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宏觀經(jīng)濟(jì)學(xué)課件chapter03
Macroeconomics,6e(Blanchard/Johnson)
Chapter3:TheGoodsMarket
3.1MultipleChoiceQuestions
1)FortheU.S.economy,whichofthefollowingrepresentsthelargestcomponentofGDP?
A)imports
B)investment
C)governmentspending
D)exports
E)noneoftheabove
Answer:E
Diff:1
2)WhichofthefollowingtypesofgovernmentspendingisincludedwhencalculatingGDP?
A)spendingatthefederallevel
B)spendingatthestatelevel
C)spendingatthemunicipallevel
D)alloftheabove
E)onlyAandB
Answer:D
Diff:1
3)WhichofthefollowingwouldNOTbeconsideredpartoffixedinvestmentspending(I)?
A)Toyotabuysanewrobotforitsautomobileassemblyline.
B)Applecomputerbuildsanewfactory.
C)Exxonincreasesitsinventoriesofunsoldgasoline.
D)Anaccountantbuysanewlybuilthomeforherselfandherfamily.
E)alloftheabove
Answer:C
Diff:1
4)Whichofthefollowingistruefora"closedeconomy"?
A)governmentspendingequalstaxes
B)therearenoimportsorexports
C)exportsequalimports
D)thereisnosaving
E)thereisnogovernmentspendingortaxes
Answer:B
Diff:1
5)WhichofthefollowingisanexogenousvariableinourmodelofthegoodsmarketinChapter3?
A)consumption(C)
B)saving(S)
C)disposableincome(YD)
D)governmentspending(G)
E)noneoftheabove
Answer:D
Diff:2
6)WhichofthefollowingisanendogenousvariableinourmodelofthegoodsmarketinChapter3?
A)consumption(C)
B)disposableincome(YD)
C)saving(S)
D)totalincome(Y)
E)alloftheabove
Answer:E
Diff:2
7)Disposableincomeequals
A)incomeminussaving.
B)incomeminusbothsavingandtaxes.
C)consumptionminustaxes.
D)thesumofconsumptionandsaving.
E)noneoftheabove
Answer:D
Diff:1
8)Themarginalpropensitytoconsumerepresents
A)thelevelofconsumptionthatoccursifdisposableincomeiszero.
B)theratiooftotalconsumptiontodisposableincome.
C)totalincomeminustotaltaxes.
D)thechangeinoutputcausedbyaone-unitchangeinautonomousdemand.
E)thechangeinconsumptioncausedbyaone-unitchangeindisposableincome.
Answer:E
Diff:1
9)Lettheconsumptionfunctionberepresentedbythefollowingequation:C=c0+c1YD.Forthisequation,weassumethatc1is
A)negative.
B)largerthanc0.
C)differentatdifferentlevelsofincome.
D)equaltoone.
E)noneoftheabove
Answer:E
Diff:1
10)Supposetheconsumptionequationisrepresentedbythefollowing:C=250+.75YD.Themultiplierinthiseconomyis
A).25.
B).75.
C)1.
D)4.
E)5.
Answer:D
Diff:2
11)Supposetheconsumptionequationisrepresentedbythefollowing:C=250+.75YD.Giventhisinformation,themarginalpropensitytosaveis
A).25.
B).7.
C)1.
D)4.
E)noneoftheabove
Answer:A
Diff:2
12)Whichofthefollowingoccurswhendisposableincomeiszero?
A)consumptionmustbezero
B)savingmustbezero
C)savingmustbepositive
D)consumptionisnegative
E)noneoftheabove
Answer:E
Diff:2
13)Equilibriuminthegoodsmarketrequiresthat
A)productionequalsincome.
B)productionequalsdemand.
C)consumptionequalssaving.
D)consumptionequalsincome.
E)governmentspendingequalstaxesminustransfers.
Answer:B
Diff:1
14)Aneconomyisinequilibriumwhenwhichofthefollowingconditionsissatisfied?
A)consumptionequalssaving
B)outputequalsconsumption
C)totalsavingequalszero
D)totalsavingequalsinvestment
E)alloftheabove
Answer:D
Diff:1
15)WhichofthefollowingisincludedinG?
