總體經濟學
期末考
日期：97.06.18
選擇題：每題 3 分
1. According to the sticky-wage model, an unexpected decrease in the price level
______ the real wage, ______ the quantity of labor hired, and ______ the
quantity of output produced.
(A) lowers; increases; increases
(C) raises; increases; increases
(B) lowers; decreases; decreases
(D) raises; decreases; decreases
2. According to the imperfect-information model, when the price level rises and
the producer expects the price level to rise, the producer:
(A) increases production.
(B) does not change production.
(C) decreases production.
(D) hires more workers.
3. Each of the following conditions will tend to reduce the sacrifice ratio except
when:
(A) workers and firms set wages and prices based on rational expectations.
(B) policymakers make credible commitments to policy changes.
(C) announcements of policy changes are made before workers and firms have
formed expectations.
(D) the concept of hysteresis accurately describes the impact of history on the
natural rate of unemployment.
4. Assume that an economy has the usual type of Phillips curve except that the
natural rate of unemployment in an economy is given by an average of the
unemployment rates in the last two years. Then, there is:
(A) a long-run tradeoff between inflation and unemployment.
(B) no long-run tradeoff between inflation and unemployment.
(C) no short-run tradeoff between inflation and unemployment.
(D) a sacrifice ratio that is large but not infinite.
5. Arguments in favor of passive economic policy include all of the following
except:
(A) monetary and fiscal policies work with long and variable lags, which can
produce destabilizing results.
(B) economic forecasts have too large a margin of error to be useful in
formulating stabilization policy.
(C) recessions do not reduce economic well-being, so using monetary and
fiscal policy for stabilization is unnecessary.
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(D) the Great Depression could have been avoided if the Federal Reserve had
pursued a policy of steady money growth.
6. The time between when a recession begins and when the central bank lowers
interest rates to stimulate aggregate demand is an example of an:
(A) inside lag of monetary policy.
(C) inside lag of fiscal policy.
(B) outside lag of monetary policy.
(D) outside lag of fiscal policy.
7. Conducting fiscal policy so that G = T +  (u – un), where G is government
expenditures, T is tax revenue, u is the unemployment rate, un is the natural rate
of unemployment, and  is a positive number, is an example of a(n):
(A) active rule.
(C) discretionary policy.
(B) passive rule.
(D) automatic stabilizer.
8. When the federal government incurs additional debt to acquire an asset, under
current budgeting procedures the deficit ______, while under capital budgeting
procedures the deficit ______.
(A) does not change; increases
(C) does not change; decreases
(B) increases; does not change
(D) decreases; does not change
9. According to the traditional viewpoint, a tax cut without a cut in government
spending:
(A) raises consumption in both the short run and the long run.
(B) lowers consumption in both the short run and the long run.
(C) raises consumption in the short run but lowers it in the long run.
(D) lowers consumption in the short run but raises it in the long run.
10. In response to a tax cut, the consumption of a consumer who is
borrowing-constrained ______, whereas the consumption of a forward-looking
unconstrained consumer acting in accord with Ricardian equivalence ______.
(A) increases; increases
(B) increases; remains unchanged
(C) remains unchanged; remains unchanged
(D) remains unchanged; increases
11. In Irving Fisher's two-period model, if the consumer is initially a saver and the
interest rate and first-period consumption increase, then we can conclude that
the income effect:
(A) was greater than the substitution effect.
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(B) was less than the substitution effect.
(C) exactly offset the substitution effect.
(D) and the substitution both increased consumption.
12. In Irving Fisher's two-period consumption model, if Y1 = 15,000, Y2 = 20,000,
the interest rate r is 0.50 (50 percent), and there is a constraint on borrowing
that is binding, then C2 equals:
(A) 20,000.
(B) 22,500.
(C) 35,000.
(D) 42,500.
13. According to the life-cycle model, when wealth is constant in the short run, the
average propensity to consume ______ as income increases.
(A) increases
(B) decreases
(C) remains constant
(D) can either increase or decrease
14. According to the permanent-income hypothesis, if consumers receive a
permanent increase in their salary then they will:
(A) save most of it in the current year.
(B) spend most of it in the current year.
(C) spend one half of it and save one-half of it in the current year.
(D) not alter their consumption or saving in the current year.
15. If a consumer is a borrower in period one and the interest rate rises, the:
(A) income and substitution effects both tend to make consumption higher in
the first period.
(B) income and substitution effects both tend to make consumption lower in the
first period.
(C) income effect tends to make consumption higher in the first period and the
substitution effect tends to make it lower.
(D) substitution effect tends to make consumption higher in the first period and
the income effect tends to make it lower.
16. If a great wave of immigration increased employment in the United States, this
wave would:
(A) increase the marginal productivity of capital in the United States.
(B) decrease the marginal productivity of capital in the United States.
(C) leave the marginal productivity of capital in the United States unchanged.
