曼昆宏观经济学英语课后题答案

曼昆宏观经济学课后题答案曼昆宏观经济学英语课后题答案PAGE曼昆宏观经济学英语课后题答案CHAPTER23:MEASURINGANATION’SINCOMETrue/FalseIndicatewhetherthestatementistrueorfalse.   1. Thecircularflowdiagramdescribesalltransactionsbetweenhouseholdsandfirmsinasimpleeconomyandshowstheequalityofexpendituresandincome.ANSWER: TPOINTS: 0/1   2. Grossdomesticproductincludesmostitemsproducedandsoldillicitly.ANSWER: FPOINTS: 0/1   3. Netnationalproductisthetotalincomeofanation’sresidentsminuslossesfromdepreciation.ANSWER: TPOINTS: 0/1  4. Disposablepersonalincomeistheincomethathouseholdsandunincorporatedbusinesshaveleftaftersatisfyingalltheirobligationstothegovernment.Itequalspersonalincomeminuspersonaltaxesandcertainnon-taxpaymentstogovernment.ANSWER: TPOINTS: 0/1   5. ThepurchaseofnewhousesbyhouseholdsisincludedinthecalculationofpersonalconsumptionexpendituresofGDP.ANSWER: FPOINTS: 0/1 MultipleChoiceIdentifythechoicethatbestcompletesthestatementoranswersthequestion.  1. WhenGDPfalls,a.incomeandexpendituremustbothfall.b.incomeandexpenditurecanbothrise.c.incomemustfall,butexpendituremayriseorfall.d.expendituremustfall,butincomemayriseorfall.ANSWER: APOINTS: 0/1  2. Incomeequalsexpenditurebecausea.firmsalwayspayoutalltheirrevenueasincometosomeone.b.eachtimeasaleismade,thereisabuyerandaseller.c.householdsownthefactorsofproductionusedtogenerateincomes.d.Alloftheabovearecorrect.ANSWER: BPOINTS: 0/1  3. Ifaprovincemakestheproductionandsaleofillicitdrugslegal,thenGDPa.mustincrease.b.mustdecrease.c.wouldn'tchange.d.mayincreaseordecrease.ANSWER: APOINTS: 0/1  4. Whenagovernmentprovidessubsidiestoencouragegrowthofsmallbusinesses,thesubsidieswoulda.beincludedinGDPbecausetheyareinvestedbybusinesses.b.beincludedinGDPbecausetheyareaformofgovernmentspending.c.notbeincludedinGDPbecausetheyaretransferpayments.d.mayormaynotbeincludedinGDP,dependingonhowthefundsareused.ANSWER: CPOINTS: 0/1  5. Dieselfuelisa.alwaysconsideredafinalgood.b.countedasanintermediategoodifacompanyusesittoprovidetransportationservices.c.countedasafinalgoodifafarmerusesittorunatractortogrowcrops.d.Bothbandcarecorrect.ANSWER: BPOINTS: 0/1  6. Grossdomesticproducta.isthemarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiod(usuallyayear)b.istheincomeinthehandsofindividualsafterdeductingincometaxes;incomeavailabletohouseholdstospendandsavec.isthevalueofgoodsandservicespurchasedbyalllevelsofgovernment—federal,provincial,andlocal—inagivenperiodd.isthemarketvalueofallfinalgoodsandservicesproducedbypermanentresidentsofanationinagiventimeperiodANSWER: APOINTS: 0/1  7. Macroeconomicsisthatbranchofeconomicsthatstudiesa.theconditionsofindividualmarketsb.theinfluenceofgovernmentsonindividualmarketsc.economy-widephenomenad.onlytheprivatesectoroftheeconomyANSWER: CPOINTS: 0/1  8. SupposethatnominalGDPis$6,000billionandrealGDPis$3,000.WhatistheGDPpricedeflator?a.125b.150c.200d.250ANSWER: CPOINTS: 0/1  9. Thepurchaseoffinalgoodsandservicesbyhouseholdsiscalleda.investmentb.publicsectorexpenditurec.consumptiond.netexportsANSWER: CPOINTS: 0/1  10. Investmentisthepurchaseofcapitalequipment,inventories,anda.structuresb.non-durablegoodsc.depreciationd.importinvestmentANSWER: APOINTS: 0/1  11. Transferpaymentsa.areincludedinGDPbecausetheyareformsofincomeb.areincludedinGDPbecausegoodsandserviceshavebeenproducedinthetransferc.areNOTincludedintheGDPbecausegoodsandserviceshavenotbeenproducedinthetransferd.areincludedinGDPbecausetheyrepresenttheproductionoftransfersofgoodsandservicestoforeigncountriesANSWER: CPOINTS: 0/1  12. Whichofthefollowingwouldbeconsideredconsumptionexpenditure?a.TheSmithsbuyahomebuiltin1990.b.ThefederalgovernmentpaysthesalaryofacaptainintheArmedForces.c.TheHostlersbuyanewcarthatwasmanufacturedinGermany.d.Thegovernmentbuysfoodforitsarmedforces.ANSWER: CPOINTS: 0/1  13. ThemethodthatmeasuresGDPinrelationshiptothesizeofthepopulationiscalleda.GNPb.workerGDPc.GDPperpersond.capitalGDPANSWER: CPOINTS: 0/1  14. ThecomponentsofGDParea.C+I+Gb.NX+G+Cc.C+G+NXd.C+I+G+NXANSWER: DPOINTS: 0/1  15. SupposenominalGDPis$7700andtheGDPdeflatoris110.RealGDPisa.$7700b.$7000c.$847,000d.$8470ANSWER: BPOINTS: 0/1 ShortAnswer  1. Whatarethecomponentsofgrossdomesticproduct(GDP)RESPONSE: ANSWER: ThecomponentsofGDPare:(1)consumptionspendingbyhouseholdsongoodsandservices,withtheexceptionofpurchasesofnewhousing;(2)Investmentspendingoncapitalequipment,inventories,andstructures,includinghouseholdpurchasesofnewhousing;(3)governmentpurchasesorspendingongoodsandservicesbythelocal,provincial,andfederallevelsgovernments;and(4)netexportswhichisspendingondomesticallyproducedgoodsandservicesbyforeigners(exports)minusspendingonforeigngoodsandservicesbydomesticresident(imports).POINTS: --/1  2. Differentiatebetweengrossdomesticproduct(GDP)andgrossnationalproduct(GNP).RESPONSE: ANSWER: GDPisthevalueofallfinalgoodsandservicesproducedwithinacountryinagivenyear;whileGNPisthetotalincomeearnedbyanation’spermanentresidentsornationals(thatis,Canadians).GNPdiffersfromGDPbyincludingincomethatcitizensofthenation(Canada)earnedaboard,andexcludingincomethatforeignersearnintheparticularcountry.inCanada).POINTS: --/1  3. DifferentiatebetweenrealGDPandnominalGDP.RESPONSE: ANSWER: NominalGDPisthevalueofallfinalgoodsandservicesproducedwithinacountryinayearandvaluedatcurrentprices;andrealGDPistheGDPvaluedatconstantbaseyearprices. RealGDPisnotaffectedbychangesinthelevelofprices,soitreflectsonlychangesintheamountsbeingproduced.POINTS: --/1  4. ExplainwhyGDPisnotconsideredaperfectmeasureofwell-being?RESPONSE: ANSWER: GDPisnotconsideredaperfectmeasureofwell-beingbecausesomeofthefactorsthatcontributetoagoodlifeareomitted. Thesewouldinclude:leisuretime,thequalityoftheenvironment,thedistributionofincome,andtheproductionofgoodsandservicesthatdidnotpasthroughthemarket(forexample,houseworkdonebythehomemaker,andvolunteerwork)POINTS: --/1  5. Howdoeconomistsmeasureeconomicgrowth?RESPONSE: ANSWER: EconomistsmeasureeconomicgrowthasthepercentagechangeinrealGDPfromoneperiodtoanother.ThisisbecausechangesinrealGDPreflectonlychangesintheamountsbeingproduced.POINTS: --/1 CHAPTER24:MEASURINGTHECOSTOFLIVINGTrue/FalseIndicatewhetherthestatementistrueorfalse.  