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宏观经济学试卷试题题库及答案《宏观经济学》试题一一、单项选择题1、宏观经济学的中心理论是（）A、价格决定理论；B、工资决定理论；C、国民收入决定理论；D、汇率决定理论。
2、表示一国在一定时期内生产的所有最终产品和劳务的市场价值的总量指标是（）A、国民生产总值；B、国内生产总值；C、名义国民生产总值；D、实际国民生产总值。
3、GNP核算中的劳务包括（）A、工人劳动；B、农民劳动；C、工程师劳动；D、保险业服务。
4、实际GDP等于（）A、价格水平除以名义GDP；B、名义GDP除以价格水平；C、名义GDP乘以价格水平；D、价格水平乘以潜在GDP。
5、从国民生产总值减下列项目成为国民生产净值（）A、折旧；B、原材料支出；C、直接税；D、间接税。
6、从国民生产净值减下列项目在为国民收入（）A、折旧；B、原材料支出；C、直接税；D、间接税。
二、判断题1、百姓生产总值中的最终产品是指有形的物质产品。
（）2、今年建成并出售的房屋和去年建成而在今年出售的房屋都应计入今年的国民生产总值。
（）3、同样的打扮，在生产中作为工作服就是中间产品，而在日常糊口中穿就是最终产品。
（）4、百姓生产总值一定大于国内生产总值。
（）5、居民购房支出属于个人消费支出。
（）6、从理论上讲，按支出法、收入法和部门法所计算出的国民生产总值是一致的。
（）7、所谓净出口是指出口减进口。
（）8、在三部门经济中如果用支出法来计算，GNP等于消费＋投资＋税收。
（）三、简答题1、比较实际国民生产总值与名义国民生产总值。
2、比较百姓生产总值与人均百姓生产总值。
3、为什么住房建筑支出作为投资支出的一部分？4、假定A为B提供服务应得报酬400美元，B为A提供服务应得报酬300美元，AB商定相互抵消300美元，结果A只收B100美元。
应如何计入GNP？（一）答案一、C、A、D、B、A、D；二、错、错、对、错、错、对、对、错；三、1、实际国民生产总值与名义国民生产总值的区别在于计算时所用的价格不同。
一、单选题1、经济增长一般用（）指标表示。
A.平均工资B.GDP或人均GDPC.平均预期寿命D.财政收入正确答案：B2、Yt表示t时期的总产出，Yt-1表示(t-1)时期的总产出，则t-1期到t期的经济增长率可以表示为（）。
A.Yt / Yt-1B.（Yt - Yt-1）/ YtC.（Yt - Yt-1）/ Yt-1D.Yt - Yt-1正确答案：C3、根据关于经济增长计算的70法则，若人均实际GDP年增长率为1%，则初始的GDP值翻一番的时间大约为（）。
A.70年B.50年C.100年D.35年正确答案：A4、在总量生产函数Y=AF（K，L）中，A表示（）。
A.资本B.劳动C.技术进步D.劳动力正确答案：C5、根据人均资本生产函数图，随着人均资本水平提高，人均GDP水平将（）。
A.随之提高B.随之减少C.保持不变D.无法确定正确答案：A6、影响产出变化的实物资本不包括（）。
A.机器B.设备C.厂房D.人才正确答案：D7、在总生产函数中，技术进步因素包括（）。
A.管理流程的改善B.产品质量提高C.企业结构升级D.以上都对正确答案：D8、在每名工人的人力资本与技术水平保持不变的情况下，每增加1单位的实物资本，带来的产出增长数量（）。
A.递增B.递减C.保持不变D.先递减后递增正确答案：B9、除了劳动、资本投入对经济增长的贡献外，（）也是一国经济增长的关键因素。
A.全要素生产率的提高B.政治制度C.地理位置D.国土面积正确答案：A10、在同样的人均资本水平上，（）是推动人均产出水平不断提升的关键。
A.自然资源禀赋B.技术进步C.人口总数D.国土面积正确答案：B11、新古典经济增长理论模型重要的结论为：（）是长期人均实际GDP增长的关键。
A.生产率增长B.国土面积C.人口总数D.自然资源禀赋正确答案：A12、相对于内生经济增长模型，新古典经济增长模型对于技术的理解是（）。
A.技术水平是不变的B.技术是内生的C.技术是外生的D.没有考虑技术因素正确答案：C13、2018年诺贝尔经济学奖获得者之一保罗.罗默可以作为（）的创始人，他认为技术变革速度是受市场体系内在运行决定的，知识资本的积累是经济增长的关键因素。
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 past 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 government budget deficit is the ______, and government debt is the ______.A) amount by which imports exceed exports; amount by which government spendingexceeds government revenueB) amount by which government spending exceeds government revenue; amount bywhich imports exceed exportsC) amount by which government spending exceeds government revenue;accumulation of past government borrowingD) accumulation of past government borrowing; amount by which governmentspending exceeds government revenue5. If the debt of the U.S. federal government in 2008 was divided equally among thepeople in the United States, then the 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 majorindustrial countries, the federal government of the United States:A) is one of the most heavily indebted governments.B) has accumulated 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 large increase in U.S. government debt between 1980 and 1995 was unusualbecause 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) at 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 aresult of any of the following changes except:A) decreases in government 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 is constant.12. The factors most responsible for forecasts of the U.S. government debt spiraling out ofcontrol 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 immigration oflow-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 directlybecause:A) the elderly 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 explanation of the August 2011 decision byStandard 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 tooccur in the short term.B) The U.S. government budget deficit was too large.C) Strategies to reduce predicted U.S. government future budget deficits did notappear 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 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 isconstant, then the conventionally:A) reported government budget will show a deficit equal to the inflation rate times theoutstanding debt.B) reported government budget will show a deficit equal to less than the inflation ratetimes the outstanding debt.C) reported government budget will be balanced.D) measured government budget will show a surplus equal to the inflation rate timesthe outstanding debt.17. Assume that the nominal interest rate is 11 percent, the inflation rate is 8 percent, andgovernment debt at the beginning of the year equals $4 trillion. By how much is the government budget deficit overstated as a result of inflation?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 7 percent, andthe 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 for all of thefollowing except:A) government expenditures.B) government revenues.C) changes in government indebtedness.D) changes in government capital assets.21. If capital budgeting procedures were employed, then a budget deficit would bemeasured as:A) the sum of government debt.B) the change in government debt.C) the change in government debt minus the change in government capital assets.D) the change in government capital assets.22. When the federal government incurs additional debt to acquire an asset, under currentbudgeting procedures the deficit ______, while under capital budgeting procedures the deficit ______.A) does not change; increasesB) increases; does not 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 naturalrate of output.C) accounts for assets as well as liabilities.D) measures the impact of fiscal policy on the lifetime incomes of individuals ofdifferent ages.24. Under capital budgeting, all of the following transactions would affect the federalbudget deficit except the federal government's:A) sending a check to a welfare recipient.B) sending a check to the state of Massachusetts.C) selling a highway to the state of New York and using the proceeds to retire federaldebt.D) selling an office building.25. The amount the government would owe if a borrower were to default on agovernment-guaranteed loan is an example of:A) capital budgeting.B) a contingent liability.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 United States government is underreported in the view of manyeconomists because all 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 adjusted budget deficit:A) adjusts the deficit for inflation.B) estimates what the deficit would be if the economy were operating at the naturalrate of output.C) accounts for assets as well as liabilities.D) measures the impact of fiscal policy on the lifetime incomes of individuals ofdifferent ages.29. An estimate of what government spending and tax revenue would be if the economywere 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 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 a government has a balanced budget when the economy is at fullemployment. 