A)medicare
B)socialsecuritypayments
C)interestpaymentsonthegovernmentdebt
D)governmentpurchases
E)alloftheabove
Answer:D
Diff:2
16)Supposetheconsumptionequationisrepresentedbythefollowing:C=250+.8YD.Themultiplierfortheaboveeconomyequals
A)2.
B)3.
C)4.
D)5.
E)noneoftheabove
Answer:D
Diff:2
17)Supposetheconsumptionequationisrepresentedbythefollowing:C=250+.75YD.Nowassumegovernmentspendingincreasesby100fortheaboveeconomy.Giventheaboveinformation,weknowthatequilibriumoutputwillincreaseby
A)200.
B)400.
C)800.
D)1000.
E)noneoftheabove
Answer:B
Diff:2
18)WhichofthefollowingwillNOTincreaseequilibriumoutputintheshortrun?
A)increasesinR&D
B)increasesinconsumerconfidence
C)increasesininvestmentdemand
D)increasesingovernmentspending
E)decreasesintaxes
Answer:A
Diff:2
19)Whichofthefollowingwouldtendtomakethemultipliersmaller?
A)anincreaseinthemarginalpropensitytoconsume
B)anincreaseinthemarginalpropensitytosave
C)areductionintaxes
D)areductioningovernmentspending
E)noneoftheabove
Answer:B
Diff:2
20)Whichofthefollowingrepresentstotalsavingforaneconomy?
A)thesumofprivatesavingandfixedinvestment
B)thesumofprivatesavingandconsumption
C)thesumoftaxesandgovernmentspending
D)theexcessoftaxesovergovernmentspending
E)noneoftheabove
Answer:E
Diff:1
21)Basedonourunderstandingoftheparadoxofsaving,weknowthatareductioninthedesiretosave
willcause
A)anincreaseinequilibriumGDP.
B)areductioninGDP.
C)anincreaseinthedesiretoinvest.
D)nochangeinequilibriumGDP.
E)apermanentreductioninthelevelofsaving.
Answer:A
Diff:2
22)Whichofthefollowingeventswillcauseareductioninequilibriumoutput?
A)anincreaseinthemarginalpropensitytosave
B)anincreaseintaxes
C)areductioninthemarginalpropensitytoconsume
D)alloftheabove
E)noneoftheabove
Answer:D
Diff:2
23)Basedonourunderstandingofconsumptionandsaving,weknowthatthemarginalpropensitytoconsumeandthemarginalpropensitytosavemust
A)beequaltoeachother.
B)sumtoexactlyone.
C)sumtolessthanone.
D)sumtomorethanone.
E)beequaltothemultiplier.
Answer:B
Diff:1
24)Supposethereisanincreaseinautonomousconsumption.Specifically,supposec0increaseswhereC=c0+c1YD.Thisincreaseinautonomousconsumptionwillcausewhichofthefollowingtoincrease?
A)equilibriumincome
B)equilibriumdisposableincome
C)demand
D)alloftheabove
E)noneoftheabove
Answer:D
Diff:2
25)IfC=2000+.9YD,whatincreaseingovernmentspendingmustoccurforequilibriumoutputtoincreaseby1000?
A)100
B)200
C)250
D)500
E)1000
Answer:A
Diff:2
26)Whichofthefollowingequalsdemandinanopeneconomy?
A)C+I+G+X
B)C+I+G+X-IM
C)C+I+G+IM-X
D)C+I+G
Answer:B
Diff:1
27)Whichofthefollowingequalsdemandinaclosedeconomy?
A)C+I+G+X
B)C+I+G+X-IM
C)C+I+G+IM-X
D)noneoftheabove
Answer:D
Diff:1
28)Supposeanopeneconomyisinequilibrium.Giventhisinformation,weknowwithcertaintythat
A)G=T.
B)X=IM.
C)S=I.
D)Y=Z.
Answer:D
Diff:1
29)Foraclosedeconomy,whichofthefollowingconditionsmustbesatisfiedforequilibriumtobemaintained?
A)G=T
B)X=IM=0
C)C=S
D)noneoftheabove
Answer:D
Diff:2
30)Autonomousspendinginaclosedeconomyequalswhichofthefollowing?
A)c0+I+G-c1T
B)C+I+G
C)Z
D)c0+I+G+c1T
Answer:A
Diff:2
31)BasedonourunderstandingofthemodelpresentedinChapter3,weknowthatanincreaseinc1(whereC=c0+c1YD)willcause
A)theZZlinetobecomesteeperandagivenchangeinautonomousconsumption(c0)tohaveasmallereffectonoutput.
