宏观经济学选择题 题集 全

宏观经济学选择题题集全

1. The goals of macroeconomic policy include: E

A) high employment

B) low unemployment

C) stable prices

D) growing real GDP

E) all of the above

2. Suppose that in a particular year, nominal GDP is less than real GDP. This implies that:E

A) inflation is low

B) inflation is high

C) the year in question prior to the base year

D) the year in question after the base year

E) the answer cannot be determined from the information given

3. The two approaches that economists use to measure GDP are:E

A) the goods flow and investment flow

B) current surveys and historical data

C) the product flow and spending flow

D) household tax returns and corporate tax returns

E) the product flow and the earnings flow

4. What must be done to equalize the flow-of-product and the earnings or cost approaches?A

A) Intermediate goods must be subtracted from the flow-of-product sum

B) Profits must be considered a residual cost

C) Imputed rents must be excluded

D) The dollar value of services produced mustbe included in the flow-of-product

E) Transfer payments by the government must be included in the flow-of-cost approach

5. The MPC is the ratio of A

A) Extra consumption to extra income

B) Extra consumption to extra saving

C) Extra consumption to total income

D) Total consumption to total income

E) Break-even consumption to break-even income

6. Which of the following is not considered a category of investment?A

A) Stock and bond purchases.

B) Purchases of plant and equipment

C) Purchases adding to inventories

D) Residential housing construction

E) None of above

7. Which of the following best describes the money-supply effect?A

A) As prices rise, tight money leads to a decrease in total real spending

B) As the Fed injects more money into the economy, prices increase

C) Tight money causes recessions

D) The greater the money supply, the greater the growth of the economy

E) None of the above

8. On the basis of the Keynesian model of output determination, equilibrium gross domestic

product is described by all but which one of the following?

A) Intersection of SS schedule with the II schedule

B) Intersection of the consumption-plus-saving schedule with the investment schedule

C) Intended investment equals actual investment

D) Maintainable C+I spending equals production expenses, including profit

E) Intersection of the C+I line with the 45-degree line

9. Which of the following best describes the accelerator principle?C

A) Once an economy passes a peak, the decline becomes

self-perpetuating

B) An economy recovering from a trough, first grows faster, then slower

C) Investment spending is stimulated by a growing economy; this in turn encourages more

economic growth

D) The accelerate-principle is related to large external shocks to the economy

E) None of the above

10. On the basis of the Keynesian model of output determination for

a closed economy, the

multiplier can be expressed algebraically as:

A) 1/MPC

B) 1/MPC – 1/MPS

C) 1/(1-MPS)

D) 1/MPS

E) MPC/MPS

11. Which of the following is an accurate statement according to the Keynesian model?

A) Prices and wages always respond quickly to clear markets

B) The aggregate supply curve is vertical above potential GDP

C) Changes in aggregate demand can affect GDP, in the short run at least, if there exist

unemployed resources

D) Policy has no effect on the level of employment because it cannot change the level of GDP

E) All of the above

12. A reduction in legal required reserve ratio will tend to

A) Reduce the money supply and reduce commercial bank loans

B) Reduce the money supply and increase commercial bank loans

C) Increase the money supply and increase commercial bank loans

D) Increase the money supply and decrease commercial bank loans

E) Leave the money supply unaffected

13. The power of the Federal Reserve to expand the total money supply is considerably restricted

if:

A) Commercial banks wish to hold no vault cash

B) Commercial banks are holding large excess reserves

C) Commercial banks are holding just the required amount of reserves

D) All Commercial banks are members of the Federal Reserve

E) Interest rates are high

14. Required reserve ratios:

A) Exist primarily to ensure that deposits are safe

B) Exist to penalize banks that are member of the Federal Reserve System

C) Exist primarily to help the Fed control the money supply

D) Exist for all of the above reasons

E) Exist for none of the above reasons

15. If legal required reserve ratios are increased, then there is a tendency for:

A) The money supply to decrease and commercial bank loans to increase

B) Both money supply and commercial bank loans to decrease

C) The money supply to increase and commercial bank loans to decrease

D) Both money supply and commercial bank loans to increase

E) The money supply to decrease and commercial bank loans to remain unchanged

16. A reduction in reserve requirements of member banks tends to counter a recession by:

A) The issuing and redemption of gold certificates

B) Consumer-credit controls

C) Discount-rate policy

D) Changes in bank reserve requirements

E) Open-market operations

17. The Federal Reserve authorities’ single most important stabilizing weapon is:

A) The issuing and redemption of gold certificates

B) Consumer-credit controls

C) Discount-rate policy

D) Changes in bank reserve requirements

E) Open-market operations

18. Raising the discount rate, if effective, tends to:

A) Expend the money supply and lower interest rates

B) Expend the money supply and raise interest rates

C) Contract the money supply and raise interest rates

D) Contract the money supply and lower interest rates

E) Do none of the above

19. Which one of the following combinations represents the tools of monetary policy that are

most available to the Federal Reserve in the effective exercise of monetary policy?

