宏观经济学期末考试试卷1(附答案).doc

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一、选择题 (每小题 1 分，共 30 分)

1．The government reports that "GDP increased by 1.6 percent in the last quarter." This statement means that GDP increased
a. by 6.4 percent for the year.
b. at an annual rate of 6.4 percent during the last quarter.
c. at an annual rate of 1.6 percent during the last quarter.
d. at an annual rate of .4 percent during the last quarter.
2．A Brazilian company produces soccer balls in the United States and exports all of them. If the price of the soccer balls increases, the GDP deflator
a. and the CPI both increase.
b. is unchanged and the CPI increases.
c. increases and the CPI is unchanged.
d. and the CPI are unchanged.
3．The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase by
a. more than 1 percent.
b. less than 1 percent.
c. 1 percent.
d. It is impossible to make an informed guess without more information.
4．A nation's standard of living is measured by its
a. real GDP.
b. real GDP per person.
c. nominal GDP.
d. nominal GDP per person.
5．In 2002 President Bush imposed restrictions on imports of steel to protect the U.S. steel industry.
a. This is an inward-oriented policy which most economists believe have adverse effects on growth.
b. This is an inward-oriented policy which most economists believe have beneficial effects on growth.
c. This is an outward-oriented policy which most economists believe have adverse effects on growth.
d. This is an outward-oriented policy which most economists believe have beneficial effects on growth.
6．Generally when economists and the text talk of the "interest rate," they are talking about the
a. real interest rate.
b. current nominal interest rate.
c. real interest rate minus the inflation rate.
d. equilibrium nominal interest rate.
7．An increase in the budget deficit
a. makes investment spending fall.
b. makes investment spending rise.
c. does not affect investment spending.
d. may increase, decrease, or not affect investment spending.
8．Norne Corporation is considering building a new plant. It will cost them $1 million today to build it and it will generate revenues of $1,121 million three years from today. Of the interest rates below, which is the highest interest rate at which Norne would still be willing to build the plant?
a. 3 percent
b. 3.5 percent
c. 4 percent
d. 4.5 percent
9．Recent entrants into the labor force account for about
a. 1/2 of those who are unemployed. Spells of unemployment end about 1/5 of the time with people leaving the labor force.
b. 1/3 of those who are unemployed. Spells of unemployment end about 1/2 of the time with people leaving the labor force.
c. 1/4 of those who are unemployed. Spells of unemployment end about 1/2 of the time with people leaving the labor force.
d. 1/4 of those who are unemployed. Spells of unemployment end about 1/5 of the time with people leaving the labor force
10．Which of the following best illustrates the unit of account function of money?
a. You list prices for candy sold on your Web site, , in dollars.
b. You pay for your WNBA tickets with dollars.
c. You keep $10 in your backpack for emergencies.
d. None of the above is correct.
11．Current U.S. currency is
a. fiat money with intrinsic value.
b. fiat money with no intrinsic value.
c. commodity money with intrinsic value.
d. commodity money with no intrinsic value.
12．Velocity in the country of Shem is always stable. In 2002, the money supply was $200 billion and the GDP price deflator was four times as high as it was in the base year. In 2003, the money supply increased to $240 billion, the price level increased by 15 percent, and nominal GDP equaled $1,200 billion. By how much did real GDP increase between 2002 and 2003?
a. 20 percent
b. 4.35 percent
c. 2.17 percent
d. There is not enough information to answer the question.
13．Shoeleather costs refer to
a. the cost of more frequent price changes induced by higher inflation.
b. the distortion in resource allocation created by distortions in relative prices due to inflation.
c. resources used to maintain lower money holdings when inflation is high.
d. the distortion in incentives created by inflation by taxes that do not adjust for inflation.
14．International trade
a. raises the standard of living in all trading countries.
b. lowers the standard of living in all trading countries.
c. leaves the standard of living unchanged.
d. raises the standard of living for importing countries and lowers it for exporting countries.
15．Which of the following would be U.S. foreign portfolio investment?
