Chapter 1 Measuring national income
曼昆宏观经济学英语课后题答案之欧阳计创编
CHAPTER 23: MEASURING A NATION’S INCOMETrue/False Indicate whether the statement is true or false.1. T he circular flow diagram describes all transactions between households and firms in a simpleeconomy and shows the equality of expenditures and income.ANSWER: TPOINTS: 0 / 12. G ross domestic product includes most items produced and sold illicitly.ANSWER: FPOINTS: 0 / 13. N et national product is the total income of a nation’s residents minus losses from depreciation.ANSWER: TPOINTS: 0 / 14. D isposable personal income is the income that households and unincorporated business haveleft after satisfying all their obligations to the government. It equals personal income minuspersonal taxes and certain non-tax payments to government.ANSWER: TPOINTS: 0 / 15. T he purchase of new houses by households is included in the calculation of personalconsumption expenditures of GDP.ANSWER: FPOINTS: 0 / 1Multiple Choice Identify the choice that best completes the statement or answers the question.1. W hen GDP falls,a. income and expenditure must both fall.b. income and expenditure can both rise.c. income must fall, but expenditure may rise or fall.d. expenditure must fall, but income may rise or fall.ANSWER: APOINTS: 0 / 12. I ncome equals expenditure becausea. firms always pay out all their revenue as income to someone.b. each time a sale is made, there is a buyer and a seller.c. households own the factors of production used to generate incomes.d. All of the above are correct.ANSWER: BPOINTS: 0 / 13. I f a province makes the production and sale of illicit drugs legal, then GDPa. must increase.b. must decrease.c. wouldn't change.d. may increase or decrease.ANSWER: APOINTS: 0 / 14. W hen a government provides subsidies to encourage growth of small businesses, the subsidieswoulda. be included in GDP because they are invested by businesses.b. be included in GDP because they are a form of government spending.c. not be included in GDP because they are transfer payments.d. may or may not be included in GDP, depending on how the funds are used.ANSWER: CPOINTS: 0 / 15. D iesel fuel isa. always considered a final good.b. counted as an intermediate good if a company uses it to provide transportation services.c. counted as a final good if a farmer uses it to run a tractor to grow crops.d. Both b and c are correct.ANSWER: BPOINTS: 0 / 16. G ross domestic producta. is the market value of all final goods and services produced within a country in a givenperiod (usually a year)b. is the income in the hands of individuals after deducting income taxes; income availableto households to spend and savec. is the value of goods and services purchased by all levels of government— federal,provincial, and local—in a given periodd. is the market value of all final goods and services produced by permanent residents of anation in a given time periodANSWER: APOINTS: 0 / 17. M acroeconomics is that branch of economics that studiesa. the conditions of individual marketsb. the influence of governments on individual marketsc. economy-wide phenomenad. only the private sector of the economyANSWER: CPOINTS: 0 / 18. S uppose that nominal GDP is $6,000 billion and real GDP is $3,000. What is the GDP pricedeflator?a. 125b. 150c. 200d. 250ANSWER: CPOINTS: 0 / 19. T he purchase of final goods and services by households is calleda. investmentb. public sector expenditurec. consumptiond. net exportsANSWER: CPOINTS: 0 / 110. I nvestment is the purchase of capital equipment, inventories, anda. structuresb. non-durable goodsc. depreciationd. import investmentANSWER: APOINTS: 0 / 111. T ransfer paymentsa. are included in GDP because they are forms of incomeb. are included in GDP because goods and services have been produced in the transferc. are NOT included in the GDP because goods and services have not been produced inthe transferd. are included in GDP because they represent the production of transfers of goods andservices to foreign countriesANSWER: CPOINTS: 0 / 112. W hich of the following would be considered consumption expenditure?a. The Smiths buy a home built in 1990.b. The federal government pays the salary of a captain in the Armed Forces.c. The Hostlers buy a new car that was manufactured in Germany.d. The government buys food for its armed forces.ANSWER: CPOINTS: 0 / 113. T he method that measures GDP in relationship to the size of the population is calleda. GNPb. worker GDPc. GDP per persond. capital GDPANSWER: CPOINTS: 0 / 114. T he components of GDP area. C + I + Gb. NX + G + Cc. C + G + NXd. C + I + G + NXANSWER: DPOINTS: 0 / 115. S uppose nominal GDP is $7700 and the GDP deflator is 110. Real GDP isa. $7700b. $7000c. $847,000d. $8470ANSWER: BPOINTS: 0 / 1Short Answer1. W hat are the components of gross domestic product (GDP)?RESPONSE:ANSWER: The components of GDP are: (1) consumption spending by households on goods and services, with the exception of purchases of new housing; (2) Investmentspending on capital equipment, inventories, and structures, including householdpurchases of new housing; (3) government purchases or spending on goods andservices by the local, provincial, and federal levels governments; and (4) netexports which is spending on domestically produced goods and services byforeigners (exports) minus spending on foreign goods and services by domesticresident (imports).POINTS: -- / 12. D ifferentiate between