宏观经济习题.doc

判断GDPIdentify the immediate effect of each of the following circumstances on U.S. GDP and its components.a. James receives a Social Security check.b. John buys an Italian sports car.c. Henry buys domestically produced tools for his construction company.ANSWER:a.Since this is a transfer payment（转移支付）, there is no change to GDP or to any of its components.b.Consumption and imports will rise and cancel each other out so that there is no change in U.S. GDP.c.This increases the investment component of GDP and so increases GDP（计算CPI）1.In a simple economy, people consume only 2 goods, food and clothing. The market basket of goods used to compute the CPI has 50 units of food and 10 units of clothing.foodclothing2002 price$4$102003 price$6$20a.What are the percentage increases in the price of food and in the price of clothing?b.What is the percentage increase in the CPI?c.Do these price changes affect all consumers to the same extent? Explain.ANSWER: a.The price of food increased by 50 percent. The price of clothing increased by 100 percent.b.In 2002 the market basket cost $300 in 2003 it cost $500. The percentage increase in the CPI is 200/300 = 66.7 percentc.Since the price of clothing increased relatively more than did the price of food, people who purchase a lot of clothing and little food became worse off relative to people who purchase a lot of food and little clothing.（CPI&GDP deflator）Why does the GDP deflator give a different rate of inflation than does the CPI?ANSWER: The GDP deflator and the CPI differ in two important ways. The GDP deflator uses as a basket of goods all final goods and services produced in the domestic economy, while the CPI basket includes goods and services purchased by typical consumers. Therefore, changes in the price of imported goods affect the CPI, but not the GDP deflator. Also, changes in the price of domestically produced capital goods affect the GDP deflator, but not the CPI. Changes in the price of domestically produced consumer goods are likely to affect the CPI more than the GDP deflator because it is likely that those goods make up a larger part of consumer budgets than of GDP.Compute how much each of the following is worth in terms of todays dollars using 177 as the price index for today.a.In 1926 the CPI was 17.7 and the price of a movie ticket was $0.25b.In 1932 the CPI was 13.1 and a cook earned $15.00 a weekc.In 1943 the CPI was 17.4 and a gallon of gas cost $0.19ANSWER: a.The movie ticket is worth $.25 x 177/17.7 = $2.50 in todays dollarsb.the cooks weekly wage is worth $15.00 x 177/13.1 = $202.67 in todays dollarsc.the gallon of gas is worth $.19 x 177/17.4 = $1.93 in todays dollarsUse the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.YearReal GDP (1996 prices)population1982$4,915,600 million233 million2000$9,243,800 million283.5 millionANSWER: Income per person in 1982 was $4,915,600/233 = about $21,097. Income per person in 1999 was $9,243,800/283.5 = about $32,606. Income per person grew by (32,606 21,097)/21,097 = about 54.5 percent.(生产函数)What is a production function? Write an equation for a typical production function, and explain what each of the terms represents.ANSWER: a production function is a mathematical representation of the relationship between the quantity of inputs used in production and the quantity of output from production. A typical production function could be written as Y = A F(L, K, H, N), where Y denotes the quantity of output, L the quantity of labor, K the quantity of physical capital, H the quantity of human capital, N the quantity of natural resources, and A is a variable that reflects the available production technology.（股票和债券区别）What are the basic differences between bonds and stocks?ANSWER: A bond is a certificate of indebtedness that specifies the obligations of the borrower to the holder of the bond, while stock represents ownership in a firm and is, therefore, a claim on the profits that the firm makes. The sale of bonds to raise money is called debt finance, while the sale of stock is called equity finance. Whereas the owner of shares of stock in a company shares in the profits of a company, the owner of bonds receives a fixed interest rate. Compared to bonds, stocks offer the holder both higher risk and higher return.（区分不同债券的方法）Which of the two bonds in each example would you expect to pay the higher interest rate? Explain why.a.a U.S. government bond or a Brazilian government bondb.a U.S. government bond or a municipal bond of the same risk and termc.a 6-month Treasury bill or a 20-year bondd.a General Motors bond or a bond issued by a new record companyANSWER:a.The Brazilian government bond would likely pay a higher interest rate because the market perceives a higher level of risk for the Brazilian bond relative to the U.S. bond.b.Because of the tax advantages of municipal bonds, the U.S. government bond would likely pay the higher interest rate.c.The 20-year bond would likely pay a higher interest rate than would the 6-month bill, because the future is uncertain, therefore more risky for a 20-year bond than for a 6-month bill.d.Since General Motors is less likely to default than is the issuer of a junk bond, the junk bond will likely pay a higher interest rate.（S=I公式推导）In the national income accounting identity showing the equality between national saving and investment, what is the representation of private saving and what is the representation of public saving?ANSWER: Starting with Y = C + I + G, subtract C and G from both sides, obtaining Y C G = I. The left-hand side represents national saving, the total income of the economy that remains after paying for consumption and government purchases. Hence, substituting S for Y C G, we obtain S = I. To separate private and public saving, add and subtract T in S = Y C G, obtaining S = (Y T C) + (T G). Here, (Y T C) represents private saving, the part of disposable income (Y T) left after subtracting consumption, and (T G), the government budget surplus represents public saving.