Macroeconomics-习题集1

-1-习题集一Question1InAustralia,using2000-01asthebaseyear,wewouldfindthat:a)NominalGDPisalwayslargerthanrealGDP.b)RealGDPisalwayslargerthannominalGDPfortheperiod1960to2000.c)RealGDPislargerthannominalGDPfrom1998to2002.d)RealGDPissmallerthannominalGDPfrom1988to1995.e)RealGDPandnominalGDPwouldbeequalfortheentireperiod.Note:pleaseseefigure2.1onpage31ofthetextbook.Question2Duringthedate1990s,JapanexperiencedreductionsintheGDPdeflator.Giventhisinformation,weknowwithcertaintythat:a)RealGDPfellduringtheseperiods.b)RealGDPdidnotchangeduringtheseperiods.c)TheoverallpricelevelinJapandecreasedduringtheseperiods.d)BothrealGDPandtheoverallpriceleveldecreasedduringtheseperiods.Question3SupposethatinJanuary2003inAustralia,200millionpeopleareworking,20millionarenotworkingbutarelookingforwork,and40millionarenotworkingandhavegivenuplookingforwork.Theofficialunemploymentrateforthatmonthis:a)7.7%b)9.1%c)10%d)23%e)30%Question4AcountryusingtheAustraliansystemofunemploymentstatisticshas100millionpeople,ofwhom50millionareworkingage.Ofthese50million,20millionhavejobs.Oftheremainder:10millionareactivelysearchingforjobs;10millionwouldlikejobsbutarenotsearching;and10milliondonotwantjobsatall.Thelabourforceis:a)10millionb)20million-2-c)30milliond)40millione)50millionQuestion5Supposetheconsumptionequationisrepresentedbythefollowing:C=100+.75YD.Themultiplierinthiseconomyis_______.a)0.25b)0.75c)1.33d)2e)4Question6Theparadoxofsavingsuggeststhatanincreaseinthedesiretosavewillcause:a)AninceaseinequilibriumGDP.b)AreductioninGDP.c)Anincreaseinthedesiretoinvest.d)NochangeinequilibriumGDP.e)Apermanentincreaseinthelevelofsaving.Note:Pleaseseedefinitionof“paradoxofsaving”onpage674ofthetextbook.(savingS↑→Y↓→S↓(S=Y-T-C)so,savingisunchanged)Question7WhenC=C0+C1YD,anincreaseinC0willcausewhichofthefollowingtoincrease?a)Equilibriumincomeb)Equilibriumdisposableincomec)Equilibriumsavingd)Alloftheabovee)NoneoftheaboveQuestion8Supposethecentralbankwishestoconductexpansionarymonetarypolicy.Giventhis,wewouldexpectwhichofthefollowingtooccur?a)Acentralbankpurchaseofbondsandanincreaseintheinterestrateb)Acentralbankpurchaseofbondsandareductionintheinterestrate-3-c)Acentralbanksaleofbondsandanincreaseintheinterestrated)AcentralbanksaleofbondsandareductionintheinterestrateQuestion9Supposethemoneysupplydecreased.Whichofthefollowingeventscouldcausethis?a)Anincreaseinthemonetarybaseb)Adecreaseintheratioofreservestodepositsc)Ashiftinpublicpreferencesawayfromcurrencytowardcurrentaccountdepositsd)Alloftheabovee)NoneoftheaboveQuestion10Supposethereisanopenmarketsaleofbonds.Suchaneventwillcause:a)Anincreaseinbondpricesandanincreaseintheinterestrate(i)b)Areductioninbondpricesandanincreaseini.c)Anincreaseinbondpricesandareductionini.d)Areductioninabondpricesandareductionini.e)NoneoftheaboveQuestion11Afteracontractionaryfiscalpolicy:a)TheLMcurveshiftsandwemovealongtheIScurve.b)TheIScurveshiftsandwemovealongtheLMcurve.c)BoththeISandLMcurveshift.d)NeithertheISnortheLMcurveshifts.e)OutputwillchangecausingachageinmoneydemandandashiftoftheLMcurve.Quetsion12Supposethereisataxcut.Whichofthefollowingrepresentsthecompletelistofvariablesthatmustincreaseinresponsetothistaxcut?a)Consumptionb)Consumptionandinvestmentc)Consumption,investmentandoutputd)Consumptionandoutpute)Consumption,outputandtheinterestrate-4-Question13Ifefficiencywagetheoryisvalid,wewouldexpectarelativelyhighpremiumoverthereservationwagewhen:a)Theunemploymentrateishigh.b)Thejobrequiresverylittletraining.c)Workerscannotbeeasilymonitored.d)Workershavefewotheroptionsforemploymentinthearea.e)AlloftheaboveQuestion14Thenaturallevelofoutputisthelevelofoutputthatoccurswhen:a)Thegoodsmarketisinequilibrium.b)Theeconomyisoperatingattheunemploymentrateconsistentwithboththewage-settingandprice-settingequations.c)Thefinancialmarketsareinequilibrium.d)Theunemploymentrateiszero.e)Boththegoodsandfinancialmarketsareinequilibrium.Question15UsethefollowingPhillipscurveequationtoanswerthisquestion:πt-πt-1=(μ+z)-αut.Apermanentreductionintheunemploymentratecauses:a)Anincreaseinthemarkupoverlabourcosts.b)Adecreaseinthemarkupoverlabourcosts.c)Anincreaseintheinflationrateovertime.d)Adecreaseintheinflationrateovertime.e)NoneoftheaboveQuestion16Ifpolicymakersunderestimatethenaturalrateofunemployment,theymayfollowpoliciesthatcauseAustraliatohave:a)Moreunemploymentthannecessary.b)Anunemploymentratethatis“tohigh”c)Ahigherinflationratethannecessary.d)Asteadilydecreasinginflationrate.e)Adramaticallyfluctuatingunemploymentrate.-5-Question17BasedonadynamicADrelationwhenthecentralbankcontrolsnominalmoney,outputgrowthwillequalzerowhenwhichofthefollowingconditionsissatisfied?a)0%nominalmoneygrowth;4%inflationb)4%nonminalmoneygrowth;0%inflationc)-4%nominalmoneygrowth;3%inflationd)4%nominalmoneygrowth;4%inflatione)NoneoftheaboveNote:dynamicADrelation:gy=gm-.So,ifgm==4%,gy=0.Question18Inthemediumrun,areductionintherateofinflationtargetwillcause:a)Anincreaseinthesizeofthesacrificeratio.b)Areductioninthesizeofthesacrificeratio.c)Areductioninadjustedmoneygrowth.d)A