宏观选择题.docx
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宏观选择题.docx
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宏观选择题
MankiwMacroeconomics6eCh02completed
1.Whichofthefollowingisaflowvariable?
A.Thevalueofthehouseinwhichyoulive
B.Thebalanceinyoursavingsaccount
C.Yourmonthlyconsumptionofhamburgers
D.Thenumberofhamburgersinyourrefrigeratoratthebeginningofthemonth
Correct.TheanswerisC.AsexplainedinSection2-1,aflowisaquantitymeasuredperunittimeandastockisaquantitymeasuredatagivenpointintime.
2.Whichofthefollowingisnotastockvariable?
A.Governmentdebt
B.Thelaborforce
C.Theamountofmoneyheldbythepublic
D.Inventoryinvestment
Correct.TheanswerisD.Inventoryinvestmentisaquantitymeasuredperunittime,soitisaflowvariable.SeeSection2-1.
3.GDPis
A.astock.
B.aflow.
C.bothastockandaflow.
D.neitherastocknoraflow.
Correct.TheanswerisB.GDPisaquantitymeasuredperunittime,soitisaflow.SeeSection2-1.
4.GDPmeasures
A.expenditureonallfinalgoodsandservices.
B.totalincomeofeveryoneintheeconomy.
C.totalvalue-addedbyallfirmsintheeconomy.
D.alloftheabove.
Correct.TheanswerisD.SeeSection2-1foradiscussionofwhatGDPmeasures.
5.Supposethatafarmergrowswheatandsellsittoabakerfor$1,thebakermakesbreadandsellsittoastorefor$2,andthestoresellsittothecustomerfor$3.ThistransactionincreasesGDPby
A.$1.
B.$2.
C.$3.
D.$6.
Correct.TheanswerisC.AsexplainedinSection2-1,GDPincludesonlythevalueofthefinalgoodsandservices.Therefore,thistransactionincreasesGDPby$3.
6.WhichofthefollowingisnotincludedinGDP?
A.Thesalarypaidtoafederaljudge
B.Thevalueofhousingservicesenjoyedbyhomeowners
C.Thevalueofautomobileservicesenjoyedbycarowners
D.Thevalue-addedofashippingcompanythattransportsgoodsfromthefactorytoretailstores
Correct.TheanswerisC.Inprinciple,GDPshouldincludetheimputedrentonautomobiles,butinpracticeitdoesnot.SeeSection2-1.
7.Inwhichcaseistotalexpenditureinaneconomynotequaltototalincome?
A.iftotalsavingislargerthantotalinvestment
B.ifnetexportsarenotzero
C.ifinventoryinvestmentisnegative
D.noneoftheabove--theyarealwaysequal
Correct.TheanswerisD.AsexplainedinSection2-1,totalexpenditureinaneconomyalwaysequalstotalincome.
8.Allotherthingsequal,GDPwillriseif
A.importsrise.
B.exportsfall.
C.durablegoodsconsumptionrises.
D.militaryspendingfalls.
Correct.TheanswerisC.Ariseinimports,afallinexports,orafallinmilitaryspendingwilldecreaseGDP.AriseindurablegoodsconsumptionwillincreaseGDP.SeeSection2-1.
9.WhichofthefollowingstatementsdescribesthedifferencebetweennominalandrealGDP?
A.RealGDPincludesonlygoods;nominalGDPincludesgoodsandservices.
B.RealGDPismeasuredusingconstantbase-yearprices;nominalGDPismeasuredusingcurrentprices.
C.RealGDPisequaltonominalGDPlessthedepreciationofthecapitalstock.
D.RealGDPisequaltonominalGDPmultipliedbytheCPI.
Correct.TheanswerisB.ForadiscussionofthedifferencesbetweenrealandnominalGDP,seeSection2-1.
10.Ifproductionremainsthesameandallpricesdouble,thenrealGDP
A.andnominalGDParebothconstant.
B.isconstantandnominalGDPisreducedbyhalf.
C.isconstantandnominalGDPdoubles.
D.doublesandnominalGDPisconstant.
Correct.TheanswerisC.RealGDPismeasuredinconstantprices,soitisunaffectedbyapriceincrease.NominalGDPismeasuredincurrentprices.Ifpricesdouble,sowillnominalGDP.SeeSection2-1.
11.RealGDPequals
A.nominalGDPminusnetexports.
B.nominalGDPdividedbytheGDPdeflator.
C.nominalGDPmultipliedbytheGDPdeflator.
D.GDPminusdepreciation.
Incorrect.ThecorrectanswerisB.AsexplainedinSection2-1,realGDPequalsnominalGDPdividedbytheGDPdeflator.
12.Ifproductionremainsthesameandallpricesdoublerelativetothebaseyear,thentheGDPdeflatoris
A.1/4.
B.1/2.
C.1.
D.2.
Correct.TheanswerisD.AsexplainedinSection2-1,theGDPdeflatorequalsnominalGDPdividedbyrealGDP.Ifpricesdouble,nominalGDPwilldoubleandrealGDPwillbeunchanged.Therefore,theGDPdeflatorwillequal2.
13.Considerthefollowingtable:
APPLES/ORANGES
Year
Production/Price
Production/Price
1995
20/$0.50
10/$1.00
2000
10/$1.00
10/$0.50
If1995isthebaseyear,whatistheGDPdeflatorfor2000?
A.0
B.between0and1
C.1
D.greaterthan1
Correct.TheanswerisC.TheGDPdeflatorisnominalGDPdividedbyrealGDP.NominalandrealGDPareboth$15in2000,sotheGDPdeflatorequals1.SeeSection2-1.