gross domestic product (GDP) and gross national product (GNP).RESPONSE:ANSWER: GDP is the value of all final goods and services produced within a country in agiven year; while GNP is the total income earned by a nation’s permanentresidents or nationals (that is, Canadians). GNP differs from GDP by includingincome that citizens of the nation (Canada) earned aboard, and excluding incomethat foreigners earn in the particular country (E.g. in Canada).POINTS: -- / 13. D ifferentiate between real GDP and nominal GDP.RESPONSE:ANSWER: Nominal GDP is the value of all final goods and services produced within a country in a year and valued at current prices; and real GDP is the GDP valued at constantbase year prices. Real GDP is not affected by changes in the level of prices, so itreflects only changes in the amounts being produced.POINTS: -- / 14. E xplain why GDP is not considered a perfect measure of well- being?RESPONSE:ANSWER: GDP is not considered a perfect measure of well-being because some of thefactors that contribute to a good life are omitted. These would include: leisuretime, the quality of the environment, the distribution of income, and the productionof goods and services that did not pas through the market (for example,housework done by the homemaker, and volunteer work)POINTS: -- / 15. H ow do economists measure economic growth?RESPONSE:ANSWER: Economists measure economic growth as the percentage change in real GDPfrom one period to another. This is because changes in real GDP reflect onlychanges in the amounts being produced.POINTS: -- / 1CHAPTER 24: MEASURING THE COST OF LIVINGTrue/False Indicate whether the statement is true or false.1. T he GDP deflator reflects the prices of goods and services bought by consumers, and theconsumer price index reflects the price of all final goods and services produced domestically.ANSWER: FPOINTS: 0 / 12. T he consumer price index compares the price of a fixed basket of goods and services to the priceof the basket in the base year. On the other hand, the GDP deflator compares the price of currently produced goods and services to the price of the same goods and services in the base years.ANSWER: TPOINTS: 0 / 13. I ndexation refers to the automatic correction of a dollar amount for the effects of inflation by law orcontract.ANSWER: TPOINTS: 0 / 14. L ong term contracts between firms and unions will sometimes include partial or complete indexationof the wage to the consumer price index. This is called a cost-of-living allowance clause.ANSWER: TPOINTS: 0 / 15. T he core inflation rate is the consumer price index with the exclusion of the most volatilecomponents such as energy and food.ANSWER: TPOINTS: 0 / 1Multiple Choice Identify the choice that best completes the statement or answers the question.1. I n the CPI, goods and services are weighted according toa. how much a typical consumer buys of each item.b. whether the items are necessities or luxuries.c. how much of each item is produced in the domestic economy.d. how much is spent on them in the national income accounts.ANSWER: APOINTS: 0 / 12. B y not taking into account the possibility of consumer substitution, the CPIa. understates the standard of living.b. overstates the cost of living.c. neither overstates nor understates the cost of living.d. doesn't accurately reflect the cost of living, but it is unclear if it overstates or understatesthe cost of living.ANSWER: BPOINTS: 0 / 13. I f the prices of Brazilian-made shoes imported into Canada increases, thena. both Canada’s GDP deflator and it’s consumer price index will increase.b. neither Canada’s GDP deflator nor it’s consumer price index will increase.c. Canada’s GDP deflator will increase but its CPI will not increase.d. Canada’s consumer price index will increase, but its GDP deflator won’t change.ANSWER: DPOINTS: 0 / 14. I f increases in the prices of Canadian car insurance causes the CPI to increase by 3 percent, theGDP deflator will likely increase bya. more than 3 percent.b. 3 percent.c. less than 3 percent.d. All of the above are correct.ANSWER: CPOINTS: 0 / 15. T he real interest rate tells youa. how quickly your savings account will grow.b. how quickly the purchasing power of your savings account will grow.c. the size of your savings account.d. the purchasing power of your savings account.ANSWER: BPOINTS: 0 / 16. I nflation refers toa. a temporary increase in the price level due to higher tax ratesb. a large increase in food and gasoline pricesc. a situation in which the economy's overall price level is risingd. an increase in the purchasing power of the dollarANSWER: CPOINTS: 0 / 17. I f nominal interest rates increase from 8 percent to 10 percent while inflation increases from 3percent to 12 percenta. the real interest rate falls from 5 percent to –2 percentb. the real interest rate rises from –2 percent to 5 percentc. the real interest rate falls from 8 percent to 12 percentd. the real interest rate rises from 8 percent to 12 percentANSWER: APOINTS: 0 / 18. I f the nominal rate of interest is 10 percent and the rate of inflation is 3 percent, what is the real rateof interest?a. 13 percentb. 7 percentc. 3 percentd. –7 percentANSWER: BPOINTS: 0 / 19. T he consumer price index:a. measures price changes of raw materialsb. adjusts all prices of goods and services for five-year periodsc. measures the cost of goods and services bought by a typical consumerd. cannot measure price changes of intangible production such as servicesANSWER: CPOINTS: 0 / 110. I f the consumer price index (CPI) at the end of 1996 was 125 and the CPI at the end of 1997 was131, then the rate of inflation during 1997 wasa. zero – prices were stable during 1997b. 4.8 percentc. 