曼昆《經(jīng)濟(jì)學(xué)原理》(宏觀)第五版測(cè)試題庫(kù)

1、ANS: FDIF:1REF:26-1NAT: An alyticLOC: The Study of econo mics,and defi niti ons of econo micsTOP: Bonds | StockMSC: Defi nitio nalChapter 26Saving, Investment, and the Financial SystemTRUE/FALSE1.The finan cial system coord in ates in vestme nt and sav ing, which are importa nt determi nan ts of lo

2、ng-ru n realGDP.ANS: TDIF:1REF: 26-1NAT: An alyticLOC: The Study of econo mics, and defi niti ons of econo micsTOP:In vestme nt | Savi ngMSC: Defi nitio nal2.Whe n econo mists refer to in vestme nt, they mean the purchas ing of stocks and bonds and other types of saving.ANS: FDIF:1REF: 26-1NAT: An a

3、lyticLOC:The Study of econo mics, and defi niti ons of econo micsTOP: In vestme nt | Savi ngMSC:Definitional3.Banks and mutual funds are examples of finan cial markets.ANS: FDIF:1REF:26-1NAT: An alyticLOC:The Study of econo mics, and defi niti ons of econo micsTOP:Finan cial in termediaries | Finan

4、cial marketsMSC: Defin iti onal4.When a firm wants to borrow directly from the public to finance the purchase of new equipment, it does so by selling shares of stock.ANS: FDIF:1REF: 26-1NAT: An alyticLOC: The Study of econo mics, and defi niti ons of econo micsTOP: Bonds | StockMSC: Defi nitio nal5.

5、Most en trepre neurs finance their purchases of real capital using their past sav ing.ANS: FDIF:1REF: 26-1NAT: An alyticLOC:The Study of econo mics, and defi niti ons of econo micsTOP:In vestme ntMSC: Defi nitio nal6.Other things the same, the higher the rate of sav ing and in vestme nt in a cou ntr

6、y, the higher will be the sta ndardof liv ing.ANS: TDIF:1REF: 26-1NAT: An alyticLOC: The Study of econo mics, and defi niti ons of econo micsTOP: Sav ing | In vestme ntMSC: In terpretive7.Len ders sell bonds and borrowers buy them.ANS: FDIF:1REF: 26-1NAT: An alyticLOC:The Study of econo mics, and de

7、fi niti ons of econo micsTOP:BondsMSC: Defi nitio nal8.When a firm wants to borrow directly from the public to finance the purchase of new equipment, it does so by selling bon ds.ANS: TDIF:1REF: 26-1NAT: An alyticLOC: The Study of econo mics, and defi niti ons of econo micsTOP: Bonds | StockMSC: Def

8、i nitio nal9.Other things the same, corporate bonds gen erally feature higher in terest rates tha n U.S. gover nment bon ds.ANS: TDIF:1REF:26-1NAT:An alyticLOC:The Study of econo mics,and defi niti ons of econo micsTOP:BondsMSC:Defi nitio nal10.The saleof either stocks or bonds to raise money isknow

9、nas equity finance.When a corporation experiences financial problems, bondholders are paid before stockholders. TDIF: 1 REF:26-1AnalyticLOC: The Study of economics, and definitions of economicsBonds | StockCorporations receive noproceeds from theresale of their stock. TAnalyticLOC:StockMSC:Generally

10、, if people begin to expect a company to have higher future profits, the price of the company will beginto decrease.FDIF:AnalyticStockIf a share of stock inSkylight Chili sells for $75, the retained earnings per share are $5, and the divided per share is $2, then theprice-earnings ratio is 15.FDIF:A

11、nalyticLOC:StockMSC:ApplicativeMutual funds are a type of financial intermediary.TDIF: 1 REF: 26-1AnalyticLOC: The Study of economics, and definitions of economicsMutual funds | Financial intermediariesMSC: DefinitionalIndex funds are usually outperformed by mutual funds that are actively managed by

12、 professional moneymanagers.F AnalyticMutual fundsTo state that national saving is equal to investment, for a closed economy, is to state an accounting identity.T DIF:1 REF: 26-2Analytic LOC:The Study of economics, and definitions of economicsIdentities MSC:InterpretiveNational saving is equal to Y

13、- T - C.F DIF:2 REF: 26-2Analytic LOC:The Study of economics, and definitions of economicsNational savingMSC: InterpretivePublic saving is T - G, while private saving is Y - T - C.T DIF:1 REF: 26-211.ANS:NAT:TOP:12.ANS:NAT:TOP:13.ANS:NAT:TOP:14.ANS:NAT:TOP:15.ANS:NAT:TOP:16.ANS:NAT:TOP:17.ANS:NAT:TO

