宏观经济学习题及答案(4)
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Econ100B/UGBA101B:MacroeconomicAnalysisPostLecture#4ExercisesAggregateProductionandProductivity
1/12 Multiple Choice Questions 1.To analyze aggregate productivity, economists typically assume: a.That the hours each person works varies with the wage rate. b.That all of the capital and labor in the economy are fully utilized. c.That output can increase only if inputs have become more productive. d.All of the above. e.None of the above.
2.The output an economy can produce with one unit of capital and one unit of labor is: a.Commonly referred to as labor productivity. b.Indicated by the A variable in the production function. c.A variable that depends on how many units of capital and labor are available. d.All of the above. e.None of the above.
3.Which of the following is true about total factor productivity (TFP)? a.It can be measured just like capital and labor. b.It cannot be directly measured so it has to be calculated from given values of capital, labor and output.
c.While it cannot be measured directly, it has an exponent of 0.3 in the Cobb-Douglas production function.
d.While it cannot be measured directly, it has an exponent of 0.7 in the Cobb-Douglas production function.
e.None of the above.
4.Suppose than an economy has the production function Y = AK0.3L0.7 where Y equals $12 trillion, capital K is $27 trillion, and labor L is 64 million workers. Given this information, what is the closest approximation of total factor productivity A?
a.less than 0.01 b.around 0.25 c.roughly 0.33 d.close to 0.4 e.exactly 144 Econ100B/UGBA101B:MacroeconomicAnalysisPostLecture#4ExercisesAggregateProductionandProductivity
2/12 5.What do you think would be the production function’s single best prescription for low-income countries to catch up with to high-income countries?
a.To increase their labor force. b.To ask help of the rich countries. c.To increase their stock of capital. d.To find more efficient ways to allocate and use capital and labor. e.None of the above.
6.A ten percent increase in total factor productivity will increase: a.Economic output by ten percent. b.The marginal product of labor (MPL) by ten percent. c.The marginal product of capital (MPK) by ten percent. d.All of the above. e.None of the above.
7.The marginal product of labor indicates ________. Therefore the MPL curve is also ________. a.The quantity of labor supplied for a given wage; the supply curve of labor. b.The quantity of labor demanded for a given wage; the demand curve of labor. c.The quantity of labor supplied for a given wage; the equilibrium price of labor. d.The quantity of labor demanded for a given wage; the equilibrium price of labor. e.None of the above.
8.Equilibrium market prices for capital and labor are $10 and $8, respectively. Then, the economy experiences one or more supply shocks, so that the marginal product of capital is $12, and the marginal product of labor is $9. Assuming that the available quantities of capital and labor are fixed, which of the following is (are) likely to decrease as the economy approaches its new equilibrium?
a.Economic profits. b.Total economic output. c.Real rental price of capital. d.The quantity of capital in use. e.None of the above. Econ100B/UGBA101B:MacroeconomicAnalysisPostLecture#4ExercisesAggregateProductionandProductivity
3/12 Discussion Questions 1.What relationship does the aggregate production function portray? Which of the production function’are endogenous and which are exogenous?
The aggregate production function represents the relationship between the quantities of inputs that go into the production process and the output that is produced with those inputs.
In the production function Y = F(K,L), output (Y) is an endogenous variable whose value is explained by the production function while the capital (K) and labor (L) inputs used in production are the exogenous variables that determine or explain the level of output produced.
2.Explain how an equilibrium factor price is established in a factor market if there is either an excess demand for the factor or an excess supply of the factor.
Equilibrium occurs in a factor market when the quantity of the factor demanded by firms equals the quantity of the factor its owners offer for sale. The factor price at which this condition is met is the equilibrium price of the factor. When there is an excess demand, firms want to hire more of the factor than owners of the factor offer for sale. This occurs when the factor’s price is below the equilibrium price. Firms’ competition for the factor drives up its price, which eliminates the excess demand. If the price of the factor is above the equilibrium price, the quantity of a factor demanded is less than the quantity offered for sale and there is an excess supply of the factor. In this case, factor owners compete against one another and drive the factor price down. So excess demand and excess supply in a factor market cause the factor’s price to move toward its equilibrium value.