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, depending on the severity of the recession.32. Each of the following changes would allow the measured budget deficit to provide atruer picture of fiscal policy except:A) correcting for the effects of inflation.B) offsetting changes in government liabilities with changes in government assets.C) excluding some liabilities altogether.D) correcting for the effects of the business cycle.33. Measuring the size of government debt is complicated by all of the following factorsexcept:A) inflation.B) uncounted liabilities.C) capital assets of the government.D) failure of the Office of Management and Budget to disclose figures on capitalexpenditures and credit programs.34. According to the traditional view of government debt, if taxes are cut without cuttinggovernment spending, then the long-run effects will be ______ steady-state capital and ______ consumption.A) higher; higherB) lower; lowerC) higher; lowerD) lower; higher35. According to the traditional view of government debt, if taxes are cut without cuttinggovernment 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 output and higher unemployment.36. According to the traditional view of government debt, if taxes are cut without cuttinggovernment spending, then the international effect initially will be a capital ______ anda trade ______.A) inflow; deficitB) inflow; surplusC) outflow; deficitD) outflow; surplus37. According to the traditional view of government debt, if taxes are cut without a cut ingovernment spending, then in the United States this situation will lead to ______ net indebtedness on the part of the United States to foreign countries and ______ netexports.A) more; moreB) more; fewerC) less; fewerD) less; more38. The international impacts of a debt-financed tax cut, according to the traditional view ofgovernment 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 government debt, a tax cut without a cut ingovernment 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 consumer spending but reduces private saving.40. According to the traditional viewpoint of government debt, a tax cut without a cut ingovernment 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 short run but lowers it in the long run.D) lowers consumption in the short run but raises it in the long run.41. According to the traditional view of government debt (as in the Mundell–Flemingmodel), if taxes are cut without cutting government spending, then the short-run effects are a(n) ______ of the 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 the IS–LM model), if taxesare cut without cutting government spending, then in the short run interest rates 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 generatelarge enough:A) decrease in aggregate supply.B) increase in aggregate supply.C) decrease in 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 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 implies that:A) tax cuts do not influence consumer spending but changes in government spendingdo.B) neither tax cuts nor changes in government spending affect consumer spending.C) tax cuts combined with future decreases in government spending will decreaseconsumer spending.D) if the government cuts taxes and increases current government spending, consumerspending 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 disposable 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 toreduce government spending ______ 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; not 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 equivalence 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 consumption 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 the 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 unchangedC) remains unchanged; remains unchangedD) remains unchanged; increases55. When President George H. W. Bush lowered tax withholding in 1992 without loweringthe amount of taxes owed, surveys showed that:A) almost everyone spent the higher take-home pay.B) almost everyone saved the higher take-home pay.C) a majority of respondents said they would spend the higher take-home pay, but asignificant minority said they would save it.D) a majority of respondents said they would save the higher take-home pay, but asignificant minority said they would spend it.56. Given a reduction in income tax 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 ______ the extra-take home pay.A) spend; spendB) spend; saveC) save; saveD) save; spend57. Proponents of Ricardian equivalence 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 cuttinggovernment spending and taxes are not expected to increase in the future until after an individual 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 consumptionwhen 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 nextyear.B) the government is going to raise taxes by exactly as much as the cut plus interest inthe next year.C) the government is sure to raise taxes by an amount equal in present value to thedebt incurred this year, sometime in the taxpayer's lifetime.D) even if the government does not raise enough extra taxes during the taxpayer'slifetime to pay off, in present value, the debt incurred this year, the taxpayer shouldmake provision for the taxes that will be levied on his or her heirs.60. Assume that nobody cares about the economic well-being of future generations. Thenthe Ricardian equivalence view of the effect of debt-financed tax cuts is:A) totally invalid.B) still fully valid because the government has the option to levy taxes to pay off thefull debt in just a few years.C) still fully valid as long as the government cuts spending also.D) still partially valid because most of the taxpayers will live and pay taxes for asubstantial number of years after the tax cut.61. The strategic bequest motive hypothesizes that parents:A) leave bequests to children because they care about their children's well-being.B) leave bequests to children who are borrowing-constrained.C) make larger bequests the larger the quantity of taxes that will be shifted to theirchildren.D) use the threat of disinheritance to control their children's behavior.62. The experience of the 1980s:A) clearly contradicted the Ricardian equivalence view because national saving wasvery low.B) clearly supported the Ricardian equivalence view, for people saved little onlybecause they were optimistic, as confirmed by the stock market.C) will provide a clear answer on the validity of Ricardian equivalence as soon aseconomists are able to analyze it with their computers.D) may be used to argue both in favor