宏观经济学原理答案Word文件下载.docx
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宏观经济学原理答案Word文件下载.docx
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3.Tariffisataxongoodsproducedabroadandsolddomestically.
Theeconomiceffectsoftariff:
Thetariffraisesthedomesticprice,domesticsellersarebetteroff,anddomesticbuyersareworseoff.Inaddition,thegovernmentraisesrevenue.First,whenthetariffraisesthedomesticpriceabovetheworldprice,itencouragesdomesticproducerstoincreaseproduction.Second,whenthetariffraisesthepricethatdomesticgoodsconsumershavetopay,itencouragesthemtoreduceconsumptionofgoods.
4.Therearevariousargumentsforrestrictingtrade:
protectingjobs,defendingnationalsecurity,helpinginfantindustries,preventingunfaircompetition,andrespondingtoforeigntraderestrictions.Althoughsomeoftheseargumentshavesomemeritinsomecases,economistsbelievethatfreetradeisusuallythebetterpolicy.
Unit5MeasuringaNationsIncome
1.TheproductionofaluxurycarcontributesmoretoGDPthantheproductionofaneconomycar.Becausemarketpricesmeasuretheamountpeoplearewillingtopayfordifferentgoods,theyreflectthevalueofthosegoods.Theluxurycarhasahighermarketvalue.
2.ThecontributiontoGDPis3$,themarketvalueofthebread,whichisthefinalgoodthatissold.
3.ThefourcomponentsofGDPareconsumption,suchasthepurchaseofamusicCD;
investment,suchasthepurchaseofacomputerbyabusiness;
governmentpurchases,suchasanorderformilitaryaircraft;
andnetexports,suchasthesaleofAmericanwheattoRussian.
4.EconomistsuserealGDPratherthannominalGDPtogaugeeconomicwell-beingbecauserealGDPisnotaffectedbychangesinprices,soitreflectsonlychangesintheamountsbeingproduced.IfnominalGDPrises,youdonotknowifthatisbecauseofincreasedproductionorhigherprices.
Unit6MeasuringtheCostofLiving
1.A10percentincreaseinthepriceofchickenhasagreatereffectontheconsumerpriceindexthana10percentincreaseinthepriceofcaviarbecausechickenisabiggerpartoftheaverageconsumer’smarketbasket.
2.Thethreeproblemsintheconsumerpriceindexasameasureofthecostoflivingare:
(1)substitutionbias,whicharisesbecausepeoplesubstitutetowardgoodsthathavebecomerelativelylessexpensive;
(2)theintroductionofnewgoods,whicharenotreflectedquicklyintheCPI;
(3)unmeasuredqualitychange
3.IfthepriceofaNavysubmarinerises,thereisnoeffectontheconsumerpriceindex,sinceNavysubmarinesarenotconsumergoods.ButtheGDPpriceindexisaffected,sinceNavysubmarinesareincludedinGDPasapartofgovernmentpurchases.
4.Sincetheoverallpriceleveldoubled,butthepriceofthecandybarrosesixfold,therealprice(thepriceadjustedforinflation)ofthecandybartripled.
5.Thenominalinterestrateistheinterestratepaidonaloanindollarterms.
Therealinterestrateistheinterestratecorrectedfortheeffectsofinflation.
Therealinterestrateisthenominalinterestrateminustherateofinflation.
Unit7ProductionandGrowth
1.Thefourdeterminantsofproductivityare:
(1)physicalcapital,whichisthestockofequipmentandstructuresthatareusedtoproducegoodsandservices;
(2)humancapital,whichconsistsoftheknowledgeandskillsthatworkersacquirethrougheducation,training,andexperience;
(3)naturalresources,whichareinputsintotheproductionofgoodsandservicesthatareprovidedbynature;
and(4)technologicalknowledge,whichissociety’sunderstandingofthebestwaystoproducegoodsandservices.
2.Highersavingmeansfewerresourcesaredevotedtoconsumptionandmoretoproducingcapitalgoods.TheriseinthecapitalstockleadstorisingproductivityandmorerapidgrowthinGDPforawhile.Inthelongrun,thehighersavingrateleadstoahigherstandardofliving.Apolicymakermightbedeterredfromtryingtoraisetherateofsavingbecausedoingsorequiresthatpeoplereducetheirconsumptiontodayanditcantakealongtimetogetahigherstandardofliving.
3.Removingatraderestriction,suchasatariff,wouldleadtomorerapideconomicgrowthbecausetheremovalofthetraderestrictionactslikeanimprovementintechnology.Freetradeallowsallcountriestoconsumemoregoodsandservices.
4.Thehighertherateofpopulationgrowth,theloweristhelevelofGDPperperson,becausethere’slesscapitalperperson,hencelowerproductivity.
5.TheU.SgovernmenttriestoencourageadvancesintechnologicalknowledgebyprovidingresearchgrantsthroughtheNationalScienceFoundationandtheNationalInstituteofHealth,withtaxbreaksforfirmsengaginginresearchanddevelopment,andthroughthepatentsystem.
