中级宏观经济学1试题

1、intermediate macroeconomics2007/02/01finalfinal（a a）namename：classclass：st. no.st. no.：scorescore：. .choose the best answer for each qchoose the best answer for each question. (230)uestion. (230)（）1. which of the following is not included in gdp?1. which of the following is not included in gdp?a. th

2、e salary paid to a federal judgea. the salary paid to a federal judgeb. the value of housing services enjoyed by homeownersb. the value of housing services enjoyed by homeownersc. the value of automobile services enjoyed by car ownersc. the value of automobile services enjoyed by car ownersd. the va

3、lue-added of a shipping company that transports goods from the factory tod. the value-added of a shipping company that transports goods from the factory toretail storesretail stores（）2. the consumer price index (cpi)2. the consumer price index (cpi)a. measures the price of a fixed basket of goods an

4、d services.a. measures the price of a fixed basket of goods and services.b. measures the price of a basket of goods and services that constantly changes as theb. measures the price of a basket of goods and services that constantly changes as thecomposition of consumer spending position of consumer s

5、pending changes.c. measures the amount of money that it takes to produce a fixed level of utility.c. measures the amount of money that it takes to produce a fixed level of utility.d. is one of the many statistics in the national income accounts.d. is one of the many statistics in the national income

6、 accounts.（）3. suppose that a consumer has a marginal propensity to consume of 0.8. if this3. suppose that a consumer has a marginal propensity to consume of 0.8. if thisconsumer receives and extra $2 of disposable income, her saving would be expected toconsumer receives and extra $2 of disposable i

7、ncome, her saving would be expected toincrease byincrease bya. $0.40.a. $0.40.b. $0.80.b. $0.80.c. $1.20.c. $1.20.d. $1.60.d. $1.60.（）4. choose the pair of words that best completes this sentence: investment depends4. choose the pair of words that best completes this sentence: investment dependson t

8、he _ interest rate because higher inflation will _ the value of theon the _ interest rate because higher inflation will _ the value of thedollars with which the firm will repay the loan.dollars with which the firm will repay the loan.a.a. real, increase real, increaseb.b. nominal, increase nominal,

9、increase总 10 页第 1 页intermediate macroeconomics2007/02/01c.c. real, decrease real, decreased.d. nominal, decrease nominal, decrease（）5. consider an economy where the only goods traded are coconuts and pineapples.5. consider an economy where the only goods traded are coconuts and pineapples.last year,

10、 100 coconuts were sold at $1 a piece, and 200 pineapples were sold at $2.50 alast year, 100 coconuts were sold at $1 a piece, and 200 pineapples were sold at $2.50 apiece. if the money supply was $100, what was velocity?piece. if the money supply was $100, what was velocity?a. 30a. 30b. 15b. 15c. 6

11、c. 6d. 5d. 5（） 6. when the government raises revenue by printing money, it imposes an inflation6. when the government raises revenue by printing money, it imposes an inflationtax because thetax because thea. real value of money holdings falls.a. real value of money holdings falls.b. interest rate fa

12、lls.b. interest rate falls.c. difference between nominal and real interest rates becomes smaller.c. difference between nominal and real interest rates becomes smaller.d. nominal value of money holdings falls.d. nominal value of money holdings falls.（）7. in a small open economy, which interest rate e

13、quals the world interest rate?7. in a small open economy, which interest rate equals the world interest rate?a. the real interest ratea. the real interest rateb. the nominal interest rateb. the nominal interest ratec. both the real and the nominal interest ratesc. both the real and the nominal inter

14、est ratesd. it depends on whether the exchange rate is fixed or floating.d. it depends on whether the exchange rate is fixed or floating.（）8. if a countrys real exchange rate falls (depreciates), then8. if a countrys real exchange rate falls (depreciates), thena. net exports rise.a. net exports rise

15、.b. net exports fall.b. net exports fall.c. exports and imports rise by the same amount.c. exports and imports rise by the same amount.d. exports and imports fall by the same amount.d. exports and imports fall by the same amount.总 10 页第 2 页intermediate macroeconomics2007/02/01（）9. suppose that 2 per

