英文版宏观经济学期末考试试卷(附答案

1、1In the United States real GDP is reported each quarter.a.These numbers are adjusted to make them measure at annual and seasonally adjusted rates.b.These numbers are adjusted to make them annual rates, but no adjustment for seasonal variations are made.c.These numbers are quarterly rates that have b

2、een seasonally adjusted.d.These numbers are at quarterly rates and have not been seasonally adjusted.2The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase bya.more than 1 percent.b.less than 1

3、percent.c.1 percent.d.It is impossible to make an informed guess without more information.3If increases in the prices of U.S. medical care cause the CPI to increase by 2 percent, the GDP deflator will likely increase bya.more than 2 percent.b.2 percent.c.less than 2 percent.d.All of the above are co

4、rrect.4The traditional view of the production process is that capital is subject toa.constant returns.b.increasing returns.c.diminishing returns.d.diminishing returns for low levels of capital, and increasing returns for high levels of capital.5Which of the following is correct?a.Political instabili

5、ty can reduce foreign investment, reducing growth.b.Gary's Becker proposal to pay mothers in developing countries to keep their children in school has not worked very well in practice.c.Policies designed to prevent imports from other countries generally increase economic growth.d.All of the abov

6、e are correct.6Use the following table to answer the following question.StockSymYld %PEVol 100sHiLoCloseNet ChgGenMillsGIS2.5351375844.343.543.97-0.63GilletteG2.2313042831.129.7300.17GracoGGG1.2167055-0.53HersheyHSY2.138541863.461.762.450.72Assume that the closing price was also the aver

7、age price at which each stock transaction took place. What was the total dollar volume of Gillette stock traded that day?a.$912,840,000b.$91,284,000c.$9,128,400d.$912,8407Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 2,500 Consumption equals 6,500 and Government expendi

8、tures equal 2,000. What are private saving, public saving, and national saving?a.1500, 1000, 500b.1000, 500, 1500c.500, 1500, 1000d.None of the above are correct.8Risk-averse people will choose different asset portfolios than people who are not risk averse. Over a long period of time, we would expec

9、t thata.every risk-averse person will earn a higher rate of return than every non-risk averse person.b.every risk-averse person will earn a lower rate of return than every non-risk averse person.c.the average risk-averse person will earn a higher rate of return than the average non-risk averse perso

10、n.d.the average risk-averse person will earn a lower rate of return than the average non-risk averse person. 9The natural rate of unemployment is thea.unemployment rate that would prevail with zero inflation.b.rate associated with the highest possible level of GDP.c.difference between the long-run a

11、nd short-run unemployment rates.d.amount of unemployment that the economy normally experiences.10Suppose that the reserve ratio is 5 percent and that a bank has $1,000 in deposits. Its required reserves are a.$5. b.$50. c.$95. d.$950.11Suppose a bank has $200,000 in deposits and $190,000 in loans. I

12、t has a reserve ratio ofa.5 percentb.9.5 percentc.10 percentd.None of the above is correct.12The inflation taxa.transfers wealth from the government to households.b.is the increase in income taxes due to lack of indexation.c.is a tax on everyone who holds money.d.All of the above are correct.13In 18

13、98, prospectors on the Klondike River discovered gold. This discovery caused an unexpected price levela.decrease that helped creditors at the expense of debtors.b.decrease that helped debtors at the expense of creditors.c.increase that helped creditors at the expense of debtors.d.increase that helpe

14、d debtors at the expense of creditors.14Ivan, a Russian citizen, sells several hundred cases of caviar to a restaurant chain in the United States. By itself, this salea.increases U.S. net exports and has no effect on Russian net exports.b.increases U.S. net exports and decreases Russian net exports.

15、c.decreases U.S. net exports and has no effect on Russian net exports.d.decreases U.S. net exports and increases Russian net exports.15Suppose that the real exchange rate between the United States and Kenya is defined in terms of baskets of goods. Which of the following will increase the real exchan

16、ge rate (that is increase the number of baskets of Kenyan goods a basket of U.S. goods buys)?a.an increase in the number of Kenyan shillings that can be purchased with a dollarb.an increase in the price of U.S. baskets of goodsc.a decrease in the price in Kenyan shillings of Kenyan goodsd.All of the

