专业课资料 练习题 真题 曼昆宏观课后练习答案英文版 英文版答案 Mnkiw 5e Chpter 19

Mankiw 5e Chapter 19The theory of real business cycles postulates that A. the classical dichotomy does not apply to the short run.B. business cycles are not an exclusively short-run phenomenon.C. fluctuations in nominal variables are caused by long-run real changes in the economy.D. prices are fully flexible, even in the short run.0 out of 1Incorrect. The correct answer is D. See the introduction to Chapter 19 for a discussion of the assumptions underlying real business cycle theories. One day a crate of food washes up on Robinson Crusoes island. While the food lasts, he doesnt do any fishing. Instead he spends more time enjoying leisure and making nets. Which of the following is true? A. Both GDP and investment on the island will rise.B. GDP on the island will fall, but investment will rise.C. GDP on the island will remain constant, but investment will rise.D. GDP on the island will rise, but investment will fall.1 out of 1Correct. The answer is B. Recall that GDP on the island includes the number of fish caught and the number of nets made weighted by some price. See Section 19-1. Real-business-cycle theorists believe that fluctuations in output and employment are A. deviations of output and unemployment from their natural rate.B. caused by price stickiness.C. changes in the natural rate of output and unemployment.D. non-existent.0 out of 1Incorrect. The correct answer is C. Real-business-cycle theorists believe that markets clear quickly and that the economy is always at its natural rate. See Section 19-1. Intertemporal substitution of labor suggests that, if the real interest rate rises, a worker would A. increase her labor supply today relative to next year.B. decrease her labor supply today relative to next year.C. be indifferent to working today and working tomorrow.D. be indifferent between receiving a dollar today and receiving a dollar tomorrow.1 out of 1Correct. The answer is A. When the real interest rate rises the return to working today increases relative to the return to working tomorrow. See Section 19-1. Intertemporal substitution of labor suggests that if wages were temporarily high, then a worker would A. increase his labor supply today relative to next year.B. decrease his labor supply today relative to next year.C. be indifferent to working today and working tomorrow.D. be indifferent between receiving a dollar today and receiving a dollar tomorrow.1 out of 1Correct. The correct answer is A. When the wage is temporarily high, the return to working today is high relative to the return to working tomorrow. See Section 19-1. According to the theory of real business cycles, if the interest rate rises, then A. both employment and output will fall.B. employment will fall and output will rise.C. employment will rise and output will fall.D. both employment and output will rise.0 out of 1Incorrect. The correct answer is D. Real-business-cycle theory predicts that if the interest rate rises, workers will choose to work more today relative to the future. Employment and output are therefore higher. See Section 19-1. Interest rates are an important part of real-business-cycle theory because they A. are monetary policy instruments.B. affect the intertemporal substitution of labor.C. affect only real variables.D. link nominal and real variables.1 out of 1Correct. The answer is B. Interest rates represent the relative price of labor and determine agents choices between labor and leisure. See Section 19-1. With respect to the labor market, real-business-cycle theorists believe that most unemployment is A. voluntary.B. involuntary.C. caused by high interest rates.D. caused by labor-market imperfections.0 out of 1Incorrect. The correct answer is A. See Section 19-1. According to the real-business-cycle theorists, the major type of shocks to the economy consists of shocks to A. technology.B. money supply.C. money demand.D. aggregate demand.0 out of 1Incorrect. The correct answer is A. Most real-business-cycle theorists emphasize technology shocks. See Section 19-1. In a recession, firms may keep workers that they do not need, so they will have these workers when the recession is over. This is called A. the Solow residual.B. the intertemporal substitution of labor.C. labor hoarding.D. involuntary unemployment.1 out of 1Correct. The answer is C. See Section 19-1. The theory of real business cycles implies that A. changes in the money supply have no effect on real output.B. changes in the money supply have no effect on prices.C. nominal prices are sticky.D. real prices are sticky.1 out of 1Correct. The answer is A. See Section 19-1. Which of the following is NOT an explanation for variations in the Solow residual? A. Unmeasured outputB. Technology shocksC. Labor hoardingD. Capital stock growth0 out of 1Incorrect. The correct answer is D. Since the Solow residual measures growth in output NET of growth in factors, changes in the capital stock do not affect it. See Section 19-1. In real-business-cycle models, money is A. unimportant because it does not affect real variables.B. unimportant because demand for it does not depend on interest rates.C. important because it affects real variables.D. important because it exacerbates aggregate fluctuations.1 out of 1Correct. The answer is A. In real-business-cycle models, money is neutral; it does not affect real variables. See Section 19-1. In real-business-cycle models, aggregate fluctuations are largely caused by A. technology shocks.B. money demand shocks.C. market imperfections.D. nominal rigidities.0 out of 1Incorrect. The correct answer is A. Technology shocks cause aggregate fluctuations in real-business-cycle models. Money demand shocks, market imperfections, and nominal rigidities are either unimportant or do not exist in real-business-cycle models. See Section 19-1. In real-business-cycle theory, involuntary unemployment A. does not exist.B. reflects the intertemporal substitution of labor for leisure.C. reflects the fact that markets do not clear.D. shows the presence of labor hoarding.1 out of 1Correct. The answer is A. There is no involuntary unemployment in real-business-cycle models. Instead, workers choose not to work when the value of leisure is high. See Section 19-1. In contrast to Keynesian models, real-business-cycle models A. attach great importance to money.B. rely on market imperfections to generate their results.C. allow for involuntary unemployment.D. emphasize labor supply and the labor-leisure trade-off.0 out of 1Incorrect. The correct answer is D. Real-business-cycle models explain unemployment through the intertemporal substitution of labor for leisure. See Section 19-1. The macroeconomic impact of one firms price adjustment on the demand for all other firms products is called A. menu costs.B. an aggregate demand externality.C. shoeleather costs.D. the sacrifice ratio.0 out of 1Incorrect. The correct answer is B. See Section 19-2. Choose the best pair of words to complete the following: If menu costs increased, firms would be _ likely to change their prices in response to shocks. This in turn causes shocks to have _ effects on the economy. A. more; smallerB. less; biggerC. more; biggerD. less; smaller0 out of 1Incorrect. The correct answer is B. Changing prices becomes more costly when menu costs increase. Prices are then more sticky which causes more fluctuations. See Section 19-2. New Keynesian economists believe that coordination failures A. are valid explanations for booms.B. cannot occur.C. are the consequence of people not optimizing.D. can be avoided if people could coordinate their actions.1 out of 1Correct. The answer is D. Coordination failure refers to the failure of achieving the better equilibrium. People are nevertheless behaving optimally, given what they believe the other person is doing. If they could coordinate their behavior together, they could achieve the better outcome. See Section 19-2. New Keynesian economists believe that government policies A. cannot be used to stabilize the economy.B. should be used to stabilize the economy.C. interrupt the natural behavior of the economy.D. reduce the efficiency of the economys response