) 分分，共每小题 1 30 一、选择题(Gary's Becker proposal to pay mothers in developing countries to keep their children in school has b. 分得not worked very well in practice.评卷人Policies designed to prevent imports from other countries generally increase economic growth.c.All of the above are correct.d.Use the following table to answer the following question. 1．In the United States real GDP is reportednumbers are adjusted to make them annual rates, but no adjustment for b.seasonal variations are made.These numbers are quarterly rates that have been seasonally adjusted. c.Assume that the closing price was also the average price at which each stock transaction took place. WhatThese numbers are at quarterly rates and have not been seasonally adjusted.d.was the total dollar volume of Gillette stock traded that day?The price of CD players increases dramatically, causing a 1 percent increase in the ．2 a. $912,840,000 CPI. The price increase will most likely cause the GDP deflator to increase by b. $91,284,000more than 1 percent. a. c. $9,128,400less than 1 percent. b. d. $912,8401 percent.c.7．Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 2,500 Consumption equals It is impossible to make an informed guess without more information.d.6,500 and Government expenditures equal 2,000. What are private saving, public saving, and national If increases in the prices of U.S. medical care cause the CPI to increase by 2 percent, 3．saving?the GDP deflator will likely increase by a. 1500, 1000, 500more than 2 percent. a. b. 1000, 500, 15002 percent. b. c. 500, 1500, 1000less than 2 percent. c. d. None of the above are correct.All of the above are correct.d.8．Risk-averse people will choose different asset portfolios than people who are not risk averse. Over a longThe traditional view of the production process is that capital is subject to 4．period of time, we would expect thatconstant returns. a. a. every risk-averse person will earn a higher rate of return than every non-risk averse person.increasing returns. b. b. every risk-averse person will earn a lower rate of return than every non-risk averse person.diminishing returns.c. c. the average risk-averse person will earn a higher rate of return than the average non-risk averse diminishing returns for low levels of capital, and increasing returns for highd. person.levels of capital.d. the average risk-averse person will earn a lower rate of return than the average non-risk averse person.Which of the following is correct? ．5Political instability can reduce foreign investment, reducing growth.a. The natural rate of unemployment is the．9．a. unemployment rate that would prevail with zero inflation. d. decreases U.S. net exports and increases Russian net exports.rate associated with the highest possible level of GDP.b. 15．Suppose that the real exchange rate between the United States and Kenya is defined in terms of baskets difference between the long-run and short-run unemployment rates.c. of goods. Which of the following will increase the real exchange rate (that is increase the number of baskets amount of unemployment that the economy normally experiences.d. of Kenyan goods a basket of U.S. goods buys)?a. an increase in the number of Kenyan shillings that can be purchased with a dollar 10．Suppose that the reserve ratio is 5 percent and that a bank has $1,000 in deposits. Itsb. required reserves are an increase in the price of U.S. baskets of goodsc. b.$50.a decrease in the price in Kenyan shillings of Kenyan goods a. $5.d. All of the above are correct.16 d.$950.．Use the (hypothetical) information in the following table to answer the next question. c. $95.Suppose a bank has $200,000 in deposits and $190,000 in loans. It has a reserve11．Country Currency Currency per U.S. Price Country ratio ofU.S. Dollar Index Price Index 5 percent a. BrazilReal 4.00 200 800 9.5 percent b. Japan Yen 125.00 200 50,00010 percentc. Mexico Peso 10.00 200 2,000Sweden Krona 9.00 200 2,000 None of the above is correct.d.ThailandBaht45.002008,000The inflation tax ．12In real terms, U.S. goods are more expensive than goods in which country(ies)? transfers wealth from the government to households. a.a. Brazil and Mexicois the increase in income taxes due to lack of indexation. b.b. Japan, Sweden, and Thailand is a tax on everyone who holds money.c.c. Japan and Sweden All of the above are correct.d.d. Thailand.In 1898, prospectors on the Klondike River discovered gold. This discovery caused ．1317．Which of the following would tend to shift the supply of dollars in foreign-currency exchange market ofan unexpected price levelthe open-economy macroeconomic model to the left? decrease that helped creditors at the expense of debtors. a.a. The exchange rate rises. decrease that helped debtors at the expense of creditors.b.b. The exchange rate falls.increase that helped creditors at the expense of debtors. c.c. The expected rate of return on U.S. assets rises. increase that helped debtors at the expense of creditors.d.d. The expected rate of return on U.S. assets falls.Ivan, a Russian citizen, sells several hundred cases of caviar to a restaurant chain in 14．18．The real exchange rate equals the relative the United States. By itself, this salea. price of domestic and foreign currency. increases U.S. net exports and has no effect on Russian net exports. a.b. price of domestic and foreign goods. increases U.S. net exports and decreases Russian net exports.b.c. rate of domestic and foreign interest. decreases U.S. net exports and has no effect on Russian net exports.c.None of the above is correct.d.19．In the open-economy macroeconomic model, if the supply of loanable funds a. the price level to rise and real GDP to fall.b. increases, the interest rate the price level to fall and real GDP to rise.c. the price level and real GDP both to stay the same. a. and the real exchange rate increase.d. and the real exchange rate decrease.All of the above are possible.b.increases and the real exchange rate decreases. c. 23．