宏观经济学原理答案

1、宏观经济学原理（第六版）梁小民改编Unit 4 Application: International Trade1. The supply curve shows the quantity of a good supplied by sellers, and the demand curve shows the quantity of a good demanded by buyers. When the domestic quantity supplied is greater than the domestic quantity demanded, a country sells the

2、good to other countries, thus the country become an exporter of a good, conversely, the country become an importer of a good.2.P57 图3. Tariff is a tax on goods produced abroad and sold domestically.The economic effects of tariff: The tariff raises the domestic price, domestic sellers are better off,

3、 and domestic buyers are worse off. In addition, the government raises revenue. First, when the tariff raises the domestic price above the world price, it encourages domestic producers to increase production. Second, when the tariff raises the price that domestic goods consumers have to pay, it enco

4、urages them to reduce consumption of goods.4. There are various arguments for restricting trade: protecting jobs, defending national security, helping infant industries, preventing unfair competition, and responding to foreign trade restrictions. Although some of these arguments have some merit in s

5、ome cases, economists believe that free trade is usually the better policy.Unit 5 Measuring a Nations Income1. The production of a luxury car contributes more to GDP than the production of an economy car. Because market prices measure the amount people are willing to pay for different goods, they re

6、flect the value of those goods. The luxury car has a higher market value.2. The contribution to GDP is 3$, the market value of the bread, which is the final good that is sold.3. The four components of GDP are consumption, such as the purchase of a music CD; investment, such as the purchase of a comp

7、uter by a business; government purchases, such as an order for military aircraft; and net exports, such as the sale of American wheat to Russian. 4. Economists use real GDP rather than nominal GDP to gauge economic well- being because real GDP is not affected by changes in prices, so it reflects onl

8、y changes in the amounts being produced. If nominal GDP rises, you do not know if that is because of increased production or higher prices.Unit 6 Measuring the Cost of Living1. A 10 percent increase in the price of chicken has a greater effect on the consumer price index than a 10 percent increase i

9、n the price of caviar because chicken is a bigger part of the average consumers market basket. 2. The three problems in the consumer price index as a measure of the cost of living are: (1) substitution bias, which arises because people substitute toward goods that have become relatively less expensi

10、ve; (2) the introduction of new goods, which are not reflected quickly in the CPI; (3)unmeasured quality change3. If the price of a Navy submarine rises, there is no effect on the consumer price index, since Navy submarines are not consumer goods. But the GDP price index is affected, since Navy subm

11、arines are included in GDP as a part of government purchases.4. Since the overall price level doubled, but the price of the candy bar rose sixfold, the real price (the price adjusted for inflation) of the candy bar tripled.5. The nominal interest rate is the interest rate paid on a loan in dollar te

12、rms.The real interest rate is the interest rate corrected for the effects of inflation.The real interest rate is the nominal interest rate minus the rate of inflation.Unit 7 Production and Growth1. The four determinants of productivity are: (1) physical capital, which is the stock of equipment and s

13、tructures that are used to produce goods and services; (2) human capital, which consists of the knowledge and skills that workers acquire through education, training, and experience;(3)natural resources, which are inputs into the production of goods and services that are provided by nature; and (4)t

14、echnological knowledge, which is societys understanding of the best ways to produce goods and services.2. Higher saving means fewer resources are devoted to consumption and more to producing capital goods. The rise in the capital stock leads to rising productivity and more rapid growth in GDP for a

15、while. In the long run, the higher saving rate leads to a higher standard of living. A policymaker might be deterred from trying to raise the rate of saving because doing so requires that people reduce their consumption today and it can take a long time to get a higher standard of living.3. Removing

16、 a trade restriction, such as a tariff, would lead to more rapid economic growth because the removal of the trade restriction acts like an improvement in technology. Free trade allows all countries to consume more goods and services.4. The higher the rate of population growth, the lower is the level

17、 of GDP per person, because theres less capital per person, hence lower productivity.5. The U.S government tries to encourage advances in technological knowledge by providing research grants through the National Science Foundation and the National Institute of Health, with tax breaks for firms engag

18、ing in research and development, and through the patent system.Unit 8 Saving, Investment, and the Financial System1. It is important for people who own stocks and bonds to diversify their holdings because then they will have only small stake in each asset, which reduces risk. Mutual funds make such

19、diversification easy by allowing a small investor to purchase parts of hundreds of different stocks and bonds.2. National saving is the amount of a nations income that is not spent on consumption or government purchases. Private saving is the amount of income that households have left after paying t

20、heir taxes and paying for their consumption. Public saving is the amount of tax revenue that the government has left paying for its spending. The three variables are related because national saving equals private saving plus public saving.3. Investment refers to the purchase of new capital, such as