6.0 percentd. 125 percentANSWER: BPOINTS: 0 / 111. F rank's nominal income in 1998 is $45,000. Suppose the CPI in 1998 is 150. What is Frank's realincome?a. $51,750b. $45,000c. $38,250d. $30,000ANSWER: DPOINTS: 0 / 112. A change in the price of imports bought by consumers will bea. reflected in the GDP deflatorb. reflected in GDPc. reflected in the CPId. reflected in net national incomeANSWER: CPOINTS: 0 / 113. A ll of the following but one are problems associated with the CPIa. substitution biasb. the introduction of new goods and servicesc. unmeasured quality changesd. The CPI is not based on a fixed basket of goods and servicesANSWER: DPOINTS: 0 / 114. W hich of the following is correct?a. The CPI is not based on a fixed basket of goods and services.b. The GDP deflator reflects the prices of all domestically produced goods and services.c. The GDP deflator is based on a fixed basket of goods and services.d. The GDP deflator is subject to substitution bias.ANSWER: BPOINTS: 0 / 115. T he inflation ratea. is a measure of the cost of a basket of goods and services bought by firmsb. is the absolute change in prices between yearsc. is the percentage change in the price index from the preceding periodd. measures changes in incomes from one year to the nextANSWER: CPOINTS: 0 / 1Short Answer1. W hat is the consumer price index (CPI)? What are the three major items included in the CPI?RESPONSE:ANSWER: The CPI is a measure of the overall cost of the goods and services bought by a typical consumer. The three major items included in the CPI are shelter,transportation and food.POINTS: -- / 12. H ow is the CPI computed?RESPONSE:ANSWER: First the basket of goods and services must be determined and also the relative importance of the various items to be included in the basket. Then the prices of thevarious items in the basket are determined. The cost of the basket is then determinedusing the data on prices and quantity. The base year is chosen, and the index for thebase year is computed using the quantities in the basket and the base year prices.The index is calculated by taking the price of the basket in the each year and dividingthis by the price of the basket in the base year. This ratio is then multiplied by 100.POINTS: -- / 13. D ifferentiate between the nominal rate of interest and the real rate of interest.RESPONSE:ANSWER: The nominal interest rate is the interest rate as usually reported without a correction for the effects of inflation. The real interest rate is the interest rate corrected for theeffects of inflation. The real interest rate = nominal interest rate minus the inflationrate.POINTS: -- / 14. W hat is meant by the inflation rate? If the CPI in 1996 was 107.6 and in 1995 was 105.9, calculatethe inflation rate for 1996.RESPONSE:ANSWER: The inflation rate is the percentage change in the price index from the preceding period. The inflation rate for 1996 would be:POINTS: -- / 15. W hat are the problems associated with using the consumer price index to measure the cost ofliving?RESPONSE:ANSWER: The problems are: (1) Prices do not change proportionately. Consumers respond by buying less of the goods whose prices have risen by large amounts and by buyingmore of the goods whose price have risen by less, or even fallen. The index iscomputed using a fixed basket of items, so theses changes in quantity would not bereflected in the basket. This is referred to as the substitution bias. (2) The CPI isdeveloped using a fixed basket of goods and services, when new products areintroduced during the time period that a particular fixed basket is being used, thesenew products will not be included in calculation of the index. (3) The CPI does notmeasure quality changes. If the quality of a good deteriorates from one year to thenext, the value of the dollar falls, even if the price of the good stays the same.Likewise, if the quality of the good increases from one year to the next, the value of adollar also rises. Statistics Canada will try to adjust the price of the good to accountfor the quality change, but it is very difficult to measure quality.POINTS: -- / 1CHAPTER 25: PRODUCTION AND GROWTHTrue/False Indicate whether the statement is true or false.1. O ne way to raise future productivity is to invest less current resources in the production ofcapital.ANSWER: FPOINTS: 0 / 12. D iminishing returns occur when the benefits from an extra unit of output declines as the quantityof output declines.ANSWER: FPOINTS: 0 / 13. M althusian theory states that an ever-inc reasing population would continually strain society’sability to provide for itself. This doomed human beings to forever live in poverty.ANSWER: TPOINTS: 0 / 14. P roductivity growth is measured by real output per worker.ANSWER: TPOINTS: 0 / 15. T he primary reason that living standards are higher today than they were a century ago is thattechnological knowledge has advanced.ANSWER: TPOINTS: 0 / 1Multiple Choice Identify the choice that best completes the statement or answers the question.1. O f the following countries, which grew the slowest over the last 100 years?a. Brazil.b. Mexico.c. Singapore.d. United States.ANSWER: DPOINTS: 0 / 12. O n average, each year of schooling raises a person's wage in Canada by abouta. 