上年宏經(jīng)期末考卷子[1]-

1、Macroeconomics Final Test 2009I. Multiple choice (1 points per each. In total 40 points紅色是答案1 A car that is produced in 2004 is not sold until 2005. According to the definition of GDP, in which year's GDP should it be counted?A 2004B 2005C both yearsD 2004 real GDP; 2005 nominal GDP2 Which of th

2、e following transactions would be included in the official calculation of GDP?A A student buys a used text book at the bookstore.B Firestone sells $2 million worth of tires to General Motors.C You wash and wax your father's car as a favor to him.D You buy a new iPod.E You illegally download musi

3、c off the Internet to put on your new iPod.3 Which of the following accurately describes an effect of the hurricane Katrina on U.S. GDP?A GDP would decrease reflecting the costs of cleanup.B GDP would increase reflecting the costs of cleanup.C GDP would increase reflecting the decrease in production

4、 that occurred during the storm and the productive capacity lost in the storm.D GDP would increase well being.4 A full time student who is not working is categorized asA unemployed.B employed.C not in the labor force.D a discouraged worker.E frictionally unemployed.5 The labor force participation ra

5、te is defined asA the percentage of the working-age population that is employed.B the percentage of the working-age population that is unemployed.C the percentage of the labor force that is employed.D the percentage of the labor force that is unemployed.E the percentage of the working-age population

6、 in the labor force.6 _ are financial securities that represent promises to repay a fixed amount of funds.A StocksB BondsC Savings accountsD Certificates of deposit7 Endogenous growth theoryA states that the rate of technological change is determined outside the working of the market system.B does n

7、ot adequately explain the factors that determine productivity.C states that the rate of technological change is caused by economic incentives.D states that the rate of technological change is unaffected by economic incentives.8 An explanation for the productivity slowdown in the U.S.A. from 1973 thr

8、ough 1995, isA measurement problems.B creative destruction.C a decline in oil prices.D an increase in labor quality.9 There is an unplanned increase in inventories whenA actual inventory investment equals planned inventory investment.B actual inventory investment is less than planned inventory inves

9、tment.C actual inventory investment is greater than planned inventory investment.D a firm experiences much higher sales than expected.10 Which of the following will raise consumer expenditures?A an increase in interest ratesB a general decline in housing pricesC an increase in expected future income

10、D an increase in the price level11 The marginal propensity to consume is defined asA consumption divided by disposable income.B disposable income divided by consumption.C the change in consumption divided by the change in disposable income.D the change in disposable income divided by the change in c

11、onsumption.12 The wealth effect is defined asA when the price level falls, the real value of household wealth falls.B when the price level falls, the nominal value of household wealth falls.C when the price level falls, the nominal value of household wealth rises.D when the price level falls, the re

12、al value of household wealth rises.13 The interest rate effect is described asA an increase in the price level raises the interest rate and chokes off government spending.B an increase in the price level lowers the interest rate and chokes off government spending.C an increase in the price level rai

13、ses the interest rate and chokes off investment and consumption spending.D an increase in the price level lowers the interest rate and chokes off investment andconsumption spending.14 The international trade effect states thatA an increase in the price level will raise net exports.B an increase in t

14、he price level will lower net exports.C an increase in the price level will raise exports.D an increase in the price level will lower imports.15 Suppose the U.S. GDP growth rate is slower relative to other countries' GDP growth rates. This willA move the economy up along a stationary aggregate d

15、emand curve.B move the economy down along a stationary aggregate demand curve.C shift the aggregate demand curve to the left.D shift the aggregate demand curve to the right.16 The level of long run aggregate supply is NOT affected byA changes in technology.B changes in the capital stock.C changes in

16、 the price level.D changes in the number of workers.17 There has been an increase in investment. As a result, real GDP will _ in the short run, and _ in the long run.A increase; increases furtherB increase; decrease to its initial valueC decrease; decrease furtherD decrease; increase to its initial

17、level18 Which of the following is NOT an argument against inflation targeting?A Inflation targeting reduces the flexibility of the Fed to pursue other policy goals.B Inflation targeting assumes that the Fed can accurately forecast future inflation rates.C Inflation targeting makes monetary policy in

18、effective because the targets are publicly announced.D Inflation targeting holds the Fed accountable for an inflation goal, but may make it less likely the Fed will achieve other goals.19 Which of the following would be considered a fiscal policy action?A A city changes its hotel tax to attract tour

19、ists.B A federal tax cut on hybrid cars that is designed to encourage the purchase of fuel efficient cars.C Spending on the war in Afghanistan to promote homeland security.D A tax cut designed to stimulate spending passed during a recession.20 If policy makers are concerned that the economy is in da

