宏观经济学原理答案

宏观经济学原理（第六版）梁小民改编Unit 4 Application: International Trade1. The supply curve shows the quantity of a good supplied by sellers, and the demand curve shows the quantity of a good demanded by buyers. When the domestic quantity supplied is greater than the domestic quantity demanded, a country sells the good to other countries, thus the country become an exporter of a good, conversely, the country become an importer of a good.2.P57 图3. Tariff is a tax on goods produced abroad and sold domestically.The economic effects of tariff: The tariff raises the domestic price, domestic sellers are better off, and domestic buyers are worse off.In addition, the government raises revenue. First, when the tariff raises the domestic price above the world price, it encourages domestic producers to increase production. Second, when the tariff raises the price that domestic goods consumers have to pay, it encourages them to reduce consumption of goods.4. There are various arguments for restricting trade: protecting jobs, defending national security, helping infant industries, preventing unfair competition, and responding to foreign trade restrictions. Although some of these arguments have some merit in some cases, economists believe that free trade is usually the better policy.Unit 5 Measuring a Nations Income1. The production of a luxury car contributes more to GDP than the production of an economy car. Because market prices measure the amount people are willing to pay for different goods, they reflect the value of those goods. The luxury car has a higher market value.2. The contribution to GDP is 3$, the market value of the bread, which is the final good that is sold.3.The four components of GDP are consumption, such as the purchaseof a music CD; investment, such as the purchase of a computer by a business; government purchases, such as an order for military aircraft; and net exports, such as the sale of American wheat to Russian. 4.Economists use real GDP rather than nominal GDP to gauge economic well- being because real GDP is not affected by changes in prices, so it reflects only changes in the amounts being produced. If nominal GDP rises, you do not know if that is because of increased production or higher prices.Unit 6 Measuring the Cost of Living1. A 10 percent increase in the price of chicken has a greater effect on the consumer price index than a 10 percent increase in the price of caviar because chicken is a bigger part of the average consumers market basket. 2.The three problems in the consumer price index as a measure of the cost of living are: (1) substitution bias, which arises because people substitute toward goods that have become relatively less expensive; (2) the introduction of new goods, which are not reflected quickly in the CPI; (3)unmeasured quality change3. If the price of a Navy submarine rises, there is no effect on the consumer price index, since Navy submarines are not consumer goods. But the GDP price index is affected, since Navy submarines are included in GDP as a part of government purchases.4. Since the overall price level doubled, but the price of the candy bar rose sixfold, the real price (the price adjusted for inflation) of the candy bar tripled.5. The nominal interest rate is the interest rate paid on a loan in dollar terms.The real interest rate is the interest rate corrected for the effects of inflation.The real interest rate is the nominal interest rate minus the rate of inflation.Unit 7Production and Growth1. The four determinants of productivity are:(1) physical capital, which is the stock of equipment and structures that are used to produce goods and services; (2) human capital, which consists of the knowledge and skills that workers acquire through education, training, and experience;(3)natural resources, which are inputs into the production of goods and services that are provided by nature; and (4)technological knowledge, which is societys understanding of the best ways to produce goods and services.2. Higher saving means fewer resources are devoted to consumption and more to producing capital goods. The rise in the capital stock leads to rising productivity and more rapid growth in GDP for a while. In the long run, the higher saving rate leads to a higher standard of living. A policymaker might be deterred from trying to raise the rate of saving because doing so requires that people reduce their consumption today and it can take a long time to get a higher standard of living.3. Removing a trade restriction, such as a tariff, would lead to more rapid economic growth because the removal of the trade restriction acts like an improvement in technology. Free trade allows all countries to consume more goods and services.4. The higher the rate of population growth, the lower is the level of GDP per person, because theres less capital per person, hence lower productivity.5. The U.S government tries to encourage advances in technological knowledge by providing research grants through the National Science Foundation and the National Institute of Health, with tax breaks for firms engaging in research and development, and through the patent system.Unit 8Saving, Investment, and the Financial System1.It is important for people who own stocks and bonds to diversify their holdings because then they will have only small stake in each asset, which reduces risk. Mutual funds make such diversification easy by allowing a small investor to purchase parts of hundreds of different stocks and bonds.2.National saving is the amount of a nations income that is not spent on consumption or government purchases. Private saving is the amount of income that households have left after paying their taxes and paying for their consumption. Public saving is the amount of tax revenue that the government has left paying for its spending. The three variables are related because national saving equals private saving plus public saving.3.Investment refers to the purchase of new capital, such as equipment or buildings. It is equal to national saving.4.A change in tax code that might increase private saving is the introduction of a consumption tax to replace the income tax. Since a consumption tax would not tax the returns saving, it would increase the supply of loanable funds, thus lowering interest rates and increasing