B)theZZlinetobecomesteeperandagivenchangeinautonomousconsumption(c0)tohavealargereffectonoutput.
C)theZZlinetobecomeflatterandagivenchangeinautonomousconsumption(c0)tohaveasmallereffectonoutput.
D)theZZlinetobecomeflatterandagivenchangeinautonomousconsumption(c0)tohavealargereffectonoutput.
Answer:B
Diff:2
32)BasedonourunderstandingofthemodelpresentedinChapter3,weknowthatareductioninc1(whereC=c0+c1YD)willcause
A)theZZlinetobecomesteeperandagivenchangeinautonomousconsumption(c0)tohaveasmallereffectonoutput.
B)theZZlinetobecomesteeperandagivenchangeinautonomousconsumption(c0)tohavealargereffectonoutput.
C)theZZlinetobecomeflatterandagivenchangeinautonomousconsumption(c0)tohaveasmallereffectonoutput.
D)theZZlinetobecomeflatterandagivenchangeinautonomousconsumption(c0)tohavealargereffectonoutput.
Answer:C
Diff:2
33)Anincreaseinthemarginalpropensitytosavefrom.3to.4willcause
A)theZZlinetobecomesteeperandagivenchangeinautonomousconsumption(c0)tohaveasmallereffectonoutput.
B)theZZlinetobecomesteeperandagivenchangeinautonomousconsumption(c0)tohavealargereffectonoutput.
C)theZZlinetobecomeflatterandagivenchangeinautonomousconsumption(c0))tohaveasmallereffectonoutput.
D)theZZlinetobecomeflatterandagivenchangeinautonomousconsumption(c0)tohavealargereffectonoutput.
Answer:B
Diff:2
34)Areductioninthemarginalpropensitytosavefrom.4to.3willcause
A)theZZlinetobecomesteeperandagivenchangeinautonomousconsumption(c0)tohaveasmallereffectonoutput.
B)theZZlinetobecomesteeperandagivenchangeinautonomousconsumption(c0)tohavealargereffectonoutput.
C)theZZlinetobecomeflatterandagivenchangeinautonomousconsumption(c0)tohaveasmallereffectonoutput.
D)theZZlinetobecomeflatterandagivenchangeinautonomousconsumption(c0)tohavealargereffectonoutput.
Answer:C
Diff:2
35)Anincreaseinthemarginalpropensitytosavefrom.1to.2willcause
A)anincreaseinthemultiplierandagivenchangeinautonomousconsumption(c0)tohaveasmallereffectonoutput.
B)anincreaseinthemultiplierandagivenchangeinautonomousconsumption(c0)tohavealargereffectonoutput.
C)areductioninthemultiplierandagivenchangeinautonomousconsumption(c0)tohaveasmallereffectonoutput.
D)areductioninthemultiplierandagivenchangeinautonomousconsumption(c0)tohavealargereffectonoutput.
Answer:C
Diff:2
36)Whentheeconomyisinequilibrium,weknowwithcertaintythat
A)publicsavingequalsinvestment.
B)privatesavingequalsinvestment.
C)G=T.
D)noneoftheabove
Answer:D
Diff:1
37)Whenaclosedeconomyisinequilibrium,weknowwithcertaintythat
A)I=S+(T-G).
B)I=S.
C)I=S+(G-T).
D)G=TandS=I.
Answer:A
Diff:1
38)Anincreaseinthedesiretosavebyhouseholdswillcause
A)areductioninoutput.
B)areductionininvestment.
C)anincreaseinoutput.
D)nochangeininvestmentandnochangeinoutput.
Answer:A
Diff:2
39)Anincreaseintaxeswillcause
A)areductionininvestment.
B)anincreaseininvestment.
C)nochangeininvestment.
D)nochangeinautonomousspending.
Answer:C
Diff:2
40)Ataxcutwillcause
A)areductionininvestment.
B)anincreaseininvestment.
C)nochangeininvestment.
D)nochangeinautonomousspending.
Answer:C
Diff:2
41)BasedonourunderstandingofthemodelpresentedinChapter3,weknowwithcertaintythatanequalandsimultaneousincreaseinGandTwillcause
A)anincreaseinoutput.