14.Toobtainthenetdomesticproduct(NDP),startwithGDPandsubtract
A.depreciation.
B.depreciationandindirectbusinesstaxes.
C.depreciation,indirectbusinesstaxes,andcorporateprofits.
D.depreciation,indirectbusinesstaxes,corporateprofits,andsocialinsurancecontributions.
Correct.TheanswerisA.Foranexplanationofnetdomesticproduct,seeSection2-1.
15.Toobtainnationalincome,startwithGDPandsubtract
A.depreciation.
B.depreciationandindirectbusinesstaxes.
C.depreciation,indirectbusinesstaxes,andcorporateprofits.
D.depreciation,indirectbusinesstaxes,corporateprofits,andsocialinsurancecontributions.
Correct.TheanswerisB.NationalincomeequalsGDPminusdepreciationandindirectbusinesstaxes.SeeSection2-1.
16.Approximatelywhatpercentageofnationalincomeconsistsofcompensationofemployees?
A.10percent
B.25percent
C.70percent
D.95percent
Correct.TheanswerisC.Thecomponentsofnationalincomearediscussedinsection2-1.
17.Theconsumerpriceindex(CPI)
A.measuresthepriceofafixedbasketofgoodsandservices.
B.measuresthepriceofabasketofgoodsandservicesthatconstantlychangesasthecompositionofconsumerspendingchanges.
C.measurestheamountofmoneythatittakestoproduceafixedlevelofutility.
D.isoneofthemanystatisticsintheNationalIncomeAccounts.
Correct.TheanswerisA.TheCPImeasuresthepriceofafixedbasketofgoods.SeeSection2-2.
18.Supposethatthetypicalconsumerbuysoneappleandoneorangeeverymonth.Inthebaseyear1986,thepriceforeachwas$1.In1996,thepriceofapplesrisesto$2,andthepriceoforangesremainsat$1.AssumingthattheCPIfor1986isequalto1,theCPIfor1996wouldbeequalto
A.1/2.
B.1.
C.3/2.
D.2.
Correct.TheanswerisC.TheCPImeasuresthechangeinthepriceofthetypicalconsumer'sbasketofgoods.Sincethepriceofthebasketwas$2in1986,anditis$3in1996,theCPIfor1996isequalto3/2.SeeSection2-2.
19.Considerthefollowingtable:
ConsumptionGoods
NonconsumptionGoods
Year
ProductionPrice
ProductionPrice
1995
20/$0.50
10/$1.00
2000
10/$1.00
10/$0.50
If1995isthebaseyear,theCPIin2000is
A.0.
B.1/2.
C.1.
D.2.
Correct.TheanswerisD.TheCPIisameasureofthepriceofafixedbasketofconsumptiongoods.Sincethepriceofconsumptiongoodsdoubledbetween1995and2000,the2000CPIwillequal2.SeeSection2-2.
20.WhichofthefollowingstatementsabouttheCPIandtheGDPdeflatoristrue?
A.TheCPImeasuresthepricelevel;theGDPdeflatormeasurestheproductionofaneconomy.
B.TheCPIreferstoabaseyear;theGDPdeflatoralwaysreferstothecurrentyear.
C.Theweightsgiventopricesarenotthesame.
D.TheGDPdeflatortakesthepriceofimportedgoodsintoaccount;theCPIdoesnot.
Incorrect.ThecorrectanswerisC.ForadiscussionoftheCPIandtheGDPdeflator,seeSection2-2.
21.Allotherthingsequal,ifthepriceofforeign-madecarsrises,thentheGDPdeflator
A.andtheCPIwillrisebyequalamounts.
B.willriseandtheCPIwillremainthesame.
C.willremainthesameandtheCPIwillrise.
D.andtheCPIwillrisebydifferentamounts.
Correct.TheanswerisC.GoodsandservicesproducedabroaddonotentertheGDPdeflator,butareincludedintheCPIiftheforeigngoodsareintheconsumers?
basket.SeeSection2-2.
22.GeneralMotorsincreasesthepriceofamodelcarproducedexclusivelyforexporttoEurope.WhichU.S.priceindexisaffected?
A.TheCPI
B.TheGDPdeflator
C.BoththeCPIandtheGDPdeflator
D.NeithertheCPInortheGDPdeflator
Correct.TheanswerisB.TheGDPdeflatorisaffectedbecausethecarsareproduceddomestically.TheCPIdoesnotchangebecausethecarsarenotconsumeddomestically.SeeSection2-2.
23.Whichofthefollowingeventswillcausetheunemploymentratetoincrease?
A.Anincreaseinpopulation,withnochangeinthesizeofthelaborforce
B.Aproportionallyequalincreaseinthelaborforceandthenumberofunemployedworkers
C.Anincreaseinthelaborforcewithnochangeinthenumberofemployedworkers
D.Anincreaseinthenumberofemployedworkerswithnochangeinthenumberofunemployedworkers
Incorrect.ThecorrectanswerisC.Theunemploymentrateisdefinedasthenumberofunemployedworkersdividedbythelaborforce.Ifthelaborforceincreasesandemploymentdoesnotchange,theunemploymentratewillincrease.SeeSection2-3.
24.Anexampleofapersonwhoiscountedasunemployedisa
A.retiredworkerbelowthemandatoryretirementage.
B.part-timeworkerwhowouldliketoworkfull-time.
C.senatorwhoresignsherjobtorunforpresident.
D.studentgoingtoschoolfull-time.
Correct.TheanswerisC.Foradiscussionofwhoisconsideredunemployed,seeSection2-3.
25.Supposethatafactoryworkerturns62yearsoldand
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