英文版宏观经济学期末考试试卷(附答案)

1、economicgrowth.任课教师：教学班号：姓名：学号：1. IntheUnitedStatesrealGDPisreportedeachquarter.a. Thesenumbersareadjustedtomakethemmeasureatannualandseasonallyadjustedrates.b. Thesenumbersareadjustedtomakethemannualrates,butnoadjustmentforseasonalvariationsaremade.:c.:Thesenumbersarequarterlyratesthathavebeenseaso

2、nallyadjusted.d. Thesenumbersareatquarterlyratesandhavenotbeenseasonallyadjusted.2. ThepriceofCDplayersincreasesdramatically,causinga1percentincreaseintheCPI.ThepriceincreasewillmostlikelycausetheGDPdeflatortoincreasebya. morethan1percent.b. lessthan1percent.c. 1percent.d. Itisimpossibletomakeaninfo

3、rmedguesswithoutmoreinformation.3. IfincreasesinthepricesofU.S.medicalcarecausetheCPItoincreaseby2percent,theGDPdeflatorwilllikelyincreasebya. morethan2percent.b. 2percent.c. lessthan2percent.d. Alloftheabovearecorrect.4. Thetraditionalviewoftheproductionprocessisthatcapitalissubjecttoa. constantret

4、urns.b. increasingreturns.c.diminishingreturns.d. diminishingreturnsforlowlevelsofcapital,andincreasingreturnsforhighlevelsofcapital.5. Whichofthefollowingiscorrect?a. Politicalinstabilitycanreduceforeigninvestment,reducinggrowth.b. GarysBeckerproposaltopaymothersindevelopingcountriestokeeptheirchil

5、dreninschoolhasnotworkedverywellinpractice.c. Policiesdesignedtopreventimportsfromothercountriesgenerallyincreased.Alloftheabovearecorrect.StockSymYld%PEVol100sHiLoCloseNetChgGenMillsGIS2.5351375844.343.543.97-0.63GilletteG2.2313042831.129.7300.17GracoGGG1.2167055-0.53HersheyHSY2.1385418

6、63.461.762.450.726.Usethefollowingtabletoanswerthefollowingquestion.Assumethattheclosingpricewasalsotheaveragepriceatwhicheachstocktransactiontookplace.WhatwasthetotaldollarvolumeofGillettestocktradedthatday?a.$912,840,000b.$91,284,000c.$9,128,400d.$912,8407. SupposethatinaclosedeconomyGDPisequalto1

7、0,000,taxesareequalto2,500Consumptionequals6,500andGovernmentexpendituresequal2,000.Whatareprivatesaving,publicsaving,andnationalsaving?a. 1500,1000,500b. 1000,500,1500c. 500,1500,1000d. Noneoftheabovearecorrect.8. Risk-aversepeoplewillchoosedifferentassetportfoliosthanpeoplewhoarenotriskaverse.Over

8、alongperiodoftime,wewouldexpectthata. everyrisk-aversepersonwillearnahigherrateofreturnthaneverynon-riskaverseperson.b. everyrisk-aversepersonwillearnalowerrateofreturnthaneverynon-riskaverseperson.c. theaveragerisk-aversepersonwillearnahigherrateofreturnthantheaveragenon-riskaverseperson.d. theaver

9、agerisk-aversepersonwillearnalowerrateofreturnthantheaveragenon-riskaverseperson.9. Thenaturalrateofunemploymentisthea. unemploymentratethatwouldprevailwithzeroinflation.b. rateassociatedwiththehighestpossiblelevelofGDP.第1页共16页第3页共16页:密 任课教师：教学班号：姓名：学号：in terms of baskets of goods. Which of the foll

10、owing 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

11、 shillings of Kenyan goodsd. All of the above are correct.16. Use the (hypothetical) information in the following table to answer the next question.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

12、left?a. Theexchange rate rises.b. Theexchange rate falls.c. Theexpected rate of returnonU.S. assets rises.d. Theexpected rate of returnonU.S. assets falls.18. The real exchange rate equals the relativea. price of domestic and foreign currency.b. price of domestic and foreign goods.c. rate of domesti

13、c and foreign interest.d. None of the above is correct.19. In the open-economy macroeconomic model, if the supply of loanable funds increases, the interest rate a. and the real exchange rate increase.c. differencebetweenthelong-runandshort-rununemploymentrates.d. amountofunemploymentthattheeconomyno