B)nochangeinoutput.
C)areductioninoutput.
D)anincreaseininvestment.
Answer:A
Diff:3
42)BasedonourunderstandingofthemodelpresentedinChapter3,weknowwithcertaintythatanequalandsimultaneousreductioninGandTwillcause
A)anincreaseinoutput.
B)nochangeinoutput.
C)areductioninoutput.
D)anincreaseininvestment.
Answer:C
Diff:3
43)BasedonourunderstandingofthemodelpresentedinChapter3,areductionininvestmentwillcause
A)anincreaseinthemultiplier.
B)areductioninthemultiplier.
C)areductioninthemarginalpropensitytosave.
D)areductioninoutput.
E)bothBandD
Answer:D
Diff:2
44)Supposebusinessconfidencedecreasescausingareductionininvestment.BasedonourunderstandingofthemodelpresentedinChapter3,weknowwithcertaintythatareductionininvestmentwillcause
A)anincreaseinthemultiplier.
B)areductioninthemultiplier.
C)areductioninthemarginalpropensitytosave.
D)areductioninconsumptionastheeconomyadjuststothisdecreaseininvestment.Answer:D
Diff:2
45)Supposethemarginalpropensitytoconsumeequals.8(i.e.,c1=.8).Giventhisinformation,whichofthefollowingeventswillcausethelargestincreaseinoutput?
A)Gincreasesby200
B)Tdecreasesby200
C)Iincreasesby150
D)bothAandB
Answer:A
Diff:3
46)Inventoryinvestmentrefersto
A)thedifferencebetweenproductionandsalesinagivenyear.
B)fixedinvestment.
C)nonresidentialinvestment.
D)thepurchasebyfirmsofnewmachines.
Answer:A
Diff:3
47)Supposetheconsumptionequationisrepresentedbythefollowing:C=250+.75YD,thenprivatesavingsis
A)-250+0.25YD.
B)-250+0.75YD.
C)-1000+0.25YD.
D)-1000+0.75YD.
Answer:A
Diff:3
48)WhichofthefollowingaboutISrelationisNOTcorrect?
A)Itisthetherelationbetweeninterestrateandsavings.
B)Itistheequilibriumconditionforthegoodsmarket.
C)Itstandsfor"Investmentequalssaving."
D)Itshowswhatfirmswanttoinvestmustbeequaltowhatpeopleandthegovernmentwanttosave.
Answer:A
Diff:3
49)IfC=2000+.9YD,whatdecreaseintaxesmustoccurforequilibriumoutputtoincreaseby1000?
A)111
B)100
C)1000
D)500
Answer:A
Diff:3
3.2EssayQuestions
1)Discusswhatismeantbytheparadoxofsaving.
Answer:Theparadoxofsavingreferstotheeffectsofanincreaseddesiretosaveonoutputandonthefinallevelofsaving.Theincreaseddesiretosaveisequivalenttoareductioninconsumption.Thisdropindemandwillcauseadropinoutput.Furthermore,inthissimpleeconomy,thefinallevelofsavingwillequaltheinitiallevelofsaving.So,anincreaseddesiretosavehasanegativeeffectontheeconomyandhasnopermanenteffectonthelevelofsaving(becauseS=Iinthesimplemodel).
2)SupposetheUnitedStateseconomyisrepresentedbythefollowingequations:
Z=C+I+GC=500+.5YDT=600I=300
YD=Y-TG=2000
a.Giventheabovevariables,calculatetheequilibriumlevelofoutput.Hint:Firstspecify(usingtheabovenumbers)thedemandequation(Z)forthiseconomy.Second,usingtheequilibriumcondition,equatethisexpressionwithY.Onceyouhavedonethis,solvefortheequilibriumlevelofoutput.UsingtheZZ-Ygraph(i.e.,agraphthatincludestheZZlineand45-degreelinewithZontheverticalaxis,andYonthehorizontalaxis),illustratetheequilibriumlevelofoutputforthiseconomy.
b.Now,assumethatconsumerconfidencedecreasescausingareductioninautonomousconsumption(c0)from500to400.Whatisthenewequilibriumlevelofoutput?Howmuchdoesincomechangeasaresultofthisevent?Whatisthemultiplierforthiseconomy?
c.Graphicallyillustratetheeffectsofthischangeinautonomousconsumptiononthedemandline(ZZ)andY.Clearlyindicateinyourgraphtheinitialandfinalequilibriumlevelsofoutput.
d.Brieflyexplainwhythisreductioninoutputisgreaterthan(inabsoluteterms)theinitialreductioninautonomousconsumption.
