宏观经济学期末考试试卷2(附答案).doc

.得 分评卷人一、选择题(每小题 1 分，共 30 分)1In the United States real GDP is reported each quarter.a.These numbers are adjusted to make them measure at annual and seasonally adjusted rates.b.These numbers are adjusted to make them annual rates, but no adjustment for seasonal variations are made.c.These numbers are quarterly rates that have been seasonally adjusted.d.These numbers are at quarterly rates and have not been seasonally adjusted.2The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase bya.more than 1 percent.b.less than 1 percent.c.1 percent.d.It is impossible to make an informed guess without more information.3If increases in the prices of U.S. medical care cause the CPI to increase by 2 percent, the GDP deflator will likely increase bya.more than 2 percent.b.2 percent.c.less than 2 percent.d.All of the above are correct.4The traditional view of the production process is that capital is subject toa.constant returns.b.increasing returns.c.diminishing returns.d.diminishing returns for low levels of capital, and increasing returns for high levels of capital.5Which of the following is correct?a.Political instability can reduce foreign investment, reducing growth.b.Garys Becker proposal to pay mothers in developing countries to keep their children in school has not worked very well in practice.c.Policies designed to prevent imports from other countries generally increase economic growth.d.All of the above are correct.6Use the following table to answer the following question.StockSymYld %PEVol 100sHiLoCloseNet ChgGenMillsGIS2.5351375844.343.543.97-0.63GilletteG2.2313042831.129.7300.17GracoGGG1.2167055-0.53HersheyHSY2.138541863.461.762.450.72Assume that the closing price was also the average price at which each stock transaction took place. What was the total dollar volume of Gillette stock traded that day?a.$912,840,000b.$91,284,000c.$9,128,400d.$912,8407Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 2,500 Consumption equals 6,500 and Government expenditures equal 2,000. What are private saving, public saving, and national saving?a.1500, 1000, 500b.1000, 500, 1500c.500, 1500, 1000d.None of the above are correct.8Risk-averse people will choose different asset portfolios than people who are not risk averse. Over a long period of time, we would expect thata.every risk-averse person will earn a higher rate of return than every non-risk averse person.b.every risk-averse person will earn a lower rate of return than every non-risk averse person.c.the average risk-averse person will earn a higher rate of return than the average non-risk averse person.d.the average risk-averse person will earn a lower rate of return than the average non-risk averse person.9The natural rate of unemployment is thea.unemployment rate that would prevail with zero inflation.b.rate associated with the highest possible level of GDP.c.difference between the long-run and short-run unemployment rates.d.amount of unemployment that the economy normally experiences.10Suppose that the reserve ratio is 5 percent and that a bank has $1,000 in deposits. Its required reserves are a.$5. b.$50. c.$95. d.$950.11Suppose a bank has $200,000 in deposits and $190,000 in loans. It has a reserve ratio ofa.5 percentb.9.5 percentc.10 percentd.None of the above is correct.12The inflation taxa.transfers wealth from the government to households.b.is the increase in income taxes due to lack of indexation.c.is a tax on everyone who holds money.d.All of the above are correct.13In 1898, prospectors on the Klondike River discovered gold. This discovery caused an unexpected price levela.decrease that helped creditors at the expense of debtors.b.decrease that helped debtors at the expense of creditors.c.increase that helped creditors at the expense of debtors.d.increase that helped debtors at the expense of creditors.14Ivan, a Russian citizen, sells several hundred cases of caviar to a restaurant chain in the United States. By itself, this salea.increases U.S. net exports and has no effect on Russian net exports.b.increases U.S. net exports and decreases Russian net exports.c.decreases U.S. net exports and has no effect on Russian net exports.d.decreases U.S. net exports and increases Russian net exports.15Suppose that the real exchange rate between the United States and Kenya is defined in terms of baskets of goods. Which of the following will increase the real exchange rate (that is increase the number of baskets of Kenyan goods a basket of U.S. goods buys)?a.an increase in the number of Kenyan shillings that can be purchased with a dollarb.an increase in the price of U.S. baskets of goodsc.a decrease in the price in Kenyan shillings of Kenyan goodsd.All of the above are correct.16Use the (hypothetical) information in the following table to answer the next question. CountryCurrencyCurrency per U.S. DollarU.S. Price IndexCountry Price IndexBrazilReal4.00200800JapanYen125.0020050,000MexicoPeso10.002002,000SwedenKrona9.002002,000ThailandBaht45.002008,000In