1．In the United States real GDP is reported each quarter.a. These numbers are adjusted to make them measure at annual and seasonallyadjusted rates.b. These numbers are adjusted to make them annual rates, but no adjustment forseasonal variations are made.c. These numbers are quarterly rates that have been seasonally adjusted.d. These numbers are at quarterly rates and have not been seasonally adjusted.2．The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase bya. more than 1 percent.b. less than 1 percent.c. 1 percent.d. It is impossible to make an informed guess without more information.3．If increases in the prices of U.S. medical care cause the CPI to increase by 2 percent, the GDP deflator will likely increase bya. more than 2 percent.b. 2 percent.c. less than 2 percent.d. All of the above are correct.4．The traditional view of the production process is that capital is subject toa. constant returns.b. increasing returns.c. diminishing returns.d. diminishing returns for low levels of capital, and increasing returns for highlevels of capital.5．Which of the following is correct?a. Political instability can reduce foreign investment, reducing growth.b. Gary's Becker proposal to pay mothers in developing countries to keep theirchildren in school has not worked very well in practice.c. Policies designed to prevent imports from other countries generally increaseeconomic growth.d. All of the above are correct.6．Use the following table to answer the following question.Assume that the closing price was also the average price at which each stock transaction took place. What was the total dollar volume of Gillette stock traded that day?a. $912,840,000b. $91,284,000c. $9,128,400d. $912,8407．Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 2,500 Consumption equals 6,500 and Government expenditures equal 2,000. What are private saving, public saving, and national saving?a. 1500, 1000, 500b. 1000, 500, 1500c. 500, 1500, 1000d. None of the above are correct.8．Risk-averse people will choose different asset portfolios than people who are not risk averse. Over a long period of time, we would expect thata. every risk-averse person will earn a higher rate of return than every non-risk averse person.b. every risk-averse person will earn a lower rate of return than every non-risk averse person.c. the average risk-averse person will earn a higher rate of return than the average non-risk averseperson.d. the average risk-averse person will earn a lower rate of return than the average non-risk averse person.9．The natural rate of unemployment is thea. unemployment rate that would prevail with zero inflation.b. rate associated with the highest possible level of GDP.c. difference between the long-run and short-run unemployment rates.d. amount of unemployment that the economy normally experiences.10．Suppose that the reserve ratio is 5 percent and that a bank has $1,000 in deposits. Its required reserves area. $5.b. $50.c. $95.d. $950.11．Suppose a bank has $200,000 in deposits and $190,000 in loans. It has a reserve ratio ofa. 5 percentb. 9.5 percentc. 10 percentd. None of the above is correct.12．The inflation taxa. transfers wealth from the government to households.b. is the increase in income taxes due to lack of indexation.c. is a tax on everyone who holds money.d. All of the above are correct.13．In 1898, prospectors on the Klondike River discovered gold. This discovery caused an unexpected price levela. decrease that helped creditors at the expense of debtors.b. decrease that helped debtors at the expense of creditors.c. increase that helped creditors at the expense of debtors.d. increase that helped debtors at the expense of creditors.14．Ivan, a Russian citizen, sells several hundred cases of caviar to a restaurant chain in the United States. By itself, this salea. increases U.S. net exports and has no effect on Russian net exports.b. increases U.S. net exports and decreases Russian net exports.c. decreases U.S. net exports and has no effect on Russian net exports.d. decreases U.S. net exports and increases Russian net exports. 15．Suppose that the real exchange rate between the United States and Kenya is defined in terms of baskets of goods. Which of the following will increase the real exchange rate (that is increase the number of baskets 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 dollarb. an increase in the price of U.S. baskets of goodsc. a decrease in the price in Kenyan shillings of Kenyan goodsd. All of the above are correct.16．Use the (hypothetical) information in the following table to answer the next question.In real terms, U.S. goods are more expensive than goods in which country(ies)?a. Brazil and Mexicob. Japan, Sweden, and Thailandc. Japan and Swedend. Thailand.17．Which of the following would tend to shift the supply of dollars in foreign-currency exchange market of the open-economy macroeconomic model to the left?a. The exchange rate rises.b. The exchange rate falls.c. The expected rate of return on U.S. assets rises.d. The expected rate of return on U.S. assets falls.18．