1、汕头大学 2009 年商学院宏观经济学期末考试试题2010-07-06 20:41:55 来源：大学期末考试试题 浏览：285 次内容提要：Macroeconomics Final Test 2009I. Multiple choice (1 points per each. In total 40 points)1) A car that is produced in 2004 is not sold until 2005. Macroeconomics Final Test 2009I. Multiple choice (1 points per each. In total 40 poi
2、nts)1) A car that is produced in 2004 is not sold until 2005. According to the definition of GDP, in which years GDP should it be counted? A) 2004 B) 2005 C) both years D) 2004 real GDP; 2005 nominal GDP 2) Which of the following transactions would be included in the official calculation of GDP? A)
3、A student buys a used text book at the bookstore. B) Firestone sells $2 million worth of tires to General Motors. C) You wash and wax your fathers car as a favor to him. D) You buy a new iPod. E) You illegally download music off the Internet to put on your new iPod. 3) Which of the following accurat
4、ely describes an effect of the hurricane Katrina on U.S. GDP? A) GDP would decrease reflecting the costs of cleanup. B) GDP would increase reflecting the costs of cleanup. C) GDP would increase reflecting the decrease in production that occurred during the storm and the productive capacity lost in t
5、he storm. D) GDP would increase well being.4) A full time student who is not working is categorized as A) unemployed. B) employed. C) not in the labor force. D) a discouraged worker. E) frictionally unemployed. 5) The labor force participation rate is defined as A) the percentage of the working-age
6、population that is employed. B) the percentage of the working-age population that is unemployed. C) the percentage of the labor force that is employed. D) the percentage of the labor force that is unemployed. E) the percentage of the working-age population in the labor force. 6) _ are financial secu
7、rities that represent promises to repay a fixed amount of funds. A) Stocks B) Bonds C) Savings accounts D) Certificates of deposit 7) Endogenous growth theory A) states that the rate of technological change is determined outside the working of the market system. B) does not adequately explain the fa
8、ctors that determine productivity. C) states that the rate of technological change is caused by economic incentives. D) states that the rate of technological change is unaffected by economic incentives. 8) An explanation for the productivity slowdown in the U.S.A. from 1973 through 1995, is A) measu
9、rement problems. B) creative destruction. C) a decline in oil prices. D) an increase in labor quality. 9) There is an unplanned increase in inventories when A) actual inventory investment equals planned inventory investment. B) actual inventory investment is less than planned inventory investment. C
10、) actual inventory investment is greater than planned inventory investment. D) a firm experiences much higher sales than expected. 10) Which of the following will raise consumer expenditures? A) an increase in interest rates B) a general decline in housing prices C) an increase in expected future in
11、come D) an increase in the price level 11) The marginal propensity to consume is defined as A) consumption divided by disposable income. B) disposable income divided by consumption. C) the change in consumption divided by the change in disposable income. D) the change in disposable income divided by
12、 the change in consumption. 12) The wealth effect is defined as A) when the price level falls, the real value of household wealth falls. B) when the price level falls, the nominal value of household wealth falls. C) when the price level falls, the nominal value of household wealth rises. D) when the
13、 price level falls, the real value of household wealth rises. 13) The interest rate effect is described as A) an increase in the price level raises the interest rate and chokes off government spending. B) an increase in the price level lowers the interest rate and chokes off government spending. C)
14、an increase in the price level raises the interest rate and chokes off investment and consumption spending. D) an increase in the price level lowers the interest rate and chokes off investment and consumption spending. 14) The international trade effect states that A) an increase in the price level
15、will raise net exports. B) an increase in the price level will lower net exports. C) an increase in the price level will raise exports. D) an increase in the price level will lower imports. 15) Suppose the U.S. GDP growth rate is slower relative to other countries GDP growth rates. This will A) move
16、 the economy up along a stationary aggregate demand curve. B) move the economy down along a stationary aggregate demand curve. C) shift the aggregate demand curve to the left. D) shift the aggregate demand curve to the right. 16) The level of long run aggregate supply is NOT affected by A) changes i
17、n technology. B) changes in the capital stock. C) changes in the price level. D) changes in the number of workers. 17) There has been an increase in investment. As a result, real GDP will _ in the short run, and _ in the long run. A) increase; increases further B) increase; decrease to its initial v
18、alue C) decrease; decrease further D) decrease; increase to its initial level 18) Which of the following is NOT an argument against inflation targeting? A) Inflation targeting reduces the flexibility of the Fed to pursue other policy goals. B) Inflation targeting assumes that the Fed can accurately
19、forecast future inflation rates. C) Inflation targeting makes monetary policy ineffective because the targets are publicly announced. D) Inflation targeting holds the Fed accountable for an inflation goal, but may make it less likely the Fed will achieve other goals. 19) Which of the following would
20、 be considered a fiscal policy action? A) A city changes its hotel tax to attract tourists. B) A federal tax cut on hybrid cars that is designed to encourage the purchase of fuel efficient cars. C) Spending on the war in Afghanistan to promote homeland security. D) A tax cut designed to stimulate sp
21、ending passed during a recession. 20) If policy makers are concerned that the economy is in danger of rising inflation because aggregate demand is increasing faster than aggregate supply, the appropriate fiscal policy response is to A) increase taxes. B) increase government spending. C) use expansio
22、nary fiscal policy. D) increase interest rates. 21) If the US Congress wanted to counteract the effects of a recession it could A) increase tax rates. B) increase taxes by a fixed amount. C) increase government purchases. D) decrease defense spending. 22) An equal increase in government spending and