14、P:18.ANS:NAT:TOP:19.ANS:NAT:TOP:20.ANS:NAT:TOP:21.ANS:NAT:1 REF: 26-1The Study of economics, and definitions of economicsDefinitional2 REF: 26-1The Study of economics, and definitions of economicsInterpretive2 REF: 26-1The Study of economics, and definitions of economicsIf people become less optimis

15、tic about the future earnings of Hyde Park Jazz Studio, then the price of thecompanyT Analytic Stock.s stock will fall.DIF:LOC:MSC: Interpretive1 REF: 26-1The Study of economics, and definitions of economicsDIF:LOC:1 REF: 26-1The Study of economics, and definitions of economicsMSC: DefinitionalTOP:A

16、nalytic LOC:The Study of economics, and definitions of economicsPrivate saving | Public savingMSC: InterpretivePublic saving is equal to national saving minus private saving.T DIF:2 REF: 26-2Analytic LOC:The Study of economics, and definitions of economicsMSC:National savingDefinitional22.To state t

17、hat public saving is equal to investment, for a closed economy, is to state an accounting identity. ANS:F DIF:1 REF: 26-2NAT:AnalyticLOC: The Study of economics, and definitions of economicsTOP:IdentitiesMSC: Interpretive23.In a closed economy, investment must be equal to private saving.ANS:FDIF:2 R

18、EF: 26-2NAT:AnalyticLOC: The Study of economics, and definitions of economicsTOP: Private saving | InvestmentMSC: Definitional24.If, for an imaginary closed economy, investment amounts to $10,000 and the government is running a $2,500deficit, then private saving must amount to $12,500.ANS: TDIF: 2 R

19、EF: 26-2NAT: AnalyticLOC: The Study of economics, and definitions of economicsTOP: Identities | Private saving | Investment MSC: Applicative25.If, for an imaginary closed economy, investment amounts to $12,000 and the government is running a $2,000deficit, then private saving must amount to $10,000.

20、ANS: FDIF: 2 REF: 26-2NAT: AnalyticLOC: The Study of economics, and definitions of economicsTOP: Identities | Private saving | Investment MSC: Applicative26.Suppose a small closed economy has GDP of $5 billion, consumption of $3 billion, and governmentexpenditures of $1 billion. Then investment and

21、national saving are both $1 billion.ANS: TDIF: 2 REF: 26-2NAT: AnalyticLOC: The Study of economics, and definitions of economicsTOP: National saving | InvestmentMSC: Applicative27.Joan uses some of her income to buy mutual fund shares. A macroeconomist refers to Joans purchase asinvestment.ANS: FDIF

22、: 1 REF: 26-2NAT: AnalyticLOC: The Study of economics, and definitions of economicsTOP: Saving | InvestmentMSC: Interpretive28.Alberta buys a paint sprayer and a lift for her car customizing shop. A macroeconomist would refer to thesepurchases as investment.ANS:TDIF:1 REF: 26-2NAT:AnalyticLOC: The S

23、tudy of economics, and definitions of economicsTOP:InvestmentMSC: Interpretive29.The demand for loanable funds comes from saving and the supply of loanable funds comes from investment.ANS: F DIF:1 REF: 26-3NAT:AnalyticLOC: The Study of economics, and definitions of economicsTOP: Market for loanable

24、fundsMSC: Definitional30.A decrease in taxes on interest income would increase the interest rate.ANS: FDIF: 2 REF: 26-3NAT: AnalyticLOC: The Study of economics, and definitions of economicsTOP: Saving | Market for loanable fundsMSC: Applicative31.If Congress instituted an investment tax credit, the

25、demand for loanable funds would shift rightward.ANS:TDIF:2 REF: 26-3NAT:AnalyticLOC: The Study of economics, and definitions of economicsTOP:InvestmentMSC:Applicative32.When the government budget deficit rises, national saving is reduced, interest rates rise, and investment falls.ANS: T DIF:2REF: 26

26、-3NAT:AnalyticLOC: The Study of economics, and definitions of economicsTOP:Budget deficitsMSC:ApplicativeThe term crowding out refers to decreases in the interest rate caused by government budget surpluses.FDIF: 2 REF: 26-3AnalyticLOC: The Study of economics, and definitions of economicsCrowding out

27、 MSC: DefinitionalWhen the U.S. government is in debt during a given year, it follows that its budget is in deficit for that year. FDIF: 1 REF: 26-3AnalyticLOC: The Study of economics, and definitions of economicsGovernment debt | Budget deficitsMSC: InterpretiveThe ratio of government debt to GDP w

28、as higher during the Reagan presidency than at any previous time inU.S. history.FDIF: 1 REF: 26-3AnalyticLOC: The Study of economics, and definitions of economicsGovernment debt MSC: DefinitionalAn increase in the demand for loanable funds increases the equilibrium interest rate and increases theequ

