宏觀經(jīng)濟(jì)分析 第8章練習(xí)題

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Copyright?2009PearsonEducation,Inc.PublishingasPrenticeHall.

CHAPTER8.THENATURALRATEOFUNEMPLOYMENTANDTHEPHILLIPSCURVE.

MULTIPLECHOICEQUESTIONS

1.InwhichofthefollowingperiodswastherelationshipbetweentheU.S.unemploymentrateandU.S.inflationrateunstable?

a.1901to1909.

b.1911to1919.

c.1921to1929.

d.1931to1939.

e.noneoftheabove.

2.Sinceapproximately1970,themoststablePhillips-typerelationshipfortheUnitedStateshasbeenbetweenwhichofthefollowing?

a.therateofinflationandthechangeintheunemploymentrate.

b.theunemploymentrateandthechangeintherateofinflation.

c.thechangeintheunemploymentrateandthechangeintherateofinflation.

d.theinverseoftheunemploymentrateandtherateofinflation.

e.theunemploymentrateandtherateofinflation.

3.InthePhillipscurveequation,whichofthefollowingwillcauseanincreaseinthecurrentinflationrate?

a.anincreaseintheexpectedinflationrate.

b.areductionintheunemploymentrate.

c.anincreaseinthemarkup,.

d.Alloftheabove.

e.Noneoftheabove.

4.Whichofthefollowingassumptionsbestcharacterizedtheassumptionabouthowindividualsformedexpectationsofinflationbytheearly1970s.?

a.expectedinflationforthecurrentyearwassmallerthanthepreviousyear'sinflationrate.

b.expectedinflationforthecurrentyearwasapproximatelyequaltothepreviousyear'sinflationrate.

c.expectedinflationforthecurrentyearwaslessthanthepreviousyear'sinflationrate.

d.expectedinflationforthecurrentyearequaltotheaverageinflationrateoverthepastfiveyears.

e.expectedinflationforthecurrentyearequaltotheaverageinflationrateoverthepasttenyears.

5.WheninflationhasNOTbeenverypersistent,aswasthecaseintheUnitedStatesbeforethemid-1960s,wecanexpectthat:

a.theexpectedpricelevelforagivenyearwillequalthepreviousyear'sactualpricelevel.

b.thecurrentinflationratewillnotdependheavilyonpastyears'inflationrates.

c.lowerunemploymentrateswillbeassociatedwithhigherinflationrates.

d.alloftheabove.

e.noneoftheabove.

6.Wheninflationhasbeenpersistent,aswasthecaseintheUnitedStatesduringthe1970s,lowunemploymentrateswilllikelybeassociatedwith

a.lownaturalratesofunemployment.

b.highnaturalratesofunemployment.

c.lowbutstableratesofinflation.

d.highbutstableratesofinflation.

e.increasesintheinflationrate.

7.Forthisquestion,assumethatindividualsformexpectationsofinflationaccordingtothefollowingequation:et=t-1.From1970on,thevalueofforthisequation:

a.increasedovertimeandapproached1.

b.decreasedovertimeandapproachedzero.

c.remainedconstantatzero.

d.remainedconstantatnegativeone.

e.noneoftheabove.

8.Forthisquestion,assumethatthePhillipscurveequationisrepresentedbythefollowingequation:

t-t-1=(+z)-ut.Areductionintheunemploymentratewillcause:

a.areductioninthemarkupoverlaborcosts(i.e.,areductionin).

b.anincreaseinthemarkupoverlaborcosts.

c.anincreaseintheinflationrateovertime.

d.adecreaseintheinflationrateovertime.

e.noneoftheabove.

9.Forthisquestion,assumethattheexpectedrateofinflationisafunctionofpastyear'sinflation.Alsoassumethattheunemploymentratehasgreaterthanthenaturalrateofunemploymentforanumberofyears.Giventhisinformation,weknowthat:

a.therateofinflationwillapproximatelybeequaltozero.

b.therateofinflationshouldneitherincreasenordecrease.

c.therateofinflationshouldsteadilyincreaseovertime.

d.therateofinflationshouldsteadilydecrease.

e.theinflationratewillbeapproximatelyequaltothenaturalrateofunemployment.

10.TheoriginalPhillipscurveimpliedorassumedthat:

a.themarkupoverlaborcostswaszero.

b.theexpectedrateofinflationwouldbezero.

c.theactualandexpectedratesofinflationwouldalwaysbeequal.

d.alloftheabove.

e.noneoftheabove.

11.Forthisquestion,assumethatthePhillipscurveequationisrepresentedbythefollowingequation:

t-t-1=(+z)-ut.Giventhisinformation,thenaturalrateofunemploymentwillbeequalto:

a.+z

b.(+z-)

c.(+z)

d.0

e.noneoftheabove

12.WhichofthefollowingwillNOTcauseanincreaseinthenaturalrateofunemployment?

a.anincreasein

b.anincreaseinz.

c.anincreaseintheexpectedinflationrate.

d.areductionin.

e.noneoftheabove.

