Chapter 5 A Closed-Economy One-Period Macro Model(中级宏观经济学,香港中文大学)

罗莫高级宏观经济学第5版英文资源Lorem ipsum dolor sit amet, consectetur adipiscing elit. Fusce vulputate metus sed finibus interdum. Quisque tempus justo vel mi consequat, in ornare felis gravida. Suspendisse vel sapien et metus condimentum dignissim ut vel quam. Donec semper mi vitae orci ultrices, nec lacinia dolor placerat. Sed id condimentum elit. Aliquam id arcu eleifend, sollicitudin lectus eu, volutpat nulla.1. IntroductionThe fifth edition of Romer's Advanced Macroeconomics provides comprehensive resources for students studying macroeconomics at an advanced level. This article aims to summarize the English resources available in this edition.2. TextbookThe textbook serves as the foundation for understanding macroeconomics concepts. Romer's Advanced Macroeconomics provides clear explanations and in-depth analysis of various macroeconomic theories and models. It covers topics such as economic growth, business cycles, inflation, and monetary policy. The book includes numerous examples, charts, and graphs to enhance understanding.3. Lecture SlidesTo complement the textbook, Romer's Advanced Macroeconomics offers lecture slides that can be used by instructors during classroom or online sessions. These slides highlight key points from each chapter and providevisual aids to support student learning. The slides can be downloaded and customized to suit the instructor's teaching style.4. Practice QuestionsTo reinforce learning, the fifth edition includes a collection of practice questions. These questions cover a wide range of topics and difficulty levels, allowing students to test their understanding of macroeconomic concepts. Solutions to the practice questions are provided at the end of the book, enabling self-assessment and further learning.5. Case StudiesThe case studies in the textbook provide real-world applications of macroeconomic theories. These studies analyze economic events and policies, offering students a chance to apply their knowledge to practical situations. The case studies encourage critical thinking and help students develop a deeper understanding of macroeconomics.6. Online ResourcesIn addition to the textbook, Romer's Advanced Macroeconomics offers online resources. The official website provides supplementary materials, including data sets, additional readings, and interactive quizzes. Students can access these resources to further enhance their learning experience and deepen their understanding of macroeconomics.7. Instructor's ManualFor instructors, the fifth edition includes an instructor's manual. This manual provides guidance on teaching the course and offers suggestions forclassroom activities and assessments. It also contains additional resources, such as sample syllabi and lecture notes, to assist instructors in delivering the course effectively.8. ConclusionOverall, Romer's Advanced Macroeconomics, 5th edition, offers comprehensive English resources for students and instructors studying macroeconomics. The textbook, lecture slides, practice questions, case studies, online resources, and instructor's manual combine to create a rich learning experience. Whether used in a classroom or for self-study, these resources contribute to a thorough understanding of macroeconomic principles and their applications.Please note that the above content reflects a fictional article and does not provide actual resources for Romer's Advanced Macroeconomics, 5th edition.。

Lesson4 Is an Ivy League Diploma Worth It？花钱读常春藤名校值不值？1.如果愿意的话，施瓦茨（Daniel Schwartz）本来是可以去一所常春藤联盟（Ivy League）院校读书的。

他只是认为不值。

2.18 岁的施瓦茨被康奈尔大学（Cornell University）录取了，但他最终却去了纽约市立大学麦考利荣誉学院（City University of New York’s Macaulay Honors College），后者是免费的。

3.施瓦茨说，加上奖学金和贷款的支持，家里原本是可以付得起康奈尔的学费的。

但他想当医生，他觉得医学院是更有价值的一项投资。

私立学校医学院一年的花费动辄就要4 万5 美元。

他说，不值得为了一个本科文凭一年花5 万多美元。

4.助学贷款违约率日益攀升，大量的大学毕业生找不到工作，因此越来越多的学生认定，从一所学费不太贵的学校拿到的学位和从一所精英学校拿到的文凭没什么区别，并且不必背负贷款负担。

5.Robert Pizzo 越来越多的学生选择收费较低的公立大学，或选择住在家里走读以节省住房开支。

美国学生贷款行销协会（Sallie Mae）的一份报告显示，2010 年至2011 学年，家庭年收入10 万美元以上的学生中有近25%选择就读两年制的公立学校，高于上一学年12%的比例。

6.这份报告称，这样的选择意味着，在2010 至2011 学年，各个收入阶层的家庭在大学教育上的花费比上一年少9%，平均支出为21,889 美元，包括现金、贷款、奖学金等。

高收入家庭的大学教育支出降低了18%，平均为25,760 美元。

这份一年一度的报告是在对约1,600 名学生和家长进行问卷调查后完成的。

7.这种做法是有风险的。

顶级大学往往能吸引到那些已经不再去其他学校招聘的公司前来招聘。

在许多招聘者以及研究生院看来，精英学校的文凭还是更有吸引力的。

CHAPTER 55-1. Suppose the labor supply curve is upward sloping and the labor demand curve is downward sloping. The study of economic trends over a particular time period reveals that the wage recently fell while employment levels rose. Which curve must have shifted and in which direction to produce this effect?If the supply curve does not shift, all wage and employment movements must occur along the supply curve, so that the wage rate and the employment level must move in the same direction. Because the wage went down while employment went up in the situation described in the question, it must have been the case that the supply curve shifted outwards (to the right). We do not have enough information to determine whether the demand curve shifted as well.5-2. It takes time to produce a new economist, and prospective economists base their career decision by looking only at current wages across various professions. Further, the labor supply curve of economists is much more elastic than the labor demand curve. Suppose the market is now in equilibrium, but that the demand for economists suddenly rises because a new activist government in Washington wants to initiate many new programs that require the input of economists. Illustrate the trend in the employment and wages of economists as the market adjusts to this increase in demand.Initially, the market is in equilibrium at a wage w0 and an employment level of E0. The increase the demand for economists results in a new equilibrium wage of w1 and a new equilibrium employment level of E1. However, the demand for economists in the short-run is inelastic at E0, so the demand increase simply leads to a rise in the wage of economists (as indicated by point 1). In the next period, students believe this wage will persist and oversupply the market so that the cobweb leads to a new wage at point 2. In the next period, students undersupply (because the wage is too low) and the cobweb leads to a new wage at point 3, and so on. Because of the relative elasticities of supply and demand (as drawn), the cobweb is exploding and will never converge to a stable equilibrium.5-3. Suppose the supply curve of physicists is given by w = 10 + 5E , while the demand curve is given by w = 50 – 3E . Calculate the equilibrium wage and employment level. Suppose now that the demand for physicists increases and the new demand curve is given by w = 70 – 3E . Assume this market is subject to cobwebs. Calculate the wage and employment level in each round as the wage and employment levels adjust to the demand shock. (Recall that each round occurs on the demand curve – when the firm posts a wage and hires workers). What is the new equilibrium wage and employment level?The initial equilibrium is given by 10 + 5E = 50 – 3E . Solving these two equations simultaneously implies that w = $35 and E S = E D = 5. When demand increases to w = 70 – 3E , the new equilibrium wage is $47.5 and the equilibrium level of employment is 7.5.Round Wage Employment1 $55.0 52 $43.0 93 $50.2 6.64 $45.9 8.05 $48.4 7.26 $46.9 7.77 $47.8 7.48 $47.2 7.6The table gives the values for the wage and employment levels in each round. The values in the table are calculated by noting that in any given period the number of physicists is inelastically supplied, so that the wage is determined by the demand curve. Given this wage, the number of economists available in the next period is calculated. By round 7, the market wage rate is within 30 cents of the new equilibrium.01 w 1w 0W age5-4. The 1986 Immigration Reform and Control Act (IRCA) made it illegal for employers in the United States to knowingly hire illegal aliens. The legislation, however, has not reduced the flow of illegal aliens into the country. As a result, it has been proposed that the penalties against employers who break the law be increased substantially. Suppose that illegal aliens, who tend to be less skilled workers, are complements with native workers. What will happen to the wage of native workers if the penalties for hiring illegal aliens increase?A substantial increase in the penalties associated with hiring illegal aliens will likely reduce the number of illegal aliens entering the United States. The effect of this shift in the size of the illegal alien flow on the marginal product (and hence the demand curve) of native workers hinges on whether illegal aliens are substitutes or complements with natives. As it is assumed that natives and illegal aliens are complements, a cut in the number of illegal aliens reduces the value of the marginal product of natives, shifting down the demand for native labor, and decreasing native wages and employment.5-5. Suppose a firm is a perfectly discriminating monopsonist. The government imposes a minimum wage on this market. What happens to wages and employment?A perfectly discriminating monopsonist faces a marginal cost of labor curve that is identical to the supply curve. As a result, the employment level of a perfectly discriminating monopsonist equals theemployment level that would be observed in a competitive market (at E *) The imposition of a minimum wage at w MIN leads to the same result as in a competitive market: the firm will only want to hire E D workers as w MIN is now the marginal cost of labor, but E S workers will want to find work at the minimum wage. Thus, the wage increases, but employment falls.DollarsE w w *S D5-6. What happens to wages and employment if the government imposes a payroll tax on amonopsonist? Compare the response in the monopsonistic market to the response that would have been observed in a competitive labor market.Initially, the monopsonist hires E M workers at a wage of w M . The imposition of a payroll tax shifts the demand curve to VMP ′, and lowers employment to E ′ and the wage to w ′. Thus, the effect of imposing a payroll tax on a monopsonist is qualitatively the same as imposing a payroll tax in a competitive labor market: lower wages and employment. (It is interesting to note that the same result comes about if the payroll tax is placed on workers, so that the labor supply and marginal cost of labor curves shift as opposed to labor demand.)5-7. An economy consists of two regions, the North and the South. The short-run elasticity of labor demand in each region is –0.5. The within-region labor supply is perfectly inelastic. The labormarket is initially in an economy-wide equilibrium, with 600,000 people employed in the North and 400,000 in the South at the wage of $15 per hour. Suddenly, 20,000 people immigrate from abroad and initially settle in the South. They possess the same skills as the native residents and also supply their labor inelastically.(a) What will be the effect of this immigration on wages in each of the regions in the short run (before any migration between the North and the South occurs)?There will be no effect on the North’s labor supply in the short run, so the wage rate will not change there. In the South, labor supply will have increased by 5 percent, so the wage rate must fall by 5/(0.5) = 10 percent (recall that the elasticity of labor demand is -0.5, so a one percent decrease in wages would have been generated by a 0.5 percent expansion of the labor supply). The new hourly wage in the South, therefore, is $13.50 and total employment in the South is 420,000.DollarsEmploymentw M w ′(b) Suppose 1,000 native-born persons per year migrate from the South to the North in response to every dollar differential in the hourly wage between the two regions. What will be the ratio of wages in the two regions after the first year native labor responds to the entry of the immigrants?After the initial migration, we have seen that wages in the South are $13.50 while wages in the North are $15. This difference leads 1,500 natives migrating from the South to the North in the first year. Employment in the North after one year, therefore is 601,500. Moreover, as the elasticity of labor demand in the North is -0.5 and employment has increased by 0.25 percent, the Northern wage falls by 0.5 percent to roughly $14.93. Likewise, employment in the South after one year is 418,500. As the elasticity of labor demand is -0.5 and employment has decreased by 0.3571 percent, the Southern wage increases by0.71428 percent to roughly $13.60. Thus, the ratio of the Northern to Southern wage after one year is1.09779.(c) What will be the effect of this immigration on wages and employment in each of the regions in the long run (after native workers respond by moving across regions to take advantage of whatever wage differentials may exist)? Assume labor demand does not change in either region.In the long run, people must move from the South to the North to equalize the wage rates in the two regions. Since the wages were equal in the two regions before the influx of immigrants, and they also must be equal after things settle down, the proportional decrease in the wage rate should be the same in the North and in the South. Because the elasticity of labor demand is the same in the two regions, this last observation implies that the percentage increase in employment in the North must be the same as the percentage increase in employment in the South. Thus, as 60 percent of the original workers were employed in the North, 60 percent of the 20,000 increase in Southern employment will eventually migrate to the North. In the long run, therefore, total Northern employment will be 612,000 while total Southern employment will be 408,000. (Note: there is no presumption that only immigrants further migrate to the North.) In each region, therefore, employment increases by 2 percent in the long run, i.e., 12,000 is 2 percent of 600,000 and 8,000 is 2 percent of 400,000. (This can also be seen immediately as 20,000 is 2 percent of the 1 million workers.) Now, given that the elasticity of labor demand is -0.5, the 2 percent increase in employment will cause the wage rate to fall by 4 percent. Hence, the long-run equilibrium hourly wage will be $14.40.5-8. Chicken Hut faces perfectly elastic demand for chicken dinners at a price of $6 per dinner. The Hut also faces an upward sloped labor supply curve ofE = 20w – 120,where E is the number of workers hired each hour and w is the hourly wage rate. Thus, the Hut faces an upward sloped marginal cost of labor curve ofMC E = 6 + 0.1E.Each hour of labor produces 5 dinners. (The cost of each chicken is $0 as the Hut receives two-day old chickens from Hormel for free.) How many workers should Chicken Hut hire each hour to maximize profits? What wage will Chicken Hut pay? What are Chicken Hut’s hourly profits?First, solve for the labor demand curve: VMP E = P x MP E = $6 x 5 = $30. Thus, every worker is valued at $30 per hour by Chicken Hut. Now, setting VMP E = MC E yields 30 = 6 + .1E which implies E* = 240. Thus, Chicken Hut will hire 240 workers every hour. Further, according to the labor supply curve, 240 workers can be hired at an hourly wage of $18. Finally, Chicken Hut’s profits are Π = 240(5)($6) –240($18) = $2,880.5-9. Polly’s Pet Store has a local monopoly on the grooming of dogs. The daily inverse demand curve for pet grooming is:P = 20 – 0.1Qwhere P is the price of each grooming and Q is the number of groomings given each day. This implies that Polly’s marginal revenue is:MR = 20 – 0.2Q.Each worker Polly hires can groom 20 dogs each day. What is Polly’s labor demand curve as a function of w, the daily wage that Polly takes as given?As each worker can groom 20 dogs each day, and using Q = 20E, we have thatVMP E = MR x MP E = ( 20 – 0.2Q ) (20) = (20 – 4E)(20) = 400 – 80E.Thus, as Polly’s demand for labor satisfies VMP E = w, we have that her labor demand curve isE = 5 – 0.0125w.5-10. The Key West Parrot Shop has a monopoly on the sale of parrot souvenir caps in Key West. The inverse demand curve for caps is:P = 30 – 0.4 Qwhere P is the price of a cap and Q is the number of caps sold per hour. Thus, the marginal revenue for the Parrot Shop is:MR = 30 – 0.8Q.The Parrot Shop is the only employer in town, and faces an hourly supply of labor given by:w = 0.9E + 5where w is the hourly wage rate and E is the number of workers hired each hour. The marginal cost associated with hiring E workers, therefore, is:MC E = 1.8E + 5.Each worker produces two caps per hour. How many workers should the Parrot Shop hire each hour to maximize its profit? What wage will it pay? How much will it charge for each cap?First, as Q = 2E, the labor demand curve isVMP E = MR x MP E = (30 – 0.8Q)(2) = 60 – 1.6Q = 60 – 3.2E.Setting VMP E equal to MC E and solving for E yields E = 11. Eleven workers can be hired at a wage of.9(11) + 5 = $14.99 per hour. The 11 workers make 22 caps each hour, and the 22 caps can be sold at a price of 30 – 0.4(22) = $21.20 each.5-11. Ann owns a lawn mowing company. She has 400 lawns she needs to cut each week. Her weekly revenue from these 400 lawns is $20,000. If given an 18-inch deck push mower, a low-skill worker can cut each lawn in two hours. If given a 60-inch deck riding mower, a low-skill worker can cut the lawn in 30 minutes. Low-skilled labor is supplied inelastically at $5.00 per hour. Each laborer works 8 hours a day and 5 days each week.(a) If Ann decides to have her workers use push mowers, how many push mowers will Ann rent and how many workers will she hire?As each worker can cut a lawn in 2 hours, it follows that each worker can cut 4 lawns in a day or 20 lawns in a week. Therefore, Ann would need to rent 20 push mowers and hire 20 workers in order to cut all 400 lawns each week.(b) If she decides to have her workers use riding mowers, how many riding mowers will Ann rent and how many workers will she hire?As each worker can cut a lawn in 30 minutes, it follows that each worker can cut 16 lawns in a day or 80 lawns in a week. Therefore, Ann would need to rent 5 riding mowers and hire 5 workers in order to cut all 400 lawns each week.(c) Suppose the weekly rental cost (including gas and maintenance) for each push mower is $250 and the weekly rental cost (including gas and maintenance) of each riding mower is $1,800. What equipment will Ann rent? How many workers will she employ? How much profit will she earn?If Ann uses push mowers, her weekly cost of mowers is $250(20) = $5,000 while her weekly labor cost is $5(20)(40) = $4,000. Under this scenario, her weekly profit is $11,000. If Ann uses riding mowers, her weekly cost of mowers is $1,800(5) = $9,000 while her weekly labor cost is $5(5)(40) = $1,000. Thus, under this scenario, her weekly profit is $10,000. Therefore, under these conditions, Ann will rent 20 push mowers and employ 20 low-skill workers.(d) Suppose the government imposes a 20 percent payroll tax (paid by employers) on all labor and offers a 20 percent subsidy on the rental cost of capital. What equipment will Ann rent? How many workers will she employ? How much profit will she earn?Under these conditions, the cost of labor has increased to $6.00 per hour, while the rental costs for a push mower and a riding mower have decreased to $200 and $1,440 respectively. Ann’s profits under the two options, therefore, arePush-Profit = $20,000 – $200(20) – $6(20)(40) = $11,200.Rider-Profit = $20,000 – $1,440(5) – $6(5)(40) = $11,600.Thus, under these conditions, Ann rents riding mowers, hires 5 low-skill workers, and earns a weekly profit of $11,600.5-12. In the United States, some medical procedures can only be administered to a patient by a doctor while other procedures can be administered by a doctor, nurse, or lab technician. What might be the medical reasons for this? What might be the economic reasons for this?The American Medical Association might argue that doctors have more training and experience than nurses, and therefore, are the only professionals who can make certain decisions or perform certain procedures.Economically, the AMA has an incentive to restrict the number of people who can practice medicine (or perform certain procedures) in order to keep doctor wages high. If nurses were allowed to do everything they were capable of, fewer doctors would be demanded, and doctor wages would fall. From an economic viewpoint, therefore, the AMA restricts the supply of doctors, which keeps doctor wages artificially high.WageW restW unrestRestricted Supply ofDoctorsUnrestricted Supplyof DoctorsL rest L unrest Services Provided by DoctorsLabor Market For Medical Services Provided by Doctors。