a. Disney builds a new amusement park near Rome, Italy.
b. Your economics professor buys stock in companies located in Eastern European countries.
c. A Dutch hotel chain opens a new hotel in the United States.
d. A citizen of Singapore buys a bond issued by a U.S. corporation.
16．A Venezuelan firm purchases earth-moving equipment from a U.S. company and pays for it with domestic currency. This transaction
a. increases U.S. net exports, and increases Venezuelan net capital outflow.
b. increases U.S. net exports, and decreases Venezuelan net capital outflow.
c. decreases U.S. net exports, and increases Venezuelan net capital outflow.
d. decreases U.S. net exports, and decreases Venezuelan net capital outflow.
17．At the equilibrium interest rate in the open economy macroeconomic model, the amount that people want to save equals the desired quantity of
a. net capital outflow.
b. domestic investment.
c. net capital outflow plus domestic investment.
d. foreign currency supplied.
18．In an open economy,
a. net capital outflow = imports.
b. net capital outflow = net exports.
c. net capital outflow = exports.
d. None of the above is correct.
19．In the open-economy macroeconomic model, the real exchange rate is determined in the market where dollars are exchanged for foreign currency by the equality of the supply of dollars, which comes from
a. U.S. national saving and the demand for dollars for U.S. net exports.
b. U.S. net capital outflow and the demand for dollars for U.S. net exports.
c. domestic investment and the demand for U.S. net exports.
d. foreign demand for U.S. goods and U.S. demand for foreign goods.
20．If a government increases its budget deficit, then interest rates
a. rise and the trade balance moves toward surplus.
b. rise and the trade balance moves toward deficit.
c. fall and the trade balance moves toward surplus.
d. fall and the trade balance moves toward deficit.
21．Investment spending decreases when the price level
a. rises causing interest rates to rise.
b. rises causing interest rates to fall.
c. falls causing interest rates to rise.
d. falls causing interest rates to fall.
22．An increase in the price level and a decrease in real GDP in the short run could be created by
a. an increase in the money supply.
b. an increase in government expenditures.
c. a fall in stock prices.
d. bad weather in farm states.
23．Which part of real GDP fluctuates most over the course of the business cycle?
a. consumption
b. government expenditures
c. investment
d. net exports
24．According to liquidity preference theory, the price level and interest rate are
a. positively related as are the interest rate and aggregate demand.
b. inversely related as are the interest rate and aggregate demand.
c. positively related while the interest rate and aggregate demand are inversely related.
d. inversely related while the interest rate and aggregate demand are positively related.
25．Which of the following shifts aggregate demand to the right?
a. an increase in the price level
b. an increase in the money supply
c. a decrease in the price level
d. a decrease in the money supply
26．If the Fed conducts open-market sales, the money supply
a. increases and aggregate demand shifts right.
b. increases and aggregate demand shifts left.
c. decreases and aggregate demand shifts right.
d. decreases and aggregate demand shifts left.
27．Some economists argue that
a. monetary policy should actively be used to stabilize the economy.
b. fiscal policy should actively be used to stabilize the economy.
c. fiscal policy can be used to shift the AD curve.
d. All of the above are correct.
28．The lag problem associated with monetary policy is due mostly to
a. the fact that business firms make investment plans far in advance.
b. the political system of checks and balances that slows down the process of determining monetary policy.
c. the time it takes for changes in government spending to affect the interest rate.
d. All of the above are correct.
29．A. W. Phillips' findings were based on data
a. from 1861-1957 for the United Kingdom.
b. from 1861-1957 for the United States.
c. mostly from the post-World War II period in the United Kingdom.
d. mostly from the post-World War II period in the United States.
30．Which of the following is true concerning the long-run Phillips curve?
a. Its position is determined primarily by monetary factors.
b. If it shifts right, long-run aggregate supply shifts right.
c. It cannot be changed by any government policy.
d. its position depends on the natural rate of unemployment.

