APS专业审核考试宏观经济学

APS专业审核考试宏观经

济学

ThelatestrevisiononNovember^^020

Economics

1.Absoluteadvantage:abilityofaparty(anindividual,orfirm,orcountry)

toproducemoreofagoodorservicethancompetitors,usingthesame

amountofresources.

2.Comparativeadvantage:theabilityofapartytoproduceaparticulargood

orserviceataloweropportunitycostoveranother.Evenifonecountry

ismoreefficientintheproductionofallgoods(absoluteadvantagein

allgoods)thantheother,bothcountrieswillstillgainbytradingwith

eachother,aslongastheyhavedifferentrelativeefficiencies.

3.Opportunitycost:thelossofpotentialgainfromotheralternativeswhen

onealternativeischosen.

例子：

TomatoPork

A10kg2kg

B10kg1kg

4.Supplyanddemand

Supplyanddemandisaneconomicmodelofpricedeterminationinamarket.

Asupplyscheduleisatablethatshowstherelationshipbetweentheprice

ofagoodandthequantitysupplied.

Thedeterminantsofsupplyare:

1)Productioncosts:howmanyagoodcoststobeproduced.Production

costsarethecostoftheinputs,primarilylabor,capital,energy

andmaterials.Productioncostsdependonthetechnologyusedin

production,and/ortechnologicaladvances.

2)Firms'expectationsaboutfutureprices

3)Numberofsuppliers

Ademandschedulerepresentstheamountofsomegoodthatbuyersare

willingandabletopurchaseatvariousprices.Followingthelawofdemand,

thedemandcurveisalmostalwaysrepresentedasdownward-s1oping,meaning

thataspricedecreases,consumerswillbuymoreofthegood.

Thedeterminantsofdemandarc:

1)Income.

2)Tastes&preferences.

3)Pricesofrelatedgoodsandservices.

4)Consumers'expectationsaboutfuturepricesandincomesthatcanbe

checked.

5)Numberofpotentialconsumers.

3)Perfectinformation-Allconsumersandproducersareassumedtohave

perfectknowledgeofprice,utility,qualityandproductionmethodsof

products.

4)Homogenousproducts-Thequalitiesandcharacteristicsofamarketgood

orservicedonotvarybetweendifferentsuppliers.

5)Zerotransactioncosts-Buyersandsellersdonotincurcostsinmaking

anexchangeofgoodsinaperfectlycompetitivemarket.

6)Noexternalities-costsorbenefitsofanactivitydonotaffectthird

parties.

7)Perfectfactormobility-Inthelongrunfactorsofproductionare

perfectlymobile,allowingfreelongtermadjustmentstochangingmarket

conditions.

8)Profitmaximization-Firmsareassumedtosellwheremarginalcosts

meetmarginalrevenue,wherethemostprofitisgenerated.

6.Marketfailures2areoftenassociatedwith

non-competitivemarkets：

1)Noeveryoneis“pricetaker”.Thereismonopoly3oroligopoly4

Monopoly:existswhenaspecificpersonorenterpriseistheonlysupplier

2)Nobarriersofentryandexit-makeitextremelyeasytoenterorexit

aperfectlycompetitivemarket.

3)Informationasymmetries:onepartyhasmoreorbetterinformationthan

theother.NoPerfectinformation.

4)Transactioncosts-Buyersandsellersdonotincurcostsinmakingan

exchangeofgoodsinaperfectlycompetitivemarket.

Searchandinformationcostsarecostssuchasthoseincurredin

determiningthattherequiredgoodisavailableonthemarket,whichhas

thelowestprice,etc.

Bargainingcostsacethecostsrequiredtocometoanacceptable

agreementwiththeotherpartytothetransaction,drawingupan

appropriatecontractandsoon.Ingametheorythisisanalyzedfor

ofaparticularcommodity.

Monopoliesarcthuscharacterizedbyalackofeconomiccompetitionto

producethegoodorserviceandalackofviablesubstitutegoods.

