宏观经济学经试题

武汉大学2010-2011学年第二学期期末考试经济与管理学院 2010级 2011年6月29日《宏观经济学》试题（A卷）Principles of Macroeconomics (Paper A)InstructionYou have two hours to complete this test. Full marks are 100 points. Write your answers on the answer sheet. While you are allowed to answer either in English or Chinese, it would be more graded at a reasonable degree if you choose to do it in English. Read the questions carefully before answering them. Be precise and keep tothe point.Good luck!1.(10 points) One day Barry and Barber, Inc., collects $400 for haircuts. Over thisday, his equipment depreciates in value by $50. Of the remaining $350, Barry sends $30 to the government in sales taxes, takes home $220 in wages, and retains $100 in his business to add new equipment in the future. From the $220 that Barry takes home, he pays $70 in income taxes. Based on this information, compute Barry’s contribution to the following measures of income.a.Gross domestic product national productc.National incomed.Personal incomee.Disposable personal income2.(10 points) Explain the difference between saving and investment as defined by amacroeconomist. Which of the following situations represent investment? Saving?Explain.a.Your family takes out a mortgage and buys a new house.b.You use your $200 paycheck to buy stock in AT&T.c.Your roommate earns $100 and deposits it in her account at a bank.d.You borrow $1000 from a bank to buy a car to use in your pizza deliverybusiness.3.(10 points) List all forces that influence macroeconomic performance of a country.Which of them belongs to aggregate supply side and which to aggregate demand side？In the long run, can the central bank have the economy to grow continuously only by use of expansionary monetary policy such as continuing increase in money?4.(15 points) Over the past decade, many of Chinese saving has been used tofinance American investment. That is, Chinese government has been buying American capital assets, especially the U.S. treasury bonds.a.If Chinese government decided it no longer wanted to buy U.S. assets, whatwould happen in the U.S. market for loanable funds? In particular, what would happen to U.S. interest rates, U.S. saving, and U.S. investment?b.What would happen to the value of the dollar and the U.S. trade balance?5.(15 points) For each of the following events, explain the short-run and long-runeffects on output and the price level, assuming policy makers take no action.a.The stock market declines sharply reducing consumers’ wealth.b.The government increases spending on national defense.c. A technological improvement raises productivity.d. A recession overseas causes foreigners to buy fewer Chinese goods.e.The continuing increase in reserve ratio conducted by People’s Bank ofChina.6.(20 points) True and False. Indicate whether the statements are consistent withwhat you study in macroeconomics class and defend your answer.a.Individuals are capable of influencing money supply.b.There is no double counting when measuring GDP in the System of NationalAccounting.c.Increasing divorce rate would make the measured GDP larger.d.Full employment occurs only when the rate of unemployment is zero.e.If the governmental policy be correct, the rate of unemployment could bereduced to zero.f.Aggregate demand curve in the long run is different from that in the short run.The former is vertical and the latter slopes upward to the right.g.Increasing consumption and export cause the economy to grow.7.(20 points) Fiscal policy has three main measures: government purchases (G), tax(T), and transfer payments (TR). What you have studied in this course tell you that different fiscal policy measures have different impacts on aggregate demand and hence GDP in a closed economy.a.Suppose that there is no crowding out, and the marginal propensity toconsume is 4/5. Calculate figures from A1, B1 and C1 to A5, B5 and C5which are blank in the table below and fill them in the answer sheet.b.According to what you have calculated, how do you compare the roles of G,T and TR in the economy?c.Suppose firms increase investment by $10 million, is its effect the same asone of three fiscal policies? If the answer is yes, specify the policy that hasthe same effects. If the answer is not, specify the reason.d.If the government implants balanced budget policy, does it have any effect onaggregate demand and hence GDP?武汉大学2010-2011学年第二学期期末考试经济与管理学院 2010级 2011年6月29日《宏观经济学》试题（A卷）Principles of Macroeconomics (Paper A)说明:考试时间为2小时，满分为100分。