3 percent.b. 10 percent.c. 15 percent.d. 25 percent.ANSWER: BPOINTS: 0 / 13. T he primary reason that Canadian living standards are higher today than they were a centuryago is thata. more productive natural resources have been discovered.b. physical capital per worker has increased.c. technological knowledge has increased.d. human capital has increased.ANSWER: CPOINTS: 0 / 14. M any countries in Africa have low growth rates. This is partly due toa. few natural resourcesb. high trade barriers.c. low incomes, making it very difficult for them to grow.d. All of the above are correct.ANSWER: BPOINTS: 0 / 15. A government can encourage growth and, in the long run, raise the economy’s standard of livingby encouraginga. population growth.b. consumption spending.c. saving and investment.d. trade restrictions.ANSWER: CPOINTS: 0 / 16. D iminishing returns is the notion thata. as the stock of capital ages, the extra output produced decreasesb. as the stock of capital is increased, the extra output produced from an additional unit ofcapital fallsc. as resources are used to produce capital goods, fewer additional capital goods can beproducedd. you always get what you pay forANSWER: BPOINTS: 0 / 17. C ompared with richer countries, poorer countries are generally characterized bya. high real GDP per personb. political stabilityc. rapid population growthd. strongly enforced property rightsANSWER: CPOINTS: 0 / 18. W hich one of the following countries would most likely be considered a poorer nation, using realGDP/person?a. Canadab. Germanyc. Japand. IndiaANSWER: DPOINTS: 0 / 19. W hich of the following factors would be most likely to encourage capital formation in a poorernation?a. the expectation of sustained high rates of inflation in the futureb. the expectation that property rights will remain securec. the expectation that a struggle between capitalist and socialist forces will lead to majorstructural change in the economyd. an increase in corporate taxes in order to finance an expanded government welfareprogramANSWER: BPOINTS: 0 / 110. W hich of the following is most likely to cause the productivity of labour to increase?a. higher money wage ratesb. a higher rate of investment in human and physical capitalc. more flexible working hours and improved retirement plansd. none of the aboveANSWER: BPOINTS: 0 / 111. S uppose that factory output rose from 50,000 units to 55,000 units while labour hours rose from1100 to 1200. Which of the following is true?a. Labour productivity remained unchanged.b. Labour productivity increased slightly.c. Labour productivity decreased slightly.d. Labour productivity increased sharply.ANSWER: BPOINTS: 0 / 112. W hich of the following would be most likely to cause the real income per person of poorercountries to rise?a. a more rapid population growthb. a rapid rate of inflationc. an international minimum-wage lawd. an increase in foreign investment that enhanced the productivity of the labour forceANSWER: DPOINTS: 0 / 113. I f a production function has constant returns to scale, then:a. doubling inputs will double output.b. doubling inputs will triple output.c. doubling inputs will cause output to increase, but the increase in output will be less thanthe increase in inputs.d. doubling inputs will decrease output.ANSWER: APOINTS: 0 / 114. T he most important source of rising living standards over time is:a. the increase in the size of the labour force.b. the increase in the labour force participation rate.c. the increase in productivity.d. the increase in human capital—the skills embodied in the work force.ANSWER: CPOINTS: 0 / 1Short Answer1. W hat is productivity and why is it important?RESPONSE:ANSWER: Productivity is the amount of goods and services produced from each hour of a worker’s time. It is the major determinant of the standard of living of a country.POINTS: -- / 12. H ow is productivity determined?RESPONSE:ANSWER: Productivity is determined by a country’s physical capital, human capital, natural resources and technological knowledge.POINTS: -- / 13. W hat is the World Bank and what are its functions?RESPONSE:ANSWER: The World Bank is an international organization that among other thingsencourages the flow of capital to poor countries. It obtains funds from the world’sadvance counties and loans them to less developed countries so that they caninvest in capital infrastructure. The World Bank offers advice to developingcountries on how the funds might best be used.POINTS: -- / 14. W hat are property rights? What role does property rights play in economic growth?RESPONSE:ANSWER: Property rights refer to the ability of people to exercise authority over the resources they own. There must be an economy-wide respect for property rights for the pricesystem or the free market to work. Lack of respect for property rights or theenforcement of property rights would not only cause political instability but wouldalso discourage savings and investment. These are necessary for economicgrowth.POINTS: -- / 15. D ifferentiate between inward-oriented policies and outward-oriented policies.RESPONSE:ANSWER: Inward-oriented policies are aimed at raising productivity and living standardswithin a county by avoiding interaction with the rest of the world. This approachinvolves the protection of domestic industries to allow them to develop