of and against the Ricardian equivalence viewof the tax cuts.63. In the United States, having a balanced budget is currently enforced for:A) the federal government.B) no state governments.C) all state governments.D) many state governments.64. One reason for not requiring a balanced federal budget at all times is that with abalanced-budget rule:A) expenditures are not limited because, if the government wants to raiseexpenditures, it just raises taxes.B) in a recession even the automatic stabilizing powers of our system of taxes andtransfers could not work.C) the distorting features of the tax system are minimized.D) it is possible to shift the burden of a war from current to future generations.65. Tax smoothing is a desirable policy because it:A) reduces the distortions of incentives caused by taxes.B) reduces budget deficits in periods of recession.C) eliminates the impact of automatic stabilizers.D) is consistent with a balanced budget.66. One way to shift the tax burden from the current generation to future generations is tofinance a war:A) by raising taxes.B) by printing money.C) by running a budget surplus.D) by running a budget deficit.67. To minimize the disincentives of very high taxes, a policy of tax smoothing requires abudget ______ in years of unusually low government revenue and a budget ______ in years of unusually high government expenditures.A) surplus; deficitB) deficit; surplusC) surplus; surplusD) deficit; deficit68. Using fiscal policy, including automatic stabilizers, to stabilize output over a businesscycle is not consistent with:A) rational expectations.B) inflation targeting.C) the natural-rate hypothesis.D) a strict balanced-budget rule.69. A strict balanced-budget rule would:A) permit the use of fiscal policy for stabilization.B) allow the use of tax smoothing to reduce tax distortions.C) redistribute tax burdens across generations.D) restrain political incompetence and opportunism.70. Monetary policy is linked to fiscal policy when government spending is financed by:A) taxes.B) borrowing from banks.C) borrowing from foreigners.D) printing money.71. The real value of government debt is reduced by:A) expected inflation.B) expected deflation.C) unexpected inflation.D) unexpected deflation.72. Financing a budget deficit by ______ leads to inflation, and inflation ______ the realvalue of government debt.A) issuing debt; increasesB) issuing debt; decreasesC) printing money; increasesD) printing money; decreases73. Hyperinflations typically occur when governments:A) attempt to keep the unemployment rate below the natural rate.B) finance spending with the inflation tax.C) set inflation targets too high.D) use discretionary monetary policy to stabilize output.74. To force politicians to judge whether government spending is worth the costs, someeconomists have argued for:A) a balanced-budget rule for fiscal policy.B) a constant money-growth rule for monetary policy.C) avoiding the assumption of any contingent liabilities.D) the application of Ricardian equivalence.75. The possibility of capital flight is likely to be greater at higher levels of governmentdebt because there is a greater:A) temptation to default on the debt.B) likelihood that the government will begin issuing indexed bonds.C) probability that a balanced budget will be adopted by the government.D) potential for tax smoothing policies to be eliminated.76. High levels of government debt that raise investors' fear of a government default on debtwill result in capital ______ and a(n) ______ of the country's exchange rate.A) outflows; depreciationB) outflows; appreciationC) inflows; depreciationD) inflows; appreciation77. Indexed bonds produce all of the following benefits except:A) less inflation risk.B) more financial innovation.C) better government incentives.D) lower rates of inflation.78. A measure of the expected rate of inflation can be found by the:A) yield on nominal bonds plus the yield on index bonds.B) yield on nominal bonds minus the yield on index bonds.C) observed rate of inflation minus the yield on real bonds.D) observed rate of inflation minus the yield on nominal bonds.79. Inflation-indexed government bonds have all of the following benefits except:A) eliminating inflation.B) reducing the government's incentive to produce surprise inflation.C) encouraging financial innovation.D) eliminating inflation risk.80. If the government levies a one-time temporary tax on the young and gives the proceedsto the elderly, and both generations follow the life-cycle consumption pattern but are not altruistically linked:A) both the young and the old will consume more.B) there will be a net increase in overall consumption.C) there will be a net decrease in overall consumption.D) there will be no change in overall consumption.81. If the government levies a one-time temporary tax on the young and gives the proceedsto the elderly, and both generations follow the life-cycle consumption pattern and arealtruistically linked:A) both the young and the old will consume more.B) there will be a net increase in overall consumption.C) there will be a net decrease in overall consumption.D) there will be no change in overall consumption.82. If an individual should subtract the present value of future tax obligations due to thegovernment deficit from his or her disposable income, this situation suggests that, inaggregate analysis, the government deficit should be subtracted from disposable income.That is, instead of C = a + b(Y –T), we should use: C = a + b((Y –T – (G –T)), or = a + b(Y –G).a. Using this consumption function and the further relations:I = IG = GT = TY = C + I + Gwrite the equilibrium equation determining Y as a function of a, I, G, and T.b. If b equals 0.5, what are the numerical values of the multipliers for I, G, and T, respectiv83. Compare the traditional view versus the view of Ricardian equivalence of the effects ofa debt-financed tax cut on:a. national saving,b. current consumption, andc. the real interest rate.84. Many people are concerned about the budget deficit of the U.S. federal government.Suggest at least three possible negative economic effects of a budget deficit and threepossible economic benefits of a budget deficit.85. The U.S. Treasury reports the budget deficit or surplus of the federal government. Giveat least one reason why the measured budget deficit might overstate the “true” deficitand at least one reason the measured figure might understate the “true” deficit.86. Explain how tax cuts can affect both aggregate demand and aggregate supply.87. What is Ricardian equivalence? Give at least three reasons why Ricardian equivalencemight not correctly describe an economy.88. Countries