2021年宏观经济分析eco220期中考试试题

MacroeconomicsAnalysisMid-termExam请将回答写在答题纸上SectionA MultipleChoicesQuestions(20*2=40)Aneconomyisinequilibriumwhenwhichofthefollowingconditionsissatisfied?consumptionequalssaving.outputequalsconsumption.totalsavingequalszero.totalsavingequalsinvestment.Usethefollowinginformationtoanswerquestions2-5:C=1000+0.75YDI= 500G=2000T=1000TheequilibriumlevelofGDPfortheaboveeconomyequals:a.2500.b.4500.c.10000.d.11000.Themultiplierfortheaboveeconomyequals:.Supposegovernmentspendingincreasesby100fortheaboveeconomy. Giventheinformation,weknowthatequilibriumoutputwillincreaseby:a.200.b.400.c.800.d.1000.Theequationforprivate(or,equivalently,household)savinginthismodelisSa.-1000+0.25YDb.-1000+0.75YDc.-1000-0.25YDd. 3500+0.25YAreductioninthereserveratio,willcause:anincreaseinthemonetarybaseareductioninHandareductioninthemoneymultiplieranincreaseinthemoneymultiplierareductioninthemoneymultiplierAnopenmarketsaleofsecuritieswilltendtocause:areductioninthesupplyofcentralbankmoneyareductioninthedemandforcurrencyareductioninthedemandforreservesnoneoftheaboveTheIScurverepresents:thesinglelevelofoutputwherethegoodsmarketisinequilibrium.thesinglelevelofoutputwherefinancialmarketsareinequilibrium.thecombinationsofoutputandtheinterestratewherethemoneymarketisinequilibrium.thecombinationsofoutputandtheinterestratewherethegoodsmarketisinequilibrium.SupposeinvestmentspendingisNOTverysensitivetotheinterestrate. Giveninformation,weknowthat:theIScurveshouldberelativelyflat.theIScurveshouldberelativelysteep.theLMcurveshouldberelativelyflat.theLMcurveshouldberelativelysteep.SupposethereisaFedpurchaseofbondsandsimultaneoustaxcut. Weknowwithcertaintythatthis combinationofpoliciesmustcause:anincreaseintheinterestrate(i)areductioninianincreaseinoutput(Y)areductioninYAnincreaseintheaggregatepricelevel,P,willmostlikelyhavewhichofthefollowingeffects?arightwardshiftintheIScurvealeftwardshiftintheIScurveanupwardshiftintheLMcurveadownwardshiftintheLMcurveBasedonourunderstandingoftheIS-LMmodelthattakesintoaccountdynamics,weknowthata reductioninthemoneysupplywillcause:animmediatedropinYandimmediateincreaseinianimmediateincreaseiniandnoinitialchangeinYagradualincreaseiniandgradualreductioninYnoneoftheaboveBasedonourunderstandingoftheIS-LMmodelthattakesintoaccountdynamics,weknowthata reductioningovernmentspendingwillcause:animmediatedropinYandimmediateincreaseinianimmediatereductioniniandnoinitialchangeinYagradualreductioniniandgradualreductioninYagradualreductioniniandanimmediatereductioninYAnswerthisquestionusingtheAS/ADmode. Whichofthefollowingwouldcausereductioninthenaturallevelofoutputinthemediumrun?adecreaseingovernmentspending.adecreaseinthemoneysupply.anincreaseintaxes.noneoftheabove.Theaggregatedemand(AD)curvepresentedinthetextbookhasitsparticularshapebecauseofwhichofthefollowingexplanations?anincreaseinthemoneysupply(M)willcauseareductionintheinterestrate,anincreaseininvestment,andanincreaseinoutputanincreaseintheaggregatepricelevel(P)willcauseanincreaseintheinterestrateandareductioninoutputanincreaseinPwillcauseareductionintherealwage,anincreaseinemployment,andanincreaseinoutputasPdecreasesinaclosedeconomy,goodsandservicesbecomerelativelycheaperandindividualsrespondbyincreasingthequantitydemandedofgoodsandservicesForthisquestion,assumethattheeconomyisinitiallyoperatingatthenaturallevelofoutput.Areductioninconsumerconfidencewillcause:anincreaseininvestmentintheshortrunareductionintherealwageinthemediumrunanincreaseintheinterestrateinthemediumrunnoneoftheaboveForthisquestion,assumethattheeconomyisinitiallyoperatingatthenaturallevelofoutput.Asimultaneousreductionintaxesandreductioninthemoneysupplywillcausewhichofthefollowing?anincreaseinoutputandanincreaseintheaggregatepricelevelintheshortrunareductioninoutputandareductioninthenominalwageintheshortrunareductionininvestmentinthemediumrunareductionintheinterestrateinthemediumrunAnincreaseinthepriceofoilwilltendtocausewhichofthefollowing?anincreaseinthenaturalrateofunemploymentanincreaseinthepricelevelanincreaseintheinterestratealloftheaboveIfY<weknowwithcertaintythat:P>P<P=u < unWhichofthefollowingisconsideredoutofthelaborforce?Theunemployed.Thosetemporarilylaidoffwhowillsoonberecalled.Thoseindividualswhohavestartedsearchingforemploymentforthefirsttime.noneoftheabove.SectionB TureorFalse(10marks)Theaggregatesupplyrelationimpliesthatanincreaseinoutputleadstoanincreaseinthepricelevel.Inthemediumrun,pricesandoutputalwaysreturntothesamevalue.Anincreaseingovernmentspendingdecreasesinvestment.TheLMcurveisupwardslopingbecauseahigherlevelofthemoneysupplyisneededtoincreaseoutput.ThecentralbankcanincreasethesupplyofmoneybysellingbondsinthemarketforbondsAdecreaseinthepropensitytoconsumeleadstoanincreaseinoutput.Expansionarymonetarypolicyhasnoeffectonthelevelofoutputinthemediumrun.Thenaturalrateofunemploymentisunaffectedbypolicychanges.Thenaturallevelofoutputcanbedeterminedbylookingattheaggregatesupplyrelationalone.Fiscalpolicycannotaffectinvestmentinthemediumrun,becauseoutputalwaysreturnstoitsnaturallevel.SectionCCalculation(10marks)Supposethattheeconomyischaracterizedbythefollowingbehavioralequations:C=160+0.6YdI=150G=150T=100SolveforEquilibriumGDPDi