综合介绍文件

MacroeconomicMacroeconomicMacoeconomicMacoeconomic•••••GovernmentobjectivesfortheeconomyarereferredtoasmacroeconomicThethreemaintargetsareEconomicgrowth&highLowBalanceofpaymentsstability【BalancingthegovernmentbudgetTheTheComponentsofGDP=C+I+G+(X- C=Consumerspendingonfinalgoodsand I=Grossprivatedomesticinvestment(e.g.,plantandequipment)andchangesininventory(inventoryinvestment) G=Governmentspendingonfinalgoodsand X= M=InflationrelatedInflationrefersInflationrelatedInflationreferstoasustainedriseintheoveralllevelofpricesinaneconomy.Stagflation:ahighinflationrateiscombinedwithahighlevelofunemploymentandaslowdownoftheeconomyDeflation:negativeinflationHyperinflation:extremelyhighinflationrate,e.g.500toDemand-pullinflationmightoccurwhenexcessaggregatemonetarydemandintheeconomyCost-pushinflationwilloccurwhenthereareincreasesinproductioncostsindependentofthestateofdemandnnnnnnPoliciesforachievingmacroeconomicPoliciesforachievingmacroeconomictargetsPoliciesPoliciesforachievingmacroeconomic1Fiscal•Howmuchthegovernmentdecidesto1Fiscal•Howmuchthegovernmentdecidestospend,andtoraiseasAgovernmentmightinterveneintheeconomy•SpendingmoremoneyandfinancingexpenditurebyContractionary:Collectingmoreintaxeswithoutincreasingpublicintaxesinorderpublicspending,divertingincomefromonepartoftheeconomyto2Monetary••Controloverthemoney2Monetary••ControloverthemoneysupplyandofinterestratesEg:CutininterestrateswillresultinAndecreaseinsavingAincreaseinborrowingAincreaseinMoneyInterestEx-Ex-PilotpaperGovernmentshaveanumberofeconomictargetsaspartoftheirmonetarypolicy.Whichofthefollowingtargetsrelatepredominantlytomonetarypolicy?IncreasingtaxControllingthegrowthinthesizeofthemoneysupplyReducingpublicexpenditureKeepinginterestrateslow1onlyandand42,3andGDP=C+I+GGDP=C+I+G+(X-Ex-2016/09Whichofthefollowinggovernmentactionswouldleadtoanincrease?A1IncreasingtaxationandkeepinggovernmentexpenditurethesameDecreasingtaxationandincreasinggovernmentexpenditureDecreasingmoneysupplyDecreasinginterestB1andC2and4D2,3and3hangeAlowerexchange3hangeAlowerexchangeDomesticgoodsarecheaperinforeignmarketssodemandforexportsincreases.Domesticgoodsaremoreexpensiveinforeignmarketssodemandforexportsfalls.Foreigngoodsaremoreexpensivesodemandforimportsfalls.Foreigngoodsarecheapersodemandforimportsangerates•angerates•Fixedexchangerates：AgovernmentmaytrytokeeptheexchangerateatafixedlevelagainstamajorcurrencysuchastheUSdollar,ormaytrytokeepitwithinaspecifiedvaluerange.Floatingexchangeratesareexchangerateswhichareallowedtofluctuateaccordingtodemandandsupplyconditionsintheforeignexchangemarkets.Managed(ordirty)floatingreferstoasystemwherebyexchangeratesareallowedtofloat,butfromtimetotimetheauthoritieswillinterveneintheforeignexchange••-Governments-GovernmentshaveanumberofeconomictargetsaspartoftheirfiscalWhichofthefollowinggovernmentactionsrelatepredominantlytofiscalDecreasinginterestratesinordertostimulateconsumerspendingReducingtaxationwhilemaintainingpublicspendingUsingofficialforeigncurrencyreservestobuythedomesticcurrencyBorrowingmoneyfromthecapitalmarketsandspendingitonpublicworks1onlyandand42,3andExWhichofExWhichofthefollowingstatementsis/areMonetarypolicyseekstoinfluenceaggregatedemandbyincreasingordecreasingthemoneyraisedthroughtaxationWhengovernmentsadoptafloatingexchangeratesystem,theexchangerateisanequilibriumbetweendemandandsupplyintheforeignexchangemarketFiscalpolicyseekstoinfluencetheeconomyandeconomicgrowthbyincreasingordecreasinginterestrates21and21and31,2and4ernaltrade4ernaltrade•Agovernmentmighthaveapolicyforpromotingeconomicgrowthbystimulatingexports;forexample,bymanagingtheexchangeratetomakeexportscheaperforforeignpurchasers.Anotherargumentisthatthereshouldbeimportcontrolstoprovidesomeformofprotectionfordomesticmanufacturingindustriesbymakingthecostofimportshigherandthevolumeofimportslower.Protectioncouldencouragedomesticoutputtorise,stimulatingthedomesticeconomy.