real terms, U.S. goods are more expensive than goods in which country(ies)?a.Brazil and Mexicob.Japan, Sweden, and Thailandc.Japan and Swedend.Thailand.17Which of the following would tend to shift the supply of dollars in foreign-currency exchange market of the open-economy macroeconomic model to the left?a.The exchange rate rises.b.The exchange rate falls.c.The expected rate of return on U.S. assets rises.d.The expected rate of return on U.S. assets falls.18The real exchange rate equals the relativea.price of domestic and foreign currency.b.price of domestic and foreign goods.c.rate of domestic and foreign interest.d.None of the above is correct.19In the open-economy macroeconomic model, if the supply of loanable funds increases, the interest ratea.and the real exchange rate increase.b.and the real exchange rate decrease.c.increases and the real exchange rate decreases.d.decreases and the real exchange rate increases.20For the following question, use the graph below.The initial effect of an increase in the budget deficit in the loanable funds market is illustrated as a move froma.a to b.b.a to c.c.c to b.d.c to d.21When the government spends more, the initial effect is thata.aggregate demand shifts right.b.aggregate demand shifts left.c.aggregate supply shifts right.d.aggregate supply shifts left.22Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the minimum wage, a major new discovery of oil, a large influx of immigrants, and new environmental regulations that reduce electricity production. In the short run, we would expecta.the price level to rise and real GDP to fall.b.the price level to fall and real GDP to rise.c.the price level and real GDP both to stay the same.d.All of the above are possible.23Suppose the economy is in long-run equilibrium. In a short span of time, there is a large influx of skilled immigrants, a major new discovery of oil, and a major new technological advance in electricity production. In the short run, we would expecta.the price level to rise and real GDP to fall.b.the price level to fall and real GDP to rise.c.the price level and real GDP both to stay the same.d.All of the above are possible.24According to liquidity preference theory, the money supply curve isa.upward sloping.b.downward sloping.c.vertical.d.horizontal.25When the Fed buys government bonds, the reserves of the banking systema.increase, so the money supply increases.b.increase, so the money supply decreases.c.decrease, so the money supply increases.d.decrease, so the money supply decreases.26According to the theory of liquidity preference, an increase in the price level causes erest rate and investment to erest rate and investment to erest rate to rise and investment to erest rate to fall and investment to rise.27If the stock market crashes,a.aggregate demand increases, which the Fed could offset by increasing the money supply.b.aggregate demand increases, which the Fed could offset by decreasing the money supply.c.aggregate demand decreases, which the Fed could offset by increasing the money supply.d.aggregate demand decreases, which the Fed could offset by decreasing the money supply.28If the MPC = 3/5, then the government purchases multiplier is a.5/3. b.5/2. c.5. d.15.29If the government raises government expenditures, in the short run, pricesa.rise and unemployment falls.b.fall and unemployment rises.c.and unemployment rise.d.and unemployment fall.30If the long-run Phillips curve shifts to the left, for any given rate of money growth and inflation the economy will havea.higher unemployment and lower output.b.higher unemployment and higher output.c.lower unemployment and lower output.d.lower unemployment and higher output.得 分评卷人二、判断题(每小题 1 分，共 20 分)31When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.32In countries where women are discriminated against, policies that increase their career and educational opportunities are likely to increase the birth rate.33Michael Kramer found that world growth rates have increased as population has.34Suppose a small closed economy has GDP of $5 billion, Consumption of $3 billion, and Government expenditures of $1 billion. Then domestic investment and national saving are both $1 billion.35According to the efficient markets hypothesis, at any moment in time, the market price is the best guess of the companys value based on available information.36According to the efficient markets hypothesis, stocks follow a random walk so that stocks that increase in price one year are more likely to increase than decrease in the next year.37In the United States, blacks and whites have similar labor force participation rates, but blacks have a higher unemployment rate.38According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.39In the months of November and December, people in the United States hold a larger part of their money in the form of currency because they intend to shop for the holidays. As a result, the money supply increases, cerise parousia.40In the 