1、精品文檔精品文檔 歡迎下載the price level leaves some firms with higher-than-desired prices, and得分評(píng)卷人these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and services they produce.T四、簡(jiǎn)答題（8題中任選6題；每小題5分，共30分）46. All explanations for the upward slope of the short-run aggre

2、gate supply curve suppose that output supplied increaseswhen the price level increases more than expected.TBoth the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther than the increase in government expenditures.TDuring recessions, the government tends to

3、 run a budget deficit.TIf macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in the short run.T50. The analysis of Friedman and Phelps argues that any change in inflationthat is expected has no impact on the unemployment rate.T得分評(píng)卷人、名詞解釋（每小題2分，共10分）diminish

4、ing returns: the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.nominal exchange rate: the rate at which a person can trade the currency of one country for the currency of another.crowding-out effect: the offset in aggregate demand that re

5、sults when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.stagflation: a period of falling output and rising prices.automatic stabilizers: changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers

6、 having to take any deliberate action.Why are property rights important for the growth of a nations standard of living?Property rights are an important prerequisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the in

7、come from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new businesses. Likewise, there will be little incentive for foreignersto invest in the real or financial assets of the country.The distortion of incentive

8、s will reduce efficiency in resource allocationand will reducesaving and investment which in turn will reduce the standard of living.Suppose that you are a broker and people tell you the following about themselves. What sort of bond would you recommend to each? Defend your choices.I am in a high fed

9、eral income tax bracket and I dont want to take very much risk.A municipal bond, because generally they have low credit risk and are not subject to federal income tax.I want a high return and I am willing to take a lot of risk to get it.A junk bond. Because of their high risk, they have a high retur

10、n.I want a decent return and I have enough deductions that I dont value tax breaks highly.A corporate bond that isnt a junk bond. Because they have more risk than government bonds and have no special tax treatment, they pay moderate rates of return.Draw a simple T-account for First National Bank of

11、Me, which has $5,000 of deposits, a reserve ratio of 10 percent, and excess reserves of $300.First National Bank of MeAssetsLiabilitiesReserves $800 Deposits $5,000Loans $4,200What are the costs of inflation?The costs of inflation include shoeleather costs, the cost of reducing your money holdings t

12、o reduce your inflation tax; menu costs, the costs of price adjustments; the costs ofchanges in consumption spending through this channel. The exchange-rate effect is not veryimportant in the United States because trade with other countries represents a relativelychanges in consumption spending thro

13、ugh this channel. The exchange-rate effect is not veryimportant in the United States because trade with other countries represents a relativelysmall fraction of U.S. GDP.63. Describe the process in the money market by which the interest rate reaches its equilibrium value if it starts above equilibri

14、um.If the interest rate is above equilibrium, there is an excess supply of money. People with more money than they want to hold given the current interest rate deposit the money in banks and buy bonds. The increase in funds to lend out causes the interest rate to fall. As the interest rate falls, th

15、e quantity of money demanded increases, which tends to diminish the excess supply of money.resource misallocation that result from the relative-price variability induced by inflation; the costs of inflation-induced tax distortions; the costs of confusion and inconvenience; and the costs associated w

16、ith the arbitrary redistribution of wealth that accompany unexpected inflation.Make a list of things that would shift the long-run aggregate supply curve to the right.Examples in the text (or variations) include increased immigration, adecrease in the minimum wage, more generous unemployment insuran

17、ce, anincrease in the capital stock, an increase in the average level of education, a discovery of new mineral deposits, technology, and removal of barriers to international trade.Illustrate the classical analysis of growth and inflation with aggregate demandPriceLeveland long-run aggregate supply c

18、urves.OutputPriceLeveland long-run aggregate supply curves.OutputOver time technological advances cause the long-run aggregate supply curve to shift right. Increases in the money supply cause the aggregate demand curve to shift right. Output growth puts downward pressure on the price level, but mone

19、y supply growth contributes to rising prices.62. Why do economists think that the wealth effect and exchange-rate effect are not very important factors in explaining why aggregate demand slopes downward, at least in the United States?The wealth effect is not very important because it operates throug

20、h changes in the real value of money, and money is only a small fraction of household wealth. So it is unlikely that changes in the price level will lead to largeAssume the economy is in a recession. Explain how each of the following policies would affect consumption and investment. In each case, in

21、dicate any direct effects, any effects resulting from changes in total output, any effects resulting from changes in interest rate, and the overall effect. If there are conflicting effects making the answer ambiguous, say so. a). a reduction in taxes; b) an expansion of the money supply.a)稅收減少增加了儲(chǔ)蓄的