Economics, 18/ePaul A. Samuelson, Massachusetts Institute of Technology William D. Nordhaus, Yale UniversityISBN: 0072872055Copyright year: 2005Table of ContentsPart One: Basic Concepts1 The Fundamentals of EconomicsAppendix 1 How to Read Graphs2 Markets and Government in a Modern Economy3 Basic Elements of Supply and DemandPart Two: Microeconomics: Supply, Demand, and Product Markets4 Applications of Supply and Demand5 Demand and Consumer BehaviorAppendix 5 Geometrical Analysis of Consumer Equilibrium6 Production and Business Organization7 Analysis of CostsAppendix 7 Production, Cost Theory, and Decision of theFirm8 Analysis of Perfectly Competitive Markets9 Competition and Its Polar Case of Monopoly10 Oligopoly and Monopolistic Competition11 Uncertainty and Game TheoryPart Three: Factor Markets: Labor, Land, and Capital12 How Markets Determine Incomes13 The Labor Market14 Land and CapitalAppendix 14 Markets and Economic EfficiencyPart Four: Applied Microeconomics: International Trade, Government, and the Environment15 Comparative Advantage and Protectionism16 Government Taxation and Expenditure17 Promoting More Efficient Markets18 Protecting the Environment19 Efficiency vs. Equality: The Big TradeoffPart Five: Macroeconomics: Economic Growth and Business Cycles20 Overview of MacroeconomicsAppendix 20 Macroeconomic Data21 Measuring Economic Activity22 Consumption and Investment23 Business Fluctuations and the Theory of Aggregate Demand24 The Multiplier Model25 Money, Banking, and Financial Markets26 Central Banking and Monetary PolicyPart Six: Economic Growth and Macroeconomic Policy27 The Process of Economic Growth28 The Challenge of Economic Development29 Exchange Rates and the International Financial System30 Open-Economy MacroeconomicsPart Seven: Unemployment, Inflation, and Economic Policy31 Unemployment and the Foundations of Aggregate Supply32 Ensuring Price Stability33 The Warring Schools of Macroeconomics34 Policies for Growth and Stability。

Name：__________________________ Date: _____________1。

Compared to a closed economy, an open economy is one that：A)allows the exchange rate to float。

B)fixes the exchange rate.C）trades with other countries.D)does not trade with other countries。

2.The Mundell–Fleming model assumes that：A)prices are flexible, whereas the IS–LM model assumes that prices arefixed。

B）prices are fixed, whereas the IS–LM model assumes that prices are flexible.C)as in the IS–LM model, prices are fixed.D）as in the IS–LM model， prices are flexible。

3.The Mundell–Fleming model is a ______ model for a ______ open economy。

A)short-run； smallB)short—run; largeC)long-run; largeD）long-run； small4。

In the Mundell–Fleming model：A）the exchange rate system must have a floating exchange rate。

B)the exchange rate system must have a fixed exchange rate.C)it makes no difference whether the exchange rate system has a floatingor a fixed exchange rate。

《国际经济学》双语课程教学大纲课程编号：030063A课程类型：□通识教育必修课□通识教育选修课√专业必修课□专业选修课□学科基础课总学时：48讲课学时：48实验（上机）学时：0学分：3适用对象：经济学、国际经济与贸易、贸易经济、金融学等先修课程：微观经济学、宏观经济学、货币银行学一、教学目标根据教育部的要求，国际经济学是经济类专业本科生的必修课程，包括开放微观经济学和开放宏观经济学两个部分。

该课程的教学对培养与训练学生经济学思维方式，提高其综合素质和能力有重要意义。

国际经济学教学的主要目标是培养学生应用经济学的分析方法,掌握开放条件下经济学的基本理论，能够应用理论观察和分析国际经济问题。

为学生后续课程的学习打下坚实理论基础。

2009年《国际经济学》双语教学项目被教育部教学质量工程评为国家级双语示范课程，全英文教学目前面向经济学院国际经济与贸易专业的国际班开设。

International economics is one of major course for the economics-major students require by China’s Ministry of Education, which consists open microeconomics and macroeconomics. The instruction of international economics plays very important role in building up the way of thinking as an economist for the learners, improving the comprehensive aptitudes and abilities. The expected outcomes of this subject is to develop the learners to apply the economic methodology, grasp the basic open economics, and enable the learners to observe and analyze the international economic issues, and then make a solid preparation for the fellow-up subjects in the teachingprogram. In 2009, this course was selected as the national bilingual teaching experimental course by China’s Ministry of Educ ation.二、教学内容及其与毕业要求的对应关系（一）教学内容本课程的主要内容是阐述国际经济学的基础知识。