and growwithout competition from foreign firms. Outward-oriented policies are designed tointegrate countries into the world economy as international trade is considered tobe a factor in generating economic growth.POINTS: -- / 1CHAPTER 26: SAVING, INVESTMENT, AND THE FINANCIAL SYSTEMTrue/False Indicate whether the statement is true or false.1. P rivate savings are the tax revenue that the government has left after paying for its spending; andpublic savings is the income that households have left after paying for taxes and consumption.ANSWER: FPOINTS: 0 / 12. A budget deficit is an excess of tax revenue over government spending; and a budget surplus is ashortfall of tax revenue from government spending.ANSWER: FPOINTS: 0 / 13. A budget surplus decreases the supply of loanable funds, increases the interest rate, andstimulates investment.ANSWER: FPOINTS: 0 / 14. T he financia l system is the group of institutions in the economy that help to match one person’ssavings with another person’s investment.ANSWER: TPOINTS: 0 / 15. A mutual fund is an institution that sells shares to the public and uses the proceeds to buy aselection, or portfolio, of various types of stocks, bonds, or both stocks and bonds.ANSWER: TPOINTS: 0 / 1Multiple Choice Identify the choice that best completes the statement or answers the question.1. W hich of the following is correct?a. Lenders buy bonds and borrowers sell them.b. Long-term bonds usually pay a lower interest rate than do short-term bonds becauselong-term bonds are riskier.c. Junk bonds refer to bonds that have been resold many times.d. None of the above are correct.ANSWER: APOINTS: 0 / 12. I n a closed economy, national saving equalsa. investment.b. income minus the sum of consumption and government expenditures.c. private saving plus public saving.d. All of the above are correct.ANSWER: DPOINTS: 0 / 13. I f the current market interest rate for loanable funds is below the equilibrium level, then there is aa. shortage of loanable funds and the interest rate will rise.b. surplus of loanable funds and the interest rate will rise.c. shortage of loanable funds and the interest rate will fall.d. surplus of loanable funds and the interest rate will fall.ANSWER: APOINTS: 0 / 14. S uppose that Parliament were to introduce a new investment tax credit. What would happen inthe market for loanable funds?a. The demand for loanable funds would shift left and interest rates fall.b. The demand for loanable funds would shift right and interest rates rise.c. The supply of loanable funds would shift left and interest rates rise.d. The supply of loanable funds would shift right and interest rates fall.ANSWER: BPOINTS: 0 / 15. I f Canada increases its budget deficit, it will reducea. private saving and so shift the supply of loanable funds left.b. investment and so shift the demand for loanable funds left.c. public saving and so shift the supply of loanable funds left.d. None of the above are correct.ANSWER: CPOINTS: 0 / 16. C rowding out refers toa. the increase in national saving that occurs when government runs a deficitb. the decrease in the real interest rates due to government borrowingc. a reduction in investment spending resulting from government borrowingd. a decrease in consumption spending resulting from government borrowingANSWER: CPOINTS: 0 / 17. F or a bank to be profitable, the loans it makes must _____ than the _____ obtaining funds.a. cost more; price ofb. pay less interest; total revenue fromc. make more interest; total cost ofd. be less profitable; total revenue from0 / 18. L arge budget deficits will likelya. increase the nation's pool of savingb. decrease the nation's pool of savingc. have no impact on the nation's pool of savingd. improve the nation's trade balanceANSWER: BPOINTS: 0 / 19. T he supply curve of loanable funds isa. upward-sloping, reflecting the fact that savers need a higher rate of interest to coax theminto lending moreb. downward-sloping, reflecting the fact that savers will increase their supply for loanablefunds at lower rates of interestc. upward-sloping, reflecting the fact that savers will increase their saving at lower rates ofinterestd. None of the aboveANSWER: APOINTS: 0 / 110. L oanable funds area. the money in banks and other financial institutionsb. the amount of credit availablec. equal to the total value of capital in the economyd. available only to businessesANSWER: BPOINTS: 0 / 111. I f the market for loanable funds is not in equilibrium, which of the following factors must change tobring it to equilibrium?a. outputb. profitsc. the inflation rated. the interest rateANSWER: DPOINTS: 0 / 112. I n the market for loanable fundsa. higher interest rates discourage savingsb. lower interest rates encourage investmentc. lower interest rates make borrowers worse offd. higher interest rates increase the demand for loanable fundsANSWER: BPOINTS: 0 / 113. B anksa. use people's deposits to make loansb. do not issue mortgage loansc. print and circulate money.d. have no positive impact on the economic systemANSWER: APOINTS: 0 / 114. G DP last year in a closed economy was $2000, taxes were $100, government spending was$200, and consumption was $1200. What was national saving?a. $1000b. $800c. $700d. $600。
Inflation measurement and adjustment
测量通货膨胀率（Rate of Inflation)
CPI this year −CPI last year Rate of inflation(通货膨胀率）= ﹡100 CPI last year
=
140 −100 100
* 100
=40%
我们在 2009 年的通货膨胀率是 40%。.
