宏观经济学经试题.doc

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 to the point.Good luck!1. (10 points) One day Barry and Barber, Inc., collects $400 for haircuts. Over this day, 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 Barrys contribution to the following measures of income.a. Gross domestic productb. Net national productc. National incomed. Personal incomee. Disposable personal income2. (10 points) Explain the difference between saving and investment as defined by a macroeconomist. 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 delivery business.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 to finance 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, what would 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-run effects 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 Peoples Bank of China.6. (20 points) True and False. Indicate whether the statements are consistent with what 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 National Accounting.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 be reduced 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 to consume is 4/5. Calculate figures from A1, B1 and C1 to A5, B5 and C5 which are blank in the table below and fill them in the answer sheet.Policy ChangesThe Effects of Policy Changes on aggregate demand and GDPRound 1Round 2Round 3Round nA$10 million increase in government purchaseThe increase in aggregate demand for the roundA1 A2 A3 A4 Accumulate increase of GDP when n goes to infiniteA5 B$10 million decrease in taxThe increase in aggregate demand for the roundB1 B2 B3 B4 Accumulate increase of GDP when n goes to infiniteB5 C$10 million increase in transfer payments to householdsThe increase in aggregate demand for the roundC1 C2 C3 C4 Accumulate increase of GDP when n goes to infiniteC5 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 as one of three fiscal policies? If the answer is yes, specify the policy that has the same effects. If the answer is not, specify the reason.d. If the government implants balanced budget policy, does it have any effect on aggregate 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。答案写在答题纸上，可用英文或中文作答，如用英文作答可适当加分。仔细阅读下面的问题后再简明扼要地作答。祝你好运！1. (10分) 一天，巴瑞理发公司得到了400美元的理发收入。这天，他的设备折旧价值50美元，剩下的350美元中，巴瑞向政府缴纳了30美元的销售税，拿回家220美元的工资，留100美元未来添设新设备做生意。 巴瑞带回家的220美元中，他缴纳了70美元的所得税。根据这些信息，计算巴瑞对下列收入度量指标的贡献：a. 国内生产总值 b. 国民生产净值 c.国民收入d. 个人收入 e. 个人可支配收入2. (10 分) 解释宏观经济学家所定义的储蓄和投资之间的差异。下列哪一种情形代表投资？哪一种代表储蓄？解释之。a. 你的家庭拿到抵押贷款并买了一所新房子。b. 你用你200美元的工资购买AT&T公司的股票。c. 你的室友赚了100美元并把它存入了她的银行账户。d. 你从银行借了1000美元买一辆汽车用于做送披萨饼的生意。3. (10 分) 列举所有影响一国宏观经济绩效的因素。其中，哪些属于总供给的方面的因素？哪些属于总需求方面的因素？在长期，央行可以仅仅通过扩张性的货币政策，如不断增加货币数量，来使经济持续增长吗？ 4. (15 分) 过去10年间，许多中国的储蓄被用于美国的投资。更确切地说，中国政府一直在购买美国的资本资产，特别是美国国债。a. 如果中国政府不再购买美国资产，美国的可贷资金市场会发生什么变动？特别是，美国的利率、储蓄与投资会发生什么变动？b. 美元价值和美国的贸易余额会发生什么变动？5. (15 分) 解释下列每一个事件对产出和物价水平的短期和长期效应，假设决策者不采取行动。a. 股市急剧下降，减少了消费者的财富。b. 政府增加国防支出。c. 技术进步提高了生产率。d. 国外衰退使外国人买的中国物品减少了。e. 中国人民银行不断提高法定准备金率。6. (20 分) 判断正误。指出下列观点是否与你在宏观经济学中所学的知识相符，并说明你的观点。a. 个人能够影响货币供给。b. 国民收入核算体系度量GDP时没有重复计算。c. 离婚率的提高使度量的GDP更大。d. 充分就业仅仅发生在失业率为0时。e. 如果政府政策正确，失业率可以减少到0。f. 长期总需求曲线不同于短期总需求曲线，前者垂直后者向右上方倾斜。g. 消费和出口的增加使经济增长。7. (20分) 财政政策有三个主要措施：政府购买 (G)、税收 (T)和转移支付(TR)。你在课程中所学的知识告诉你：封闭经济下不同的财政政策措施对总需求进而对GDP有不同的影响。 a. 假设没有挤出效应，边际消费倾向是4/5。计算下表中空白的A1、 B1 、C1到A5、B5、 C5的数据，并将其填在答题纸上。政策变化政策变化对总需求与GDP的效应第1轮第2轮第3轮第n轮A政府购买增加1000万美元 对各轮总需求的影响A1 A2 A3 A4 当n趋于无穷时GDP累积的增长A5 B税收减少1000万美元对各轮总需求的影响B1 B2 B3 B4 当n趋于无穷时GDP累积的增长B5 C对家庭的转移支付增加1000万美元对各轮总需求的影响C1 C2 C3 C4 当n趋于无穷时GDP累积的增长C5 b. 根据你的计算，G、T、TR在经济中的作用有何不同？c. 假设企业增加1000万美元的投资，其效应与三个财政政策中的哪一个相同吗？如果回答是，详细说明这一具有相同效应的政策。如果回答否，详细说明原因。d. 如果政府采取平衡预算政策，这对总需求进而对GDP有什么影响吗？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日宏观经济学试题参考答案（A卷）1. (10 points) a. GDP= $400b. NNP=GDP-depreciation=$400-$50=$350c. NI= NNP - sales taxes = $350 - $30 = $320d. PI= NI - retained earnings = $320 - $100 = $220e. PDI= PI-personal income tax = $220 - $70 =$1502. (10 points) To a macroeconomist, saving occurs when a persons income exceeds his consumption, while investment occurs when a person or firm purchases new capital, such as a house or business equipment.a. When your family takes out a mortgage and buys a new house, that is investment, because it is a purchase of new capital.b. When you use your $200 paycheck to buy stock in AT&T, that is saving, because your income of $200 is not being spent on consumption goods.c. When your roommate earns $100 and deposits it in her account at a bank, that is saving, because the money is not spent on consumption goods.d. When you borrow $1,000 from a bank to buy a car to use in your pizza-delivery business, that is investment, because the car is a capital good.3. (10 