21、equipment or buildings. It is equal to national saving.4. A change in tax code that might increase private saving is the introduction of a consumption tax to replace the income tax. Since a consumption tax would not tax the returns saving, it would increase the supply of loanable funds, thus lowerin

22、g interest rates and increasing investment.5. A government budget deficit arises when government spends more than it receives in tax revenue. Since a government budget deficit reduces national saving, it raises interest rates, reduces private investment, and thus reduces economic growth. Unit 9 The

23、Basic Tools of Finance1. Purchasing insurance allows an individual to reduce the level of risk he faces. Two problems that impede the insurance industry from working correctly are adverse selection and moral hazard. Adverse selection occurs because a high-risk person is more likely to apply for insu

24、rance than a low-risk person is. Moral hazard occurs because people have less incentive to be careful about their risky behavior after they purchase insurance.2. A stock analyst will consider the future profitability of a firm when determining the value of the stock.3. The efficient markets hypothes

25、is suggests that stock prices reflect all avaiable information. This means that we cannot use current information to predict future changes in stock prices. One piece of evidence that supports this theory is the fact that many index funds out perform mutual funds that are actively managed by a profe

26、ssional portfolio manager.Unit 10 Unemployment1. (1)Frictional unemplotment is inevtiable because the economy is always changing. Some firms are shringking while others are expanding. Some regions are experiencing faster growth than other regions. Transitions of workers between firms and between reg

27、ions are accompanied by temporary unemployment.(2)The government could help to reduce the amount of fritional unemployment by public policies that provide information about job vacancies in order to match workers and jobs more quickly, and through public training programs that help ease the transiti

28、on of workers from declining to expanding industries and help disadvantaged groups escape poverty.2. Minimum-wage laws are a better explanation for unemployment among teenagers than among college graduates. Teenagers have fewer job-related skills than college graduates do, so their wages are low eno

29、ugh to be affected by the minimum wage. College graduates wages generally exceed the minimum wage.3. Unions may affect the natural rate of unemployment via the effect on insiders and outsiders. Since unions raise the wage above the equilibrium level, the quantity of labor demanded declines while the

30、 quantity supplied of labor rises, so there is unemployment. Insiders are those who keep their jobs. Outsiders, workers who become unemployed, have two choices: either get a job in a firm that is not unionized or remain unemployed and wait for a job to open up in the uion sector. As a result, the na

31、tural rate of unemployment is higher than it would be without unions.4. Advocates of unions claim that unions are good for the economy because they are an antidote to the market power of the firms that hire workers and they are important for helping firms respond effeiciently to workers concerns.5.

32、Four reasons why a firms profits might increase when it raises wages are: (1) better paid workers are healthier and more productive; (2) worker turnover is reduced; (3)worker effort is increased; and (4) the firm can attract higher quality workers.Unit 11 The Monetary System1. Money is different fro

33、m other assets in the economy because it is most liquid asset available. Other assets vary widely in their liquidity.2. Commodity money is money with intrinsic value, like gold, which can be used for purposes other than as a medium of exchange. Fiat money without intrinsic value, it has no value oth

34、er than its use as a medium of exchange. Our economy today uses fiat money.3. If the fed wants to increase the supply of money with open-market operation, it purchases U.S government bonds from the public on the open market. The purchase increases the number of dollars in the hand of the public, thu

35、s raising the money supply. 4. Reserve requirements are regulations on the minimum amount of reserves that banks must hold against deposits. An increase in reserve requirement raises the ratio, lowers the money multiplier, and decreases the money supply.5. The discount rate is the interest rate loan

36、s that the Federal Reserve makes to banks. If the Fed raises the discount rate, fewer banks will borrow from the Fed, so banks reserves will be lower, and thus the money supply will be lower. 6. The Fed cannot control the money supply perfectly because: (1) the Fed does not control the amount of mon

37、ey that households choose to hold as deposits in banks, and (2) the Fed does not control the amount that bankers choose to lend. The actions of households and banks affect the money supply in ways the Fed cannot perfectly control or predict. Unit 12 Money Growth and Inflation1. According to the quan

38、tity theory of money, an increase in the quantity of money causes a proportional increase in the price level.2. Nominal variables are those measured in monetary units, while real variables are those measured in physical units. Examples of nominal variables include the prices of goods, wages, and the

39、 dollar value of GDP. Examples of real variables include relative prices (the price of one good in terms of anthor), real wages, and real GDP. According to the pricinple of monetary neutrality, only nominal variables are affected by changes in the quantity of money.3. Inflation is like a tax because

40、 everyone who holds money loses purchasing power. In a hyperinflation, the government increases the money supply rapidly, which leads to a high rate of inflation. Thus the government uses the inflation tax, instead of taxes on income, to finace its spending.4. According to the Fisher effect, an incr

