1、宏观经济习题判断GDP Identify the immediate effect of each of the following circumstances on U.S. GDP and its components. a. James receives a Social Security check. b. John buys an Italian sports car. c. Henry buys domestically produced tools for his construction company.ANSWER: a. Since this is a transfer p
2、ayment（转移支付）, there is no change to GDP or to any of its components. b. Consumption and imports will rise and cancel each other out so that there is no change in U.S. GDP. c. This increases the investment component of GDP and so increases GDP（计算CPI）1. In a simple economy, people consume only 2 goods
3、, food and clothing. The market basket of goods used to compute the CPI has 50 units of food and 10 units of clothing. food clothing2002 price $4 $102003 price $6 $20 a. What are the percentage increases in the price of food and in the price of clothing? b. What is the percentage increase in the CPI
4、? c. Do these price changes affect all consumers to the same extent? Explain.ANSWER: a. The price of food increased by 50 percent. The price of clothing increased by 100 percent. b. In 2002 the market basket cost $300 in 2003 it cost $500. The percentage increase in the CPI is 200/300 = 66.7 percent
5、 c. Since the price of clothing increased relatively more than did the price of food, people who purchase a lot of clothing and little food became worse off relative to people who purchase a lot of food and little clothing. （CPI&GDP deflator）Why does the GDP deflator give a different rate of inflati
6、on than does the CPI?ANSWER: The GDP deflator and the CPI differ in two important ways. The GDP deflator uses as a basket of goods all final goods and services produced in the domestic economy, while the CPI basket includes goods and services purchased by typical consumers. Therefore, changes in the
7、 price of imported goods affect the CPI, but not the GDP deflator. Also, changes in the price of domestically produced capital goods affect the GDP deflator, but not the CPI. Changes in the price of domestically produced consumer goods are likely to affect the CPI more than the GDP deflator because
8、it is likely that those goods make up a larger part of consumer budgets than of GDP.Compute how much each of the following is worth in terms of todays dollars using 177 as the price index for today. a. In 1926 the CPI was 17.7 and the price of a movie ticket was $0.25 b. In 1932 the CPI was 13.1 and
9、 a cook earned $15.00 a week c. In 1943 the CPI was 17.4 and a gallon of gas cost $0.19ANSWER: a. The movie ticket is worth $.25 x 177/17.7 = $2.50 in todays dollars b. the cooks weekly wage is worth $15.00 x 177/13.1 = $202.67 in todays dollars c. the gallon of gas is worth $.19 x 177/17.4 = $1.93
10、in todays dollars Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.Year Real GDP (1996 prices) population1982 $4,915,600 million 233 million2000 $9,243,800 million 283.5 millionANSWER: Income per person in 1982
11、was $4,915,600/233 = about $21,097. Income per person in 1999 was $9,243,800/283.5 = about $32,606. Income per person grew by (32,606 21,097)/21,097 = about 54.5 percent.(生产函数)What is a production function? Write an equation for a typical production function, and explain what each of the terms repre
12、sents.ANSWER: a production function is a mathematical representation of the relationship between the quantity of inputs used in production and the quantity of output from production. A typical production function could be written as Y = A F(L, K, H, N), where Y denotes the quantity of output, L the
13、quantity of labor, K the quantity of physical capital, H the quantity of human capital, N the quantity of natural resources, and A is a variable that reflects the available production technology.（股票和债券区别）What are the basic differences between bonds and stocks?ANSWER: A bond is a certificate of indeb
14、tedness that specifies the obligations of the borrower to the holder of the bond, while stock represents ownership in a firm and is, therefore, a claim on the profits that the firm makes. The sale of bonds to raise money is called debt finance, while the sale of stock is called equity finance. Where
15、as the owner of shares of stock in a company shares in the profits of a company, the owner of bonds receives a fixed interest rate. Compared to bonds, stocks offer the holder both higher risk and higher return.（区分不同债券的方法）Which of the two bonds in each example would you expect to pay the higher inter
16、est rate? Explain why. a. a U.S. government bond or a Brazilian government bond b. a U.S. government bond or a municipal bond of the same risk and term c. a 6-month Treasury bill or a 20-year bond d. a General Motors bond or a bond issued by a new record companyANSWER: a. The Brazilian government bo
