5学原理》(宏观)第五版测试题库 (34)

西方经济学(宏观部分)第五版课后答案高鸿业主编最终修订版整理版第十二章国民收入核算1、解答：政府转移支付不计入GDP,因为政府转移支付只是简单地通过税收(包括社会保障税)和社会保险及社会救济等把收入从一个人或一个组织转移到另一个人或另一个组织手中，并没有相应的货物或劳物发生。

例如，政府给残疾人发放救济金，并不是残疾人创造了收入；相反，倒是因为他丧失了创造收入的能力从而失去生活來源才给予救济的。

购买一辆用过的卡车不计入GDP,因为在生产时已经计入过。

购买普通股票不计入GDP,因为经济学上所讲的投资是增加或替换资本资产的支出，即购买新厂房，设备和存货的行为，而人们购买股票和债券只是一种证券交易活动，并不是实际的生产经营活动。

购买一块地产也不计入GDP, «为购买地产只是一种所有权的转移活动，不属于经济意义的投资活动，故不计入GDPo2、解答：社会保险税实质是金业和职工为得到社会保障而支付的保险金，它山政府有关部门(一般是社会保险局)按一定比率以税收形式征收的。

社会保险税是从国民收入屮扣除的，因此社会保险税的增加并不影响GDP , NDP和NI,但影响个人收入PL社会保险税增加会减少个人收入，从而也从某种意义上会影响个人可支配收入。

然而，应当认为，社会保险税的增加并不影响可支配收入，因为一旦个人收入决定以厉，只有个人所得税的变动才会影响个人可支配收入DPI。

3、如果甲乙两国合并成一个国家，对GDP总和会冇影响。

因为甲乙两国未合并成一个国家时，双方可能冇贸易往來，但这种贸易只会影响甲国或乙国的GDP,对两国GDP总和不会冇影响。

举例说：卬国向乙国出口10台机器，价值10力美元，乙国向甲国岀口800套服装，价值8力美元，从甲国看，计入GDP的有净出口2万美元，计入乙国的有净出口 - 2万美元;从两国GDP总和看，计入GDP的价值为0。

如果这两个国家并成一个国家，两国贸易变成两个地区的贸易。

屮地区出伟给乙地区10台机器，从收入看，屮地区増加1()万美元；从支出看乙地区增加10万美元。

Chapter 31Open-Economy Macroeconomics: Basic ConceptsTRUE/FALSE1. A country with negative net exports has a trade surplus.ANS: F DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exportsMSC: Definitional2. If a country’s i mports exceed its exports it has a trade surplus.ANS: F DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Trade balanceMSC: Definitional3. If a country sells more goods and services abroad than it purchases abroad, it has positive net exports and atrade surplus.ANS: T DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exportsMSC: Definitional4. Movies are a major export of the U.S.ANS: T DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: U.S. trade statisticsMSC: Definitional5. Perhaps the most dramatic change in the U.S. economy over the past four decades has been the increasingrelative importance of international trade and finance.ANS: T DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: U.S. tradeMSC: Definitional6. Reduced barriers to trade help explain an increase in U.S. exports and imports relative to GDP since 1950. ANS: T DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: U.S. tradeMSC: Definitional7. U.S. exports make up less than 20 percent of GDP.ANS: T DIF: 2 REF: 31-3NAT: Analytic LOC: International trade and finance TOP: U.S. tradeMSC: Definitional8. Net capital outflow is the purchase of domestic assets by foreign residents minus the purchase of foreign assetsby domestic residents.ANS: F DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net capital outflowMSC: Definitional9. When net capital outflow is negative, it means that on net the value of domestic assets purchased by foreignersexceeds the value of foreign assets purchased by domestic residents.ANS: T DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net capital outflowMSC: Definitional10. A rational investor will always purchase the bond that pays the highest real interest rate.ANS: F DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Foreign portfolio investment MSC: Applicative2068Chapter 31 /Open-Economy Macroeconomics: Basic Concepts 2069 11. When a company from Germany builds an automobile factory in the United States, the German firm hasengaged in foreign direct investment.ANS: T DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Foreign direct investmentMSC: Definitional12. Both foreign direct investment and foreign portfolio investment by U.S. residents increase U.S. net capitaloutflow.ANS: T DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and financeTOP: Net capital outflow, Foreign direct investment, Foreign portfolio investmentMSC: Definitional13. By itself, the purchase of a U.S. bond by a foreign resident decreases U.S. net capital outflow and increasesforeign capital outflow.ANS: T DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net capital outflowMSC: Definitional14. For an economy as a whole, net exports must equal minus one times net capital outflow.ANS: F DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and financeTOP: Net capital outflow | Net exports MSC: Definitional15. If a country’s net exports fa ll, then its net capital outflow rises.ANS: F DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and financeTOP: Net capital outflow | Net exports MSC: Definitional16. If a U.S. firm buys Chinese toys using previously obtained Chinese currency, then both U.S. net exports andU.S. net capital outflow decrease.ANS: T DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and financeTOP: Net capital outflow | Net exports MSC: Applicative17. If a nation is selling more goods and services to foreigners than it is buying from them, then on net it must beselling assets abroad.ANS: F DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and financeTOP: Net exports, Net capital outflow MSC: Interpretative18. If a nation is selling more goods and services to foreigners than it is buying from them, then on net it must bebuying assets abroad.ANS: T DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and financeTOP: Net exports, Net capital outflow MSC: Interpretative19. In every economy, national saving equals domestic investment plus net capital outflow.ANS: T DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and financeTOP: Net capital outflow | Net exports20. When U.S. national saving rises, domestic investment also necessarily rises.ANS: F DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: National accountsMSC: Definitional21. A nation with a trade surplus will necessarily have domestic investment that is greater than domestic saving. ANS: F DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exports, SavingMSC: Analytical2070 Chapter 31 /Open-Economy Macroeconomics: Basic Concepts22. The large trade deficits in the United States in the 1990s were primarily associated with a rise in domesticinvestment rather than a rise in the budget deficit.ANS: T DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: U.S. tradeMSC: Definitional23. In an open economy, national savings can be less than investment.ANS: T DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: National accountsMSC: Definitional24. If the exchange rate is 10 pesos per U.S. dollar, it is also 1/10 U.S. dollars per peso.ANS: T DIF: 1 REF: 31-2NAT: Analytic LOC: International trade and finance TOP: Nominal exchange rateMSC: Analytical25. If the exchange rate is 125 yen per dollar, then a hotel room in Tokyo that costs 25,000 yen costs $200. ANS: T DIF: 1 REF: 31-2NAT: Analytic LOC: International trade and finance TOP: Nominal exchange rateMSC: Analytical26. Other things the same, an increase in the nominal exchange rate raises the real exchange rate.ANS: T DIF: 2 REF: 31-2NAT: Analytic LOC: International trade and finance TOP: Real exchange rateMSC: Applicative27. If the real exchange rate of the U.S. dollar falls, U.S. net exports will fall.ANS: F DIF: 1 REF: 31-2NAT: Analytic LOC: International trade and finance TOP: AppreciationMSC: Applicative28. The theory of purchasing-power parity states that a unit of a country’s currency should be able to buy the samequantity of goods in foreign countries as it does domestically.ANS: T DIF: 1 REF: 31-3NAT: Analytic LOC: International trade and finance TOP: Purchasing-power parityMSC: Definitional29. Purchasing-power parity says that the nominal exchange rate must equal the real exchange rate.ANS: F DIF: 1 REF: 31-3NAT: Analytic LOC: International trade and finance TOP: Purchasing-power parityMSC: Definitional30. Jason plans to buy shrimp in Florida and sell them in Ames, Iowa where the price is higher. Jason plans toengage in arbitrage.ANS: T DIF: 1 REF: 31-3NAT: Analytic LOC: International trade and finance TOP: ArbitrageMSC: Definitional31. Many economists believe that the theory of purchasing-power parity describes the forces that determineexchange rates in the long run.ANS: T DIF: 1 REF: 31-3NAT: Analytic LOC: International trade and finance TOP: Purchasing-power parityMSC: Definitional32. According to purchasing-power parity theory, the nominal exchange rate between the U.S. and anothercountry should equal the price level for that country divided by the price level for the U.S..ANS: T DIF: 1 REF: 31-3NAT: Analytic LOC: International trade and finance TOP: Purchasing-power parityMSC: DefinitionalChapter 31 /Open-Economy Macroeconomics: Basic Concepts 2071 33. If the purchasing power of the dollar is always the same at home and abroad, then the nominal exchange ratedefined as units of foreign currency per dollar decreases if the U.S. price level rises more than the price level in foreign countries.ANS: T DIF: 2 REF: 31-3NAT: Analytic LOC: International trade and financeTOP: Purchasing-power parity | Real exchange rate MSC: Analytical34. Other things the same, an increase in the foreign price level leads to an increase in the real exchange rate. ANS: F DIF: 2 REF: 31-2NAT: Analytic LOC: International trade and finance TOP: Real exchange rateMSC: Analytic35. If prices in the U.S. rise faster than prices in the United Kingdom, then according to the doctrine ofpurchasing-power parity the U.S. nominal exchange rate should fall.ANS: T DIF: 2 REF: 31-3NAT: Analytic LOC: International trade and finance TOP: Purchasing-power parityMSC: Interpretative36. According to the theory of purchasing-power parity, the real exchange rate defined as foreign goods per unitof U.S. goods will equal the exchange rate defined as units of foreign currency per dollar times the domestic price level divided by the foreign price level.ANS: T DIF: 1 REF: 31-3NAT: Analytic LOC: International trade and finance TOP: Purchasing-power parityMSC: Definitional37. In the 1970s and 1980s the U.S. dollar depreciated against the German mark and appreciated against theItalian lira because U.S. inflation was lower than in Germany but higher than in Italy.ANS: F DIF: 1 REF: 31-3NAT: Analytic LOC: International trade and financeTOP: Purchasing-power parity | U.S. exchange rates MSC: Definitional38. When the central bank of some country prints large quantities of money, that county’s currency loses valueboth in terms of the goods and services it buys and in terms of the amount of foreign currencies it can buy. ANS: T DIF: 2 REF: 31-3NAT: Analytic LOC: International trade and finance TOP: Purchasing-power parityMSC: AnalyticalSHORT ANSWER1. List the factors that might influence a country's exports, imports, and trade balance.ANS:a.the tastes of consumers for domestic and foreign goodsb.the prices of goods at home and abroadc.the exchange rates at which people can use domestic currency to buy foreign currenciesd.the costs of importing goods from country to countrye.the policies of the government toward international tradeDIF: 2 REF: 31-1 TOP: Trade balanceMSC: Applicative2. Suppose that Bill, a resident of the U.S., buys software from a company in Japan. Explain why and in whatdirections this changes U.S. net exports and U.S. net capital outflow.ANS:The purchase of a foreign good by a U.S. resident is a U.S. import. Since net exports = exports - imports, net exports decrease. Bill pays for the software with U.S. dollars so that the Japanese have obtained more U.S. assets. Since, net capital outflow = the amount of foreign assets acquired by domestic residents - domestic assets acquired by foreign residents, the increase in foreign holdings of dollars by Japanese residents decreases U.S. net capital outflow.DIF: 3 REF: 31-1TOP: Net capital outflow | Net exports MSC: Analytical2072 Chapter 31 /Open-Economy Macroeconomics: Basic Concepts3. Why are net exports and net capital outflow always equal?ANS:Net exports and net capital outflow are always equal because every international transaction is an exchange. When a seller country transfers a good or service to a buyer country, the buyer country gives up some asset to pay for this good or service. The value of that asset equals the value of goods and services sold. Hence, the net value of goods and services sold by a country (NX) must equal the net value of assets acquired (NCO).DIF: 3 REF: 31-1TOP: Net capital outflow | Net exports MSC: Analytical4. Colonial America had little industry and so had mostly raw materials to export. At the same time, there weremany opportunities to purchase capital goods and earn a high rate of return because there was little existing capital so that the marginal product of capital was relatively high. What does this suggest about net exports and net capital outflow in colonial America?ANS:Net exports were negative because the value of exports was low, and the colonies imported capital goods. If net exports were negative, net capital outflow must also have been negative. Net capital outflow would have been negative because the colonies sold stocks, bonds, and other domestic assets to buy capital goods from abroad. DIF: 2 REF: 31-1TOP: Net capital outflow | Net exports MSC: Applicative5. Derive the relation between savings, domestic investment, and net capital outflow using the national incomeaccounting identity.ANS:Start from the national income accounting identity,(1) Y = C + I + G + NX.Recall from Chapter 25 that national saving is the income that is left after paying for current consumption and government expenditure,(2) S = Y - C - G.Rearranging, (1) we obtain Y - C - G = I + NX, and substituting in (2)(3) S = I + NX.Because net exports also equal net capital outflow, we can also write this equation as(4) S = I + NCO.DIF: 3 REF: 31-1 TOP: National income accountsMSC: Analytical6. Suppose that a country has $120 billion of national saving, and $80 billion of domestic investment. Is thispossible? Where did the other $40 billion of national savings go?ANS:This is