Download 總體經濟學 期中考 日期：95

總體經濟學
期中考
日期：95.11.24
選擇題：每題3分
1. In a simple model of the supply and demand for pizza, when aggregate income
increases, the price of pizza _____ and the quantity purchased ______.
A) increases; decreases
B) increases; increases
C) decreases; increases
D) decreases; decreases
2. All of the following statements about sticky prices are true except:
A) in the short run, some wages and prices are sticky.
B) the sticky-price model describes the equilibrium toward which the economy slowly
gravitates.
C) for studying year-to-year fluctuations, most macroeconomists believe that price
stickiness is a better assumption than is price flexibility.
D) magazine publishers tend to change their newsstand prices only every three or four
years.
3.
A)
B)
C)
D)
All of the following are measures of GDP except the total:
expenditures of all businesses in the economy.
income from all production in the economy.
expenditures on all final goods produced.
value of all final production.
4. Assume that a bakery hires more workers and pays them wages and that the workers
produce more bread. GDP increases in all of the following cases except when the
bread:
A) is sold to households.
B) is stored away for later sale.
C) grows stale and is thrown away.
D) is sold to other firms.
5. Assume that the market basket of goods and services purchased in 2002 by the
average family in the United States costs $14,000 in 2002 prices, whereas the same
basket costs $21,000 in 2004 prices. However, the basket of goods and services
actually purchased by the average family in 2004 costs $20,000 in 2004 prices,
whereas this same basket would have cost $15,000 in 2002 prices. Given these data,
a Paasche index of 2004 prices relative to 2002 prices would be:
A) 1.05.
B) approximately 1.07.
C) approximately 1.33.
D) 1.50.
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6.
A)
B)
C)
D)
To compute the value of GDP:
goods and services are valued at market prices.
the sale of used goods is included.
production for inventory is not included.
goods and services are valued by weight.
7. If the adult population equals 250 million, of which 145 million are employed and 5
million are unemployed, the labor force participation rate equals ______ percent.
A) 50
B) 58
C) 60
D) 67
8. A fixed-weight price index like the CPI ______ the change in the cost of living
because it ______ take into account that people can substitute less expensive goods
for ones that have become more expensive.
A) underestimates; does not
B) overestimates; does
C) accurately estimates; does
D) overestimates; does not
9. According to the neoclassical theory of distribution, if firms are competitive and
subject to constant returns to scale, total income in the economy is distributed:
A) only to the labor used in production.
B) partly between labor and capital used in production, with the surplus going to the
owners of the firm as profits.
C) equally between the labor and capital used in production.
D) between the labor and capital used in production, according to their marginal
productivities.
10. In the classical model with fixed income, if the interest rate is too low, then
investment is too ______ and the demand for output ______ the supply.
A) high; exceeds
B) high; falls short of
C) low; exceeds
D) low; falls short of
11. If disposable income is 4,000, consumption is 3,500, government spending is 1,000,
and tax revenues are 800, national saving is equal to:
A) 300.
B) 500.
C) 700.
D) 1,000.
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12. Assume that equilibrium GDP (Y) is 5,000. Consumption is given by the equation C
= 500 + 0.6 (Y - T). Taxes (T) are equal to 600. Government spending is equal to
1,000. Investment is given by the equation I = 2,160 - 100r, where r is the real
interest rate in percent. In this case, the equilibrium real interest rate is:
A) 5 percent.
B) 8 percent.
C) 10 percent.
D) 13 percent.
13. Crowding out occurs when an increase in government spending ______ the interest
rate and investment ______.
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
14. When government spending increases and taxes are increased by an equal amount,
interest rates:
A) increase.
B) remain the same.
C) decrease.
D) can vary wildly.
15. The government raises lump-sum taxes on income by $100 billion, and the
neoclassical economy adjusts so that output does not change. If the marginal
propensity to consume is 0.6, national saving:
A) rises by $100 billion.
B) rises by $60 billion.
C) falls by $60 billion.
D) falls by $100 billion.
16.
A)
B)
C)
D)
An important factor in the evolution of commodity money to fiat money is:
a desire to reduce transaction costs.
a desire to increase transaction costs.
the fact that gold is no longer highly valued.
a desire to use gold for jewelry.
17. If there are 100 transactions in a year and the average value of each transaction is
$10, then if there is $200 of money in the economy, transactions velocity is ______
times per year.
A) 0.2
B) 2
C) 5
D) 10
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18. If the money supply increases 12 percent, velocity decreases 4 percent, and the price
level increases 5 percent, then the change in real GDP must be ______ percent.
A) 3
B) 4
C) 9
D) 11
19. According to the Fisher effect, the nominal interest rate moves one-for-one with
changes in the:
A) inflation rate.
B) expected inflation rate.
C) ex ante real interest rate.
D) ex post real interest rate.
20. In practice, in order to stop a hyperinflation, in addition to stopping monetary
growth, the government must:
A) lower taxes and raise government spending.
B) raise taxes and reduce government spending.
C) change from one kind of currency to another.
D) call for a new election.
簡答題：每題十分
1. When the government subsidizes investment, such as with an investment tax credit,
the subsidy often applies to only some types of investment. This question asks you to
consider the effect of such a change. Suppose there are two types of investment in
the economy: business investment and residential investment. And suppose that the
government institutes an investment tax credit only for business investment.
a. How does this policy affect the demand curve for business investment? The
demand curve for residential investment?
b. Draw the economy’s supply and demand for loanable funds. How does this
policy affect the supply and demand for loanable funds? What happens to the
equilibrium interest rate?
c. Compare the old and the new equilibrium. How does this policy affect the total
quantity of investment? The quantity of business investment? The quantity of
residential investment?
2. List all the costs of inflation you can think of, and rank them according to how
important you think they are.
計算題：每題十分
Exhibit: Totals Recorded for the United States
(billions of dollars)*
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Durable goods consumption
$ 497
Nondurable goods consumption
1,301
Services consumption
2,342
Business fixed investment
566
Residential fixed investment
224
Inventory investment
7
Federal government purchases
499
State and local government purchases
683
Exports
640
Imports
670
Excess of GNP over GDP
7
Depreciation
658
Indirect business taxes
551
Corporate profits
(includes wage accruals less disbursements)
Social insurance contributions
Net interest
442
Dividends (includes business transfer payments)
Government transfers to individuals
837
Personal interest income
694
Personal tax and nontax payments
645
387
556
162
*Note: The numbers given in this exhibit and the answers to questions 93, 94, and 95 differ
from those in Table 2-1 and the body of the text.
1. (Exhibit: Totals Recorded for United States)
What were GDP, consumption expenditures, net national product, national income,
and government purchases?
2. Assume that the demand for real money balance (M/P) is M/P = 0.6Y -100i, where Y
is national income and i is the nominal interest rate. The real interest rate r is fixed at
4 percent by the investment and saving functions. The expected inflation rate
equals the rate of nominal money growth.
a. If Y is 1,000, M is 100, and the growth rate of nominal money is 1 percent, what
must i and P be?
b. If Y is 1,000, M is 200, and the growth rate of nominal money is 2 percent, what
must i and P be?
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Answer Key
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
B
B
A
C
C
A
C
D
D
A
A
D
B
A
B
A
C
A
B
B
6,039, 4,140, 797, 1,132, and -30 billion dollars.
a. i = 4 percent, P = _
b. i = 5 percent, P = 1
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