2.3 GDP deflator and CPI （GDP 平减指数和消费价格指数）
由于许多原因，通货膨胀是一个问题，但是最主要的就是一旦它开始，它的速度是不可 预计的。 然而不可预计的通货膨胀必然给整个国家的经济以及个人带来很多严重的问题。 1）重新分配收入和财富（Redistributes income and wealth): 通货膨胀可以在消费者、企业以及整个国家之间重新分配收入和财富。这种重新分配可 以通过很多种形式。例如说，任何一个以依靠固定收入为主要生活收入的居民都会因此 而受到伤害。 如果因为通货膨胀的原因而导致真实利息下降，那么一般来说储户（savers）和贷款方 （lenders）会受到伤害。如果说真实利息是 10%，通货膨胀是 20%，那么一个储户将会 丢失他们所放在银行里的那部分钱的收益率的 10%。 对于借款方来说（borrowers) ， 将会少还 10%的利息，而对于贷款方来说（lenders) 就要少收入 10%。所以通货膨胀对 于贷款方(lenders)来说不是一个好消息， 而对于借款方 （borrowers)来说却是一个好消息。 税收（Tax）和政府花销（Government spending) 可能不会随着通货膨胀而发生变化。例 如说，如果财政大臣没有随着通货膨胀而去增加在酒水和香烟的税，那么政府的真实收 入(real income)将会降低，而抽烟的人和饮酒的人将会因此而获益如果我们设想他们收 入的是和通货膨胀的速度是一致的。 同样来说如果财政大臣没有随着通货膨胀而去增加 个人收入所得税免税额（income tax allowance 工人所挣得的那部分钱是不用纳税的) ， 那么这部分税的重担就落在了政府的身上。 2）菜单成本(Menu costs) 如果出现了通货膨胀，饭店就会更新他们的菜单去展现新的价格。同样，所有的商店百 货业会去更改价格标签，企业需要重新计算价格，发布新的价格清单（price list)。这些 都是通货膨胀带来的成本。 3）鞋底成本(Shoe leather costs) 如果说物价是稳定的，消费者和企业就会对产品的价格有比较清晰的了解。当物价水平 增加的时候，消费者和企业就对产品的合理价格没有那么清晰的认识了。这会导致更多 的“四处购物” （穿上你的鞋子到处走 wearing out your shoes）这无疑增加了成本。当 通货膨胀速度非常快的时候， 钱就会以非常快的速度失去它的价值， 失去它储蓄的价值， 人们会尽量避免手里握着钱。人们一旦有了收入会很快的把它花掉，企业有了销售收入 也会很快就支付工资和红利（dividends) 上个世纪 90 年代的时候，当巴西的通货膨胀是 80%的时候，人们会提前结束出租车的 旅行，在距离他们最近的取款机(ATM) 下车，取上现金，付给出租车司机，然后徒步 结束整个行程。出租车司机在寻找下一个顾客之前会先把钱先存在银行。
quiz 23
Chapter 10 Measuring a Nation’s Income1. In producing a sweater, a man who shears sheep pays a farmer $4 for a sheep. The shearing shop sells the wool to a knitting mill for $7. The knitting mill buys the wool and makes it into a fine fabric and sells it to a sweater-making firm for $13. The sweater-making firm sells the sweater to a clothing store for $20, and the clothing store sells the sweater, gift wrapped, for $50. What is the contribution to GDP of the previous sales transactions? ( C )a.$4.b. $44.c. $50.d. $94.2. Susie grows corn in her backyard garden to feed her family. The corn she grows is not counted in GDP because ( A )a.it was not produced for the marketplace.b.it is an intermediate good which Susie will process further.c.the corn has no value.d.her behavior is illegal.3. Which of the following would be counted in U.S. GDP? ( C )a.The purchase of an historical house.b.The purchase of a haircut.c.The purchase of a $1000 government bond.d.The income an American earns in China.4. If private investment increased by $50 billion while GDP remained the same, which of the following could have occurred, all else being the same? ( A )a.consumption spending decreased by $50 billion.b.exports increased by $50 billion.c.imports decreased by $50 billion. exports increased by $50 billion.5. Assume net exports are -$220, consumption is $5,000, tax revenues are $1,000, government purchases are $1,500, and 1997 GDP, calculated by the expenditures approach, is $8,000. We can conclude that ( D )a.private investment was $1,940.b.public investment was $310.c.private investment was $320.d.private investment was $1,720.6. The four categories of expenditures that make up GDP are ( C )a.consumption, investment, exports, and government purchases.b.consumption, investment, imports, ad government purchases.c.consumption, investment, net exports, and government purchases.d.consumption, investment, net exports, and government transfer payments.7. Which of the following would be counted as an investment expenditure in the national income accounts? ( D )a.The Navy builds a new battleship.b.Microsoft expands plant capacity to produce new software.c. A public high school builds a new football stadium.d.All of the above would be counted as investment expenditure.8. Real GDP is nominal GDP ( C )a.plus depreciation.b.adjusted for changes in the price level.c.minus depreciation.d.minus taxes.An economy produces only two goods, oranges and VCRs. The quantities and prices for the years 2005 and 2006 are shown in the table. The base year is 2005.2005 2006price quantity price quantity oranges $2 5,000 $3 4,000VCRs$400 1,000 $300 2,0009. Nominal GDP in 2005 is ( D )a.$402.b. $12,000.c. $200,200d. $410,00010. Nominal GDP in 2006 is ( C )a.$18,000.b. $180,000.c. $612,000.d. $1,250,000.11. Real GDP in 2005 is ( C )a.$6,000.b. $240,000.c. $410,000.d. $612,000.12. Real GDP in 2006 is ( D )a.$6,000.b. $410,000.c. $612,000.d. $808,000.13. Suppose a person marries his or her gardener and therefore no longer pays him or her for gardening services. GDP ( C )a.stays the same as long as the services are still provided.b.increases since the services are now provided for free.c.decreases since there is no longer a market exchange.d.stays the same, since services are not included in GDP.14. Which of the following would most likely cause GDP to overstate the actual output produced in a year? ( A )a.Increased production in the underground economy.b. A decline in the quality of goods and services produced.c.Increased production for home use (non-market production).d. A decline in population.15. Suppose that population grows by 2 percent. For the standard of living to rise, which of the following must occur? ( D )a.Nominal GDP must grow by more than 2 percent.b.Real GDP must grow by more than 2 percent.c.Real GDP per capita must grow by more than 2 percent.d.consumption spending must grow by more than 2 percent.16. During recessions, GDP falls and unemployment increases. Why might the actual output produced not fall as much as officially measured GDP during a recession? ( A )a.There is an increase in involuntary part-time employment, the output fromwhich is not accounted for in GDP.b.Workers who became unemployed during the recession may produce goods inthe underground economy.c.Unemployment benefits to laid off workers will allow them to purchase nearlyas much output as before.id off workers may start their own businesses, but profit income from self-employment is not accounted for in GDP.17. Which of the following is a problem with the measurement of GDP? ( D )a.Transfer payments are not included.b.Production in the underground economy is not counted.c.Non-market production is not counted.d.Both b and c are problems.。
SHORT5
13. Suppose you know that U.S. GDP in 2000 was $9,000 billion, and U.S. GDP in 1933 was $90 billion. What judgment about the change in the economic well-being of average Americans could you make? Explain.