5ELASTICITY AND ITS APPLICATION WHAT’S NEW IN THE S EVENTH EDITION:There are no major changes to this chapter.LEARNING OBJECTIVES:By the end of this chapter, students should understand:the meaning of the elasticity of demand.what determines the elasticity of demand.the meaning of the elasticity of supply.what determines the elasticity of supply.the concept of elasticity in three very different markets (the market for wheat, the market for oil, and the market for illegal drugs).CONTEXT AND PURPOSE:Chapter 5 is the second chapter of a three-chapter sequence that deals with supply and demand and how markets work. Chapter 4 introduced supply and demand. Chapter 5 shows how much buyersand sellers respond to changes in market conditions. Chapter 6 will address the impact of government polices on competitive markets.The purpose of Chapter 5 is to add precision to the supply-and-demand model. We introduce the concept of elasticity, which measures the responsiveness of buyers and sellers to changes in economic variables such as prices and income. The concept of elasticity allows us to make quantitative observations about the impact of changes in supply and demand on equilibrium prices and quantities.KEY POINTS:The price elasticity of demand measures how much the quantity demanded responds to changes in the price. Demand tends to be more elastic if close substitutes are available, if the good is a luxury rather than a necessity, if the market is narrowly defined, or if buyers have substantial time to react to a price change.The price elasticity of demand is calculated as the percentage change in quantity demanded divided by the percentage change in price. If quantity demanded moves proportionately less than the price, then the elasticity is less than one, and demand is said to be inelastic.If quantity demanded moves proportionately more than the price, then the elasticity is greater than one, and demand is said to be elastic.Total revenue, the total amount paid for a good, equals the price of the good times the quantity sold. For inelastic demand curves, total revenue moves in the same direction as the price. For elastic demand curves, total revenue moves in the opposite direction as the price.The income elasticity of demand measures how much the quantity demanded responds tochanges in consumers’ income. The cross-price elasticity of demand measures how much the quantity demanded of one good responds to the price of another good.The price elasticity of supply measures how much the quantity supplied responds to changes in the price. This elasticity often depends on the time horizon under consideration. In most markets, supply is more elastic in the long run than in the short run.The price elasticity of supply is calculated as the percentage change in quantity supplied divided by the percentage change in price. If quantity supplied moves proportionately less than the price, then the elasticity is less than one, and supply is said to be inelastic.If quantity supplied moves proportionately more than the price, then the elasticity is greater than one, and supply is said to be elastic.The tools of supply and demand can be applied in many different kinds of markets. This chapter uses them to analyze the market for wheat, the market for oil, and the market for illegal drugs.CHAPTER OUTLINE:I. The Elasticity of DemandA. Definition of elasticity: a measure of the responsiveness of quantity demanded orquantity supplied to one of its determinants.B. The Price Elasticity of Demand and Its Determinants1. Definition of price elasticity of demand: a measure of how much the quantitydemanded of a good responds to a change in the price of that good, computed as thepercentage change in quantity demanded divided by the percentage change in price.2. Determinants of the Price Elasticity of Demanda. Availability of Close Substitutes: the more substitutes a good has, the moreelastic its demand.b. Necessities versus Luxuries: necessities are more price inelastic.c. Definition of the market: narrowly defined markets (ice cream) have moreelastic demand than broadly defined markets (food).d. Time Horizon: goods tend to have more elastic demand over longer time horizons.C. Computing the Price Elasticity of Demand1. Formula2. Example: the price of ice cream rises by 10% and quantity demanded falls by 20%.Price elasticity of demand = (20%)/(10%) = 23. Because there is an inverse relationship between price and quantity demanded (theprice of ice cream rose by 10% and the quantity demanded fell by 20%), the price elasticity of demand is sometimes reported as a negative number. We will ignorethe minus sign and concentrate on the absolute value of the elasticity.D. The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities1. Because we use percentage changes in calculating the price elasticity of demand,the elasticity calculated by going from one point to another on a demand curvewill be different from an elasticity calculated by going from the second point tothe first. This difference arises because the percentage changes are calculatedusing a different base.a. A way around this problem is to use the midpoint method.b. Using the midpoint method involves calculating the percentage change in eitherprice or quantity demanded by dividing the change in the variable by themidpoint between the initial and final levels rather than by the initial levelitself.c. Example: the price rises from $4 to $6 and quantity demanded falls from 120 to80.% change in price = (6 −4)/5 × 100 = 40%% change in quantity demanded = (120 − 80)/100 x 100 = 40%price elasticity of demand = 40/40 = 1E. The Variety of Demand Curves1. Classification of Elasticitya. When the price elasticity of demand is greater than one, demand is defined tobe elastic.b. When the price elasticity of demand is less than one, the demand is defined tobe inelastic.c. When the price elasticity of demand is equal to one, the demand is said to haveunit elasticity.2. In general, the flatter the demand curve that passes through a given point, themore elastic the demand.3. Extreme Casesa. When the price elasticity of demand is equal to zero, the demand is perfectlyinelastic and is a vertical line.b. When the price elasticity of demand is infinite, the demand is perfectlyelastic and is a horizontal line.4. FYI: A Few Elasticities from the Real WorldF. Total Revenue and the Price Elasticity of Demand1. Definition of total revenue: the amount paid by buyers and received by sellers ofa good, computed as the price of the good times the quantity sold.2. If demand is inelastic, the percentage change in price will be greater than thepercentage change in quantity demanded.a. If price rises, quantity demanded falls, and total revenue will rise (becausethe increase in price will be larger than the decrease in quantity demanded).b. If price falls, quantity demanded rises, and total revenue will fall (becausethe fall in price will be larger than the increase in quantity demanded).3. If demand is elastic, the percentage change in quantity demanded will be greaterthan the percentage change in price.a. If price rises, quantity demanded falls, and total revenue will fall (becausethe increase in price will be smaller than the decrease in quantity demanded).b. If price falls, quantity demanded rises, and total revenue will rise (becausethe fall in price will be smaller than the increase in quantity demanded).4. If demand is unit elastic, the percentage change in price will be equal to thepercentage change in quantity demanded.a. If price rises, quantity demanded falls, and total revenue will remain the same(because the increase in price will be equal to the decrease in quantitydemanded).b. If price falls, quantity demanded rises, and total revenue will remain the same(because the fall in price will be equal to the increase in quantity demanded).G. Elasticity and Total Revenue along a Linear Demand Curve1. The slope of a linear demand curve is constant, but the elasticity is not.a. At points with a low price and a high quantity demanded, demand is inelastic.b. At points with a high price and a low quantity demanded, demand is elastic.2. Total revenue also varies at each point along the demand curve.H. Other Demand Elasticities1. Definition of income elasticity of demand: a measure of how much the quantitydemanded of a good responds to a change in consumers’ income, computed as the percentage change in quantity demanded divided by the percentage change in income.a. FormulaFigure 4Note that when demand is elastic and price falls, total revenue rises. Also point out that once demand is inelastic, any further decrease in price% change in quantity demandedIncome elasticity of demand =% change in incomeb. Normal goods have positive income elasticities, while inferior goods havenegative income elasticities.ALTERNATIVE CLASSROOM EXAMPLE:John’s income rises from $20,000 to $22,000 and the quantity of hamburger he buyseach week falls from 2 pounds to 1 pound.% change in quantity demanded = (1−2)/ x 100 = %% change in income = (22,000 −20,000)/21,000 x 100 = %c. Necessities tend to have small income elasticities, while luxuries tend to havelarge income elasticities.2. Definition of cross-price elasticity of demand: a measure of how much the quantitydemanded of one good responds to a change in the price of another good, computedas the percentage change in the quantity demanded of the first good divided by the percentage change in the price of the second good.a. Formulab. Substitutes have positive cross-price elasticities, while complements havenegative cross-price elasticities.ALTERNATIVE CLASSROOM EXAMPLE:The price of apples rises from $ per pound to $ per pound. As a result, thequantity of oranges demanded rises from 8,000 per week to 9,500.% change in quantity of oranges demanded = (9,500 − 8,000)/8,750 x 100 = %% change in price of apples = − / x 100 = 40%II. The Elasticity of SupplyA. The Price Elasticity of Supply and Its Determinants1. Definition of price elasticity of supply: a measure of how much the quantitysupplied of a good responds to a change in the price of that good, computed as thepercentage change in quantity supplied divided by the percentage change in price.2. Determinants of the Price Elasticity of Supplya. Flexibility of sellers: goods that are somewhat fixed in supply (beachfrontproperty) have inelastic supplies.b. Time horizon: supply is usually more inelastic in the short run than in thelong run.B. Computing the Price Elasticity of Supply1. Formula2. Example: the price of milk increases from $ per gallon to $ per gallon and thequantity supplied rises from 9,000 to 11,000 gallons per month.% change in price = –/ × 100 = 10%% change in quantity supplied = (11,000 –9,000)/10,000 × 100 = 20%Price elasticity of supply = (20%)/(10%) = 2C. The Variety of Supply Curves1. In general, the flatter the supply curve that passes through a given point, themore elastic the supply.2. Extreme Casesa. When the elasticity is equal to zero, the supply is said to be perfectlyinelastic and is a vertical line.b. When the elasticity is infinite, the supply is said to be perfectly elastic andis a horizontal line.3. Because firms often have a maximum capacity for production, the elasticity ofsupply may be very high at low levels of quantity supplied and very low at highlevels of quantity supplied.III. Three Applications of Supply, Demand, and ElasticityA. Can Good News for Farming Be Bad News for Farmers1. A new hybrid of wheat is developed that is more productive than those used in thepast. What happens2. Supply increases, price falls, and quantity demanded rises.3. If demand is inelastic, the fall in price is greater than the increase in quantitydemanded and total revenue falls.4. If demand is elastic, the fall in price is smaller than the rise in quantitydemanded and total revenue rises.5. In practice, the demand for basic foodstuffs (like wheat) is usually inelastic.a. This means less revenue for farmers.b. Because farmers are price takers, they still have the incentive to adopt thenew hybrid so that they can produce and sell more wheat.c. This may help explain why the number of farms has declined so dramatically overthe past two centuries.d. This may also explain why some government policies encourage farmers todecrease the amount of crops planted.B. Why Did OPEC Fail to Keep the Price of Oil HighFigure 8Short Run Long Run1. In the 1970s and 1980s, OPEC reduced the amount of oil it was willing to supply toworld markets. The decrease in supply led to an increase in the price of oil and a decrease in quantity demanded. The increase in price was much larger in the short run than the long run. Why2. The demand and supply of oil are much more inelastic in the short run than thelong run. The demand is more elastic in the long run because consumers can adjust to the higher price of oil by carpooling or buying a vehicle that gets bettermileage. The supply is more elastic in the long run because non-OPEC producerswill respond to the higher price of oil by producing more.C. Does Drug Interdiction Increase or Decrease Drug-Related Crime1. The federal government increases the number of federal agents devoted to the waron drugs. What happensa. The supply of drugs decreases, which raises the price and leads to a reductionin quantity demanded. If demand is inelastic, total expenditure on drugs (equalto total revenue) will increase. If demand is elastic, total expenditure willfall.b. Thus, because the demand for drugs is likely to be inelastic, drug-relatedcrime may rise.2. What happens if the government instead pursued a policy of drug educationa. The demand for drugs decreases, which lowers price and quantity supplied. Totalexpenditure must fall (because both price and quantity fall).b. Thus, drug education should not increase drug-related crime.