中级宏观经济学1试题

Final（A）

Name： Class： St. No.： Score：

Ⅰ. Choose the Best Answer for Each Question. (2′×30)

（ ）1. Which of the following is not included in GDP?

A. The salary paid to a federal judge

B. The value of housing services enjoyed by homeowners C. The value of automobile services enjoyed by car owners

D. The value-added of a shipping company that transports goods from the factory to retail stores

（ ）2. The consumer price index (CPI)

A. measures the price of a fixed basket of goods and services.

B. measures the price of a basket of goods and services that constantly changes as the composition of consumer spending changes.

C. measures the amount of money that it takes to produce a fixed level of utility. D. is one of the many statistics in the National Income Accounts.

（ ）3. Suppose that a consumer has a marginal propensity to consume of 0.8. If this consumer receives and extra $2 of disposable income, her saving would be expected to increase by

A. $0.40. B. $0.80. C. $1.20. D. $1.60.

（ ）4. Choose the pair of words that best completes this sentence: Investment depends on the ________ interest rate because higher inflation will ________ the value of the dollars with which the firm will repay the loan.

A. real, increase B. nominal, increase

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C. real, decrease D. nominal, decrease

（ ）5. Consider an economy where the only goods traded are coconuts and pineapples. Last year, 100 coconuts were sold at $1 a piece, and 200 pineapples were sold at $2.50 a piece. If the money supply was $100, what was velocity?

A. 30 B. 15 C. 6 D. 5

（ ）6. When the government raises revenue by printing money, it imposes an \"inflation tax\" because the

A. real value of money holdings falls. B. interest rate falls.

C. difference between nominal and real interest rates becomes smaller. D. nominal value of money holdings falls.

（ ）7. In a small open economy, which interest rate equals the world interest rate?

A. The real interest rate B. The nominal interest rate

C. Both the real and the nominal interest rates

D. It depends on whether the exchange rate is fixed or floating. （ ）8. If a country's real exchange rate falls (depreciates), then

A. net exports rise. B. net exports fall.

C. exports and imports rise by the same amount. D. exports and imports fall by the same amount.

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（ ）9. Suppose that 2 percent of the employed lose their jobs each month (s = 0.02) and 38 percent of the unemployed find a job each month (f = 0.38). Then, the steady-state rate of unemployment is

A. 2 percent. B. 5 percent. C. 16 percent. D. 36 percent.

（ ）10. Structural unemployment results when

A. the minimum wage is set to increase in the near future. B. there is generous unemployment insurance.

C. workers are temporarily laid off due to weather conditions. D. the real wage is above its market-clearing level.

（ ）11. Suppose that the capital stock is 100, the depreciation rate is 10 percent per year, and output is 25. What must the saving rate be to keep the capital stock constant?

A. 2.5 percent B. 10 percent C. 25 percent D. 40 percent

（ ）12. If two economies are identical except for their rates of population growth, then if both economies are in steady state, the economy with the higher rate of population growth will have a

A. lower rate of growth of total output. B. higher rate of growth of total output. C. lower rate of growth of output per person. D. higher rate of growth of output per person.

（ ）13. In the Solow growth model with population growth (n) and technological progress (g), the steady-state growth rate of total output is

A. 0.

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B. n. C. g. D. n + g.

（ ）14. Advocates of the Y=AK model interpret capital as

A. consisting solely of the stock of plants and equipment. B. being inversely related to technological progress. C. including knowledge.

D. being determined by exogenous forces.

（ ）15. The model of aggregate supply and aggregate demand that assumes sticky prices

A. does not explain economic fluctuations.

B. shows that output depends on demand as well as supply.

C. shows that monetary and fiscal policy are always destabilizing influences on the economy.

D. shows that monetary policy is neutral.

（ ）16. The AS/AD model with sticky prices predicts that, in the long run, a reduction of the money supply results in

A. lower prices and lower output. B. lower prices and no change in output. C. no change in prices and lower output. D. no change in prices or output.

（ ）17. If investment becomes less sensitive to the interest rate, then the

A. LM curve becomes steeper. B. LM curve becomes flatter. C. IS curve becomes steeper. D. IS curve becomes flatter.

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（ ）18. According to the IS-LM model, if the central bank increases the money supply, then the interest rate

A. falls and income falls. B. falls and income rises. C. rises and income falls. D. rises and income rises.

（ ）19. The slowdown in the U.S. economy in 2001 can be explained by

A. negative shocks to the IS curve resulting in a fall in aggregate demand. B. negative shocks to the LM curve resulting in a fall in aggregate demand. C. negative shocks to the IS curve resulting in a fall in aggregate supply. D. negative shocks to the LM curve resulting in a fall in aggregate supply.