13.Since1970,theevidencefortheU.S.suggeststhattheaveragerateofunemploymentrequiredtokeepinflationconstanthasbeen:

a.between1%and2%.

b.between2%and3%.

c.between3%and4%.

d.between9%and10%.

e.noneoftheabove.

14.TheevidencefortheU.S.suggeststhatthenaturalrateofunemploymenthas

a.increasedbymorethan5%sincethe1960s.

b.increasedby1to2%sincethe1960s.

c.remainedessentiallyunchangedsincethe1960s.

d.decreasedbymorethan5%sincethe1960s.

e.fluctuatedovertimesincethe1960s.

15.Whenaworker'snominalwageisindexed,thenominalwageisusuallyautomaticallyadjustedbasedonmovementsinwhichofthefollowingvariables?

ductivity.

b.thepriceofthefirm'sproduct.

c.theaveragewageinthecountry.

d.theaveragewageintheindustry.

e.noneoftheabove.

16.Ifacountryexperiencespersistentlylowinflation,whichofthefollowingtendsNOTtooccur?

a.wageindexationwillbecomelessimportant.

b.nominalwageswillbesetforshorterperiodsoftime.

c.themarkupoverlaborcostswilldecrease.

d.alloftheabove.

17.Whichofthefollowingwilltendtooccurasaresultofareductionintheproportionofacountry'sworkerswhohaveindexedwages?

a.theunemploymentratewillberelativelylow.

b.theunemploymentratewillberelativelyhigh.

c.theinflationratewillberelativelylow.

d.agivenchangeintheunemploymentratewillcausearelativelysmallerchangeintheinflationrate.

e.noneoftheabove

18.WhichofthefollowingdoesNOTrepresenta“l(fā)abormarketrigidity”towhichcriticsreferwhendiscussingunemploymentinEurope?

a.generousunemploymentinsurance.

b.restrictivemonetaryandfiscalpolicies.

c.ahighdegreeofemploymentprotection.

d.relativelyhighminimumwages.

e.noneoftheabove.

19.Supposepolicymakersoverestimatethenaturalrateofunemployment.Insituationslikethese,policymakerswilllikelyimplementpoliciesthatresultin:

a.lessunemploymentthannecessary.

b.anunemploymentratethatis"toolow."

c.alowerinflationratethannecessary.

d.asteadilyincreasinginflationrate.

e.overlyexpansionarymonetaryandfiscalpolicy.

20.WhichofthefollowingisonepossibleexplanationforthechangeinthenaturalrateofunemploymentintheUnitedStatesduringthe1970s?

a.contractionaryfiscalpolicy

b.anincreaseintheproportionoflaborcontractsthatwereindexed

c.contractionarymonetarypolicy

d.alloftheabove

e.noneoftheabove

21.Whichofthefollowingwillmostlikelycauseachangeinthenaturalrateofunemployment?

a.changesinmonetarypolicy.

b.changesinfiscalpolicy.

c.changesinexpectedinflation.

d.alloftheabove.

e.noneoftheabove.

22.Anincreaseinthepriceofoilwilllikelycausewhichofthefollowing?

a.increasethemarkupinthePhillipscurveequation.

b.increasethesum"+z"inthePhillipscurveequation.

c.increasethenaturalrateofunemployment.

d.alloftheabove.

e.noneoftheabove.

23.ThedatasuggestthatintheEuropeanUnioncountries,thenaturalrateofunemployment

a.isnowhigherthanintheU.S.

b.isnolongerarelevantconcept.

c.hassteadilydeclinedoverthepasttwodecades.

d.willsoonexceedthepercentageofthelaborforcethatisworking.

e.hasbecomeless"natural,"sinceitisnowalmostentirelydeterminedbythepoliciesofafewlargecorporations.

24.DuringtheGreatDepression,theactualunemploymentrateintheU.S.________,andthenaturalrateapparently________.

a.increased;decreased.

b.increased;remainunchanged.

c.increased;increasedaswell.

d.decreased;increased.

e.decreased;remainedunchanged.

25.WhichofthefollowingexplainswhytheoriginalPhillipscurverelationdisappearedor,assomeeconomistshaveremarked,"brokedown"inthe1970s?

a.individualsassumedtheexpectedpricelevelforthecurrentyearwouldbeequaltotheactualpricelevelfromthepreviousyear.

b.individualsassumedthatexpectedinflationwouldbezero

c.individualschangedthewaytheyformedexpectationsofinflation.

d.monetarypolicybecamecontractionary.

e.morelaborcontractsbecameindexedtochangesininflation.