22、收益、減少了投資的成本，但稅收減少對(duì)儲(chǔ)蓄和投資的影響要視情況而 定。儲(chǔ)蓄的增加取決于儲(chǔ)蓄的稅收彈性，如果儲(chǔ)蓄的稅收彈性大，則消費(fèi)會(huì)大量減少，反之，消費(fèi) 不會(huì)減少許多；投資的增加也取決于投資的稅收彈性，如果投資的稅收彈性大，則投資會(huì)大量增加， 反之，投資不會(huì)增加多少。它的總效應(yīng)不確定，這要看儲(chǔ)蓄的稅收效應(yīng)和投資的稅收效應(yīng)的大小。b)貨幣供給的擴(kuò)張減低了利率，利率下降意味著投資成本和消費(fèi)下降，因而會(huì)刺激消費(fèi)和投資增加，這是一種產(chǎn)生于利率變動(dòng)的間接效應(yīng)。它的總效應(yīng)是增加社會(huì)總需求。In 1939, with the U.S. economy not yet fully recovered from

23、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.當(dāng)羅斯?？偨y(tǒng)宣布感恩前一周時(shí)，刺激了居民的消費(fèi)支出，經(jīng)濟(jì)中對(duì)物品與勞務(wù)的需求會(huì)增加，從而總需求曲線從

24、AD右移到AD2.隨著經(jīng)濟(jì)從A自變動(dòng)到B點(diǎn)，產(chǎn)量從Y1增力睢1丫2,物價(jià)水平眾P1升至P2.物價(jià)水平增加消費(fèi)的影響物價(jià)水平增加消費(fèi)的影響宏觀經(jīng)濟(jì)學(xué)試卷瞪考答案1. a 2.d 3.c 4.c 5.a 6.b 7.b 8.d 9.d 10.b 11.a 12.c 13.d 14.d 15.d 16.d 17.c 18.b 19.b 20.c21.a 22.d 23.b 24.c 25.a 26.c 27.c 28.b 29.a 30.d31.F 32.F 33.T 34.T 35.T 36.F 37.T 38.F 39.F 40.F 41.F 42.T 43.F 44.F 45.T 46.T 4

25、7.T 48.T49.T 50.T.the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.the rate at which a person can trade the currency of one country for the currency of another.the offset in aggregate demand that results when expansionary fiscal policy r

26、aises the interest rate and thereby reduces investment spending.a period of falling output and rising prices.changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action.Property rights are an important prer

27、equisite for the price system to work in a market economy. If an individual or company is not confident that claims over property or over the income from property can be protected, or that contracts can be enforced, there will be little incentive for individuals to save, invest, or start new busines

28、ses. Likewise, there will be little incentive for foreigners to invest in the real or financial assetsof the country. The distortion of incentives will reduce efficiency in resource allocation and will reduce saving and investment which in turn will reduce the standard of living.a. A municipal bond,

29、 because generally they have low credit risk and are not subject to federal income tax.A junk bond. Because of their high risk, they have a high return.A corporate bond that isnt a junk bond. Because they have more risk than government bonds and have no special tax treatment, they pay moderate rates

30、 of return.58.First National Bank of MeAssetsLiabilitiesReserves $800 Deposits $5,000Loans $4,200PriceLevelOutputOver time technological advances cause the long-run aggregate supply curve to shift right. Increases in the money supply cause the aggregate demandcurve to shift right. Output growth puts

31、 downward pressure on the price level, but money supply growth contributes to rising prices.59.The costs of inflationyour money holdings to reduce your inflation tax; menu costs, the costsof price adjustments; the costs of resource misallocation that result fromthe relative-price variability induced

32、 by inflation; the costs of inflation-induced tax distortions; the costs of confusion andinconvenience; and the costs associated with the arbitrary redistribution of wealth that accompany unexpected inflation.59.The costs of inflationyour money holdings to reduce your inflation tax; menu costs, the

33、costsof price adjustments; the costs of resource misallocation that result fromthe relative-price variability induced by inflation; the costs of inflation-induced tax distortions; the costs of confusion andinconvenience; and the costs associated with the arbitrary redistribution of wealth that accom

34、pany unexpected inflation.Examples in the text (or variations) include increased immigration, a decrease in the minimum wage, more generous unemployment insurance, an increase in the capital stock, an increase in the average level of education, a discovery of new mineral deposits, technology, and removal of barriers to international trade.The wealth effect is not very important because it operates through changes in the real value of money, and money is only a small fraction of household wealth. So i