(c) 2001 by Harcourt, Inc. All rights reserved.
PAGE 1
ANSWER KEY FOR TEST - SHORT5
1. Household income is only one source of expenditure. Government and firms also buy goods and services. Even though some household income is saved and some is taxed, every transaction has both a buyer and a seller, and every dollar of spending by a buyer is a dollar of income to a seller. Hence, for the economy as a whole, total income equals total expenditure. Chapter:10 QUESTION:199
国民总收入 英语
国民总收入英语National income refers to the total amount of income earned by individuals and businesses within a country's borders in a specific time period. It is an important economic indicator that reflects the overall economicactivity and prosperity of a nation.There are several components that make up national income, including wages and salaries, profits, rents, and interest. These components are derived from various sectors of the economy, such as agriculture, manufacturing, services, and financial institutions.Wages and salaries are the compensation paid to workers for their labor. This includes both regular wages and any additional benefits or bonuses provided by employers. Profits, on the other hand, are the earnings generated by businesses after deducting expenses and taxes. Rents are payments made for the use of land or other assets, while interest represents income earned from investments or loans.In addition to these primary components, national income also includes indirect taxes (such as sales tax), subsidies,and depreciation. Indirect taxes are levied on the sale of goods and services and are ultimately borne by consumers. Subsidies, on the other hand, are payments made by the government to support certain industries or activities. Depreciation refers to the gradual loss of value of capital assets over time.National income can be measured using various methods, such as the income approach, expenditure approach, and production approach. The income approach calculatesnational income by summing up all the incomes earned by individuals and businesses in the economy. The expenditure approach, on the other hand, calculates national income by adding up all the expenditures made on goods and servicesin the economy. The production approach measures national income by summing up the value of all goods and services produced in the economy.In order to compare national income across different countries, economists often use indicators such as Gross Domestic Product (GDP) and Gross National Income (GNI). GDP measures the total value of all goods and services produced within a country's borders, while GNI measures the totalincome earned by a country's residents, both domestically and abroad.National income is an important metric for policymakers, as it provides insights into the overall economic health of a country. By analyzing national income data, policymakers can make informed decisions on issues such as taxation, spending, and economic growth.国民总收入是指在特定时间内国家边界内个人和企业赚取的总收入总额。
曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件
THE COMPONENTS OF GDP • GDP includes all items produced in the economy and sold legally n markets. • What Is Not Counted in GDP?
– Every transaction has a buyer and a seller. – Every dollar of spending by some buyer is a dollar of income for some seller.
© 2007 Thomson South-Western
Y = C + I + G + NX
© 2007 Thomson South-Western
THE COMPONENTS OF GDP • Consumption (C):
• The spending by households on goods and services, with the exception of purchases of new housing. • Investment (I):
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
© 2007 Thomson South-Western
Table 2 Real and Nominal GDP
• “. . . Final . . .” – It records only the value of final goods, not intermediate goods (the value is counted only once).
Macroeconomics 1
Two measures of National product: goods flow and earnings flow
We begin by considering an oversimplified world in which there is no government,foreign trade or investment. For the moment,our little economy produces only consumption goods,which are items that are purchased by households to satisfy their wants. Consumption purchases $ Final goods and services Households Business
3. Stable Prices The most common measure of the overall price level is the consumer price index, known as the CPI. We call changes in the level of prices the rate of inflation, which denotes the rate of growth or decline of the price level one year to the next.
Chapter 20
Overview of Macroeconomics
What is Macroeconomics?
1. Macroecomics is the study of of the behavior of the economy as a whole. 2. Macroeconomics examines the reason behind the economic growth and decline of nations. We will focus on the two major elements of performance: the short-term fluctuations in output, employment, and prices that are called the business cycle; and the long-term trends in output and living standards that we call economic growth.
