Macroeconomics-复习材料1

1、习题集Question 1In Australia ,us ing 2000-01 as the base year, we would find that:a)Nomi nal GDP is always larger than real GDPb)Real GDP is always larger tha n nominal GDP for the p eriod 1960 to 2000.c)Real GDP is larger than nomi nal GDP from 1998 to 2002.d)Real GDP is smaller than nomi nal GDP from

2、 1988 to 1995.e)Real GDP and nominal GDP would be equal for the en tire p eriod.Note: p lease see figure 2.1 on p age 31 of the text book.Questio n 2During the date 1990s, Japan exp erie need reduct ions in the GDP deflator. Given thisin formatio n, we know with eerta in ty that:a)Real GDP fell duri

3、 ng these p eriods.b)Real GDP did not eha nge duri ng these p eriods.e)The overall price level in Japa n decreased duri ng these periods.d)Both real GDP and the overall price level decreased duri ng these p eriods.Questio n 3Suppose that in January 2003 in Australia, 200 millionpeople are working,20

4、 millio n are n ot worki ng but are look ing for work, and 40 milli on are not work ing and have give n up look ing for work. The official unemployment rate for that monthis:a)7.7%b)9.1%c)10%d)23%e)30%a) 10 millionQuestio n 4A country using the Australia n system of unemployment statistics has 100 m

5、illi on people, of whom 50 milli on are work ing age. Of these 50 millio n, 20 milli on have jobs. Of the rema in der: 10 milli on are actively search ing for jobs; 10 milli on wouldnot want jobs at all.like jobs but are not searching; and 10 million doThe labour force is:b)20 millionc)30 milliond)4

6、0 millio ne)50 millionQuestio n 5Suppose the consump ti on equati on is rep rese nted by the follow ing: C=100+ .75YD.The mult ip lier in this economy isa)0.25b)0.75c)1.33d)e)Questio n 6The p aradox of savi ng suggests that an in crease in the desire to save will cause:a) An in cease in equilibrium

7、GDPb) A reduct ion in GDPc)An in crease in the desire to in vest.d)No cha nge in equilibrium GDPe)A p erma nent in crease in the level of savi ng.Note: Please see defi niti on of“ paradox of saving” on page 674 of the text book.(saving S tYj(S=Y-T-C) so,saving is unchanged )Questio n 7When C= C o+C

8、iYd, an in crease in C o will cause which of the followi ng to in crease?a)Equilibrium in comeb)c)Equilibrium sav ingd)All of the abovee)None of the aboveEquilibrium dis po sable in comeQuestio n 8Suppose the cen tral bank wishes to con duct expansionary mon etary p olicy. Given this, we would exp e

9、ct which of the followi ng to occur?a) A cen tral bank pu rchase of bonds and an in crease in the in terest rateb)A cen tral bank pu rchase of bonds and a reduct ion in the in terest ratec)A cen tral bank sale of bonds and an in crease in the in terest rated)A cen tral bank sale of bonds and a reduc

10、t ion in the in terest rateQuestio n 9Suppose the money supply decreased. Which of the follow ing events could causethis?a)An in crease in the mon etary baseb)A decrease in the ratio of reserves to depo sitsc)A shift in publicpreferences away from currency towardcurrentaccountdepo sitsd)All of the a

11、bovee)None of the aboveQuestion 10Suppose there is an open market sale of bon ds. Such an event will cause: a) An in crease in bond p rices and an in crease in the in terest rate(i) b) A reduct ion in bond prices and an in crease in i.c)d)An in crease in bond p rices and a reducti on in i.A reduct i

12、on in abond p rices and a reducti on in i.e)None of the aboveQuestion 11After a con tract ionary fiscal p olicy:a)The LM curve shifts and we move along the IS curve.b)The IS curve shifts and we move along the LM curve.c)Both the IS and LM curve shift.d)Neither the IS nor the LM curve shifts.e)Output

13、 will cha nge caus ing a chage in money dema nd and a shift of the LMcurve.Quetsio n 12Suppose there is a tax cut. Which of the follow ing rep rese nts the comp lete list ofvariables that must in crease in response to this tax cut?a) Consump ti onb) Consump tio n and in vestme ntc)Consump tio n, in

14、vestme nt and out putd)Consump ti on and out pute)Consump ti on, out put and the in terest rateQuestion 13If efficie ncy wage theory is valid,we would expect a relatively high p remium overthe reservati on wage whe n:a)The unemployment rate is high.b)The job requires very little trai ning.c)Workers

15、cannot be easily mon itored.d)Workers have few other op ti ons for employment in the area.e)All of the aboveQuestion 14The n atural level of out put is the level of out put that occurs whe n: a) The goods market is in equilibrium.b) The economy is operat ing at the un employme nt rate con siste nt w

