1、武汉大学 2010-2011 学年第二学期期末考试经济与管理学院 2010 级 2011 年 6 月 29 日宏 观经济学试题（A 卷）Principles of Macroeconomics (Paper A)InstructionYou have two hours to complete this test. Full marks are 100 points. Write your answers on the answer sheet. While you are allowed to answer either in English or Chinese, it would be
2、more graded at a reasonable degree if you choose to do it in English. Read the questions carefully before answering them. Be precise and keep to the point.Good luck!1. (10 points) One day Barry and Barber, Inc., collects $400 for haircuts. Over this day, his equipment depreciates in value by $50. Of
3、 the remaining $350, Barry sends $30 to the government in sales taxes, takes home $220 in wages, and retains $100 in his business to add new equipment in the future. From the $220 that Barry takes home, he pays $70 in income taxes. Based on this information, compute Barrys contribution to the follow
4、ing measures of income.a. Gross domestic productb. Net national productc. National incomed. Personal incomee. Disposable personal income2. (10 points) Explain the difference between saving and investment as defined by a macroeconomist. Which of the following situations represent investment? Saving?
5、Explain.a. Your family takes out a mortgage and buys a new house.b. You use your $200 paycheck to buy stock in AT (2) I, such as optimism/pessimism about the future, a fall/rise in interest rates due to an increase/decrease in money supply; (3)G, such as greater/smaller spending on defense or highwa
6、y construction, (4)NX, such as a boom/recession overseas, an exchange-rate depreciation/appreciation.According to the production factors, the long-run AS may change arising from the following four sources which affect the natural rate of output: (1)K (physical capital or human capital ), such as the
7、 increase of the number of machines or that of college degrees;(2)L, such as an increase in immigration from abroad, the change of the natural rate of unemployment due to increasing minimum wage or the unemployment insurance system; (3)N (natural resources), such as a discovery of a new mineral depo
8、sit, good weather, a change in the availability of imported resources; (4)A, such as the advance of internet technology, other events that act like changes in technology.All these variablesK, L, N, A, shift the short-run AS curve too. Another important new variable that affect the short-run AS is th
9、e change of expected price level. A decrease in the expected price raises the AS in the short-run.In the short-run, the continuing increase in money can raise GDP for that there is unexpected price level. However, in the long run, the AS curve is vertical, as people adjust their expected price level
10、s to the actual price level. so the increase of money which raise AD and price level but can not have the economy to grow continuously only by use of expansionary monetary policy. 4. (15 points) a. If Chinese government decided it no longer wanted to buy U.S. assets, U.S. net capital outflow would i
11、ncrease, increasing the demand for loanable funds, as shown in the following figure. The result is a rise in U.S. interest rates, an increase in the quantity of U.S. saving (because of the higher interest rate), and lower U.S. domestic investment.b. In the market for foreign exchange, the real excha
12、nge rate declines and the balance of trade increases5. (15 points) a. When the stock market declines sharply, wealth declines, so the aggregate-demand curve shifts to the left, as shown in Figure 5a below. In the short run, the economy moves from point A to point B, as output declines and the price
13、level declines. In the long run, the short-run aggregate-supply curve shifts to the right to restore equilibrium at point C, with unchanged output and a lower price level compared to point A.Figure 5a Figure 5bb. When the federal government increases spending on national defense, the rise in governm
14、ent purchases shifts the aggregate-demand curve to the right, as shown in Figure 5b above. In the short run, the economy moves from point A to point B, as output and the price level rise. In the long run, the short-run aggregate-supply curve shifts to the left to restore equilibrium at point C, with
15、 unchanged output and a higher price level compared to point A.c. When a technological improvement raises productivity, the long-run and short-run aggregate-supply curves shift to the right, as shown Figure 5c below. The economy moves from point A to point B, as output rises and the price level decl
16、ines.Figure 5cd. When a recession overseas causes foreigners to buy fewer U.S. goods, net exports decline, so the aggregate-demand curve shifts to the left, as shown in Figure 5a above. The effects are similar with that in part a.e. The continuing increase in reserve ratio causes the decrease of mon
17、ey supply. So, the aggregate-demand curve shifts to the left, as shown in Figure 5a above. The effects are similar with that in part a.6. (20 points)a. True. GDP in SNA is the market value of all final goods and services. As SNA does not include the value of intermediate goods in GDP, there is no do
18、uble counting in SNA. Of course, it is generally inevitable in statistic practices.b. True. With the increase of the divorce rate, more and more housework originally done by wives or husbands themselves are done by those who are not family members. These services make the measured GDP larger.c. Fals
19、e. Full employment does not mean that the rate of unemployment is zero. Under full employment, the frictional unemployment and structural unemployment may still stand.d. False. Even if the governmental policy be correct, the rate of unemployment could not be reduced to zero. The frictional unemploym
20、ent and structural unemployment can hardly be eliminated completely.e. False. Aggregate supply curve in the long run is different from that in the short run. The former is vertical and the latter slopes upward to the right.f. False. Increasing consumption and export may cause the economy to grow in
21、the short run. But in the long-run, the growth of output lies on various production factors that determine the AS side of the economy.7. (20 points) a. A1=10, A2=8, A3=6.4, A4= , A5=10/(1-4/5)=50;1n)54(*0B1=8, B2=6.4, B3=5.12, B4= , B5=(10*4/5)/(1-4/5)=40; C1=8, C2=6.4, C3=5.12, C4= , C5=(10*4/5)/(1
22、-4/5)=40.n)(1b. Firstly, the increase of G and TR can make GDP grow, so doe the decrease of T. Secondly, the increase of G directly increase AD and hence the multiplier is 5, while both TR and T indirectly affect AD and the multipliers are -4 and 4 respectively.c. The effects of $10 million increase
23、 of private investment are same as that of G. As the increase of private investment is not due to the decline of the interest rate, it is identical to the increase of G, both of which directly affect AD.d. If the government implants balanced budget policy, for example, increasing G and T by $10 million with TR unchanged, AD in the first round will increase $2 million (10-8=2), and the accumulate increase of GDP is $10 million（50-4010）. Therefore, the total effect of expensive policy and contractive policy together on GDP under balanced budget become smaller.
