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Macro 2/2011 (4/11, 9:10-11:10am)
第一次期中考
(Abel & Bernake Ch 8,9)
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 Ch8-9 題目可參考。）
I.
Multiple Choices ( 單選題。48 points, with 4 points for each question)
1.
An economic variable that moves in the opposite direction as aggregate economic
activity (down in expansions, up in contractions) is called （Ch 8）
2.
3.
a.
b.
c.
procyclical.
countercyclical.
acyclical.
d.
a leading variable.
Industries that are extremely sensitive to the business cycle are the（Ch 8）
a.
durable goods and service sectors.
b.
c.
d.
nondurable goods and service sectors.
capital goods and durable goods sectors.
capital goods and nondurable goods sectors.
Which of the following macroeconomic variables would you exclude from an
index of leading economic indicators? （Ch 8）
a.
b.
c.
d.
Inflation
Money supply
Inventory investment
Residential investment
4. When all markets in the economy are simultaneously in equilibrium, we say
（Ch 8）
5.
a.
b.
c.
markets are complete.
markets are perfect.
there is disequilibrium.
d.
there is general equilibrium.
According to Keynesian macroeconomists, prices adjust _____ to shocks, so the
government should _____. （Ch 8）
a.
b.
c.
d.
slowly; do little
rapidly; do little
rapidly; fight recessions
slowly; fight recessions
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6.
According to classical economists, the government should increase government
purchases when （Ch 8）
a.
b.
c.
d.
7.
8.
9.
the benefits of the spending exceed the costs.
the economy is in a recession.
the economy is likely to go into a recession in the next six months to a
year.
inflation is lower than its targeted level.
To reach general equilibrium, the price level adjusts to shift the _____ until it
intersects with the _____. （Ch 9）
a.
IS curve; FE line and LM curve
b.
c.
d.
FE line; LM and IS curves
LM curve; FE line and IS curve
ND curve; FE line and NS curve
Any change that reduces desired saving relative to desired investment (for a
given level of output) causes the real interest rate to _____ and shifts the IS curve
_____. （Ch 9）
a.
b.
c.
increase; down
increase; up
decrease; down
d.
decrease; up
An increase in labor supply would cause the IS curve to （Ch 9）
a.
b.
c.
d.
shift up.
shift down.
remain unchanged.
shift up only if people face borrowing constraints.
10. A temporary decrease in government purchases causes the real interest rate to
_____ and output to _____ in the short run, before prices adjust to restore
equilibrium. （Ch 9）
a.
b.
c.
d.
rise; rise
rise; fall
fall; rise
fall; fall
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11. A decline in the stock market, which makes consumers poorer, would cause
（Ch 9）
a.
b.
c.
d.
the aggregate demand curve to shift to the right.
the aggregate demand curve to shift to the left.
a movement down and to the right along the aggregate demand curve.
a movement up and to the left along the aggregate demand curve.
12. In the long run, a reduction in labor supply would cause output to _____ and the
aggregate price level to _____. （Ch 9）
a.
b.
fall; rise
fall; fall
c.
d.
rise; fall
rise; rise
選擇題答案請寫在下面答案格上：
1.
2.
3.
4.
5.
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9.
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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。) （全部是 Ch 9）
1. In a certain economy the production function is Y  A(100 N  0.5N 2 ) , where Y
is output, A is productivity, and N is total hours worked. Let A=1.0. The supply of
labor is N s  10  0.8w , where w is the real wage.
(1) Derive the labor demand function. (6 points)
(2) Find the equilibrium levels of output, hours worked and the real wage. (6 points)
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2.
(計算題依過程給分)
An economy has full employment output of 2000.
investment are
Desired consumption and
C d  200  0.8(Y  T )  100r; I d  300  200r.
Taxes and government purchases are
T  50, G  50.
Money demand is
Md
 0.5Y  250(r   e )
P
The expected inflation rate,  e , is 4%, and the nominal money supply, M, is 1000.
(1) Please find an equation describing the IS curve. (5 points)
(2) Please find an equation describing the LM curve. (5 points)
(3) What are the general equilibrium levels of the real interest rate and price level?
(6 points)
3. Please state the impact of a monetary expansion on the interest rate.
(1) Please analyze by drawing a graph of monetary market. (6 points)
(2) Please explain your answer by illustrating the relationship between monetary
market and the market of non-money assets. (6 points)
4. (1) What is “neutrality of money”? (6 points)
(2) Why the Classical economists consider money is neutral? Please explain your
answer by illustrating their assumptions and implications. (6 points)
5. In March 2011, Japan has suffered an earthquake and tsunami, destroying its
production for this season. Suppose this is a temporary adverse productivity
shock. Assume it reduces labor income as well as labor productivity.
(1) As comprehensive as possible, please analyze its separate effects on the FE
line, IS curve, and LM curve respectively. Focus on the short run effects. (8
points)
(2) Given your analysis in (1), draw graph, what are its net effects on employment,
real wage, interest rate, consumption, investment, output, and price of the
economy in the short run and in the long run? (12 points)