seeking to adopt the euro as their currency must meet certain criteria,including the requirements to keep their government budget deficit equal to 3 percent or less of GDP, and to hold government debt levels below 60 percent of GDP. Discuss why there are fiscal policy criteria for joining a monetary union.89. Graphically illustrate the traditional view of the short-run impacts of a debt-financed taxcut on:a. interest rates and output in a closed economy in the short run, using the IS–LM model.b. exchange rates and output in a small open economy with a flexible exchange rate in therun, using the Mundell–Fleming model.90. Graphically illustrate the traditional view of the long-run impacts of a debt-financed taxcut on :a. saving, investment, and real interest rate using the classical model (Chapter 3).b. steady state capital per worker and output per worker using the Solow growth model.91. Using the model of aggregate demand–aggregate supply to illustrate the traditionalview, graphically compare the short-run and long-run impact of debt-financed tax cuts on:a. output,b. prices.92. War is the generator of debt burden for countries. How does war generate debt for acountry?。
《宏观经济学》学习指导（2007年2月第四版）南京审计学院经济学院西方经济学教研室目录第一部分《宏观经济学》教学辅导第二部分习题第十二章国民收入核算第十三章简单国民收入决定理论第十四章产品市场和货币市场的一般均衡第十五、十六章宏观经济政策分析与实践第十七章总需求——总供给模型第十八章失业与通货膨胀第十九、二十章开放经济条件下的宏观经济学第二十一章经济增长和经济周期理论第二十二章新古典宏观经济学与新凯恩斯主义经济学第三部分习题参考答案第一部分《宏观经济学》教学辅导一、课程概述（一）课程属性及课程介绍宏观经济学是财经类院校经济学类和工商管理类专业本科生学科共同课，是一门研究经济总体行为的经济学科，由宏观经济理论和宏观经济政策两部分组成。
宏观经济理论以国民收入决定理论为核心，分析产出、消费、储蓄、投资、物价水平、利率、货币需求和货币供给等经济变量之间的关系，探讨经济增长、经济周期、失业和通货膨胀等宏观经济学问题；宏观经济政策以理论研究为依据，主要分析政府财政货币政策的目标、工具、机制和效应。
本课程的体系安排以凯恩斯主义宏观经济理论为主体框架，并且融合新古典宏观经济学、新凯恩斯主义经济学和新增长理论。
由于宏观经济计量模型以及案例分析的广泛运用，通过本课程的学习，将为进一步学习其它经济学课程建立理论基础，而且能够掌握宏观经济学分析工具，用来认识和理解现实中的宏观经济，尤其是中国宏观经济。
总体上说，宏观经济学可大体分为五个部分：第一部分即第一章。
第一章包含两部分内容：一是宏观经济学概述，介绍宏观经济学与微观经济学的关系，宏观经济学的形成、发展，以及宏观经济运行模型、研究对象与框架结构。
二是介绍国民收入及其核算理论，以及国民收入核算中的重要恒等式。
第二部分包括第二、三、四、五、六章，主要介绍凯恩斯主义宏观经济学的国民收入决定理论。
其中，第二、三、四、五章是总需求分析模型，这一分析是凯恩斯主义的基本方法，它假定总供给存在过剩或资源没有得到充分利用，或者说在需求变化时价格水平可以保持不变，所以总供给也就不能成为国民收入的制约力量；第六章是引入总供给后的国民收入决定理论，由于价格水平既定不变的假定并不符合实际，这就严重地制约了总需求分析的解释能力，因此就有必要研究总需求与总供给共同决定国民收入的模型。
、概念辨析1 •国内生产总值（GDP）与国民生产总值（GNP ）2．政府支出与政府购买3．国民生产总值与国民收入4．消费者价格指数与 GDP 消胀指数5．固定汇率制与可变汇率制6．预算盈余与充分就业预算盈余7．真实汇率与购买力平价8．经常账户与资本账户9 •商品市场均衡曲线（IS）与货币市场均衡曲线（LM）10 ．边际消费倾向与边际储蓄倾向1 1 ．法定贬值与真实贬值1 2 ．凯恩斯消费理论与 LC-PIH 消费理论、简述题（图解题）1 、恒等式“储蓄等于投资” （如果是四部门经济则为“国民储蓄等于国民投资” ）在传统意义上很好理解，比如你把钱存银行，银行贷款给企业投资。
那么假设人把钱放枕头底下，该恒等式还成立吗？2. 如果甲乙两个国家合并成一个国家，对 GDP 总和会有什么影响（假定两国产出不变）？3．在实行累进税制的国家，比例所得税为何能对经济起到自动稳定器的作用？4．写出现代菲利普斯曲线方程，配以图形简述其如何解释经济中的滞胀现象？5．货币需求对利率的弹性越大，货币政策就越无效的判断是否正确6．政府采购支出增加一定会挤出私人投资和导致通货膨胀吗？7．古典学派和凯恩斯主义的总供给观点各自基于怎样的假定前提以及适合在什么情况下分析宏观经济问题？8．在国民收入核算中， Y C I G NX ；在均衡收入的决定中，只有当 Y AD 时， Y CI G NX 才会成立。
这是否存在矛盾，并请说明理由。
9 ．名义货币存量的增加使 AD 曲线上移的程度恰恰与名义货币增加的程度一致，为什么？10 .封闭经济中的IS曲线和开放经济中的IS曲线哪一个更陡峭？11 •贸易伙伴收入提高、本国货币真实贬值将对本国IS曲线产生何种影响？1 2 .凯恩斯学派认为货币政策的传递机制包含哪些环节？最主要的环节是什么？13 .经济处于充分就业状态。
若政府要改变需求构成，从消费转向投资，但不允许超过充分就业水平。
需要采取何种形式的政策组合？运用IS—LM 模型进行分析。
一、概念辨析1．真实GDP 与潜在GDP2．国内生产总值（GDP）与国民生产总值（GNP）3、消费者价格指数（CPI）与生产者价格指数（PPI）4．固定汇率制与可变汇率制5．预算盈余与充分就业预算盈余6．真实汇率与购买力平价7．经常账户与资本账户8．商品市场均衡曲线（IS）与货币市场均衡曲线(LM)9．边际消费倾向与边际储蓄倾向10．法定贬值与真实贬值二、简述题（图解题）1．在实行累进税制的国家，比例所得税为何能对经济起到自动稳定器的作用？2．写出现代菲利普斯曲线方程，配以图形简述其如何解释经济中的滞胀现象？3．货币需求对利率的弹性越大，货币政策就越无效的判断是否正确?4．政府采购支出增加一定会挤出私人投资和导致通货膨胀吗？5、古典学派和凯恩斯主义的总供给观点各自基于怎样的假定前提以及适合在什么情况下分析宏观经济问题？6．在国民收入核算中，NX+≡；在均衡收入的决定中，只有当ADY++GICY=时，NX++=才会成立。
这是否存在矛盾，并请说明理由。
GICY+7、名义货币存量的增加使AD曲线上移的程度恰恰与名义货币增加的程度一致，为什么？8、封闭经济中的IS曲线和开放经济中的IS曲线哪一个更陡峭。
9．贸易伙伴收入提高、本国货币真实贬值将对本国IS曲线产生何种影响？10、凯恩斯学派认为货币政策的传递机制包含哪些环节？最主要的环节是什么？11、经济处于充分就业状态。
若政府要改变需求构成，从消费转向投资，但不允许超过充分就业水平。
需要采取何种形式的政策组合？运用IS—LM模型进行分析。
12、考虑两种紧缩方案，一种是取消投资补贴；另一种是提高所得税率。
运用IS—LM模型分析两种政策对收入、利率与投资的影响。
13、利用IS—LM模型分析价格沿AD曲线变动，利率会发生什么变化？14、利用IS—LM模型分析在固定汇率、资本完全流动的情况下，一国为何无法采用独立的货币政策？三、计算题1、在以下列函数描述的经济体中，考察税收对均衡收入决定的作用。
宏观经济学最新题库(带答案版)————————————————————————————————作者：————————————————————————————————日期：第十二章国民收入核算一、名词解释1.国内生产总值（GDP）：经济社会（一国或一个地区）在一定时期（通常指一年）内使用生产要素生产的全部最终产品（物品或劳务）的市场价值。
2. 国民收入（NI）：从国内生产总值中扣除间接税和企业转移支付加政府补助金，就得到一国生产要素在一定时期内提供生产性服务所得报酬即工资、利息、利润和租金的总和意义上的国民收入。
3.个人可支配收入：从个人收入中扣除向政府缴纳的税金，即得个人可支配收入。
人们可以用来消费和储蓄的收入。
4.国民生产总值：是一个国民概念，指一国国民所拥有的全部生产要素在一定时期内生产的最终产品的市场价值。
5.实际国内生产总值：用从前某一年作为基期价格计算出来的全部最终产品的市场价值。
6.GDP折算指数：是名义的GDP和实际的GDP的比率。
7.最终产品：在一定时期内生产的并由其最后使用者购买的产品和劳务。
二、判断题1. 宏观经济学以收入分析中心，故又可称收入理论。
√2. GDP被定义为经济社会在一定时期内运用生产要素所生产的全部产品的市场价值。
×3. 一个在日本工作的美国公民的收入是美国GDP的一部分，也是日本GNP的一部分。
×4. GDP中扣除资本折旧，就可以得到NDP。
√5. 2012年我国城镇居民个人可支配收入为200543元，它是人们可用来消费或储蓄的收入。
√6. 四部门经济的投资储蓄恒等式为I=S+（T-G）+（M-X+Kr）。
√7. GDP折算指数是实际GDP与名义GDP的比率。
×8. 国民收入核算体系将GDP作为核算国民经济活动的核心指标。
√9. 政府转移支付应计入国内生产总值GDP 中。
×10. 若某企业年生产50万＄的产品，只销售掉40万＄的产品，则当年该企业所创造的GDP为40万＄。
Name：__________________________ Date：_____________1。
The Solow growth model describes:A）how output is determined at a point in time。
B）how output is determined with fixed amounts of capital and labor。
C)how saving， population growth, and technological change affectoutput over time.D)the static allocation， production, and distribution of theeconomy's output。
2。
Unlike the long—run classical model in Chapter 3, the Solow growth model：A)assumes that the factors of production and technology are thesources of the economy's output.B）describes changes in the economy over time.C)is static。
D)assumes that the supply of goods determines how much output isproduced。
3.In the Solow growth model, the assumption of constant returns to scalemeans that:A)all economies have the same amount of capital per worker.B)the steady—state level of output is constant regardless of thenumber of workers。
宏观经济学试题库一、判断题（每题1分）1、如果市场利率低于均衡利率，人们就会卖出有价证券。
（√）2、如果市场利率低于均衡利率，人们就会买入有价证券。
（×）3、某公司生产的汽车多卖出去一些比少卖一些时GDP要增多一些。
（×）4、某国对实际货币余额需求减少，可能是由于利率上升。
（√）5、货币交易需求曲线的变动导致LM曲线反方向变动。
（×）6、货币投机需求曲线的变动导致LM曲线同方向变动。
（×）7、一般物价水平不影响货币需求。
（×）8、货币需求对利率越敏感，即货币需求的利率系数越大，货币政策的效果越大。
（×）9、货币供给的减少会使LM曲线向左方移动。
（√）10、货币乘数是银行所创造的货币量与最初存款的比例。
（×）11、有通货漏出的货币乘数要小于简单的货币乘数。
（√）12、净投资不可能是负数。
（×）13、总投资不可能是负数。
（√）14、LM曲线越陡，财政政策的效力就越小。
（√）15、LM曲线平坦，IS曲线越垂直，则增加货币供给不会影响均衡收入（√）16、LM曲线右移且IS曲线斜率不变时，LM曲线越陡，货币政策效果越大。
（√）17、LM曲线为一条水平线时，扩张性货币政策没有效应，财政政策对实际国民生产总值的影响最大。
（√）18、在LM曲线斜率不变的情况下，IS曲线的弹性小，则财政政策的效果差。
（×）19、在LM曲线上任何一点，利率与实际国民生产总值的结合都实现了货币需求等于货币供给。
（√）20、在物价水平不变时，中央银行在公开市场上购买政府债券使LM曲线向右方移动。
（√）21、若IS斜率曲线不变， LM曲线越陡峭，财政政策效果越大。
（×）22、当IS曲线右移且LM曲线斜率不变时，IS曲线越陡，财政政策效果越小。
（×）23、给定总产出不变，当政府支出增加时，IS曲线将向左下方移动。
（×）24、如果净税收增加10亿元，会使IS曲线左移税收乘数乘以10亿元。
3.《宏观经济学》模拟题库（一）《宏观经济学》题库（一）师说教育集团考试教学团队编录国民收入核算理论一.选择题：1.下列四种产品中应该记入当年国内生产总值的是：（）。
A .当年生产的一辆汽车；B.去年生产而今年销售出去的汽车；C.某人去年收购而在今年专售给他人的汽车；D.一台报废的汽车。
2.在下列四种情况中应该记入当年国内生产总值的是：( )。
A .用来生产面包的面粉；B.农民生产的小麦；C.粮店为居民加工的面条D. 粮店为居民加工的面条消耗的电。
3.政府购买支出是指：（）。
A .政府购买各种产品和劳务的支出 B.政府购买各种产品的支出 C.政府购买各种劳务的支出D. 政府的转移支付。
4.国内生产总值中的最终产品是指：( )。