（ ）20. The Mundell-Fleming model predicts that, in Y - e space, an appreciation of the exchange rate will cause the IS* curve to

A. shift to the left. B. shift to the right. C. become steeper. D. remain unchanged.

（ ）21. According to the Mundell-Fleming model, in a small country with a floating exchange rate, a tax cut will cause the exchange rate to

A. rise.

B. rise in the same proportion as inflation. C. remain constant. D. fall.

（ ）22. In the sticky-wage model, output deviates from the natural rate through

A. unexpected changes in the nominal wage. B. expected changes in the price level.

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C. unexpected changes in the price level. D. expected changes in the real wage. （ ）23. The Lucas critique is based on

A. the inside lag of economic policy. B. the Phillips curve. C. automatic stabilizers.

D. the fact that people's expectations are rational.

（ ）24. If Ricardian equivalence holds and the government cuts taxes without any plans to reduce government spending, then a forward-looking consumer would

A. increase consumption by the same amount as the tax cut.

B. increase consumption by the tax cut times the marginal propensity to consume. C. leave consumption unchanged in order to save for future taxes. D. decrease consumption in order to save for future taxes.

（ ）25. In a two-period consumption model, a rise in the income of the second period would cause consumption in the first period to

A. rise because of the income effect. B. fall because of the substitution effect.

C. remain constant because the income and substitution effects cancel each other. D. be undetermined without more information about sizes of the income and substitution effects.

（ ）26. Friedman's permanent-income hypothesis asserts that the marginal propensity to consume out of income is

A. one. B. zero.

C. higher for permanent income than it is for temporary income. D. lower for permanent income than it is for temporary income.

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（ ）27. The cost of capital does not depend on the

A. interest rate.

B. rate at which the overall price level is changing. C. depreciation rate.

D. rate at which capital prices are changing.

（ ）28. If the currency-deposit ratio (cr) is 5 percent and the reserve-deposit ratio (rr) is 30 percent then the money multiplier (m) is

A. 1.3. B. 3. C. 4. D. 20.

（ ）29. In the Baumol-Tobin model of cash management, if the nominal interest rate rises, individuals would be expected to hold

A. less money and make fewer trips to the bank. B. less money and make more trips to the bank. C. more money and make fewer trips to the bank. D. more money and make more trips to the bank.

（ ）30. Interest rates are an important part of real-business-cycle theory because they

A. are monetary policy instruments.

B. affect the intertemporal substitution of labor. C. affect only real variables. D. link nominal and real variables.

II (10′) In U.S.A., the capital share of GDP is about 30 percent; the average growth in output is about 3 percent per year; the depreciation rate is about 4 percent per year; and the capital-output ratio is about 2.5. Suppose that the production function is CD, so that the capital share in output is constant, and that the United States has been in a steady state.

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a. What must the saving rate be in the initial steady state?

b. What is the marginal product of capital in the initial steady state?

c. What will the marginal product of capital be at the Golden Rule steady state? d. What will the capital-output ratio be at the Golden Rule steady state? e. What must the saving rate be to reach the Golden Rule steady state?

III. (10′) Suppose that investment depends on both income and the interest rate, i.e., the investment function is IIaYbr, where a is a constant between 0 and 1 which measures the influence of national income on investment, and b is a constant greater than 0 which measures the influence of the interest rate on investment. Use the IS-LM model to consider the short-run impact of an increase in government purchases on national income Y, the interest rate r, consumption C, and investment I. How might this investment function alter the conclusions implied by the basic IS-LM model?

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IV. (10′) Suppose that an economy has the Phillips curve =-1-0.5(uun) and that the natural rate of unemployment is given by an average of the past two years’ unemployment: un=0.5(u1+u2). Suppose that the Fed follows a policy to reduce permanently the inflation rate by 1 percentage point. What effect will that policy have on the unemployment rate over time? What is the sacrifice ratio in this economy? What do these equations imply about the short-run and long-run tradeoffs between inflation and unemployment?

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V. (10′) Suppose that the price level relevant for money demand includes the price of imported goods and that the price of imported goods depends on the exchange rate, i.e., the money market is described by M/PL(r,Y) where PPd(1)Pf/e. The parameter  is the share domestic goods in the price index P. Assume that the price of domestic goods Pd and the price of foreign goods measured in foreign currency Pf are fixed. What is the effect of expansionary fiscal policy under floating exchange rates in this model? Suppose that political instability increases the country risk premium and, thereby, the interest rate. What is the effect on the exchange rate, the price level, and aggregate income in this model?

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