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二、判断题(每小题 1 分，共 20 分)

31．The government component of GDP includes salaries paid to Army generals but not Social Security benefits to the elderly.
32．An increase in the saving rate does not permanently increases the growth rate of real GDP per person.
33．In ten years when you are the owner of a major U.S. corporation, if your corporation opens and operates a branch in a foreign country you will be engaging in foreign direct investment.
34．Corporations receive no proceeds from the resale of their stock.
35．According to the rule of 70, if you earn an interest rate of 3.5 percent, your savings will double about every 20 years.
36．The value of a stock depends on the ability of the company to generate dividends and the expected price of the stock when the stockholder sells her shares.
37．A minimum wage above equilibrium creates a labor surplus.
38．According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.
39．The use of money allows trade to be roundabout.
40．The quantity theory of money can explain hyperinflations but not moderate inflation.
41．In every economy, national saving equals domestic investment plus net capital outflow.
42．In the open-economy macroeconomic model, net exports represent the quantity of dollars demanded in the foreign-currency exchange market.
43．Although trade policies do not affect a country's overall trade balance, they do affect specific firms and industries.
44．If speculators bid up the value of the dollar in the market for foreign-currency exchange, aggregate demand would shift to the left.
45．In response to a decrease in output the economy would revert to its original level of prices and output whether the decrease in output was caused by a decrease in aggregate demand or a decrease in aggregate supply.
46．John Maynard Keynes advocated policies that would increase aggregate demand as a way to decrease unemployment caused by recessions.
47．An increase in the money supply shifts the aggregate supply curve right.
48．Unemployment insurance and welfare programs work as automatic stabilizers.
49．In the long run, the inflation rate depends primarily on money supply growth.
50．Although monetary policy cannot reduce the natural rate of unemployment, other types of policies can.

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三、名词解释(每小题 2分，共 10 分)

51．catch-up effect:
52．depreciation:
53．capital flight:
54．recession:
55．automatic stabilizers:

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四、简答题( 8题中任选6题；每小题 5分，共 30 分)

56．Compare and contrast the population theories of Malthus and Kremer.
57．Using a graph representing the market for loanable funds, show and explain what happens to interest rates and investment if a government goes from a deficit to a surplus.
58．Which two of the Ten Principles of Economics imply that the Fed can profoundly affect the economy?
59．The U.S. Treasury Department issues inflation-indexed bonds. What are inflation-indexed bonds and why are they important?
60．Make a list of things that would shift the long-run aggregate supply curve to the right.
61．Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supply curves.
62．How does a reduction in the money supply by the Fed make owning stocks less attractive?
63．Why and in what way are fiscal policy lags different from monetary policy lags?

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五、讨论题(2题中任选1题；每小题 10 分，共 10 分)

64. Suppose government spends $3 billion to buy police cars. Explain why aggregate demand might increase by more than $3 billion. Explain why aggregate demand might increase by less than $3 billion.
65. In 1939, with the U.S. economy not yet fully recovered from the Great Depression, President Roosevelt proclaimed that Thanksgiving would fall a week earlier than usual so that the shopping period before Christmas would be longer. Explain this decision, using the model of aggregate demand and aggregate supply.

《宏观经济学》答题纸

题 号
一
二
三
四
五
总分
得 分

得 分

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一、选择题 (每小题 1 分，共 30 分)

1. 2. 3. 4. 5.
6. 7. 8. 9. 10.
11. 12. 13. 14. 15.
16. 17. 18. 19. 20.
21. 22. 23. 24. 25.
26. 27. 28. 29. 30.

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二、判断题(正确用“T”；错误用“F”；每小题 1 分，共 20 分)

31. 32. 33. 34. 35.
36. 37. 38. 39. 40.
41. 42. 43. 44. 45.
46. 47. 48. 49. 50.

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三、名词解释(每小题 2分，共 10 分)

51．catch-up effect:

52．depreciation:

53．capital flight:

54．recession:

55．automatic stabilizers:

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四、简答题( 8题中任选6题；每小题 5分，共 30 分；答题时请标明题号)

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五、讨论题(2题中任选1题；每小题 10 分，共 10 分；答题时请标明题号)

《宏观经济学》试