1. TheGDPdeflatorreflectsthepricesofgoodsandservicesboughtbyconsumers, andtheconsumerpriceindexreflectsthepriceofallfinalgoodsandservicesproduceddomestically.ANSWER: FPOINTS: 0/1  2. Theconsumerpriceindexcomparesthepriceofafixedbasketofgoodsandservicestothepriceofthebasketinthebaseyear.Ontheotherhand,theGDPdeflatorcomparesthepriceofcurrentlyproducedgoodsandservicestothepriceofthesamegoodsandservicesinthebaseyears.ANSWER: TPOINTS: 0/1  3. Indexationreferstotheautomaticcorrectionofadollaramountfortheeffectsofinflationbylaworcontract.ANSWER: TPOINTS: 0/1  4. Longtermcontractsbetweenfirmsandunionswillsometimesincludepartialorcompleteindexationofthewagetotheconsumerpriceindex.Thisiscalledacost-of-livingallowanceclause.ANSWER: TPOINTS: 0/1  5. Thecoreinflationrateistheconsumerpriceindexwiththeexclusionofthemostvolatilecomponentssuchasenergyandfood.ANSWER: TPOINTS: 0/1 MultipleChoiceIdentifythechoicethatbestcompletesthestatementoranswersthequestion.  1. IntheCPI,goodsandservicesareweightedaccordingtoa.howmuchatypicalconsumerbuysofeachitem.b.whethertheitemsarenecessitiesorluxuries.c.howmuchofeachitemisproducedinthedomesticeconomy.d.howmuchisspentontheminthenationalincomeaccounts.ANSWER: APOINTS: 0/1  2. Bynottakingintoaccountthepossibilityofconsumersubstitution,theCPIa.understatesthestandardofliving.b.overstatesthecostofliving.c.neitheroverstatesnorunderstatesthecostofliving.d.doesn'taccuratelyreflectthecostofliving,butitisunclearifitoverstatesorunderstatesthecostofliving.ANSWER: BPOINTS: 0/1  3. IfthepricesofBrazilian-madeshoesimportedintoCanadaincreases,thena.bothCanada’sGDPdeflatorandit’sconsumerpriceindexwillincrease.b.neitherCanada’sGDPdeflatornorit’sconsumerpriceindexwillincrease.c.Canada’sGDPdeflatorwillincreasebutitsCPIwillnotincrease.d.Canada’sconsumerpriceindexwillincrease,butitsGDPdeflatorwon’tchange.ANSWER: DPOINTS: 0/1  4. IfincreasesinthepricesofCanadiancarinsurancecausestheCPItoincreaseby3percent,theGDPdeflatorwilllikelyincreasebya.morethan3percent.b.3percent.c.lessthan3percent.d.Alloftheabovearecorrect.ANSWER: CPOINTS: 0/1  5. Therealinterestratetellsyoua.howquicklyyoursavingsaccountwillgrow.b.howquicklythepurchasingpowerofyoursavingsaccountwillgrow.c.thesizeofyoursavingsaccount.d.thepurchasingpowerofyoursavingsaccount.ANSWER: BPOINTS: 0/1  6. Inflationreferstoa.atemporaryincreaseinthepricelevelduetohighertaxratesb.alargeincreaseinfoodandgasolinepricesc.asituationinwhichtheeconomy'soverallpricelevelisrisingd.anincreaseinthepurchasingpowerofthedollarANSWER: CPOINTS: 0/1  7. Ifnominalinterestratesincreasefrom8percentto10percentwhileinflationincreasesfrom3percentto12percenta.therealinterestratefallsfrom5percentto–2percentb.therealinterestraterisesfrom–2percentto5percentc.therealinterestratefallsfrom8percentto12percentd.therealinterestraterisesfrom8percentto12percentANSWER: APOINTS: 0/1  8. Ifthenominalrateofinterestis10percentandtherateofinflationis3percent,whatistherealrateofinterest?a.13percentb.7percentc.3percentd.