宏观经济学期中考试试题

2011年春宏观经济学公选课期中考试试题注：本次考试全部为单项选择题，请将答案写在一张16开纸上。请于第9周（2011年4月26日）晚上课时将答案交给我。1.Inordertoincludemanydifferentproductsinasummaryoraggregatemeasure,GDPa.usesacombinationofweightsandmeasures.b.usesacombinationofpriceindexesandcostsofproductionoftheproducts.c.usesonlythecostofproductionoftheproducts.d.usesmarketprices.2.ChrislivesinUtah,wheregamblingisillegal.Chrisbecomesaprofessionalgambler,goingtoworkeachweekinIdaho,wheregamblingislegal.In2001,heearns$100,000fromhisprofession.WhatwillbetheeffectofhisearningsonGDPa.NoneofhisearningswillbeincludedinGDPbecausegamblingisillegalinhishomestate.b.OnlythepartofhisearningsspentinIdahowillbeincludedinGDP.c.GDPwillincreaseby$100,000becausetheincomewasearnedlegally.d.GDPwillincreasebyafractionof$100,000,equaltothefractionofthetimeChrisspendsinIdaho.3.LatrelldecidestohireCynthiatomowhislawn,insteadofmowingithimself,asheisaccustomedtodoing.Asaresultofthistransaction,a.GDPwillincrease.b.GDPwilldecrease.c.GDPwillbeunaffectedbecausethesameservicewouldbeperformedineithercase.d.GDPcouldincreaseordecrease,dependingonwhetherCynthiamowsLatrell'slawnaswellasLatrellcouldmowithimself.4.SupposeyoufindoutthattheGDPofChinais$1,000billionandtheGDPoftheUnitedStatesis$10,000billion.Youshouldconcludethata.thetypicalpersonintheUnitedStatesis10timesaswelloffasthetypicalpersoninChina.b.thetypicalpersonintheUnitedStatesismorethan10timesaswelloffasthetypicalpersoninChina.c.thetypicalpersonintheUnitedStatesislessthan10timesaswelloffasthetypicalpersoninChina.d.itisnotpossibletomakeagoodcomparisonoftheeconomicwell-beingoftypicalindividualsinthetwocountrieswithoutadditionalinformation.5.TheNeccocandyfactoryinCambridge,a.wouldbewrittenoffasaloss;hence,wouldnotbeincludedaspartof1980GDP.b.wouldbeincludedaspartofGDPduringtheyearinwhichtheywerefinallysold.c.wouldbeincludedaspartof1980GDPinthecategoryofinventoryinvestment.d.Noneoftheabovearecorrectanswers.6.OikoNomosbuysanewcomputerinJune2001andthensellsittoafriendinDecember2001.GDPa.willincludethevalueofboththeJunesaleandtheDecembersale.b.willincludethefullvalueoftheJunesale,butonlypartofthevalueoftheDecembersale,sincethecomputerhadbeenused.c.willincludethevalueoftheJunesaleonly.d.willincludethevalueoftheDecembersaleonly,sincethatwasthefinalsaleofthecomputerin2001.7.Theincomethathouseholdsandnoncorporatebusinessesreceiveiscalleda.proprietors'income.b.personalincome.c.disposablepersonalincome.d.nationalincome.8.ThegovernmentreportsthatGDP"increasedby2percentinthelastquarter."a.GDPincreasedby8percentfortheyear.b.GDPincreasedatanannualrateof8percentduringthelastquarter.c.GDPincreasedatanannualrateof2percentduringthelastquarter.d.GDPincreasedatanannualrateof.5percentduringthelastquarter.9.Ifyoubuyaseafooddinnerinalocalrestauranta.neitherGDPnorconsumptionspendingwillbeaffectedbecauseyouwouldhaveeatenathomeifyouhadn'teatenattherestaurant.b.GDPwillbehigher,butconsumptionspendingwillbeunchanged.c.GDPwillbeunchanged,butconsumptionspendingwillbehigher.d.bothGDPandconsumptionspendingwillbehigher.10.IftheGDPdeflatorwas100inthebaseyearof2000,andwas105in2002,wecansaythata.thepricelevelincreasedby105percentfrom2000to2002.b.thepricelevelincreasedby5percentfrom2000to2002.c.thepricelevelincreasedby205percentfrom2000to2002.d.wecannotjudgepriceincreasesfromchangesintheGDPdeflator.11.Whentheoveralllevelofpricesintheeconomyisincreasing,wesaythattheeconomyisexperiencinga.economicgrowth.b.inflation.c.unemployment.d.deflation.12.Thepriceindexin2001is120,andin2002thepriceindexis126.Whatistheinflationratea.5percentb.6percentc.26percentd.Theinflationrateisimpossibletodeterminewithoutknowingthebaseyear.13.Whenpriceschangefromyeartoyear,a.theyallchangeproportionately.b.theyalwaysincrease.c.theyusuallydecrease.d.theydonotallchangeproportionately14.AnimportantdifferencebetweentheGDPdeflatorandtheconsumerpriceindexisthata.theGDPdeflatorreflectsthepricesofgoodsandservicesboughtbyproducers,whereastheconsumerpriceindexreflectsthepricesofgoodsandservicesboughtbyconsumers.b.theGDPdeflatorreflectsthepricesofallgoodsandservicesproduceddomestically,whereastheconsumerpriceindexreflectsthepricesofgoodsandservicesboughtbyconsumers.c.theGDPdeflatorreflectsthepricesofallgoodsandservicesproducedbyanation'sresources,whereastheconsumerpriceindexreflectsthepricesofgoodsandservicesboughtbyconsumers.d.theGDPdeflatorreflectsthepricesofgoodsandservicesboughtbyproducersandconsumers,whereastheconsumerpriceindexreflectsthepricesofgoodsandservicesboughtbyconsumers.15.IntheUnitedStates,ifthepriceofimportedoilrises,a.theGDPdeflatorrisesmuchmorethandoestheconsumerpriceindex.b.theconsumerpriceindexrisesmuchmorethandoestheGDPdeflator.c.theGDPdeflatorandtheconsumerpriceindexrisebyaboutthesameamount.d.theconsumerpriceindexrisesslightlymorethandoestheGDPdeflator.16.BabeRuth's1931salarywas$80,000.Thepriceindexfor1931isandthepriceindexfor1999is166.Ruth's1931salarywasequivalenttoa1999salaryofa.about$87,000.b.about$870,000.c.about$1,870,000.d.about$8,700,000.17.Craigisofferedan$80,000peryearjobinLosAngeles,anda$60,000peryearjobinBismark.TheCPIforLosAngelesis120andtheCPIforBismarkis90.WhatistheLosAngelesjob'spurchasingpowerin"Bismarkdollars"a.$80,000b.$107,000c.$60,000d.$72,00018.Ifthenominalinterestrateis8%andrateofinflationis3%,therealinterestrateisa.11%.b.24%.c.5%.d.%.19.Whichofthefollowingisnottruea.GrowthratesofrealGDPperpersonvarysubstantiallyfromcountrytocountry.b.GDPmeasurestotalexpendituresandtotalincome.c.Richercountrieshavemoretelevisions,betternutrition,betterhealthcare,andlongerlifeexpectancy.d.Productivityisnotcloselylinkedtogovernmentpolicies.20.Anation'sstandardoflivingisdeterminedbya.productivity.b.grossdomesticproduct.c.nationalincome.d.howmuchithasrelativetoothers.21.In2000,Erehwonhadapopulationof4,000andrealGDPofabout12,000,000.In1999ithadapopulationof3,500andrealGDPofabout9,625,000.WhatwasthegrowthrateofrealGDPperpersoninErehwonbetween1999and2000a.about25percentb.about14percentc.about9percentd.Noneoftheabovearecorrect.22.IfJamesexpectstohavea10percentsalaryincreaseeachyear,howlongwillittakeforhissalarytodoubleaccordingtothe"ruleof70"a.5yearsb.7yearsc.14yearsd.20years23.Robinlivesonadesertedisland.Ifshespends8hoursfishing,shecatches24fish.Herproductivityoffishingisa.192fish.b.1/3hourperfish.c.3fishperhour.d.Theanswercannotbecomputedusingtheinformationprovided.24.Inamarketeconomy,scarcityofresourcesisreflectedina.supply.b.demand.c.thestockoftheresource.d.marketprices.25.Ifyourfirmhasconstantreturnstoscale,thenifyoudoubledallyourinputsyourfirm'soutputwoulda.notchange.b.increase,butbylessthandouble.c.double.d.morethandouble.26.OneoftheTenPrinciplesofEconomicsinChapter1isthatpeoplefacetradeoffs.Thegrowththatarisesfromcapitalaccumulationisnotafreelunch:Itrequiresthatsocietya.conserveresourcesforfuturegenerations.b.recycleresourcessothatfuturegenerationscanproducegoodsandserviceswiththeaccumulatedcapital.c.sacrificeconsumptiongoodsandservicesnowinordertoenjoymoreconsumptioninthefuture.d.Noneoftheabovearecorrect.27.Inthelongrun,ahighersavingrateincreasesthea.levelofincome.b.growthrateofoutput.c.growthrateofproductivity.d.Alloftheabovearecorrect.28.IfyourAmerican-basedfirmopensandoperatesanewplasticsfactoryinIreland,yourfirmisengagingina.foreignportfolioinvestment.b.foreignfinancialinvestment.c.indirectforeigninvestment.d.foreigndirectinvestment.29.Whichofthefollowingisgenerallyanopportunitycostofinvestmentinhumancapitala.increasedearningpotentialb.futurejobsecurityc.forgonewagesatpresentd.Alloftheabovearecorrect.30.Otherthingsthesame,acountryislikelytohavealowergrowthratethanothercountriesifita.hasasmallpopulation.b.pursuesinward-lookingpolicies.c.encouragesforeigninvestment.d.protectspropertyrights.31.Financialmarketsarea.thefinancialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers.b.thefinancialinstitutionsthroughwhichsaverscandirectlyprovidefundstoborrowers.c.thefinancialinstitutionsthatsellsharestothepublicandusetheproceedstobuyaselectionofvarioustypesofstocksand/orbonds.d.Noneoftheabovearecorrect.32.Alonzopays$10,000tobuyabondfromIBMthatpromisesrepaymenttenyearsfromtoday.Whichofthefollowingiscorrecta.Alonzoistheprincipalofthisbond.b.Thebondmaturesin10years.c.Thetermofthebondis$10,000.d.Alloftheabovearecorrect.33.Whichbondwouldyouexpecttopaythehighestinterestratea.abondoftheU.S.governmentb.abondissuedbyanewrestaurantchainc.abondissuedbyGeneralMotorsd.abondissuedbyNewYorkstate34.PeoplewhobuystockinacorporationsuchasStarbucksprovidea.debtfinanceandsobecomepartownersofStarbucks.b.debtfinanceandsobecomecreditorsofStarbucks.c.equityfinanceandsobecomepartownersofStarbucks.d.equityfinanceandsobecomecreditorsofStarbucks.35.Comparedtobonds,stocksoffertheholdera.higherrisk.b.potentiallyhigherreturn.c.ownershipinafirm.d.Alloftheabovearecorrect.36.Financialintermediariesarea.thesameasfinancialmarkets.b.individualswhomakeaprofitbybuyingastocklowandsellingithigh.c.amoregeneralnameforfinancialassetssuchasstocks,bonds,andcheckingaccounts.d.financialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers.37.Y=C+I+G+NXisanidentitybecausea.theright-handandleft-handsidesareequal.b.theequalityholdsduetothewaythevariablesaredefined.c.eachsymbolidentifiesavariable.d.Noneoftheabovearecorrect.38.Inaclosedeconomy,whatdoes(Y-T-C)representa.nationalsavingb.governmenttaxrevenuec.publicsavingd.privatesaving39.Abudgetdeficitiscreatedwhenthegovernmenta.buysbackmorebondsthanitissues.b.spendsmorethanitreceivesintaxrevenue.c.receivesmoretaxrevenuethanitspends.d.Noneoftheabovearecorrect.40.YoureccentricUnclehaspromisedtogiveyou$50,000whenyougraduate.Youthinkthatyouwillgraduateinthreeyearsandcouldgetabout7percentonanymoneyyousaved.Whatisthepresentvalueofthe$50,000a.$50,000b.$50,0003c.$50,000/3d.Noneoftheabovearecorrect.41.Cyclicalunemploymentiscloselyassociatedwitha.short-runupsanddownsoftheeconomy.b.long-termeconomicgrowth.c.fluctuationsinthenaturalrateofunemployment.d.Noneoftheabovearecorrect.42.Whowouldnotbeincludedinthelaborforcea.Mike,whohasretiredandisnotlookingforworkb.Jay,whoisontemporarylayoffc.Jane,whodoesnothaveajob,buthasappliedforseveralinthelastweekd.Noneoftheaboveareincludedinthelaborforce.43.Rickloseshisjobandimmediatelybeginslookingforanother.Ceterisparibus,a.theunemploymentrateisunaffected,andthelabor-forceparticipationrateincreases.b.theunemploymentratedecreases,andthelabor-forceparticipationrateisunaffected.c.theunemploymentrateincreases,andthelabor-forceparticipationratedecreases.d.theunemploymentrateincreases,andthelabor-forceparticipationrateisunaffected.44.Discouragedworkersa.arenotcountedeitheraspartoftheadultpopulationnoraspartofthelaborforce.b.arecountedaspartoftheadultpopulation,butnotaspartofthelaborforce.c.arecountedaspartoftheadultpopulation,andasunemployed.d.Nonetheabovearecorrect.45.Nancyissearchingforajobthatsuitshertastesaboutwheretoliveandthepeoplesheworkswith.Lauraislookingforajobthatmakesthebestuseofherskills.a.NancyandLauraarebothfrictionallyunemployed.b.NancyandLauraarebothstructurallyunemployed.c.NancyisfrictionallyunemployedandLauraisstructurallyunemployed.d.NancyisstructurallyunemployedandLauraisfrictionallyunemployed.46.Whichofthefollowingwouldbeassociatedwiththetypeofunemploymentcreatedbytheminimumwagelawa.Carriequitsherjobasahistoryteacherbecauseshewouldratherteachmathematics.b.Bobpayshisworkersmorethantheequilibriumwagebecausehebelievesitmakesthemmoreproductiveworkers.c.Jimdecidestoc