14、rmallyexperiences.10. Supposethatthereserveratiois5percentandthatabankhas$1,000indeposits.Itsrequiredreservesarea.$5.b.$50.c.$95.d.$950.11. Supposeabankhas$200,000indepositsand$190,000inloans.Ithasareserveratioofa. 5percentb. 9.5percentc. 10percentd. Noneoftheaboveiscorrect.12. Theinflationtaxa. tra

15、nsferswealthfromthegovernmenttohouseholds.b. istheincreaseinincometaxesduetolackofindexation.c. isataxoneveryonewhoholdsmoney.d. Alloftheabovearecorrect.13. In1898,prospectorsontheKlondikeRiverdiscoveredgold.Thisdiscoverycausedanunexpectedpricelevela. decreasethathelpedcreditorsattheexpenseofdebtors

16、.b. decreasethathelpeddebtorsattheexpenseofcreditors.c. increasethathelpedcreditorsattheexpenseofdebtors.d.increasethathelpeddebtorsattheexpenseofcreditors.14. Ivan,aRussiancitizen,sellsseveralhundredcasesofcaviartoarestaurantchainintheUnitedStates.Byitself,thissalea. increasesU.S.netexportsandhasno

17、effectonRussiannetexports.b. increasesU.S.netexportsanddecreasesRussiannetexports.c. decreasesU.S.netexportsandhasnoeffectonRussiannetexports.d. decreasesU.S.netexportsandincreasesRussiannetexports.15. SupposethattherealexchangeratebetweentheUnitedStatesandKenyaisdefinedCountryCurrencyCurrencyperU.S

18、.DollarU.S.PriceIndexCountryPriceIndexBrazilReal4.00200800JapanYen125.0020050,000MexicoPeso10.002002,000SwedenKrona9.002002,000ThailandBaht45.002008,000Inrealterms,U.S.goodsaremoreexpensivethangoodsinwhichcountry(ies)?a. BrazilandMexicob. Japan,Sweden,andThailandc. JapanandSwedend. Thailand.第4页共16页第

19、4页共16页任课教师：教学班号：姓名：学号：a. 5/3.b. andtherealexchangeratedecrease.c. increasesandtherealexchangeratedecreases.d. decreasesandtherealexchangerateincreases.20. Forthefollowingquestion,usethegraphbelow.Theinitialeffectofanincreaseinthebudgetdeficitintheloanablefundsmarketisillustratedasamovefroma.atob.b.

20、atoc.c. ctob.d. ctod.21. Whenthegovernmentspendsmore,theinitialeffectisthata. aggregatedemandshiftsright.b. aggregatedemandshiftsleft.c. aggregatesupplyshiftsright.d. aggregatesupplyshiftsleft.22. Supposetheeconomyisinlong-runequilibrium.Inashortspanoftime,thereisasharpincreaseintheminimumwage,amajo

21、rnewdiscoveryofoil,alargeinfluxofimmigrants,andnewenvironmentalregulationsthatreduceelectricityproduction.Intheshortrun,wewouldexpecta. thepriceleveltoriseandrealGDPtofall.b. thepriceleveltofallandrealGDPtorise.c. thepricelevelandrealGDPbothtostaythesame.d. Alloftheabovearepossible.23. Supposetheeco

22、nomyisinlong-runequilibrium.Inashortspanoftime,thereisalargeinfluxofskilledimmigrants,amajornewdiscoveryofoil,andamajornewtechnologicaladvanceinelectricityproduction.Intheshortrun,wewouldexpecta. thepriceleveltoriseandrealGDPtofall.b. thepriceleveltofallandrealGDPtorise.c. thepricelevelandrealGDPbot

23、htostaythesame.d. Alloftheabovearepossible.24. Accordingtoliquiditypreferencetheory,themoneysupplycurveisa. upwardsloping.b. downwardsloping.c. vertical.d. horizontal.25. WhentheFedbuysgovernmentbonds,thereservesofthebankingsystema. increase,sothemoneysupplyincreases.b. increase,sothemoneysupplydecr

24、eases.c. decrease,sothemoneysupplyincreases.d. decrease,sothemoneysupplydecreases.26. Accordingtothetheoryofliquiditypreference,anincreaseinthepricelevelcausesthea. interestrateandinvestmenttorise.b. interestrateandinvestmenttofall.c. interestratetoriseandinvestmenttofall.d. interestratetofallandinv

25、estmenttorise.27. Ifthestockmarketcrashes,a. aggregatedemandincreases,whichtheFedcouldoffsetbyincreasingthemoneysupply.b. aggregatedemandincreases,whichtheFedcouldoffsetbydecreasingthemoneysupply.c. aggregatedemanddecreases,whichtheFedcouldoffsetbyincreasingthemoneysupply.d. aggregatedemanddecreases