401igopolyisamarketforminwhichamarketorindustryisdominatedbya

smallnumberofsellers(oligopolists).Oligopoliescanresultfromvarious

formsofcollusionwhichreducecompetitionandleadtohigherpricesfor

consumers.

instanceinthegameofchicken.5Thetransactioncostissomefunctionof

thedistancebetweenthebidandask.

Policingandenforcementcostsarethecostsofmakingsuretheother

partystickstothetermsofthecontract,andtakingappropriateaction

(oftenthroughthelegalsystem)ifthisturnsoutnottobethecase.

5)Externalities-costsorbenefitsofanactivityhaveeffectonthird

parties.

6)Publicgoods:

Non-rivalry:Anon-rivalgoodisagoodwhoseconsumptionbyone

consumercannotpreventsatthesametimeconsumptionbyother

consumers.

Non-exc1udabi1ity:itisimpossibletoexcludeanyindividuals

fromconsumingthegood.

5Theprincipleofthegameisthatwhileeachplayerprefersnottoyieldto

theother,theworstpossibleoutcomeoccurswhenbothplayersdonotyield.

Thename"chicken〃hasitsoriginsinagameinwhichtwodriversdrive

towardseachotheronacollisioncourse:onemustswerve,orbothmaydiein

thecrash,butifonedriverswervesandtheotherdoesnot,theonewho

swervedwillbecalleda“chicken,

7)NonrationalPreferences,differentchoice

Meritgoods:agoodwhichwouldbeunder-consumed(andunder-produced)in

thefreemarketeconomy.Ameritgoodcreatespositiveexternalities.

Individualsaremyopic,theyareshort-ternutilitymaximizersandsodo

nottakeintoaccoun:thelongtermbenefitsofconsumingameritgoodand

sotheyareunder-consumed.

Demeritgoods6isagoodorservicewhoseconsumptionisconsidered

unhealthy,degrading7,orotherwisesociallyundesirableduetothe

perceivednegativeeffectsontheconsumersthemselves.

Economiesofscale8arethecostadvantageswithcostperunitofoutput

generallydecreasingwithincreasingscaleasfixedcostsarespreadout

overmoreunitsofoutput.

Diseconomiesofscale:increasedper-unitcosts

6

7adj.可耻的；丧失体面的；不名誉的

v.退化（degrade的ing形式）；减少；降低…的身份

8

9

Microeconomicsbranchofeconomicsthatstudiesthebehaviorofindividuals

andsmallimpactingorganizationsinmakingdecisionsontheallocationof

limitedresources.

Demand,supply,andequilibrium

Supplyanddemandisaneconomicmodelofpricedeterminationinamarket.It

concludesthatinacompetitivemarket,theunitpriceforaparticulargood

willvaryuntilitsettlesatapointwherethequantitydemandedbyconsumers

willequalthequantitysuppliedbyproducersresultinginaneconomic

equilibriumforpriceandquantity.

Measurementofelasticities

Elasticityisthemeasurementofhowresponsiveaneconomicvariableistoa

changeinanothervariable.Elasticitycanbequantifiedastheratioofthe

percentagechangeinonevariabletothepercentagechangeinanothervariable,

whenthelattervariablehasacausalinfluenceontheformer.Itisatool

formeasuringtheresponsivenessofavariable.Frequentlyusedelasticity

includepriceelasticityofdemand,priceelasticityofsupply,income

elasticityofdemand,elasticityofsubstitution.

当E_d=O：完全无弹性(perfectlyinelastic)

当0<Ed<l：缺乏弹性、不富弹性,或无弹性(inelastic)

当E_d=l：单位弹性、单一弹性，或恒一弹性（unitarily

elastic)

当KE_d<oo：富有弹性(elastic)

当E_d=8：完全弹性或完全有弹性(perfectlyelastic)

1)Priceelasticityofdemand(absolutevalue)=

Anumberoffactorscanthusaffecttheelasticityofdemandfora

good：

1.Availabilityofsubstitutegoods:peoplecaneasilyswitchfrom

onegoodtoanotherifanevenminorpricechangeismade.Thereisa

strongsubstitutioneffect.Ifnoclosesubstitutesareavailable,the

substitutioneffectwillbesmallandthedemandinelastic.