possible for an open economy. The remaining $40 billion is for net capital outflow in the form of purchases of foreign-owned assets by this country’s residents. Domestic residents can save by buying U.S. assets or by buying foreign assets.DIF: 2 REF: 31-1 TOP: National savingsMSC: Applicative7. How do the nominal exchange rate and the real exchange rate differ?ANS:The nominal exchange rate is the rate at which a person can trade the currency of one country for the currency of another. The real exchange rate is the rate at which a person can trade the goods and services of one country for the goods and services of another.DIF: 2 REF: 31-2TOP: Nominal exchange rate | Real exchange rate MSC: Definitional8. How do we find the real exchange rate from the nominal exchange rate?ANS:Real Exchange Rate = Nominal Exchange Rate x Domestic Price Index/Foreign Price IndexDIF: 2 REF: 31-2TOP: Nominal exchange rate | Real exchange rate MSC: DefinitionalChapter 31 /Open-Economy Macroeconomics: Basic Concepts 2073 9. Suppose a bottle of wine costs 25 euros in France and 20 dollars in the United States. If the exchange rate is1.25 euros per dollar, what is the real exchange rate?ANS:The real exchange rate = nominal exchange rate Domestic Price/Foreign price = 1.25 euros per dollar 20 dollars/25 euros = 1.DIF: 2 REF: 31-2 TOP: Purchasing-power parityMSC: Applicative10. What is the logic behind the theory of purchasing-power parity?ANS:The logic behind purchasing-power parity is the law of one price, which asserts that a good must sell for the same price in all locations. If the price for a good is higher in one market than in another, someone can make a profit by purchasing the good where it is relatively cheap, and selling the good where it is relatively expensive. This process of arbitrage leads to an equalization of prices for the good in all locations. If purchasing power parity holds, the amount of dollars it takes to buy a good in the U.S. should buy enough foreign currency to buy the same good in a foreign country.DIF: 2 REF: 31-3TOP: Arbitrage | Purchasing-power parity MSC: Analytical11. Suppose that a U.S. dollar buys more gold in Australia than it buys in Russia. What does purchasing-powerparity imply should happen?ANS:People can make a profit by buying gold in Australia and selling it in Russia. Purchases in Australia drive down the amount of gold a dollar can buy there. Sales in Russia drive up the amount of gold a dollar can buy there. Purchasing-power parity theory claims that this should continue until the dollar can buy the same amount of gold anywhere.DIF: 2 REF: 31-3TOP: Arbitrage | Purchasing-power parity MSC: Analytical12. What does purchasing-power parity imply about the real exchange rate?ANS:That it is equal to one. The number of dollars it takes to buy goods in the U.S.buys enough foreign currency to buy the same amount of goods in a foreign country.DIF: 1 REF: 31-3TOP: Purchasing-power parity | Real exchange rate MSC: Definitional13. According to purchasing-power parity, what is the relationship between changes in price levels between twocountries and changes in nominal exchange rates?ANS:Purchasing-power parity asserts that the nominal exchange rate is equal to the foreign price level divided by the domestic price level. If the domestic price level rises more than the foreign price level, the domestic currency depreciates. If the foreign price level rises more than the domestic price level, the domestic currency appreciates. DIF: 2 REF: 31-3 TOP: Purchasing-power parityMSC: Analytical14. Can purchasing-power parity be used to explain the fact that the U.S. dollar has depreciated by more than 50percent against the German mark between 1970 and 1998, but appreciated by more than 100 percent against the Italian lira during the same period? Defend your answer.ANS:The theory of purchasing-power parity suggests that Italy must have experienced much more inflation than the United States while Germany must have experienced much less inflation. In fact, that is exactly what has happened. DIF: 2 REF: 31-3 TOP: Purchasing-power parityMSC: Applicative2074 Chapter 31 /Open-Economy Macroeconomics: Basic Concepts15. Suppose that money supply growth continues to be higher in Turkey than it is in the United States. What doespurchasing-power parity imply will happen to the real and to the nominal exchange rate?ANS:Higher money growth leads to higher prices, so prices will rise more in Turkey than in the United States. Under purchasing-power parity, this has no affect on the real exchange rate. However, in order for a dollar to buy as many goods in Turkey as it buys in the United States when prices are rising faster in Turkey, the nominal exchange rate must be rising so that a dollar buys more Turkish lira.DIF: 2 REF: 31-3 TOP: Purchasing-power parityMSC: Applicative16. Assuming all other things equal, what would happen to the U.S. dollar real exchange rate under each of thefollowing circumstances?a.The U.S. nominal exchange rate depreciates.b.U.S. domestic prices increase.c.Prices in the rest of the world rise.ANS:a.The U.S. dollar real exchange rate depreciates.b.The U.S. dollar real exchange rate appreciates.c.The U.S. dollar real exchange rate depreciates.DIF: 2 REF: 31-3 TOP: Real exchange rateMSC: Analytical17. Under what circumstances does purchasing-power parity explain how exchange rates are determined, and whyis it not completely accurate?ANS:Purchasing-power parity works well in helping us explain long-term trends in exchange rates, and in explaining what happens to exchange rates during hyperinflation. It is not completely accurate because (1) not all goods are easily traded, and (2) even tradable goods are not always perfect substitutes when they are produced in different countries.DIF: 2 REF: 31-3 TOP: Purchasing-power parityMSC: Interpretive18. Suppose a lobster supper in Maine costs fewer dollars than a Lobster supper in Paris, France. Explain why thisis inconsistent with purchasing-power parity and explain why the inconsistency may exist.ANS:According to purchasing-power parity, a dollar should buy the same amount of goods everywhere in the world. The inconsistency may exist because lobsters have to be transported to Paris. Price differences can also persist because goods are not perfect substitutes. While eating lobster gazing at the Maine coastline may be a pleasurable experience, eating well-prepared lobster in a fancy French restaurant may be an experience people would be willing to pay more for.DIF: 2 REF: 31-3 TOP: Purchasing-power parityMSC: InterpretiveSec00-Open-Economy Macroeconomic Models-IntroductionMULTIPLE CHOICE1. Which type(s) of economies interact with other economies?a.only closed economiesb.only open economiesc.closed economies and open economiesd.neither closed nor open economiesANS: B DIF: 1 REF: 31-0 NAT: AnalyticLOC: International trade and finance TOP: International tradeMSC: DefinitionalChapter 31 /Open-Economy Macroeconomics: Basic Concepts 20752. International tradea.raises the standard of living in all trading countries.b.lowers the standard of living in all trading countries.c.leaves the standard of living unchanged.d.raises the standard of living for importing countries and lowers it for exporting countries.ANS: A DIF: 1 REF: 31-0 NAT: AnalyticLOC: International trade and finance TOP: International tradeMSC: DefinitionalSec01 - Open-Economy Macroeconomics: Basic Concepts -The International Flow of Goods and CapitalMULTIPLE CHOICE1. Foreign-produced goods and services that are sold domestically are calleda.imports.b.exports. imports. exports.ANS: A DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: ImportsMSC: Definitional2. When Claudia, a U.S. citizen, purchases a handbag made in France, the purchase isa.both a U.S. and French import.b. a U.S. export and a French import.c. a U.S. import and a French export.d.neither an export nor an import for either country.ANS: C DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Imports | ExportsMSC: Definitional3. Juan lives in Ecuador and purchases a motorcycle manufactured in the United States. The motorcycle isa.both a U.S. and Ecuadorian export.b.both a U.S. and Ecuadorian import.c. a U.S. import and an Ecuadorian export.d. a U.S. export and an Ecuadorian import.ANS: D DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Exports | ImportsMSC: Definitional4. Net exports of a country are the value ofa.goods and services imported minus the value of goods and services exported.b.goods and services exported minus the value of goods and services imported.c.goods exported minus the value of goods imported.d.goods imported minus the value of goods exported.ANS: B DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exportsMSC: Definitional5. A country sells more to foreign countries than it buys from them. It hasa. a trade surplus and positive net exports.b. a trade surplus and negative net exports.c. a trade deficit and positive net exports.d. a trade deficit and negative net exports.ANS: A DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exports | Trade balance MSC: Definitional2076 Chapter 31 /Open-Economy Macroeconomics: Basic Concepts6. Which of the following both raise net exports?a.exports rise, imports riseb.exports rise, imports fallc.imports rise, exports rised.imports rise, exports fallANS: B DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exportsMSC: Analytical7. One year a country has negative net exports. The next year it still has negative net exports and imports haverisen more than exports.a.its trade surplus fell.b.its trade surplus rose.c.its trade deficit fell.d.its trade deficit roseANS: D DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Trade balanceMSC: Analytical8. One year a country has positive net exports. The next year it still has positive but larger net exportsa.its trade surplus fell.b.its trade surplus rose.c.its trade deficit fell.d.its trade deficit roseANS: B DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Trade balanceMSC: Analytical9. A country's trade balancea.must be zero.b.must be greater than zero.c.is greater than zero only if exports are greater than imports.d.is greater than zero only if imports are greater than exports.ANS: C DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exportsMSC: Applicative10. The value of Peru's exports minus the value of Peru's imports is calleda.Peru's foreign portfolio investment.b.Peru's foreign direct investment.c.Peru's net exports.d.Peru's net imports.ANS: C DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exportsMSC: Definitional11. If the United States had negative net exports last year, then ita.sold more abroad than it purchased abroad and had a trade surplus.b.sold more abroad than it purchased abroad and had a trade deficit.c.bought more abroad than it sold abroad and had a trade surplus.d.bought more abroad than it sold abroad and had a trade deficit.ANS: D DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exports | Trade balance MSC: InterpretiveChapter 31 /Open-Economy Macroeconomics: Basic Concepts 207712. If Saudi Arabia had positive net exports last year, then ita.sold more abroad than it purchased abroad and had a trade surplus.b.sold more abroad than it purchased abroad and had a trade deficit.c.bought more abroad than it sold abroad and had a trade surplus.d.bought more abroad than it sold abroad and had a trade deficit.ANS: A DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exports | Trade balance MSC: Interpretive13. If Germany purchased more abroad than it sold abroad last year, then it hada.positive net exports which is a trade surplus.b.positive net exports which is a trade deficit.c.negative net exports which is a trade surplus.d.negative net exports which is a trade deficit.ANS: D DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exports | Trade balance MSC: Interpretive14. Suppose that a country imports $75 million of goods and services and exports $100 million of goods andservices. What is the value of net exports?a.$175 millionb.$75 millionc.$25 milliond.-$25 millionANS: C DIF: 1 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exportsMSC: Applicative15. A country purchases $3 billion of foreign-produced goods and services and sells $2 billion dollars ofdomestically produced goods and services to foreign countries. It hasa.exports of $3 billion and a trade surplus of $1 billion.b.exports of $3 billion and a trade deficit of $1 billion.c.exports of $2 billion and a trade surplus of $1 billion.d.exports of $2 billion and a trade deficit of $1 billion.ANS: D DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and financeTOP: Exports | Imports | Trade balance MSC: Applicative16. Oceania buys $40 of wine from Escudia and Escudia buys $100 of wool from Oceania. Supposing this is theonly trade that these countries do. What are the net exports of Oceania and Escudia in that order?a.$140 and $140b.$100 and $40c.$60 and -$60d.None of the above is correct.ANS: C DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exportsMSC: Applicative17. If the U.S. has exports of $1.5 trillion and imports of $2.2 trillion, then the U.S.a.sells more overseas then it buys from overseas; it has a trade deficit.b.sells more overseas then it buys from overseas; it has a trade surplus.c.buys more from overseas then it sells overseas; it has a trade deficit.d.buys more from overseas then it sells overseas; it has a trade surplus.ANS: C DIF: 2 REF: 31-1NAT: Analytic LOC: International trade and finance TOP: Net exports | Trade balance MSC: Applicative。