23、 taxes will cause A) an increase in real GDP. B) no change in real GDP. C) an increase in any budget surplus. D) a reduction in any budget deficit. 23) An argument against the flat tax is that A) it increases the governments ability to pursue particular policy goals, such as home ownership. B) it in
24、creases compliance by increasing the amount of income that is reported to the government. C) it is easy for taxpayers to understand and easy for the government to administer. D) it makes the distribution of income more unequal by reducing the marginal tax rate on high-income earners. 24) Just as rea
25、l GDP _ potential GDP in the long run, the unemployment rate _ the natural rate of unemployment in the long run. A) is not related to; is not related to B) is greater than; is greater than C) equals; equals D) is less than; is less than 25) If actual inflation is less than expected inflation, A) the
26、 actual real wage is greater than the expected real wage. B) the unemployment rate falls. C) the actual real wage equals the expected real wage. D) firms will hire more workers than they planned. 26) Milton Friedman argued that there is a _ tradeoff between unemployment and inflation, and this trade
27、off comes from _ inflation. A) temporary; actual B) temporary; unanticipated C) permanent; actual D) permanent; unanticipated27) Which of the following is an example of discretionary fiscal policy? A) An increase in unemployment insurance payments during a recession. B) An increase in income tax rec
28、eipts during an expansion because incomes are rising. C) The tax cuts passed by US Congress in 2001 to combat the recession. D) A decrease in income tax receipts during a recession because incomes are falling. 28) Workers in _ countries have _ to work with than do workers in low income countries. A)
29、 high income; less physical capital B) high income; more physical capital C) high income; more labor D) low income; less labor 29) Crowding out results in A) higher interest rates, a lower exchange rate, and lower net exports. B) higher interest rates, a higher exchange rate, and lower net exports.
30、C) lower interest rates, a lower exchange rate, and lower net exports. D) lower interest rates, a higher exchange rate, and lower net exports. 30) Crowding out will be greater A) the less sensitive consumption spending is to changes in the interest rate. B) the further equilibrium GDP is below poten
31、tial GDP C) the more sensitive investment spending is to changes in the interest rate. D) if the economy is in recession, rather than at full employment. 31) Government deficits tend to increase during _ and _. A) peacetime; recessions B) war; recessions C) peacetime; expansionary periods D) war; ex
32、pansionary periods 32) Which of the following is NOT one of the key services that are provided by the financial system? A) decreasing taxes B) risk sharing C) liquidity D) information 33) Tax reduction and simplification should _ long run aggregate supply and _ aggregate demand. A) increase; increas
33、e B) increase; decrease C) decrease; increase D) decrease; decrease 34) A barter economy is an economy where A) goods and services are exchanged for money. B) money is exchanged for goods and services. C) goods and services are exchanged for other goods and services. D) goods and services are exchan
34、ged for liabilities. 35) Which of the following is not a function of money? A) medium of exchange B) unit of account C) store of value D) standard of barter 36) Gold is an example of A) commodity money. B) fiat money. C) barter money. D) M1. 37) The key to having the citizens in an economy accept so
35、mething as money is A) having the federal government declare the good be accepted in payment of debts. B) having the federal government declare that the good is legal tender. C) the good should have gold backing it. D) all citizens accept the good as a means of payment for transactions and all debts
36、. 38) Which of the following is NOT a reason why the Industrial Revolution occurred when and where it did? A) The British government was committed to upholding private property rights. B) The British government was able to eliminate arbitrary increases in taxes. C) The British government was able to
37、 more easily seize wealth. D) Institutional changes by the British government helped in protecting wealth. 39) According to Joseph Schumpeter, the theory of creative destruction describes a process by which A) new products unleash a gail of destruction that creates other new products. B) new product
38、s unleash a gail of destruction that drives old products out of the market. C) new products are created by the destruction of capital. D) the creation of new products never involves the destruction of old products. 40) Which of the following is NOT an explanation for the revival in the growth of pro
39、ductivity starting in the mid 1990s? A) Information and communication innovations are increasingly geared toward improving business processes and not consumer products. B) Faster computers have sped up data processing. C) Internet use has increased the efficiency of how firms buy and sell to each ot
40、her and to consumers. D) Cell phones and wireless Internet access increase worker flexibility. II. Term definition (2 points per each. 20 points in total)1. Fiat money2. Quantity theory of money3. Taylor rule4. Automatic stabilizers5. Real business cycle models6. GDP deflator 7. Efficiency wage 8. M
41、enu cost9. Consumer price index (CPI) 10. Foreign portfolio investment III. Discussion (4 points per each. 20 points in total)1. What factors might hurt Chinas long-term economic growth?2. Give two reasons why the economy in Western countries is more stable since 1950. 3. Explain how the economy mov
42、es back to full employment from recession. Be sure to detail what happens to short run aggregate supply, unemployment, equilibrium GDP and the price level. 4. Detail the differences between the government spending multiplier and the tax multiplier. 5. What is the main reason for keeping a central ba
43、nk independent from the rest of government? IV. Case Analysis (10 points per each. 20 points in total)1. The Japanese economy did not perform well in the 1990s. During the 1990s, the Japanese central bank, the Bank of Japan, used expansionary monetary policy to spur the economy, but the policy was u
44、nsuccessful even though the interest rates were driven to very low levels. Why was monetary policy ineffective in Japan? The Japanese government has also used fiscal policy in an attempt to stimulate the economy. Yet fiscal policy seemed unable to bring the Japanese economy back to potential GDP. Why has fiscal policy been ineffective in Japan?2. What role did credibility of the US Fed play during the Volker disinflation? How credible was the Fed at the time? Why? What happened as a result? 15.63