Answer:a.Y=5000.Thegraphiseasytoshow.
b.Y=4800;themultiplieris2.
c.Graph.
d.Whendemandfallsby100,firmscutproductionby100.Asproductionfallsby100,incomefallswhichcausesasubsequentreductioninconsumptionanddemand.ThisY-inducedfallindemandcausesanotherreductioninproduction.ThiscontinuesandweobserveafinalchangeinYthatexceedstheinitialchangeinautonomousdemand.
3)Explainwhatthemultiplierrepresents.
Answer:Themultiplierillustratestheextenttowhichequilibriumoutputwillchangeasaresultofagivenchangeinautonomousdemand.
4)Discussandexplainwhateffectareductioninthemarginalpropensitytoconsumehasonthesizeofthemultiplier.
Answer:Areductioninthemarginalpropensitytoconsumewillcauseareductioninthemultiplier.Whenfirmsincreaseproductioninresponsetosomeinitialchangeindemand,householdswillincreasetheirconsumptionbyasmalleramountwhenthempcfalls.So,theincome-inducedchangeindemandwillbethatmuchsmallercausingasmallermultipliereffect.
5)UsetheZZ-Ymodelpresentedinchapter3toillustratetheeffectsofareductioninconsumerconfidenceontheeconomy.Also,explainwhateffectthisreductioninconsumerconfidencehasontheeconomy.
Answer:Thegraphiseasy.Thereductioninconsumerconfidencewillcauseareductioninconsumptionanddemand.Asdemandfalls,firmswillcutproduction.So,thiseventwillcausealowerlevelofequilibriumoutput.
6)Supposethat,atagivenlevelofdisposableincome,consumersdecidetosavemore.Explainwhateffectthisdecisionwillhaveonequilibriumincome.Also,explainwhateffectthisdecisionwillhaveonthelevelofsavingoncetheeconomyhasreachedthenewequilibrium.
Answer:Thisistheparadoxofsaving.Here,consumptionwillfallcausingareductionindemandandareductioninoutput.Despitetheinitialincreaseinsavingattheinitiallevelofincome,savingwillreturntotheinitiallevelasincomefallsinordertomaintainthealternativeequilibriumcondition:S=I.So,theinitialincreaseinthedesiretosavewillhavenopermanenteffectonthelevelofsaving.
7)Explainthedifferencebetweenendogenousandexogenousvariables.
Answer:Endogenousvariablesaredeterminedbythemodel.Exogenousvariablesaretakenasgivenand,forexampleinthismodel,donotchangeasincomechanges.
8)Discussthetwocomponentsoffixedinvestment.
Answer:Nonresidentialinvestmentrepresentsthepurchaseofnewequipmentandstructures.Residentialinvestmentrepresentsthepurchasebypeopleofnewhomes,condos,andapartments.
9)Forthisquestion,assumethattaxesareindependentofincome(i.e.,theincometaxrateiszero).Nowsupposethatfiscalpolicymakerswishtodecreaseequilibriumoutputby$500billion.Furthersupposethatpolicymakerscanchooseoneofthefollowingtwooptions:(1)changeingovernmentspending;or(2)changeintaxes.Compareandexplaintherelativesizeofthechangesingovernmentspendingandtaxesneededtoobtainthisdesiredchangeinoutput.Answer:Thechangeintaxeswillhavetobelargerbecausepartofanytaxincreasewillcausesavingtofall.So,tocausethesamereductionindemand,thesizeofthetaxcutwillhavetobelargerthanthesizeofanyreductioningovernmentspending.
10)ExplainwhatfactorscauseshiftsandchangesintheslopeoftheZZcurvepresentedinchapter3.
Answer:TheZZcurveisupwardsloping.TheZZcurveillustratesthelevelofdemandateachlevelofincome.AsYincreases,householdsconsumemorecausinganincreaseindemand.So,asYrises,sodoesdemand.Themarginalpropensitytoconsumewilldeterminethesizeoftheslope.TheZZcurvewillshiftwhenanyautonomouscomponentofdemandchan
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