A .有形的产品；B.无形的产品；C.既包括有形的产品，也包括无形的产品；D.自产的可用的农产品。
5.按支出法，应计入私人国内总投资的项目是：( )。
A .个人购买的小汽车；B.个人购买的游艇；C.个人购买的服装；D.个人购买的住房。
6.国民收入核算中，最重要的是核算：( )。
A .国民收入；B.国内生产总值；C.国民生产净值；D.个人可支配收入。
7.国内生产净值与国民收入的差是：( )。
A .间接税；B.直接税；C. 折旧；D.公司未分配利润。
8.国内生产总值与国内生产净值之间的差是：( )。
A .间接税；B.直接税；C.折旧额D. 个人所得税。
9.下面不属于流量的是：( )。
A .净出口；B.折旧；C.转移支付；D.国家债务。
10.社会保障支出属于( )。
A .政府购买支出；B.转移支付；C.税收；D.消费。
11.对政府雇员支付的报酬属于( )。
A .政府购买支出；B.转移支出；C.税收；D.消费。
12.下面不属于国民收入部分的是( )。
A .租金收入；B.福利支付；C.工资；D.利息。
13.如果xx年底的物价指数是128，xx年底的物价指数是134，那么，1988年的通胀率是( )。
Name: __________________________ Date: _____________1. Economists use the term money to refer to:A) income.B) profits.C) assets used for transactions.D) earnings from labor.2. Macroeconomists call assets used to make transactions:A) real income.B) nominal income.C) money.D) consumption.3. All of the following are considered major functions of money except as a:A) medium of exchange.B) way to display wealth.C) unit of account.D) store of value.4. People use money as a store of value when they:A) hold money to transfer purchasing power into the future.B) use money as a measure of economic transactions.C) use money to buy goods and services.D) hold money to gain power and esteem.5. People use money as a unit of account when they:A) hold money to transfer purchasing power into the future.B) use money as a measure of economic transactions.C) use money to buy goods and services.D) hold money to gain power and esteem.6. People use money as a medium of exchange when they:A) hold money to transfer purchasing power into the future.B) use money as a measure of economic transactions.C) use money to buy goods and services.D) hold money to gain power and esteem.7. When a pizza maker lists the price of a pizza as $10, this is an example of using moneyas a:A) store of value.B) unit of account.C) medium of exchange.D) flow of value.8. Money's liquidity refers to the ease with which:A) coins can be melted down.B) illegally obtained money can be laundered.C) loans can be floated.D) money can be converted into goods and services.9. To make a trade in a barter economy requires:A) currency.B) a check.C) scrip.D) a double coincidence of wants.10. Money that has no value other than as money is called ______ money.A) fiatB) intrinsicC) commodityD) government11. A country that is on a gold standard primarily uses:A) commodity money.B) fiat money.C) credit money.D) the barter system.12. In prisoner of war camps during World War II, the “currency” used was:A) chocolates.B) cigarettes.C) gold.D) IOUs.13. An important factor in the evolution of commodity money to fiat money is:A) a desire to reduce transaction costs.B) a desire to increase transaction costs.C) the fact that gold is no longer highly valued.D) a desire to use gold for jewelry.14. The use of fei as money on the island of Yap illustrates the idea of money as a socialconvention because:A) only fei physically in the possession of the owner is accepted in transactions.B) legal claim to a fei never seen by current generations was accepted in transactions.C) the central bank of Yap accepts fei in exchange for paper certificates.D) the government of Yap verifies the authenticity of fei used for transactions.15. In a country on a gold standard, the quantity of money is determined by the:A) government.B) central bank.C) amount of gold.D) buying and selling of government securities.16. The quantity of money in the United States is essentially controlled by the:A) President of the United States.B) Department of the Treasury.C) Federal Reserve.D) system of commercial banks.17. The central bank in the United States is the:A) Bank of America.B) U.S. Treasury.C) U.S. National Bank.D) Federal Reserve.18. In the United States, monetary policy is controlled by:A) the President.B) the Congress.C) the Federal Reserve.D) the Treasury Department.19. To increase the money supply, the Federal Reserve:A) buys government bonds.B) sells government bonds.C) buys corporate stocks.D) sells corporate stocks.20. To reduce the money supply, the Federal Reserve:A) buys government bonds.B) sells government bonds.C) creates demand deposits.D) destroys demand deposits.21. Open-market operations are:A) Commerce Department efforts to open foreign markets to international trade.B) Federal Reserve purchases and sales of government bonds.C) Securities and Exchange Commission rules requiring open disclosure of markettrades.D) Treasury Department purchases and sales of the U.S. gold stock.22. Currency equals:A) M1.B) the sum of funds in checking accounts.C) the sum of checking accounts and paper money.D) the sum of coins and paper money.23. Demand deposits are funds held in:A) currency.B) certificates of deposit.C) checking accounts.D) money markets.24. All of the following assets are included in M1 except:A) currency.B) demand deposits.C) traveler's checks.D) money market deposit accounts.25. Money market mutual fund shares are included in:A) M1 only.B) M2 only.C) both M1 and M2.D) neither M1 nor M2.26. Credit card balances are included in:A) M1 only.B) M2 only.C) both M1 and M2.D) neither M1 nor M2.27. Checking account balances that are linked to debit cards are included in:A) M1.B) M2 only.C) both M1 and M2.D) neither M1 nor M2.28. Credit cards:A) are part of the M1 money supply.B) are part of the M2 money supply.C) are part of both the M1 and M2 money supply.D) do not affect the money supply.29. Payment is deferred by using _______, but immediate access to funds occurs whenusing ______.A) currency; demand depositsB) credit cards; debit cardsC) demand deposits; savings depositsD) debit cards; credit cards30. In the United States, the money supply is determined:A) only by the Fed.B) only by the behavior of individuals who hold money and of banks in which moneyis held.C) jointly by the Fed and by the behavior of individuals who hold money and of banksin which money is held.D) according to a constant-growth-rate rule.31. The money supply consists of:A) currency plus reserves.B) currency plus the monetary base.C) currency plus demand deposits.D) the monetary base plus demand deposits.32. Bank reserves equal:A) gold kept in bank vaults.B) gold kept at the central bank.C) currency plus demand deposits.D) deposits that banks have received but have not lent out.33. In the United States, bank reserves consist of:A) currency and demand deposits.B) vault cash and deposits at the Federal Reserve.C) gold deposits at the Federal Reserve.D) the money supply.34. Assets of banks include:A) money market mutual funds.B) currency in the hands of the public.C) loans to customers.D) demand deposits.35. Liabilities of banks include:A) reserves.B) currency in the hands of the public.C) loans to customers.D) demand