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The price elasticity of demand is a measure of how much the quantity demanded of agood responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage change in price.When demand is inelastic (a price elasticity less than 1), a price increase raisestotal revenue, and a price decrease reduces total revenue. When demand is elastic (a price elasticity greater than 1), a price increase reduces total revenue, and a price decrease increases total revenue. When demand is unit elastic (a price elasticity equal to 1), a change in price does not affect total revenue.2. The price elasticity of supply is a measure of how much the quantity supplied of agood responds to a change in the price of that good, computed as the percentage change in quantity supplied divided by the percentage change in price.The price elasticity of supply might be different in the long run than in theshort run because over short periods of time, firms cannot easily change the sizes Figure 9(a) Drug Interdiction (b) Drug Educationof their factories to make more or less of a good. Thus, in the short run, thequantity supplied is not very responsive to the price. However, over longerperiods, firms can build new factories, expand existing factories, close oldfactories, or they can enter or exit a market. So, in the long run, the quantitysupplied can respond substantially to a change in price.3. A drought that destroys half of all farm crops could be good for farmers (at leastthose unaffected by the drought) if the demand for the crops is inelastic. Theshift to the left of the supply curve leads to a price increase that will raisetotal revenue if the price elasticity of demand is less than 1.No one farmer would have an incentive to destroy her crops in the absence of adrought because she takes the market price as given. Only if all farmersdestroyed a portion of their crops together, for example through a governmentprogram, would this plan work to make farmers better off.Questions for Review1. The price elasticity of demand measures how much quantity demanded responds to achange in price. The income elasticity of demand measures how much quantitydemanded responds to changes in consumers' income.2. The determinants of the price elasticity of demand include the availability ofclose substitutes, whether the good is a necessity or a luxury, the breadth of thedefinition of the market, and the time horizon. Goods with close substitutes havegreater elasticities, luxury goods have greater price elasticities thannecessities, goods in more narrowly defined markets have greater elasticities, andthe elasticity of demand is greater the longer the time horizon.3. An elasticity greater than one means that demand is elastic. When the elasticityis greater than one, the percentage change in quantity demanded exceeds thepercentage change in price. When the elasticity equals zero, demand is perfectly inelastic. There is no change in quantity demanded when there is a change in price.4. Figure 1 presents a supply-and-demand diagram, showing the equilibrium price, P,the equilibrium quantity, Q, and the total revenue received by producers. Total revenue equals the equilibrium price times the equilibrium quantity, which is the area of the rectangle shown in the figure.Figure 15. If demand is elastic, an increase in price reduces total revenue. With elasticdemand, the quantity demanded falls by a greater percentage than the price rises.As a result, total revenue moves in the opposite direction as the price. Thus, if price rises, total revenue falls.6. A good with income elasticity less than zero is called an inferior good because asincome rises, the quantity demanded declines.7. The price elasticity of supply is calculated as the percentage change in quantitysupplied divided by the percentage change in price. It measures how much quantity supplied responds to changes in price.8. If a fixed quantity of a good is available and no more can be made, the priceelasticity of supply is zero. Regardless of the percentage change in price, therewill be no change in the quantity supplied.9. Destruction of half of the fava bean crop is more likely to hurt fava bean farmersif the demand for fava beans is very elastic. Destruction of half of the cropcauses the supply curve to shift to the left resulting in a higher price of favabeans. When demand is very elastic, an increase in price leads to a decrease intotal revenue because the decrease in quantity demanded outweighs the increase inprice.Quick Check Multiple Choice1. a2. b3. d4. c5. a6. cProblems and Applications1. a. Mystery novels have more elastic demand than required textbooks because mysterynovels have close substitutes and are a luxury good, while required textbooksare a necessity with no close substitutes. If the price of mystery novels wereto rise, readers could substitute other types of novels, or buy fewer novelsaltogether. But if the price of required textbooks were to rise, students wouldhave little choice but to pay the higher price. Thus, the quantity demanded ofrequired textbooks is less responsive to price than the quantity demanded ofmystery novels.b. Beethoven recordings have more elastic demand than classical music recordingsin general. Beethoven recordings are a narrower market than classical musicrecordings, so it is easier to find close substitutes for them. If the price of Beethoven recordings were to rise, people could substitute other classicalrecordings, like Mozart. But if the price of all classical recordings were torise, substitution would be more difficult. (A transition from classical musicto rap is unlikely!) Thus, the quantity demanded of classical recordings isless responsive to price than the quantity demanded of Beethoven recordings.c. Subway rides during the next five years have more elastic demand than subwayrides during the next six months. Goods have a more elastic demand over longertime horizons. If the fare for a subway ride was to rise temporarily, consumers could not switch to other forms of transportation without great expense orgreat inconvenience. But if the fare for a subway ride was to remain high for a long time, people would gradually switch to alternative forms of transportation.As a result, the quantity demanded of subway rides during the next six monthswill be less responsive to changes in the price than the quantity demanded ofsubway rides during the next five years.d. Root beer has more elastic demand than water. Root beer is a luxury with closesubstitutes, while water is a necessity with no close substitutes. If the price of water were to rise, consumers have little choice but to pay the higher price.But if the price of root beer were to rise, consumers could easily switch toother sodas or beverages. So the quantity demanded of root beer is moreresponsive to changes in price than the quantity demanded of water.2. a. For business travelers, the price elasticity of demand when the price oftickets rises from $200 to $250 is [(2,000 – 1,900)/1,950]/[(250 – 200)/225]= = . For vacationers, the price elasticity of demand when the price oftickets rises from $200 to $250 is [(800 – 600)/700] / [(250 – 200)/225] == .b. The price elasticity of demand for vacationers is higher than the elasticityfor business travelers because vacationers can choose a substitute more easilythan business travelers. For example, vacationers can choose a different mode of transportation (like driving or taking the train), a different destination, a different departure date, and a different return date. They may also choose to not travel at all. Business travelers are less likely to do so because their schedules are less adaptable.3. a. The percentage change in price is equal to – / x 100 = 20%. If the priceelasticity of demand is , quantity demanded will fall by 4% in the short run [ ]. If the price elasticity of demand is , quantity demanded will fall by 14% in the long run [].b. Over time, consumers can make adjustments to their homes by purchasingalternative heat sources such as natural gas or electric furnaces. Thus, they can respond more easily to the change in the price of heating oil in the long run than in the short run.4. If quantity demanded fell, price must have increased according to the law ofdemand. For a price increase to increase total revenue, the percentage increase in the price must be greater than the percentage decline in quantity demanded. Therefore, demand is inelastic.5. , a. The effect on the market for coffee beans is shown in Figure 2. When ahurricane destroys half of the crop, the supply of coffee beans decreases, the price of coffee beans increases, and the quantity decreases.QuantityPrice Figure 2Demand S 1 S 2b. The effect on the market for cups of coffee is shown in Figure 2. When theprice of coffee beans, an important input into the production of a cup ofcoffee, increases, the supply of cups of coffee decreases, the price of a cup of coffee increases, and the quantity decreases.Because cups of coffee have an inelastic demand, when the price of a cup ofcoffee increases, the total expenditure on coffee increases.c. The effect on the market for donuts is shown in Figure 3. When the price ofcoffee increases and the quantity demanded of coffee decreases, consumersdemand fewer donuts because coffee and donuts are complements. When demanddecreases, the price of donuts decreases.Because donuts have an inelastic demand, when the price of donuts decreases,the total expenditure on donuts decreases.6. a. If your income is $10,000, your price elasticity of demand as the price of DVDsrises from $8 to $10 is [(40 – 32)/36]/[(10 – 8)/9] = = 1. If your income is $12,000, the elasticity is [(50 – 45)/]/[(10 – 8)/9] = = .b. If the price is $12, your income elasticity of demand as your income increasesfrom $10,000 to $12,000 is [(30 – 24)/27]/[(12,000 – 10,000)/11,000] = = . Price Figure 3If the price is $16, your income elasticity of demand as your income increases from $10,000 to $12,000 is [(12 – 8)/10]/[(12,000 – 10,000)/11,000] = = .7. a. If Maria always spends one-third of her income on clothing, then her incomeelasticity of clothing demand is one, because maintaining her clothingexpenditures as a constant fraction of her income means the percentage changein her quantity of clothing must equal her percentage change in income.b. Maria's price elasticity of clothing demand is also one, because everypercentage point increase in the price of clothing would lead her to reduce her quantity purchased by the same percentage.c. Because Maria spends a smaller proportion of her income on clothing, then forany given price, her quantity demanded will be lower. Thus, her demand curvehas shifted to the left. Because she will again spend a constant fraction ofher income on clothing, her income and price elasticities of demand remain one.8. a. The percentage change in price (using the midpoint formula) is – / × 100%= %. Therefore, the price elasticity of demand is = , which is very elastic.b. Because the demand is inelastic, the Transit Authority's revenue rises when thefare rises.c. The elasticity estimate might be unreliable because it is only the first monthafter the fare increase. As time goes by, people may switch to other means oftransportation in response to the price increase. So the elasticity may belarger in the long run than it is in the short run.9. Walt's price elasticity of demand is zero, because he wants the same quantityregardless of the price. Jessie's price elasticity of demand is one, because he spends the same amount on gas, no matter what the price, which means hispercentage change in quantity is equal to the percentage change in price.10. a. With a price elasticity of demand of , reducing the quantity demanded ofcigarettes by 20% requires a 50% increase in price, because 20/50 = . With the price of cigarettes currently $2, this would require an increase in the priceto $ a pack using the midpoint method (note that ($ – $2)/$ = .50).b. The policy will have a larger effect five years from now than it does one yearfrom now. The elasticity is larger in the long run, because it may take sometime for people to reduce their cigarette usage. The habit of smoking is hardto break in the short run.c. Because teenagers do not have as much income as adults, they are likely to havea higher price elasticity of demand. Also, adults are more likely to beaddicted to cigarettes, making it more difficult to reduce their quantitydemanded in response to a higher price.11. To determine whether you should increase or decrease the price of admissions, youneed to know if the demand is elastic or inelastic. If demand is elastic, adecline in the price of admissions will increase total revenue. If demand isinelastic, an increase in the price of admissions will cause total revenue to rise.12. A worldwide drought could increase the total revenue of farmers if the priceelasticity of demand for grain is inelastic. The drought reduces the supply of grain, but if demand is inelastic, the reduction of supply causes a large increase in price. Total farm revenue would rise as a result. If there is only a drought in Kansas, Kansas’ production is not a large enough proportion of the total farm product to have much impact on the price. As a result, price does not change (or changes by only a slight amount), while the output by Kansas farmers declines, thus reducing their income.。