29、ilibrium level of saving.T DIF: 2 REF: 26-3Analytic LOC: Understanding and applying economic modelsMarket for loanable funds MSC: ApplicativeAn increase in the demand for loanable funds increases the equilibrium interest rate and decreases theequilibrium level of saving.F DIF: 2 REF: 26-3Analytic LO

30、C: Understanding and applying economic modelsMarket for loanable funds MSC: ApplicativeThe term loanable funds refers to all income that is not used for consumption.FDIF: 2 REF: 26-3AnalyticLOC: The Study of economics, and definitions of economicsMarket for loanable funds MSC: DefinitionalThe term l

31、oanable funds refers to all income that is not used for consumption or government expenditures. TDIF: 2 REF: 26-3AnalyticLOC: The Study of economics, and definitions of economicsMarket for loanable funds MSC: DefinitionalWe interpret the term loanable funds to mean the flow of resources available to

32、 fund private investment.TDIF: 2 REF: 26-3AnalyticLOC: The Study of economics, and definitions of economicsMarket for loanable funds MSC: InterpretiveAn increase in the budget deficit shifts the demand for loanable funds to the right.FDIF: 2 REF: 26-3AnalyticLOC: The Study of economics, and definiti

33、ons of economicsBudget deficits MSC: ApplicativeA government may use deficit financing to smooth tax rates over time.T DIF: 2 REF: 26-3The Study of economics, and definitions of economics MSC: Analytic33.ANS:NAT:TOP:34.ANS:NAT:TOP:35.ANS:NAT:TOP:36.ANS:NAT:TOP:37.ANS:NAT:TOP:38.ANS:NAT:TOP:39.ANS:NA

34、T:TOP:40.ANS:NAT:TOP:41.ANS:NAT:TOP:42.ANS:NAT:TOP:Analytic LOC:Budget deficitsDIF: 2 REF: 26-1 NAT: AnalyticLOC: The Study of economics, and definitions of economicsTOP: BondsMSC: AnalyticalSHORT ANSWER1.What are the basic differences between bonds and stocks?ANS:A bond is a certificate of indebted

35、ness that specifies the obligations of the borrower to the holder of the bond, whilestock represents a share of ownership in a firm and is, therefore, a claim on the profits that the firm makes. The sale ofbonds to raise money is called debt finance, while the sale of stock is called equity finance.

36、 Whereas the owner ofshares of stock in a company share in the profits of a company, the owner of bonds receives a fixed interest rate.Compared to bonds, stocks offer the holder both higher risk and a potentially higher return.DIF: 2 REF: 26-1 NAT: AnalyticLOC: The Study of economics, and definition

37、s of economicsTOP: Stock | BondsMSC: Interpretive2.Which of the two bonds in each example would you expect to generally pay the higher interest rate? Explainwhy.a.a U.S. government bond or a Brazilian government bondb.a U.S. government bond or a municipal bond with the same term and issued by a cred

38、itworthy municipality.c.a 6-month Treasury bill or a 20-year Treasury bondd.a Microsoft bond or a bond issued by a new recording companyANS:a.The Brazilian government bond would likely pay a higher interest rate because the market perceives ahigher level of risk for the Brazilian bond relative to th

39、e U.S. bond.b.Because of the tax advantages of municipal bonds, the U.S. government bond would likely pay the higherinterest rate.c.The 20-year bond would likely pay a higher interest rate than would the 6-month bill. The future is uncertainand therefore more risky for a 20-year bond than for a 6-mo

40、nth bill.d.Since Microsoft is less likely to default than a new and unknown company, the interest on the bond of thenew company is likely to be higher.DIF: 2 REF: 26-1 NAT: AnalyticLOC: The Study of economics, and definitions of economicsTOP: BondsMSC: Applicative3.Suppose that you are a broker and

41、people tell you the following about themselves. What sort of bond wouldyou recommend to each? Defend your choices.a.I am in a high federal income tax bracket and I dont want to take very much risk.b.I want a high return and I am willing to take a lot of risk to get it.c.I want a decent return and I

42、have enough deductions that I dont value tax breaks highly.ANS:a.A municipal bond. Municipal bonds generally have low credit risk and are not subject to federal income tax.b.A junk bond. Junks bonds have a high return because they have high risk.c.A corporate bond that isnt a junk bond. Corporate bo

43、nds have more risk than government bonds but haveno special tax treatment, so they pay moderate rates of return.4.Your brother-in-law wants to buy either stock or bonds in Cedar Valley Furniture, which manufactureswooden furniture. He wants your advice on whether to buy stock or bonds. Explain how e

44、ach of his quotes belowshould affect his choice between the stock and the bond.a.I have reason to believe that people are soon going to find rocking chairs have health benefits.b.I would like to tell people I am part owner of Cedar Valley Furniture.c.I do not want to take on much risk.ANS:a.Presumab

