總體經濟學
期末考
日期：97.01.17
選擇題：每題 3 分
1. In a small open economy, if the world real interest rate is above the rate at
which national saving exceeds domestic investment, then there will be a trade
______ and ______ net capital outflow.
(A) surplus; negative
(C) surplus; positive
(B) deficit; positive
(D) deficit; negative
2. In a small open economy, starting from a position of balanced trade, if the
government increases domestic government purchases, this produces a
tendency toward a trade ______ and ______ net capital outflow.
(A) deficit; negative
(C) deficit; positive
(B) surplus; positive
(D) surplus; negative
3. If the information technology boom increases investment demand in a small
open economy, then net exports ______ and the real exchange rate ______.
(A) increase; appreciates
(C) decrease; appreciates
(B) increase; depreciates
(D) decrease; depreciates
4. In a large open economy, an investment tax credit raises the real interest rate,
______ the trade balance, and ______ net capital outflow.
(A) decreases; decreases
(B) increases; increases
(C) decreases; increases
(D) increases; decreases
5. Assume that some large foreign countries begin to subsidize investment by
instituting an investment tax credit. Then, if world saving does not depend on
the interest rate, world investment:
(A) will rise and small country investment will fall.
(B) will rise and small country investment will remain unchanged.
(C) will remain unchanged and small country investment will fall.
(D) and small country investment will both remain unchanged.
6. If the steady-state rate of unemployment equals 0.125 and the fraction of
unemployed workers who find jobs each month (the rate of job findings) is
0.56, then the fraction of employed workers who lose their jobs each month
(the rate of job separations) must be:
(A) 0.08
(B) 0.125
(C) 0.22
(D) 0.435
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7. Frictional unemployment occurs in each of the following cases EXCEPT when:
(A) there is a sectoral shift in the economy.
(B) certain firms go bankrupt.
(C) workers quit their current jobs to look for new ones in a different
occupation.
(D) workers quit their current jobs and stop looking for work altogether.
8. When insiders have a much greater impact on the wage bargaining process than
do outsiders, the negotiated wage is likely to be ______ the equilibrium wage.
(A) much greater than
(C) almost equal to
(B) much less than
(D) about one-half of
9. Efficiency-wage theories suggest that a firm may pay workers more than the
market-clearing wage for all of the following reasons except to:
(A) reduce labor turnover.
(B) improve the quality of the firm's labor force.
(C) increase worker effort.
(D) reduce the firm's wage bill.
10. The sectoral shifts explanation for changes in the U.S. natural rate of
unemployment over the past 50 years rests on the idea that oil-price volatility
______ the rate of job ______.
(A) increased; separation
(B) decreased; separation
(C) increased; findings
(D) decreased; findings
11. Starting from a steady-state situation, if the saving rate increases, the rate of
growth of capital per worker will:
(A) increase and continue to increase unabated.
(B) increase until the new steady state is reached.
(C) decrease until the new steady state is reached.
(D) decrease and continue to decrease unabated.
12. If an economy is in a steady state with a saving rate below the Golden Rule
level, efforts to increase the saving rate result in:
(A) both higher per-capita output and higher per-capita depreciation, but the
increase in per-capita output would be greater.
(B) both higher per-capita output and higher per-capita depreciation, but the
increase in per-capita depreciation would be greater.
(C) higher per-capita output and lower per-capita depreciation.
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(D) lower per-capita output and higher per-capita depreciation.
13. In the Solow growth model, with a given production function, depreciation
rate, saving rate, and no technological change, higher rates of population
growth produce:
(A) higher steady-state ratios of capital per worker.
(B) higher steady-state growth rates of output per worker.
(C) higher steady-state growth rates of total output.
(D) higher steady-state levels of output per worker.
14. Assume that a war reduces a country's labor force but does not directly affect
its capital stock. If the economy was in a steady state before the war and the
saving rate does not change after the war, then, over time, capital per worker
will ______ and output per worker will grow ______ than it did before the war.
(A) decline; faster
(C) decline; more slowly
(B) increase; faster
(D) increase; more slowly
15. If an economy moves from a steady state with positive population growth to a
zero population growth rate, then in the new steady state total output growth
will be ______ and growth of output per person will be ______.
(A) lower; lower
(C) higher; higher than it was before
(B) lower; the same as it was before
(D) higher; lower
16. In a steady-state economy with population growth n and labor-augmenting
technological progress g, persistent increases in standard of living are possible
because the:
(A) capital stock grows faster than does the labor force.