20、nger of rising inflation because aggregate demand is increasing faster than aggregate supply, the appropriate fiscal policy responseis toA increase taxes.B increase government spending.C use expansionary fiscal policy.D increase interest rates.21 If the US Congress wanted to counteract the effects o

21、f a recession it couldA increase tax rates.B increase taxes by a fixed amount.C increase government purchases.D decrease defense spending.22 An equal increase in government spending and taxes will causeA an increase in real GDP.B no change in real GDP.C an increase in any budget surplus.D a reductio

22、n in any budget deficit.23 An argument against the flat tax is thatA it increases the government's ability to pursue particular policy goals, such as home ownership.B it increases compliance by increasing the amount of income that is reported to the government.C it is easy for taxpayers to under

23、stand and easy for the government to administer.D it makes the distribution of income more unequal by reducing the marginal tax rate on high-income earners.24 Just as real GDP _ potential GDP in the long run, the unemployment rate _ the natural rate of unemployment in the long run.A is not related t

24、o; is not related toB is greater than; is greater thanC equals; equalsD is less than; is less than25 If actual inflation is less than expected inflation,A the actual real wage is greater than the expected real wage.B the unemployment rate falls.C the actual real wage equals the expected real wage.D

25、firms will hire more workers than they planned.26 Milton Friedman argued that there is a _ tradeoff between unemployment and inflation, and this tradeoff comes from _ inflation.A temporary; actualB temporary; unanticipatedC permanent; actualD permanent; unanticipated27 Which of the following is an e

26、xample of discretionary fiscal policy?A An increase in unemployment insurance payments during a recession.B An increase in income tax receipts during an expansion because incomes are rising.C The tax cuts passed by US Congress in 2001 to combat the recession.D A decrease in income tax receipts durin

27、g a recession because incomes are falling.28 Workers in _ countries have _ to work with than do workers in low income countries.A high income; less physical capitalB high income; more physical capitalC high income; more laborD low income; less labor29 Crowding out results inA higher interest rates,

28、a lower exchange rate, and lower net exports.B higher interest rates, a higher exchange rate, and lower net exports.C lower interest rates, a lower exchange rate, and lower net exports.D lower interest rates, a higher exchange rate, and lower net exports.30 Crowding out will be greaterA the less sen

29、sitive consumption spending is to changes in the interest rate.B the further equilibrium GDP is below potential GDPC the more sensitive investment spending is to changes in the interest rate.D if the economy is in recession, rather than at full employment.31 Government deficits tend to increase duri

30、ng _ and _.A peacetime; recessionsB war; recessionsC peacetime; expansionary periodsD war; expansionary periods32 Which of the following is NOT one of the key services that are provided by the financial system?A decreasing taxesB risk sharingC liquidityD information33 Tax reduction and simplificatio

31、n should _ long run aggregate supply and _ aggregate demand.A increase; increaseB increase; decreaseC decrease; increaseD decrease; decrease 34 A barter economy is an economy where A goods and services are exchanged for money. B money is exchanged for goods and services. C goods and services are exc

32、hanged for other goods and services. D goods and services are exchanged for liabilities. 35 Which of the following is not a function of money? A medium of exchange B unit of account C store of value D standard of barter 36 Gold is an example of A commodity money. B fiat money. C barter money. D M1.

33、37 The key to having the citizens in an economy accept something as money is A having the federal government declare the good be accepted in payment of debts. B having the federal government declare that the good is legal tender. C the good should have gold backing it. D all citizens accept the good

34、 as a means of payment for transactions and all debts. 38 Which of the following is NOT a reason why the Industrial Revolution occurred when and where it did? A The British government was committed to upholding private property rights. B The British government was able to eliminate arbitrary increas

35、es in taxes. C The British government was able to more easily seize wealth. D Institutional changes by the British government helped in protecting wealth. 39 According to Joseph Schumpeter, the theory of creative destruction describes a process by which A new products unleash a gail of destruction t

36、hat creates other new products. B new products unleash a gail of destruction that drives old products out of the market. C new products are created by the destruction of capital. D the creation of new products never involves the destruction of old products. 40 Which of the following is NOT an explan

37、ation for the revival in the growth of productivity starting in the mid 1990s? A Information and communication innovations are increasingly geared toward improving business processes and not consumer products. 6 B Faster computers have sped up data processing. C Internet use has increased the effici

38、ency of how firms buy and sell to each other and to consumers. D Cell phones and wireless Internet access increase worker flexibility. II. Term definition (2 points per each. 20 points in total 1. Fiat money 2. Quantity theory of money 3. Taylor rule 4. Automatic stabilizers 5. Real business cycle models 6. GDP deflator 7. Efficiency wage 8. Menu cost 9. Consumer price index (CPI 10. Foreign portfolio investment III. Discussion (4 points per each. 20 points i