(D) increase the marginal productivity of capital in the country from which the
immigrants came.
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17. If firms are earning a profit, then this raises the ______ value of installed
capital and implies a ______ value of Tobin's q.
(A) market; low (B) market; high (C) replacement; low (D) replacement; high
18. During a credit crunch, financing constraints become ______ prevalent and
investment spending ______.
(A) more; increases (B) more; decreases (C) less; increases (D) less; decreases
19. In the mortgage market, a rise in the real interest rate:
(A) lowers housing demand, housing prices, and residential investment.
(B) raises housing demand, housing prices, and residential investment.
(C) lowers housing demand and residential investment but raises housing
prices.
(D) raises housing demand but lowers housing prices and residential
investment.
20. According to the neoclassical model of investment, the immediate impact of an
earthquake that destroys part of the capital stock will be to:
(A) increase the cost of capital, the rental price of capital, and the rate of
investment.
(B) increase the rental price of capital and the rate of investment, but to leave
the cost of capital unchanged.
(C) increase the rental price of capital and the cost of capital, but to leave the
rate of investment unchanged.
(D) increase the rental price of capital and the rate of investment, but to
decrease the cost of capital.
簡答題：
1. The Phillips Curve in Lowland takes the form   .04  .5  u  .05 , where  is
the actual inflation rate and u is the unemployment rate. The Phillips curve in
Highland takes the form   .08  .5  u  .05 . The current unemployment rate in
both countries is 9 percent (.09).
a. Explain the similarities in the Phillips curves in Highland and in Lowland. (4 分)
b. Explain the difference in the Phillips curves in Highland and in Lowland. (4 分)
c. In which country will policymakers face a bigger tradeoff if they try to reduce
unemployment in the short run? (4 分)
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2. As the recession deepened in late 2001, President Bush proposed that Congress
speed up (or accelerate) the implementation of his income tax cuts so that they all
became effective much earlier. Given that the phased-in tax cuts had already been
passed by Congress in 2001, explain how the acceleration would affect consumption
in the year 2002 according to:
a. the Keynesian consumption function? (4 分)
b. the permanent income hypothesis? (4 分)
3. Use the neoclassical model of business fixed investment to illustrate graphically how
a plague that kills a large proportion of the labor force would change the rental price
of capital. If other factors remained unchanged, how would this change the quantity
of investment in the economy? (5 分)
計算題：
1. Assume that Jeannie Drago is trying to allocate her consumption over two periods of
life: work and retirement. Each period is to last 20 years. To simplify, assume that all
income comes at time t1 in the middle of 20 years of work, and all expenditures come
at either t1 or t2, 20 years later. Jeannie's budget constraint is C1 + C2/(1 + r/100) = Y1
+ Y2/(1 + r/100), where the real interest rate r is 100 percent (approximately 3.5
percent per year over 20 years). Jeannie's preferences are to have equal consumption
each period.
a. What are C1 and C2 if Y1 = 1 million and Y2 = 0? (3 分)
b. What are C1 and C2 if Y1 = 0 and Y2 = 1 million (reflecting, for example, an
individual who plans to come into a large inheritance late in life)? Do these
answers depend on Jeannie's being able to borrow against the inheritance? (4 分)
2. a. Consider a harvester that costs $10,000. If harvester prices are rising at 3 percent
per year, the nominal interest rate is 6 percent, and harvesters depreciate by 20
percent per year, calculate the cost of capital on this investment. (4 分)
b. Now consider a computer that costs $10,000. Once again, assume that the nominal
interest rate is 6 percent and computers depreciate by 20 percent per year.
Computer prices, however, fall by 15 percent per year. Calculate the cost of capital
on this investment. (4 分)
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DBDAC
AABCB
AABBB
ABBAB
簡答題：
1.
a. Both countries have a natural rate of unemployment of 5 percent, and the slope
of the Phillips curve is the same in both countries. The Phillips curves in both
countries indicate a short-run tradeoff between more inflation and less
unemployment.
b. The expected rate of inflation is higher in Highland (8 percent) than in Lowland
(4 percent). The actual rate of inflation is also higher in Highland (4 percent)
than in Lowland (2 percent).
c. The policymakers in Highland will face twice the increase in the inflation rate
as the policymakers in Lowland when they both attempt to reduce
unemployment. For example, to reduce the unemployment rate to 5 percent, the
inflation rate will increase from 2 percent to 4 percent in Lowland, but will
increase from 4 percent to 8 percent in Highland. It will require a much higher
rate of inflation in Highland to achieve the same rate of unemployment as
Lowland.
3.
The quantity of investment would decrease because the real rental price of capital
falls (as illustrated above) while the real cost of capital is unchanged.
計算題：
1.
a. C1 = C2 = $666,666.67
b. C1 = C2 = $333,333.33.
Yes, she will have to borrow.
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