1990s, U.S. prices rose at about the same rate as in the 1970s.41According to the theory of purchasing-power parity, the real exchange rate defined as foreign goods per unit of U.S. goods will equal the domestic price level divided by the foreign price level.42Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange market.43If policymakers impose import restrictions on automobiles, the U.S. trade deficit would shrink.44Most economists believe that classical theory explains the world in the short run, but not the long run.45Because not all prices adjust instantly to changing conditions, an unexpected fall in the price level leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and services they produce.46All explanations for the upward slope of the short-run aggregate supply curve suppose that output supplied increases when the price level increases more than expected.47Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther than the increase in government expenditures.48During recessions, the government tends to run a budget deficit.49If macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in the short run.50The analysis of Friedman and Phelps argues that any change in inflation that is expected has no impact on the unemployment rate.得 分评卷人三、名词解释(每小题 2 分，共 10 分)51diminishing returns:52nominal exchange rate:53crowding-out effect:54stagflation:55automatic stabilizers:得 分评卷人四、简答题( 8题中任选6题；每小题 5分，共 30 分)56Why are property rights important for the growth of a nations standard of living?57Suppose that you are a broker and people tell you the following about themselves. What sort of bond would you recommend to each? Defend your choices.a.I am in a high federal income tax bracket and I dont want to take very much risk.b.I want a high return and I am willing to take a lot of risk to get it.c.I want a decent return and I have enough deductions that I dont value tax breaks highly.58Draw a simple T-account for First National Bank of Me, which has $5,000 of deposits, a reserve ratio of 10 percent, and excess reserves of $300.59What are the costs of inflation?60Make a list of things that would shift the long-run aggregate supply curve to the right.61Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supply curves.62Why do economists think that the wealth effect and exchange-rate effect are not very important factors in explaining why aggregate demand slopes downward, at least in the United States?63Describe the process in the money market by which the interest rate reaches its equilibrium value if it starts above equilibrium.得 分评卷人五、讨论题(2题中任选1题；每小题 10 分，共 10 分)64. Assume the economy is in a recession. Explain how each of the following policies would affect consumption and investment. In each case, indicate any direct effects, any effects resulting from changes in total output, any effects resulting from changes in interest rate, and the overall effect. If there are conflicting effects making the answer ambiguous, say so. a). a reduction in taxes; b) an expansion of the money supply.65. In 1939, with the U.S. economy not yet fully recovered from the Great Depression, President Roosevelt proclaimed that Thanksgiving would fall a week earlier than usual so that the shopping period before Christmas would be longer. Explain this decision, using the model of aggregate demand and aggregate supply.宏观经济学答题纸题 号一二三四五总分得 分得 分评卷人一、选择题 (每小题 1 分，共 30 分)1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 得 分评卷人二、判断题(正确用“T”；错误用“F”；每小题 1 分，共 20 分)31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 得 分评卷人三、名词解释(每小题 2分，共 10 分)51catch-up effect:52depreciation:53capital flight:54recession:55automatic stabilizers:得 分评卷人四、简答题( 8题中任选6题；每小题 5分，共 30 分；答题时请标明题号)得 分评卷人五、讨论题(2题中任选1题；每小题 10 分，共 10 分；答题时请标明题号)宏观经济学试卷B参考答案1.a 2.d 3.c 4.c 5.a 6.b 7.b 8.d 9.d 10.b 11.a 12.c 13.d 14.d 15.d 16.d 17.c 18.b 19.b 20.c 21.a 22.d 23.b 24.c 25.a 26.c 27.c 28.b 29.a 30.d 31.F 32.F 33.T 34.T 35.T 36.F 37.T 38.F 39.F 40.F 41.F 42.T 43.F 44.F 45.T 46.T 47.T 48.T 49.T 50.T 51.the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.52.the rate at which a person can trade the currency of one country for the currency of another.53.the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.54.a period of falling output and rising prices.55.changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action.56.Property rights are an important prerequisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financial assets of the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living.57.a.A municipal bond, because generally they have low credit risk and are not subject to federal income tax.b.A junk bond. Because of their high risk, they have a high return.c.A corporate bond that isnt a junk bond. Because they have more risk than government bonds and have no special tax treatment, they pay moderate rates of return.58.First National Bank of MeAssetsLiabilitiesReserves$800Deposits$5,000Loans$4,20059.The costs of inflation include shoeleather costs, the cost of reducing