Unit8Saving,Investment,andtheFinancialSystem
1.Itisimportantforpeoplewhoownstocksandbondstodiversifytheirholdingsbecausethentheywillhaveonlysmallstakeineachasset,whichreducesrisk.Mutualfundsmakesuchdiversificationeasybyallowingasmallinvestortopurchasepartsofhundredsofdifferentstocksandbonds.
2.Nationalsavingistheamountofanation’sincomethatisnotspentonconsumptionorgovernmentpurchases.Privatesavingistheamountofincomethathouseholdshaveleftafterpayingtheirtaxesandpayingfortheirconsumption.Publicsavingistheamountoftaxrevenuethatthegovernmenthasleftpayingforitsspending.Thethreevariablesarerelatedbecausenationalsavingequalsprivatesavingpluspublicsaving.
3.Investmentreferstothepurchaseofnewcapital,suchasequipmentorbuildings.Itisequaltonationalsaving.
4.Achangeintaxcodethatmightincreaseprivatesavingistheintroductionofaconsumptiontaxtoreplacetheincometax.Sinceaconsumptiontaxwouldnottaxthereturnssaving,itwouldincreasethesupplyofloanablefunds,thusloweringinterestratesandincreasinginvestment.
5.Agovernmentbudgetdeficitariseswhengovernmentspendsmorethanitreceivesintaxrevenue.Sinceagovernmentbudgetdeficitreducesnationalsaving,itraisesinterestrates,reducesprivateinvestment,andthusreduceseconomicgrowth.
Unit9TheBasicToolsofFinance
1.Purchasinginsuranceallowsanindividualtoreducethelevelofriskhefaces.Twoproblemsthatimpedetheinsuranceindustryfromworkingcorrectlyareadverseselectionandmoralhazard.Adverseselectionoccursbecauseahigh-riskpersonismorelikelytoapplyforinsurancethanalow-riskpersonis.Moralhazardoccursbecausepeoplehavelessincentivetobecarefulabouttheirriskybehavioraftertheypurchaseinsurance.
2.Astockanalystwillconsiderthefutureprofitabilityofafirmwhendeterminingthevalueofthestock.
3.Theefficientmarketshypothesissuggeststhatstockpricesreflectallavaiableinformation.Thismeansthatwecannotusecurrentinformationtopredictfuturechangesinstockprices.Onepieceofevidencethatsupportsthistheoryisthefactthatmanyindexfundsoutperformmutualfundsthatareactivelymanagedbyaprofessionalportfoliomanager.
Unit10Unemployment
1.
(1)Frictionalunemplotmentisinevtiablebecausetheeconomyisalwayschanging.Somefirmsareshringkingwhileothersareexpanding.Someregionsareexperiencingfastergrowththanotherregions.Transitionsofworkersbetweenfirmsandbetweenregionsareaccompaniedbytemporaryunemployment.
(2)Thegovernmentcouldhelptoreducetheamountoffritionalunemploymentbypublicpoliciesthatprovideinformationaboutjobvacanciesinordertomatchworkersandjobsmorequickly,andthroughpublictrainingprogramsthathelpeasethetransitionofworkersfromdecliningtoexpandingindustriesandhelpdisadvantagedgroupsescapepoverty.
2.Minimum-wagelawsareabetterexplanationforunemploymentamongteenagersthanamongcollegegraduates.Teenagershavefewerjob-relatedskillsthancollegegraduatesdo,sotheirwagesarelowenoughtobeaffectedbytheminimumwage.Collegegraduates’wagesgenerallyexceedtheminimumwage.
3.Unionsmayaffectthenaturalrateofunemploymentviatheeffectoninsidersandoutsiders.Sinceunionsraisethewageabovetheequilibriumlevel,thequantityoflabordemandeddeclineswhilethequantitysuppliedoflaborrises,sothereisunemployment.Insidersarethosewhokeeptheirjobs.Outsiders,workerswhobecomeunemployed,havetwochoices:
eithergetajobinafirmthatisnotunionizedorremainunemployedandwaitforajobtoopenupintheuionsector.Asaresult,thenaturalrateofunemploymentishigherthanitwouldbewithoutunions.
4.Advocatesofunionsclaimthatunionsaregoodfortheeconomybecausetheyareanantidotetothemarketpowerofthefirmsthathireworkersandtheyareimportantforhelpingfirmsrespondeffeicientlytoworkers’concerns.
5.Fourreasonswhyafirm’sprofitsmightincreasewhenitraiseswagesare:
(1)betterpaidworkersarehealthierandmoreproductive;
(2)workerturnoverisreduced;
(3)workereffortisincreased;
and(4)thefirmcanattracthigherqualityworkers.
Unit11TheMonetarySystem
1.Moneyisdifferentfromotherassetsintheeconomybecauseitismostliquidassetavailable.Otherassetsvarywidelyintheirliquidity.
2.Commoditymoneyismoneywithintrinsicvalue,likegold,whichcanbeusedforpurposesotherthanasamediumofexchange.Fiatmoneywithoutintrinsicvalue,ithasn
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