45、ly, when this happens, unless everyone else has anticipated it, dividends, the price of the stock, orboth will increase. The interest rate on bonds will not change as profits increase, so this quote suggests buyingstock would better suit your brother-in laws purposes.b.Bondholders are simply credito

46、rs, while stockholders are part owners. So this quote indicates yourbrother-in-law would prefer to buy stock.c.In case of financial difficulties stockholders get paid after bondholders, so the stock is somewhat more risky. So,your brother-in-law may prefer the bond.DIF: 2 REF: 26-1 NAT: AnalyticLOC:

47、 The Study of economics, and definitions of economicsTOP: Stock | BondsMSC: Interpretive5.Suppose the Move It! exercise chain has revenues of $45 million, accounting costs of $15 million, andcurrently has issued 10 million shares of stocks selling at $90 each. Compute the price-earning ratio. Show y

48、our work.Is this ratio relatively high or low? What might an increase in the price-earnings ratio indicate?ANS:The earnings per share is ($45 million - $15 million)/10 million = $3. So, the price-earnings ratio is $90/$3 = 30.This is a high P/E ratio, as the historical average for the market is abou

49、t 15. An increase in the PE ratio may indicate thepeople expect the firm to have higher earnings in the future or that the stock has become overvalued.DIF: 2 REF: 26-1 NAT: AnalyticLOC: The Study of economics, and definitions of economicsTOP: StockMSC: Analytical6.In the national income accounting i

50、dentity showing the equality between national saving and investment, whatare the algebraic expressions for private saving and public saving?ANS:Private saving is Y - C - T, Public Saving is T - GDIF: 2 REF: 26-2NAT: AnalyticLOC: The Study of economics, and definitions of economicsTOP: Private saving

51、 | Public savingMSC: Interpretive7.Identify each of the following acts as representing either saving or investment.a.Fred uses some of his income to buy government bonds.b.Julie takes some of her income and buys mutual funds.c.Alex purchases a new truck for his delivery business using borrowed funds

52、.d.Elaine uses some of her income to buy stock in a major corporation.e.Henrietta hires a builder to construct a new building for her bicycle shop.ANS:a.Fred is saving.b.Julie is saving.c.Alex is investing.d.Elaine is saving.e.Henrietta is investing.DIF: 1 REF: 26-2 NAT: AnalyticLOC: The Study of ec

53、onomics, and definitions of economicsTOP: Saving | InvestmentMSC: Interpretive8.Draw and label a graph showing equilibrium in the market for loanable funds.ANS:DIF:1REF: 26-3NAT: An alyticLOC:Un dersta nding and Appl ying Econo mic Models TOP:Market for loa nable fundsMSC: In terpretive9.Expla in wh

54、y the dema nd for loa nable funds slopes dow nward and why the supply of loa nable funds slopesupward.ANS:When the in terest rate rises in vestme nt spe nding becomes more expe nsive, so people in vest less. As the in terest raterises sav ing becomes more reward ing, so people want to save more. The

55、 in verse relati on betwee n in terest and borrowing is reflected in the dow nward slope of the dema nd for loa nable funds curve. The positive relati on betwee n in terest andsav ing is reflected in the upward slope of the supply of loa nable funds curve.DIF:2REF: 26-3NAT: An alyticLOC:Un dersta nd

56、ing and Appl ying Econo mic Models TOP:Market for loa nable fundsMSC: In terpretive10.The model of the market for loanable funds shows that an investment tax credit will cause interest rates to rise andinvestment to rise. Yet we also suppose that higher interest rates lead to lower investment. How c

57、an these two conclusi ons be recon ciled?ANS:The claim that an in crease in the in terest rate decreases in vestme nt supposes that only the in terest rate cha nges andeverything else is constant. The investment tax credit causes investment to rise at each interest rate. As firms want toborrow more

58、the interest rate will rise. The rise in interest rates does make investment less than it would otherwise be, butunl ess the supply of loa nable funds is vertical, the in crease in in vestme nt dema nd from the tax credit is larger tha n thedecrease in in vestme nt dema nd from the ris ing in terest

59、 rate.DIF:3REF: 26-3NAT: An alyticLOC:Un dersta nding and Appl ying Econo mic Models TOP:In vestme ntMSC: An alyticalANS:BDIF:2REF: 26-0NAT:AnalyticLOC: The study of econo mics, and defi niti ons of econo micsTOP: In vestme ntMSC: In terpretive11.Using a graph represe nti ng the market for loa nable

60、 fun ds, show and expla in what happe ns to in terest rates andinvestment if the government budget goes from a deficit to a surplus.ANS:As shown in the graph below, the economy starts in equilibrium at point Eowith interest rate roand equilibrium quantity ofsaving and investment at q。. If the govern