Suppose the economy is in long-run equilibrium. In a short span of time, there is a large influx of decreases and the real exchange rate increases.d. skilled immigrants, a major new discovery of oil, and a major new technological advance in electricity question, use the graph below.20．For the following production. In the short run, we would expecta. the price level to rise and real GDP to fall.b. the price level to fall and real GDP to rise.c. the price level and real GDP both to stay the same.d. All of the above are possible.24．According to liquidity preference theory, the money supply curve isa. upward sloping.b. downward sloping.c. vertical.d. horizontal.The initial effect of an increase in the budget deficit in the loanable funds market is25．When the Fed buys government bonds, the reserves of the banking system illustrated as a move froma. increase, so the money supply increases. a tob. a.b. increase, so the money supply decreases. a toc. b.c. decrease, so the money supply increases. c to b. c.d. decrease, so the money supply decreases. c to d.d.26．According to the theory of liquidity preference, an increase in the price level causes the When thegovernment spends more, the initial effect is that ．21 a. interest rate and investment to rise. aggregate demand shifts right. a.b. interest rate and investment to fall. aggregate demand shifts left. b.c. interest rate to rise and investment to fall. aggregate supply shifts right. c.d. interest rate to fall and investment to rise.aggregate supply shifts left.d.27．If the stock market crashes, Suppose the economy is in long-run equilibrium. In a short span of time, there is a ．22 a. aggregate demand increases, which the Fed could offset by increasing the money supply. sharp increase in the minimum wage, a major new discovery of oil, a large influx ofb. aggregate demand increases, which the Fed could offset by decreasing the money supply. immigrants, and new environmental regulations that reduce electricity production. Inc. aggregate demand decreases, which the Fed could offset by increasing the money supply. the short run, we would expectaggregate demand decreases, which the Fed could offset by decreasing the money supply.d.28．If the MPC = 3/5, then the government purchases multiplier is stocks that increase in price one year are more likely to increase than decrease in the next year.5/2. b. a. 5/3. 37．In the United States, blacks and whites have similar labor force participation rates, but blacks have a 15.d.c.5. higher unemployment rate.If the government raises government expenditures, in the short run, prices 29．38．According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that rise and unemployment falls. a. are below the equilibrium level.fall and unemployment rises. b.39．In the months of November and December, people in the United States hold a larger part of their money and unemployment rise. c.in the form of currency because they intend to shop for the holidays. As a result, the money supply and unemployment fall.d.increases, cerise parousia.If the long-run Phillips curve shifts to the left, for any given rate of money growth 30．40．In the 1990s, U.S. prices rose at about the same rate as in the 1970s.and inflation the economy will havehigher unemployment and lower output. a. 41．According to the theory of purchasing-power parity, the real exchange rate defined as foreign goods perhigher unemployment and higher output. b. unit of U.S. goods will equal the domestic price level divided by the foreign price level.lower unemployment and lower output. c.42．Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange market. lower unemployment and higher output.d.43．If policymakers impose import restrictions on automobiles, the U.S. trade deficit would shrink.) 分，共 1 20 分每小题二、判断题(得分Most economists believe that classical theory explains the world in the short run, but not the long run. 44．评卷人Because not all prices adjust instantly to changing conditions, an unexpected fall in the price level ．45leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales andWhen an American doctor opens a practice in Bermuda, his production there is part 31．induce firms to reduce the quantity of goods and services they produce.of U.S. GDP.All explanations for the upward slope of the short-run aggregate supply curve suppose that output．46In countries where women are discriminated against, policies that increase their ．32supplied increases when the price level increases more than expected.career and educational opportunities are likely to increase the birth rate.Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift 47．Michael Kramer found that world growth rates have increased as population has. ．33farther than the increase in government expenditures.Suppose a small closed economy has GDP of $5 billion, Consumption of $3 billion, 34．During recessions, the government tends to run a budget deficit.．48and Government expenditures of $1 billion. Then domestic investment and nationalsaving are both $1 billion.If macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in 49．the short run.According to the efficient markets hypothesis, at any moment in time, the market ．35price is the best guess of the company's value based on available information.The analysis of Friedman and Phelps argues that any change in inflation that is expected has no impact 50．on the unemployment rate.According to the efficient markets hypothesis, stocks follow a random walk so that．36．United States?) 2 分，共 10 分三、名词解释(每小题分得．63Describe the process in the money market by which the interest rate reaches its equilibrium value if it startsabove equilibrium.