Download 99上總經考試1

1
Macroeconomics 2010F
Midterm Exam 1
Abel & Bernake Ch 1,2,3,4
答案請寫答案卷上，題目卷與答案卷一同收回。
系級：
學號：
姓名：
(2010/11/01, 9:20-11:20am, Total: 120 points)
（括號內為參考章節，僅供參考。期末考亦有 Ch1-4 題目可參考。）
I.
Multiple Choices 單選題 (40 points, with 4 points for each question)
1.
Which of the following is included in Taiwan GDP?
2.
（Ch2）
a.
the sale of a new car from a manufacturer's inventory
b.
the purchase of a watch from a Swiss company
c.
the sale of a used car
d.
a newly constructed house
Frictional unemployment arises when
a.
（Ch2）
unskilled or low-skilled workers find it difficult to obtain desirable,
long-term jobs.
3.
b.
labor must be reallocated from industries that are shrinking to areas that are growing.
c.
workers must search for suitable jobs and firms must search for suitable workers.
d.
output and employment are below full-employment levels.
One reason that firms hire labor at the point where w = MPN is
a.
（Ch3）
if w < MPN, the cost (w) of hiring additional workers exceeds the benefits (MPN) of hiring
them, so they should hire fewer workers.
b.
if w > MPN, the cost (w) of hiring additional workers is less than the benefits (MPN) of
hiring them, so they should hire more workers.
c.
if w < MPN, the cost (w) of hiring additional workers equals the benefits (MPN) of hiring
them, so they have the right number of workers.
d.
if w > MPN, the cost (w) of hiring additional workers exceeds the benefits (MPN) of hiring
them, so they should hire fewer workers.
2
4.
Suppose that the government collects $3 million in taxes, pays $2 million in Social Security
benefits, pays $0.5 million in interest on the national debt, and pays workers $1 million to sit at
their desks and work as little as possible. The government’s contribution to GDP is （Ch2）
a. $0.
b. $1 million.
c. $3 million.
d. $3.5 million.
5.
The uses-of-saving identity shows that if the government budget deficit rises, then one of the
following must happen: （Ch2）
6.
7.
a.
Private saving must rise, investment must fall, and/or the current account must fall.
b.
Private saving must rise, investment must fall, and/or the current account must rise.
c.
Private saving must rise, investment must rise, and/or the current account must fall.
d.
Private saving must rise, investment must rise, and/or the current account must rise.
If Jeff's wage rate rises, he decides to work more hours. From this, we can infer that
a.
for Jeff, the substitution effect is less than the income effect.
b.
for Jeff, the substitution effect is equal to the income effect.
c.
for Jeff, the substitution effect is greater than the income effect.
d.
Jeff is a nitwit.
（Ch3）
If the substitution effect of the real interest rate on saving is larger than the income effect of the real
interest rate on saving, then a rise in the real interest rate leads to a _____ in consumption and a
_____ in saving, for someone who's a lender.
a.
fall; fall
b.
fall; rise
c.
rise; rise
d.
rise; fall
（Ch4）
3
8.
Your firm has capital stock of $10 million and a depreciation rate of 15%. Gross investment is $3
million. How much is net investment? （Ch2）
a.
$ 1.5 million
b.
$ 2.0 million
c.
$ 2.5 million
d. $ 3.5 million
9. The user cost of capital is given by the following formula, where PK is the real price of capital
goods, d is the depreciation rate, and r is the expected real interest rate. （Ch4）
a. uc = (r + d)/ PK
b. uc = PK/(r + d)
c. uc = dPK/r
d. uc = (r + d)PK
10. If the government cuts taxes today, issuing debt today and repaying the debt plus interest next year,
a rational taxpayer will
（Ch4）
a.
spend the full amount of the tax cut today and reduce consumption next year.
b.
increase saving today, leaving consumption unchanged.
c. increase consumption today, before taxes go up next year.
d.
leave a smaller gross bequest to her or his heirs.
