(完整版)中级宏观经济学付费版题库19经济波动理论的进展

1、Name: Date: 1. When a government spends more than it collects in taxes, it runs a:A) trade deficit.B) trade surplus.C) budget surplus.D) budget deficit.2. Government debt equals the:A) difference between current government purchases and taxes.B) difference between saving and investment.C) sum of pas

2、t budget deficits and surpluses.D) M1 money supply.3. The amount by which government spending exceeds government revenues is called the , and the accumulation of past government borrowing is called the .A) deficit; debtB) debt; deficitC) devaluation; deflationD) deflation; devaluation4. The governme

3、nt budget deficit is the , and government debt is the .A) amount by which imports exceed exports; amount by which government spending exceeds government revenueB) amount by which government spending exceeds government revenue; amount by which imports exceed exportsC) amount by which government spend

4、ing exceeds government revenue; accumulation of past government borrowingD) accumulation of past government borrowing; amount by which government spending exceeds government revenue5. If the debt of the U.S. federal government in 2008 was divided equally among the people in the United States, then t

5、he debt per person would equal approximately:A) $3,500.B) $35,000.C) $53,000.D) $153,000.6. Compared to the size of government debt as a percentage of GDP in other major industrial countries, the federal government of the United States:A) is one of the most heavily indebted governments.B) has accumu

6、lated a relatively small debt.C) has accumulated somewhat greater than average debt.D) is one of the least indebted governments.7. Historically, the primary cause of increases in government debt is:A) printing too much money.B) cutting taxes.C) increasing interest rates.D) financing wars.8. The larg

7、e increase in U.S. government debt between 1980 and 1995 was unusual because it occurred:A) during peacetime.B) during an extended recessionary period.C) without increased government spending.D) without tax cuts.9. Relative to the size of GDP, the U.S. federal government debt was at its maximum:A) a

8、t the end of the Revolutionary War.B) at the end of the Civil War.C) at the end of World War II.D) following the 9/11 terrorist attacks in 2001.10. Holding other factors constant, the ratio of government debt to GDP can decrease as a result of any of the following changesexcept:A) decreases in gover

9、nment spending.B) increases in GDP.C) decreases in tax revenues.D) decreases in transfer payments.11. If government debt is not changing, then:A) the economy is at long-run equilibrium.B) the government's budget must be balanced.C) GDP must equal the natural rate of output.D) capital per worker

10、is constant.12. The factors most responsible for forecasts of the U.S. government debt spiraling out of control in the next half century are the projected:A) slowdowns in the rates of technological change and human capital growth.B) decrease in high-skilled domestic workers and the increase in immig

11、ration of low-skilled workers into the United States.C) aging of the U.S. population and rising health care costs.D) increase in international competition and the outsourcing of U.S. jobs.13. An increase in the elderly population of a country affects fiscal policy most directly because:A) the elderl

12、y generally are not required to pay taxes.B) governments provide pensions and health care for the elderly.C) the elderly favor high interest rates on their savings.D) governments spend more on education as the proportion of the elderly increases.14. Which of the following is the most likely explanat

13、ion of the August 2011 decision by Standard and Poor's to reduce its credit rating on U.S. government bonds?A) A U.S. government debt default was not a likely outcome, but was a possibility to occur in the short term.B) The U.S. government budget deficit was too large.C) Strategies to reduce pre

14、dicted U.S. government future budget deficits did not appear likely, making default a possibility.D) Foreign governments were no longer willing to lend to the U.S. government.15. In a time of inflation when the government budget is balanced in the conventional sense, the real (i.e., deflated) value

15、of the government debt is:A) growing at the rate of inflation.B) growing, but at a rate less than the rate of inflation.C) constant.D) decreasing at the rate of inflation.16. In a time of inflation when the real (i.e., deflated) value of the government debt is constant, then the conventionally:A) re

16、ported government budget will show a deficit equal to the inflation rate times the outstanding debt.B) reported government budget will show a deficit equal to less than the inflation rate times the outstanding debt.C) reported government budget will be balanced.D) measured government budget will sho

17、w a surplus equal to the inflation rate times the outstanding debt.17. Assume that the nominal interest rate is 11 percent, the inflation rate is 8 percent, and government debt at the beginning of the year equals $4 trillion. By how much is the government budget deficit overstated as a result of inf

18、lation?A) $0.12 trillionB) $0.32 trillionC) $0.44 trillionD) $0.80 trillion18. A deficit adjusted for inflation should include only government spending used to make interest payments.A) realB) nominalC) foreignD) domestic19. If the government debt,D, equals $5 trillion, the nominal interest rate is

19、7 percent, and the real interest rate is 3 percent, then nominal budget deficit overstates the real deficit by $ _ trillion.A) 0.35B) 0.20C) 0.15D) 0.0720. Current measures of the U.S. federal government's budget deficit account foarll of the following except:A) government expenditures.B) govern