高鸿业西方经济学（宏观部分）（第5版）课后习题（含考研真题）第一部分复习笔记一、宏观经济学的特点1．宏观经济学的研究对象宏观经济学研究的是社会总体的经济行为及其后果，即对经济运行的整体，包括整个社会的产量、收入、价格水平和就业水平进行分析。

测量宏观经济运行情况的最重要指标有国民收入及其增长率、失业率、物价水平及其变动即通货膨胀率。

其他比较重要的指标还有政府财政预算赤字及贸易赤字的变动、利率等。

2．宏观经济学和微观经济学的异同（1）宏观经济学和微观经济学的相同点宏观经济学与微观经济学的主要相同之处就在于它们有着相同的供求曲线形状，它们的交点决定着价格和产量。

（2）宏观经济学和微观经济学的不同点微观经济学研究的是个体经济活动参与者的行为及其后果，而宏观经济学研究的是社会总体的经济行为及其后果。

微观经济学中的价格和产量是一个个具体商品的价格和产量，而宏观经济学中的价格和产量是整个社会的价格水平和产出水平，这里价格水平用价格指数表示，产出水平用货币衡量的市场价值（国内生产总值）表示。

具体而言，微观经济学和宏观经济学的区别主要体现在以下几个方面：①研究对象不同。

微观经济学的研究对象是单个经济单位，如家庭、厂商等。

而宏观经济学的研究对象则是整个经济，研究的是整个经济的运行方式与规律，是从总量上分析经济问题。

②解决的问题不同。

微观经济学要解决的是资源配置问题，即生产什么、如何生产和为谁生产的问题，并最终实现个体效益的最大化。

宏观经济学则把资源配置作为既定的前提，通过研究社会范围内的资源利用问题，来实现社会福利的最大化。

③研究方法不同。

微观经济学的研究方法是个量分析，即研究经济变量的单项数值如何决定。

而宏观经济学的研究方法则是总量分析，即对能够反映整个经济运行情况的经济变量的决定、变动及其相互关系进行分析。

因此，宏观经济学又称为总量经济学。

④中心理论和基本内容不同。

微观经济学的中心理论是价格理论，其所有的分析都是围绕价格机制的运行展开的。

曼昆《经济学原理》（宏观）第五版测试题库（23）Chapter 23Measuring a Nation's IncomeTRUE/FALSE1. In years of economic contraction, firms throughout the economy increase their production of goods and services, employment rises, and jobs are easy to find.ANS: F DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economic expansion MSC: Definitional2. Macroeconomic statistics include GDP, the inflation rate, the unemployment rate, retail sales, and the trade deficit.ANS: T DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Definitional3. Macroeconomic statistics tell us about a particular household, firm, or market.ANS: F DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Definitional4. Macroeconomics is the study of the economy as a whole.ANS: T DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Definitional5. The goal of macroeconomics is to explain the economic changes that affect many households, firms, and markets simultaneously.ANS: T DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Definitional6. Microeconomics and macroeconomics are closely linked.ANS: T DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Microeconomics | Macroeconomics MSC: Definitional7. The basic tools of supply and demand are as central to macroeconomic analysis as they are to microeconomic analysis.TOP: Demand | Supply MSC: Definitional8. GDP is the most closely watched economic statistic because it is thought to be the best single measure of asociety’s economic well-being.ANS: T DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional9. GDP can measure either the total income of everyone in the economy or the total expenditure on theeconomy’s output of goods and services, but GDP cannot measure both at the same time.ANS: F DIF: 2 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive10. For an economy as a whole, income must exceed expenditure.ANS: F DIF: 1 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economics11. An economy’s income is the same as its expenditure because every transaction has a buyer and a seller. ANS: T DIF: 1 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Income | Expenditure MSC: Definitional12. GDP is the market value of all final goods and services produced by a country’s citizens in a given period oftime.ANS: F DIF: 1 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional13. GDP adds together many different kinds of products into a single measure of the value of economic activity byusing market prices.ANS: T DIF: 1 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional14. U.S. GDP includes the market value of rental housing, but not the market value of owner-occupied housing. ANS: F DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive15. U.S. GDP excludes the production of most illegal goods.ANS: T DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economics16. U.S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance.ANS: F DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Applicative17. GDP includes only the value of final goods because the value of intermediate goods is already included in the prices of the final goods.ANS: T DIF: 1 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP | Intermediate goods MSC: Definitional18. Additions to inventory subtract from GDP, and when the goods in inventory are later used or sold, the reductions in inventory add to GDP.ANS: F DIF: 1 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP | Inventory MSC: Definitional19. While GDP includes tangible goods such as books and bug spray, it excludes intangible services such as the services provided by teachers and exterminators.ANS: F DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Applicative20. At a rummage sale, you buy two old books and an old rocking chair; your spending on these items is not included in current GDP.ANS: T DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Applicative21. When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.ANS: F DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economics1560 Chapter 23 /Measuring a Nation's Income22. If the U.S. government reports that GDP in the third quarter was $12 trillion at an annual rate, then the amount of income and expenditure during quarter three was $3 trillion.ANS: T DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Applicativedifferent stories about overall economic conditions.ANS: F DIF: 2 REF: 23-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP | Income MSC: Interpretive24. Expenditures by households on education are included in the consumption component of GDP.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Consumption MSC: Interpretive25. Most goods whose purchases are included in the investment component of GDP are used to produce other goods.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Investment MSC: Interpretive26. New home construction is included in the consumption component of GDP.ANS: F DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Investment MSC: Interpretive27. Changes in inventory are included in the investment component of GDP.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Investment MSC: Interpretive28. The investment component of GDP refers to financial investment in stocks and bonds.ANS: F DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Investment MSC: Interpretive29. The government purchases component of GDP includes salaries paid to soldiers but not Social Security benefits paid to the elderly.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Government purchases MSC: Interpretive30. If the value of an economy’s imports exceeds the value of that economy’s exports, then net exports is a negative number.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economics31. If someone in the United States buys a surfboard produced in Australia, then that purchase is included in both the consumption component of U.S. GDP and the net exports component of U.S. GDP.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Consumption | Net exports MSC: Applicative32. If consumption is $4000, exports are $300, government purchases are $1000, imports are $400, and investment is $800, then GDP is $5700.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economics33. If exports are $500, GDP is $8000, government purchases are $1200, imports are $700, and investment is $800, then consumption is $6200.ANS: T DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Consumption MSC: Applicative34. If consumption is $1800, GDP is $4300, government purchases are $1000, imports are $700, and investment i s $1200, then exports are $300.ANS: F DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Exports MSC: Applicative35. U.S. GDP was almost $14 billion in 2007.ANS: F DIF: 1 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional36. In 2007, government purchases was the largest component of U.S. GDP.ANS: F DIF: 2 REF: 23-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive37. If total spending rises from one year to the next, then the economy must be producing a larger output of goods and services.ANS: F DIF: 2 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive38. An increase in nominal U.S. GDP necessarily implies that the United States is producing a larger output of goods and services.TOP: Nominal GDP MSC: Interpretive39. Nominal GDP uses constant base-year prices to place a value on the economy’s production of goods a nd services, while real GDP uses current prices to place a value on the economy’s production of goods and services.ANS: F DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Nominal GDP | Real GDP MSC: Definitional40. Real GDP evaluates current production using prices that are fixed at past levels and therefore shows how the economy’s overall production of goods and services changes over time.ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP MSC: Definitional41. The term real GDP refers to a country’s actual GDP as opposed to its estimated GDP.ANS: F DIF: 2 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP MSC: Interpretive42. Changes in real GDP reflect only changes in the amounts being produced.ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP MSC: Definitional43. Real GDP is a better gauge of economic well-being than is nominal GDP.ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economics1562 Chapter 23 /Measuring a Nation's Income44. Changes in the GDP deflator reflect only changes in the prices of goods and services.ANS: T DIF: 2 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP deflator MSC: Interpretive45. If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125.ANS: T DIF: 2 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP deflator MSC: Applicative46. If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000.TOP: Real GDP MSC: Applicative47. Economists use the term inflation to describe a situation in whic h the economy’s overall production level isrising.ANS: F DIF: 1 REF: 23-4NAT: Analytic LOC: Unemployment and inflation TOP: InflationMSC: Definitional48. If the GDP deflator in 2006 was 160 and the GDP deflator in 2007 was 180, then the inflation rate in 2007 was12.5%.ANS: T DIF: 2 REF: 23-4NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Applicative49. If the GDP deflator in 2004 was 150 and the GDP deflator in 2005 was 120, then the inflation rate in 2005 was25%.ANS: F DIF: 2 REF: 23-4NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Applicative50. The GDP deflator can be used to take inflation out of nominal GDP.ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP deflator MSC: Definitional51. In 2004, the level of U.S. real GDP was close to four times its 1965 l evel.ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP MSC: Definitional52. The output of goods and services produced in the United States has grown on average 3.2 percent per year. ANS: T DIF: 1 REF: 23-4NAT: Analytic LOC: Productivity and growthTOP: GrowthMSC: Definitional53. Periods during which real GDP rises are called recessions.ANS: F DIF: 1 REF: 23-4NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Recessions MSC: Definitional54. Recessions are associated with lower incomes, rising unemployment, and falling profits.TOP: Recessions MSC: Definitional55. If real GDP is higher in one country than in another, then we can be sure that the standard of living is higher inthe country with the higher real GDP.ANS: F DIF: 2 REF: 23-5NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP | Standard of living MSC: Interpretive56. Real GDP per person tells us the income and expenditure of the average person in the economy.ANS: T DIF: 1 REF: 23-5NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Real GDP per person MSC: Definitional57. GDP does not directly measure those things that make life worthwhile, but it does measure our ability toobtain many of the inputs into a worthwhile life.ANS: T DIF: 1 REF: 23-5NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional58. GDP does not make adjustments for leisure time, environmental quality, or volunteer work.ANS: T DIF: 2 REF: 23-5NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive59. Other things equal, in countries with higher levels of real GDP per person, life expectancy and literacy ratesare higher than in countries with lower levels of real GDP per person.ANS: T DIF: 2 REF: 23-5NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: InterpretiveSHORT ANSWER1. GDP is defined as the market value of all final goods and services produced within a country in a given periodof time. In spite of this definition, some production is left out of GDP. Explain why some final goods and services are not included.ANS:GDP excludes some products because they are so difficult to measure. These products include services performed by individuals for themselves and their families, and most goods that are produced and consumed at home and, therefore, never enter the marketplace. In addition, illegal products are not included in GDP even if they can be measured because, by society's definition, they are bads, not goods.DIF: 2 REF: 23-2 NAT: AnalyticLOC: The study of economics and definitions of economics TOP: GDPMSC: Interpretiveincluded directly as part of GDP, but the value of intermediate goods produced and not sold is includeddirectly as part of GDP.ANS:Intermediate goods produced and sold during the year are not included separately as part of GDP because the value of those goods is included in the value of the final goods produced from them. If the intermediate good is produced but not sold during the year, its value is included as inventory investment for the year in which it was produced. If inventory investment was not included as part of GDP, true production would be underestimated for the year the intermediate good went into inventory, and overestimated for the year the intermediate good is used or sold.DIF: 2 REF: 23-2 NAT: AnalyticLOC: The study of economics and definitions of economics TOP: GDP | Intermediate goods MSC: Interpretive1564 Chapter 23 /Measuring a Nation's Income3. Since it is counted as investment, why doesn't the purchase of earthmoving equipment from China by a U.S.corporation increase U.S. GDP?ANS:The purchase of foreign equipment is counted as investment, but GDP measures only the value of production within the geographic borders of the United States. In order to avoid including the value of the imported equipment, imports are subtracted from GDP. Hence, the value of the equipment in investment is canceled by subtracting its value as an import.DIF: 2 REF: 23-3 NAT: AnalyticLOC: The study of economics and definitions of economics TOP: GDP | Investment | Imports MSC: Applicative4. Identify the immediate effect of each of the following events on U.S. GDP and its components.a. James receives a Social Security check.b. John buys an Italian sports car.c. Henry buys domestically produced tools for his construction company.ANS:a. Since this is a transfer payment, there is no change to GDP or to any of its components.b. Consumption and imports will rise and cancel each other out so that there is no change in U.S. G DP.c. This increases the investment component of GDP and so increases GDP.DIF: 2 REF: 23-3 NAT: AnalyticLOC: The study of economics and definitions of economicsTOP: GDP | Transfer payments | Net exports | Investment MSC: Applicative5. Between 1929 and 1933, NNP measured in current prices fell from $96 billion to $48 billion. Over the sameperiod, the relevant price index fell from 100 to 75.a. What was the percentage decline in nominal NNP from 1929 to1933?b. What was the percentage decline in real NNP from 1929 to 1933? Show your work.ANS:a. NNP measured in current prices is nominal NNP. Nominal NNP fell from $96 billion to $48 billion, adecline of 50 percent.($96 b/100) 100 = $96 b. Real NNP in 1933 was ($48 b/75) 100 = $64 b. Real NNP fell from$96 billion to $64 billion, a decline of 33 percent.DIF: 2 REF: 23-4 NAT: AnalyticLOC: The study of economics and definitions of economics TOP: Nominal NNP | Real NNP MSC: Applicative6. You find that your paycheck for the year is higher this year than last. Does that mean that your real incomehas increased? Explain carefully.ANS:Real income is nominal income adjusted for general increase in prices. I f my paycheck is higher this year than last, my nominal income has increased. Whether my real income has increased or not depends on what has happened since last year to the level of prices of things I buy with my income. If the percentage increase in prices is less than the percentage increase in my nominal income, then my real income h as increased. Otherwise, my real income has not increased.DIF: 2 REF: 23-4 NAT: AnalyticLOC: The study of economics and definitions of economicsTOP: Nominal income | Real income MSC: Interpretive7. U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and what does itnot tell us, about the well-being of U.S. residents?ANS:Since this is in real terms, it tells us that the U.S. is able to make a lot more stuff than in the past. Some of the increase in real GDP is probably due to an increase in population, so we could say more if we knew what had happened to real GDP per person. Supposing that there was also an increase in real GDP per person, we can say that the standard of living has risen. Material things are an important part of well-being. Having sufficient amounts of things such as food, shelter, and clothing are fundamental to well-being. Other things such as security, a safe environment, access to safe water, access to medical care, justice, and freedom also matter. However, many of these things are more easily obtained by being able to produce more using fewer resources. Countries with higher real GDP per person tend to have longer life spans, less discrimination towards women, less child labor, and a higher rate of literacy.DIF: 2 REF: 23-5 NAT: AnalyticLOC: The study of economics and definitions of economicsTOP: Real GDP | Economic welfare MSC: InterpretiveSec00 - Measuring a Nation's IncomeMULTIPLE CHOICE1. Statistics that are of particular interest to macroeconomistsa. are largely ignored by the media.b. are widely reported by the media.c. include the equilibrium prices of individual goods and services.d. tell us about a particular household, firm, or market.ANS: B DIF: 2 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Interpretiveb. the interaction between households and firms.c. economy-wide phenomena.d. regulations on firms and unions.ANS: C DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Definitional3. Which of the following newspaper headlines is more closely related to what microeconomists study than to what macroeconomists study?a. Unemployment rate rises from 5 percent to 5.5 percent.b. Real GDP grows by 3.1 percent in the third quarter.c. Retail sales at stores show large gains.d. The price of oranges rises after an early frost.ANS: D DIF: 2 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Microeconomics | Macroeconomics MSC: Interpretive4. Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist?a. Why do prices in general rise by more in some countries than in others?b. Why do wages differ across industries?c. Why do production and income increase in some periods and not in others?d. How rapidly is GDP currently increasing?ANS: B DIF: 2 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Microeconomics | Macroeconomics MSC: Interpretive1566 Chapter 23 /Measuring a Nation's Income5. Which of the following topics are more likely to be studied by a macroeconomist than by a microeconomist?a. the effect of taxes on the prices of airline tickets, the profitability of automobile-manufacturingfirms, and employment trends in the food-service industryb. the price of beef, wage differences between genders, and antitrust lawsc. how consumers maximize utility, and how prices are established in markets for agriculturalproductsd. the percentage of the labor force that is out of work, and differences in average income fromcountry to countryANS: D DIF: 2 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Microeconomics | Macroeconomics MSC: Interpretive6. We would expect a macroeconomist, as opposed to a microeconomist, to be particularly interested ina. explaining how economic changes affect prices of particular goods.b. devising policies to deal with market failures such as externalities and market power.c. devising policies to promote low inflation.d. identifying those markets that are competitive and those that are not competitive.ANS: C DIF: 2 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Microeconomics | Macroeconomics MSC: Interpretive7. Which of the following is not a question that macroeconomists address?a. Why is average income high in some countries while it is low in others?b. Why does the price of oil rise when war erupts in the Middle East?c. Why do production and employment expand in some years and contract in others?d. Why do prices rise rapidly in some periods of time while they are more stable in other periods? ANS: B DIF: 2 REF: 23-0 NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Macroeconomics MSC: Interpretive8. The basic tools of supply and demand area. useful only in the analysis of economic behavior in individual markets.b. useful in analyzing the overall economy, but not in analyzing individual markets.c. central to microeconomic analysis, but seldom used in macroeconomic analysis.d. central to macroeconomic analysis as well as to microeconomic analysis.ANS: D DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Demand | Supply MSC: Definitional9. Which of the following statistic is usually regarded as the best single measure of a society’s economic well-being?a. the unemployment rateb. the inflation ratec. gross domestic productd. the trade deficitANS: C DIF: 1 REF: 23-0NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: DefinitionalSec01 - Measuring a Nation's Income - The Economy's Income and Expenditure MULTIPLE CHOICE1. Which of the following statements about GDP is correct?a. GDP measures two things at once: the total income of everyone in the economy and the unemployment rate of the economy’s labor force.b. Money continuously flows from households to government and then back to households, and GDP measures this flow of money.c. GDP is to a nation’s economy as household income is to a household.d. All of the above are correct.ANS: C DIF: 2 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Interpretive2. Gross domestic product measures two things at once:a. the total spending of everyone in the economy and the total saving of everyone in the economy.b. the total income of everyone in the economy and the total expenditure on the economy's output of goods and services.c. the value of the economy's output of goods and services for domestic citizens and the value of the economy's output of goods and services for the rest of the world.d. the total income of households in the economy and the total profit of firms in the economy. ANS: B DIF: 1 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: GDP MSC: Definitional3. For an economy as a whole,a. wages must equal profit.b. consumption must equal saving.c. income must equal expenditure.d. the number of buyers must equal the number of sellers.ANS: C DIF: 2 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Income | Expenditure MSC: Interpretive4. For an economy as a whole, income must equal expenditure becausea. the number of firms is equal to the number of households in an economy.b. international law requires that income equal expenditure.c. every dollar of spending by some buyer is a dollar of income for some seller.d. every dollar of saving by some consumer is a dollar of spending by some other consumer. ANS: C DIF: 2 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Income | Expenditure MSC: Interpretive5. If an economy’s GDP rises, then it must be the case that the economy’sa. income rises and saving falls.b. income and saving both rise.c. income rises and expenditure falls.d. income and expenditure both rise.ANS: D DIF: 2 REF: 23-1NAT: Analytic LOC: The study of economics and definitions of economics TOP: Income | Expenditure MSC: Interpretive。