points) All factors, that affect AD at a given price level, can be categorized to four groups according to which component of spending is most directly affect: (1)C, such as a tax cut/hike, a stock market boom/decline; (2) I, such as optimism/pessimism about the future, a fall/rise in interest rates due to an increase/decrease in money supply; (3)G, such as greater/smaller spending on defense or highway construction, (4)NX, such as a boom/recession overseas, an exchange-rate depreciation/appreciation.According to the production factors, the long-run AS may change arising from the following four sources which affect the natural rate of output: (1)K (physical capital or human capital ), such as the increase of the number of machines or that of college degrees;(2)L, such as an increase in immigration from abroad, the change of the natural rate of unemployment due to increasing minimum wage or the unemployment insurance system; (3)N (natural resources), such as a discovery of a new mineral deposit, good weather, a change in the availability of imported resources; (4)A, such as the advance of internet technology, other events that act like changes in technology.All these variablesK, L, N, A, shift the short-run AS curve too. Another important new variable that affect the short-run AS is the change of expected price level. A decrease in the expected price raises the AS in the short-run.In the short-run, the continuing increase in money can raise GDP for that there is unexpected price level. However, in the long run, the AS curve is vertical, as people adjust their expected price levels to the actual price level. so the increase of money which raise AD and price level but can not have the economy to grow continuously only by use of expansionary monetary policy. 4. (15 points) a. If Chinese government decided it no longer wanted to buy U.S. assets, U.S. net capital outflow would increase, increasing the demand for loanable funds, as shown in the following figure. The result is a rise in U.S. interest rates, an increase in the quantity of U.S. saving (because of the higher interest rate), and lower U.S. domestic investment.b. In the market for foreign exchange, the real exchange rate declines and the balance of trade increases5. (15 points) a. When the stock market declines sharply, wealth declines, so the aggregate-demand curve shifts to the left, as shown in Figure 5a below. In the short run, the economy moves from point A to point B, as output declines and the price level declines. In the long run, the short-run aggregate-supply curve shifts to the right to restore equilibrium at point C, with unchanged output and a lower price level compared to point A. Figure 5aFigure 5bb. When the federal government increases spending on national defense, the rise in government purchases shifts the aggregate-demand curve to the right, as shown in Figure 5b above. In the short run, the economy moves from point A to point B, as output and the price level rise. In the long run, the short-run aggregate-supply curve shifts to the left to restore equilibrium at point C, with unchanged output and a higher price level compared to point A.c. When a technological improvement raises productivity, the long-run and short-run aggregate-supply curves shift to the right, as shown Figure 5c below. The economy moves from point A to point B, as output rises and the price level declines.Figure 5cd. When a recession overseas causes foreigners to buy fewer U.S. goods, net exports decline, so the aggregate-demand curve shifts to the left, as shown in Figure 5a above. The effects are similar with that in part a.e. The continuing increase in reserve ratio causes the decrease of money supply. So, the aggregate-demand curve shifts to the left, as shown in Figure 5a above. The effects are similar with that in part a.6. (20 points)a. True. GDP in SNA is the market value of all final goods and services. As SNA does not include the value of intermediate goods in GDP, there is no double counting in SNA. Of course, it is generally inevitable in statistic practices.b. True. With the increase of the divorce rate, more and more housework originally done by wives or husbands themselves are done by those who are not family members. These services make the measured GDP larger.c. False. Full employment does not mean that the rate of unemployment is zero. Under full employment, the frictional unemployment and structural unemployment may still stand.d. False. Even if the governmental policy be correct, the rate of unemployment could not be reduced to zero. The frictional unemployment and structural unemployment can hardly be eliminated completely.e. False. Aggrega