16、cent of the employed lose their jobs each month (s = 0.02) and9. suppose that 2 percent of the employed lose their jobs each month (s = 0.02) and38 percent of the unemployed find a job each month (f = 0.38). then, the steady-state rate38 percent of the unemployed find a job each month (f = 0.38). th

17、en, the steady-state rateof unemployment isof unemployment isa. 2 percent.a. 2 percent.b. 5 percent.b. 5 percent.c. 16 percent.c. 16 percent.d. 36 percent.d. 36 percent.（）10. structural unemployment results when10. structural unemployment results whena. the minimum wage is set to increase in the nea

18、r future.a. the minimum wage is set to increase in the near future.b. there is generous unemployment insurance.b. there is generous unemployment insurance.c. workers are temporarily laid off due to weather conditions.c. workers are temporarily laid off due to weather conditions.d. the real wage is a

19、bove its market-clearing level.d. the real wage is above its market-clearing level.（）11. suppose that the capital stock is 100, the depreciation rate is 10 percent per11. suppose that the capital stock is 100, the depreciation rate is 10 percent peryear, and output is 25. what must the saving rate b

20、e to keep the capital stock constant?year, and output is 25. what must the saving rate be to keep the capital stock constant?a. 2.5 percenta. 2.5 percentb. 10 percentb. 10 percentc. 25 percentc. 25 percentd. 40 percentd. 40 percent（）12. if two economies are identical except for their rates of popula

21、tion growth, then12. if two economies are identical except for their rates of population growth, thenif both economies are in steady state, the economy with the higher rate of populationif both economies are in steady state, the economy with the higher rate of populationgrowth will have agrowth will

22、 have aa.a. lower rate of growth of total output. lower rate of growth of total output.b.b. higher rate of growth of total output. higher rate of growth of total output.c.c. lower rate of growth of output per person. lower rate of growth of output per person.d.d. higher rate of growth of output per

23、person. higher rate of growth of output per person.（）13. in the solow growth model with population growth (n) and technological13. in the solow growth model with population growth (n) and technologicalprogress (g), the steady-state growth rate of total output isprogress (g), the steady-state growth

24、rate of total output isa. 0.a. 0.总 10 页第 3 页intermediate macroeconomics2007/02/01b. n.b. n.c. g.c. g.d. n + g.d. n + g.（）14. advocates of the y=ak model interpret capital as14. advocates of the y=ak model interpret capital asa. consisting solely of the stock of plants and equipment.a. consisting sol

25、ely of the stock of plants and equipment.b. being inversely related to technological progress.b. being inversely related to technological progress.c. including knowledge.c. including knowledge.d. being determined by exogenous forces.d. being determined by exogenous forces.（）15. the model of aggregat

26、e supply and aggregate demand that assumes sticky15. the model of aggregate supply and aggregate demand that assumes stickypricespricesa. does not explain economic fluctuations.a. does not explain economic fluctuations.b. shows that output depends on demand as well as supply.b. shows that output dep

27、ends on demand as well as supply.c. shows that monetary and fiscal policy are always destabilizing influences on thec. shows that monetary and fiscal policy are always destabilizing influences on theeconomy.economy.d. shows that monetary policy is neutral.d. shows that monetary policy is neutral.（）1

28、6. the as/ad model with sticky prices predicts that, in the long run, a reduction16. the as/ad model with sticky prices predicts that, in the long run, a reductionof the money supply results inof the money supply results ina. lower prices and lower output.a. lower prices and lower output.b. lower pr

29、ices and no change in output.b. lower prices and no change in output.c. no change in prices and lower output.c. no change in prices and lower output.d. no change in prices or output.d. no change in prices or output.（）17. if investment becomes less sensitive to the interest rate, then the17. if inves

30、tment becomes less sensitive to the interest rate, then thea. lm curve becomes steeper.a. lm curve becomes steeper.b. lm curve becomes flatter.b. lm curve becomes flatter.c. is curve becomes steeper.c. is curve becomes steeper.d. is curve becomes flatter.d. is curve becomes flatter.总 10 页第 4 页interm