曼昆《经济学原理》（宏观）第五版测试题库（25）Chapter 25Production and GrowthTRUE/FALSE1. If per capita real income grows by 2 percent per year, then it will double in approximately 20 years.ANS: F DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional2. Over the period 1870-2006, the United States experienced an average annual growth rate of real GDP perperson of about 4 percent per year.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional3. In 2006, income per person in the United States was about 12 times that in India.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional4. Over the period 1900-2006, Brazil’s rate of economic growth exceeded t hat of China.ANS: T DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional5. If a country has a higher level of productivity than another, then it also has a higher level of real GDP.ANS: F DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Analytical6. International data on real GDP per person give us a sense of how standards of living vary across countries. ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Real GDPMSC: Definitional7. Real GDP per person in rich countries, such as Germany, is sometimes more than 10 times that of poorcountries like Pakistan.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Standard of livingMSC: Definitional8. Both the standard of living and the growth of real GDP per person vary widely across countries.NAT: Analytic LOC: Productivity and growthTOP: Standard of living | Real GDP MSC: Definitional9. If they could increase their growth rates slightly, countries with low income would catch up with richcountries in about ten years.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growthTOP: Economic growth | Catch-up effect MSC: Interpretive10. In the United States real GDP per person is about $44,000, while in some poor countries real GDP per personis less than $3,000.ANS: T DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional168311. Although growth rates across countries vary some, rankings of countries by income remain pretty much thesame over time.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional12. International data on the history of real GDP growth rates shows that over the last 100 years or so, richcountries got richer and poor countries got poorer.ANS: F DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional13. Productivity can be computed as number of hours worked divided by output.ANS: F DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Definitional14. Indonesians, for example, have a lower standard of living than Americans because they have a lower level of productivity.ANS: T DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Productivity | Standard of living MSC: Interpretive15. If Country A produces 6,000 units of goods and services using 600 hours of labor, and if Country Bproduces 5,000 units of goods and services using 450 units of labor, then productivity is higher in Country B than in Country A.NAT: Analytic LOC: Productivity and growth T OP: ProductivityMSC: Applicative16. Like physical capital, human capital is a produced factor of production.ANS: T DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Physical capital | Human capital MSC: Interpretive17. Human capital is the term economists use to refer to the knowledge and skills that workers acquire through education, training, and experience.ANS: T DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Human capitalMSC: Definitional18. A forest is an example of a nonrenewable resource.ANS: F DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Natural resourcesMSC: Definitional19. Historical trends in the prices of most natural resources compared to prices of other goods indicate that natural resources have become scarcer over time.ANS: F DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Natural resourcesMSC: Interpretive20. It is possible for a country without a lot of domestic natural resources to have a high standard of living. ANS: T DIF: 1 REF: 25-2NAT: Analytic LOC: Productivity and growthTOP: Natural resources | Standard of living MSC: Interpretiveword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1685 21. Constant returns to scale is the point on a production function where increasing inputs will no longer increaseoutput.ANS: F DIF: 2 REF: 25-2NAT: Analytic LOC: Productivity and growth T OP: Constant returns to scaleMSC: Interpretive22. As capital per worker rises, output per worker rises. However, the increase in output per worker from anaddition to capital is smaller, the larger is the existing amount of capital per worker.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Production functionMSC: Analytical23. An increase in the saving rate does not permanently increase the growth rate of real GDP per person. ANS: T DIF: 2 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Saving rateMSC: Definitional24. Other things the same, another unit of capital will increase output by more in a poor country than in a rich country.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growthTOP: Productivity | Diminishing returns MSC: Interpretive25. The catch-up effect refers to the idea that poor countries, despite their best efforts, are not likely ever to experience the economic growth rates of wealthier countries.ANS: F DIF: 2 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Catch-up effectMSC: Interpretive26. Two countries with the same saving rates must have the same growth rate of real GDP per person. ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Saving rate | Catch-up effectMSC: Definitional27. When Americans invest in Russia, the income of Russians (that is, Russian GNP) rises by more than does production in Russia (that is, Russian GDP).ANS: F DIF: 3 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Foreign investmentMSC: Applicative28. If your company opens and operates a branch in a foreign country, you will be engaging in foreign direct investment.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: International trade and finance TOP: Foreign investmentMSC: Definitional29. Investment in human capital has opportunity costs, but investment in physical capital does not.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growthTOP: Opportunity costs | Human capital | Physical capital MSC: Interpretive30. Incentives for parents to send their children to school, such as small monthly payments to parents if their children have regular attendance, appear to increase school attendance.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional31. A country that made its courts less corrupt and its government more stable would likely see its standard of living rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Definitional32. If a country made it easier for people to establish and prove the ownership of their property, real GDP per person would likely rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Interpretive33. Economists generally believe that inward-oriented policies are more likely to foster growth than outward oriented policies.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Trade policyMSC: Definitional34. If a rich country reduced subsidies to domestic producers who produce goods for which poor countries have a comparative advantage, the standard of living in these poor countries would likely rise.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Trade policyMSC: Definitional35. One reason that governments may find it useful to sponsor universities and basic research is that to a large extent knowledge is generally a private good.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Public goodsMSC: Interpretive36. The population growth rate tends to be higher in developed countries than in developing countries.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional37. In countries where women are discriminated against, policies that increase the likelihood of career success and educational opportunities for women are likely to decrease the birth rate.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional38. Countries with high population growth rates tend to have lower levels of educational attainment.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: Definitional39. Studies confirm that controlling for other variables such as the percentage of GDP devoted to investment, poor countries tend to grow at a faster rate than rich countries.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Catch-up effectMSC: Definitional40. An increase in capital increases productivity only if it is purchased and operated by domestic residents. ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Foreign investmentMSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1687 41. Other things the same, an economy’s f actors of production are likely to be used more effectively if there is aneconomywide respect for property rights.ANS: T DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Property rightsMSC: Definitional42. Economist Michael Kremer found that world growth rates fell as population increased.ANS: F DIF: 1 REF: 25-3NAT: Analytic LOC: Productivity and growth T OP: Population growthMSC: DefinitionalSHORT ANSWER1. Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbersto compute the percentage increase in real GDP per person from 1987 to 2005.ANS:Real GDP per person in 1987 was $6,435,000/243= about $26,481. Income per person in 2005 was$11,092,000/296.6 = about $37,397. Income per person grew by (37,397 - 26,481)/26,481 = about 41.2 percent. DIF: 1 REF: 25-1 NAT: AnalyticLOC: Productivity and growth T OP: Real GDP | Economic growthMSC: Applicative2. Why is productivity related to the standard of living? In your answer be sure to explain what productivity andstandard of living mean. Make a list of things that determine labor productivity.ANS:The standard of living is a measure of how well people live. Income per person is an important dimension of the standard of living and is positively correlated with other things such as nutrition and life expectancy that make people better off. Productivity measures how much people can produce in an hour. As productivity increases, people can produce more (and use less to produce the same amount) and so their standard of living increases.The factors that determine labor productivity include the amounts of physical capital (equipment and structures), human capital (knowledge and skills), and natural resources available to workers, as well as the state of technological knowledge in society.DIF: 2 REF: 25-1 NAT: AnalyticLOC: Productivity and growth T OP: Productivity | Standard of livingMSC: Interpretive3. What is a production function? Write an equation for a typical production function, and explain what each ofthe terms represents.ANS:A production function is a mathematical representation of the relationship between the quantity of inputs used in production and the quantity of output produced using these inputs. A typical production function could be written as Y = A F(L, K, H, N), where Y denotes the quantity of output, L the quantity of labor, K the quantity of physical capital, H the quantity of human capital, N the quantity of natural resources, and A is a variable that reflects the available production technology.DIF: 2 REF: 25-2 NAT: AnalyticLOC: The Study of economics, and definitions of economics TOP: Production functionMSC: Interpretive4. What is the difference between human capital and technology?ANS:Technology is society's understanding of production techniques. Human capital is the labor force's understanding of these ideas. A society may have lots of information available about how to produce goods, but still have lots of people who know little of this information. For example, in the United States there exists information about how best to use a butter churn and how to make lye soap, but most people know nothing about it.DIF: 2 REF: 25-2 NAT: AnalyticLOC: Productivity and growth T OP: Human capital | TechnologyMSC: Interpretive5. The catch-up effect says that countries with low income can grow faster than countries with higher income.However, in statistical studies that include many diverse countries we do not observe the catch-up-effectunless we control for other variables that affect productivity. Considering the determinants of productivity, list and explain some things that would tend to prohibit or limit a poor country's ability to catch up with the rich ones.ANS:The argument that poor countries will tend to catch up with rich ones is based on the idea that another unit of capital will increase output more in a country that has little capital than one that has much capital. So, for a given share of GDP devoted to investment, a poor country will grow faster than a rich one.This argument assumes that other things are the same, but share of GDP invested may be lower in a poor country and the productivity of investment may be less. A politically unstable environment where property rights are unprotected or not securetends to discourage investment. A country that has limited trade because of legal restrictions or geography cannot focus on producing what it produces best and so has lower productivity. To get the most out of investment, or even simply to use some types of new investment, requires having workers who have acquired some basic human capital.DIF: 3 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Catch-up effectMSC: Analytical6. Some data that at first might seem puzzling: The share of GDP devoted to investment was similar for theUnited States and South Korea from 1960-1991. However, during these same years South Korea had a 6percent growth rate of average annual income per person, while the United States had only a 2 percent growth rate. If the saving rates were the same, why were the growth rates so different?ANS:The explanation is based on the concept of diminishing returns to capital. A country that has a lot of income, and so a lot of capital, gains less by adding more capital than does a country that currently has little capital. It is easy to envision how a poor country without much capital could increase its output considerably with even a little more capital.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Investment | Catch-up effect | Diminishing returnsMSC: Analytical7. In addition to investment in physical and human capital, what other public policies might a country adopt toincrease productivity?ANS:In addition to investment in physical and human capital, a country might increase productivity by (a) specifying and enforcing property rights, (b) encouraging free trade, (c) controlling population growth, and (d) promoting research and development. DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Productivity MSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 1689 8. Why does a nation’s standard of living depend on property rights?ANS:Property rights are an important prerequisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new businesses. Likewise, there will be little incentive for foreigners to invest in the real or financial assets of the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Property rightsMSC: Interpretive9. How do outward-oriented policies affect a nation's productivity?ANS:Most economists believe that poor nations are better off pursuing outward-oriented policies that promote free trade. Countries that use their comparative advantage in trade are, in effect, helping themselves through the gains from trade in the same way that nations that develop new technology raise their standard of living. Hence, a country that eliminates trade restrictions will experience the same kind of economic growth that would occur after a major technological advance. Inward-oriented tradepolicies are akin to a country choosing to restrict the use of superior technologies.DIF: 1 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Economic growthMSC: Interpretive10. At first patents might seem like a deterrent to growth because in effect they restrict the use of new technology.Yet many economists believe that patents generate growth. Explain why.ANS:Once someone comes up with an idea it is often easy for others to take advantage of it so that the idea becomes part of a society’s knowledge. So, knowledge is frequently a public good. Without patents an inventor’s reward for research and development of a good idea would be smaller. So, patents increase the incentives for firms and individuals to engage in research. The negative consequences of temporarily restricting the use of new ideas with patents is outweighed by the increase in new ideas that patents induce.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Economic growthMSC: Interpretive11. Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, what kind of policy would you recommend to slow population growth?ANS:Since bearing a child has an opportunity cost, policies designed to increase the opportunity cost of bearing children would likely reduce population growth rates. In particular, women with the opportunity to receive a good education and desirable employment tend to want to have fewer children than do those with fewer opportunities outside the home. Hence, policies designed to increase educational and employment opportunities for women will likely reduce population growth rates without coercion.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Population growth | Standard of livingMSC: Interpretive12. Compare and contrast the population theories of Malthus and Kremer.ANS:The difference is that Malthus predicted that population growth would be greater than growth in the ability to increase output. He believed that people would continue to populate the earth until output reached a subsistence level. On the other hand Kremer argues that population growth increased productivity allowing people to improve their standard of living despite growing population. Kremer argues that with more population comes more innovations. The improvements in technology outweighed any adverse impact of the increase in population on the standard of living.DIF: 2 REF: 25-3 NAT: AnalyticLOC: Productivity and growth T OP: Population growth | EconomistsMSC: InterpretiveSec00 - Production and GrowthMULTIPLE CHOICE1. The average income in a rich country, such as the United States or Japan, is more thana. 3 times, but less than 5 times, the average income in a poor country, such as Indonesia or Nigeria.b. 5 times, but less than 10 times, the average income in a poor country, such as Indonesia or Nigeria.c.10 times, but less than 20 times, the average income in a poor country, such as Indonesia orNigeria.d.more than 20 times the average income in a poor country, such as Indonesia or Nigeria.ANS: C DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional2. Over the past century in the United States, real GDP per person has grown, on average, by abouta. 1 percent per year.b. 2 percent per year.c. 3 percent per year.d. 5 percent per year.ANS: B DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional3. During the past century the average growth rate of U.S. real GDP per person implies that it doubled, on average, about everya.100 years.b.70 years.c.35 years.d.25 years.ANS: C DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive4. In the United States, as measured by real GDP per person, average income is about how many times as high as average income a century ago?a.2b.4c.6d.8ANS: D DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitionalword⽂档可⾃由复制编辑Chapter 25 /Production and Growth 16915. Over the last century, U.S. real GDP per person grew at a rate of abouta. 2 percent per year, so that it is now 2 times as high as it was a century ago.b. 2 percent per year, so that it is now 8 times as high as it was a century ago.c. 4 percent per year, so that it is now 2 times as high as it was a century ago.d. 4 percent per year, so that it is now 8 times as high as it was a century ago.ANS: B DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional6. Over the past 100 years, U.S. real GDP per person has doubled about every 35 years. If, in the next 100 years, it doubles every 25 years, then a century from now U.S. real GDP per person will bea. 4 times higher than it is now.b.8 times higher than it is now.c.12 times higher than it is now.d.16 times higher than it is now.ANS: D DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive7. Over the past century in the United States, average income as measured by real GDP per person has grown abouta. 4 percent per year, which implies a doubling about every 18 years.b. 4 percent per year, which implies a doubling about every 8 years.c. 2 percent per year, which implies a doubling about every 35 years.d. 2 percent per year, which implies a doubling about every 18 years.ANS: C DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive8. In which of the following countries has economic growth been sufficiently strong in recent history to propel that country from being among the poorest in the world to being among the richest in the world?a.Indiab.Mexicoc.Nigeriad.SingaporeANS: D DIF: 1 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional9. Average income has been stagnant for many years ina.Argentina.b.Singapore.c.Nigeria.d.All of the above are correct.ANS: C DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitional10. Which of the following statements is correct?a.The level of real GDP is a good gauge of economic prosperity, and the growth of real GDP is agood gauge of economic progress.b.The level of real GDP is a good gauge of economic progress, and the growth of real GDP is a goodgauge of economic prosperity.c.The level of real GDP is a good gauge of economic prosperity, and the level of real GDP per personis a good gauge of economic progress.d.The level of real GDP is a good gauge of economic progress, and the level of real GDP per personis a good gauge of economic prosperity.ANS: A DIF: 2 REF: 25-0NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: InterpretiveSec01 - Production and Growth - Economic Growth around the WorldMULTIPLE CHOICE1. You are told that Country A experienced growth of real GDP per person of 4 percent per year throughout the 1900s. In view of other countries’ experience, you would have to characterize Country A’s growth asa.exceptionally high.b.moderately high.c.moderately low.d.exceptionally low.ANS: A DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive2. You are told that Country A experienced growth of real GDP per person of 0.5 percent per year throughout the 1900s. In view of other countries’ experience, you would have to characterize Country A’s growth asa.exceptionally high.b.moderately high.c.moderately low.d.exceptionally low.ANS: D DIF: 1 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Interpretive3. As of 2006, using real GDP per person as a measure, we would classifya.the United States and Mexico as advanced economies and Bangladesh as a middle-income country.b.Canada as an advanced economy, Mexico as a middle-income country, and Mali as a poor country.c.Japan and India as advanced economies and Mexico as a poor country.d.Japan as an advanced economy, the United Kingdom as a middle-income country, and Argentina asa poor country.ANS: B DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Standard of livingMSC: Interpretive4. Over the period 1900-2006, which of the following countries experienced the highest average annual growth rate of real GDP per person?a.Indonesiab.Indiac.Pakistand.BrazilANS: D DIF: 2 REF: 25-1NAT: Analytic LOC: Productivity and growth T OP: Economic growthMSC: Definitionalword⽂档可⾃由复制编辑。