deposits.36. In a system with 100-percent-reserve banking:A) all banks must hold reserves equal to 100 percent of their loans.B) no banks can make loans.C) the banking system completely controls the size of the money supply.D) no banks can accept deposits.37. In a 100-percent-reserve banking system, if a customer deposits $100 of currency into abank, then the money supply:A) increases by $100.B) decreases by $100.C) increases by more than $100.D) remains the same.38. In a 100-percent-reserve banking system, banks:A) can increase the money supply.B) can decrease the money supply.C) can either increase or decrease the money supply.D) cannot affect the money supply.39. In a system with fractional-reserve banking:A) all banks must hold reserves equal to a fraction of their loans.B) no banks can make loans.C) the banking system completely controls the size of the money supply.D) all banks must hold reserves equal to a fraction of their deposits.40. Banks create money in:A) a 100-percent-reserve banking system but not in a fractional-reserve bankingsystem.B) a fractional-reserve banking system but not in a 100-percent-reserve bankingsystem.C) both a 100-percent-reserve banking system and a fractional-reserve bankingsystem.D) neither a 100-percent-reserve banking system nor a fractional-reserve bankingsystem.41. If there is no currency and the proceeds of all loans are deposited somewhere in thebanking system and if rr denotes the reserve–deposit ratio, then the total money supply is:A) reserves divided by rr.B) 1/rr.C) reserves times rr.D) reserves divided by (1 – rr).42. In a fractional-reserve banking system, banks create money when they:A) accept deposits.B) make loans.C) hold reserves.D) exchange currency for deposits.43. In a fractional-reserve banking system, banks create money because:A) each dollar of reserves generates many dollars of demand deposits.B) banks have the legal authority to issue new currency.C) funds are transferred from households wishing to save to firms wishing to borrow.D) the wealth of the economy expands when borrowers undertake new debtobligations.44. The difference between banks and other financial intermediaries is that only banks havethe legal authority to:A) transfer funds from savers to borrowers.B) pay interest on debt obligations.C) manage portfolios of assets.D) create assets that are part of the money supply.45. Financial intermediation is the process of:A) settling disputes between borrowers and lenders.B) advising corporations on whether to expand using debt or equity.C) transferring funds from savers to borrowers.D) converting from a barter economy to a money economy.46. The banking system creates:A) liquidity.B) wealth.C) reserves.D) currency.47. The value of banks' owners' equity is called bank:A) deposits.B) reserves.C) capital.D) liquidity.48. A bank balance sheet consists of only the following items:Deposits $1,000Reserves $100Securities $400Debt $500Loans $2,000What is the value of bank capital?A) –$1,000B) +$500C) +$1,000D) +$1,50049. The minimum amount of owners' equity in a bank mandated by regulators is called a_____ requirement.A) reserveB) marginC) liquidityD) capital50. The use of borrowed funds to supplement existing funds for purposes of investment iscalled:A) arbitrage.B) leverage.C) convergence.D) intermediation.Use the following to answer questions 51-53:51. (Table: Bank Balance Sheet) Based on the table, what is the leverage ratio at the bank?A) 3B) 4.67C) 5D) 1052. (Table: Bank Balance Sheet) Based on the table, what is the reserve-deposit ratio at thebank?A) 3 percentB) 5 percentC) 10 percentD) 15 percent53. (Table: Bank Balance Sheet) Based on the table, owners' equity will fall to zero if loandefaults reduce the value of total assets by _____ percent.A) 10B) 20C) 30D) 4054. The amount of capital that banks are required to hold depends on the:A) amount of deposits held at a bank.B) riskiness of the bank's assets.C) reserve requirements set by the Fed.D) level of deposit insurance coverage.55. The monetary base consists of:A) currency held by the public, plus reserves held by banks.B) all outstanding currency, plus reserves held by banks.C) all outstanding currency, plus demand deposits.D) all bank reserves.56. The size of monetary base is determined by:A) the Federal Reserve.B) the Federal Reserve and banks.C) preferences of households about the form of money they wish to hold.D) business policies of banks and the laws regulating banks.57. If currency held by the public equals $100 billion, reserves held by banks equal $50billion, and bank deposits equal $500 billion, then the monetary base equals:A) $50 billion.B) $100 billion.C) $150 billion.D) $600 billion.58. If currency held by the public equals $100 billion, reserves held by banks equal $50billion, and bank deposits equal $500 billion, then the money supply equals:A) $100 billion.B) $150 billion.C) $600 billion.D) $650 billion.59. The reserve–deposit ratio is determined by:A) the Federal Reserve.B) business policies of banks and the laws regulating banks.C) preferences of households about the form of money they wish to hold.D) the Federal Deposit Insurance Corporation (FDIC).60. The currency–deposit ratio is determined by:A) the Federal Reserve.B) business policies of banks and the laws regulating banks.C) preferences of households about the form of money they wish to hold.D) the Federal Deposit Insurance Corporation (FDIC).61. The preferences of households determine the:A) reserve–deposit ratio.B) currency–deposit ratio.C) size of the monetary base.D) loan–deposit ratio.62. If the monetary base is denoted by B, rr is the ratio of reserves to deposits, and cr is theratio of currency to deposits, then the money supply is equal to ______ divided by______ multiplied by B.A) (rr + 1); (rr + cr)B) (cr + 1); (cr + rr)C) (rr + cr); (rr + 1)D) (rr + cr); (cr + 1)63. The ratio of the money supply to the monetary base is called:A) the currency–deposit ratio.B) the reserve–deposit ratio.C) high-powered money.D) the money multiplier.64. High-powered money is another name for:A) currency.B) demand deposits.C) the monetary base.D) M2.65. If the ratio of reserves to deposits (rr) increases, while the ratio of currency to deposits(cr) is constant and the monetary base (B) is constant, then:A) it cannot be determined whether the money supply increases or decreases.B) the money supply increases.C) the money supply decreases.D) the money supply does not change.66. If the ratio of currency to deposits (cr) increases, while the ratio of reserves to deposits(rr) is constant and the monetary base (B) is constant, then:A) it cannot be determined whether the money supply increases