Chapter 5: Foreign InvestmentTrue or False Questions1. The largest free zones are called free cities.2. Free trade areas are made up of two or more states.3. No tariffs or duties are paid in export processing zones.4. Bonded warehouses are intended to be places for trade and business.5. Manufacturing activities are allowed in bonded warehouses.6. Depriving a person or company of private property without compensation is called nationalization.7. Nondiscrimination guarantee is the assurance of a host state government that foreign investors will be able to take out of the state both the investment capital they brought in and the profits they earned.8. Choice-of-law clause promises foreign investors that the host government will not change its tax for a certain period of time.9. Once a foreign-owned enterprise is in full operation, it is usually subject to periodic monitoring.10. A debt security represents an ownership interest in a business.11. A bond is an equity security.12. A certificated security can be transferred by negotiation.13. An uncertificated security is one whose ownership is recorded only on the books of the issuer.14. Bearer securities are transferred simply by delivery of the certificate.15. Bearer securities are registered on the books of the issuer.16. In the United States, offerings of less than $1 million in a 12-month period are exempt from registration.17. Exempt securities typically include those issued by governmental bodies, by banks, and by not-for-profit corporations.18. The clearance and settlement procedure is uniform throughout the world.19. Euroclear is an international clearinghouse.20. To facilitate foreign trading in shares, brokerage firms use depository receipts.21. Depository receipts are non-negotiable instruments.22. If a company issues depository receipts, then the corresponding shares need to be sent abroad.23. Depository receipts are identical to the securities themselves.24. An insider is a person, such as a corporate officer, director, or majority shareholder, who has access to material nonpublic information about a company or the securities market.25. According to U.S. law, information is material when something is of significance to a reasonable person.Multiple Choice Questions26. Which of the following is true of closed sectors?A. They limit the percentage of foreign investment.B. They are not open to foreign investors.C. They have the highest tax rates.D. They are usually present in developing countries.27. The parts of a state’s economy that are not fully open to foreign investors are called ________.A. exclusive economic zonesB. special economic zonesC. closed sectorsD. restricted sectors28. The parts of a state’s economy in which foreigners are en couraged to invest are called ________.A. exclusive economic zonesB. special economic zonesC. foreign priority sectorsD. restricted sectors29. ________ are geographical areas wherein goods may be imported and exported free from customs tariffs and in which a variety of trade-related activities may be carried on.A. Foreign priority sectorsB. Closed sectorsC. Free zonesD. Exclusive economic zones30. The largest free zones are called ________.A. free trade areasB. free citiesC. free trade zonesD. subzones31. Which of the following is the oldest type of free zone?A. free trade areaB. free perimeterC. free cityD. special economic zone32. A free zone located within or near a port city is called a(n) ________.A. free trade zoneB. free retail zoneC. special economic zoneD. exclusive economic zone33. A(n) ________ is a special-purpose free zone associated with, but physically apart from, a free trade zone, in which limited-purpose trading activities are carried on.A. exclusive economic zoneB. closed sectorC. free trade areaD. subzone34. ________ are areas in international airports and harbors where travelers can buy goods free of local sales and excise taxes.A. Free retail zonesB. Export processing zonesC. Bonded warehousesD. Foreign priority sectors35. A(n) ________ is a facility at a port of entry where shippers can store goods until they clear customs.A. export processing zoneB. data warehouseC. bonded warehouseD. free retail zone36. Which of the following is true of bonded warehouses?A. They are operated by transportation firms.B. They are intended to be places for trade and business.C. They help shippers in avoiding tariffs and quotas.D. They are owned by the government.37. Acquisition by a state of property previously held by private persons or companies, usually in exchange for some consideration is called ________.A. expropriationB. nationalizationC. privatizationD. municipalization38. Depriving a person or company of private property without compensation is called ________.A. expropriationB. nationalizationC. privatizationD. municipalization39. Which of the following terms refers to the assurance of a host state government that foreign investors will be able to take out of the state both the investment capital they brought in and the profits they earned?A. nondiscrimination guaranteeB. repatriation guaranteeC. stabilization clauseD. appraisal right40. Which of the following terms refers to the assurance of a host government that foreign investors will be treated the same way as local investors?A. nondiscrimination guaranteeB. repatriation guaranteeC. stabilization clauseD. appraisal right41. ________ promise foreign investors that the host government will not change its tax, foreign exchange, or other legal régime for a certain period of time, or that changes subsequent to the establishment of an enterprise will not affect that enterprise.A. Nondiscrimination guaranteesB. Repatriation guaranteesC. Stabilization clausesD. Appraisal rights42. Which of the following is a characteristic of stabilization clauses?A. They can be changed by the mutual agreement of the parties.B. They can prevent a state from nationalizing a foreign investment.C. They can prevent a state from expropriating a foreign investment.D. They guarantee equality of treatment with regard to ownership rights, taxation, and, social matters.43. Which of the following statements is most likely to be true regarding the supervision of foreign investment?A. The foreign investor whose application has been approved by the host state is usually subject to some time limit in which to start construction and/or begin operation.B. Very few countries require investors to submit periodic reports during the start-up period.C. Once a foreign-owned enterprise is in full operation, it is usually not subject to periodic monitoring.D. Investment laws usually provide that any modification to an investment agreement, including an increase or decrease in the size or scope of a project, has to be approved by the home state.44. A ________ is a share in the ownership of a company that entitles its owner to rights in the company, including a proportionate part of the dividends and, upon liquidation, of the capital assets.A. debentureB. bondC. stockD. banknote45. A(n) ________ is a contractual obligation of a company to repay the holder the amount of his or her original investment plus interest at a specified future date.A. bondB. equityC. common stockD. capital stock46. Which of the following is true of a certificated security?A. Its ownership is recorded only on the books of the issuer.B. A bearer security is not a certificated security.C. It cannot be transferred by negotiation.D. It is dealt in on securities exchanges.47. A(n) ________ is someone who buys in good faith, pays value, and is unaware that the transferor is not the rightful owner.A. tipperB. bona fide purchaserC. tippeeD. insider48. Which of the following is true regarding an uncertificated security?A. A registered security is a type of an uncertificated security.B. Its ownership is recorded only on the books of the issuer.C. It is dealt in on securities exchanges.D. Most developed countries prevent companies from using uncertificated certificates.49. A(n) ________ is a printed statement given to prospective securities investors setting out a full, true, and plain disclosure of all material facts relating to the securities and the issuer.A. prospectusB. article of incorporationC. memorandum of associationD. charter50. ________ is a procedure by which a buyer turns over the purchase price and the seller turns over the securities in a securities transaction.A. ExpropriationB. Insider tradingC. Clearance and settlementD. Conformity assessment procedure51. A ________ is a negotiable instrument issued by a bank that represents a foreign company’s publicly traded securities and that, in turn, is traded on a local securities exchange.A. bill of exchangeB. banknoteC. promissory noteD. depository receipt52. ________ is the use of material nonpublic information about a company or the securities market to buy or sell securities for personal gain.A. Insider tradingB. SafeguardingC. DumpingD. Expropriation53. A(n) ________ is a person, such as a corporate officer, director, or majority shareholder, who has access to material nonpublic information about a company or the securities market.A. bona fide purchaserB. whistle-blowerC. insiderD. boundary spanner54. A ________ is a person who has access to material nonpublic information about a company or the securities market and who discloses it to someone who acts on that information.A. bona fide purchaserB. whistle-blowerC. boundary spannerD. tipper55. In the context of the securities market, a(n) ________ is a person who acts for his or her personal account on information knowing that the information is not available to the public.A. bona fide purchaserB. tippeeC. whistle-blowerD. boundary spanner56. The ________ is a law enacted by the United States in 1968 that authorizes the Securities and Exchange Commission to issue rules regulating takeover bids.A. National Banking ActB. Militia ActC. Williams ActD. Sarbanes-Oxley ActEssay Questions57. Describe the significance of foreign investment policies.58. What are the criteria for evaluating a foreign investment proposal?59. Differentiate between closed sectors and restricted sectors.60. What are the different types of free zones?61. What is a bonded warehouse?62. Differentiate between nationalization and expropriation.63. Explain appraisal rights.64. Differentiate between a registered security and a bearer security.65. What is a depository receipt?66. Describe the significance of the Williams Act.。