2.Breadthofdefinitionofagood:thebroaderthedefinitionofa

good(orservice),thelowertheelasticity.

3.Percentageofincome:thehigherthepercentageoftheconsumer，s

incomethattheproductJspricerepresents,thehighertheelasticity

tendstobe.

4.Necessity:themorenecessaryagoodis,thelowertheelasticity,

aspeoplewillattempttobuyitnomattertheprice,suchasthecase

ofinsulinforthosethatneedit.

5.Duration:formostgoods,thelongerapricechangeholds,the

highertheelasticityislikelytobe,asmoreandmoreconsumersfind

theyhavethetimeandinclination(perfer)tosearchforsubstitutes.

Whenfuelpricesincreasesuddenly,forinstance,consumersmaystill

filluptheiremptytanksintheshortrun,butwhenpricesremainhigh

overseveralyears,moreconsumerswillreducetheirdemandforfuelby

switchingtocarpoolingorpublictransportation,investinginvehicles

withgreaterfueleconomyortakingothermeasures.

6.Brandloyalty:anattachmenttoacertainbran

7.Whopays:wherethepurchaserdoesnotdirectlypayforthegood

theyconsume,suchaswithcorporateexpenseaccounts,demandislikely

tobemoreinelastic.

2)Priceelasticityofsupply二

Determinants

1.Availabilityofrawmaterials:Forexample,availabilitymaycap

theamountofgoldthatcanbeproducedinacountryregardlessof

price.Likewise,thepriceofVanGoghpaintingsisunlikelytoaffect

theirsupply.

2.Mobilityoffactors：Ifthefactorsofproductionareeasi1y

availableandifaproducerproducingonegoodcanswitchtheir

resourcesandputittowardsthecreationofaproductindemand,then

itcanbesaidthatthePESisrelativelyelastic.Theinverseapplies

tothis,tomakeitrelativelyinelastic.

3.Lengthandcomplexityofproduction:Muchdependsonthe

complexityoftheproductionprocess.ThePESforspecifictypesof

motorvehiclesisrelativelyinelastic.Automanufactureisamulti­

stageprocessthatrequiresspecializedequipment,skilledlabor,a

largesuppliersnetworkandlargeR&Dcosts.买冰激凌

4.Timetorespond：Supplyisnormallymoreelasticinthelongrun

thanintheshortrunforproducedgoods,sinceitisgenerallyassumed

thatinthelongrunallfactorsofproductioncanbeutilizedto

increasesupply,whereasintheshortrunonlylaborcanbeincreased.

Forexample,acottonfarmercannotimmediately.intheshortrun)

respondtoanincreaseinthepriceofsoybeans.

3)Incomeelasticityofdemand:if,inresponsetoa10%increaseinincome,

thedemandforagoodincreasedby20%,theincomeelasticityofdemand

wouldbe20%/10%=2.

Giffengoods：AllGiffengoodsareinferiorgoods,butnotallinferior

goodsareGiffengoods.

Veblengood10：isamemberofagroupofcommoditieswhosedemandis

proportionaltotheirprice;anapparentcontradictionofthelawof

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demand.Sometypesofluxurygoods,suchashigh-endwines,jewelry,

designerhandbags,andluxurycars,areVeblengoods,inthat

decreasingtheirpricesdecreasespeople5spreferenceforbuyingthem

becausetheyarenolongerperceivedasexclusiveorhigh-status

products.

4)Arcelasticity11averageofpriceanddemand

5)Perfectsubstitutes

6)Complementarygood:isagoodthathastobeconsumedwithanothergood.

避开不讲

Utilitytheory：Consumerdemandtheory:rankingtomembersofachoiceset

CardinalUtility:marginalutility

Paradoxofvalue：Althoughwaterisonthewholemoreuseful,intermsof

survival,thandiamonds,diamondscommandahigherpriceinthemarket.