or decreases.B) the money supply increases.C) the money supply decreases.D) the money supply does not change.67. The money supply will increase if the:A) currency–deposit ratio increases.B) reserve–deposit ratio increases.C) monetary base increases.D) discount rate increases.68. The money supply will decrease if the:A) monetary base increases.B) currency–deposit ratio increases.C) discount rate decreases.D) reserve–deposit ratio decreases.69. If the reserve–deposit ratio is less than one, and the monetary base increases by $1million, then the money supply will:A) increase by $1 million.B) decrease by $1 million.C) increase by more than $1 million.D) decrease by more than $1 million.70. If the currency–deposit ratio equals 0.5 and the reserve–deposit ratio equals 0.1, then themoney multiplier equals:A) 0.6.B) 1.67.C) 2.0.D) 2.5.71. If the monetary base equals $400 billion and the money multiplier equals 2, then themoney supply equals:A) $200 billion.B) $400 billion.C) $800 billion.D) $1,000 billion.72. When the Fed makes an open-market sale, it:A) increases the money multiplier (m).B) increases the currency–deposit ratio (cr).C) increases the monetary base (B).D) decreases the monetary base (B).73. If you hear in the news that the Federal Reserve conducted open-market purchases, thenyou should expect ______ to increase.A) reserve requirementsB) the discount rateC) the money supplyD) the reserve–deposit ratio74. When the Federal Reserve conducts an open-market purchase, it buys bonds from the:A) public.B) U.S. Treasury.C) Internal Revenue Service.D) International Monetary Fund.75. For borrowing from the discount window, the Fed sets the _____ of borrowing,compared to borrowing using the Term Auction Facility, where the Fed sets the _____ of borrowing.A) maximum quantity; minimum quantityB) minimum price; maximum priceC) quantity; priceD) price; quantity76. When banks borrow through the Term Auction Facility, the price of borrowing isdetermined by:A) the Federal Reserve.B) a competitive bidding process.C) the difference between the discount rate and the interest rate on three-monthTreasury securities.D) open-market operations.77. The more funds that the Federal Reserve makes available for banks to borrow throughthe Term Auction Facility, the _____ the monetary base and the _____ the moneysupply.A) smaller; smallerB) smaller; greaterC) greater; greaterD) greater; smaller78. Two ways for banks to borrow reserves from the Federal Reserve are through:A) the discount window and the Term Auction Facility.B) open-market operations and excess reserve swaps.C) decreasing the reserve–deposit ratio and decreasing the currency–deposit ratio.D) fractional-reserve banking and financial intermediation.79. When the Fed decreases the interest rate paid on reserves, it:A) increases the reserve–deposit ratio (rr).B) decreases the reserve–deposit ratio (rr).C) increases the monetary base (B).D) decreases the monetary base (B).80. When the Fed decreases the interest rate paid on reserves, if the ratio of currency todeposits decreases also while the monetary base is constant, then:A) it cannot be determined whether the money supply increases or decreases.B) the money supply increases.C) the money supply decreases.D) the two changes exactly offset each other.81. When the Fed increases the discount rate, it:A) increases the reserve to deposit ratio (rr).B) decreases the reserve to deposit ratio (rr).C) is likely to increase the monetary base (B)D) is likely to decrease the monetary base (B).82. The interest rate charged on loans by the Federal Reserve to banks is called the:A) federal funds rate.B) prime rate.C) discount rate.D) Treasury bill rate.83. When the Fed increases the interest rate paid on reserves, it:A) increases the reserve–deposit ratio (rr).B) decreases the reserve–deposit ratio (rr).C) increases the monetary base (B).D) decreases the monetary base (B).84. If the Federal Reserve wishes to increase the money supply, it should:A) decrease the discount rate.B) increase interest paid on reserves.C) sell government bonds.D) decrease the monetary base.85. The most frequently used tool of monetary policy is:A) open-market operations.B) changes in the discount rate.C) changes in reserve requirements.D) changes in interest rate paid on reserves86. To increase the monetary base, the Fed can:A) conduct open-market purchases.B) conduct open-market sales.C) raise the interest rate paid on reserves.D) lower the required reserve ratio.87. To increase the money multiplier, the Fed can:A) conduct open-market purchases.B) conduct open-market sales.C) raise the interest rate paid on reserves.D) lower the interest rate paid on reserves.88. If the Federal Reserve increases the interest rate paid on reserves, banks will tend tohold _____ excess reserves, which will _____ the money multiplier.A) more; increaseB) more; decreaseC) fewer; increaseD) fewer; decrease89. Open-market operations change the ______; changes in interest rate paid on reserveschange the ______; and changes in the discount rate change the ______.A) monetary base; monetary base; monetary baseB) money multiplier; money multiplier; money multiplierC) monetary base; money multiplier; monetary baseD) money multiplier; monetary base; money multiplier90. Excess reserves are reserves that banks keep:A) in their vaults.B) at the central bank.C) to meet legal reserve requirements.D) above the legally required amount.91. Quantitative easing is most closely akin to:A) discount lending.B) open-market operations.C) fractional-reserve banking.D) capital requirements.92. Compared to typical open-market operations, when pursuing quantitative easing,Federal Reserve purchases tended to be _____ securities.A) safer and shorter-termB) tax-favored and foreignC) smaller-denomination and higher-gradeD) riskier and longer-term93. The quantitative easing operations conducted by the Federal Reserve between 2007 and2011 resulted in _____ increases in the monetary base and _____ increases in money supply.A) no; noB) large; largerC) large; smallerD) small; smaller94. The quantitative easing policy conducted by the Federal Reserve between 2007 and2011 resulted in a large increase in the monetary base that was partially offset by:A) a significant increase in the reserve–deposit ratio.B) a significant decrease in the reserve–deposit ratio.C) open-market purchases.D) open-market sales.95. To prevent banks from using excess reserves to make loans that would increase themoney supply, the Federal Reserve could conduct open-market ______ and _____ the interest rate paid on bank reserves.A) purchases; raiseB) purchases; lowerC) sales; raiseD) sales; lower96. Between August 1929 