宏观经济学-课后思考题答案_史蒂芬威廉森005Chapter 5A Closed-Economy One-PeriodMacroeconomic ModelTeaching GoalsThere are three key points to be learned from this chapter. The first point is that when we allow the consumers and firms that we studied in Chapter 4 to interact with each other and with the government, the economy is able to achieve equilibrium through price adjustment. In this particular case, the “price” is the relative price of leisure, the real wage. The second important point is that the equilibrium that markets settle upon is a favorable one, in the sense of Pareto optimality. This point is in keeping with Adam Smith’s notion that the “invisible hand” of self-interested individuals, meeting in a competitive market, can work for the common good. The third point is that we can directly discover the equilibrium position of a market economy by solving an economic planner problem. Although students may find this point to be somewhat arcane, stress the point that it will be much simpler to solve problems (e.g., exam problems) by working with a planner problem as opposed to directly solving general equilibrium problems. The students, however, need to be aware when this solution method is not applicable. The new section about the Laffer curve is a good way to show when social and private optima do not coincide.Once students have mastered the mechanics of the model, the two problems for which this model is best suited are the analyses of changes in government spending and total factor productivity. In working these problems, stress the applicability of these results to historical applications and as a guide to understanding current events.A key tactic of the textbook’s approach is the critical assessment of the usefulness and credibility of competing models. Therefore, it is important to stress the extent to which models fit the facts. Does this model fit the facts of long-run growth? Does this model fit the facts of the typical business cycle? These kinds of questions come up again and again in the course of macroeconomic study. Stress again and again that scientific study needs to relate to observations, in our case the stylized facts of Chapter 2.Classroom Discussion TopicsAn alternative approach to this material is to start with the example of Robinson Crusoe (or Castaway, Gilligan’s Island, etc.). Does an isolated individual have any economic choices? What would guide these choices? Would you rather be on an island with a more plentiful food supply? A pure income effect can then be presented in the form of extra food (or a volleyball) washing up on shore, or in the form of “pirates” (government?) demanding tribute. An increase in total factor productivity can be in the form of obtaining a fishing net or a ladder to climb coconut trees. A change in capital can be the consequence of a hurricane, etc.The next step would be to ask the students about the likely consequences of additional individuals on the island. If they are all identical, and there are no economies to team production, will there be any reason for markets to exist? Could a market improve things? How and why? Typically, markets improve things only to the extent that people are different. However, these types of differences are what we are willing to ignore when we adopt the fiction of a representative consumer.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 43OutlineI. Com petitive EquilibriumA. A One-Period Model1. No Borrowing or Lending2. G = TB. Equilibrium M odeling1. Endogenous Variables2. Exogenous Variables3. Hypothetical Experiments C. Properties of a Competitive Equilibrium1. Representative Consumer Maximizes Utility Subject to Budget Constraint2. Representative Firm Maximizes Profits3. M arkets Clear4. Government Budget Constraint Satisfied5. ,,l C l C N w MRS MRT MP ===II. O p timalityA. ParetoOptimality B. Welfare Theorems1. 1st Theorem: A Competitive Equilibrium Can Be Pareto Optimal2. 2nd Theorem: A Pareto Optimum Can Be a Competitive EquilibriumC. Inefficiencies1. Externalities2. Distorting Taxes3. M onopoly Power D. Using the Second Theorem1. Pareto Optima Are Easier to Identify2. Effects of Disturbances on Pareto OptimaIII. Effects of an Increase in Government SpendingA. Impact Effect1. Parallel Downward Shift in PPF2. Pure Income EffectB. Equilibrium Effects1. Reduced Consumption2. Reduced Leisure and Increased Hours of Work3. Increased Output4. Lower Real WageC. Crowding-OutD. Government Spending a Source of Business Cycles?1. Government Spending Shocks Wrongly Predict Countercyclical Consumption2. Government Spending Shocks Wrongly Predict Countercyclical Real Wages44 Williamson ? Macroeconomics, Third EditionIV. Effects of an Increase in Total Factor ProductivityA. Impact Effect1. Upward Shift in PPF2. Steeper PPF3. Income and Substitution EffectsB. Equilibrium Effects1. Increased Consumption2. Leisure and Hours Worked May Rise or Fall3. Increased Output4. Higher Real WageC. Productivity and Long-Run Growth1. Consumption Grows over Time2. Hours Worked Remain about Constant3. Output Increases over Time4. Real Wages Rise over TimeD. Productivity as Source of Business Cycles?1. Consumption Is Procyclical2. Cyclical Properties of Hours Workeda. Procyclical Hours Worked Is a Business Cycle Factb. Need Strong Substitution Effect to Predict Procyclical Hoursc. Intertemporal Substitution of Leisure3. Increased Output Defines the Cycle4. Procyclical Real Wage RateV. Income Tax Revenue and the Laffer CurveA. Tax Revenue1. The Tax Base Depends on the Proportional Tax Rate2. The Laffer Curve Measures Tax Revenue as a Function of the Tax Rate3. Unless the Tax Rate Is Optimal, Two Tax Rates Yield the Same Tax Revenue4. Supply-Side Economists Claim the U.S. Economy Is at the Bad Tax Rate5. Empirical Evidence Tends to Prove Supply-Side Economists WrongTextbook Question SolutionsQuestions for Review1. A closed economy is easier to work with. Opening the economy does not change most of theproperties of an economy. The closed economy is the correct model for the world as a whole.2. Government levies taxes and purchases consumption goods.3. In a one-period model, there can be no borrowing or lending. There is therefore no way to finance agovernment deficit.4. Endogenous variables: C, N s, N d, T, Y, and w.5. Exogenous variables: G, z, K.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 456. The representative consumer chooses C and N s to maximize utility.The representative firm chooses N d to maximize profits.M arket-clearing: .s d N N N == Government budget constraint: T = G .7. The slope of the production possibilities frontier is equal to .N MP ? The slope of the productionpossibilities frontier is also identified as ,,l C MRT ? where ,l C MRT is identified as the marginal rate oftransformation between leisure and consumption.8. The competitive equilibrium is Pareto optimal because it lies at a tangency point between theproduction possibilities frontier and a representative consumer’s indifference curve.9. The first theorem: A competitive equilibrium can be Pareto optimal. This theorem assures us that thecompetitive equilibrium is a good outcome. The second theorem: A Pareto optimum is a competitive equilibrium. This theorem allows us to directly analyze Pareto optima with the assurance that these points are also competitive equilibriums. The second theorem is useful because Pareto Optima are often easier to work with than competitive equilibriums.10. Externalities, noncompetitive behavior, and distorting taxes.11. , ,, , and .G Y C N l w ↑?↑↓↑↓↓ 12. Government competes with the private sector in buying goods. An increase in government spendingimplies a negative wealth effect, which results in lower consumption.13. , , and .z Y C w ↑?↑↑↑ The sign of the effects on N and l are ambiguous.14. The substitution effect of an increase in z is that the representative consumer works more hours. Theincome effect of an increase in z is that the representative household works more hours. The sign of the net effect is ambiguous.15. A distorting tax makes that households equalize their marginal rate of substitution between leisureand consumption to the after tax wage, which is different from the before tax wage that firms equalize their marginal rate of transformation to. Thus, one cannot achieve the Pareto optimum where the same wage (before tax) is equal to both marginal rates above.16. The Laffer curve takes into account that higher proportional tax rates give incentives to households towork less. While tax revenue increases with the tax rate for a given tax base, that tax base is reduced by the tax rate.17. When the income tax rate falls, households are willing to supply additional labor more in suchquantities that the tax base increases more than what the tax rate decreases, thus increasing taxrevenue.46 Williamson ? Macroeconomics, Third EditionProblems1. Although we often think about the negative externalities of congestion and pollution in cities, theremay also be some positive externalities. A concentrated population is better able to support the arts and professional sports; cities typically have a greater variety of good restaurants, etc. Perhaps a more basic issue is that there may be some increasing returns to scale at low output levels that makeindustrial production more costly in small towns. There may also be externalities in production in being located close to other producers. One example would be the financial industry in financial centers like New York, London, Tokyo, etc. Another example would be large city medical centers that enhance coordination between primary physicians and specialists.One market test of whether productivity is higher in cities would be to look at the wages in cities versus the wages in smaller towns and rural areas. Wages are often higher in cities for individuals of comparable skills. Market efficiency suggests that the higher wages be reflective of a higher marginal product of labor, and that the higher wages compensate those choosing to live in cities for the negative externalities that they face.2. In a one period model, taxes must be exactly equal to government spending. A reduction in taxes istherefore equivalent to a reduction in government spending. The result is exactly opposite of the case of an increase in government spending that is presented in the text. A reduction in government spending induces a pure income effect that induces the consumer to consume more and work less. At lower employment, the equilibrium real wage is higher because the marginal product of labor rises when employment falls. Output falls, consumption rises, employment falls and the real wage rises.3. The only impact effect of this disturbance is to lower the capital stock. Therefore, the productionpossibility frontier shifts down and the marginal product of labor falls (PPF is flatter).(a) The reduction in the capital stock is depicted in the figure below. The economy starts at point Aon PPF1. The reduction in the capital stock shifts the production possibilities frontier to PPF2.Because PPF2 is flatter, there is a substitution effect that moves the consumer to point D. Theconsumer consumes less of the consumption good and consumes more leisure. Less leisure also means that the consumer works more. Because the production possibilities frontier shifts down, there is also an income effect. The income effect implies less consumption and less leisure (more work). On net, consumption must fall, but leisure could decrease, remain the same, or increase, depending on the relative strengths of the income and substitution effect. The real wage must also fall. To see this, we must remember that, in equilibrium, the real wage must equal the marginal rate of substitution. The substitution effect implies a lower marginal rate of substitution. The income effect is a parallel shift in the production possibilities frontier. As the income effect increases the amount of employment, marginal product of labor must fall from point D topoint B. This reinforces the reduction in the marginal rate of substitution from point A to point D.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 47(b) Changes in the capital stock are not likely candidates for the source of the typical business cycle.While it is easy to construct examples of precipitous declines in capital, it is more difficult toimagine sudden increases in the capital stock. The capital stock usually trends upward, and thisupward trend is important for economic growth. However, the amount of new capital generatedby a higher level of investment over the course of a few quarters, of a few years, is very small in comparison to the existing stock of capital. On the other hand, a natural disaster that decreases the stock of capital implies lower output and consumption, and also implies lower real wages,which are all features of the typical business cycle contraction.4. Government Productivity. First consider the benchmark case in which 1,z= and there is no effect of changes in z on government activities. Now suppose that z increases. This case of an increase in z isdepicted in the figure below. The original production possibilities frontier is labeled PPF1 and thecompetitive equilibrium is at point A. If the increase in z only affects the economy through thechange in (,),zF K N then the new production possibilities frontier is PPF2. The diagram shows acase in which the income and substitution effects on leisure exactly cancel out, and the economy moves to point B. The equation for the production possibilities frontier is (,).C zF K h l T=?? In the benchmark case, T G= and so we have (,).C zF K h l G=?? For this problem, /T G z=, and so the production possibilities frontier is given by (,)/.C zF K h l G z=?? When 1,z= the two PPFs coincide. When z increases, the vertical intercept of the PPF increases by /.G zΔ Therefore, the newPPF is PPF3 in the figure below. The competitive equilibrium is at point C. There is an additionalincome effect that provides an additional increase in equilibrium consumption, and a reinforced income effect that tend to make leisure increase. Therefore, relative to the benchmark case, there is a larger increase in consumption, and either a smaller decrease in leisure or a larger increase in leisure.48 Williamson ? Macroeconomics, Third Edition5. Change in preferences.(a) At the margin, the consumer decides that leisure is more preferred to consumption. That is, theconsumer now requires a bigger increase in consumption to willingly work more (consume lessleisure). In more intuitive language, the consumer is lazier.(b) To work out the effects of this change in tastes, we refer to the figure below. The productionpossibility frontier in this example is unchanged. The consumer now picks a new point at which one of the flatter indifference curves is tangent to the production possibilities frontier. That is,equilibrium will shift from point A to point B. Consumption falls and leisure rises. Therefore, the consumer works less and produces less. Because employment has fallen, it also must be the case that the real wage increases.(c) This disturbance, which some might characterize as a contagious outbreak of laziness, wouldhave the appearance of a recession, as output and employment both fall. The consequentreduction in consumption is also consistent with a typical recession. However, in this case thereal wage would rise, which is inconsistent with the business cycle facts. Therefore, this type ofpreference change is not a cause of recessions.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 496. Production-enhancing aspects of government spending.(a) The increase in government spending in this example has two separate effects on the productionpossibilities frontier. First, the increase in government spending from G1 to G2implies a paralleldownward shift in the production possibilities frontier. Second, the productive nature of government spending is equivalent to an increase in total factor productivity that shifts the production possibilities frontier upward and increases its slope. The figure below draws theoriginal production possibilities frontier as PPF1 and the new production possibilities frontier asPPF2. If the production-enhancing aspects of the increase in government spending are largeenough, representative consumer utility could rise, as in this figure.(b) There are three effects at work in this example. First, there is a negative income effect from theincrease in taxes needed to pay for the increased government spending. This effect tends to lower both consumption and leisure. Second, there is a substitution effect due to the productive effect of the increase in G, which is drawn as the movement from point A to point D. This effect tends to increase both consumption and leisure. Third, there is a positive income effect from theincrease in G on productivity. This effect tends to increase both consumption and leisure. In the figure above, the movement from point D to point B is the net effect of the two income effects. In general, consumption may rise or fall, and leisure may rise or fall. The overall effect on output is the same as in any increase in total factor productivity. Output surely rises.50 Williamson ? Macroeconomics, Third Edition7. The fact that government spending make firms more productive is similar to adding G to theproduction function. There are now two effects to an increase in government expenses: the standard crowding out of consumption, and now also an efficiency effect on production.(a) The figure below illustrates a particular situation where the welfare of the household is improved,as illustrated by a shift to the north-east of the indifference curve. The equilibrium shifts fromA toB as the PPF is lowered by the additional government expenses but is also getting steeperthanks to the same government expenses.(b) From previous results, we know that output increases with the increase in government expenses.This is now reinforced as G increases production efficiency. Regarding consumption and leisure, without this new effect, we obtained that an increase in G lead to a negative income effect andthus to decreases in both consumption and leisure. But as the real wage went down, there wasalso a substitution effect leading to an additional decrease in consumption and increase in leisure.The new effect on the production function adds opposite effects: a positive income effect and awage increase, thus possibly reversing, or not, anything that was concluded without the impact ofG on production.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 51 8. We need to analyze each case separately. Start with the good equilibrium. As government expensesincrease, more tax revenue needs to be raised, and thus the tax rate needs to be increased. As shown in the figure below, this tilts down the linear PPF. The new equilibrium leads to a lower indifference curve. This leads to a negative income effect and a lower wage (remember, it is z(1 ? t)), thus a substitution effect. The income effect lowers consumption and leisure, the substitution effectdecreases consumption and increases leisure. All in all, consumption is lower and leisure is higher, as we know that the substitution effect dominates the income effect. This means that the labor supplyis reduced, and thus equilibrium labor and output.The story is different in the bad equilibrium. To increase tax revenue, one needs to reduce the tax rate. Then all the changes discussed above are exactly in the opposite direction.9. We know from previous analysis that an improvement in total factor productivity pushes up the PPF,and thus leads to an increase in consumption, a decrease in leisure, and thus an increase in thequantity of labor supplied. This increases the tax base, and thus allows to reduce the tax rate toachieve the same tax revenue, or in other words, it pushes the left portion of the Laffer curve to the left. The reduction in the tax rate has then a further impact on the variables of interest: as we saw in question 7, first part with a reversal of all signs: consumption increases even more and leisure decrease yet more, leading to an even higher quantity of labor. All in all, as both labor and total factorproductivity increase, output increases.。