17、 above are correct.16Use the (hypothetical) information in the following table to answer the next question. CountryCurrencyCurrency per U.S. DollarU.S. Price IndexCountry Price IndexBrazilReal4.00200800JapanYen125.0020050,000MexicoPeso10.002002,000SwedenKrona9.002002,000ThailandBaht45.002008,000In r

18、eal terms, U.S. goods are more expensive than goods in which country(ies)?a.Brazil and Mexicob.Japan, Sweden, and Thailandc.Japan and Swedend.Thailand.17Which of the following would tend to shift the supply of dollars in foreign-currency exchange market of the open-economy macroeconomic model to the

19、 left?a.The exchange rate rises.b.The exchange rate falls.c.The expected rate of return on U.S. assets rises.d.The expected rate of return on U.S. assets falls.18The real exchange rate equals the relativea.price of domestic and foreign currency.b.price of domestic and foreign goods.c.rate of domesti

20、c and foreign interest.d.None of the above is correct. 19In the open-economy macroeconomic model, if the supply of loanable funds increases, the interest ratea.and the real exchange rate increase.b.and the real exchange rate decrease.c.increases and the real exchange rate decreases.d.decreases and t

21、he real exchange rate increases.20For the following question, use the graph below.The initial effect of an increase in the budget deficit in the loanable funds market is illustrated as a move froma.a to b.b.a to c.c.c to b.d.c to d.21When the government spends more, the initial effect is thata.aggre

22、gate demand shifts right.b.aggregate demand shifts left.c.aggregate supply shifts right.d.aggregate supply shifts left.22Suppose the economy is in long-run equilibrium. In a short span of time, there is a sharp increase in the minimum wage, a major new discovery of oil, a large influx of immigrants,

23、 and new environmental regulations that reduce electricity production. In the short run, we would expecta.the price level to rise and real GDP to fall.b.the price level to fall and real GDP to rise.c.the price level and real GDP both to stay the same.d.All of the above are possible.23Suppose the eco

24、nomy is in long-run equilibrium. In a short span of time, there is a large influx of skilled immigrants, a major new discovery of oil, and a major new technological advance in electricity production. In the short run, we would expecta.the price level to rise and real GDP to fall.b.the price level to

25、 fall and real GDP to rise.c.the price level and real GDP both to stay the same.d.All of the above are possible.24According to liquidity preference theory, the money supply curve isa.upward sloping.b.downward sloping.c.vertical.d.horizontal.25When the Fed buys government bonds, the reserves of the b

26、anking systema.increase, so the money supply increases.b.increase, so the money supply decreases.c.decrease, so the money supply increases.d.decrease, so the money supply decreases.26According to the theory of liquidity preference, an increase in the price level causes erest rate and investm

27、ent to erest rate and investment to erest rate to rise and investment to erest rate to fall and investment to rise.27If the stock market crashes,a.aggregate demand increases, which the Fed could offset by increasing the money supply.b.aggregate demand increases, which t

28、he Fed could offset by decreasing the money supply.c.aggregate demand decreases, which the Fed could offset by increasing the money supply.d.aggregate demand decreases, which the Fed could offset by decreasing the money supply.28If the MPC = 3/5, then the government purchases multiplier is a.5/3. b.

29、5/2. c.5. d.15.29If the government raises government expenditures, in the short run, pricesa.rise and unemployment falls.b.fall and unemployment rises.c.and unemployment rise.d.and unemployment fall.30If the long-run Phillips curve shifts to the left, for any given rate of money growth and inflation

30、 the economy will havea.higher unemployment and lower output.b.higher unemployment and higher output.c.lower unemployment and lower output.d.lower unemployment and higher output.31When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.F32In countries where wome

31、n are discriminated against, policies that increase their career and educational opportunities are likely to increase the birth rate.F33Michael Kramer found that world growth rates have increased as population has.T34Suppose a small closed economy has GDP of $5 billion, Consumption of $3 billion, an

32、d Government expenditures of $1 billion. Then domestic investment and national saving are both $1 billion.T35According to the efficient markets hypothesis, at any moment in time, the market price is the best guess of the company's value based on available information.T36According to the efficien

33、t markets hypothesis, stocks follow a random walk so that stocks that increase in price one year are more likely to increase than decrease in the next year.F37In the United States, blacks and whites have similar labor force participation rates, but blacks have a higher unemployment rate.T38According

34、 to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.F39In the months of November and December, people in the United States hold a larger part of their money in the form of currency because they intend to shop for the holidays.

