宏观经济学期末考试试卷2(附答案)

第 1 页 共 20 页第 2 页 共 20 页 考生答题不得过此线 密 封 线 任课教师 教学班号 姓名 学号 装 订 线 一 选择题 每小题 1 分 共 30 分 1 In 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 2 The 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 by a more than 1 percent b less than 1 percent c 1 percent d It is impossible to make an informed guess without more information 3 If increases in the prices of U S medical care cause the CPI to increase by 2 percent the GDP deflator will likely increase by a more than 2 percent b 2 percent c less than 2 percent d All of the above are correct 4 The traditional view of the production process is that capital is subject to a constant returns b increasing returns c diminishing returns d diminishing returns for low levels of capital and increasing returns for high levels of capital 5 Which of the following is correct a Political instability can reduce foreign investment reducing growth b Gary s 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 6 Use the following table to answer the following question StockSymYld PEVol 100sHiLoCloseNet Chg GenMillsGIS2 5351375844 343 543 97 0 63 GilletteG2 2313042831 129 7300 17 GracoGGG1 21670524 223 123 95 0 53 HersheyHSY2 138541863 461 762 450 72 Assume 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 912 840 000 b 91 284 000 c 9 128 400 d 912 840 7 Suppose 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 500 b 1000 500 1500 c 500 1500 1000 d None of the above are correct 8 Risk averse people will choose different asset portfolios than people who are not risk averse Over a long period of time we would expect that a 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 9 The natural rate of unemployment is the 得 分 评卷人 第 3 页 共 20 页第 4 页 共 20 页 考生答题不得过此线 密 封 线 任课教师 教学班号 姓名 学号 装 订 线 a 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 10 Suppose 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 11 Suppose a bank has 200 000 in deposits and 190 000 in loans It has a reserve ratio of a 5 percent b 9 5 percent c 10 percent d None of the above is correct 12 The inflation tax a 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 13 In 1898 prospectors on the Klondike River discovered gold This discovery caused an unexpected price level a 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 14 Ivan a Russian citizen sells several hundred cases of caviar to a restaurant chain in the United States By itself this sale a 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 15 Suppose 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 dollar b an increase in the price of U S baskets of goods c a decrease in the price in Kenyan shillings of Kenyan goods d All of the above are correct 16 Use the hypothetical information in the following table to answer the next question CountryCurrencyCurrency per U S Dollar U S Price Index Country Price Index BrazilReal4 00200800 JapanYen125 0020050 000 MexicoPeso10 002002 000 SwedenKrona9 002002 000 ThailandBaht45 002008 000 In real terms U S goods are more expensive than goods in which country ies a Brazil and Mexico b Japan Sweden and Thailand c Japan and Sweden d Thailand 17 Which 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 18 The real exchange rate equals the relative a 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 第 5 页 共 20 页第 6 页 共 20 页 考生答题不得过此线 密 封 线 任课教师 教学班号 姓名 学号 装 订 线 19 In the open economy macroeconomic model if the supply of loanable funds increases the interest rate a 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 20 For 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 from a a to b b a to c c c to b d c to d 21 When the government spends more the initial effect is that a aggregate demand shifts right b aggregate demand shifts left c aggregate supply shifts right d aggregate supply shifts left 22 Suppose 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 expect a 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 23 Suppose 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 expect a 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 24 According to liquidity preference theory the money supply curve is a upward sloping b downward sloping c vertical d horizontal 25 When the Fed buys government bonds the reserves of the banking system a 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 26 According to the theory of liquidity preference an increase in the price level causes the a interest rate and investment to rise b interest rate and investment to fall c interest rate to rise and investment to fall d interest rate to fall and investment to rise 27 If 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 第 7 页 共 20 页第 8 页 共 20 页 考生答题不得过此线 密 封 线 任课教师 教学班号 姓名 学号 装 订 线 28 If the MPC 3 5 then the government purchases