Ordinalutility:Eachindifferencecurveisasetofpoints,eachrepresenting

acombinationofquantitiesoftwogoodsorservices,allofwhich

combinationstheconsumerisequallysatisfiedwith.

Marketstructure12：

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1.Monopsony,whenthereisonlyonebuyerinamarket.

1.,atheoreticalmarketstructurethatfeaturesno,anunlimitednumber

ofproducersandconsumers

2.,isatypeofimperfectcompetition.Manyproducerssellproductsthat

aredifferentiatedfromoneanother.bybrandingorquality)andhence

arpnot.pprfpctsuhstit.ut.ps.Produeprshavpadpgrppofcontrolovpr

price.

3.,inwhichamarketisrunbyasmallnumberoffirmsthattogether

controlthemajorityofthemarketshare.,aspecialcaseofan

oligopolywithtwofirms.

4.,wherethereisonlyoneproviderofaproductorservice.

：Itismostefficient(involvingthelowestlong-runaveragecost)for

productiontobeconcentratedinasinglefirm.

causeefficiencytoincreasecontinuouslywiththesizeofthefirm.

Naturalmonopolyproducts:

railway,airservice,WaterSupplyCompany,TelecomCompany

2.Oligopsony,amarketwheremanysellerscanbepresentbutmeetonlya

fewbuyers.

完全竞争

垄断竞争：企业数目若干或很多，进入不受限制，产品有差别，企、也对价格有一定的控制

能力.

寡头垄断：企业数目少，进入受到限制，产品属性有差别，需求曲线向下倾斜，相对无弹

性.

完全垄断：数目只有一个，进入受到限制或完全受阻，产品独一无二，企业对价格有着强

大的控制力.

Cametheory13-astudyofstrategicdecisionmaking.

Theprisoner*sdilemmashowswhytwopurely“rational“individualsmightnot

cooperate,evenifitappearsthatitisintheirbestintereststodoso.

Twomembersofacriminalgangarearrested.Eachprisonerisinsolitary

confinementwithnomeansofspeakingtoorexchangingmessageswiththeother.

IfAandBbothbetraytheother,eachofthemserves2yearsinprison

IfAbetraysBbutBremainssilent,AwillbesetfreeandBwillserve

3yearsinprison

IfAandBbothremainsilent,bothofthemwillonlyserve1yearin

prison

Regardlessofwhattheotherdecides,eachprisonergetsahigherpay-offby

betrayingtheother.

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Nashequilibrium[,ikw'Ibrm]Gleichgewicht：Nomatterwhatothersdo,each

playerhaschosenacertainstrategy.

例子：advertise；Advertisement

Thegameofchicken:

Theprincipleofthegameisthatwhileeachplayerprefersnottoyieldto

theother,theworstpossibleoutcomeoccurswhenbothplayersdonotyield.

Thename"chicken"hasitsoriginsinagameinwhichtwodriversdrive

towardseachotheronacollisioncourse:onemustswerve,orbothmaydiein

thecrash,butifonedriverswervesandtheotherdoesnot,theonewho

swervedwillbecalleda“chicken,“

Macroeconomics

Macroeconomicsisabranchofeconomicsdealingwiththeperformance,

structure,behavior,anddecision-makingofaneconomyasawhole,ratherthan

individualmarkets.

Macroeconomistsstudyaggregatedindicatorssuchasunemployment,and

inflationtounderstandhowthewholeeconomyfunctions.

__,Unemployedworkers.八5

Unempiovmentrate=—————r-：---；-------*100A

（一）UnemploymentTotallaborforce

Pop=totalpopulationLF=laborforce=U+E

LFpop=laborforcepopulation（generallydefinedasallmenp=participationrate=LF

andwomenaged15-64)/LFpop

e=rateofemployment=E

E=numberemployed

/LF

u=rateofunemployment=

U=numberofunemployed

U/LF

Naturalrateofunemployment:atthe"long-run“level

Frictionalunemploymentisthetimeperiodbetweenjobswhenaworkeris

searchingfor,ortransitioningfromonejobtoanother.