26.Forthisquestion,assumethatthePhillipscurveequationisrepresentedbythefollowing:t-t-1=(+z)-ut.Whichofthefollowingwillcauseareductioninthenaturalrateofunemployment?

a.anincreasein

b.anincreaseinz

c.anincreasein

d.anincreaseinactualinflation

e.anincreaseinexpectedinflation

27.Forthisquestion,assumethatthePhillipscurveequationisrepresentedbythefollowing:t-t-1=(+z)-ut.WhichofthefollowingwillNOTcauseanincreaseinthenaturalrateofunemployment?

a.areductionin

b.areductioninz

c.anincreasein

d.anincreaseintheexpectedrateofinflation

e.alloftheabove

28.UsethefollowingPhillipscurveequationtoanswerthisquestion:t-t-1=(+z)-ut.Whichofthefollowingwillcauseanincreaseinthenaturalrateofunemployment?

a.areductionin

b.anincreaseinz

c.anincreasein

d.areductioninexpectedinflation

e.noneoftheabove

29.Dataforwhichcountrywerefirstusedtoillustratetherelationshipbetweenunemploymentandinflation(i.e.,theoriginalPhillipscurve)?

a.France

b.UnitedStates

c.Canada

d.Germany

e.noneoftheabove

30.Whichofthefollowingindividualsfirstdiscoveredtherelationshipbetweenunemploymentandinflation?

a.Solow

b.Samuelson

c.Friedman

d.Phillips

31.WhichofthefollowingindividualsfirstdiscoveredtherelationshipbetweenunemploymentandinflationfortheUnitedStates?

a.SolowandFriedman

b.SamuelsonandSolow

c.FriedmanandPhillips

d.FriedmanandPhelps

32.InwhichofthefollowingdecadesdidthePhillipscurvebreakdownfortheU.S.?

a.1940s

b.1950s

c.1960s

d.noneoftheabove

33.Whichofthefollowingsituationsgenerallyexistswhendeflationoccurs?

a.inflationandunemploymentarebothincreasing

b.inflationandunemploymentarebothdecreasing

c.thepricelevelisdecreasing

d.therateofinflationisfallingfrom,forexample,10%to3%

e.thenaturalrateofunemploymentiszero

34.Asof2009,whatwasthelastyearthatU.S.experienceddeflation?

a.1933

b.1955

c.1973

d.1991

e.2001

35.Duringthe1980sandearly1990s,itwasbelievedthatthenaturalrateofunemploymentintheU.S.was equalto:

a.4%

b.4.5%

c.5%

d.6.5%

e.7%

36.Assumethatexpectedinflationisbasedonthefollowing:et=t-1.Anincreaseinwillcause:

a.anincreaseinthenaturalrateofunemployment

b.areductioninthenaturalrateofunemployment

c.nochangeinthenaturalrateofunemployment

d.inflationinperiodttobemoreresponsivetochangesinunemploymentinperiodt

37.Assumethatexpectedinflationisbasedonthefollowing:et=t-1.If=0,weknowthat:

a.areductionintheunemploymentratewillhavenoeffectoninflation

b.lowratesofunemploymentwillcausesteadilyincreasingratesofinflation

c.highratesofunemploymentwillcausesteadilydecliningratesofinflation

d.thePhillipscurveillustratestherelationshipbetweenthelevelofinflationrateandthelevelofthe unemploymentrate

38.Assumethatexpectedinflationisbasedonthefollowing:et=t-1.If=1,weknowthat:

a.areductionintheunemploymentratewillhavenoeffectoninflation

b.lowratesofunemploymentwillcausesteadilyincreasingratesofinflation

c.theactualunemploymentratewillnotdeviatefromthenaturalrateofunemployment

d.thePhillipscurveillustratestherelationshipbetweenthelevelofinflationrateandthelevelofthe unemploymentrate

39.Supposepolicymakersunderestimatethenaturalrateofunemployment.Inasituationlikethis,policy makersmightimplementapolicythat:

a.attemptstomaintainoutputbelowthenaturallevelofoutput

b.resultsindeflation

c.bothaandb

d.resultsinsteadilyrisinginflation

40.Astheproportionoflaborcontractsthatindexwagestopricesdeclines,wewouldexpectthat:

a.areductionintheunemploymentratewillnowhaveasmallereffectoninflation

b.thenaturalrateofunemploymentwillincrease

c.thenaturalrateofunemploymentwilldecrease

d.nominalwageswillbecomemoresensitivetochangesinunemployment

41.SupposethePhillipscurveisrepresentedbythefollowingequation:t-t-1=20-2ut.Giventhis information,weknowthatthenaturalrateofunemploymentinthiseconomyis:

a.10%

b.20%

c.6.5%

d.5%

e.noneoftheabove

42.SupposethePhillipscurveisrepresentedbythefollowingequation:t-t-1=20-2ut.Giventhis information,whichofthefollowingismostlikelytooccuriftheactualunemploymentinanyperiodisequal to6%?

a.therateofinflationwilltendtoincrease

b.therateofinflationwillbeconstant

c.therateofinflationwilltendtodecrease

d.noneoftheabove

43.WhichofthefollowingdoesNOTexplaintherelativelylowpriceinflationcomparedtothehigherwage inflationintheU.S.duringthe1990s?

a.theappreciationofthedollar

b.areductioninbenefitspaidtoworkers

c.anincreaseinthenaturalrateofunemployment

d.areductioninthepriceofoil

ESSAYQUESTIONS

1.Explainwhatismeantbythe"wage-price"spiral.

2.Basedonth