(B) capital stock grows faster than does the number of effective workers.
(C) capital stock grows faster than does depreciation.
(D) saving rate constantly increases.
17. If two economies are identical (including having the same saving rates,
population growth rates, and efficiency of labor), but one economy has a
smaller capital stock, then the steady-state level of income per worker in the
economy with the smaller capital stock:
(A) will be at a lower level than the steady state of the high capital economy.
(B) will be at a higher level than the steady state of the high capital economy.
(C) will be at the same level as the steady state of the high capital economy.
(D) will be proportional to the ratio of the capital stocks in the two economies.
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18. If the marginal product of capital net depreciation equals 8 percent, the rate of
growth of population equals 2 percent, and the rate of labor-augmenting
technical progress equals 2 percent, to reach the Golden Rule level of the
capital stock the ____ rate in this economy must be _____.
(A) saving; increased.
(B) population growth; decreased
(C) depreciation; decreased
(D) total output growth; decreased
19. In the two-sector endogenous growth model, income growth persists because:
(A) the production function shifts exogenously.
(B) the saving rate exceeds the rate of depreciation.
(C) the creation of knowledge in universities never slows down.
(D) the fraction of the labor force in universities is large.
20. If the per-worker production function is y = Ak, where A is a positive constant,
in the steady state, a:
(A) lower saving rate does not affect the growth rate.
(B) higher saving rate does not affect the growth rate.
(C) lower saving rate leads to a higher growth rate.
(D) higher saving rate leads to a higher growth rate.
簡答題：
1. Some economists believe that United States businesses will discover that the
marginal product of capital that uses the latest technologies will eventually be lower
than they had hoped. As a result, investment demand may decline. The United States
is a large open economy with a trade deficit. Use the appropriate graphs for a
demand on each of the following: the domestic real interest rate, national saving, the
amount of investment, net capital outflow, the real exchange rate, and net exports.
(6 分)
2. The average unemployment rate in western Europe is higher than in the United
States.
a. Explain one difference between the European and U.S. economies that is
consistent with more structural unemployment in Europe.(4 分)
b. Explain one difference between the European and U.S. economies that is
consistent with more frictional unemployment in Europe. (4 分)
3. Two countries, Highland and Lowland, are described by the Solow growth model.
Both countries are identical, except that the rate of labor-augmenting technological
progress is higher in Highland than in Lowland.
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a. In which country is the steady-state growth rate of output per effective worker
higher? (3 分)
b. In which country is the steady-state growth rate of total output higher? (3 分)
c. Does the Solow growth model predict that the two economies will converge to
the same steady state? (3 分)
計算題：
1. Consider an economy described by the following equations:
Y  C  I  G  NX
Y  5, 000
G  1, 250
T  1, 000
C  250  0.5(Y  T )
I  2, 000  100r
CF  100r
CF  NX
NX  500  500
a. In this economy, solve for national saving, investment, the interest rate, net
capital outflow, the trade balance, and the equilibrium exchange rate. (3 分)
b. Suppose now that G rises to 1,500. Solve for national saving, investment, the
interest rate, net capital outflow, the trade balance, and the equilibrium
exchange rate. Explain what you find. (5 分)
2. Suppose the production function is Y  10  K 
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 EL 
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and capital lasts an
average of 10 years. Assume that the rate of growth of population is 4 percent and
the rate of technological growth is 2 percent. The marginal product of capital can be
expressed as MPK  2.5  k 
3 4
where k is the level of capital per effective
worker.
a. Derive the equation for output per effective worker y  Y EL  f (k ) , where
k equals the amount of capital per effective worker. (3 分)
b. Calculate the Golden Rule level of capital per effective worker and the saving
rate associated with this steady state. (3 分)
c. Calculate all of the following at their Golden Rule levels: output per effective
worker, saving and investment per effective worker, and consumption per
effective worker. (3 分)
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CACAC
ACADA
BACCB
ACACD
簡答題：
2.
a. The degree of unionization is greater in Europe, so there is more unemployment due to
wage rigidity.
b. Unemployment benefits in Europe are more generous, so there is more frictional
unemployment than in the United States.
3.
a.
b.
c.
The steady-state growth rate of output per effective worker is zero in both
countries.
The steady-state growth rate of total output will be higher in Highland because of
the higher rate of technological progress.
No, the Solow growth model predicts that the economies will converge to
different steady states because they have different rates of technological progress.
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