multiplier is a 5 3 b 5 2 c 5 d 15 29 If the government raises government expenditures in the short run prices a rise and unemployment falls b fall and unemployment rises c and unemployment rise d and unemployment fall 30 If the long run Phillips curve shifts to the left for any given rate of money growth and inflation the economy will have a higher unemployment and lower output b higher unemployment and higher output c lower unemployment and lower output d lower unemployment and higher output 二 判断题 每小题 1 分 共 20 分 31 When an American doctor opens a practice in Bermuda his production there is part of U S GDP 32 In countries where women are discriminated against policies that increase their career and educational opportunities are likely to increase the birth rate 33 Michael Kramer found that world growth rates have increased as population has 34 Suppose 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 35 According to the efficient markets hypothesis at any moment in time the market price is the best guess of the company s value based on available information 36 According 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 37 In the United States blacks and whites have similar labor force participation rates but blacks have a higher unemployment rate 38 According to the theory of efficiency wages firms operate more efficiently if they can pay wages that are below the equilibrium level 39 In 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 40 In the 1990s U S prices rose at about the same rate as in the 1970s 41 According 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 42 Net capital outflow represents the quantity of dollars supplied in the foreign currency exchange market 43 If policymakers impose import restrictions on automobiles the U S trade deficit would shrink 44 Most economists believe that classical theory explains the world in the short run but not the long run 45 Because 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 46 All 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 47 Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther than the increase in government expenditures 48 During recessions the government tends to run a budget deficit 49 If macroeconomic policy expands aggregate demand unemployment will fall and inflation will rise in the short run 50 The 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 第 9 页 共 20 页第 10 页 共 20 页 考生答题不得过此线 密 封 线 任课教师 教学班号 姓名 学号 装 订 线 三 名词解释 每小题 2 分 共 10 分 51 diminishing returns 52 nominal exchange rate 53 crowding out effect 54 stagflation 55 automatic stabilizers 四 简答题简答题 8 题中任选 6 题 每小题 5 分 共 30 分 56 Why are property rights important for the growth of a nation s standard of living 57 Suppose 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 don t 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 don t value tax breaks highly 58 Draw 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 59 What are the costs of inflation 60 Make a list of things that would shift the long run aggregate supply curve to the right 61 Illustrate the classical analysis of growth and inflation with aggregate demand and long run aggregate supply curves 62 Why 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 63 Describe the process in the money market by which the interest rate reaches its equilibrium value if it starts above equilibrium 五 讨论题讨论题 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 一 选择题选择题 每小题 1 分 共 30 分 1 2 3 4 5 6 7 8 9 10 得 分 评卷人 得 分 评卷人 得 分 评卷人 得 分 评卷人 第 11 页 共 20 页第 12 页 共 20 页 考生答题不得过此线 密 封 线 任课教师 教学班号 姓名 学号 装 订 线 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 二 判断题判断题 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 三 名词解释名词解释 每小题 2 分 共 10 分 51 catch up effect 52 depreciation 53 capital flight 54 recession 55 automatic stabilizers 四 简答题简答题 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 得 分 评卷人 得 分 评卷人 第 13 页 共 20 页第 14 页 共 20 页 考生答题不得过此线 密 封 线 任课教师 教学班号 姓名 学号 装 订 线 五 讨论题讨论题 2题中任选1题 每小题 10 分 共 10 分 答题时请标明题号 得 分 评卷人 第 15 页 共 20 页第 16 页 共 20 页 考生答题不得过此线 密 封 线 任课教师 教学班号 姓名 学号 装 订 线 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 第 17 页 共 20 页第 18 页 共 20 页 考生答题不得过此线 密 封 线 任课教师 教学班号 姓名 学号 装 订 线 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 isn t 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 Me AssetsLiabilities Reserves 800Deposits 5 000 Loans 4 200 59 The costs of inflation include shoeleather costs the cost of reducing your money holdings to reduce your inflation tax menu costs the costs of price adjustments the costs of resource misallocation that result from the relative price variability induced by inflation the costs of inflation induced tax distortions the costs of confusion and inconvenience and the costs associated with the arbi