31、ediate macroeconomics2007/02/01（）18. according to the is-lm model, if the central bank increases the money supply,18. according to the is-lm model, if the central bank increases the money supply,then the interest ratethen the interest ratea. falls and income falls.a. falls and income falls.b. falls

32、and income rises.b. falls and income rises.c. rises and income falls.c. rises and income falls.d. rises and income rises.d. rises and income rises.（）19. the slowdown in the u.s. economy in 2001 can be explained by19. the slowdown in the u.s. economy in 2001 can be explained bya. negative shocks to t

33、he is curve resulting in a fall in aggregate demand.a. negative shocks to the is curve resulting in a fall in aggregate demand.b. negative shocks to the lm curve resulting in a fall in aggregate demand.b. negative shocks to the lm curve resulting in a fall in aggregate demand.c. negative shocks to t

34、he is curve resulting in a fall in aggregate supply.c. negative shocks to the is curve resulting in a fall in aggregate supply.d. negative shocks to the lm curve resulting in a fall in aggregate supply.d. negative shocks to the lm curve resulting in a fall in aggregate supply.（）20. the mundell-flemi

35、ng model predicts that, in y - e space, an appreciation of the20. the mundell-fleming model predicts that, in y - e space, an appreciation of theexchange rate will cause the is* curve toexchange rate will cause the is* curve toa. shift to the left.a. shift to the left.b. shift to the right.b. shift

36、to the right.c. become steeper.c. become steeper.d. remain unchanged.d. remain unchanged.（）21. according to the mundell-fleming model, in a small country with a floating21. according to the mundell-fleming model, in a small country with a floatingexchange rate, a tax cut will cause the exchange rate

37、 toexchange rate, a tax cut will cause the exchange rate toa. rise.a. rise.b. rise in the same proportion as inflation.b. rise in the same proportion as inflation.c. remain constant.c. remain constant.d. fall.d. fall.（）22. in the sticky-wage model, output deviates from the natural rate through22. in

38、 the sticky-wage model, output deviates from the natural rate througha. unexpected changes in the nominal wage.a. unexpected changes in the nominal wage.b. expected changes in the price level.b. expected changes in the price level.总 10 页第 5 页intermediate macroeconomics2007/02/01c. unexpected changes

39、 in the price level.c. unexpected changes in the price level.d. expected changes in the real wage.d. expected changes in the real wage.（）23. the lucas critique is based on23. the lucas critique is based ona. the inside lag of economic policy.a. the inside lag of economic policy.b. the phillips curve

40、.b. the phillips curve.c. automatic stabilizers.c. automatic stabilizers.d. the fact that peoples expectations are rational.d. the fact that peoples expectations are rational.（） 24. if ricardian equivalence holds and the government cuts taxes without any plans24. if ricardian equivalence holds and t

41、he government cuts taxes without any plansto reduce government spending, then a forward-looking consumer wouldto reduce government spending, then a forward-looking consumer woulda. increase consumption by the same amount as the tax cut.a. increase consumption by the same amount as the tax cut.b. inc

42、rease consumption by the tax cut times the marginal propensity to consume.b. increase consumption by the tax cut times the marginal propensity to consume.c. leave consumption unchanged in order to save for future taxes.c. leave consumption unchanged in order to save for future taxes.d. decrease cons

43、umption in order to save for future taxes.d. decrease consumption in order to save for future taxes.（）25. in a two-period consumption model, a rise in the income of the second period25. in a two-period consumption model, a rise in the income of the second periodwould cause consumption in the first p

44、eriod towould cause consumption in the first period toa. rise because of the income effect.a. rise because of the income effect.b. fall because of the substitution effect.b. fall because of the substitution effect.c. remain constant because the income and substitution effects cancel each other.c. re

45、main constant because the income and substitution effects cancel each other.d.d. bebe undeterminedundetermined withoutwithout moremore informationinformation aboutabout sizessizes ofof thethe incomeincome andandsubstitution effects.substitution effects.（）26. friedmans permanent-income hypothesis ass