1，税收政府购买和转移支付这三者对总需求的影响有何区别税收并不直接影响总支出,它是通过改变人们的可支配收入,从而影响消费支出,再影响总支出的.税收的变化与总支出的变化是反向的.当税收增加时,导致人们可支配收入减少,从而消费减少.总支出的减少量是税收增加量的倍数.反之则相反.政府购买支出直接影响总支出,两者的变化是同方向的,总支出的变化量也数倍于政府购买量的变化,这个倍数就是政府购买乘数.政府转移支付对总支出的影响方式类似于税收,是间接影响总支出,也是通过改变人们的可支配收入,从而影响消费支出和总支出.但与税收不同的是,政府转移制服的变化量是与总支出同方向的.这两个变量之间有一定的倍数关系,但倍数小于政府购买乘数2，为什么进行宏观调控的财政政策和货币政策财政政策是指政府变动税收和支出，以便影响总需求，进而影响就业和国民收入的政策。

货币政策是指货币当局即中央银行通过银行体系变动货币供应量来调节总需求的政策。

无论财政政策还是货币政策，都是通过影响利率，消费和投资进而影响总需求，使就业和国民收入得到调节。

通过对总需求的调节来调控宏观经济，所以称为需求管理政策。

1.GDP:经济社会在一定时期内运用生产要素所生产的全部最终产品的市场价值。

名义：用生产物品和劳务的当年价格计算的全部最终产品的市场价值。

实际：用从前某一年作为基期价格计算出来的全部最终产品的市场价值。

2，GDP平减指数：是名义的GDP和实际的GDP的比率3，均衡产出: 和总需求相一致的产出，也就是经济社会的收入正好等于全体居民和企业想要有的支出。

4，$乘数：投资乘数:收入的变化与带来这种变化的投资支出的变化的比率。

税收乘数：收入变动与引起这种变动的税收变动的比率。

政府购买支出乘数：收入变动对引起这种变动的政府购买支出变动的比率。

$政府转移支付乘数：收入变动与引起这种变动的政府转移支付变动的比率。

平衡预算乘数指政府收入和支出同时以相等数量增加或减少时国民收入变动与政府收支变动的比率6，IS曲线：IS曲线是描述产品市场均衡时，利率与国民收入之间关系的曲线，由于在两部门经济中产品市场均衡时I=S，因此该曲线被称为IS曲线。