A) Discount-rate policy , control over stock-buying margin requirements, and moral suasion

B) Moral suasion and reserve-requirement changes

C) Open-market operations, reserve requirement changes, and discount-rate changes

D) Discount-rate policy and reserve-requirement changes

E) Reserve-requirement changes and selective controls over consumer and mortgage credit

20. In a Malthusian development context, greater real wage rates

A) Are fostered by labor-saving devices

B) Occur with greater population

C) Occur with less land

D) Are consistent with less labor per acre

E) Are consistent with more labor per acre

21. Capital-deepening coupled with steady profit rates and technological progress must result in:

A) A higher capital-output ratio

B) A lower interest rate

C) A higher wage rate

D) An increase in labor’s relative share of GDP

E) Capital depreciation increases

22. Technological change causes:

A) A drop in the return on capital

B) A drop in the return on labor

C) A reduction in the rate of growth

D) A decrease in the rate of capital accumulation

E) A rightward shift in the production-possibility frontier

23. According to the Solow growth model, capital deepening refers to:

A) The process by which the capital-labor ratio increase over time

B) Technological advances in capital equipment over time

C) The decline in economic growth resulting from the displacement of workers by capital

equipment

D) The self-perpetuating cycle of growth between technological advances and capital equipment

E) None of the above

24. The backwardness hypothesis suggests that:

A) Developing nations can draw upon the capital, skills, and technology of more advanced

nations

B) Today’s developing economies may be able to grow more rapidly than those in the past

C) Kuznet’s approach to economic growth may be the most accurate

D) All the above

E) A and B only

25. Suppose that government spending rises. Assuming that the economy is operating at

potential GDP, the long-run effect of this policy change should be:

A) Higher prices with no change in output

B) Higher prices with higher output

C) Higher prices with lower output

D) Lower prices with higher output

E) Lower prices with no change in output

26. Okun’s Law suggests that every reduction of 2 percent in GDP below potential GDP can be

expected to be associated with:

A) A 1 percent reduction in unemployment

B) A 1 percent increase in inflation

C) An increase in unemployment of 1 percentage point

D) A reduction in inflation of 1 percentage point

E) None of the above

27. Structural unemployment is defined as:

A) Incessant movement of people between regions and jobs or thorough different stages of the

life cycle

B) A mismatch between the supply of and the demand for workers

C) When the overall demand for labor is low

D) When people are not looking for work

E) None of the above

28. At the non-accelerating inflationary rate of

unemployment(NAIRU):

A) Unemployment is as low as it can possibly get

B) The unemployment rate is zero percent, or close to it

C) Inflation is stable and has no tendency to change

D) Structural unemployment is zero percent

E) All of the above

29. If inflation were caused by a supply-side price shock, then:

A) Real GDP would necessarily increase

B) It would be costless if the economy were operating at its full potential

C) Real GDP would be expected to fall

D) It could be accelerated by a secondary reduction in aggregate demand

E) None of the above

30. During a period of high inflation:

A) Borrowers are better off because they can pay off their loans with currency that is worth less

B) Borrowers are worse off because they have to pay off their loans with currency that is worth

more

C) Lenders are worse off because they cannot find anyone who wants a loan

D) Lenders are worse off because they are repaid with currency that is worth more

E) None of the above

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B. Calculation (10%)

1. Assume that the Federal Reserve buys a $1000 government bond from MS.B, and she deposits

the $1000 in her checking account at Bank 1 and assume that the Bank 1 keeps a reserve

requirement of 10 percent and other Banks do the same, no cash reserves ever leaked out of the

banking system. What is the total money creation? What is the money-supply multiplier in this

case?

2. The price index were 100 for 1929 and 75 for 1933, and nominal GDP were $104 billion for

1929 and $56 billion for 1933. If with 1933 as a base of 1, please calculate 1929’s price index and

the value of 1929’s real GDP in terms of 1933 prices.

C. Short answer questions

1. Explain the reasons of the aggregate demand curve slopes downward. (10%)

2. What are the differences between the government expenditure multiplier and the tax

multiplier? (10%)

D. Essay questions (30%)

1. Describe the monetary transmission mechanism and use some figures to illustrate the effects

of a monetary expansion upon economic activity in the money market, the demand for

investment, and the determination of aggregate demand and GDP. (15%)

2. Use some figures to Explain the Phillips Curve from short run to long run. (15%)

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l 第二部分

1. Which of the following would NOT be included in the aggregate demand of an economy?C

A) Vacations purchased by consumers.