46、erts that the marginal propensity26. friedmans permanent-income hypothesis asserts that the marginal propensityto consume out of income isto consume out of income isa. one.a. one.b. zero.b. zero.c. higher for permanent income than it is for temporary income.c. higher for permanent income than it is

47、for temporary income.d. lower for permanent income than it is for temporary income.d. lower for permanent income than it is for temporary income.总 10 页第 6 页intermediate macroeconomics2007/02/01（）27. the cost of capital does not depend on the27. the cost of capital does not depend on thea. interest r

48、ate.a. interest rate.b. rate at which the overall price level is changing.b. rate at which the overall price level is changing.c. depreciation rate.c. depreciation rate.d. rate at which capital prices are changing.d. rate at which capital prices are changing.（） 28. if the currency-deposit ratio (cr)

49、 is 5 percent and the reserve-deposit ratio (rr) is28. if the currency-deposit ratio (cr) is 5 percent and the reserve-deposit ratio (rr) is30 percent then the money multiplier (m) is30 percent then the money multiplier (m) isa. 1.3.a. 1.3.b. 3.b. 3.c. 4.c. 4.d. 20.d. 20.（）29. in the baumol-tobin mo

50、del of cash management, if the nominal interest rate29. in the baumol-tobin model of cash management, if the nominal interest raterises, individuals would be expected to holdrises, individuals would be expected to holda. less money and make fewer trips to the bank.a. less money and make fewer trips

51、to the bank.b. less money and make more trips to the bank.b. less money and make more trips to the bank.c. more money and make fewer trips to the bank.c. more money and make fewer trips to the bank.d. more money and make more trips to the bank.d. more money and make more trips to the bank.（）30. inte

52、rest rates are an important part of real-business-cycle theory because they30. interest rates are an important part of real-business-cycle theory because theya. are monetary policy instruments.a. are monetary policy instruments.b. affect the intertemporal substitution of labor.b. affect the intertem

53、poral substitution of labor.c. affect only real variables.c. affect only real variables.d. link nominal and real variables.d. link nominal and real variables.ii (ii (1010 ) )in u.s.a., the capital share of gdp is about 30 percent; the average growth inin u.s.a., the capital share of gdp is about 30

54、percent; the average growth inoutput is about 3 percent per year; the depreciation rate is about 4 percent per year; andoutput is about 3 percent per year; the depreciation rate is about 4 percent per year; andthe capital-output ratio is about 2.5. suppose that the production function is cd, so that

55、the capital-output ratio is about 2.5. suppose that the production function is cd, so thatthe capital share in output isthe capital share in output isconstant, and that the united states hasconstant, and that the united states hasbeen in a steadybeen in a steadystate.state.总 10 页第 7 页intermediate ma

56、croeconomics2007/02/01a. what must the saving rate be in the initial steady state?a. what must the saving rate be in the initial steady state?b. what is the marginal product of capital in the initial steady state?b. what is the marginal product of capital in the initial steady state?c. what will the

57、 marginal product of capital be at the golden rule steady state?c. what will the marginal product of capital be at the golden rule steady state?d. what will the capital-output ratio be at the golden rule steady state?d. what will the capital-output ratio be at the golden rule steady state?e. what mu

58、st the saving rate be to reach the golden rule steady state?e. what must the saving rate be to reach the golden rule steady state?iiiiii. (10). (10)suppose thatsuppose that investment depends on both income and the interest rate, i.e., theinvestment depends on both income and the interest rate, i.e.

59、, theinvestmentinvestment functionfunction is isi i ay br, , wherewhere a a is is a a constantconstant betweenbetween 0 0 andand 1 1 whichwhichmeasures the influence of national income on investment, andmeasures the influence of national income on investment, and b b is a constant greater than is a

60、constant greater than0 which measures the influence of the interest rate on investment. use the0 which measures the influence of the interest rate on investment. use the is-lmis-lm model to model toconsider the short-run impact of an increase in government purchases on national incomeconsider the sh