20、ment revenues.C) changes in government indebtedness.D) changes in government capital assets.21. If capital budgeting procedures were employed, then a budget deficit would be measured as:A) the sum of government debt.B) the change in government debt.C) the change in government debt minus the change i

21、n government capital assets.D) the change in government capital assets.22. When the federal government incurs additional debt to acquire an asset, under current budgeting procedures the deficit , while under capital budgeting procedures thedeficit .A) does not change; increasesB) increases; does not

22、 changeC) does not change; decreasesD) decreases; does not change23. Capital budgeting is a procedure that:A) adjusts the deficit for inflation.B) estimates what the deficit would be if the economy were operating at the natural rate of output.C) accounts for assets as well as liabilities.D) measures

23、 the impact of fiscal policy on the lifetime incomes of individuals of different ages.24. Under capital budgeting,all of the following transactions would affect the federal budget deficit exceptthe federal government's:A) sending a check to a welfare recipient.B) sending a check to the state of

24、Massachusetts.C) selling a highway to the state of New York and using the proceeds to retire federal debt.D) selling an office building.25. The amount the government would owe if a borrower were to default on a government-guaranteed loan is an example of:A) capital budgeting.B) a contingent liabilit

25、y.C) a cyclically adjusted liability.D) Ricardian equivalence.26. One item that is considered part of the federal debt is:A) Treasury bills.B) future Social Security benefits.C) student loans, which may go into default.D) potential liabilities of savings and loan associations.27. The debt of the Uni

26、ted States government is underreported in the view of many economists becauseall of the following liabilities are excluded except:A) future pensions of government employees.B) debt owed to foreigners.C) future Social Security benefits.D) government guarantees of student loans.28. The cyclically adju

27、sted budget deficit:A) adjusts the deficit for inflation.B) estimates what the deficit would be if the economy were operating at the natural rate of output.C) accounts for assets as well as liabilities.D) measures the impact of fiscal policy on the lifetime incomes of individuals of different ages.2

28、9. An estimate of what government spending and tax revenue would be if the economy were operating at its natural rate of output and employment is called the budget.A) cyclically adjustedB) inflation-adjustedC) capital-assetD) generational accounting30. Cyclically adjusted budgets are useful because

29、they:A) systematically account for changes in government assets and liabilities.B) reflect policy changes, but not current economic conditions.C) account for tax burdens on different generations of taxpayers.D) correctly account for the impact of inflation on government indebtedness.31. Assume that

30、a government has a balanced budget when the economy is at full employment. If the economy then enters a recession, with no change in tax or spending laws, then the budget of the government is most likely to:A) remain balanced.B) be in deficit.C) be in surplus.D) be in either deficit or surplus, depe

31、nding on the severity of the recession.32. Each of the following changes would allow the measured budget deficit to provide a truer picture of fiscal policy except:A) correcting for the effects of inflation.B) offsetting changes in government liabilities with changes in government assets.C) excludin

32、g some liabilities altogether.D) correcting for the effects of the business cycle.33. Measuring the size of government debt is complicated byall of the following factors except:A) inflation.B) uncounted liabilities.C) capital assets of the government.D) failure of the Office of Management and Budget

33、 to disclose figures on capital expenditures and credit programs.34. According to the traditional view of government debt, if taxes are cut without cutting government spending, then the long-run effects will be steady-state capital and consumption.A) higher; higherB) lower; lowerC) higher; lowerD) l

34、ower; higher35. According to the traditional view of government debt, if taxes are cut without cutting government spending, then the short-run effects will be:A) higher output and lower unemployment.B) higher output and higher unemployment.C) no change in output or unemployment.D) no change in outpu

35、t and higher unemployment.36. According to the traditional view of government debt, if taxes are cut without cutting government spending, then the international effect initially will be a capital anda trade .A) inflow; deficitB) inflow; surplusC) outflow; deficitD) outflow; surplus37. According to t

36、he traditional view of government debt, if taxes are cut without a cut in government spending, then in the United States this situation will lead to netindebtedness on the part of the United States to foreign countries and netexports.A)more; moreB)more; fewerC)less; fewerD)less; more38. The internat

37、ional impacts of a debt-financed tax cut, according to the traditional view of government debt, are a(n) in net exports and a domestic currency .A) increase; appreciationB) increase; depreciationC) decrease; depreciationD) decrease; appreciation39. According to the traditional viewpoint of governmen

38、t debt, a tax cut without a cut in government spending:A) stimulates consumer spending in the short run and reduces national saving.B) stimulates consumer spending in the short run and reduces private saving.C) has no effect on consumer spending but reduces national saving.D) has no effect on consum

39、er spending but reduces private saving.40. According to the traditional viewpoint of government debt, a tax cut without a cut in government spending:A) raises consumption in both the short run and the long run.B) lowers consumption in both the short run and the long run.C) raises consumption in the