–7percentANSWER: BPOINTS: 0/1  9. Theconsumerpriceindex:a.measurespricechangesofrawmaterialsb.adjustsallpricesofgoodsandservicesforfive-yearperiodsc.measuresthecostofgoodsandservicesboughtbyatypicalconsumerd.cannotmeasurepricechangesofintangibleproductionsuchasservicesANSWER: CPOINTS: 0/1  10. Iftheconsumerpriceindex(CPI)attheendof1996was125andtheCPIattheendof1997was131,thentherateofinflationduring1997wasa.zero–priceswerestableduring1997b.percentc.percentd.125percentANSWER: BPOINTS: 0/1  11. Frank'snominalincomein1998is$45,000.SupposetheCPIin1998is150.WhatisFrank'srealincome?a.$51,750b.$45,000c.$38,250d.$30,000ANSWER: DPOINTS: 0/1  12. Achangeinthepriceofimportsboughtbyconsumerswillbea.reflectedintheGDPdeflatorb.reflectedinGDPc.reflectedintheCPId.reflectedinnetnationalincomeANSWER: CPOINTS: 0/1  13. AllofthefollowingbutoneareproblemsassociatedwiththeCPIa.substitutionbiasb.theintroductionofnewgoodsandservicesc.unmeasuredqualitychangesd.TheCPIisnotbasedonafixedbasketofgoodsandservicesANSWER: DPOINTS: 0/1  14. Whichofthefollowingiscorrect?a.TheCPIisnotbasedonafixedbasketofgoodsandservices.b.TheGDPdeflatorreflectsthepricesofalldomesticallyproducedgoodsandservices.c.TheGDPdeflatorisbasedonafixedbasketofgoodsandservices.d.TheGDPdeflatorissubjecttosubstitutionbias.ANSWER: BPOINTS: 0/1  15. Theinflationratea.isameasureofthecostofabasketofgoodsandservicesboughtbyfirmsb.istheabsolutechangeinpricesbetweenyearsc.isthepercentagechangeinthepriceindexfromtheprecedingperiodd.measureschangesinincomesfromoneyeartothenextANSWER: CPOINTS: 0/1 ShortAnswer  1. Whatistheconsumerpriceindex(CPI)WhatarethethreemajoritemsincludedintheCPIRESPONSE: ANSWER: TheCPIisameasureoftheoverallcostofthegoodsandservicesboughtbyatypicalconsumer.ThethreemajoritemsincludedintheCPIareshelter,transportationandfood.POINTS: --/1  2. HowistheCPIcomputed?RESPONSE: ANSWER: Firstthebasketofgoodsandservicesmustbedeterminedandalsotherelativeimportanceofthevariousitemstobeincludedinthebasket.Thenthepricesofthevariousitemsinthebasketaredetermined.Thecostofthebasketisthendeterminedusingthedataonpricesandquantity.Thebaseyearischosen,andtheindexforthebaseyeariscomputedusingthequantitiesinthebasketandthebaseyearprices.Theindexiscalculatedbytakingthepriceofthebasketintheeachyearanddividingthisbythepriceofthebasketinthebaseyear.Thisratioisthenmultipliedby100.POINTS: --/1  3. Differentiatebetweenthenominalrateofinterestandtherealrateofinterest.RESPONSE: ANSWER: Thenominalinterestrateistheinterestrateasusuallyreportedwithoutacorrectionfortheeffectsofinflation.Therealinterestrateistheinterestratecorrectedfortheeffectsofinflation.Therealinterestrate=nominalinterestrateminustheinflationrate.POINTS: --/1  4. Whatismeantbytheinflationrate? IftheCPIin1996wasandin1995was,calculatetheinflationratefor1996.RESPONSE: ANSWER: Theinflationrateisthepercentagechangeinthepriceindexfromtheprecedingperiod. Theinflationratefor1996wouldbe:POINTS: --/1  5. Whataretheproblemsassociatedwithusingtheconsumerpriceindextomeasurethecostofliving?RESPONSE: ANSWER: Theproblemsare:(1)Pricesdonotchangeproportionately.Consumersrespondbybuyinglessofthegoodswhosepriceshaverisenbylargeamountsandbybuyingmoreofthegoodswhosepricehaverisenbyless,orevenfallen.Theindexiscomputedusingafixedbasketofitems,sotheseschangesinquantitywouldnotbereflectedinthebasket.Thisisreferredtoasthesubstitutionbias.