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宏观经济学期末试题

1.MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. (1 point each,40 points total)

1) Which of the following are parts of the business cycles? 1) _______

A) inflation and recession B) peak and potential GDP

C) real GDP and potential GDP D) recession and expansion

2) Macroeconomic policy tools include 2) _______

A) unemployment policy and inflation policy.

B) monetary policy and fiscal policy.

C) monetary policy and unemployment policy.

D) fiscal policy and unemployment policy.

3) Fiscal policy involves 3) _______

A) the use of interest rates to influence the level of GDP.

B) the use of tax and money policies by government to influence the level of interest rates.

C) the use of tax and spending policies by the government.

D) decreasing the role of the Federal Reserve in the everyday life of the economy.

4) Fiscal policy might be used to increase long-term growth in real GDP by 4) _______

A) motivating an increase in investment. B) encouraging saving.

C) reducing unemployment. D) Both answers A and B are correct.

5) When U.S. imports exceed U.S. exports, the United States experiences 5) _______

A) a decrease in potential GDP. B) a government budget deficit.

C) inflation. D) an international deficit.

6) The largest component of income is 6) _______

A) proprietors' income. B) corporate profits.

C) compensation of employees. D) net interest.

7) Which of the following transfer payments is included in GDP? 7) _______

A) veteran's benefits B) welfare payments

C) Social Security payments D) none of the above

8) Net domestic product equals gross domestic product minus 8) _______

A) depreciation. B) net exports. C) inflation. D) investment.

9) U.S. investment is financed from 9) _______

A) private saving, government budget deficits and borrowing from the rest of the world.

C) private borrowing, government budget deficits and lending to the rest of the world.

D) private saving and borrowing from the rest of the world only.

10) The labor force is defined as the number of 10) ______

A) people with jobs, both part-time and full-time.

B) unemployed people.

C) people 16 and over.

D) people who are employed and unemployed.

11) ______ 11) Unemployment caused by the fluctuation of the business cycle is called ________

unemployment.

A) frictional B) structural

C) recession-related D) cyclical

12) ______

12) To calculate the unemployment rate, which of the following are necessary pieces of information?

I. the number of unemployed persons

II. the population

III. the number of people in the labor force

IV. the working age population

A) I and IV B) I and II C) I and III D) I, II III and IV

13) A classical economist believes that 13) ______

A) the economy is self-regulating and always at full employment.

B) the economy is self-regulating and will normally, though not always, operate at full

employment if monetary policy is not erratic.

C) if the economy was left alone, it would rarely operate at full employment.

D) the economy is self-regulating and will normally, though not always, operate at full

employment if fiscal policy is not erratic.

14) Which of the following shifts both the LAS and SAS curves? 14) ______

A) a simultaneous change in both the price level and the money wage rate

B) a change in the price level

C) an advance in technology

D) a change in the money wage rate

15) When the quantity of money in the economy increases, the 15) ______

A) aggregate demand curve shifts rightward.

B) wealth effect is no longer operable.

C) aggregate demand curve does not shift but the economy moves along it.

D) long-run aggregate supply curve shifts leftward.

16) A Keynesian economist believes that 16) ______

A) the economy is self-regulating and always at full employment.

employment if monetary policy is not erratic.

C) if the economy was left alone, it would rarely operate at full employment.

D) the economy is self-regulating and will normally, though not always, operate at full

employment if fiscal policy is not erratic.

17) ______

17) In the short run, the intersection of the aggregate demand and the short-run aggregate supply

curves,

A) determines the equilibrium level of real GDP.

B) is a point where there is neither a surplus nor a shortage of goods.

C) determines the equilibrium price level.

D) All of the above answers are correct.

18) ______

18) As the real interest rate increases, the quantity of investment ________. Therefore, the

investment demand curve plotted against the real interest rate is ________.

A) decreases; downward sloping B) increases; upward sloping

C) decreases; upward sloping D) increases; downward sloping

19) Savings is an important economic growth variable because 19) ______

A) it provides a fund for wages needed from any unexpected population growth.

B) it helps the economy maintain the current level of total expenditures when a recession

begins.

C) it can finance new investment and capital formation.

D) All of the above answers are correct.

