曼昆宏观经济学英语课后题答案

CHAPTER23:MEASURINGANATION’SINCOMETrue/FalseIndicatewhetherthestatementistrueorfalse.1.Thecircularflowdiagramdescribesalltransactionsbetweenhouseholdsandfirmsinasimpleeconomyandshowstheequalityofexpendituresandincome.ANSWER:TPOINTS:0/12.Grossdomesticproductincludesmostitemsproducedandsoldillicitly.ANSWER:FPOINTS:0/13.Netnationalproductisthetotalincomeofanation’sresidentsminuslossesfromdepreciation.ANSWER:TPOINTS:0/14.Disposablepersonalincomeistheincomethathouseholdsandunincorporatedbusinesshaveleftaftersatisfyingalltheirobligationstothegovernment.Itequalspersonalincomeminuspersonaltaxesandcertainnon-taxpaymentstogovernment.ANSWER:TPOINTS:0/15.ThepurchaseofnewhousesbyhouseholdsisincludedinthecalculationofpersonalconsumptionexpendituresofGDP.ANSWER:FPOINTS:0/1MultipleChoiceIdentifythechoicethatbestcompletesthestatementoranswersthequestion.1.WhenGDPfalls,a.incomeandexpendituremustbothfall.b.incomeandexpenditurecanbothrise.c.incomemustfall,butexpendituremayriseorfall.d.expendituremustfall,butincomemayriseorfall.ANSWER:APOINTS:0/12.Incomeequalsexpenditurebecausea.firmsalwayspayoutalltheirrevenueasincometosomeone.b.eachtimeasaleismade,thereisabuyerandaseller.c.householdsownthefactorsofproductionusedtogenerateincomes.d.Alloftheabovearecorrect.ANSWER:BPOINTS:0/13.Ifaprovincemakestheproductionandsaleofillicitdrugslegal,thenGDPa.mustincrease.b.mustdecrease.c.wouldn'tchange.d.mayincreaseordecrease.ANSWER:APOINTS:0/14.Whenagovernmentprovidessubsidiestoencouragegrowthofsmallbusinesses,thesubsidieswoulda.beincludedinGDPbecausetheyareinvestedbybusinesses.b.beincludedinGDPbecausetheyareaformofgovernmentspending.c.notbeincludedinGDPbecausetheyaretransferpayments.d.mayormaynotbeincludedinGDP,dependingonhowthefundsareused.ANSWER:CPOINTS:0/15.Dieselfuelisa.alwaysconsideredafinalgood.b.countedasanintermediategoodifacompanyusesittoprovidetransportationservices.c.countedasafinalgoodifafarmerusesittorunatractortogrowcrops.d.Bothbandcarecorrect.ANSWER:BPOINTS:0/16.Grossdomesticproducta.isthemarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiod(usuallyayear)b.istheincomeinthehandsofindividualsafterdeductingincometaxes;incomeavailabletohouseholdstospendandsavec.isthevalueofgoodsandservicespurchasedbyalllevelsofgovernment—federal,provincial,andlocal—inagivenperiodd.isthemarketvalueofallfinalgoodsandservicesproducedbypermanentresidentsofanationinagiventimeperiodANSWER:APOINTS:0/17.Macroeconomicsisthatbranchofeconomicsthatstudiesa.theconditionsofindividualmarketsb.theinfluenceofgovernmentsonindividualmarketsc.economy-widephenomenad.onlytheprivatesectoroftheeconomyANSWER:CPOINTS:0/18.SupposethatnominalGDPis$6,000billionandrealGDPis$3,000.WhatistheGDPpricedeflator?a.125b.150c.200d.250ANSWER:CPOINTS:0/19.Thepurchaseoffinalgoodsandservicesbyhouseholdsiscalleda.investmentb.publicsectorexpenditurec.consumptiond.netexportsANSWER:CPOINTS:0/110.Investmentisthepurchaseofcapitalequipment,inventories,anda.structuresb.non-durablegoodsc.depreciationd.importinvestmentANSWER:APOINTS:0/111.Transferpaymentsa.areincludedinGDPbecausetheyareformsofincomeb.areincludedinGDPbecausegoodsandserviceshavebeenproducedinthetransferc.areNOTincludedintheGDPbecausegoodsandserviceshavenotbeenproducedinthetransferd.areincludedinGDPbecausetheyrepresenttheproductionoftransfersofgoodsandservicestoforeigncountriesANSWER:CPOINTS:0/112.Whichofthefollowingwouldbeconsideredconsumptionexpenditure?a.TheSmithsbuyahomebuiltin1990.b.ThefederalgovernmentpaysthesalaryofacaptainintheArmedForces.c.TheHostlersbuyanewcarthatwasmanufacturedinGermany.d.Thegovernmentbuysfoodforitsarmedforces.ANSWER:CPOINTS:0/113.ThemethodthatmeasuresGDPinrelationshiptothesizeofthepopulationiscalleda.GNPb.workerGDPc.GDPperpersond.capitalGDPANSWER:CPOINTS:0/114.ThecomponentsofGDParea.C+I+Gb.NX+G+Cc.C+G+NXd.C+I+G+NXANSWER:DPOINTS:0/115.SupposenominalGDPis$7700andtheGDPdeflatoris110.RealGDPisa.$7700b.$7000c.$847,000d.$8470ANSWER:BPOINTS:0/1ShortAnswer1.Whatarethecomponentsofgrossdomesticproduct(GDP)?RESPONSE:ANSWER:ThecomponentsofGDPare:(1)consumptionspendingbyhouseholdsongoodsandservices,withtheexceptionofpurchasesofnewhousing;(2)Investmentspendingoncapitalequipment,inventories,andstructures,includinghouseholdpurchasesofnewhousing;(3)governmentpurchasesorspendingongoodsandservicesbythelocal,provincial,andfederallevelsgovernments;and(4)netexportswhichisspendingondomesticallyproducedgoodsandservicesbyforeigners(exports)minusspendingonforeigngoodsandservicesbydomesticresident(imports).POINTS:--/12.Differentiatebetweengrossdomesticproduct(GDP)andgrossnationalproduct(GNP).RESPONSE:ANSWER:GDPisthevalueofallfinalgoodsandservicesproducedwithinacountryinagivenyear;whileGNPisthetotalincomeearnedbyanation’spermanentresidentsornationals(thatis,Canadians).GNPdiffersfromGDPbyincludingincomethatcitizensofthenation(Canada)earnedaboard,andexcludingincomethatforeignersearnintheparticularcountry(E.g.inCanada).POINTS:--/13.DifferentiatebetweenrealGDPandnominalGDP.RESPONSE:ANSWER:NominalGDPisthevalueofallfinalgoo