曼昆宏觀經(jīng)濟學最新英文版參考答案第33章

1、Chapter 30Problems and Applicat ions1. a. The curre nt state of the economy is show n in Figure 6. The aggregate-dema ndcurve and short-ru n aggregate-supply curve in tersect at the same point on the lon g-ru n aggregate-supply curve.b. A stock market crash leads to a leftward shift of aggregate dem

2、a nd. The equilibrium level of output and the price level will fall. Because the quantity of output is less tha n the n atural rate of output, the un employme nt rate will rise above the n atural rate of un employme nt.c. If nominal wages are unchanged as the price level falls, firms will be forced

3、to cut back on employment and production. Over time as expectations adjust, the short-ru n aggregate-supply curve will shift to the right, moving the economy back to the n atural rate of output.2. a.When the Un ited States experie nces a wave of immigratio n, the labor forcein creases, so lon g-ru n

4、 aggregate supply shifts to the right.b. When Con gress raises the mini mum wage to $10 per hour, the n atural rate of unemployment rises, so the long-run aggregate-supply curve shifts to the left.c. When In tel invents a new and more powerful computer chip, productivityin creases, so lon g-ru n agg

5、regate supply in creases because more output can be produced with the same in puts.When a severe hurrica ne damages factories along the East Coast, the capital stock is smaller, so lon g-ru n aggregate supply decli nes.3. a.The current state of the economy is shown in Figure 7. The aggregate-demand

6、curve and short-ru n aggregate-supply curve in tersect at the same point on the Ion g-ru n aggregate-supply curve.PricLevelLRASb.c.d.e.f.NaturalQuantityRate ofof OutputOutputFigure 7If the cen tral bank in creases the money supply, aggregate dema nd shifts tothe right (to point B). I n the short run

7、, there is an in crease in output and the price level.Over time, nominal wages, prices, and perceptions will adjust to this new pricelevel. As a result, the short-ru n aggregate-supply curve will shift to the left.The economy will retur n to its n atural rate of output (po int C).According to the st

8、icky-wage theory, nominal wages at points A and B areequal. However, nominal wages at point C are higher.According to the sticky-wage theory, real wages at point B are lower than real wages at point A. However, real wages at points A and C are equal.Yes, this an alysis is con siste nt with lon g-ru

9、n mon etary n eutrality .In the longrun, an in crease in the money supply causes an in crease in the nominal wage,but leaves the real wage un cha nged.4. The idea of le ngthe ning the shopp ing period betwee n Than ksgiv ing and Christmas was to in crease aggregate dema nd. As Figure 8 shows, this c

10、ould in crease output back to its Iong-run equilibrium level.a號 8-Quantity of OutputFigure 85. a.The stateme nt that the aggregate-dema nd curve slopes dow nward because itis the horiz on tal sum of the dema nd curves for in dividual goods is false. The aggregate-dema nd curve slopes dow nward becau

11、se a fall in the price level raises the overall qua ntity of goods and services dema nded through the wealth effect, the in terest-rate effect, and the excha nge-rate effect.b. The stateme nt that the lon g-ru n aggregate-supply curve is vertical because econo mic forces do not affect lon g-ru n agg

12、regate supply is false. Econo mic forces of various kinds (such as population and productivity) do affect long-run aggregate supply. The lon g-ru n aggregate-supply curve is vertical because the price level does not affect lon g-ru n aggregate supply.c. The stateme nt that if firms adjusted their pr

13、ices every day, the n the short-ru naggregate-supply curve would be horiz on tal is false. If firms adjusted prices quickly and if sticky prices were the only possible cause for the upward slope of the short-ru n aggregate-supply curve, the n the short-ru n aggregate-supply curve would be vertical,

14、not horiz on tal. The short-ru n aggregate supply curve would be horiz on tal only if prices were completelyfixed.d. The stateme nt that whe never the economy en ters a recessi on, its lon g-ru n aggregate-supply curve shifts to the left is false. An economy could enter a recessi on if either the ag

15、gregate-dema nd curve or the short-ru n aggregate-supply curve shifts to the left.a. Accord ing to the sticky-wage theory, the economy is in a recessi on becausethe price level has decli ned so that real wages are too high, thus labor dema nd is too low. Over time, as nominal wages are adjusted so t

16、hat real wages decline, the economy returns to full employment.According to the sticky-price theory, the economy is in a recession because not all prices adjust quickly. Over time, firms are able to adjust their prices more fully, and the economy retur ns to the lon g-ru n aggregate-supply curve.Acc

17、ord ing to the mispercepti ons theory, the economy is in a recessi on whe n the price level is below what was expected. Over time, as people observe the lower price level, their expectati ons adjust, and the economy retur ns to the lon g-ru n aggregate-supply curve.b. The speed of the recovery in ea

