宏观经济学期中考试试题

2011年春宏观经济学公选课期中考试一试题注：本次考试所有为单项选择题，请将答案写在一张16开纸上。请于第9周（2011年4月日）夜晚课时将答案交给我。Inordertoincludemanydifferentproductsinasummaryoraggregatemeasure,GDPa.usesacombinationofweightsandmeasures.b.usesacombinationofpriceindexesandcostsofproductionoftheproducts.c.usesonlythecostofproductionoftheproducts.d.usesmarketprices.ChrislivesinUtah,wheregamblingisillegal.Chrisbecomesaprofessionalgambler,goingtoworkeachweekinIdaho,wheregamblingislegal.In2001,heearns$100,000fromhisprofession.WhatwillbetheeffectofhisearningsonGDPa.NoneofhisearningswillbeincludedinGDPbecausegamblingisillegalinhishomestate.b.OnlythepartofhisearningsspentinIdahowillbeincludedinGDP.c.GDPwillincreaseby$100,000becausetheincomewasearnedlegally.d.GDPwillincreasebyafractionof$100,000,equaltothefractionofthetimeChrisspendsinIdaho.LatrelldecidestohireCynthiatomowhislawn,insteadofmowingithimself,asheisaccustomedtodoing.Asaresultofthistransaction,GDPwillincrease.GDPwilldecrease.c.GDPwillbeunaffectedbecausethesameservicewouldbeperformedineithercase.d.GDPcouldincreaseordecrease,dependingonwhetherCynthiamowsLatrell'slawnaswellasLatrellcouldmowithimself.SupposeyoufindoutthattheGDPofChinais$1,000billionandtheGDPoftheUnitedStatesis$10,000billion.Youshouldconcludethata.thetypicalpersonintheUnitedStatesis10timesaswelloffasthetypicalpersoninChina.b.thetypicalpersonintheUnitedStatesismorethan10timesaswelloffasthetypicalpersoninChina.c.thetypicalpersonintheUnitedStatesislessthan10timesaswelloffasthetypicalpersoninChina.d.itisnotpossibletomakeagoodcomparisonoftheeconomicwell-beingoftypicalindividualsinthetwocountrieswithoutadditionalinformation.5.TheNeccocandyfactoryinCambridge,Massachusetts,foundthatithadproduced100,000morerollsofNeccosin1980thanitsoldduringtheyear.Thevalueofthose100,000rollsa.wouldbewrittenoffasaloss;hence,wouldnotbeincludedaspartof1980GDP.b.wouldbeincludedaspartofGDPduringtheyearinwhichtheywerefinallysold.c.wouldbeincludedaspartof1980GDPinthecategoryofinventoryinvestment.d.Noneoftheabovearecorrectanswers.6.OikoNomosbuysanewcomputerinJune2001andthensellsittoafriendinDecember2001.GDPa.willincludethevalueofboththeJunesaleandtheDecembersale.b.willincludethefullvalueoftheJunesale,butonlypartofthevalueoftheDecembersale,sincethecomputerhadbeenused.c.willincludethevalueoftheJunesaleonly.d.willincludethevalueoftheDecembersaleonly,sincethatwasthefinalsaleofthecomputerin2001.Theincomethathouseholdsandnoncorporatebusinessesreceiveiscalledproprietors'income.personalincome.disposablepersonalincome.nationalincome.ThegovernmentreportsthatGDP"increasedby2percentinthelastquarter."GDPincreasedby8percentfortheyear.GDPincreasedatanannualrateof8percentduringthelastquarter.GDPincreasedatanannualrateof2percentduringthelastquarter.GDPincreasedatanannualrateof.5percentduringthelastquarter.IfyoubuyaseafooddinnerinalocalrestaurantneitherGDPnorconsumptionspendingwillbeaffectedbecauseyouwouldhaveeatenathomeifyouhadn'teatenattherestaurant.GDPwillbehigher,butconsumptionspendingwillbeunchanged.GDPwillbeunchanged,butconsumptionspendingwillbehigher.bothGDPandconsumptionspendingwillbehigher.IftheGDPdeflatorwas100inthebaseyearof2000,andwas105in2002,wecansaythatthepricelevelincreasedby105percentfrom2000to2002.thepricelevelincreasedby5percentfrom2000to2002.thepricelevelincreasedby205percentfrom2000to2002.wecannotjudgepriceincreasesfromchangesintheGDPdeflator.Whentheoveralllevelofpricesintheeconomyisincreasing,wesaythattheeconomyisexperiencingeconomicgrowth.inflation.unemployment.d.deflation.Thepriceindexin2001is120,andin2002thepriceindexis126.Whatistheinflationrate5percentb.6percentc.26percentd.Theinflationrateisimpossibletodeterminewithoutknowingthebaseyear.Whenpriceschangefromyeartoyear,theyallchangeproportionately.theyalwaysincrease.theyusuallydecrease.d.theydonotallchangeproportionatelyAnimportantdifferencebetweentheGDPdeflatorandtheconsumerpriceindexisthattheGDPdeflatorreflectsthepricesofgoodsandservicesboughtbyproducers,whereastheconsumerpriceindexreflectsthepricesofgoodsandservicesboughtbyconsumers.theGDPdeflatorreflectsthepricesofallgoodsandservicesproduceddomestically,whereastheconsumerpriceindexreflectsthepricesofgoodsandservicesboughtbyconsumers.theGDPdeflatorreflectsthepricesofallgoodsandservicesproducedbyanation'sresources,whereastheconsumerpriceindexreflectsthepricesofgoodsandservicesboughtbyconsumers.d.theGDPdeflatorreflectsthepricesofgoodsandservicesboughtbyproducersandconsumers,whereastheconsumerpriceindexreflectsthepricesofgoodsandservicesboughtbyconsumers.IntheUnitedStates,ifthepriceofimportedoilrises,theGDPdeflatorrisesmuchmorethandoestheconsumerpriceindex.theconsumerpriceindexrisesmuchmorethandoestheGDPdeflator.c.theGDPdeflatorandtheconsumerpriceindexrisebyaboutthesameamount.d.theconsumerpriceindexrisesslightlymorethandoestheGDPdeflator.16.BabeRuth's1931salarywas$80,000.Thepriceindexfor1931isandthepriceindexfor1999is166.Ruth's1931salarywasequivalenttoa1999salaryofa.about$87,000.b.about$870,000.c.about$1,870,000.d.about$8,700,000.17.Craigisofferedan$80,000peryearjobinLosAngeles,anda$60,000peryearjobinBismark.TheCPIforLosAngelesis120andtheCPIforBismarkis90.a.$80,000b.$107,000c.$60,000d.$72,00018.Ifthenominalinterestrateis8%andrateofinflationis3%,therealinterestrateisa.11%.b.24%.5%.%.WhichofthefollowingisnottrueGrowthratesofrealGDPperpersonvarysubstantiallyfromcountrytocountry.GDPmeasurestotalexpendituresandtotalincome.Richercountrieshavemoretelevisions,betternutrition,betterhealthcare,andlongerlifeexpectancy.Productivityisnotcloselylinkedtogovernmentpolicies.Anation'sstandardoflivingisdeterminedbyproductivity.grossdomesticproduct.nationalincome.howmuchithasrelativetoothers.In2000,Erehwonhadapopulationof4,000andrealGDPofabout12,000,000.In1999ithadapopulationof3,500andrealGDPofabout9,625,000.WhatwasthegrowthrateofrealGDPperpersoninErehwonbetween1999and2000about25percentabout14percentabout9percentNoneoftheabovearecorrect.IfJamesexpectstohavea10percentsalaryincreaseeachyear,howlongwillittakeforhissalarytodoubleaccordingtothe"ruleof70"a.5yearsb.7yearsc.14yearsd.20yearsRobinlivesonadesertedisland.Ifshespends8hoursfishing,shecatches24fish.Herproductivityoffishingis192fish.1/3hourperfish.3fishperhour.Theanswercannotbecomputedusingtheinformationprovided.Inamarketeconomy,scarcityofresourcesisreflectedinsupply.demand.thestockoftheresource.marketprices.25.Ifyourfirmhasconstantreturnstoscale,thenifyoudoubledallyourinputsyourfirm'soutputwoulda.notchange.b.increase,butbylessthandouble.double.morethandouble.26.OneoftheTenPrinciplesofEconomicsinChapter1isthatpeoplefacetradeoffs.Thegrowththatarisesfromcapitalaccumulationisnotafreelunch:Itrequiresthatsocietya.conserveresourcesforfuturegenerations.b.recycleresourcessothatfuturegenerationscanproducegoodsandserviceswiththeaccumulatedcapital.c.sacrificeconsumptiongoodsandservicesnowinordertoenjoymoreconsumptioninthefuture.d.Noneoftheabovearecorrect.Inthelongrun,ahighersavingrateincreasesthelevelofincome.growthrateofoutput.growthrateofproductivity.Alloftheabovearecorrect.28.IfyourAmerican-basedfirmopensandoperatesanewplasticsfactoryinIreland,yourfirmisengagingina.foreignportfolioinvestment.b.foreignfinancialinvestment.c.indirectforeigninvestment.d.foreigndirectinvestment.29.Whichofthefollowingisgenerallyanopportunitycostofinvestmentinhumancapitala.increasedearningpotentialb.futurejobsecurityc.forgonewagesatpresentd.Alloftheabovearecorrect.30.Otherthingsthesame,tectspropertyrights.31.Financialmarketsarea.thefinancialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers.b.thefinancialinstitutionsthroughwhichsaverscandirectlyprovidefundstoborrowers.c.thefinancialinstitutionsthatsellsharestothepublicandusetheproceedstobuyaselectionofvarioustypesofstocksand/orbonds.d.Noneoftheabovearecorrect.Alonzopays$10,000tobuyabondfromIBMthatpromisesrepaymenttenyearsfromtoday.WhichofthefollowingiscorrectAlonzoistheprincipalofthisbond.Thebondmaturesin10years.c.Thetermofthebondis$10,000.d.Alloftheabovearecorrect.WhichbondwouldyouexpecttopaythehighestinterestrateabondissuedbyanewrestaurantchainabondissuedbyGeneralMotorsabondissuedbyNewYorkstatePeoplewhobuystockinacorporationsuchasStarbucksprovidedebtfinanceandsobecomepartownersofStarbucks.debtfinanceandsobecomecreditorsofStarbucks.equityfinanceandsobecomepartownersofStarbucks.equityfinanceandsobecomecreditorsofStarbucks.Comparedtobonds,stocksoffertheholderhigherrisk.potentiallyhigherreturn.ownershipinafirm.Alloftheabovearecorrect.Financialintermediariesarethesameasfinancialmarkets.individualswhomakeaprofitbybuyingastocklowandsellingithigh.c.amoregeneralnameforfinancialassetssuchasstocks,bonds,andcheckingaccounts.d.financialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers.Y=C+I+G+NXisanidentitybecausetheright-handandleft-handsidesareequal.theequalityholdsduetothewaythevariablesaredefined.eachsymbolidentifiesavariable.Noneoftheabovearecorrect.Inaclosedeconomy,whatdoes(Y-T-C)representnationalsavinggovernmenttaxrevenuepublicsavingprivatesavingAbudgetdeficitiscreatedwhenthegovernmentbuysbackmorebondsthanitissues.spendsmorethanitreceivesintaxrevenue.receivesmoretaxrevenuethanitspends.Noneoftheabovearecorrect.YoureccentricUnclehaspromisedtogiveyou$50,000whenyougraduate.Youthinkthatyouwillgraduateinthreeyearsandcouldgetabout7percentonanymoneyyousaved.Whatisthepresentvalueofthe$50,000$50,000$50,0003c.$50,000/3d.Noneoftheabovearecorrect.41.Cyclicalunemploymentiscloselyassociatedwitha.short-runupsanddownsoftheeconomy.b.long-termeconomicgrowth.c.fluctuationsinthenaturalrateofunemployment.d.Noneoftheabovearecorrect.42.Whowouldnotbeincludedinthelaborforcea.Mike,whohasretiredandisnotlookingforworkb.Jay,whoisontemporarylayoffc.Jane,whodoesnothaveajob,buthasappliedforseveralinthelastweekd.Noneoftheaboveareincludedinthelaborforce.43.Rickloseshisjobandimmediatelybeginslookingforanother.Ceterisparibus,a.theunemploymentrateisunaffected,andthelabor-forceparticipationrateincreases.b.theunemploymentratedecreases,andthelabor-forceparticipationrateisunaffected.c.theunemploymentrateincreases,andthelabor-forceparticipationratedecreases.d.theunemploymentrateincreases,andthelabor-forceparticipationrateisunaffected.Discouragedworkersa.arenotcountedeitheraspartoftheadultpopulationnoraspartofthelaborforce.b.arecountedaspartoftheadultpopulation,butnotaspartofthelaborforce.c.arecountedaspartoftheadultpopulation,andasunemployed.d.Nonetheabovearecorrect.Nancyissearchingforajobthatsuitshertastesaboutwheretoliveandthepeoplesheworkswith.Lauraislookingforajobthatmakesthebestuseofherskills.NancyandLauraarebothfrictionallyunemployed.NancyandLauraarebothstructurallyunemployed.NancyisfrictionallyunemployedandLauraisstructurallyunemployed.NancyisstructurallyunemployedandLauraisfrictionallyunemployed.46.Whichofthefollowingwouldbeassociatedwiththetypeofunemploymentcreatedbytheminimumwagelawa.Carriequitsherjobasahistoryteacherbecauseshewouldratherteachmathematics.b.Bobpayshisworkersmorethantheequilibriumwagebecausehebelievesitmakesthemmoreproductiveworkers.c.Jimdecidestoclosehisbicycledeliveryservicebecause