Requirementofdifferentindustriesischanged.(Agriculture,

Manufacturing,Service)Technology

Requirementofdifferentregionalischanged.(Climate,thefunctionof

city)

Worker:Performance,moveoutorskills

Jobinformation,Trainingtohelpunemployedtofindajobassoonas

possible

unemploymentsecurityincreasethefrictionalunemployment

Structuralunemploymentoccurswhenalabourmarketisunabletoprovidejobs

foreveryonewhowantsonebecausethereisamismatchbetweentheskillsof

theunemployedworkersandtheskillsneededfortheavailablejobs.

Structuralunemploymentishardtoseparateempiricallyfromfrictional

unemployment,excepttosaythatitlastslonger.Aswithfrictional

unemployment,simpledemand-sidestimuluswi11notworktoeasi1yabolishthis

typeofunemployment.

Laborunion,Minimum-wage

wagerigidity:wagesthatfailtoadjusttothelevelindicatedby

equilibrium[,ikwJIbrm],orbalancedwage.

（二）Currencyandinflation

ThefunctionofcurrencyTheartofcurrency

1.Storeofvalue1.Fiatmoney

2.Unitofaccount2.Commoditymoney

3.Mediumofexchange3.Goldstandard

Inflation:isasustainedincreaseinthegeneralpricelevelofgoodsand

servicesinaneconomyoveraperiodoftime,eachmonetaryunitbuysfewer

goodsandservices.

Inflation，seffectsonaneconomyarevariousandcanbesimultaneously

positiveandnegative.

Hoarding:Peoplebuydurableand/ornon-perishablecommoditiesandother

goodsasstoresofwealth,toavoidthelossesexpectedfromthedeclining

purchasingpowerofmoney,creatingshortagesofthehoardedgoods.

Shoeleathercost:moretripstothebankarenecessaryinordertomake

withdrawals,proverbiallywearingout

Menucosts:firmsmustchangetheirpricesofteninordertokeepupwith

economy-widechanges.Butoftenchangingpricesisitselfacostlyactivity,

aswiththeneedtoprintnewmenus,orimplicitly,aswiththeextratime

andeffortneededtochangepricesconstantly.

Theresultisalossofallocativeefficiency.

Inflationcanleadtomassivedemonstrationsandrevolutions.

Tobineffect:extraconsumptionandinvestmentresultingfromtheeffect

wouldbeseenaspositive

Labor-marketadjustments:Sinceinflationallowsrealwagestofallevenif

nominalwagesarekeptconstant,moderateinflationenableslabormarkets

toreachequilibriumfaster.

Hyperinflation：hyperinflationseesarapidandcontinuingincreaseinnominal

pricesandinthesupplyofmoney.Inonemonth,theinflationismorethan

50%orinoneday,theinflationismorethan1%.Stoptoprintmoney.

Fisherequation:i=r+nalinearapproximation

(三)Basicconcepts：

Grossdomesticproduct(GDP)isthemarketvalueofallofficiallyrecognized

finalgoodsandservicesproducedwithinacountryinayear.Itisoftenused

asanindicatorofacountry，smaterialstandardofliving.

Grossnationalproduct(GNP)isthemarketvalueofal1theproductsand

servicesproducedinoneyearbylaborandpropertysuppliedbythecitizensof

acountry.

Raw,current,nominalGDP:WhenonecomparesGDPfiguresfromoneyearto

another,itisdesirabletocompensateforchangesinthevalueofmoney-for

theeffectsofinflationordeflation.Thevalueofmoneyinabaseyear

Aconsumerpriceindex(CPI)measureschangesinthepricelevelofamarket

basketofconsumergoodsandservicespurchasedbyhouseholds.

updatedcost.

CPI=---------r—：-------x10(X

baseperiodcostinitialyear

TheannualpercentagechangeinaCPIisusedasameasureofinflation.