and March 1933, the money supply fell 28 percent. At that timethe monetary base ______ and the currency–deposit and reserve–deposit ratios both ______.A) fell; fellB) fell; roseC) rose; fellD) rose; rose97. If many banks fail, this is likely to:A) increase the ratio of currency to deposits.B) decrease the ratio of currency to deposits.C) have no effect on the ratio of currency to deposits.D) decrease the amount of currency in circulation, if the Fed takes no action.98. If many banks fail, this is likely to:A) cause surviving banks to lower their ratios of reserves to deposits.B) cause surviving banks to raise their ratios of reserves to deposits.C) have no effect on the ratio of reserves to deposits in surviving banks.D) cause surviving banks to hold less currency.99. In 1932, the U.S. government imposed a two-cent tax on checks written on deposits inbank accounts. This action would be expected to ______ the currency–deposit ratio and ______ the money supply.A) increase; increaseB) increase; decreaseC) decrease; increaseD) decrease; decrease100. If the monetary base fell and the currency–deposit ratio rose but the reserve–deposit ratio remained the same, then:A) the money supply would fall, but not by as much as it would have fallen if thereserve–deposit ratio had risen.B) the money supply would fall, but not by as much as it would have fallen if thereserve–deposit ratio had fallen.C) the money supply would fall more than it would have fallen if the reserve–depositratio had risen.D) it is impossible to be certain whether the money supply would fall or rise in thiscase.101. Assume that the monetary base (B) is $100 billion, the reserve–deposit ratio (rr) is 0.1, and the currency–deposit ratio (cr) is 0.1.a. What is the money supply?b. If rr changes to 0.2, but cr is 0.1 and B is unchanged, what is the money supply?c. If rr is 0.1 and cr is 0.2, but B is unchanged, what is the money supply?102. As the U.S. economy approached the millennium, January 1, 2000, many people cautiously began to hold larger than normal quantities of currency as protection againsta possible disruption of banking services that could result from computer glitches.a. How did this greater preference for currency affect the money supply?b. How could the Federal Reserve offset such an increase in currency preferences? 103. The Federal Reserve's tools to control the money supply include: open-market operations, the discount rate, and interest payments on reserves.a. How should each instrument be changed if the Fed wishes to decrease the money supplyb. Will the change affect the monetary base and/or the money multiplier?104. Some economists have advocated replacing government deposit insurance with 100-percent- reserve banking. Under this plan, banks would hold all deposits asreserves. Deposit insurance would no longer be necessary, because banks would always have the reserves to meet customer withdrawals.a. What would happen to the money supply (defined as currency and bank deposits) in thetransition from fractional-reserve to 100-percent-reserve, if this plan were implemented,holding other factors constant?b. What will be the value of the money multiplier?105. Why does the Federal Reserve not have complete control over the size of the money supply? Give at least two reasons.106. Construct a bank balance sheet with the following items: reserves, deposits, loans, securities, capital, and debt. Choose values so that the reserve–deposit ratio is 10 percent and the leverage ratio is 10. Give an example of a change in asset values that wouldpush bank capital to zero. What happens when bank capital is gone?107. As the 2008–2009 financial crisis unfolded, one major U.S. bank had a leverage ratio of54. In Canada regulators put a ceiling on bank leverage ratios of 20. Compare thechange in asset values that would push the capital in the U.S. bank to zero with thechange required to eliminate capital in a Canadian bank at the ceiling-leverage ratio.What is the implication of the differences in maximum leverage ratios for the stability of the banking system?108. Economists occasionally speak of “helicopter money” as a short-hand approach to explaining increases in the money supply. Suppose the Chairman of the Federal Reserve flies over the country in a helicopter dropping 10,000,000 in newly printed $100 bills (atotal of $1 billion). By how much will the money supply increase if, holding everythingelse constant:a. all of the new bills are held by the public?b. all of the new bills are deposited in banks that choose to hold 10 percent of their depositreserves (and no one in the economy holds any currency)?c. all of the new bills are deposited in banks that practice 100-percent-reserve banking?d. people in the economy hold half of their money as currency and half as deposits, while bchoose to hold 10 percent of their deposits as reserves?109. A macroeconomist threatens to call the Secret Service to have Mr. Biggy Rich arrested for counterfeiting because Mr. Rich claims he “makes a lot of money.”a. Carefully explain why the macroeconomist is making this threat based on themacroeconomic definition of money. Be sure to explain the macroeconomic functions omoney.b. Suggest an alternative phrase that Mr. Rich can use that will not result in a charge ofcounterfeiting.110. Explain at least three factors that will affect the quantity of reserves that a bank wishes to hold.111. The development of fiat money is quite perplexing, as people began to value something that is intrinsically useless. Explain why fiat money came into use.112. John withdraws $100 from his checking account and deposits it in his saving account.What will be the effect of this transaction on different measures of money, i.e. C, M1, and M2?113. How do credit card transactions affect the measurement of money?114. The monetary base of Moneyland is $500 million. The current-deposit ratio (cr) is 0.2 and reserve-deposit ratio (rr) is 0.2. Calculate the money multiplier and money supply.115. How much effect do the purchase and sale of bonds through open-market operations have on the money supply?116. “Some economists believe that the large decline in the money supply was the primary cause of the Great Depression of the 1930s.” Explain how this can be the case.117. Why can the Federal Reserve not control the money supply with complete accuracy?118. What is the effect of the following on the money supply?a. Increase in currency-deposit ratio, keeping all other things constantb. Decrease in reserve-deposit ratio, keeping all other things constant119. The table below represents the balance sheet of a bank. What is the leverage ratio of the bank, and what does it mean?。