曼昆《经济学原理》（宏观）第五版测试题库（33）Chapter 33Aggregate Demand and Aggregate SupplyTRUE/FALSE1. According to classical macroeconomic theory, changes in the money supply change nominal but not realvariables.ANS: T DIF: 1 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Classical economics MSC: Definitional2. Because economists understand what things change GDP, they can predict recessions with a fair amount ofaccuracy.ANS: F DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations MSC: Analytical3. Most macroeconomic variables that measure some type of income, spending, or production fluctuate closelytogether.ANS: T DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations MSC: Interpretive4. Like real GDP, investment fluctuates, but it fluctuates much less than real GDP..ANS: F DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations | Investment MSC: Definitional5. When output rises, unemployment falls.ANS: T DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations | Unemployment MSC: Definitional6. An increase in the money supply causes output to rise in the long run.ANS: F DIF: 1 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Monetary neutrality MSC: Definitional7. Most economists believe that classical theory describes the world in the short run but not in the long run. ANS: F DIF: 1 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Classical dichotomy MSC: Interpretive8. A change in the money supply changes only nominal variables in the long run.ANS: T DIF: 1 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Monetary neutrality MSC: Definitional9. The explanations for the slopes of the aggregate demand and short-run aggregate supply curves are the same as the explanations for the slopes of demand and supply curves for specific goods and services.ANS: F DIF: 1 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand slope | Short-run aggregate supply slopeMSC: Definitional10. The aggregate-demand curve shows the quantity of domestic goods and services that households, firms, the government, and customers abroad want to buy at eachprice level.ANS: T DIF: 2 REF: 33-2NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate-demand curve MSC: Definitional2184Chapter 33/Aggregate Demand and Aggregate Supply 2185 11. A decrease in the price level makes consumers feel wealthier, so they purchase more. This logic helps explainwhy the aggregate demand curve slopes downward.ANS: T DIF: 1 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Wealth effect MSC: Analytical12. Other things the same, a decrease in the price level makes the interest rate decrease, which leads to adepreciation of the dollar in the foreign-currency exchange.ANS: T DIF: 2 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Wealth effect | Exchange-rate effect MSC: Analytical13. The exchange-rate effect is the idea that a higher U.S. price level causes the value of the dollar to increase in foreign exchange markets, and this effect contributes to the downward slope of the aggregate-demand curve. ANS: T DIF: 2 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand slope MSC: Interpretive14. The downward slope of the aggregate demand curve is based on logic that as the price level rises, consumption, investment, and net exports all fall.ANS: T DIF: 2 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Aggregate demand slope MSC: Interpretive15. Aggregate demand shifts to the left if the money supply increases.ANS: F DIF: 1 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand shifts | Monetary policy MSC: Applicative16. A decrease in the money supply causes the interest rate to rise so that investment falls.ANS: T DIF: 2 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand shifts | Money supply MSC: Analytical17. If speculators bid up the value of the dollar in the market for foreign-currency exchange, U.S. aggregatedemand would shift to the left.ANS: T DIF: 2 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand shifts | Net exports MSC: Analytical18. The effect of a change in the value of the dollar in the foreign exchange market due to a change in the price level helps explain the slope of aggregate demand, but does not shift it. The effects of a change in the value of the dollar in the foreign exchange market due to speculation is shown by shifting the aggregate demand curve.ANS: T DIF: 3 REF: 33-3NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate-demand curve MSC: Analytical19. An increase in the money supply shifts the long-run aggregate supply curve to the right.ANS: F DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Long-run aggregate supply | Monetary policy MSC: Applicative20. Technological progress shifts the long-run aggregate supply curve to the right.ANS: T DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic growth and inflation MSC: Applicative21. Other things the same, technological progress raises the price level..ANS: F DIF: 2 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic growth and inflation MSC: Applicative22. Because the price level does not affect the long-run determinants of real GDP, the long-run aggregate-supply is vertical.ANS: T DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Long-run aggregate supply MSC: Interpretive23. We could explain continued increases in both output and the price level by supposing that only aggregatedemand shifted right over time.ANS: F DIF: 2 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic growth and inflation MSC: Analytical24. If not all prices adjust instantly to changing economic circumstances, an unexpected fall in the price levelleaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms toreduce the quantity of goods and services they produce.ANS: T DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Misperceptions theory MSC: Interpretive25. All explanations for the upward slope of the short-run aggregate supply curve suppose that the quantity of output supplied increases when the actual price level exceeds the expected price level.ANS: T DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run aggregate supply slope MSC: Interpretive26. The only way to rationalize an upward slope for the short-run aggregate-supply curve is to argue that wagesare sticky in the short run.ANS: F DIF: 2 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run aggregate-supply curve MSC: Interpretive27. An increase in the actual price level does not shift the short-run aggregate supply curve, but an expectedincrease in the price level shifts the short-run aggregate supply curve to the left.ANS: T DIF: 2 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run aggregate supply MSC: Analytical28. Fluctuations in real GDP are caused only by changes in aggregate demand and not by changes in aggregate supply.ANS: F DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run equilibrium | Economic fluctuations MSC:Definitional29. Increased uncertainty and pessimism about the future of the economy leads firms to desire less investmentspending which shifts the aggregate-demand curve to the left.ANS: T DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand shifts | Pessimism MSC: Applicative30. Increased optimism about the future leads to rising prices and falling unemployment in the short run. ANS: T DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run equilibrium | Pessimism MSC: Analyticalword文档可自由复制编辑Chapter 33/Aggregate Demand and Aggregate Supply 2187 31. In response to a decrease in output, the economy would revert to its original level of prices and output whether the decrease in output was caused by a decrease in aggregate demand or a decrease in aggregate supply. ANS: F DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Long-run equilibrium MSC: Analytical32. If aggregate demand shifts right, then eventually price level expectations rise. The increase in price levelexpectations causes the short-run aggregate-supply curve to shift to the left.ANS: T DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Long-run equilibrium MSC: Analytical33. If aggregate demand and aggregate supply both shiftright, we can be sure that the price level is higher in the short run.ANS: F DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Short-run equilibrium MSC: Analytical34. Economists mostly agree that the Great Depression was principally caused by factors that shifted short-runaggregate supply left.ANS: F DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Great Depression MSC: Definitional35. The primary purpose of the aggregate demand and aggregate supply model is to demonstrate the classical dichotomy.ANS: F DIF: 1 REF: 33-4NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Aggregate demand and aggregate supply model MSC: Interpretive36. Increased output and prices in the United States in the early 1940s were mostly the result of increasedgovernment expenditures.ANS: T DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: World War II MSC: Definitional37. During World War II government expenditures increased almost five-fold and output almost doubled.ANS: T DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: World War II MSC: Definitional38. Stagflation results from continued decreases inaggregate demand.ANS: F DIF: 2 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Stagflation MSC: Applicative39. If the central bank increased the money supply in response to a decrease in short-run aggregate supply, unemployment would return towards its natural rate, but prices would rise even more.ANS: T DIF: 2 REF: 33-5NAT: Analytic LOC: Fiscal and monetary policy TOP: Monetary policyMSC: Analytical40. John Maynard Keynes advocated policies that would increase aggregate demand as a way to decreaseunemployment caused by recessions.ANS: T DIF: 1 REF: 33-5NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Keynes MSC: DefinitionalSHORT ANSWER1. The long-run trend in real GDP is upward. How is this possible given business cycles? What explains theupward trend?ANS:There are occasional short-lived periods of negative real GDP growth. However, in most years real GDP increases. The years of increase are more frequent and the increases large enough that over long periods of time real GDP increases despite the occasional declines. The long-run upward trend in real GDP is due to increases in the labor force and capital stock and advances in technological knowledge.DIF: 2 REF: 33-1 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Economic growth and inflation MSC: Interpretive2. What variables besides real GDP tend to decline during recessions? Given the definition of real GDP, arguethat declines in these variables are to be expected.ANS:Variables that fall along with real GDP include employment, incomes, investment, sales, and home purchases. GDP may be measured as either the production of, expenditures on, or income generated from final goods and services. It follows that any other variable that could be used to measure production, expenditures, or income will generally move in the same direction as GDP.DIF: 2 REF: 33-1 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Economic fluctuationsMSC: Interpretive3. What do most economists believe concerning the relation between the price level and real output?ANS:Most economists believe that in the long run, real variables are not affected by nominal variables. So, for example, changes in the money supply do not change real variables in the long run. However, most economists believe that nominal variables do change real variables in the short run. In the short-run prices and wages may be fixed based on the expected price level. If the actual price level differs from the expected price level, real variables are affected. DIF: 2 REF: 33-2 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Long-run equilibrium | Short-run equilibrium MSC:Interpretive4. Make a list of expenditures whose sum equals GDP.ANS:consumption, investment, government expenditures, and net exports.DIF: 1 REF: 33-3 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Aggregate-demand curveMSC: Definitional5. Explain how an increase in the price level changes interest rates. How does this change in interest rates lead tochanges in investment and net exports?ANS:When the price level increases, the purchasing power of money held on hand and in bank accounts declines. This decline makes people feel less wealthy so that they lend less. The reduction in lending causes the interest rate to rise. The rise in interest rates discourages spending on investment goods so that the aggregate quantity of goods and services demanded decreases. As the interest rate increases, the supply of dollars in the market for foreign-currency exchange falls as people wish to purchase fewer foreign assets. This makes the dollar appreciate which decreases net exports.DIF: 3 REF: 33-3 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Aggregate-demand curveMSC: Analyticalword文档可自由复制编辑Chapter 33/Aggregate Demand and Aggregate Supply 2189 6. Make a list of things that would shift the aggregate demandcurve to the right.ANS:Examples (and variations on examples) in the text include a stock market boom that increases consumption spending, a tax cut that increases consumption, improvements in capital goods such as computers that increase investment, increased optimism about the future of the economy induces increased investment, an investment tax credit, an increase in the money supply, an increase in government defense expenditures, and economic expansions overseas that create increases in net exports.DIF: 2 REF: 33-3 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Aggregate demand shiftsMSC: Applicative7. Make a list of things that would shift the long-run aggregate supply curve to the right.ANS:Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, less generous unemployment insurance, an increase in the capital stock, an increase in the average level of education, a discovery of new mineral deposits, advances in technology, and removal of barriers to international trade.DIF: 2 REF: 33-4 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Short-run aggregate supply shifts MSC: Applicative8. Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supplycurves.ANS:See graph.PLRAS1LRAS2AD2AD1OutputOver time, technological advances cause the long-run aggregate supply curve to shift right. Increases in the money supply cause the aggregate demand curve to shift right. Output growth puts downward pressure on the price level, but money supply growth contributes to rising prices.DIF: 2 REF: 33-4 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Economic growth and inflation MSC: Analytical9. Use sticky-wage theory to explain why an increase in the expected price level shifts the aggregate supplycurve.ANS:When people expect the price level to increase, wage bargaining will lead to higher wages. The increase in wages raises the costs of production. So firms will supply less at any actual price level.DIF: 2 REF: 33-4 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Sticky-wage theoryMSC: Analytical10. Keynes thought that the behavior of the economy in the short run was influenced by what he called "animalspirits." By this he meant that business people sometimes felt good about the economy, and carried out lots of investment, andat other times felt bad about the economy, and so cut back on their investment spending.Explain how such fluctuations in investment would lead to fluctuations in real GDP and prices.ANS:Fluctuations in investment cause the aggregate demand curve to shift. If the aggregate demand curve shifts to the right, real GDP and the price level rise. If the aggregate demand curve shifts to the left, real GDP and the price level fall. So erratic movements in investment can cause fluctuations in output.DIF: 2 REF: 33-5 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Keynes MSC: Applicative11. Suppose that a decrease in the demand for goods and services pushes the economy into recession. Whathappens to the price level? If the government does nothing, what ensures that the economy still eventually gets back to the natural rate of output?ANS:A decrease in aggregate demand causes the price level to fall. If the government takes no action to counter this, then the actual price level will be below the price level that people expected. Individuals will eventually correct their expectations about the price level. As they do so, prices and wages will adjust accordingly, shifting the aggregate supply curve to the right. For example if wages are sticky, in light of the lower price level, firms and workers will eventually make bargains for lower nominal wages. The reduction in wages lowers costs of production, so firms are willing to produce more at any given price level. Consequently, the short-run aggregate supply curve shifts right. The rightwardshift in aggregate supply eventually causes output to rise back to the natural rate.DIF: 3 REF: 33-1 NAT: AnalyticLOC: Aggregate demand and aggregate supply TOP: Long-run equilibriumMSC: AnalyticalSec00-Aggregate Demand and Aggregate Supply-IntroductionMULTIPLE CHOICE1. Most economists use the aggregate demand and aggregate supply model primarily to analyzea.short-run fluctuations in the economy.b.the effects of macroeconomic policy on the prices of individual goods.c.the long-run effects of international trade policies.d.productivity and economic growth.ANS: A DIF: 1 REF: 33-0 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Aggregate demand and supply model MSC: Interpretive2. Most economists use the aggregate demand and aggregate supply model primarily to analyzea.short-run fluctuations in the economy.b.the effects of macroeconomic policy on the prices of individual goods.c.the long-run effects of international trade policies.d.productivity and economic growth.ANS: A DIF: 1 REF: 33-0 NAT: AnalyticLOC: Aggregate demand and aggregate supplyTOP: Aggregate demand and supply model MSC: Interpretive word文档可自由复制编辑Chapter 33/Aggregate Demand and Aggregate Supply 2191 Sec01- Aggregate Demand and Aggregate Supply-Three Key Facts About Economic FluctuationsMULTIPLE CHOICE1. Historical evidence for the U.S. economy indicates thata.recessions have occurred roughly once every six years since the 1960s.b.the unemployment rate usually decreases during a recession and increases shortly after therecession ends.c.real GDP usually remains roughly constant during a recession and decreases shortly after therecession ends.d.changes in real GDP over the business cycle are largely attributable to changes in investment overthe business cycle.ANS: D DIF: 2 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations, investment MSC: Interpretive2. Which of the following is correct?a.Short run fluctuations in economic activity happen only in developing countries.b.During economic contractions most firms experience rising sales.c.Recessions come at regular intervals and are easy to predict.d.When real GDP falls, the rate of unemployment rises.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Facts about economic fluctuations MSC: Definitional3. Which of the following explains why production rises inmost years?a.increases in the labor forceb.increases in the capital stockc.advances in technological knowledged.All of the above are correct.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Growth MSC: Definitional4. Which of the following is most commonly used to monitor short-run changes in economic activity?a.the inflation rateb.real GDPc.aggregate demandd.aggregate supplyANS: B DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations, real GDP MSC: Interpretive5. A relaively mild period of falling incomes and rising unemployment is called aa.depression.b.recession.c.expansion.d.business cycle.ANS: B DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional6. During recessionsa.workers are laid off.b.factories are idle.c.firms may find they are unable to sell all they produce.d.All of the above are correct.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional7. During a recession the economy experiencesa.rising employment and income.b.rising employment and falling income.c.rising income and falling employment.d.falling employment and income.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional8. When we say that economic fluctuations are “irregular and unpredictable,” we mean thata.the relationship between output and unemployment is erratic and difficult to characterize.b.when one macroeconomic variable that measures income or spending is falling, othermacroeconomic variables that measure income or spending are likely to be rising.c.recessions do not occur at regular intervals.d.All of the above are correct.ANS: C DIF: 2 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations MSC: Interpretive9. Which of the following is correct?a.Economic fluctuations are easily predicted by competent economists.b.Recessions have never occurred very close together.c.Other measures of spending, income, and production do not fluctuate closely with real GDP.d.None of the above is correct.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional10. Which of the following statements is correct?a.Most economists use the model of aggregate demand and aggregate supply to analyze short-runeconomic fluctuations.b.Economic fluctuations are essentially unrelated to changes in business conditions.c.Economic fluctuations follow a regular, predictable pattern.d.All of the above are correct.ANS: A DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Economic fluctuations MSC: Interpretive11. During recessions which type of spending falls?a.consumption and investmentb.investment but not consumptionc.consumption but not investmentd.neither consumption nor investmentANS: A DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Facts about economic fluctuations MSC: Definitionalword文档可自由复制编辑Chapter 33/Aggregate Demand and Aggregate Supply 219312. Which of the following is correct?a.Over the business cycle consumption fluctuates more thaninvestment.b.Economic fluctuations are easy to predict.c.During recessions sales and profits tend to fall.d.Because of government policy the U.S. has suffered no recessions in the last 25 years.ANS: C DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional13. Recession come ata.regular intervals. During recessions consumption spending falls relatively more than investmentspending.b.regular intervals. During recessions investment spending falls relatively more than consumptionspending.c.irregular intervals. During recessions consumption spending falls relatively more thaninvestment spending.d.irregular intervals. During recessions investment spending falls relatively more thanconsumption spending.ANS: D DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional14. During recessionsa.sales and profits fall.b.sales and profits rise.c.sales rise, profits fall.d.profits fall, sales rise.ANS: A DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional15. Which of the following typically rises during a recession?a.garbage collectionb.unemploymentc.corporate profitsd.automobile salesANS: B DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Business cycle MSC: Definitional16. Real GDPa.is the current dollar value of all goods produced by the citizens of an economy within a given time.b.measures economic activity and income.c.is used primarily to measure long-run changes rather than short-run fluctuations.d.All of the above are correct.ANS: B DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Real GDP MSC: Definitional17. Real GDPa.moves in the same direction as unemployment.b.is not adjusted for inflation.c.measures economic activity and real income.d.All of the above are correct.ANS: C DIF: 1 REF: 33-1NAT: Analytic LOC: Aggregate demand and aggregate supply TOP: Real GDP MSC: Definitional。