16、ith both thewage-sett ing and price-setti ng equati ons.c)The finan cial markets are in equilibrium.d)The unemployment rate is zero.e)Both the goods and finan cial markets are in equilibrium.Question 15Use the follow ing P hilli ps curve equati on to an swer this questio n:nt - nt-1 = ( ji+z)- aut.A

17、 p erma nent reduct ion in the unemployment rate causes:a)An in crease in the mark up over labour costs.b)A decrease in the mark up over labour costs.c)An in crease in the in flati on rate over time.d)A decrease in the in flati on rate over time.e)None of the aboveQuestion 16If p olicymakers un dere

18、stimate the n atural rate of unemployment, they may follow p olicies that cause Australia to have: a) More unemployment tha n n ecessary.b)An unemployment rate that is“to high ”c)A higher inflation rate than necessary.d)A steadily decreas ing in flati on rate.e)A dramatically fluctuat ing unemployme

19、nt rate.Question 17Based on a dyn amic AD relati on whe n the cen tral bank con trols nominal money.out put growth will equal zero whe n which of the follow ing con diti ons is satisfied?a)0% nominal money growth; 4% in flati onb)4% nonminal money growth; 0% in flati onc)-4% nominal money growth; 3%

20、 in flati ond)4% nominal money growth; 4% in flatio ne)None of the aboveNote: dyn amic AD relati on: gSo, if g m = 4%, g y = 0.Question 18In the medium run, a reductio n in the rate of in flati on target will cause: a) An in crease in the size of the sacrifice ratio.b)A reduct ion in the size of the

21、 sacrifice ratio.c)A reduct ion in adjusted money growth.d)A reduct ion in the rate of in flati on.e)Both C and DNote: Please see figure 9.3 on p age 217 of the text book.Question 19Which of the follow ing will in crease the steady-state growth rate of cap ital?a)An in crease in the sav ing rateb)An

22、 in crease in the popu lati on growth ratec)A temporary in crease in tech no logical p rogressd)All of the abovee)None of the aboveNote: P lease see figure 12.3 on p age 282 of the text book.Question 20Which of the follow ing has bee n propo sed as an explan ati on for the slowdow n in tech no logic

23、al p rogress since the mid-1970s?a) Measureme nt errorb) A dicli ne in manu facturi ng's share in GDPc)A decii ne in spending on research and deve lopmentd)All of the abovee)None of the aboveNote: Please see p age 272- 274 of the text book of the last year.Question 21Which of the followi ng is t

24、rue whe never the in flati on rate is p ositve?a)The real in terest rate must be greater tha n the nominal in terest rate.b)The real in terest rate must be n egative.c)The real in terest rate must be p ositive.d)The nominal in terest rate must be n egative.e)None of the abovea)$240.00b)$150.00c)$160

25、.00Question 22If the nominal in terest rate in 20% per year, how much money can an in dividual borrow today if she wants to repay $200 in one year?d) $166.67 e) $180.00Note: 200/(1+20%) = $166.67Question 23Assume that the yield curve is dow nward-sl oping yield curve. This suggests that finan cial m

26、arket p artici pants exp ect short-term in terest rates to:a)In creasea)In crease in the future.b)Decrease in the future.c)Be un stable in the future.d)Not cha nge in the future.e)Rise in the n ear future, and fall in the more dista nt future.Question 24In gen eral, whe n the short-term in terest ra

27、tes decrease, l on g-term rates will:b)Rema in the same.c)Decrease by more tha n the short-term rate.d) Decrease by the same amount as the short-term rate.e) Decrease, but by less tha n the short-term rate.Questio n 25Which of follow ing rep rese nts non-huma n wealth?a)Total wealth minus the presen

28、t discountedvalue of expectedfuture after-taxlabour in comeb)Total wealth minus finan cial wealthc)Wealth that cannot be take n from a person, by lawd)Finan cial wealth minus hous ing wealthe)Total wealth minuse hous ing wealthQuestion 26Suppose in dividuals expect that in terest rates will rise in

29、the future. Also assumethat the RBA wants to prevent any cha nge in curre nt out put. Given this goal of theRBA, the RBA should imp leme nt a p locy in the curre nt p eriod that:a) Shifts the IS cruve rightward.b)Shifts the IS curve leftward.c)Shifts the IS curve leftward and the LM curve up ward.d)

30、Shifts the LM curve up ward.e)Shifts the LM curve dow nward.Questio n 27Suppose there is a real app reciati on of the Australia n dollar. Which of the followi ngmay have occurred?a)Foreig n curre ncy has become less expen sive in the Australia n dollars.b)Foreig n goods have become more expen sive t

31、o America ns.c)The foreig n price level has in creased relative to the Australia n price level.d)All of the abovee)None of the aboveNote:= EP/ P*Question 28An in crease in the real excha nge rate in dicates that: a) Foreig n goods are now relatively chea per.b)c)d)Both A and CForeig n goods are now