26、,whichtheFedcouldoffsetbydecreasingthemoneysupply.28. IftheMPC=3/5,thenthegovernmentpurchasesmultiplierisb.5/2.第5页共16页第6页共16页:密 任课教师：教学班号：姓名：此 线学号：38. According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level. F39. In the m

27、onths 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, ceteris paribus .F40. In the 1990s, U.S. prices rose at about the same rate as in the 1970s.F41

28、. 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. F42. Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange m

29、arket.T43. If policymakers impose import restrictions on automobiles, the U.S. trade deficit would shrink. F44. Most economists believe that classical theory explains the world in the short run, but not the long run. F45. Because not all prices adjust instantly to changing conditions, an unexpected

30、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. T46. All explanations for the upward slope of the short-run aggregate supply curve suppose that ou

31、tput supplied increases when the price level increases more than expected.T47. Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther than the increase in government expenditures. T48. During recessions, the government tends to run a budget deficit.

32、T49. If macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in the short run.T50. The analysis of Friedman and Phelps argues that any change in inflation that is expected has no impact on the unemployment rate.Tc.5.d.15.29. Ifthegovernmentraisesgovernmentexp

33、enditures,intheshortrun,pricesa. riseandunemploymentfalls.b. fallandunemploymentrises.c. andunemploymentrise.d. andunemploymentfall.30. Ifthelong-runPhillipscurveshiftstotheleft,foranygivenrateofmoneygrowthandinflationtheeconomywillhavea. higherunemploymentandloweroutput.b. higherunemploymentandhigh

34、eroutput.c. lowerunemploymentandloweroutput.d. lowerunemploymentandhigheroutput.31:When：anAmerican：doctoropensapracticeinBermuda,hisproductionthereispartofU.S.GDP.F32. Incountrieswherewomenarediscriminatedagainst,policiesthatincreasetheircareerandeducationalopportunitiesarelikelytoincreasethebirthra

35、te.F33. MichaelKramerfoundthatworldgrowthrateshaveincreasedaspopulationhas.T34. SupposeasmallclosedeconomyhasGDPof$5billion,Consumptionof$3billion,andGovernmentexpendituresof$1billion.Thendomesticinvestmentandnationalsavingareboth$1billion.T35. Accordingtotheefficientmarketshypothesis,atanymomentint

36、ime,themarketpriceisthebestguessofthecompanysvaluebasedonavailableinformation.T36：Accordingtotheefficientmarketshypothesis,stocksfollowarandomwalksothatstocksthatincreaseinpriceoneyeararemorelikelytoincreasethandecreaseinthenextyear.F37. IntheUnitedStates,blacksandwhiteshavesimilarlaborforceparticip

37、ationrates,butblackshaveahigherunemploymentrate.T第7页共16页第8页共16页:密 任课教师：教学班号：姓名：学号：得分评卷人、名词解释（每小题2分，共10分）51. diminishing returns: the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.52. nominal exchange rate: the rate at which a person can t

38、rade the currency of one country for the currency of another.53. crowding-out effect: the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.54. stagflation: a period of falling output and rising prices.55. automat

39、ic stabilizers: changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action.得分评卷人四、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 nations standard of living?Property rights

40、 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

41、, 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

42、 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 dont want to take very much risk. A municipal bond, because generally they have low cred

43、it risk and are not subject to federal income tax.b. IwantahighreturnandIamwillingtotakealotofrisktogetit.Ajunkbond.Becauseoftheirhighrisk,theyhaveahighreturn.c. IwantadecentreturnandIhaveenoughdeductionsthatIdontvaluetaxbreakshighly.Acorporatebondthatisntajunkbond.Becausetheyhavemoreriskthangovernm

44、entbondsandhavenospecialtaxtreatment,theypaymoderateratesofreturn.58. DrawasimpleT-accountforFirstNationalBankofMe,whichhas$5,000ofdeposits,areserveratioof10percent,andexcessreservesof$300.FirstNationalBankofMeAssetsLiabilitiesReserves$800Deposits$5,000Loans$4,20059. Whatarethecostsofinflation?Theco

45、stsofinflationincludeshoeleathercosts,thecostofreducingyourmoneyholdingstoreduceyourinflationtax;menucosts,thecostsofpriceadjustments;thecostsofresourcemisallocationthatresultfromtherelative-pricevariabilityinducedbyinflation;thecostsofinflation-inducedtaxdistortions;thecostsofconfusionandinconvenie