18、ch theory depe nds on how quickly priceexpectati ons, wages, and prices adjust.SEX 內(nèi)QuMtlty of OutputFigure 96. If the Fed in creases the money supply and people expect a higher price level, the aggregate-dema nd curve shifts to the right and the short-ru n aggregate-supply curve shifts to the left,

19、 as shown in Figure 9. The economy moves from point A to point B, with no cha nge in output and a rise in the price level (toP2). If the public does notcha nge its expectati on of the price level, the short-ru n aggregate-supply curve does not shift, the economy ends up at point C, and output in cre

20、ases along with the price level (to P3).Figure 10 depicts an economy in a recession. The short-run aggregate-supply curve isAS1 and the economy is at equilibrium at point A, which is to the left of the long-runaggregate-supply curve. If policymakers take no action, the economy will return to the Ion

21、 g-ru n aggregate-supply curve over time as the short-ru n aggregate-supply curve shifts to the right toAS2. The economys new equilibrium is at point B.9. a.b.c.d.Figure 10People will likely expect that the new chairman will not actively fight inflation so they will expect the price level to rise.If

22、 people believe that the price level will be higher over the n ext year, workers will want higher nominal wages.Higher labor costs lead to reduced profitability.The short-run aggregate-supply curve will shift to the left as shown in Figure11.Figure 11e. A decli ne in short-ru n aggregate supply lead

23、s to reduced output and a higher price level.f. No, this choice was probably not wise. The end result is stagflation, whichprovides limited choices in terms of policies to remedy the situation.Figure 12OA雪10. a. If households decide to save a larger share of their in come, they must spe nd less on c

24、onsumer goods, so the aggregate-demand curve shifts to the left, as shown in Figure 12. The equilibrium changes from point A to point B, so the price level decli nes and output decli nes.b. If Florida orange groves suffer a prolon ged period of below-freez ingtemperatures, the ora nge harvest will b

25、e reduced. This decli ne in the n atural rate of output is represented in Figure 13 by a shift to the left in both the short-ru n and lon g-ru n aggregate-supply curves. The equilibrium cha nges from point A to point B, so the price level rises and output declines.FMLevelof OutputPrice Levelof Outpu

26、tFigure 14c.If in creased job opportu nities cause people to leave the cou ntry, the Ion g-ru n and short-run aggregate-supply curves will shift to the left because there are fewer people produc ing output. The aggregate-dema nd curve will shift to the left because there are fewer people con sum ing

27、 goods and services. The result is a decline in the quantity of output, as Figure 14 shows. Whether the price level rises or declines depends on the relative sizes of the shifts in the aggregate-dema nd curve and the aggregate-supply curves.11.a.When the stock market decli nes sharply, wealth decli

28、nes, so the aggregate-demand curve shifts to the left, as shown in Figure 15. In the short run, the economy moves from point A to point B, as output decli nes and the price level decli nes. In the long run, the short-ru n aggregate-supply curve shifts to the right to restore equilibrium at point C,

29、with unchanged output anda lower price level compared to point A.Quantity ot Outputh Quantity of OutputrnAaIss 巳Figure 16b. When the federal gover nment in creases spe nding on n ati onal defe nse, the rise in gover nment purchases shifts the aggregate-dema nd curve to the right, as show n in Figure

30、 16. 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 un cha nged output and a higher price level compared to point A.LRASi LRAS2VAU-I ss p

31、 pQuantity of OutputFigure 17c. When a tech no logical improveme nt raises productivity, the Ion g-ru n andshort-ru n aggregate-supply curves shift to the right, as show n in Figure 17.The economy moves from point A to point B, as output rises and the price level decli nes.Quantity of OutputFigure 1

32、8-3Q_1一QuMdd. When a recessi on overseas causes foreig ners to buy fewer U.S. goods, netexports decline, so the aggregate-demand curve shifts to the left, as shown inFigure 18. In the short run, the economy moves from point A to point B, asoutput declines and the price level declines. In the long ru

33、n, the short-run aggregate-supply curve shifts to the right to restore equilibrium at point C,12.with unchanged output and a lower price level compared to point A.a. If firms become optimistic about future bus in ess con diti ons and in creasein vestme nt, the result is show n in Figure 19. The econ

34、omy beg ins at point Awith aggregate-dema nd curveAD1 and short-ru n aggregate-supply curveAS1.The equilibrium has price levelP1 and output level). In creased optimismleads to greater in vestme nt, so the aggregate-dema nd curve shifts toAD2.Now the economy is at point B, with price levelP2 and output levelY2. Theaggregate quantity of output supplied rises beca