35、 As a result, the money supply increases, ceteris paribus.F40In the 1990s, U.S. prices rose at about the same rate as in the 1970s.F41According to the theory of purchasing-power parity, the real exchange rate defined as foreign goods per unit of U.S. goods will equal the domestic price level divided

36、 by the foreign price level.F42Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange market.T43If policymakers impose import restrictions on automobiles, the U.S. trade deficit would shrink.F44Most economists believe that classical theory explains the world

37、 in the short run, but not the long run.F45Because not all prices adjust instantly to changing conditions, an unexpected fall in the price level leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and

38、services they produce.T46All explanations for the upward slope of the short-run aggregate supply curve suppose that output supplied increases when the price level increases more than expected.T47Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther

39、than the increase in government expenditures.T48During recessions, the government tends to run a budget deficit.T49If macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in the short run.T50The analysis of Friedman and Phelps argues that any change in inflat

40、ion that is expected has no impact on the unemployment rate.T得 分评卷人三、名词解释(每小题 2 分，共 10 分)51diminishing returns: the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.52nominal exchange rate: the rate at which a person can trade the currency o

41、f one country for the currency of another.53crowding-out effect: the offset in aggregate demand that results when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.54stagflation: a period of falling output and rising prices.55automatic stabilizers: changes i

42、n fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action.得 分评卷人四、简答题( 8题中任选6题；每小题 5分，共 30 分)56Why are property rights important for the growth of a nation's standard of living?Property rights are an important

43、 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 bu

44、sinesses. 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.57Suppose that

45、 you are a broker and people tell you the following about themselves. What sort of bond would you recommend to each? Defend your choices.a."I am in a high federal income tax bracket and I don't want to take very much risk."A municipal bond, because generally they have low credit risk a

46、nd are not subject to federal income tax.b."I want a high return and I am willing to take a lot of risk to get it."A junk bond. Because of their high risk, they have a high return.c."I want a decent return and I have enough deductions that I don't value tax breaks highly."A c

47、orporate bond that isn't a junk bond. Because they have more risk than government bonds and have no special tax treatment, they pay moderate rates of return.58Draw a simple T-account for First National Bank of Me, which has $5,000 of deposits, a reserve ratio of 10 percent, and excess reserves o

48、f $300.First National Bank of MeAssetsLiabilitiesReserves$800Deposits$5,000Loans$4,20059What are the costs of inflation?The costs of inflation include "shoeleather costs," the cost of reducing your money holdings to reduce your inflation tax; "menu costs," the costs of price adju

49、stments; the costs of resource misallocation that result from the relative-price variability induced by inflation; the costs of inflation-induced tax distortions; the costs of confusion and inconvenience; and the costs associated with the arbitrary redistribution of wealth that accompany unexpected

50、inflation.60Make a list of things that would shift the long-run aggregate supply curve to the right.Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, more generous unemployment insurance, an increase in the capital stock, an increase in the average l

51、evel of education, a discovery of new mineral deposits, technology, and removal of barriers to international trade.61Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supply curves. Over time technological advances cause the long-run aggregate sup

52、ply 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.62Why do economists think that the wealth effect and exchange-rate effect are not ver

53、y important factors in explaining why aggregate demand slopes downward, at least in the United States?The wealth effect is not very important because it operates through changes in the real value of money, and money is only a small fraction of household wealth. So it is unlikely that changes in the

54、price level will lead to large changes in consumption spending through this channel. The exchange-rate effect is not very important in the United States because trade with other countries represents a relatively small fraction of U.S. GDP.63Describe the process in the money market by which the inter

55、est rate reaches its equilibrium value if it starts above equilibrium.If the interest rate is above equilibrium, there is an excess supply of money. People with more money than they want to hold given the current interest rate deposit the money in banks and buy bonds. The increase in funds to lend o

56、ut causes the interest rate to fall. As the interest rate falls, the quantity of money demanded increases, which tends to diminish the excess supply of money.64. Assume the economy is in a recession. Explain how each of the following policies would affect consumption and investment. In each case, in

57、dicate any direct effects, any effects resulting from changes in total output, any effects resulting from changes in interest rate, and the overall effect. If there are conflicting effects making the answer ambiguous, say so. a). a reduction in taxes; b) an expansion of the money supply. a) 税收减少增加了储蓄的收益、减少