20) Banks create money whenever they 20) ______

A) accept a deposit.

B) lend excess reserves to a borrower.

C) receive interest on existing loans.

D) receive monthly payments on their loans.

21) ______

21) A bank with $100 million in deposits has $15 million of cash in the bank, $10 million in deposits

with the Fed, and $15 million in government securities in its vault. Its total reserves equal

A) $10 million. B) $40 million. C) $15 million. D) $25 million.

22) ______

22) If the Fed wants to fight inflation, it might ________ the quantity of money, which in the short

run shifts the ________.

A) decrease; AD curve rightward B) increase; AS curve leftward

C) decrease; AD curve leftward D) increase; AD curve rightward

23) If the Federal Reserve is seeking to increase aggregate demand in the short run, it should 23) ______

A) raise the discount rate. B) raise the required reserve ratio.

C) increase the quantity of money. D) sell government securities.

24) According to the quantity theory of money, 24) ______

A) a decrease in the quantity of money will decrease the velocity of circulation.

B) an increase in the quantity of money will increase real output.

C) an increase in the quantity of money will decrease real output.

D) a decrease in the quantity of money will decrease the price level.

25) If the inflation rate is higher than expected, then 25) ______

A) borrowers gain at the expense of lenders because of the low interest rate.

B) lenders gain at the expense of borrowers because of the low interest rate.

C) borrowers gain at the expense of lenders because of the high interest rate.

D) lenders gain at the expense of borrowers because of the high interest rate.

26) ______ 26) If people correctly anticipate an increase in inflation so that their money wage rate adjusts

immediately, then, assuming the economy is initially at potential GDP,

A) only the price level rises with no change in real GDP.

B) both the price level and real GDP increase.

C) only real GDP increases with no change in the price level.

D) neither the price level nor real GDP increase.

27) ______ 27) Suppose the economy of Argentina experiences high anticipated inflation. As a result, we can

expect

A) an increase in transactions costs. B) increases in real GDP.

C) increased uncertainty. D) Both answers A and C are correct.

28) The multiplier is 28) ______

A) the ratio of the equilibrium level of real GDP to the change in induced expenditures.

B) the ratio of the change in real GDP to the change in autonomous expenditures.

C) the ratio of the change in autonomous expenditures to the change in real GDP.

D) the ratio of the change in induced expenditures to the change in autonomous expenditures.

29) ______ 29) When disposable income equals $800 billion, planned consumption expenditure equals $600

billion, and when disposable income equals $1,000 billion, planned consumption expenditure

equals $760 billion. What is the marginal propensity to save?

A) 0.20 B) 0.64 C) 0.80 D) 0.25

30) According to the real business cycle (RBC) theory, recessions are the result of 30) ______

A) a fall in growth rate of productivity.

B) a decrease in growth rate of the quantity of money.

C) an increase in investment.

D) an increase in growth rate of the quantity of money.

31) According to the new Keynesian theory, 31) ______

A) unanticipated changes in aggregate demand change real GDP.

C) the money wage rate is sticky at least in the short run.

D) All of the above answers are correct.

32) ______

32) Another severe depression is unlikely to occur because of

I. bank deposit insurance.

II. stable international currency markets.

III. the Fed's role as a lender of last resort.

A) I and III B) II and III C) III only D) I and II

33) If the federal government adopted a contractionary fiscal policy then 33) ______

A) aggregate demand would decrease and real GDP would increase.

B) aggregate demand and real GDP would both decrease.

C) aggregate demand and real GDP would both increase.

D) aggregate demand would increase and real GDP would decrease.

34) If the government enacts a contractionary fiscal policy, it might 34) ______

A) increase taxes. B) increase government purchases.

C) increase the government budget deficit. D) None of the above answers is correct.

35) The categories of federal government expenditures, listed from largest to smallest, are 35) ______

A) purchases of goods and services, debt interest, and transfer payments.

B) debt interest, transfer payments, and purchases of goods and services.

C) transfer payments, debt interest, and purchases of goods and services.

D) transfer payments, purchases of goods and services, and debt interest.

36) The crowding out effect refers to 36) ______

A) private investment crowding out government saving.