The real exchange rate equals the relativea. price of domestic and foreign currency.b. price of domestic and foreign goods.c. rate of domestic and foreign interest.d. None of the above is correct.19．In the open-economy macroeconomic model, if the supply of loanable funds increases, the interest ratea. and the real exchange rate increase.b. and the real exchange rate decrease.c. increases and the real exchange rate decreases.d. decreases and the real exchange rate increases.20．For the followingquestion, use the graph below.The initial effect of an increase in the budget deficit in the loanable funds market isillustrated as a move from a. a to b. b. a to c. c. c to b.d. c to d.21．When the government spends more, the initial effect is that a. aggregate demand shifts right. b. aggregate demand shifts left. c. aggregate supply shifts right.d. aggregate supply shifts left.22．Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the minimum wage, a major new discovery of oil, a large influx of immigrants, and new environmental regulations that reduce electricity production. In the short run, we would expect a. 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.23．Suppose the economy is in long-run equilibrium. In a short span of time, there is a large influx of skilled immigrants, a major new discovery of oil, and a major new technological advance in electricity production. In the short run, we would expect a. 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 is a. upward sloping.b. downward sloping.c. vertical.d. horizontal.25．When the Fed buys government bonds, the reserves of the banking system a. increase, so the money supply increases. b. increase, so the money supply decreases. c. decrease, so the money supply increases.d. decrease, so the money supply decreases. 26．According to the theory of liquidity preference, an increase in the price level causes the a. interest rate and investment to rise. b. interest rate and investment to fall. c. interest rate to rise and investment to fall.d. interest rate to fall and investment to rise.27．If the stock market crashes, a. aggregate demand increases, which the Fed could offset by increasing the money supply. b. aggregate demand increases, which the Fed could offset by decreasing the money supply. c. aggregate demand decreases, which the Fed could offset by increasing the money supply.d. aggregate demand decreases, which the Fed could offset by decreasing the money supply.28．If the MPC = 3/5, then the government purchases multiplier isa.5/3. b.5/2.c. 5.d. 15.29．If the government raises government expenditures, in the short run, pricesa. rise and unemployment falls.b. fall and unemployment rises.c. and unemployment rise.d. and unemployment fall.30．If the long-run Phillips curve shifts to the left, for any given rate of money growth and inflation the economy will havea. higher unemployment and lower output.b. higher unemployment and higher output.c. lower unemployment and lower output.d. lower unemployment and higher output.31．When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.F32．In countries where women are discriminated against, policies that increase their career and educational opportunities are likely to increase the birth rate.F 33．Michael Kramer found that world growth rates have increased as population has.T34．Suppose a small closed economy has GDP of $5 billion, Consumption of $3 billion, and Government expenditures of $1 billion. Then domestic investment and national saving are both $1 billion.T35．According to the efficient markets hypothesis, at any moment in time, the market price is the best guess of the company's value based on available information.T36．According to the efficient markets hypothesis, stocks follow a random walk so that stocks that increase in price one year are more likely to increase than decrease in the next year.F37．In the United States, blacks and whites have similar labor force participation rates, but blacks have a higher unemployment rate.T 38．According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.F39．In the months of November and December, people in the United States hold a larger part of their money in the form of currency because they intend to shop for the holidays. As a result, the money supply increases, ceteris paribus.F40．In the 1990s, U.S. prices rose at about the same rate as in the 1970s.F41．According to the theory of purchasing-power parity, the real exchange rate defined as foreign goods per unit of U.S. goods will equal the domestic price level divided by the foreign price level.F42．Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange market.T43．If policymakers impose import restrictions on automobiles, the U.S. trade deficit would shrink.F44．Most economists believe that classical theory explains the world in the short run, but not the long run.F45．Because not all prices adjust instantly to changing conditions, an unexpected fall in the price level leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and services they produce.T46．