32、relatively more expen sive.Domestic goods are now relatively more expen sive.Question 30Note:= EP/ P*. so P t or P* J tQuestion 29Suppose there is a reduct ion in foreig n out pu t(Y*). This reduct ion in Ywill causewhich of the followi ng in the domestic coun try?a)A reduct ion in out putb)A reduct

33、 ion in consump ti onc)A reduct ion in net exp ortsd)All of the abovee)None of the above(2) C J = co + c i(Y J -T)Note : (1)Y*X J-NX JZJSuppose net exports are po stive(NX>0) for a coun try. Given this in formati on, weknow that:a)Dema nd for domestic goods will be equal to the domestic dema nd f

34、or goods.b)Dema nd for domestic goods will be greater tha n the domestic dema nd forgoods.c)Dema nd for domestic goods will be less tha n the domestic dema nd for goods.d)A budget surplus exists.Note : domestic dema nd for goods:DD = C+l+Gdema nd for domestic goods:ZZ = C+I+G+NX = DD + NXQuestion 31

35、In an open economy un der flexible excha nge rates, a reduct ion in the in terest ratewill cause an in crease in which of the follw ing?a)In vestme ntb)Exp ortsc)Net exportsd)All of the abovee)None of the aboveQuestion 32Suppose a country inplements simultaneously a fiscal expansion and monetarycon

36、tract ion. In a flexible excha ngerate regime, we know with certa inty that:a)The excha nge rate and out put would both in crease.b)The excha nge rate would in crease and out put would decrease.c)The excha nge rate would in crease.d)The excha nge rate would decrease out put would in crease.Question

37、33Which of the follow ing explains why the Great Dep ressi on did not end sooner?a)An in crease in the nominal money stockb)An in crease in the price levelc)The p rese nee of a liquidity trapd)All of the abovee)None of the aboveIn the IS-LM model, an in crease in the exp ected rate of deflati on wil

38、l cause:Question 34a)An in crease in dema nd.b)An in crease in the nominal in terest rate.c)An in crease in the real in terest rate.d)An in crease in the nominal money supply.e)A decrease in the nominal money supply.Questio n 35A dan gerous sig n for hyperin flati on is whe n the gover nment finan c

39、es a grow ingproportion of its budget deficit through:a)Mon etisatio nb)Tax collect ions.c)Bonds sold to foreig ners.d)Bonds sold to domestic citize ns.e)Volun tary con tributi ons.Seig no rage, the revenue from money creati on, equals which of the follow ing?Question 37a)The rate of in flati onQues

40、tion 39b)The rate of in flati on times real money bala ncesc)Real money bala ncesd)The percen tage growth rate of real moneye)The percen tage growth rate of nominal money times real money bala ncesNote : Seignorage =AM/P = ( /M/M)(M/P)Question 37Due to un certa inty about the impact of mon etary p o

41、licy, it would be best for thecen tral bank to in crease money growth:a)3 mon ths after the start of a recessi on.b)By more tha n the in crease that will get the desired response.c)By less tha n the in crease that will get the desired response.d)Only when it can be certain about the value of Okun &#

42、39; s coefficientand thetim ing of its imp acts.e)Only after it is centain that the economy has en tered a recessi on.The p roblem of time incon siste ncy in macro p olicy suggests that a n ati on might bebetter off:a)Using fiscal and mon etary p olicy to fine tune the economy.b)Reduci ng the indepe

43、ndence of the cen tral bank.c)Appointing some one who is more con servative tha n the rest of the gover nmentto head the cen tral bank.d)In terve ning freque ntly in the foreig n excha nge market.e)Elim in at ingratio nalexp ectati onsfromecono metricmodels used forforecast ing.Question 39Accord ing

44、 to Keynes:a)The Great Dep ressi on was caused by ill-c on sidered expansionary fiscal p olicy.b)Bala ncing the budget in the midst of a dep ressi on would be a serious mistake.c)In flati on is always and everywhere a mon etary phenomenon.d)The P hilli ps curve is stable.e)None of the aboveQuestion

45、40Which of the following events led to the crisis in macroeconomicsand to thedevel opment of rati onal exp ectati ons theory?a)The Great Dep ressi onb)The stock market crash of 1987c)The stock market sp eculative bubble of the late 1990sd)Stagflati on in the 1970se)Large budget deficits in the 1980s

46、.Question 41Explain the concept of n eutrality of money.( pl ease see p673 of the text book and the slides of module 3(c on t.).Question 42Explain the concept of time incon siste ncy.( pl ease see the slides of module 6 (con t.)Define each of the follow ing terms:Question 43a) Okun s Lawb) Sacrifice ratioc) Finan cial wealthQuestion 44Suppose some coun tries have bee n exp erie ncing a slow-dow n in econo mic growthin consumerto imp leme ntfor last 2years. The slow-downwas associated with a