41、ease in the inflation rate raises the nominal interest rate by the same amount that the inflation rate increases, with no effect on the real interest rate.5. If inflation is less than expected, creditors benefit and debtors lose. Creditors receive dollar payments from debtors that have a higher real

42、 value than was expected.Unit 13 Open-Economy Macroeconomics Basic Concepts1. The net exporys of a country are the value of its exports minus the value of its imports.Net capital outflow refers to the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigner

43、s.Net exports are equal to net capital outflow by an accounting identity, since exports from one country to anthor are matched by payments of some asset from the second country to the first.2. Saving equals domestic investment plus net capital outflow, since any dollar saved can be used to finace ac

44、cumulation of domestic capital or it can be used to fiance the purchase of capital abroad.3. If a dollar can buy 100 yen, the nominal exchange rate is 100 yen per dollar. The real exchange rate equals the nominal exchange rate times the domestic price divided by the foreign price, which equals 100 y

45、en per dollar times $10,000 per Ameican car divided by 500,000 yen per Japanese car, which equals 2 Japanese cars per Ameican car.4. The economic logic behindd the theory of purchasing-power parity is that a good must sell for the same price in all locations. Otherwise, people would profit by engain

46、g in arbitrage.5. If the Fed started printing large quantities of U.S. dollars, the U.S price level would increase, and a dollar would buy fewer Japanese yen.Unit 14 A Macroeconomic Theory of the Open Economy1. The supply of loanable funds comes from natinal saving, the demand for loanable funds com

47、es from domestic investment and net capital outflow. The supply of doallars in the market for foreign exchange comes from net capital outflow, the demand for dollars in the market for foreign exchange comes from net ecperts. The line between the two martkets is net capital outflow. 2. Government bud

48、get deficits and trade deficits are sometimes called the twin deficits because a governmemt budget deficit often leads to trade deficit. The dovernment budget deficit leads to reduced national saving, causing the interest rate increase, thus reducing net capital outflow, which in reduces net exports

49、.3. If a union of textile workers encourages people tp buy only Aerican-made clothes, imports would be reduced, so net exports would increase for any given real exchange rate. This would cause the demand curve in the market for foreign exchange to shift to the right, as shown in Figure 2. The result

50、 is rise in the real exchange rate, but no effct on the trade balance. The textile industry would import less, but other industries, such as the auto industry. Would import more because of the higher real exchange rate. 4. Capital flight is a large and sudden movement of funds out of a country. Capi

51、tal flight cause the interest rate to increase and the exchange rate to depreciate.Unit 15 Aggregate Demand and Aggregate Supply1. Three aggregate-demand curve is downward sloping because: (1) a decrease in the price level makes consumers feel wealthier, which in turn encourages them to spend more,

52、so there is a larger quantity of goods and services demanded; (2) a lower price level reduces the interest rate, enouraging greater spending on investment, so there is a larger quantity of goods and services demanded; (3) a fall in the U.S. price level causes U.S. interest rates to fall, so the real

53、 exchange rate depreciates, stimulating U.S. net exports, so there is a larger quantity of goods and services demande.2. The long-run aggregate supply curve is vertical because in the long run, an economys supply of goods and services depends on its supplies of capital, labor, and natural resources

54、and on the available production technology used to turn these resources into goods and services. The price level does not affect these long-run dererminants of real GDP.3. The aggregated-demand curve might shift to the left when something (other than a rise in the price level )causes a reduction in

55、consumption spending(such as a desire for increased saving), a reduction in investment spending(such as increased taxes on the returns to investment), decreased government spending(such as a cutback in defense spending), or reduced net exports(such as when foreign economics go into recession, so our

56、 exports fall.)Figure 4 traces through the steps of such a shift in aggregate demand. The economy begins in equilibrium, with short-run aggregate supply, AS1, intersecting aggregate demand, AD1 , at point A. When the aggregate-demand curve shifts to the left to AD2 , the economy moves from point A t

57、o point B, reducing the price level and the quantity of output. Over time, people adjust their perceptions, wages, and prices, shifting the short-run aggregate-supply curve down to AS2 , and moving the economy from point B to point C, which is back on the long-run aggregate supply curve and has a lo

58、wer price level.4. The aggregate-supply curve might shift to the left because of a decline in the economys capital stock, labor supply, or productivity, or an increase in the natural rate of unemployment, all of which shift both the long-run and short-run aggregate supply curves to the left. An incr

59、ease in the expected price level shifts just the short-run aggregate-supply curve(not the long-run aggregate-supply curve)to the left.Figures 5 traces through the effects of such a shift. The economy starts in equilibrium at point A. The aggregate-supply curve then shifts to the left from AS1 to AS2. The new equilibrium is at point B, the intersection of aggregate-demand curve and A