PurchasingpowerparityPPPisatechniqueusedtodeterminetherelative

valueofdifferentcurrencies.

(四)DeterminingGDPinthreeways

1)Expenditureapproach:ComponentsofGDPbyexpcnditure=isthesumof

consumption(C),investment(T),governmentspending(G)andnetexports(X

-M).

C(consumption)isnormallythelargestGDPcomponentintheeconomy,

consistingofprivate(householdfinalconsumptionexpenditure)intheeconomy.

Thesepersonalexpendituresfallunderoneofthefollowingcategories:durable

goods,non-durablegoods,andservices.Examplesincludefood,rent,jewelry

andmedicalexpenses,butdoesnotincludethepurchaseofnewhousing.

T(investment)include,forinstance,businessinvestmentinequipment,

butdoesnotincludeexchangesofexistingassets.Examplesinclude

constructionofanewmine,purchaseofsoftware,orpurchaseofmachineryand

equipmentforafactory.Spendingbyhouseholds(notgovernment)onnewhouses

isalsoincludedininvestment.Incontrasttoitscolloquialmeaning,

“investment/'inGDPdoesnotmeanpurchasesoffinancialproducts.

G(governmentspending)isthesumofgovernmentexpendituresonfinal

goodsandservices.Itincludessalariesofpublicservants,purchasesof

weaponsforthemilitaryandanyinvestmentexpenditurebyagovernment.It

doesnotincludeanytransferpayments,suchassocialsecurityor

unemploymentbenefits.

X(exports)representsgrossexports.GDPcapturestheamountacountry

produces,includinggoodsandservicesproducedforothernations'consumption,

thereforeexportsareadded.

2)M(imports)representsgrossimports.Importsaresubtractedsinceimported

goodswillbeincludedinthetermsG,I,orC,andmustbededucted14to

avoidcountingforeignsupplyasdomestic.15approach-"Sumtotalofmarket

valueoffinalgoodsandservicesproducedinacountryduring1year.，z

Economicactivities.industries)areclassifiedintovarioussectors.

Estimatethegrossvalueofdomesticoutputinvarioussectors;

14vt.扣除，减去；演绎

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Determinetheintermediateconsumption,.,thecostofmaterial,supplies

andservicesusedtoproducefinalgoodsorservices.

Deductintermediateconsumptionfromgrossvaluetoobtainthegrossvalue

added.

Grossvalueadded=grossvalueofoutput-valueofintermediate

consumption.

3)Incomeapproach:

Totalfactorincome=employeecompensation+corporateprofits+

proprietor's[pr'prat,income+rentalincome+netinterest

Economicstheory-mainstream

Classicaleconomics16thefirstmodernschoolofeconomicthoughtAdamSmith,

DavidRicardo

AdamSniith'sTheWealillofNationsin1776isusuallyconsideredtomaxkthe

beginningofclassicaleconomics.

Classicaleconomistsclaimedthatfreemarketsregulatethemselves,whenfree

ofanyintervention.AdamSmithreferredtoametaphoricalfmt*frkl]

“invisiblehand,whichwi11movemarketstowardstheirnaturalequilibrium,

withoutrequiringanyoutsideintervention.

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Everyoneisseekingtomaximizetheirowninterest.Duringthisway,thesocial

interestwillalsobeimprovedunconsciouslyandreachthebestandmost

efficientsituationautomatically.

Labortheoryofvalue:theeconomicvalueofagoodorserviceisdeterminedby

thetotalamountoflaborrequiredtoproduceit.

Acommodityhas:

avalue(notethelinkistoanon-Marxiandefinitionofvalue)

ause-value(orutility)

anexchangevalue

aprice(itcouldbeanactualsellingpriceoranimputedidealprice)

Neo-classicaleconomics:TtwasexpressedbyE.RoyWeintraubThreecentral

assumptions

1)Peoplehaverationalpreferencesbetweenoutcomesthatcanbeidentified

andassociatedwithvalues.

2)