中级宏观经济学1试题

Final（A） Name： Class： St. No.： Score：

Ⅰ. Choose the Best Answer for Each Question. (2′×30) （ ）1. Which of the following is not included in GDP A. The salary paid to a federal judge

B. The value of housing services enjoyed by homeowners C. The value of automobile services enjoyed by car owners D. The value-added of a shipping company that transports goods from the factory to retail stores （ ）2. The consumer price index (CPI)

A. measures the price of a fixed basket of goods and services.

B. measures the price of a basket of goods and services that constantly changes as the composition of consumer spending changes. C. measures the amount of money that it takes to produce a fixed level of utility. D. is one of the many statistics in the National Income Accounts. （ ）3. Suppose that a consumer has a marginal propensity to consume of . If this consumer receives and extra $2 of disposable income, her saving would be expected to increase by

A. $.

B. $. C. $. D. $. （ ）4. Choose the pair of words that best completes this sentence: Investment depends on the ________ interest rate because higher inflation will ________ the value of the dollars with which the firm will repay the loan.

A. real, increase B. nominal, increase C. real, decrease D. nominal, decrease （ ）5. Consider an economy where the only goods traded are coconuts and pineapples. Last year, 100 coconuts were sold at $1 a piece, and 200 pineapples were sold at $2.50 a piece. If the money supply was $100, what was velocity

A. 30

B. 15 C. 6 D. 5 （ ）6. When the government raises revenue by printing money, it imposes an "inflation tax" because the

A. real value of money holdings falls.

B. interest rate falls. C. difference between nominal and real interest rates becomes smaller. D. nominal value of money holdings falls. （ ）7. In a small open economy, which interest rate equals the world interest rate

A. The real interest rate

B. The nominal interest rate C. Both the real and the nominal interest rates D. It depends on whether the exchange rate is fixed or floating. （ ）8. If a country's real exchange rate falls (depreciates), then A. net exports rise.

B. net exports fall. C. exports and imports rise by the same amount. D. exports and imports fall by the same amount. （ ）9. Suppose that 2 percent of the employed lose their jobs each month (s = and 38 percent of the unemployed find a job each month (f = . Then, the steady-state rate of unemployment is

A. 2 percent.

B. 5 percent. C. 16 percent. D. 36 percent. （ ）10. Structural unemployment results when A. the minimum wage is set to increase in the near future.

B. there is generous unemployment insurance. C. workers are temporarily laid off due to weather conditions. D. the real wage is above its market-clearing level. （ ）11. Suppose that the capital stock is 100, the depreciation rate is 10 percent per year, and output is 25. What must the saving rate be to keep the capital stock constant

A. 2.5 percent

B. 10 percent C. 25 percent D. 40 percent （ ）12. If two economies are identical except for their rates of population growth, then if both economies are in steady state, the economy with the higher rate of population growth will have a

A. lower rate of growth of total output.

B. higher rate of growth of total output. C. lower rate of growth of output per person. D. higher rate of growth of output per person. （ ）13. In the Solow growth model with population growth (n) and technological progress (g), the steady-state growth rate of total output is

A. 0.

B. n. C. g. D. n + g. （ ）14. Advocates of the Y=AK model interpret capital as A. consisting solely of the stock of plants and equipment.

B. being inversely related to technological progress. C. including knowledge. D. being determined by exogenous forces. （ ）15. The model of aggregate supply and aggregate demand that assumes sticky prices

A. does not explain economic fluctuations.

B. shows that output depends on demand as well as supply. C. shows that monetary and fiscal policy are always destabilizing influences on the economy. D. shows that monetary policy is neutral. （ ）16. The AS/AD model with sticky prices predicts that, in the long run, a reduction of the money supply results in

A. lower prices and lower output.

B. lower prices and no change in output. C. no change in prices and lower output. D. no change in prices or output. （ ）17. If investment becomes less sensitive to the interest rate, then the A. LM curve becomes steeper.