《西方经济学》宏观部分练习题一、名词解释国内生产总值国民生产总值国民收入消费倾向平均消费倾向边际消费倾向平均储蓄倾向边际储蓄倾向资本边际效率投资边际效率曲线投资乘数加速原理 IS曲线 LM曲线均衡国民收入总需求总需求函数总供给总供给函数失业摩擦性失业结构性失业周期性失业奥肯定律充分就业通货膨胀菲利普斯曲线滞胀经济增长经济周期倾销外汇汇率国际收支经济政策财政政策自动稳定器货币政策证券三、单项选择题C1、国民生产总值中的最终产品是指（）A 有形产品B 无形产品C 既包括有形产品，又包括无形产品D 不能确定D2、国民生产总值是下面那一项的市场价值（）A 一年内一个经济中的所有交易B 一年内一个经济中交换的所有商品和劳务C 一年内一个经济中交换的所有最终商品和劳务D 一年内一个经济中生产的所有最终商品和劳务B3、国内生产总值等于（）A 国民生产总值 B国民生产总值减本国居民国外投资的净收益 C 国民生产总值加本国居民国外投资的净收益 D 国民生产总值加净出口B4、下列情形中，应该计入当年国内生产总值的是（）A 去年生产而在今年销售出去的汽车B 当年生产的汽车C 某人去年购买而在今年转售给他人的汽车 D 某汽车生产商当年计划的而明年生产的汽车C5、“面粉是中间产品”这一命题（）A 一定是对的B 一定是不对的C 可能对，也可能不对D 以上全对D6、下列哪一项计入GNP（）A 购买一辆用过的旧自行车B 购买普通股票C 汽车制造厂买进10吨钢材D 银行向某企业收取一笔贷款利息D7、个人收入是（）A 在一定年限内，家庭部门获得的工资总和B 在一定年限内，家庭部门获得收入的总和 C 在一定年限内，家庭部门能获得花费的收入总和 D 等于国民收入减去家庭未收到的部分、加上来自非生产的收入C8、下列情况中属于政府对居民的转移支付的是（）A 政府对其雇员支付的工资B 政府为购买企业生产的飞机而进行的支付 C 政府为失业工人提供的失业救济金 D 政府为其债券支付的利息A9、在一个有家庭、企业、政府和国外部门构成的四部门经济中，GNP是（） A 消费、总投资、政府购买和净出口 B消费、净投资、政府购买和净出口C消费、总投资、政府购买和总出口 D 工资、地租、利息和折旧C10、边际消费倾向与边际储蓄倾向之和等于1，这是因为（）A 任何两个边际量相加总是等于1B MPC曲线和MPS曲线都是直线 C国民收入的每一元不是用于消费就是用于储蓄 D 经济中的投资水平不变C11、消费函数的斜率等于（）A 平均消费倾向 B平均储蓄倾向 C 边际消费倾向 D 边际储蓄倾向C12、在两部门经济模型中，如果边际消费倾向值为0.8，则自发性支出乘数必是（）A 1.6B 2.5C 5D 4A13、投资乘数等于（）A 收入变化除以投资变化B 投资变化除以收入变化C 边际消费倾向的倒数D （1-MPS）的倒数B14、在下列4种情况中，投资乘数最大的是（）A 边际消费倾向为0.4 B边际储蓄倾向为0.1 C边际消费倾向为0.6D 边际储蓄倾向为0.3B15、四部门经济与三部门经济相比，乘数效应（）A 变大B 变小C 不变D 以上均有可能，不能确定D16、总投资大于零，则资本存量（）A 增加B 下降C 不变D 不确定B17、资本边际效率高于市场利息率，表示投资规模（）A 偏大B 偏小C 适中D 不确定D18、当市场利息率不变时，投资水平（）A 增加B 减少C 不变D 不确定D19、如果一项仅用一年资产的供给价格为3000元，预期收益为3500元，则资本的边际效率为A 12%B 9%C 83%D 17%A20、加速原理表明（）A GNP的增加导致投资倍数的增加B GNP的增加导致投资倍数的减少C 投资的增加导致GNP倍数的增加D 投资的增加导致GNP倍数的减少B21、在简单的国民收入决定模型的45线中，消费函数与45度线相交点的产出水平表示（）A 净投资支出了大于零时的GNP水平B 均衡的GNP水平C 消费I与投资Y相等 D 没有任何意义，除非投资I恰好为零B22、下面那一项不会使总需求曲线向右移（）A政府支出增加 B 转移支付减少 C 名义货币供给增加 D 税收减少A23、垂直的长期总供给曲线表明，如果价格可以充分调节，那么（）A 任何价格水平下，潜在的实际国民收入都是一致的B 产出仅仅取决于总需求水平C 均衡的实际国民收入不能确定D 价格水平仅由总供给决定B24、在水平总供给曲线区域，决定产出的主导力量是（）A 供给B 需求C 工资D 技术D25、根据总共求模型，扩张财政使产出（）A 增加B 减少C 不变D 不确定D26根据总共求模型，扩张货币使价格水平（）A 提高B 降低C 不变D 不确定B27 某人正在等待着某项工作，这种情况可归类为（）A 就业B 失业C 非劳动力D 就业不足C28、由于经济萧条而形成的失业属于（）A 摩擦性失业B 结构性失业C 周期性失业D 永久性失业B29、如果某人因为钢铁行业不景气而失去工作，这种失业属于（）A 摩擦性失业B 结构性失业C 周期性失业D 永久性失业A30、如果某人刚刚进入劳动力队伍尚未找到工作，这属于（）A 摩擦性失业B 结构性失业C 周期性失业D 永久性失业C31、自然失业率（）A 恒为零B 依赖于价格水平C 是经济处于潜在产出水平时的失业率D 是没有摩擦性失业时的失业率B32、通货膨胀是（）A 一种或几种商品的物价上涨B 是一般价格水平的普遍而持续的上涨C 物价水平一时的上涨D 以上均不对B33 如果导致通货膨胀的原因是“货币过多而商品过少”，那么经济中存在的通货膨胀是（）A 结构性的B 需求拉上型的C 成本推进型的D 抑制型的C34、应付需求拉上的通货膨胀的方法是（）A 人力政策B 收入政策C 财政政策D 以上三种都可以B35、收入政策主要是用来对付（）A需求拉上的通货膨胀 B成本推进的通货膨胀 C需求结构型通货膨胀D成本结构型通货膨胀C36、菲利普斯曲线的基本含义是（）A 失业率与通货膨胀率同时上升 B失业率与通货膨胀率同时下降 C失业率上升，通货膨胀率下降 D失业率的变动与通货膨胀率的变动无关B37、经济增长的标志是（）A 失业率下降B 社会生产能力的不断提高 B 先进技术的广泛运用C 城市化速度加快A38、GNP是衡量经济增长的一个极好指标，是因为（）A GNP以货币表示，易于比较B GNP的增长总是意味着已发生的实际经济增长C GNP的值不仅可以反映一国的经济实力，还可以反映一国的经济福利程度D 以上都对B39、在长期最大可能实现的是（）A 有保证的经济增长率B 自然经济增长率C 实际的经济增长率 D以上均不准确B40、根据哈罗德的分析，如果有保证的增长率GW大于实际增长率G，经济将（） A 累积性经济扩张 B 累积性经济收缩 C 均衡增长 D 不能确定B41、根据哈罗德的分析，如果有保证的增长率GW 大于自然增长率GN，经济将（）A 持续高涨B 长期萧条C 均衡增长D 不能确定D42、哈罗德的自然增长率（）A 使企业家满足于他们已作出的最优决策，并在未来继续作出类似的决策B 确保没有过剩的生产能力C 往往是经济自发经历的D 考虑了技术进步和人口增长D43、下列选项中，（）是新古典经济增长模型所包含的内容。

5学原理》（微观）第五版测试题库第一章：经济学原理1.经济学的主要研究对象是什么？2.什么是稀缺性原则？3.请解释机会成本是如何计算的。

4.什么是边际分析原理？5.请解释机会成本递增的概念。

第二章：供求和市场机制1.什么是需求曲线？2.请解释需求量和需求曲线之间的区别。

3.供给曲线如何表示？4.请解释市场均衡的概念。

5.什么是价格弹性？第三章：消费者行为1.什么是边际效用？2.请解释效用最大化的概念。

3.什么是收入效应？4.请解释替代效应和收入效应如何影响需求变化。

5.什么是边际替代率？第四章：生产和成本1.请解释生产函数的概念。

2.什么是边际产品？3.请解释固定成本和可变成本之间的区别。

4.什么是边际成本？5.请解释长期平均成本和短期平均成本之间的区别。

第五章：利润、市场结构和行为1.请解释利润最大化的概念。

2.什么是垄断市场？3.请解释寡头垄断和垄断竞争之间的区别。

4.什么是欧元区？5.请解释价格歧视的概念。

第六章：劳动市场1.什么是劳动力市场？2.请解释劳动需求和劳动供给之间的关系。

3.什么是劳动力市场均衡？4.请解释工资刚性的概念。

5.什么是人力资本？以上是《5学原理》（微观）第五版的测试题库，涵盖了经济学原理、供求和市场机制、消费者行为、生产和成本、利润、市场结构和行为以及劳动市场等多个方面的知识点。