investment.5. A government budget deficit arises when government spends more than it receives in tax revenue. Since a government budget deficit reduces national saving, it raises interest rates, reduces private investment, and thus reduces economic growth.Unit 9The Basic Tools of Finance1. Purchasing insurance allows an individual to reduce the level of risk he faces. Two problems that impede the insurance industry from working correctly are adverse selection and moral hazard. Adverse selection occurs because a high-risk person is more likely to apply for insurance than a low-risk person is. Moral hazard occurs because people have less incentive to be careful about their risky behavior after they purchase insurance.2.A stock analyst will consider the future profitability of a firm when determining the value of the stock.3. The efficient markets hypothesis suggests thatstock prices reflect all avaiable information. This means that we cannot use current information to predict future changes in stock prices. One piece of evidence that supports this theory is the fact that many index funds out perform mutual funds that are actively managed by a professional portfolio manager.Unit 10Unemployment1.(1)Frictional unemplotment is inevtiable because the economy is always changing. Some firms are shringking while others are expanding. Some regions are experiencing faster growth than other regions. Transitions of workers between firms and between regions are accompanied by temporary unemployment.(2)The government could help to reduce the amount of fritional unemployment by public policies that provide information about job vacancies in order to match workers and jobs more quickly, and through public training programs that help ease the transition of workers from declining to expanding industries and help disadvantaged groups escape poverty.2.Minimum-wage laws are a better explanation for unemployment among teenagers than among college graduates. Teenagers have fewer job-related skills than college graduates do, so their wages are low enough to be affected by the minimum wage. College graduates wages generally exceed the minimum wage.3.Unions may affect the natural rate of unemployment via the effect on insiders and outsiders. Since unions raise the wage above the equilibrium level, the quantity of labor demanded declines while the quantity supplied of labor rises, so there is unemployment. Insiders are those who keep their jobs. Outsiders, workers who become unemployed, have two choices: either get a job in a firm that is not unionized or remain unemployed and wait for a job to open up in the uion sector. As a result, the natural rate of unemployment is higher than it would be without unions.4.Advocates of unions claim that unions are good for the economy because they are an antidote to the market power of the firms that hire workers and they are important for helping firms respond effeiciently to workers concerns.5. Four reasons why a firms profits might increase when it raises wages are: (1) better paid workers are healthier and more productive; (2) worker turnover is reduced; (3)worker effort is increased; and (4) the firm can attract higher quality workers.Unit 11 The Monetary System1.Money is different from other assets in the economy because it is most liquid asset available. Other assets vary widely in their liquidity.2.Commodity money is money with intrinsic value, like gold, which can be used for purposes other than as a medium of exchange. Fiat money without intrinsic value, it has no value other than its use as a medium of exchange. Our economy today uses fiat money.3.If the fed wants to increase the supply of money with open-market operation, it purchases U.S government bonds from the public on the open market. The purchase increases the number of dollars in the hand of the public, thus raising the money supply. 4.Reserve requirements are regulations on the minimum amount of reserves that banks must hold against deposits. An increase in reserve requirement raises the ratio, lowers the money multiplier, and decreases the money supply.5.The discount rate is the interest rate loans that the Federal Reserve makes to banks. If the Fed raises the discount rate, fewer banks will borrow from the Fed, so banksreserves will be lower, and thus the money supply will be lower. 6. The Fed cannot control the money supply perfectly because: (1) the Fed does not control the amount of money that households choose to hold as deposits in banks, and (2) the Fed does not control the amount that bankers choose to lend. The actions of households and banks affect the money supply in ways the Fed cannot perfectly control or predict. Unit 12 Money Growth and Inflation1.According to the quantity theory of money, an increase in the quantity of money causes a proportional increase in the price level.2. Nominal variables are those measured in monetary units, while real variables are those measured in physical units. Examples of nominal variables include the prices of goods, wages, and the dollar value of GDP. Examples of real variables include relative prices (the price of one good in terms of anthor), real wages, and real GDP. According to the pricinple of monetary neutrality, only nominal variables are affected by changes in the quantity of money.3.Inflation is like a tax because everyone who holds money loses purchasing power. In a hyperinflation, the government increases the money supply rapidly, which leads to a high rate of inflation. Thus the government uses the inflation tax, instead of taxes on income, to finace its spending.4.According to the Fisher effect, an increase in the inflation rate raises the nominal interest rate by the same amount that the inflation rate increases, with no effect on the real interest rate.5.If inflation is less than expected, creditors benefit and debtors lose. Creditors receive dollar payments from debtors that have a higher real value than was expected.Unit 13 Open-Economy Macroeconomics Basic Concepts1.The net exporys of a country are the value of its exports minus the value of its imports.Net capital outflow refers to the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners.Net exports are equal to net capital outflow by an accounting identity, since exports from one country to anthor are matched by payments of s