40、short run but lowers it in the long run.D) lowers consumption in the short run but raises it in the long run.41. Accord ing to the traditi onal view of gover nment debt (as in the Mun dell-Flemi ngmodel), if taxes are cut without cutting government spending, then the short-run effects are a(n) of th

41、e dollar and a(n) in net exports.A) appreciation; increaseB) appreciation; decreaseC) depreciation; increaseD) depreciation; decrease42. According to the traditional view of government debt (as in theIS-LM model), if taxesare cut without cutting government spending, then in the short run interest ra

42、tes will and investment will .A) increase; increaseB) increase; decreaseC) decrease; decreaseD) decrease; increase43. According to supply siders, tax cuts can raise total tax revenue if the tax cuts generate large enough:A) decrease in aggregate supply.B) increase in aggregate supply.C) decrease in

43、the money supply.D) increase in the money supply.44. Government tax policy can affect aggregate supply as well as aggregate demand, because changes in taxes change the:A) supply of money in the economy.B) length of the inside lag of fiscal policy.C) incentives to work and invest.D) tradeoff between

44、inflation and unemployment.45. Ricardian equivalence refers to the same impact of financing government:A) whether by printing money or raising taxes.B) in the long run as in the short run.C) whether by debt or taxes.D) in an open economy as in a closed economy.46. The logic of Ricardian equivalence

45、implies that:A) tax cuts do not influence consumer spending but changes in government spending do.B) neither tax cuts nor changes in government spending affect consumer spending.C) tax cuts combined with future decreases in government spending will decrease consumer spending.D) if the government cut

46、s taxes and increases current government spending, consumer spending will increase.47. According to the theory of Ricardian equivalence, if consumers are forward-looking, they will view a tax cut combined with no plans to reduce government spending as , so their consumption will .A) additional dispo

47、sable income; increase.B) additional disposable income; remain unchanged.C) a rescheduling of taxes into the future; increase.D) a rescheduling of taxes into the future; remain unchanged.48. According to the theory of Ricardian equivalence, tax cuts combined with no plans to reduce government spendi

48、ng public saving and private saving.A) reduce; reduceB) reduce; increaseC) increase; increaseD) increase; reduce49. A debt-financed tax cut will saving in the traditional view and saving inthe view of Ricardian equivalence.A) increase; increaseB) decrease; decreaseC) decrease; increaseD) decrease; n

49、ot change50. A debt-financed tax cut will current consumption in the traditional view and current consumption in the view of Ricardian equivalence.A) increase; increaseB) increase; decreaseC) increase; not changeD) decrease; decrease51. All of the following are arguments against Ricardian equivalenc

50、 except:A) consumers make consumption decisions myopically.B) consumers are rational and forward-looking in consumption decision-making.C) consumers are borrowing-constrained.D) consumers do not expect future taxes to fall on them.52. Suppose a household considers only current income in making consu

51、mption decisions. This is an example of:A) Ricardian equivalence.B) the permanent-income hypothesis.C) myopia.D) the life-cycle model.53. The Ricardian view on fiscal policy makes less sense if people are:A) rational and practice foresight.B) shortsighted and not fully rational.C) able to plan for t

52、he future.D) able to borrow without constraint.54. In response to a tax cut, the consumption of a consumer who is borrowing-constrained , whereas the consumption of a forward-looking, unconstrained consumer acting in accord with Ricardian equivalence .A) increases; increasesB) increases; remains unc

53、hangedC) remains unchanged; remains unchangedD) remains unchanged; increases55. When President George H. W. Bush lowered tax withholding in 1992 without lowering the amount of taxes owed, surveys showed that:A) almost everyone spent the higher take-home pay.B) almost everyone saved the higher take-h

54、ome pay.C) a majority of respondents said they would spend the higher take-home pay, but a significant minority said they would save it.D) a majority of respondents said they would save the higher take-home pay, but a significant minority said they would spend it.56. Given a reduction in income tax

55、withheld, but no change in income tax owed, households that act according to Ricardian equivalence would the extratake-home pay, while those facing binding borrowing constraints would theextra-take home pay.A) spend; spendB) spend; saveC) save; saveD) save; spend57. Proponents of Ricardian equivalen

56、ce argue that the relevant decision-making unit is the:A) individual.B) household.C) infinitely lived family.D) community.58. Proponents of Ricardian equivalence argue that if taxes are cut without cutting government spending and taxes are not expected to increase in the future until after an indivi

57、dual expects to be dead, then the individual will:A) spend all of the increase in income.B) spend some of the increase in income and save the rest.C) use the increase in income to buy government bonds to help finance the deficit.D) save all of the increase in income and leave it as a bequest to his or her children.59. From the Ricardian point of view, a consumer should not raise his or her consumption when taxes are cut but government spending is not cut because:A) the government is going to raise taxes by exactly as much as the cut in the next year.B) the government is going to rais