在准备考试或者复习课程内容时，使用这些题目进行测试可以帮助您巩固知识，检验自己的学习成果。

祝您取得好成绩！。

曼昆《经济学原理》（宏观）第五版测试题库（30）Chapter 30Money Growth and InflationTRUE/FALSE1. The inflation rate is measured as the percentage change in a price index.ANS: T DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: InflationKEY: MSC: Definitional2. U.S. prices rose at an average annual rate of about 4 percent over the last 70 years.ANS: T DIF: 1 REF: 30-0NAT: Analytic LOC: The role of money TOP: InflationMSC: Analytical3. The United States has never had deflation.ANS: F DIF: 1 REF: 30-0NAT: Analytic LOC: The role of money TOP: DeflationMSC: Definitional4. In the 1990s, U.S. prices rose at about the same rate as in the 1970s.ANS: F DIF: 1 REF: 30-0NAT: Analytic LOC: The role of money TOP: U.S. inflationMSC: Definitional5. As the price level falls, the value of money falls.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Value | MoneyMSC: Interpretive6. The price level is determined by the supply of, and demand for, money.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Definitional7. If the quantity of money supplied is greater than the quantity demanded, then prices should fall.ANS: F DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Analytical8. Dollar prices and relative prices are both nominal variables.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of moneyTOP: Nominal variables | Real variables MSC: Definitional9. The quantity equation is M x V = P x Y.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Quantity equationMSC: Definitional10. According to the Fisher effect, if inflation rises then the nominal interest rate rises.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Fisher effectMSC: Definitional11. An increase in money demand would create a surplus of money at the original value of money.ANS: F DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Applicative201412. Hyperinflations are associated with governments printing money to finance expenditures.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: Unemployment and inflation TOP: HyperinflationMSC: Definitional13. For a given level of money and real GDP, an increase in velocity would lead to an increase in the price level. ANS: T DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Velocity of moneyMSC: Analytical14. The quantity theory of money can explain hyperinflations but not moderate i nflation.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: HyperinflationMSC: Interpretive15. If P represents the price of goods and services measured in money, then 1/P is the value of money measured interms of goods and services.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money | ValueMSC: Interpretive16. When the value of money is on the vertical axis, an increase in the price level shifts money demand to theright.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money demandMSC: Applicative17. The money supply curve shifts to the left when the Fed buys government bonds.ANS: F DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money supplyMSC: Analytical18. When the value of money is on the vertical axis, the money supply curve slopes upward because an increase in the value of money induces banks to create more money.ANS: F DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money supplyMSC: Definitional19. If the Fed increases the money supply, the equilibrium value of money decreases and the equilibrium price level increases.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Analytical20. A rising price level eliminates an excess supply of money.ANS: T DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Analytical21. A rising value of money eliminates an excess supply of money.ANS: F DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Money marketMSC: Analytical22. Nominal GDP measures output of final goods and services in physical terms.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Nominal variablesMSC: Interpretive2016 Chapter 30 /Money Growth and Inflation23. The classical dichotomy is useful for analyzing the economy because in the long run nominal variables are heavily influenced by developments in the monetary system, and real variables are not.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Classical dichotomyMSC: Definitional24. The irrelevance of monetary changes for real variables is called monetary neutrality. Most economists accept monetary neutrality as a good description of the economy in the long run, but not the short run.ANS: T DIF: 2 REF: 30-1NAT: Analytic LOC: The role of money TOP: Monetary neutralityMSC: Interpretive25. The quantity theory of money implies that if output and velocity are constant, then a 50 percent increase in themoney supply would lead to less than a 50 percent increase in the price level.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Quantity theoryMSC: Applicative26. The source of all four classic hyperinflations was high rates of money growth.ANS: T DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: HyperinflationMSC: Definitional27. In the long run, an increase in the growth rate of the money supply leads to an increase in the real interest rate,but no change in the nominal interest rate.ANS: F DIF: 1 REF: 30-1NAT: Analytic LOC: The role of money TOP: Quantity theoryMSC: Definitional28. Inflation induces people to spend more resources maintaining lower money holdings. The costs of doing thisare called shoeleather costs.ANS: T DIF: 1 REF: 30-2NAT: Analytic LOC: The role of money TOP: Shoeleather costs of inflation MSC: Definitional29. Shoeleather costs and menu costs are both costs of anticipated inflation.ANS: T DIF: 1 REF: 30-2NAT: Analytic LOC: Unemployment and inflationTOP: Shoeleather costs of inflation | Menu costs o f inflation MSC: Definitional30. For a given real interest rate, an increase in the inflation rate reduces the after-tax real interest rate.ANS: T DIF: 2 REF: 30-2NAT: Analytic LOC: Unemployment and inflation TOP:Inflation | Taxes | Real interest rate MSC: Analytical31. Inflation necessarily distorts saving when either real interest income or nominal interest income is taxed. ANS: F DIF: 2 REF: 30-2NAT: Analytic LOC: The role of money TOP: Inflation | Real interest rate MSC: Interpretive32. Inflation distorts savings when real interest income, rather than nominal interest income, is taxed.ANS: F DIF: 2 REF: 30-2NAT: Analytic LOC: The role of money TOP: Inflation | Real interest rate MSC: Interpretive33. Suppose the nominal interest rate is 10 percent; the tax rate on interest income is 28 percent, and the inflationrate is 6 percent. Then the after-tax real interest rate is -3.2 percent.ANS: F DIF: 2 REF: 30-2NAT: Analytic LOC: The role of money TOP: Taxes | Real interest rateMSC: Interpretive34. Suppose the nominal interest rate is 5 percent; the tax rate on interest income is 30 percent, and the after-taxreal interest rate is 0.8 percent. Then the inflation rate is 2.7 percent.ANS: T DIF: 2 REF: 30-2NAT: Analytic LOC: The role of money TOP: Taxes | Real interest rate MSC: Interpretive35. If the Fed were to unexpectedly increase the money supply, creditors would gain at the expense of debtors. ANS: F DIF: 1 REF: 30-2NAT: Analytic LOC: The role of moneyTOP: Wealth redistribution | Inflation MSC: Applicative36. If inflation is higher than expected, then borrowers make nominal interest payments that are less than theyexpected.ANS: F DIF: 2 REF: 30-2NAT: Analytic LOC: Unemployment and inflation TOP: Menu costs of inflationMSC: Applicative37. Inflation is costly only if it is unanticipated.ANS: F DIF: 1 REF: 30-2NAT: Analytic LOC: Unemployment and inflation TOP: Inflation costsMSC: Interpretive38. Even though monetary policy is neutral in the short run, it may have profound real effects in the long run. ANS: F DIF: 1 REF: 30-3NAT: Analytic LOC: The role of money TOP: Monetary neutralityMSC: InterpretiveSHORT ANSWER1. Why did farmers in the late 1800s dislike deflation?ANS:Most had large nominal debts. The decrease in the price level meant that they received less for what they produced and so made it harder to pay off the debts whose real value rose as prices fell.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Deflation MSC: Analytical2. Explain the adjustment process in the money market that creates a change in the price level when the moneysupply increases.ANS:When the money supply increases, there is an excess supply of money at the original value of money. After the money supply increases, people have more money than they want to hold in their purses, wallets and checking accounts. They use this excess money to buy goods and services or lend it out to other people to buy goods and services. The increase in expenditures causes prices to rise and the value of money to fall. As the value of money falls, the quantity of money people want to hold increases so that the excess supply is eliminated. At the end of this process the money market is in equilibrium at a higher price level and a lower value of money.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Money marketMSC: Analytical2018 Chapter 30 /Money Growth and Inflation3. Suppose the Fed sells government bonds. Use a graph of the money market to show what this does to the valueof money.ANS:When the Fed sells government bonds, the money supply decreases. This shifts the money supply curve from MS1 to MS2 and makes the value of money increase. Since money is worth more, it takes less to buy goods with it, which means the price level falls.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Money marketMSC: Analytical4. Using separate graphs, demonstrate what happens to the money supply, money demand, the value of money,and the price level if:a. the Fed increases the money supply.b. people decide to demand less money at each value of money.ANS:a. The Fed increases the money supply. When the Fed increases the money supply, the money supply curveshifts right from MS1 to MS2. This shift causes the value of money to fall, so the price level rises.b. People decide to demand less money at each value of money. Since people want to hold less at eachvalue of money, it follows that the money demand curve will shift to the left from MD1 to MD2. Thedecrease in money demand results in a lower value of money and so a higher price level.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Money marketMSC: Analytical5. According to the classical dichotomy, what changes nominal variables? What changes real variables? ANS:The classical dichotomy argues that nominal variables are determined primarily by developments in the monetary system such as changes in money demand and supply. Real variables are largely independent of the monetary system and are determined by productivity and real changes in the factor and loanable funds markets.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Classical dichotomyMSC: Definitional6. Suppose that monetary neutrality holds. Of the following variables, which ones do not change when themoney supply increases?a. real interest ratesb. inflationc. the price leveld. real outpute. real wagesf. nominal wagesANS:a. real interest ratesd. real outpute. real wagesDIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Monetary neutralityMSC: Interpretive7. Wages and prices are many times higher today than they were 30 years ago, yet people do not work a lot morehours or buy fewer goods. How can this be?ANS:Inflation has raised the general price level. An increase in the general price level has no effect on real variables in the long run. Wages are higher, but so are prices. Prices are higher, but so are wages and incomes. In the long run, people change their behavior in response to changes in real variables, not nominal ones.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Nominal variables | Real variablesMSC: Interpretive8. Identify each of the following as nominal or real variables.a. the physical output of goods and servicesb. the overall price levelc. the dollar price of applesd. the price of apples relative to the price of orangese. the unemployment ratef. the amount that shows up on your paycheck after taxesg. the amount of goods you can purchase with the wage you get each hourh. the taxes that you pay the governmentANS:a. real variableb. nominal variablec. nominal variabled. real variablee. real variablef. nominal variableg. real variableh. nominal variableDIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Nominal variables | Real variablesMSC: Interpretive2020 Chapter 30 /Money Growth and Inflation9. Define each of the symbols and explain the meaning o f M V = P Y.ANS:M is the quantity of money, V is the velocity of money, P is the price level, and Y is the quantity of o utput. P Y is nominal GDP. The amount people spend should equal the amount of money in the economy times the average number of times each unit of currency is spent.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Velocity MSC: Definitional10. What assumptions are necessary to argue that the quantity equation implies that increases in the money supplylead to proportional changes in the price level?ANS:We must suppose that V is relatively constant and that changes in the money supply have no effect on real output. DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Quantity theoryMSC: Definitional11. What is the inflation tax, and how might it explain the creation of inflation by a central bank?ANS:The inflation tax refers to the fact that inflation is a tax on money. When prices rise, the value of money currently held is reduced. Hence, when a government raises revenue by printing money, it obtains resources from households by taxing their money holdings through inflation rather than by sending them a tax bill. In countries where governments are unable or unwilling to raise revenues by raising taxes explicitly, the inflation tax may be an alternative source of revenue.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Inflation tax MSC: Interpretive12. Economists agree that increases in the money-supply growth rate increase inflation and that inflation isundesirable. So why have there been hyperinflations and how have they been ended?ANS:Typically, the government in countries that had hyperinflation started with high spending, inadequate tax revenue, and limited ability to borrow. Therefore, they turned to the printing presses to pay their bills. Massive and continued increases in the quantity of money led to hyperinflation, which ended when the governments instituted fiscal reforms eliminating the need for the inflation tax and subsequently slowed money supply growth.DIF: 2 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: HyperinflationMSC: Interpretive13. Suppose that velocity and output are constant and that the quantity theory and the Fisher effect both hold.What happens to inflation, real interest rates, and nominal interest rates when the money supply growth rate increases from 5 percent to 10 percent?ANS:Inflation and nominal interest rates each increase by 5 percent points. There is no change in the real interest rate or any other real variable.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Inflation MSC: Analytical14. In recent years Venezuela and Russia have had much higher nominal interest rates than the United Stateswhile Japan has had lower nominal interest rates. What would you predict is true about money growth in these other countries? Why?ANS:The Fisher effect says that increases in the inflation rate lead to one-to-one increases in nominal interest rates. The quantity theory says that in the long run, inflation increases one-to-one with money supply growth. It follows that differences in nominal interest rates may be due to differences in money supply growth rates. It is reasonable to guess that much higher nominal interest rates in Venezuela and Russia indicate higher money supply growth while lower interest rates in Japan indicate lower money supply growth.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Fisher effect MSC: Applicative15. The U.S. Treasury Department issues inflation-indexed bonds. What are inflation-indexed bonds and why arethey important?ANS:Inflation-indexed bonds are bonds whose interest and principal payments are adjusted upward for inflation, guaranteeing their real purchasing power in the future. They are important because they provide a safe, inflation- proof asset for savers and they may allow the Treasury to borrow more easily at a lower current cost.DIF: 1 REF: 30-1 NAT: AnalyticLOC: The role of money TOP: Index bonds MSC: Definitional16. List and define any two of the costs of high inflation.ANS:The costs include:Shoeleather costs: the resources wasted when inflation induces people to reduce their money holdings.Menu costs: the cost of more frequent price changes at higher inflation rates.Relative Price Variability: because prices change infrequently, higher inflation causes relative prices to vary more. Decisions based on relative prices are then distorted so that resources may not be allocated efficiently.Inflation Induced Tax Distortions: the income tax is not completely indexed for inflation; an increase in nominal income created by inflation results in higher real tax rates that discourage savings.Confusion and Inconvenience: inflation decreases the reliability of the unit of account making it more complicated to differentiate successful and unsuccessful firms thereby impeding the efficient allocation of funds to alternative investments.Unexpected Inflation: inflation decreases the real value of debt thereby transferring wealth from creditors to debtors. DIF: 1 REF: 30-2 NAT: AnalyticLOC: The role of money TOP: Inflation costsMSC: Definitional17. Inflation distorts relative prices. What does this mean and why does it impose a cost on society?ANS:Relative prices are the value of one good in terms of other goods. Relative prices ordinarily provide signals concerning therelative scarcity of goods so the goods may be allocated efficiently. Some prices change infrequently, so that when inflation rises, there is greater variation in relative prices. However, changes in relative prices created by inflation do not signal changes in the scarcity of goods and so lead to an inefficient allocation of goods and resources.DIF: 1 REF: 30-2 NAT: AnalyticLOC: The role of money TOP: Relative price variabilityMSC: Interpretive18. Explain how inflation affects savings.ANS:Inflation discourages savings. Income tax is collected on nominal rather than real interest rates. So an increase in inflation will increase nominal interest rates and taxes. The increase in taxes in turn lowers the real return on savings and so discourages savings.DIF: 1 REF: 30-2 NAT: AnalyticLOC: The role of money TOP: Saving | InflationMSC: Applicative2022 Chapter 30 /Money Growth and Inflation19. The U.S. Treasury Department began issuing inflation-indexed bonds in early 1997. Since these assets arevirtually risk free, both in terms of default risk and inflation risk, will they quickly replace all other kinds of assets that still entail risk of one kind or another, such as ordinary government bonds or corporate bonds?Explain.ANS:When individuals are choosing between assets of different kinds, they consider both expected return and risk. Because the new inflation-indexed bonds have very low risk, they will also have very low real interest rates. So they will not replace other, more risky assets that promise to pay a much higher real interest rate. They do, however, offer a way of escaping some inflation risk, and have become a popular addition to portfolios.DIF: 1 REF: 30-2 NAT: AnalyticLOC: The role of money TOP: Index bonds MSC: AnalyticalSec00 - Money Growth and InflationMULTIPLE CHOICE1. Over the past 70 years, prices in the U.S. have risen on average abouta. 2 percent per year.b. 4 percent per year.c. 6 percent per year.d. 8 percent per year.ANS: B DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Definitional2. Over the past 70 years, the overall price level in the U.S. has experienced a(n)a. 4-fold increase.b. 8-fold increase.c. 12-fold increase.d. 16-fold increase.ANS: D DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Definitional3. Over the last 70 years, the average annual U.S. inflation rate was abouta. 2 percent, implying that prices have increased 10-fold.b. 4 percent, implying that prices have increased 10-fold.c. 2 percent, implying that prices have increased 16-fold.d. 4 percent, implying that prices increased about 16-fold.ANS: D DIF: 2 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Definitional4. Inflation can be measured by thea. change in the consumer price index.b. percentage change in the consumer price index.c. percentage change in the price of a specific commodity.d. change in the price of a specific commodity.ANS: B DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: InflationMSC: Definitional5. Which of the following is not correct?a. The inflation rate is measured as the percentage change in a price index.b. For the last 40 or so years, U.S. inflation hasn’t shown much variation from its average rate of about 2 percent.c. During the 19th century there were long periods of falling prices.d. Some economists argue that the costs of moderate inflation are not nearly as large as the general public believes.ANS: B DIF: 2 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: InflationMSC: Interpretive6. In which of the following cases was the inflation rate 10 percent over the last year?a. One year ago the price index had a value of 110 and now it has a value of 120.b. One year ago the price index had a value of 120 and now it has a value of 132.c. One year ago the price index had a value of 126 and now it has a value of 140.d. One year ago the price index had a value of 145 and now it has a value of 163. ANS: B DIF: 2 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Applicative7. If the price level increased from 120 to 126, then what was the inflation rate?a. 3 percentb. 5 percentc. 6 percentd. None of the above is correct.ANS: B DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Applicative8. If the price level increased from 120 to 150, then what was the inflation rate?a. 30 percentb. 25 percentc. 20 percentd. None of the above is correct.ANS: B DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rateMSC: Applicative9. When prices are falling, economists say that there isa. disinflation.b. deflation.c. a contraction.d. an inverted inflation.ANS: B DIF: 1 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: DeflationMSC: Definitional10. Deflationa. increases incomes and enhances the ability of debtors to pay off their debts.b. increases incomes and reduces the ability of debtors to pay off their debts.c. decreases incomes and enhances the ability of debtors to pay off their debts.d. decreases incomes and reduces the ability of debtors to pay off their debts. ANS: D DIF: 2 REF: 30-0NAT: Analytic LOC: Unemployment and inflation TOP: DeflationMSC: Interpretive。