评卷人diminishing returns: ．51)分题；每小题 10 分，共 10 五、讨论题(2题中任选1nominal exchange rate: ．52crowding-out effect: ．53 stagflation: 54．automatic stabilizers: 55．64. Assume the economy is in a recession. Explain how each of the following policies would affectconsumption and investment. In each case, indicate any direct effects, any effects resulting from changes in5分，共6简答题四、( 8题中任选题；每小题total output, any effects resulting from changes in interest rate, and the overall effect. If there are conflicting 分得) 30 分effects making the answer ambiguous, say so. a). a reduction in taxes; b) an expansion of the money supply.评卷人65. In 1939, with the U.S. economy not yet fully recovered from the Great Depression, President Rooseveltbefore the shopping period week earlier than usual so that a proclaimed that Thanksgiving would fall aggregate demand and using the model of aggregate this Christmas would be longer. Explain decision, ．56Why are property rights important for the growth of a nation's standard of living?supply.．57Suppose that you are a broker and people tell you the following about themselves. What 《宏观经济学》答题纸sort of bond would you recommend to each? Defend your choices.I am in a high federal income tax bracket and I don't want to take very much risk. a.I want a high return and I am willing to take a lot of risk to get it.b.I want a decent return and I have enough deductions that I don't value tax breaksc. 楨桧祬尮．58Draw a simple T-account for First National Bank of Me, which has $5,000of deposits, a一、选择题 (每小题 1 分，共 30 分) reserve ratio of 10 percent, and excess reservesof $300.得分．59What are the costs of inflation?评卷人．60Make a list of things that would shiftthe long-run aggregate supply curve to the right.1. 2. 3.4. 5. ．61Illustrate the classical analysis of growth and inflationwith aggregate demand andlong-run aggregate supply curves.6. 7. 8. 9.10.．62Why do economists think that the wealth effect and exchange-rate effect are not very11. 12. 13. 14. 15.important factors in explaining why aggregate demand slopes downward, at least in the16. 17. 18. 19. 20.21. 22. 23. 24. 25.26. 27. 28. 29. 30.54．recession:1 ；每小题错误用；“F”二、判断题(正确用“T”得分) 20 分，共分评卷人automatic stabilizers:．5531. 32. 33. 34. 35.36. 37. 38. 39. 40.41. 42. 43. 44. 45.46. 47. 48. 49. 50.分；答题时 30 题；每小题 5分，共( 8四、简答题题中任选6得分)请标明题号评卷人)(三、名词解释每小题 10 分，共分 2 得分评卷人catch-up effect: 51．depreciation: ．52capital flight: 53．分得分；答题时请 10 10 分，共题；每小题讨论题五、(2题中任选1)标明题号评卷人《宏观经济学》试卷B参考答案a 2.d 3.c 4.c 5.a 6.b 7.b 8.d 9.d 10.b 11.a 12.c 13.d 14.d 15.d 16.d 17.c 18.b 19.b 20.c 21.a 22.d 23.b24.c1.25.a 26.c 27.c 28.b 29.a 30.d31.F 32.F 33.T 34.T 35.T 36.F 37.T 38.F 39.F 40.F 41.F 42.T 43.F 44.F 45.T 46.T 47.T 48.T 49.T 50.T 51.the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.52.the rate at which a person can trade the currency of one country for the currency of another.53.the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate andthereby reduces investment spending. 54.a period of falling output and rising prices.55.changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action.56.Property rights are an important prerequisite for the price system to work in a market economy. If anindividual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, orstart new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financialassets of the country. The distortion of incentives will reduce efficiency in resource allocation and willreduce saving and investment which in turn will reduce the standard of living.A municipal bond, because generally they have low credit risk and are nota.57.subject to federal income tax.A junk bond. Because of their high risk, they have a high return. b.A corporate bond that isn't a junk bond. Because they have more risk than c.government bonds and have no special tax treatment, they pay moderate ratesof return.58.First National Bank of MeLiabilities Assets $5,000DepositsReserves $800 Over time technological advances cause the long-run aggregate supply curve to shift right. Increases in the $4,200Loansmoney supply cause the aggregate demand curve to shift right. Output growth puts downward pressure onthe price level, but money supply growth contributes to rising prices. 59.The costs of inflation include shoeleather costs, the cost of reducing your moneyholdings to reduce your inflation tax; menu costs, the costs of price adjustments; the 62.The wealth effect is not very important because it operates through changes in the real value of money, costs of resource misallocation that result from the relative-price variability induced by and money is only a small fraction of household wealth. So it is unlikely that changes in the price level will inflation; the costs of inflation-induced tax distortions; the costs of confusion andlead to large changes in consumption spending through this channel. The exchange-rate effect is not very inconvenience; and the costs associated with the arbitrary redistribution of wealth thatimportant in the United States because trade with other countries represents a relatively small fraction of accompany unexpected inflation.U.S. GDP. 60.Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, more generous unemployment insurance, an increase in the capital63. If the interest rate is above equilibrium, there is an excess supply of money. People with more money stock, an increase in the average level of education, a discovery of new mineral deposits,than they want to hold given the current interest rate deposit the money in banks and buy bonds. The technology, and removal of barriers to international trade. increase in funds to lend out causes the interest rate to fall. As the interest rate falls, the quantity of money demanded increases, which tends to diminish the excess supply of money. 61.See graph.64. a) 税收减少增加了储蓄的收益、减少了投资的成本，但税收减少对储蓄和投资的影响要视情况而定。