(2)TheCPIisdevelopedusingafixedbasketofgoodsandservices,whennewproductsareintroducedduringthetimeperiodthataparticularfixedbasketisbeingused,thesenewproductswillnotbeincludedincalculationoftheindex.(3)TheCPIdoesnotmeasurequalitychanges.Ifthequalityofagooddeterioratesfromoneyeartothenext,thevalueofthedollarfalls,evenifthepriceofthegoodstaysthesame.Likewise,ifthequalityofthegoodincreasesfromoneyeartothenext,thevalueofadollaralsorises.StatisticsCanadawilltrytoadjustthepriceofthegoodtoaccountforthequalitychange,butitisverydifficulttomeasurequality.POINTS: --/1CHAPTER25:PRODUCTIONANDGROWTHTrue/FalseIndicatewhetherthestatementistrueorfalse.  1. Onewaytoraisefutureproductivityistoinvestlesscurrentresourcesintheproductionofcapital.ANSWER: FPOINTS: 0/1  2. Diminishingreturnsoccurwhenthebenefitsfromanextraunitofoutputdeclinesasthequantityofoutputdeclines.ANSWER: FPOINTS: 0/1  3. Malthusiantheorystatesthatanever-increasingpopulationwouldcontinuallystrainsociety’sabilitytoprovideforitself.Thisdoomedhumanbeingstoforeverliveinpoverty.ANSWER: TPOINTS: 0/1  4. Productivitygrowthismeasuredbyrealoutputperworker.ANSWER: TPOINTS: 0/1  5. Theprimaryreasonthatlivingstandardsarehighertodaythantheywereacenturyagoisthattechnologicalknowledgehasadvanced.ANSWER: TPOINTS: 0/1 MultipleChoiceIdentifythechoicethatbestcompletesthestatementoranswersthequestion.  1. Ofthefollowingcountries,whichgrewtheslowestoverthelast100years?a.Brazil.b.Mexico.c.Singapore.d.UnitedStates.ANSWER: DPOINTS: 0/1  2. Onaverage,eachyearofschoolingraisesaperson'swageinCanadabyabouta.3percent.b.10percent.c.15percent.d.25percent.ANSWER: BPOINTS: 0/1  3. TheprimaryreasonthatCanadianlivingstandardsarehighertodaythantheywereacenturyagoisthata.moreproductivenaturalresourceshavebeendiscovered.b.physicalcapitalperworkerhasincreased.c.technologicalknowledgehasincreased.d.humancapitalhasincreased.ANSWER: CPOINTS: 0/1  4. ManycountriesinAfricahavelowgrowthrates.Thisispartlyduetoa.fewnaturalresourcesb.hightradebarriers.c.lowincomes,makingitverydifficultforthemtogrow.d.Alloftheabovearecorrect.ANSWER: BPOINTS: 0/1  5. Agovernmentcanencouragegrowthand,inthelongrun,raisetheeconomy’sstandardoflivingbyencouraginga.populationgrowth.b.consumptionspending.c.savingandinvestment.d.traderestrictions.ANSWER: CPOINTS: 0/1  6. Diminishingreturnsisthenotionthata.asthestockofcapitalages,theextraoutputproduceddecreasesb.asthestockofcapitalisincreased,theextraoutputproducedfromanadditionalunitofcapitalfallsc.asresourcesareusedtoproducecapitalgoods,feweradditionalcapitalgoodscanbeproducedd.youalwaysgetwhatyoupayforANSWER: BPOINTS: 0/1  7. Comparedwithrichercountries,poorercountriesaregenerallycharacterizedbya.highrealGDPperpersonb.politicalstabilityc.rapidpopulationgrowthd.stronglyenforcedpropertyrightsANSWER: CPOINTS: 0/1  8. Whichoneofthefollowingcountrieswouldmostlikelybeconsideredapoorernation,usingrealGDP/person?a.Canadab.Germanyc.Japand.IndiaANSWER: DPOINTS: 0/1  