17、nd would likely pay a higher interest rate because the market perceives a higher level of risk for the Brazilian bond relative to the U.S. bond. b. Because of the tax advantages of municipal bonds, the U.S. government bond would likely pay the higher interest rate. c. The 20-year bond would likely p
18、ay a higher interest rate than would the 6-month bill, because the future is uncertain, therefore more risky for a 20-year bond than for a 6-month bill. d. Since General Motors is less likely to default than is the issuer of a junk bond, the junk bond will likely pay a higher interest rate.（S=I公式推导）
19、 In the national income accounting identity showing the equality between national saving and investment, what is the representation of private saving and what is the representation of public saving?ANSWER: Starting with Y = C + I + G, subtract C and G from both sides, obtaining Y C G = I. The left-h
20、and side represents national saving, the total income of the economy that remains after paying for consumption and government purchases. Hence, substituting S for Y C G, we obtain S = I. To separate private and public saving, add and subtract T in S = Y C G, obtaining S = (Y T C) + (T G). Here, (Y T
21、 C) represents private saving, the part of disposable income (Y T) left after subtracting consumption, and (T G), the government budget surplus represents public saving.（可贷资金市场）Explain why the demand for loanable funds slopes downward and the supply of loanable funds slopes upward.ANSWER: When the i
22、nterest rate rises investment spending becomes more expensive, so people invest less. As the interest rate rises saving becomes more rewarding, so people want to save more. The inverse relation between interest and borrowing is reflected in the downward slope of the demand for loanable funds curve.
23、The positive relation between interest and saving is reflected in the upward slope of the supply of loanable funds curve.P.S（可贷资金市场具体事例分析） Australia has recently implemented a national sales tax. If they use the proceeds from this tax to reduce income tax rates, what happens in the loanable funds ma
24、rket?ANSWER: The supply of loanable funds shifts right. This causes the interest rate to fall. Both investment and saving rise.（现值和未来值的计算）Demonstrate that whether you would prefer to have $225 today or wait five years for $300 depends on the interest rate. Show your work.ANSWER: For example at 3 per
25、cent the present value of $300 in five years is $300/(1.03)5 = $258.78 but at 7 percent the present value of $300 in five years is $300/(1.07)5 = $213.90.（70法则）Write the rule of 70. Suppose that your great-great-grandmother bought $50 in stock 100 years ago and the account is now worth $1,600. Use t
26、he rule of 70 to determine about what interest rate she earned.ANSWER: The rule of 70 says that if X is the growth rate of a variable, that the variable doubles every 70/X years. This implies the value of the stock doubled five times. Since it doubled 5 times in 100 years, it doubled every 20 years.
27、 According to the rule of 70, the value of an asset doubles every 70/X years. So, we need 70/X = 20, which means that X is 3.5 percent.（特有风险和市场风险的区别以及多元化对其的影响）Whats the difference between aggregate risk and idiosyncratic risk? Will diversification eliminate one or both? Explain.ANSWER: Aggregate ris
28、k refers to economywide risk created by variations in output. Firms in general have lower sales and profits when output falls. Because all firms are likely to suffer through the downturn, aggregate risk cannot be eliminated by diversification. Idiosyncratic risk is risk that is specific to firms or
29、industries. Since some changes will be good for one industry and bad for another, diversification can reduce idiosyncratic risk.（计算失业率，劳动力参工率） The table below uses data for the year 2000 provide by the BLS and adjusted to be comparable to U.S. data. All values are in millions. Fill in the blank entr
30、ies in the table. Show your work!CountryAdultPopulationLabor ForceEmployedUnemployedUnemployment RateLabor-Force Participation RateJapan108.1263.793.20France25.982.4556.4 percentGermany69.1739.758.08 percentANSWER:Demographic GroupPopulationLabor ForceEmployedUnemployedUnemployment RateLabor-Force P
31、articipation RateJapan108.1266.9963.793.204.78 percent61.96 percentFrance46.0625.9823.532.459.43 percent56.4 percentGermany69.1739.7536.543.218.08 percent57.47 percent（摩擦性失业）Why might a favorable change to the economy such as technological change or a decrease in the price of imported oil be associa
32、ted with an increase in frictional unemployment?ANSWER: Even generally favorable changes will usually involve some sort of sectoral shock that changes the demand of labor among different firms. For example a decrease in the price of imported oil would likely reduce the demand for U.S. oil workers and increase the demand for automobile workers. Technolo