23 章 国民收入的衡量
C hapter Twenty-ThreeMeasuring a Nation’s Income一、名词解释（SOLUTIONS TO Key Concepts):1.microeconomics微观经济学主要研究单个家庭和企业如何做出决策以及他们如何在市场上相互作用。
它采用个量分析法，以市场价格为中心，在资源稀缺、充分就业的基本假设下，研究特定经济单位的经济活动及其经济变量，以求达到个体利益最大。
2.macroeconomics宏观经济学主要研究社会总体的经济行为及其后果，即整体经济现象，包括通货膨胀、失业和经济增长等。
它采用总量分析法，以国民收入为中心，以需求不足、存在失业为基本假设，研究整个国民经济的经济活动及其经济变量，以求达到全社会福利最大。
3.gross domestic product(GDP)国内生产总值（简称为GDP）是指一个国家或地区在一定时期内生产的全部最终产品与劳务的市场价值。
GDP能同时衡量经济社会中所有人的总收入和总支出，对整个经济而言，收入必定等于支出，因此GDP核算常用支出法和收入法。
4.consumption消费是家庭除了购买新住房以外用于物品和劳务的支出。
“物品”包括家庭购买的汽车与家电等耐用品，以及食品和衣服等非耐用品，“劳务”包括理发和医疗这类无形的东西。
5.investment投资是为了未来生产更多物品和劳务而用于资本设备、存货和建筑物的购买支出总和，其中包括家庭用于购买新住房的支出。
ernment purchases政府购买是地方、州和联邦政府用于物品与劳务的支出，包括政府员工的薪水和用于公务的支出。
转移支付由于没有相应的物品或劳务的交换发生因此不属于政府购买。
exports净出口是指进出口的差额，即外国人对国内生产的物品和劳务的支出（出口）减去国内居民对于国外物品的支出（进口）。
8.nominal GDP名义GDP，又叫货币GDP，是按照现期价格计算的一国或地区在一定时期生产的全部最终物品和劳务的价值总和。
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C Y
Business sector
I
household
S
Leakage: import Injection: export
1.2 Equilibrium and the level of national income
The equilibrium is a state of balance or equality between opposition forces. If : S + IM +T = I +X+G Then the level of national income will remain unchanged and can be said to be in equilibriom.
四部门循环流转图
The Circular-Flow Diagram of Sectors
government
G
政府购买
T 产品和服务市场 G C X M
foreign sector 生产要素市场 金融市场
图中箭头所指为货币流动方向，略去了所真实物流量。 图中箭头所指为货币流动方向，略去了所真实物流量。
AE= C+ I+ G+ (X-IM)= C+ I+ G+Xn Value of production= aggregate expenditure +/- change in inventories. The adjustment for inventories is unplanned investment.
The flow of income versus te stock of money: the stock of money and the flow of income are not the same thing.
Closed private model: include financial sector
3). Reconciling GDP and other economic statistics indexes
a . the most-used economic statistic is gross domestic product (GDP), which is defined as the money value of all final goods and services produced in the whole economy within a given time period, usually a quarter or a year. At equilibrium GDP, the value of output must equal AE. GDP=AE=Y
e. Disposable income: the personal after-tax income of people. Personal income – personal income tax = Disposable income
3.4 Problems in measuring GDP
a. the first formal definition of national income equilibrium is : the level of income where the tatol of all three leakages equals the total of all three injections. b. the second view of equibrium: value of production= cost of production (including profits) = total income
C Good and services C
企业
YFactor mar源自ets家庭SI
Financial sector
图中箭头所指为货币流动方向，略去了所真实物流量。 图中箭头所指为货币流动方向，略去了所真实物流量。
Leakage: saving Injection: investment Distinguish: income, saving, wealth and loanable funds Investment: spending on new capital goods. Attention to the saving- investment link.
1) the real problems is in dicidng what should and should not be measuring. In summary, economis transactions that are not included in the measurement of GDP are: the sale of intermediate goods sales that merely transfer ownership of assets both pubic and private transfer payments the sale of second-hand goods.
c. Net national product (NNP): gross national product less capital consumption ( or depreciation). GNP at market prices – depreciation = NNP at market prices NNP at market prices – indirect taxes = NNP at factor costs (national income)
1.1 Circular flow of income
Flow of factor services :
The Circular-Flow Diagram of Sectors
总收入
出售产品和服务
总支出 Product market
购买产品和服务
Business sector
Household
图中的红线代表省货币的流动， 图中的红线代表省货币的流动，而黑线则代表 着实物(生产要素和最终产品)的流动。 着实物(生产要素和最终产品)的流动。
b. Gross national product (GNP): the total market value of all final goods and services produced by the citizens of a country, regardless of the location of production. GDP at market prices +/- net foreign factor income= GNP at market prices
d. Personal income: income paid to individuals before the deduction of personal income taxes. Personal income= national incomeundistributed corporate profits – corporate profits taxes + government tranfer payment – other income not paid out
三部门循环流转图
The Circular-Flow Diagram of Sectors
要素支出 要素收入 消费支出
厂商部门
销售收入
要素市场 产品市场
家庭部门
投资 间接税
金融市场
公债发行 货币发行
储蓄 直接税 转移支付
政府购买
政府部门
Leakage: taxes Injection: government purchase Tranfer payment: one-way transactions in which payment is made but no good or service flows back in return.
2. the second is the income method This method uses five major grouping of income, which are: a. wages and salaries b. interest and investment income c. gross profits d. farmers’ incomes e. net income of nonfarm unincorporated business
1.3 Measuring national income
1. the first is the expenditures approach: This approach adds up the four forms of expenditures, which are: a. C consumption: consumption is subdivided into various components, such as consumer durables, semidurables, nondurables and consumer services. b. I investment spending: investment spending is composed of spending on machinery and equipment, changes in the value of inventories, and spending on all construction ( including residential construction). Ig= In+ depreciation