1 亚当·斯密的“有效需求”"Effectual Demand", in Adam Smith2 自回归综合移动平均模型ARIMA Models3 不在地主Absentee4 绝对地租Absolute Rent5 绝对的和可交换的价值Absolute and Exchangeable value6 国际收支的开支吸收分析法Absorption Approach to the Balance of Payments7 吸收能力Absorptive Capacity8 节欲Abstinence9 抽象劳动与具体劳动Abstract and Concrete Labour10 加速原理Acceleration Principle11 会计学与经济学Accounting and Economics12 私人和社会会计Accounting, Private and Social13 资本的积累Accumulation of Capital14 非循环性Acyclicity15 适应性预期Adaptice Expectation16 总额相符问题Adding-up Problem17 调整的成本Adjustment Cost18 调整过程与稳定性Adjustment Processes and Stability19 有管理的价格Administered Prices20 预付Advances21 逆选择Adverse Selection22 广告Advertising23 顾问Advisers24 人口老化Ageing Populations25 代理费Agency Costs26 生产要素Agents of Production27 总需求理论Aggregate Demand Theory28 总需求和总供给分析Aggregate Demand and Supply Analysis29 总供给函数Aggregate Supply Function30 加总问题Aggregation Problem31 经济关系的总和Aggregation of Economic Relations32 农业经济学Agricultural Economics33 农业增长和人口变化Agricultural Growth and Population Change34 农产品供给Agricultural Supply35 农业与经济发展Agriculture and Economic Development36 农业与土地Agriculture and Land37 异化Alienation38 阿莱悖论Allais Paradox39 阿尔蒙滞后Almon Lag40 利他主义Altruism41 美国经济协会American Economic Association42 摊销Amortization43 类比Analogy44 无政府主义Anarchism45 反托拉斯政策Antitrust Policy46 适用技术Appropriate Technology47 套利Arbitrage48 套利定价理论Arbitrage Pricing Theory49 仲裁Arbitration50 军备竞赛Arms Races51 阿罗定理Arrow''s Theorem52 阿罗-德布勒一般均衡模型Arrow-Debren Model of General Equilibrium53 资产定价Asset Pricing54 资产与负债Assets and Liabilities55 指派问题Assignment Problems56 非对称信息Asymmetric Information57 原子状竞争Atomistic Competition58 拍卖者Auctioneer59 拍卖Auctions60 奥地利经济学派Austrian School of Economics61 自给自足Autarky62 自发支出Autonomous Expenditures63 自回归和移动平均时间序列过程Autoregressive and Moving-average Time-series Processes64 平均成本定价Average Cost Pricing65 阿弗奇一约翰逊效应Averch-Johnson effect66 公理化理论Axiomatic Theories67 交割延期费Backwardation68 落后性Backwardness69 贸易差额理论史Balance of Trade, History of The Theory70 平衡预算乘数Balanced Budget Maltiptier71 平衡增长Balanced Growth72 中央银行利率Bank Rate73 银行学派,通货学派,自由银行学派Banking School, Currency School, Free Banking School74 讨价还价(议价) Bargaining75 物物交换Barter76 物物交换和交易Barter and Exchange77 基本品和非基本品Basics and Non-Basics78 基点计价制Basing Point System79 杂牌凯恩斯主义Bastard Keynesianism80 贝叶斯推断Bayesian Inference81 以邻为整Beggar-the-neighbor82 行为经济学Behavioral Economics83 有偏和无偏的技术进步Biased and Unbiased technological Change84 出价Bidding85 双边垄断Bilateral Monopoly86 复本位制Bimetallism87 生物经济学Bioeconomics88 经济学在生物学中的应用Biological Applications of Economics89 伯明翰学派Birmingham School90 生死过程Birth-and-death Processes91 债券Bonds92 有限理性论Bounded Rationality93 资产阶级Bourgeoisie94 贿赂Bribery95 泡沫状态Bubbles96 预算政策Budgetary Policy97 缓冲存货Buffer Stocks98 内在稳定器Built-in Stabilizers99 金银本位主义的争论Bullionist Controversy100 束状图Bunch Maps101 公债负担Burden of The Debt102 官僚制度Bureaucracy103 经济周期Business Cycles104 不变替代弹性生产函数CES Production Function105 变分法Calculus of Variations106 官房经济学派Cameralism107 资本资产定价模型Capital Asset Pricing Model108 资本预算的编制Capital Budgeting109 资本外逃Capital Flight110 资本的收益与损失Capital Gains and Losses111 资本品Capital Goods112 资本的反常现象Capital Perversity113 资本理论Capital Theory114 资本的理论：争论Capital Theory: Debates115 资本理论：悖论Capital Theory: Paradoxes116 固定资本利用程度Capital Utilization117 作为一种生产要素的资本Capital as A Factor of Production118 作为一种社会关系的资本Capital as a Social Relation119 资本、信贷和货币市场Capital, Credit and Money Markets120 资本主义Capitalism121 资本主义的与非资本主义的生产Capitalistic and Acapitalistic Production 122 卡特尔Cartel123 交易学Catallactics124 突变论Catastrophe Theory125 赶超Catching-up126 因果推理Causal Inference127 经济模型中的因果关系Causality in Economic Models128 删截数据模型Censored Data Models129 中央银行业务Central Banking130 中心地区理论Central Place Theory131 中央计划Central Planning132 波动重心Centre of Gravitation133 确定性等价Certainty Equivalent134 如果其他条件不变Ceteris Paribus135 偏好的改变Changes in Tastes136 宪章运动：宪章的条款Chantism: the point of the Charter 137 物品特性Characteristics138 宪章运动Chartism139 低息借款Cheap Money140 芝加哥学派Chicago School141 技术选择与利润率Choice of Technique and the Rate of Profit 142 牟利学(理财) Chrematistics143 基督教社会主义Christian Socialism144 循环流动Circular Flow145 流通资本Circulating Capital146 阶级Class147 古典经济学Classical Economics148 古典增长模型Classical Growth Models149 古典货币理论Classical Theory of Money150 历史计量学Cliometrics151 社团Clubs152 合作社Co-operatives153 科斯定理Coase Theorem154 柯布-道格拉斯函数Cobb-Douglas Function155 蛛网定理Cobweb Theorem156 共同决定和利润分享Codetermination and Profit-sharing157 同族学科Cognate Displines158 柯尔培尔主义Colbertism159 集体行动Collective Action160 集体农业Collective Agriculture161 劳资集体谈判Collective bargaining162 合谋Collusion163 殖民主义Colonialism164 殖民地Colonies165 联合Combination166 组合论Combinatorics167 命令经济Command Economy168 商品拜物教Commodity Fetishism169 商品货币Commodity Money170 商品储备货币Commodity Reserve Currency171 公共土地Common Land172 习惯法Common Law173 公共财产权Common Property Rights174 通讯Communications175 共产主义Communism176 社会(公共)无差异曲线Community Indifference Curves177 比较利益Comparative Advantage178 比较静态学Comparative Statics179 补偿需求Compensated Demand180 补偿Compensation181 补偿原理Compensation Principle182 竞争Competition183 竞争政策Competition Policy184 竞争与效率Competition and Efficiency185 竞争与选择Competition and Selection186 国际贸易竞争Competition in International Trade187 奥地利学派的竞争理论Competition: Austrian Conceptions188 古典竞争理论Competition: Classical Conceptions189 马克思学派的竞争理论Competition: Marxian Conceptions190 竞争性市场过程Competitive Market Processes191 一般均衡的计算Computation of General Equlibria192 集中比率Concentration Ratios193 冲突与解决Conflict and Settlement194 冲突与战争Conflict and War195 拥挤Congestion196 综合性大企业Conglomerates197 推测均衡Conjectural Equilibria198 炫耀性消费Conspicuous Consumption199 不变资本和可变资本Constant and Variable Capital200 制度经济学Constitutional Economics201 耐用消费品Consumer Durables202 消费者剩余Consumer Surplus203 消费者支出Consumers, Expenditure204 消费函数Consumption Function205 消费集Consumption Sets206 消费税Consumption Taxation207 消费与生产Consumption and Production208 可竞争市场Contestable Markets209 或有商品Contingent Commodities210 经济历史的连续性Continuity in Economic History211 连续和离散时间模型Continuous and Discrete Time Models212 连续-时间随机模型Continuous-time Stochastic Model213 连续时间随机过程Continuous-time Stochastic Processes214 矛盾Contradiction215 资本主义的矛盾Contradictions of Capitalism216 经济活动的控制与协调Control and Coordination of Economic Activity 217 趋向性假说Convergence Hypothesis218 凸规划Convex Programming219 凸性Convexity220 合作均衡Cooperative Equilibrium221 合作对策Cooperative Games222 核心Cores223 谷物法Corn Laws224 谷物模型Corn Model225 公司经济Corporate Economy226 公司Corporations227 社团主义Corporatism228 对应原理Correspondence Principle229 对应Correspondences230 成本函数Cost Functions231 成本最小化和效用最大化Cost Minimization and Utility Maximization 232 成本和供给曲线Cost and Supply Curves233 生产成本Cost of Production234 成本-效益分析Cost-benefit Analysis235 成本推动型通货膨胀Cost-push Inflation236 反向贸易Counter Trade237 反设事实Counterfactuals238 抗衡力量Countervailing Power239 蠕动钉住汇率Crawling Peg240 创造性破坏Creative Destruction241 信贷Credit242 信贷周期Credit Cycle243 信贷配给Credit Rationing244 犯罪与处罚Crime and Punishment245 危机Crises246 关键路径分析Critical Path Analysis247 挤出效应Crowding Out248 累积的因果关系Cumulative Causation249 累积过程Cumulative Processes250 通货Currencies251 通货委员会Currency Boards252 关税同盟Customs Unions253 周期Cycles254 社会主义经济的周期Cycles in Socialist Economies255 技能退化De-skilling256 高息借款Dear Money257 销路理论Debouches, Theorie des258 分权Decentralization259 决策理论Decision Theory260 衰落产业Declining Industries261 人口下降Declining Population262 国防经济学Defence Economics263 赤字财政Deficit Financing264 赤字支出Deficit Spending265 垄断程度Degree of Monopoly266 效用程度Degree of utility267 需求管理Demand Management268 需求价格Demand Price269 需求理论Demand Theory270 货币需求：经验研究Demand for Money: Empirical Studies271 货币需求：理论研究Demand for Money: Theoretical Studies272 需求拉动型通货膨胀Demand-pull Inflation273 人口转变Demographic Transition274 人口统计学Demography275 依附Dependency276 折耗Depletion277 折旧Depreciation278 萧条Depressions279 派生需求Derived Demand280 决定论Determinism281 发展Development282 发展经济学Development Economics283 发展计划Development Planning284 辩证唯物主义Dialectical Materialism285 辩证推理Dialectical Reasoning286 微分对策Differential Games287 获得的困难Difficulty of Attainment288 生产的难易程度Difficulty or Facility of Production289 技术扩散Diffusion of Technology290 经济量的维数Dimension of Economic Quantities291 直接税Direct Taxes292 直接非生产性寻利活动Directly Unproductive Profit-seeking (DUP) Activities 293 离散的选择模型Discrete Choice Models294 歧视性垄断Discriminating Monopoly295 歧视Discrimination296 非均衡分析Disequilibrium Analysis297 隐蔽性失业Disguised Unemployment298 反中介行动Disintermediation299 扭曲Distortions300 分配Distribution301 占典分配理论Distribution Theories: Classical302 凯恩斯主义的分配理论Distribution Theories: Keynesian303 马克思主义的分配理论Distribution Theories: Marxian304 新古典分配理论Distribution Theories: Neoclassical305 分配伦理Distribution, Ethics of306 分配规律Distribution, Law of307 分配公平Distributive Justice308 多样化经营Diversification of activities309 分段的总体和随机模型Divided Populations and Stochastic Models310 股息政策Dividend Policy311 迪维西亚指数Divisia Index312 劳动分工Division of Labour313 经济学说Doctrines314 土地调查清册Domesday Book315 家务劳动Domestic Labour316 复式簿记Double-entry Bookkeeping317 二元经济Dual Economies318 二元性Duality319 虚拟变量Dummy Variables320 倾销Dumping321 双头垄断Duopoly322 动态规划和马尔可夫决策过程Dynamic Programming and Markov Decision Process 323 经济增长和发展的动力学Dynamics, Growth and Development324 东西方经济关系East-west Economic Relations325 伊斯特林假说Easterlin Hypothesis326 经济计量学Econometrics327 经济人类学Economic Anthropology328 社会主义经济的经济计算Economic Calculation in Socialist Economies329 经济自由Economic Freedom330 经济增长Economic Growth331 经济和谐Economic Harmony332 经济史Economic History333 经济一体化Economic Integration334 历史的经济学解释Economic Interpretation of History335 经济法则Economic Laws336 经济人Economic Man337 经济组织Economic Organization338 经济组织与交易成本Economic Organization and Transaction Costs339 经济科学与经济学Economic Science and Economics340 经济剩余与等边际原理Economic Surplus and the Equimarginal Principle341 经济理论与理性假说Economic Theory and The Hypothesis of Rationality342 国家的经济理论Economic Theory of the State343 经济战Economic War344 经济和社会人类学Economic and Social Anthropology345 经济和社会史Economic and Social History346 经济学图书馆与文献的使用Economics Libraries and Documentation347 规模经济与规模不经济Economies and Diseconomies ofScale348 经济计量学Economitrics349 有效需求Effective Demand350 实际保护Effective Protection351 有效配置Efficient Allocation352 有效率市场假说Efficient Market Hypothesis353 国际收支的弹性分析方法Elasticities Approach to the Balance of Payments354 弹性Elasticity355 替代弹性Elasticity of Substitution356 就业理论Employment, Theories of357 空匣Empty Boxes358 内生性与外生性Endogencity and Exoyeneity359 内生货币与外生货币Endogenous and Exogenous Money360 能源经济学Energy Economics361 强制执行Enforcement362 恩格尔曲线Engel Curve363 恩格尔定律Engel''s Law364 英国历史学派English Historical School365 权利Entitlements366 企业家Entrepreneur367 熵Entropy368 进入与市场结构Entry and Market structure369 包络定理Envelope Theorem370 环境经济学Environmental Economics371 妒忌Envy372 国民历代大事记或民族精神编年史Ephemerides du Citoyen ou Chronique de I''esprit National 373 经济学中的认识论问题Epistemological Issues in Economics374 均等利润率Equal Rates of Profit375 平等Equality376 交易方程Equation of Exchange377 均衡：概念的发展Equilibrium: Development of The Concept378 均衡：一个预期性的概念Equilibrium: an Expectational Concept379 公平Equity380 遍历理论Ergodic Theory381 变量误差Errors in Variables382 估计Estimation383 欧拉定理Euler''s Theorem384 欧洲美元市场Eurodollar Market385 事前与事后Ex Ante and Ex Post386 过度需求与供给Excess Demand and Supply387 交换Exchange388 外汇管制Exchange Control389 汇率Exchange Rate390 可能竭资源Exhaustible Resources391 一般均衡的存在性Existence of General Equilibrium392 退出和进言Exit and Voice393 预期Expectations394 预期效用假说Expected Utility Hypothesis395 预期效用及数学期望Expected Utility and Methematical Expectation396 消费支出税Expenditure Tax397 经济学中的实验方法(i) Experimental Methods in Economics(i)398 经济学中的实验方法(ii) Experimental Methods in Economics(ii)399 剥削Exploitation400 展延家庭Extended Family401 扩展型对策Extensive Form Games402 粗放与集约地租Extensive and Intensive Rent403 外债External Debt404 外在经济External Economies405 外在性Externalities406 费边经济学Fabian Economics407 因子分析Factor Analysis408 要素价格边界Factor Price Frontier409 公平分配Fair Division410 公平性Fairness411 下降的利润率Falling Rate of Profit412 家庭Family413 计划生育Family Planning414 饥荒Famine415 法西斯主义Fascism416 生育力Fecundity417 人口出生率Fertibity418 封建主义Feudalism419 法定不兑现纸币Fiat Money420 虚拟资本Fictitious Capital421 信用发行Fiduciary Issue422 最终效用程度Final Degree of Utility423 最终效用Final Utility424 金融Finance425 金融资本Finance Capital426 融资和储蓄Finance and Saving427 金融危机Financial Crisis428 金融中介Financial Intermediaries429 金融新闻业Financial Journalism430 金融市场Financial Markets431 微调Fine Tuning432 厂商理论Firm, Theory of The433 财政联邦主义Fiscal Federalism434 财政态势Fiscal Stance435 发展中国家的财政和货币政策Fiscal and Monetary Policies in Developing Countries 436 渔业Fisheries437 固定资本Fixed Capital438 固定汇率Fixed Exchange Rates439 不变生产要素Fixed Factors440 不动点定理Fixed Point Theorems441 