選擇題答案請寫在下面答案格上：
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
4
II. Numberical & analytical questions (Total: 80 points)
(計算題請寫計算過程，只有答案不計分，式子正確但計算錯誤部分給分。分析題請說明過程。)
1. You are given the following information about an economy: (12 points, with 3 points each)
Gross private consumption (GDP) = 100
Gross private investment (GDP) = 60
Government purchases of goods and services (GDP) = 40
Gross national product (GNP) = 300
Taxes= 120
Government transfer payments to domestic private sector = 50
Interest payments from the government to the domestic private sector =15
( Assume all interest payments by the government go to domestic households.)
Factor income received from rest of world = 9
Factor payments made to rest of world = 5
Find the following, assuming that government investment is zero:
（Ch2）
a. GDP
b. CA
c. Private saving
d. National Saving
5
2. Consider an economy with a corn producer, some consumers, and a government.
In a given year,
the corn producer grows 100 bushels of corn, and the market price for corn is $5 per bushel. Of the
100 bushels produced, 60 bushels are sold to consumers, 15 are stored in inventory, and 25 are sold
to the government to feed the army. The corn producer pays $300 in wages to consumers and $80
in taxes to the government.
Consumers pay $50 in taxes to the government, receive $30 in interest
on the government debt, and receive $30 in Social Security payments from the government.
The
profits of the corn producer are distributed to consumers. (total: 18%) （Ch2）
(1) Calculate GDP using the product approach. (6%)
(2) Calculate GDP using the expenditure approach.
How much are consumption, investment, and
government spending respectively? (6%)
(3) Calculate GDP using the income approach. How much are wage income and profits respectively?
(6%)
6
3. Consider an economy that produces only two types of fruit: apples and bananas.
In the base year (a
few years ago), the production and price data were as follows: (12 points, with 4 points each)
Fruit
Quantity
Price
Apple
3 bags
$2 per bag
Bananas
6 bunches
$3 per bunch
In the current year the production and price data are as follows:
Fruit
Quantity
Price
Apple
4 bags
$3 per bag
Bananas
7 bunches
$4 per bunch
（Ch2）
(1) Find nominal GDP in the current year and in the base year. What is the percentage increase since
the base year?
(2) Find real GDP in the current year and in the base year. By what percentage does real GDP increase
from the base year to the current year?
(3) Find the GDP deflator for the current year and the base year.
level change from the base year to the current year?
By what percentage does the price
7
4. Rachel lives three periods. She earns nothing during her learning period, $1100 during her working
period, and $242 during her retirement period.
She has initial assets of $300. The real interest rate
is 10%. Whenever possible, Rachel wants to smooth consumption between periods. (Total:12 points)
(1) When Rachel is allowed to borrow from the banks, how much will she consume during her
learning period? (6 points)
(2) When Rachel is not allowed to borrow from the banks, how much will she save during her
working period? (6 points)
（Ch4）
給你笑笑---尋找高分學生
◎許健成 張老師與王老師兩位老同事，感情很好，經常開玩笑。學期末兩人比鄰而坐，各自批閱自己班上的數學考卷。突然，
張老師丟下紅筆，嘆一口氣，說道：「怎麼考得這麼差！考高分的學生，都那兒去了？」王老師聞言，不急不徐的回話：「告訴
你，老張！高分的學生，就在我的班上。」張老師認為老王火上加油，還帶點得意，氣得不想多說了！接著，王老師抽了兩張得
分九分的考卷，給張老師過目，說道：「這就是本班考『九分』(台語) 的學生啊！我也正在煩惱呢。」
Copyright 2003 China Times Inc.
8
5.
Analyze the effects of an adverse supply shock on employment and output.
(14 points) （Ch3）
6. Assume there is an invention that raises the future marginal product of capital in a closed economy.
Use a saving-investment diagram to explain what happens to saving, investment, and the real
interest rate. (12 points) （Ch4）