economies work best if they’re left alone, or that governments need to do something to get them working, the one thing that can’t be controlled is the rest of the world. Fear of foreign competition once led countries to try and produce everything they needed, and impose