46、nce;andthecostsassociatedwiththearbitraryredistributionofwealththataccompanyunexpectedinflation.60. Makealistofthingsthatwouldshiftthelong-runaggregatesupplycurvetotheright.Examplesinthetext(orvariations)includeincreasedimmigration,adecreaseintheminimumwage,moregenerousunemploymentinsurance,anincrea

47、seinthecapitalstock,anincreaseintheaveragelevelofeducation,adiscoveryofnewmineraldeposits,technology,andremovalofbarrierstointernationaltrade.61. .Illustratetheclassicalanalysisofgrowthandinflationwithaggregatedemandandlong-runaggregatesupplycurves.第9页共16页第10页共16页:密 任课教师：64. Assume the economy is in

48、 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 effec

49、ts making the answer ambiguous, say so. a). a reduction in taxes; b) an expansion of the money supply.a)税收减少增加了储蓄的收益、减少了投资的成本，但税收减少对储蓄和投资的影响要视情况而定。储蓄的增加取决于储蓄的税收弹性，如果储蓄的税收弹性大，则消费会大量减少，反之，消费不会 减少许多；投资的增加也取决于投资的税收弹性，如果投资的税收弹性大，则投资会大量增加，反 之，投资不会增加多少。它的总效应不确定，这要看储蓄的税收效应和投资的税收效应的大小。Price考 生 答 题 教学班号：Outpu

50、tb)货币供给的扩张减低了利率，利率下降意味着投资成本和消费下降，因而会刺激消费和投资增加,这是一种产生于利率变动的间接效应。它的总效应是增加社会总需求。LevelLRAS0(dLRAS65. 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

51、Christmas would be longer. Explain this decision, using the model of aggregate demand and aggregate supply.当罗斯福总统宣布感恩前一周时，刺激了居民的消费支出，经济中对物品与劳务的需求会增加，从而总需求曲线从ADi右移到AD2.随着经济从A点变动到B点，产量从Yi增加到丫2,物价水平众Pi升至 P2.Overtimetechnologicaladvancescausethelong-runaggregatesupplycurvetoshiftright.Increasesinthemone

52、ysupplycausetheaggregatedemandcurvetoshiftright.Outputgrowthputsdownwardpressureonthepricelevel,butmoneysupplygrowthcontributestorisingprices.姓名：.封不.62. Whydoeconomiststhinkthatthewealtheffectandexchange-rateeffectarenotveryimportantfactorsinexplainingwhyaggregatedemandslopesdownward,atleastintheUni

53、tedStates?,:学号：物价水平增加清黄的影屿Thewealtheffectisnotveryimportantbecauseitoperatesthroughchangesintherealvalueofmoney,andmoneyisonlyasmallfractionofhouseholdwealth.Soitisunlikelythatchangesinthepricelevelwillleadtolargechangesinconsumptionspendingthroughthischannel.Theexchange-rateeffectisnotveryimportant

54、intheUnitedStatesbecausetradewithothercountriesrepresentsarelativelysmallfractionofU.S.GDP.63. Describetheprocessinthemoneymarketbywhichtheinterestratereachesitsequilibriumvalueifitstartsaboveequilibrium.Iftheinterestrateisaboveequilibrium,thereisanexcesssupplyofmoney.Peoplewithmoremoneythantheywant

55、toholdgiventhecurrentinterestratedepositthemoneyinbanksand：buybonds.:Theincreaseinfundstolendoutcausestheinterestratetofall.Astheinterestratefalls,thequantityofmoneydemandedincreases,whichtendstodiminishtheexcesssupplyofmoney.第11页共16页第12页共16页31.F32.F33.T34.T35.T36.F37.T38.F39.F40.F41.F42.T43.F44.F45

56、.T46.T47.T48.T49.T50.T:密任课教师：教学班号：姓名：学号：51 .thepropertywherebythebenefitfromanextraunitofaninputdeclinesasthequantityoftheinputincreases.52 .therateatwhichapersoncantradethecurrencyofonecountryforthecurrencyofanother.53 .theoffsetinaggregatedemandthatresultswhenexpansionaryfiscalpolicyraisestheinterestrateandtherebyreducesinvestmentspending.54 .aperiodoffallingoutputandrisingprices.55 .changesinfiscalpolicythatstimulateaggregatedemandwhentheeconomygoesintoarecessionwithoutpolicymakershavingtotakeanydeliberateaction.56 .Propertyrightsareanimporta