（可贷资金市场）Explain why the demand for loanable funds slopes downward and the supply of loanable funds slopes upward.ANSWER: When the interest rate rises investment spending becomes more expensive, so people invest less. As the interest rate rises saving becomes more rewarding, so people want to save more. The inverse relation between interest and borrowing is reflected in the downward slope of the demand for loanable funds curve. The positive relation between interest and saving is reflected in the upward slope of the supply of loanable funds curve.P.S（可贷资金市场具体事例分析）Australia has recently implemented a national sales tax. If they use the proceeds from this tax to reduce income tax rates, what happens in the loanable funds market?ANSWER: The supply of loanable funds shifts right. This causes the interest rate to fall. Both investment and saving rise.（现值和未来值的计算）Demonstrate that whether you would prefer to have $225 today or wait five years for $300 depends on the interest rate. Show your work.ANSWER: For example at 3 percent the present value of $300 in five years is $300/(1.03)5 = $258.78 but at 7 percent the present value of $300 in five years is $300/(1.07)5 = $213.90.（70法则）Write the rule of 70. Suppose that your great-great-grandmother bought $50 in stock 100 years ago and the account is now worth $1,600. Use the rule of 70 to determine about what interest rate she earned.ANSWER: The rule of 70 says that if X is the growth rate of a variable, that the variable doubles every 70/X years. This implies the value of the stock doubled five times. Since it doubled 5 times in 100 years, it doubled every 20 years. According to the rule of 70, the value of an asset doubles every 70/X years. So, we need 70/X = 20, which means that X is 3.5 percent.（特有风险和市场风险的区别以及多元化对其的影响）Whats the difference between aggregate risk and idiosyncratic risk? Will diversification eliminate one or both? Explain.ANSWER: Aggregate risk refers to economywide risk created by variations in output. Firms in general have lower sales and profits when output falls. Because all firms are likely to suffer through the downturn, aggregate risk cannot be eliminated by diversification. Idiosyncratic risk is risk that is specific to firms or industries. Since some changes will be good for one industry and bad for another, diversification can reduce idiosyncratic risk.（计算失业率，劳动力参工率）The table below uses data for the year 2000 provide by the BLS and adjusted to be comparable to U.S. data. All values are in millions. Fill in the blank entries in the table. Show your work!CountryAdultPopulationLabor ForceEmployedUnemployedUnemployment RateLabor-Force Participation RateJapan108.1263.793.20France25.982.4556.4 percentGermany69.1739.758.08 percentANSWER:Demographic GroupPopulationLabor ForceEmployedUnemployedUnemployment RateLabor-Force Participation RateJapan108.1266.9963.793.204.78 percent61.96 percentFrance46.0625.9823.532.459.43 percent56.4 percentGermany69.1739.7536.543.218.08 percent57.47 percent（摩擦性失业）Why might a favorable change to the economy such as technological change or a decrease in the price of imported oil be associated with an increase in frictional unemployment?ANSWER: Even generally favorable changes will usually involve some sort of sectoral shock that changes the demand of labor among different firms. For example a decrease in the price of imported oil would likely reduce the demand for U.S. oil workers and increase the demand for automobile workers. Technological progress makes some industries decline and others advance creating frictional unemployment.（自然失业率与周期性失业）Cyclical unemployment and the natural rate of unemployment are sometimes hard to distinguish from each other, so economists are not very confident about estimates of the natural rate of unemployment. Still, since unemployment rates are consistently higher in Canada and most Western European countries than in the United States, it appears that the natural rate of unemployment is lower in the United States. What might explain this difference?ANSWER: The text offers two explanations for the natural rate of unemployment. The first is frictional unemployment, which arises as people and employees take time to search for the best match. Frictional unemployment would be higher in countries that have frequent and large sectoral shifts and generous unemployment compensation. It seems unlikely that Canada and Western European countries would have greater sectoral shifts than the United States. So, some of the difference might be due to more generous unemployment compensation in Canada and Western Europe.The second explanation for the natural rate of unemployment is that wages in some labor markets are above equilibrium. One rationale for setting wages above equilibrium is to attract and retain productive workers. There is no obvious reason why these efficiency wages should contribute to unemployment more in Canada and Western Europe than in the United States. Wages can also be above equilibrium in some markets because of minimum-wage laws. So, some unemployment in Canada and Western Europe might result from higher minimum wages.Suppose the Fed sells government bonds. Use a graph of the money market to show what this does to the value of money.ANSWER: When the Fed sells government bonds, the money supply decreases. This shifts the money supply curve from MS1 to MS2 and makes the value of money increase. Since money is worth more, it takes less to buy goods with it, which means the price level falls.（名义变量与实际变量的区分）Identify each of the following as nominal or real variables.a.the physical output of goods and servicesb.the overall price levelc.the dollar price of applesd.the price of apples relative to the price of orangese.the unemployment ratef.the amount that shows up on your paycheck after taxesg.the amount of goods you can purchase with the wage you get each hourh.the taxes that you pay the governmentANSWER:a.real variableb.nominal variablec.nominal variabled.real variablee.real variablef.nominal variableg.real variableh.nominal va