B) government investment crowding out private investment.

C) government spending crowding out private spending.

D) private saving crowding out government saving.

37) An advantage of automatic stabilizers over discretionary fiscal policy is that 37) ______

A) only the President is involved in implementing automatic stabilizers instead of both the

President and Congress.

B) automatic stabilizers are not subject to all the same time lags that discretionary fiscal policy

is.

C) automatic stabilizers require only a simple majority of Congress to pass whereas

discretionary fiscal policy requires a two-thirds majority to pass.

D) automatic stabilizers can be easily fine-tuned to move the economy to full employment.

38) Which of the following is a problem in pursuing a monetary policy based on feedback rules? 38) ______

A) Fixed rules are illegal.

B) Feedback rules are illegal.

be long.

D) None of the above answers is correct.

39) Currently the Fed targets 39) ______

A) neither the federal funds rate nor the monetary base.

B) the price level.

C) both the monetary base and the federal funds rate simultaneously.

D) the federal funds rate.

40) Suppose the United States is in a recession. If the Fed decreases interest rates because of this fact,

40) ______

the Fed is conducting a

A) nondiscretionary policy. B) feedback-rule policy.

C) fixed-rule policy. D) flexible-rule policy.

2.TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. (1 point each, 20 points total)

41) A recession occurs when real GDP decreases for at least 6 months. 41) ______

42) Changes in the amount of government purchases is an example of fiscal policy. 42) ______

43) To calculate GDP using the expenditure approach, in part it is necessary to add exports and

43) ______

subtract imports.

44) To measure economic welfare, one needs only to measure the growth in real GDP. 44) ______

45) ______

45) If a worker is temporarily laid off because the economy is in a recession, frictional

unemployment increases.

46) The CPI is the average price of all goods and services produced within the economy. 46) ______

47) The wealth effect points out that consumption decreases when people's real wealth decreases. 47) ______

48) ______

48) If there is an increase in technology, the long-run aggregate supply curve shifts rightward, but

the short-run aggregate supply curve does not shift.

49) The long-run aggregate supply curve is upward sloping. 49) ______

50) The nominal interest rate is approximately equal to the real interest rate minus the inflation rate. 50) ______

51) The expected profit rate rises with business cycle expansions, technological advances, and tax

51) ______

cuts.

52) When the Fed controls the quantity of money, it is regulating financial institutions. 52) ______

53) A depository institution creates liquidity and pools risk. 53) ______

54) If the Fed sells bonds in the open market, net exports will increase. 54) ______

55) Unanticipated inflation causes income to be redistributed between borrowers and lenders. 55) ______

56) There is a negative relationship between nominal interest rates and the inflation rate. 56) ______

57) The most accurate forecast that can be made is called a rational expectation. 57) ______

58) When planned aggregate expenditure is greater than real GDP, inventories decrease. 58) ______

59) Induced taxes increase the size of the government purchases multiplier. 59) ______

60) A tax cut decreases government saving and can thereby crowd out investment. 60) ______

3.Short Answer. Write your answer in the space provided or on a separate sheet of paper. (10 points)

61) Compare and contrast the Keynesian and Monetarist theories explaining the business cycle.

4. Calculation problems( 10 points)

宏观经济学期末试题

宏观经济学期末试题

62)

The tables above give the purchase s of an average consumer in a small economy. (These consumers purchase only shampoo and pizza.) Suppose 2003 is the reference base period.

a) What is the cost of the CPI basket in 2003 and 2004?

b) What is the CPI in 2003 and in 2004?

c) What is the inflation rate in 2004?

5. Extended problems( 20 points)

63) In the economy of Jokey Island, autonomous consumption expenditure is $60 million, and the marginal

propensity to consume is 0.6. Investment is $110 million, government purchases are $70 million, and there are no income taxes. Investment and government purchases are constant they do not vary with income.

The island does not trade with the rest of the world.

a) Draw the aggregate expenditure curve.

b) What is the island's autonomous aggregate expenditure?

c) What is the size of the multiplier in Jokey Island's economy?

d) What is the island's aggregate planned expenditure and what is happening to inventories when real

GDP is $800 million?

e) What is the economy's equilibrium aggregate expenditur

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