•—拓—拓展提EquilibriumGDPEquilibriumGDPand Fourtypesof––––Long-runfullLong-runLong-runPhasesPhasesoftheBusinessRecessionaryRecessionaryRecessionaryRecessionary Causedbyadecreasein ActualGDP<PotentialUnemploymentrate>Natural PolicyDonothingsincethere’saself-correctingFiscalandmonetarypolicytoshiftADtotheTypesofTypesofFrictionalunemploymentresultsfromtimeittakesemployersandemployeestofindeachotherStructuralunemploymentresultsfromlong-termchangesintheeconomythatrequireworkerstogainnewskillstofillnewjobsCyclicalunemploymentresultsfromchangesineconomicInflationaryInflationaryInflationaryInflationary Causedbyanincreasein nActualGDP>PotentialGDPUnemploymentrate<NaturalnratePolicychoice: Donothingsincethere’saself-correcting FiscalandmonetarypolicytoshiftADtotheStagflationStagflation实战实战篇——中国宏观经济20年概国内生产总值(亿元国内生产总值(亿元0数据来源：国家统计指201820081999国内生产总值(亿元社会消费品零售总社会消费品零售总额(亿元社会消费品零售总社会消费品零售总额(亿元0指201820081999社会消费品零售总额(亿元y货币和准货币(M2)供应量(亿元y货币和准货币(M2)供应量(亿元0数据来源：国家统计指201820081999货币和准货币(M2)供应量(亿元0数据0数据来源：国家统计指201820081999国内生产总值(亿元货币和准货币(M2)供应量(亿元财政收0指201820081999财政收入(亿元财财政收0指201820081999财政收入(亿元财政支出(亿元国内生产总值(亿元31085亿美元III.III.1Rgulation1Rgulationandmarket•ImperfectWhereonecompany'slargeshareorcompletedominationofthemarketisleadingtoinefficiencyorexcessiveprofits,thestatemayintervene,forexamplethroughcontrolsonpricesorprofits,inordertotrytoreducetheeffectsofthispower.SocialApossiblemeansofdealingwiththeproblemofsocialcostsorexternalitiesisviasomeformofregulation.Regulationsmightinclude,forexample,controlsonemissionsofpollutants,restrictionsoncaruseinurbanareas,thebanningofsmokinginpublicbuildings,orcompulsorycarinsurance.••Imperfect•ImperfectRegulationisoftenthebestformofgovernmentactionwheneverinformationalinadequaciesareunderminingtheefficientoperationofprivatemarkets.Thisisparticularlysowhenconsumerchoiceisbeingdistorted.TheGovernmentmayalsoresorttoregulationimprovesocial•Ex-Ex-Whichofthefollowingis/areusuallyseenasformsofmarketfailurewhereregulationmaybeasolution?ImperfectSocialcostsorexternalities3Imperfectinformation1and2and31,2and2Competitionpolicy2Competitionpolicy-Ina,thereisonlyonefirminthemarket,thesoleproducerofawhichhasnocloselycompetingAmonopolysituationcanhavesomeIncertainindustriesarguablyonlybyachievingamonopolywillacompanybeabletobenefitfromthekindsofeconomiesofscaleEstablishingamonopolymaybethebestwayforabusinesstomaximiseitsHowever,monopoliesoftenhaveseveraladverseCompaniescanimposehigherpricesonThelackofincentiveofcompetitionmaymeancompanieshavenoincentivetoimprovetheirproductsorofferawiderrangeofproducts.Thereisnopressureonthecompanytoimprovetheefficiencyofitsuseof2C2Competitionpolicy-TheCompetitionandMarketsAuthoritycanalsobeaskedtoinvestigatewhatcouldbecalled'oligopolysituations'involvingexplicitorimplicitcollusionbetweenfirms,whotogethercontrolthemarket.AprospectivemergerbetweentwoormorecompaniesmaybereferredtotheCompetitionandMarketsAuthorityforinvestigationifalargercompanywillgainmorethan25%marketshareEx-WhichEx-Whichofthefollowingstatementsrelatingtocompetitionpolicyis/arecorrect?ScaleeconomiesareanadvantageofmonopolyandSocialcostsorexternalitiesareanexampleofeconomicinefficiencyarisingfrommarketfailureMonopolyisdiscouragedbecauseitcanleadtoinefficiencyandexcessiveprofits1and232and31,2and 1, 1,2andAllthreestatementsareEx-Ex-2016/1212.Indicate,byclickingontherelevantboxes,whetherthefollowingstatementsaretrueorfalse?Itistruethatagovernmentmayintervenetoweakenitsco