9. Whichofthefollowingfactorswouldbemostlikelytoencouragecapitalformationinapoorernation?a.theexpectationofsustainedhighratesofinflationinthefutureb.theexpectationthatpropertyrightswillremainsecurec.theexpectationthatastrugglebetweencapitalistandsocialistforceswillleadtomajorstructuralchangeintheeconomyd.anincreaseincorporatetaxesinordertofinanceanexpandedgovernmentwelfareprogramANSWER: BPOINTS: 0/1   10. Whichofthefollowingismostlikelytocausetheproductivityoflabourtoincrease?a.highermoneywageratesb.ahigherrateofinvestmentinhumanandphysicalcapitalc.moreflexibleworkinghoursandimprovedretirementplansd.noneoftheaboveANSWER: BPOINTS: 0/1  11. Supposethatfactoryoutputrosefrom50,000unitsto55,000unitswhilelabourhoursrosefrom1100to1200.Whichofthefollowingistrue?a.Labourproductivityremainedunchanged.b.Labourproductivityincreasedslightly.c.Labourproductivitydecreasedslightly.d.Labourproductivityincreasedsharply.ANSWER: BPOINTS: 0/1  12. Whichofthefollowingwouldbemostlikelytocausetherealincomeperpersonofpoorercountriestorise?a.amorerapidpopulationgrowthb.arapidrateofinflationc.aninternationalminimum-wagelawd.anincreaseinforeigninvestmentthatenhancedtheproductivityofthelabourforceANSWER: DPOINTS: 0/1  13. Ifaproductionfunctionhasconstantreturnstoscale,then:a.doublinginputswilldoubleoutput.b.doublinginputswilltripleoutput.c.doublinginputswillcauseoutputtoincrease,buttheincreaseinoutputwillbelessthantheincreaseininputs.d.doublinginputswilldecreaseoutput.ANSWER: APOINTS: 0/1  14. Themostimportantsourceofrisinglivingstandardsovertimeis:a.theincreaseinthesizeofthelabourforce.b.theincreaseinthelabourforceparticipationrate.c.theincreaseinproductivity.d.theincreaseinhumancapital—theskillsembodiedintheworkforce.ANSWER: CPOINTS: 0/1 ShortAnswer  1. Whatisproductivityandwhyisitimportant?RESPONSE: ANSWER: Productivityistheamountofgoodsandservicesproducedfromeachhourofaworker’stime.Itisthemajordeterminantofthestandardoflivingofacountry.POINTS: --/1  2. Howisproductivitydetermined?RESPONSE: ANSWER: Productivityisdeterminedbyacountry’sphysicalcapital,humancapital,naturalresourcesandtechnologicalknowledge.POINTS: --/1  3. WhatistheWorldBankandwhatareitsfunctions?RESPONSE: ANSWER: TheWorldBankisaninternationalorganizationthatamongotherthingsencouragestheflowofcapitaltopoorcountries.Itobtainsfundsfromtheworld’sadvancecountiesandloansthemtolessdevelopedcountriessothattheycaninvestincapitalinfrastructure. TheWorldBankoffersadvicetodevelopingcountriesonhowthefundsmightbestbeused.POINTS: --/1  4. WhatarepropertyrightsWhatroledoespropertyrightsplayineconomicgrowthRESPONSE: ANSWER: Propertyrightsrefertotheabilityofpeopletoexerciseauthorityovertheresourcestheyown.Theremustbeaneconomy-widerespectforpropertyrightsforthepricesystemorthefreemarkettowork.Lackofrespectforpropertyrightsortheenforcementofpropertyrightswouldnotonlycausepoliticalinstabilitybutwouldalsodiscouragesavingsandinvestment.Thesearenecessaryforeconomicgrowth.POINTS: --/1  5. Differentiatebetweeninward-orientedpoliciesandoutward-orientedpolicies.RESPONSE: ANSWER: Inward-orientedpoliciesareaimedatraisingproductivityandlivingstandardswithinacountybyavoidinginteractionwiththerestoftheworld.Thisapproachinvolvestheprotectionofdomesticindustriestoallowthemtodevelopandgrowwithoutcompetitionfromforeignfirms.Outward-orientedpol