Download 99下總經考試2

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Macro 2/2011 (5/30, 9:10-11:10am)
第二次期中考
(Abel & Bernake Ch 10,11)
學號：
班級：
姓名：
Total: 120 points, 答案請寫直接寫在答案卷上。
（括號內為參考章節，僅供參考。期末考亦有 Ch10-11 題目可參考。）
I.
Multiple Choices ( 單選題。48 points, with 4 points for each question)
1. The distinction between real and nominal shocks is that （Ch 10）
A) real shocks directly affect only the IS curve, but not the FE line or LM curve.
B) real shocks directly affect only the FE line, but not the LM curve.
C) real shocks directly affect only the IS curve or the FE line, but not the LM
curve.
D) real shocks have a large direct effect on the IS curve and the FE line, but only
a small direct effect on the LM curve.
2.
Real business cycle theorists think that most business cycle fluctuations are
caused by shocks to （Ch 10）
A)
B)
C)
D)
the production function.
the size of the labor force.
the real quantity of government purchases.
the spending and saving decisions of consumers.
3. According to the misperceptions theory, an anticipated decline in the money supply
leads to a shift of the AD curve to the _____ and a shift of the SRAS curve _____.
（Ch 10）
A)
B)
C)
D)
4.
left; downward
left; upward
right; downward
right; upward
According to the misperceptions theory, if the Fed wanted to use monetary policy
to influence the real economy it would have to （Ch 10）
A) increase the money supply whenever the economy was in a recession.
B) decrease the money supply whenever the economy was in an inflationary
boom.
C) surprise the public with unexpected changes in monetary policy.
D) abide by its announced monetary targets.
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5.
According to the misperceptions theory, when the price level falls below the
expected price level （Ch 10）
A)
B)
C)
D)
the economy's SRAS curve shifts to the left.
the economy moves along its AD curve.
the economy moves along its LRAS curve.
the economy moves along its SRAS curve.
Classicals argue that a beneficial supply shock would （Ch 10）
6.
A) lower neither the natural rate of unemployment nor the actual rate of
unemployment.
B) lower the actual rate of unemployment, but not the natural rate of
unemployment.
C) lower the natural rate of unemployment, but not the actual rate of
unemployment.
D) lower both the natural rate of unemployment and the actual rate of
unemployment.
7. According to the efficiency wage model, firms will pay the real wage that
（Ch 11）
A) maximizes workers' marginal productivity.
B) maximizes the marginal productivity of capital and the marginal productivity
of labor together.
C) maximizes effort per dollar of real wage.
D) minimizes hiring and training costs to the firm.
8. In the efficiency wage model with the efficiency wage above the market-clearing
wage, the level of employment depends on （Ch 11）
A) the intersection of labor supply and labor demand.
B) the marginal productivity of capital and the marginal productivity of labor.
C) labor demand alone.
D) labor supply alone.
9.
In the Keynesian model, firms are best characterized as （Ch 11）
A) perfectly competitive.
B) irrational.
C) price takers.
D) monopolistically competitive.
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10. According to the menu cost theory, firms will be slow in changing their
prices because （Ch 11）
A) if prices changed frequently, individuals would reduce their demand for that
good because of uncertainty.
B) frequent price changes would be a sign of monopolistic behavior.
C) the cost of changing the price might exceed the additional revenue the price
change would generate.
D) demand for their product would fall because consumers would purchase
goods from firms that had not raised their prices.
11. In the Keynesian model, the difference between using the monetary and fiscal
policy to eliminate a recession is that （Ch 11）
A) monetary policy will eliminate a recession quicker than fiscal policy will.
B) fiscal policy will eliminate a recession quicker than monetary policy will.
C) An expansionary monetary policy will leave the economy with a lower real
interest rate than an expansionary fiscal policy.
D) An expansionary fiscal policy will leave the economy with a lower real
interest rate than an expansionary monetary policy.
12.
In the Keynesian model in the long run, a decrease in the money supply will
cause （Ch 11）
A) a decrease in output and an increase in the real interest rate.
B) an increase in the real interest rate but no change in output.
C) a decrease in the real interest rate and a decrease in output.
D) no change in either the real interest rate or output.
選擇題答案請寫在下面答案格上：
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11.
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II. 申論計算題：Numberical & analytical questions (Total: 72 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. There are 100 workers in a town where only one firm exists. All the workers are
willing to work at the real wage of 5. The firm identifies the following
relationship between the real wage it pays and the effort exerted by its workers:
Real Wage (w)
Effort (E)
5
10
6
16
7
20
8
24
9
26
The marginal product of labor for this firm is MPN =[E(100-N)]/30, where E is
the effort level and N is the number of workers employed. If the firm can pay
only one of the five wage levels shown above, which should it choose? How
many workers will it employ? (10 points) （Ch 11）
2. The following equations describe a Keynesian model of the economy. （Ch 11）
Cd= 500 + 0.5(Y - T) - 100r
Id = 350 - 100r
L = 0.5Y - 200i
πe = 0.05, G = T = 200, Y = 1850
M = 3560
(1) Find the full-employment equilibrium values of the real interest rate, consumption,
investment, and the price level. (4 points)
(2) Suppose instead that government purchases rise to 225, with no change in taxes,
starting from the equilibrium in part (1). What happens to the real interest rate,
output, consumption, and investment in the short run (in which the price level is
fixed)? What happens in the long run to the real interest rate, consumption,
investment, and the price level? (8 points)
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3.
Suppose the economy is characterized by the following equations. （Ch 10）
AD curve: Y = 200+ 2(M/P)
SRAS curve: Y = 300 + 100(P - P e )
The nominal money supply is M = 100.
(1) If the economy begins in general equilibrium, what are the equilibrium
values of the output and price level? (4 points)
(2). If the expected price level is the price level you found in part (1), what
happens to the price level and output in the short run if there's an
unanticipated increase in the nominal money supply to 300? (8 points)
4. Use the classical (RBC) IS-LM-FE model to show the effects on the economy of a
temporary adverse supply shock-for example, an increase in the price of oil.
Please show the impact on the real wage, employment, output, the real interest
rate, consumption, investment, and the price level. (18 points) （Ch 10）
5. 2008 年金融海嘯衝擊後，台灣政府展開挽救經濟的積極財政政策，主要包括
5000 億元振興經濟方案。請依 Keynesian 理論，由 IS-LM-FE 模型、與勞動市
場進行分析，需做圖並說明。請給定相關假設，推論實施後就業、實質工資、
產出、利率、物價、消費、儲蓄、投資等變數短期與長期分別的影響。(20 分)
（Ch 11）