B) Teachers hired by the school board.

C) All are part of aggregate demand.

D) Tractors bought by businesses.

E) Tanks purchased by the army.

2. Macroeconomic policy is generally aimed towards low unemployment and deflation.A

A) True

B) False

3. The “double counting” problem occurs when intermediate goods are included in GDP.A

A) True

B) False

4. Thomas Malthus was incorrect in his theories because he failed to recognize the fact that the

law of diminishing returns is a short-run concept.

A) True

B) False

5. Real GDP is the total value of goods and services produced by an economy in 1 year

measured at current prices.B

a) True

b) False

6. Inflation is not captured by a change in the CPI unless the prices of every component of the

defining market basket increase B.

a) True

b) False

7. An important difference between personal income and personal disposable income consist of:A

a) Personal income taxes.

b) Personal savings.

c) Dividends.

d) Consumptive expenditures.

e) Investment income.

8. In the United States, monetary policy is regulated by:

a) The Federal Reserve.

b) The Treasury Department.

c) Both Congress and the President.

d) Congress.

e) None of the above.

9. Real GDP is calculated by:E

a) Multiply nominal GDP by the GDP deflator.

b) Dividing nominal GDP by the GDP deflator.

c) Evaluating current output at base year prices.

d) None of the above.

e) Both B and C.

10. National income or product means:B

a) the income of a government over an interval of time.

b) all payments received by the people of a country over an interval of time.

c) the total amount of money in an economy.

d) all the above.

11. Government Intervention is necessary to control breakdowns in the market mechanism.

a) True

b) False

12. Which of the following is an example of an external variable ?

a) The unemployment rate.

b) The foreign trade deficit.

c) Tariffs on Japanese cars.

d) The OPEC-specified price of oil.

e) All of the above.

13. If there are only two individuals in a community, their MPCs are 1/2 and 5/6, then for any

increase in community income that is distributed equally between the two individuals:C

a) the community’s MPC is indeterminable from these data.

b) the community’s MPC is 3/4.

c) the community’s MPC is 2/3.

d) the communities MPC is 5/12.

e) none of the above.

14. If the marginal propensity to consume of a family is 0.9, the family always spends 90 percent

of its income.B

a) True.

b) False.

15. Saving, like investment, depends upon highly uncertain factors.

a) True.

b) False.

16. A straight-line consumption function cutting a 45-degree line from above would mean that:A

a) As income increases, saving increases.

b) The MPC is greater than the MPS.

c) Consumption increase as income decreases.

d) At the break-even point, saving is positive.

e) As prices increase, consumption decreases.

17. Higher interest rates will necessarily decrease investment spending.A

a) True

b) False

18. Total savings are exactly zero:D

a) Where MPC-45 degrees.

b) When the MPC equals 0.

c) When total consumption equals total saving.

d) At the break-even point.

e) Where MPS equals MPC.

19. The tight monetary policy in the United States from 1979 to 1982 decreased interest rates and

increased aggregate demand.A

a) True

b) False

20. The GDP deflator includes the prices of more goods than either the CPI or the PPI.A

a) True

b) False

21. Those areas around the world with the highest population densities have lower living

standards.B

a) True

b) False

22. If your MPC is always 0.9, and your break-even point is $10,000, then with $8,000of

disposable income your consumption will be exactly:E

A) indeterminable from the information given

B) $8,200

C) $10,000

D) $8,000

E) $7,200

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l 第三部分

1.Inflation is measured:B

https://www.360docs.net/doc/305269694.html,ing the level of the consumer price index

B.As the percentage change in the consumer price index

https://www.360docs.net/doc/305269694.html,ing the level of real GDP

D.As the percentage change in real GDP

2 during a recession,

A Interest rates decrease

B Households decrease spending on durable goods

C The household sector decreases spending substantially

D Firms increase the amount of borrowing

4 The federal budget deficit can be reduced by

A Raising taxes

B Raising government spending

C Raising transfer payments

D Lower interest rates

5 Which of the following is NOT one of the key services that are provided by the financial

system?

A Decreasing taxes

B Risk sharing

C Liquidity

D Information

6 Potential GDP defined as C

A The maximum of GDP that the economy can produce

B The amount of GDP produced if there is no frictional unemployment

C The level of GDP attained when all firms are producing at capacity

D The amount of GDP produced if there is no structural unemployment

9 Which of the following policies is the most direct way to enhance human capital in the

economy

A Increased vaccinations against infectious diseases

B Political reform to decrease corruption

C Stronger laws to protect property rights

D Relaxation of regulations that limit foreign direct investment