固定价格模型Fixprice Models442 浮动汇率Flexible Exchange Rates443 强制储蓄Forced Saving444 预测Forecasting445 对外援助Foreign Aid446 国外投资Foreign Investment447 对外贸易Foreign Trade448 对外贸易乘数Foreign Trade Multiplier449 森林经济Forests450 欺骗Fraud451 自由银行制度Free Banking452 自由处置Free Disposal453 免费物品Free Goods454 免费午餐Free Lunch455 自由贸易和保护主义Free Trade and Protection456 充分就业Full Employment457 充分就业预算盈余Full Employment Budget Surplus458 完全及有限信息方法Full and Limited Information Methods459 泛函分析Functional Analysis460 功能财政Functional Finance461 根本性失衡Fundamental Disequilibrium462 可替代性Fungibility463 期贷市场、套头交易与投机Futures Markets, Hedging and Speculation 464 期货交易Futures Trading465 模糊集合Fuzzy Sets466 贸易收益Gains from Trade467 对策论(博奕论) Game Theory468 不完全信息对策Games With Incomplete Information469 赌博合同Gaming Contracts470 度规函数Gauge Functions471 资本搭配Gearing472 性别Gender473 一般均衡General Equilibrium474 一般系统理论General System Theory475 德国历史学派German Historical School476 吉布拉定律Gibrat''s Law477 吉芬悖论Giffen''s Paradox478 赠品Gifts479 吉尼比率Gini Ratio480 经济理论中的整体分析Global Analysis in Economic Theory481 金本位Gold Standard482 黄金时代Golden Age483 黄金律Golden Rule484 货物与商品Goods and Commodities485 政府预算约束Government Budget Restraint486 图论Graph Theory487 重力模型Gravity Models488 格莱辛定律Gresham''s Law489 总替代品Gross Substitutes490 群(李群)论Group(Lie Group)Theory491 增长的核算Growth Accounting492 增长与周期Growth and Cycles493 经济增长与国际贸易Growth and International Trade494 哈恩问题Hahn Problem495 汉密尔顿体系Hamiltonians496 哈里斯-托达罗模型Harris-Todaro Model497 哈罗德-多马增长模型Harrod-Domar Growth Model498 霍金斯一西蒙条件Hawkins-Simon Condition499 卫生经济学Health Economics500 赫克歇尔-俄林贸易理论Heckscher-Ohlin Trade Theory501 套头交易Hedging502 享乐函数和享乐指数Hedonic Functions and Hedonic Indexes503 享乐主义Hedonism504 黑格尔主义Hegelianism505 赫芬达尔指数Herfindahl index506 异方差性Heteroskedasticity507 隐蔽活动，道德风险与合同理论Hidden Action, Moral Hazard and Contract Theory 508 等级制度Hierarchy509 讨价还价Higgling510 健全货币与货币基础High-powered Money and The Monetary Base511 历史成本会计Historical Cost accounting512 历史人口统计学Historical Demography513 经济思想及学说史History of Thought and Doctrine514 齐次函数和位似函数Homogeneous and Homothetic Functions515 国际游资Hot Money516 家庭预算Household Budgets517 家庭生产Household Production518 家务劳动Housework519 住房市场Housing Markets520 人力资本Human Capital521 人类资源Human Resources522 虚构的生产函数Humbug Production Function523 持猎和采集经济Hunting and Gathering Economies524 恶性通货膨胀Hyperinflation525 假设检验Hypothesis Testing526 IS-LM分析IS-LM Analysis527 理想指数Ideal Indexes528 理想产出Ideal Output529 理想类型Ideal Type530 识别Identification531 意识形态Ideology532 贫困化增长Immiserizing Grow533 尽早消费偏好Impatience534 不完全竞争Imperfect Competition535 不完全模型Imperfectionist Models536 帝国主义Imperialism537 默认契约Implicit Contracts538 进口替代和出口导向型增长Import Substitution and Export-Led Growth 539 派算Imputation540 剌激的协调性Incentive Compatibility541 刺激性合同Incentive Contracts542 收入Income543 收入-支出分析Income-Expenditure Analysis544 收入政策Incomes Policies545 不完全合同Incomplete Contracts546 不完全市场Incomplete Markets547 规模报酬递增Increasing Return to Scale548 指数Index Numbers549 指数化证券Indexed Securities550 指导性计划Indicative Planning551 指标Indicators552 无差异定律Indifference, Law of553 间接税Indirect Taxes554 间接效用函数Indirect Utility Function555 个人主义Individualism556 不可分性Indivisibilities557 归纳Induction558 产业组织Industrial Organization559 劳资关系Industrial Relations560 产业革命Industrial Revolution561 工业化Industrialization562 不等式Inequalities563 不平等Inequality564 国家之间的不平等Inequality between Nations565 人与人的不平等Inequality between Persons566 性别的不平等Inequality between The Sexes567 工资的不平等Inequality of Pay568 新生工业Infant Industry569 婴儿死亡率Infant Mortality570 通货膨胀Inflation571 通货膨胀会计Inflation Accounting572 通货膨胀与增长Inflation and Growth573 通货膨胀预期Inflationary Expections574 通货膨胀缺口Inflationary Gap575 非正规经济Informal Economy576 信息论Information Theory577 继承Inheritance578 继承税Inheritance Taxes579 创新Innovation580 投入-产出分析Input-output Analysis581 制度经济学Institutional Economics582 工具变量Instrumental Variables583 保险Insurance584 整数规划Integer Programming585 需求的可积性Integrability of Demand586 智力Intelligence587 相依偏好Interdependent Preferences588 利率Interest Rate589 利息和利润Interest and Profit590 多种利益Interests591 代际模型Intergenerational Models592 内部经济Internal Economies593 国内移民Internal Migration594 内部收益率Internal Rate of Return595 国际资本流动International Capital Flows596 国际金融International Finance597 国际收入比较International Income Comparisons598 国际债务International Indebtedness599 国际清偿能力International Liquidity600 国际移民International Migration601 国际货币经济学International Monetary Economics602 国际货币体制International Monetary Institutions603 国际货币政策International Monetary Policy604 国际贸易International Trade605 人际效用对比Interpersonal Utility Comparison606 时际均衡与效率Intertemporal Equilibrium and Efficiency607 时际资产组合理论和资产定价Intertemporal Portfolio Theory and Asset Pricing 608 价值的不可变标准Invariable Standard of value609 存货Inventories610 存货周期Inventory Cycles611 确定性条件下的存货政策Inventory policy under certainty612 投资Investment613 投资决策标准Investment Decision Criteria614 投资计划Investment Planning615 投资与积累Investment and Accumulation616 看不见的手Invisible Hand617 非自愿失业Involuntary Unemployment618 工资铁律Iron Law of Wages619 作为经济理论家的杰文斯Jevons As An Economic Theorist 620 联合生产Joint Production621 线性模型中的联合生产Joint Production in Linear Models 622 法理学Jurisprudence623 公平价格Just Price624 公平Justice625 公平、不平等及岐视Justices, Inequality and Discrimination 626 凯恩斯的《通论》Keynes''s General Theory627 凯恩斯主义经济学Keynesian Economics628 凯恩斯革命Keynesian Revolution629 凯恩斯主义Keynesianism630 弯折的需求曲线Kinked Demand Curve631 圣殿骑士团Knights Templar632 康德拉季耶夫周期Kondratieff Cycle633 库兹涅茨波动Kuznets Swings634 劳动经济学Labour Economics635 劳动交换Labour Exchange636 劳动市场歧视Labour Market Discrimination637 劳动市场Labour Markets638 劳动力Labour Power639 劳动过程Labour Process640 妇女劳动供给Labour Supply of Women641 劳动剩余经济Labour Surplus Economies642 劳动价值论Labour Theory of value643 劳动与就业Labour and Employment644 劳动者管理经济Labour-Managed Economies645 拉格朗日乘子Lagrange Multipliers646 自由放任主义Laissez-Faire647 土地改革Land Reform648 地租Land Rent649 土地税Land Tax650 兰格一勒纳机制Lange一Lerner Mechanism651 巨大经济Large Economies652 潜在变量Latent Variables653 大庄园制Latifundia654 法律与经济学Law and Economics655 解雇Layoffs656 沙特利耶原理Le Chatelier Principle657 起前与滞后Leads and Lags658 边干边学Learning-by-doing659 最小二乘法Least Squares660 闲暇Leisure661 有闲阶级Leisure Class662 里昂惕夫悖论Leontief Paradox663 字典式序Lexicographic Orderings664 自由主义Liberalism665 自由Liberty666 生命周期假说Life Cycle Hypothesis667 人寿保险Life Insurance668 寿命表Life Tables669 似然Likelihood670 极限定价Limit Pricing671 有限应变量Limited Dependent Variables672 增长的极限Limits to Growth673 林达尔均衡Lindahl Equilibrium674 林达尔论财政Lindahl on Public Finance675 线性模型Linear Models676 线性规划Linear Programing677 联系Linkages678 流动性Liquidity679 流动性偏好Liquidity Preference680 可贷资金Loanable Funds681 地方财政Local Public Finance682 经济活动的区位Location of Economic Activity683 对数正态分布Lognormal Distribution684 长周期Long Cycles685 经济增长中的长波Long Swing in Economic Growth686 长期和短期Long-run and Short-run687 洛伦茨曲线Lorenz Curve688 低工资Low Pay689 一次总付税Lump Sum Taxes690 李雅普诺夫函数Lyapunov Functions691 李雅普诺夫定理Lyapunov''s Theorem692 机器问题Machinery Question693 宏观经济计量模型Macroeconometric Models694 宏观经济政策Macroeconomic Policy695 宏观经济学理论Macroeconomic Theory696 宏观经济学：与微观经济学的关系Macroeconomics Relations with Microeconomics 697 保持资本完整无缺Maintaining Capital Intact698 马尔萨斯的人口理论Malthus Theory of Population699 马尔萨斯与古典经济学Malthus and Classical Economics700 经理资本主义Managerial Capitalism701 曼彻斯特学派Manchester School702 制造业活动与非工业化Manufacturing and De-industrialization703 资本边际效率Marginal Efficiency of Capital704 边际生产力理论Marginal Productivity Theory705 货币的边际效用Marginal Utility of Money706 边际和平均成本定价Marginal and Average Cost Pricing707 边际主义经济学Marginalist Economics708 市场失灵Market Failure709 营销期Market Period710 集贸市场Market Places711 市场价格Market Price712 市场份额Market Share713 市场社会主义Market Socialism714 市场结构Market Structure715 市场结构与创新Market Structure and Innovation716 市场价值与市场价格Market value and Market Price717 购销管理局Marketing Boards718 马歇尔-勒纳条件Marshall-Lerner Condition719 鞍Martingales720 马克思主义经济学Marxian Economics721 马克思主义价值分析Marxian value Analysis722 马克思主义Marxism723 马克思主义经济学Marxist Economics724 物资平衡Material Balances725 数理经济学Mathematical Economics726 政治经济学的数学方法Mathematical Method in Political Economy727 矩阵乘子Matrix Multiplier728 极大似然Maximum Likelihood729 最大满足Maximum Satisfaction730 平均值Mean value731 均值-方差分析Mean-variance Analysis732 确义性与不变性Meaningfulness and Invariance733 测度论Measure Theory734 经济增长的测算Measurement of Economic Growth735 测算理论Measurement, Theory of736 重商主义Mercantilism737 兼并Mergers738 有益品Merit Goods739 方法论之争Methodentreit740 方法论Methodology741 微观经济学Microeconomics742 军费开支Military Expenditure743 最低工资Minimum Wages744 生产方式Mode of Production745 模型与理论Models and Theory746 增长模型Models of growth747 货币主义Monetarism748 国际收支的货币分析法Monetary Approach to the Balance of Payments749 货币基础Monetary Base750 货币幻想Monetary Cranks751 货币非均衡和市场出清Monetary Disequilibdum and Market Clearing752 货币均衡Monetary Equilibrium753 货币体制Monetary Institution754 货币政策Monetary Policy755 货币理论Monetary Theory756 货币幻觉Money Illusion757 货币供应Money Supply758 货币和一般均衡理论Money and General Equilibrium Theory759 货币与宏观经济学Money and Macroeconomics760 经济活动中的货币Money in Economic Activity761 货币贷款者Moneylenders762 城市经济学中的单中心模型Monocentric Models in Urban Economics 763 垄断性竞争Monopolistic Competition764 垄断性竞争与一般均衡Monopolistic Competition and General Equilibrium 765 垄断Monopoly766 垄断资本主义Monopoly Capitalism767 垄断与寡头垄断Monopoly and Oligopoly768 单调映射Monotone Mappings769 蒙特卡罗方法Monte Carlo Methods770 道德风险Moral Hazard771 道德哲学Moral Philosophy772 死亡率Mortality773 多重共线性Multicollinearity774 多国公司Multinational Corporations775 乘数分析Multiplier Analysis776 乘数-加速器相互作用Multiplier-accelerator Interaction777 多部门增长模型Multisector Growth Models778 多元时间序列模型Multivariate Time Series Models779 近视决策规则Myopic Decision Rules780 纳什均衡Nash Equilibrium781 国债National Debt782 国民收入National Income783 国民体系National System784 民族主义Nationalism785 国有化Nationalization786 自然法Natural Law787 自然垄断Natural Monopoly788 自然价格Natural Price789 自然利率和市场利率Natural Rate and Market Rate790 自然失业率Natural Rate of Unemployment791 自然资源Natural Resources792 自然资源和环境Natural Resources and Enviroment793 自然选择与进化Natural Selection and Evolution794 自然工资Natural Wage795 自然和人类资源Natural and Human Resources796 自然的及正常的条件Natural and Normal Conditions797 自然的和有保证的增长率Natural and Warranted Rates of Growth 798 必需品Necessaries799 负所得税Negative Income Tax800 负量Negative Quantities801 新李嘉图主义Neo-Ricardianism802 新古典的Neoclassical803 新古典增长理论Neoclassical Growth Theory804 新古典综合Neoclassical Synthesis805 净产品Net Product806 中性税收Neutral Taxation807 货币中性Neutrality of Money808 新古典宏观经济学New Classical Macroeconomics809 非合作对策Non-Cooperative Game810 非线性规划Non-Linear Programming811 非参数统计方法Non-Parametric Statistical Methods812 非竞争集团Non-competing Groups813 非凸性Non-convexity814 经济计量学中的非线性方法Non-linear Methods in Econometrics 815 非嵌套假设Non-nested Hypotheses816 非价格竞争Non-price Competition817 非盈利机构Non-profit Organizations818 非标准分析Non-standard Analysis819 无替代定理Non-substitution Theorems820 南北经济关系North-south Economic Relations821 价值标准Numeraire822 效用定律的数值确定Numerical Determination of the Laws of utility 823 营养Nutrition824 奥卡姆剃刀Occam''s (Ockham''s) Razor825 职业分离Occupational Segregation826 提供Offer827 提供曲线或相互需求曲线Offer Curve or Reciprocal Demand Curve 828 (卖方)寡头垄断Oligopoly829 寡头垄断与对策论Oligopoly and Game Theory830 敞地制Open Field System831 公开市场业务Open-market Operations832 运筹学Operations Research833 满足度Ophelimity834 机会成本Opportunity Cost835 最优控制与动态经济学Optimal Control and Economic Dynamics 836 最适度储蓄Optimal Savings837 最优关税Optimal Tariffs838 最优税收Optimal Taxation839 最优性与效率Optimality and Efficiency840 乐观主义与悲观主义Optimism and Pessimism841 最优货币区Optimum Currency Areas842 最适度人口量Optimum Population843 最适度货币数量Optimum Quantity of Money844 期权定价理论Option Pricing Theory845 期权Options846 序Orderings847 资本有机构成Organic Composition of Capital848 组织理论Organization Theory849 离群值Outliers850 产出与就业Output and Employment851 过度储蓄Over saving852 过度投资Over-investment853 间接成本Overhead Costs854 一般均衡的交叠世代模型Overlapping Generations Model of General Equilibrium 855 生产过剩Overproduction856 峰突Overshooting857 自生利率Own Rates of Interest858 帕尔格雷夫政治经济学辞典Palgrave''s Dictionary of Political Economy859 范式Paradigm860 悖论与异常Paradoxes and Anomalies861 帕累托分布Pareto Distribution862 帕累托效率Pareto Efficiency863 作为经济学家的帕累托Pareto as an Economist864 专利Patents865 路径分析Path Analysis866 回收期Pay-off Period867 工资税Payroll Taxes868 旺季定价Peak-load Pricing869 小农经济Peasant Economy870 小农Peasants871 货币经济与非货币经济Pecuniary and Non-Pecuniary Economies872 完全竞争Perfect Competition873 完全预见Perfect Foresight874 完全信息Perfect Information875 完全竞争市场和不完全竞争市场Perfectly and Imperfectly Competitive Markets 876 表演艺术Performing Arts877 生产周期Period of Production878 外围Periphery879 佩龙一弗罗宾尼斯定理Perron-Frobenius Theorem880 菲利普斯曲线Phillips Curve。