All explanations for the upward slope of the short-run aggregate supply curve suppose that output supplied increases when the price level increases more than expected.T47．Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther than the increase in government expenditures.T48．During recessions, the government tends to run a budget deficit.T49．If macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in the short run.T50．The analysis of Friedman and Phelps argues that any change in inflation that is expected has no impact on the unemployment rate.T三、名词解释(每小题 2 分，共 10 分)51．diminishing returns: the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.52．nominal exchange rate: the rate at which a person can trade the currency of one country for the currency of another.53．crowding-out effect: the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.54．stagflation: a period of falling output and rising prices.55．automatic stabilizers: changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action.四、简答题( 8题中任选6题；每小题 5分，共30 分)56．Why are property rights important for the growth of a nation's standard of living?Property rights are an important prerequisite for the price system to work in a market economy. If an individual 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, or start new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financial assets of the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living.57．Suppose that you are a broker and people tell you the following about themselves. What sort of bond would you recommend to each? Defend your choices.a. "I am in a high federal income tax bracket and I don't want to take very much risk."A municipal bond, because generally they have low credit risk and are not subject to federal income tax.b. "I want a high return and I am willing to take a lot of risk to get it."A junk bond. Because of their high risk, they have a high return.c. "I want a decent return and I have enough deductions that I don't value tax breaks highly."A corporate bond that isn't a junk bond. Because they have more risk than government bonds and have nospecial tax treatment, they pay moderate rates of return.58．Draw a simple T-account for First National Bank of Me, which has $5,000 of deposits, a reserve ratio of 10 percent, and excess reserves of $300.First National Bank of MeAssets LiabilitiesReserves $800 Deposits $5,000Loans $4,20059．What are the costs of inflation?The costs of inflation include "shoeleather costs," the cost of reducing your money holdings to reduce your inflation tax; "menu costs," the costs of price adjustments; the costs of resource misallocation that result from the relative-price variability induced by inflation; the costs of inflation-induced tax distortions; the costs of confusion and inconvenience; and the costs associated with the arbitrary redistribution of wealth that accompany unexpected inflation.60．Make a list of things that would shift the long-run aggregate supply curve to the right.Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, more generous unemployment insurance, an increase in the capital stock, an increase in the average level of education, a discovery of new mineral deposits, technology, and removal of barriers to international trade.61．Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supply curves.Over time technological advances cause the long-run aggregate supply curve to shift right. Increases in the money supply cause the aggregate demand curve to shift right. Output growth puts downward pressure on the price level, but money supply growth contributes to rising prices.62．Why do economists think that the wealth effect and exchange-rate effect are not very important factors in explaining why aggregate demand slopes downward, at least in the United States?The wealth effect is not very important because it operates through changes in the real value of money, and money is only a small fraction of household wealth. So it is unlikely that changes in the price level will lead to large changes in consumption spending through this channel. The exchange-rate effect is not very important in the United States because trade with other countries represents a relatively small fraction of U.S. GDP.63．Describe the process in the money market by which the interest rate reaches its equilibrium value if it starts above equilibrium.If the interest rate is above equilibrium, there is an excess supply of money. People with more money than they want to hold given the current interest rate deposit the money in banks and buy bonds. The 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. 64. Assume the economy is in a recession. Explain how each of the following policies would affect consumption and investment. In each case, indicate any direct effects, any effects resulting from changes in total output, any effects resulting from changes in interest rate, and the overall effect. If there are conflicting effects making the answer ambiguous, say so. a). a reduction in taxes; b) an expansion of the money supply.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。
