完整版中级宏观经济学付费版题库19经济波动理论的进展.docx
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完整版中级宏观经济学付费版题库19经济波动理论的进展.docx
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完整版中级宏观经济学付费版题库19经济波动理论的进展
Name:
__________________________Date:
_____________
1.
Whenagovernmentspendsmorethanitcollectsintaxes,itrunsa:
A)
tradedeficit.
B)
tradesurplus.
C)
budgetsurplus.
D)
budgetdeficit.
2.
Governmentdebtequalsthe:
A)
differencebetweencurrentgovernmentpurchasesandtaxes.
B)
differencebetweensavingandinvestment.
C)
sumofpastbudgetdeficitsandsurpluses.
D)
M1moneysupply.
3.
Theamountbywhichgovernmentspendingexceedsgovernmentrevenuesiscalledthe______,andtheaccumulationofpastgovernmentborrowingiscalledthe______.
A)
deficit;debt
B)
debt;deficit
C)
devaluation;deflation
D)
deflation;devaluation
4.
Thegovernmentbudgetdeficitisthe______,andgovernmentdebtisthe______.
A)
amountbywhichimportsexceedexports;amountbywhichgovernmentspendingexceedsgovernmentrevenue
B)
amountbywhichgovernmentspendingexceedsgovernmentrevenue;amountbywhichimportsexceedexports
C)
amountbywhichgovernmentspendingexceedsgovernmentrevenue;accumulationofpastgovernmentborrowing
D)
accumulationofpastgovernmentborrowing;amountbywhichgovernmentspendingexceedsgovernmentrevenue
5.
IfthedebtoftheU.S.federalgovernmentin2008wasdividedequallyamongthepeopleintheUnitedStates,thenthedebtperpersonwouldequalapproximately:
A)
$3,500.
B)
$35,000.
C)
$53,000.
D)
$153,000.
6.
ComparedtothesizeofgovernmentdebtasapercentageofGDPinothermajorindustrialcountries,thefederalgovernmentoftheUnitedStates:
A)
isoneofthemostheavilyindebtedgovernments.
B)
hasaccumulatedarelativelysmalldebt.
C)
hasaccumulatedsomewhatgreaterthanaveragedebt.
D)
isoneoftheleastindebtedgovernments.
7.
Historically,theprimarycauseofincreasesingovernmentdebtis:
A)
printingtoomuchmoney.
B)
cuttingtaxes.
C)
increasinginterestrates.
D)
financingwars.
8.
ThelargeincreaseinU.S.governmentdebtbetween1980and1995wasunusualbecauseitoccurred:
A)
duringpeacetime.
B)
duringanextendedrecessionaryperiod.
C)
withoutincreasedgovernmentspending.
D)
withouttaxcuts.
9.
RelativetothesizeofGDP,theU.S.federalgovernmentdebtwasatitsmaximum:
A)
attheendoftheRevolutionaryWar.
B)
attheendoftheCivilWar.
C)
attheendofWorldWarII.
D)
followingthe9/11terroristattacksin2001.
10.
Holdingotherfactorsconstant,theratioofgovernmentdebttoGDPcandecreaseasaresultofanyofthefollowingchangesexcept:
A)
decreasesingovernmentspending.
B)
increasesinGDP.
C)
decreasesintaxrevenues.
D)
decreasesintransferpayments.
11.
Ifgovernmentdebtisnotchanging,then:
A)
theeconomyisatlong-runequilibrium.
B)
thegovernment'sbudgetmustbebalanced.
C)
GDPmustequalthenaturalrateofoutput.
D)
capitalperworkerisconstant.
12.
ThefactorsmostresponsibleforforecastsoftheU.S.governmentdebtspiralingoutofcontrolinthenexthalfcenturyaretheprojected:
A)
slowdownsintheratesoftechnologicalchangeandhumancapitalgrowth.
B)
decreaseinhigh-skilleddomesticworkersandtheincreaseinimmigrationoflow-skilledworkersintotheUnitedStates.
C)
agingoftheU.S.populationandrisinghealthcarecosts.
D)
increaseininternationalcompetitionandtheoutsourcingofU.S.jobs.
13.
Anincreaseintheelderlypopulationofacountryaffectsfiscalpolicymostdirectlybecause:
A)
theelderlygenerallyarenotrequiredtopaytaxes.
B)
governmentsprovidepensionsandhealthcarefortheelderly.
C)
theelderlyfavorhighinterestratesontheirsavings.
D)
governmentsspendmoreoneducationastheproportionoftheelderlyincreases.
14.
WhichofthefollowingisthemostlikelyexplanationoftheAugust2011decisionbyStandardandPoor'storeduceitscreditratingonU.S.governmentbonds?
A)
AU.S.governmentdebtdefaultwasnotalikelyoutcome,butwasapossibilitytooccurintheshortterm.
B)
TheU.S.governmentbudgetdeficitwastoolarge.
C)
StrategiestoreducepredictedU.S.governmentfuturebudgetdeficitsdidnotappearlikely,makingdefaultapossibility.
D)
ForeigngovernmentswerenolongerwillingtolendtotheU.S.government.
15.
Inatimeofinflationwhenthegovernmentbudgetisbalancedintheconventionalsense,thereal(i.e.,deflated)valueofthegovernmentdebtis:
A)
growingattherateofinflation.
B)
growing,butataratelessthantherateofinflation.
C)
constant.
D)
decreasingattherateofinflation.
16.
Inatimeofinflationwhenthereal(i.e.,deflated)valueofthegovernmentdebtisconstant,thentheconventionally:
A)
reportedgovernmentbudgetwillshowadeficitequaltotheinflationratetimestheoutstandingdebt.
B)
reportedgovernmentbudgetwillshowadeficitequaltolessthantheinflationratetimestheoutstandingdebt.
C)
reportedgovernmentbudgetwillbebalanced.
D)
measuredgovernmentbudgetwillshowasurplusequaltotheinflationratetimestheoutstandingdebt.
17.
Assumethatthenominalinterestrateis11percent,theinflationrateis8percent,andgovernmentdebtatthebeginningoftheyearequals$4trillion.Byhowmuchisthegovernmentbudgetdeficitoverstatedasaresultofinflation?
A)
$0.12trillion
B)
$0.32trillion
C)
$0.44trillion
D)
$0.80trillion
18.
Adeficitadjustedforinflationshouldincludeonlygovernmentspendingusedtomake_____interestpayments.
A)
real
B)
nominal
C)
foreign
D)
domestic
19.
Ifthegovernmentdebt,D,equals$5trillion,thenominalinterestrateis7percent,andtherealinterestrateis3percent,thennominalbudgetdeficitoverstatestherealdeficitby$___trillion.
A)
0.35
B)
0.20
C)
0.15
D)
0.07
20.
CurrentmeasuresoftheU.S.federalgovernment'sbudgetdeficitaccountforallofthefollowingexcept:
A)
governmentexpenditures.
B)
governmentrevenues.
C)
changesingovernmentindebtedness.
D)
changesingovernmentcapitalassets.
21.
Ifcapitalbudgetingprocedureswereemployed,thenabudgetdeficitwouldbemeasuredas:
A)
thesumofgovernmentdebt.
B)
thechangeingovernmentdebt.
C)
thechangeingovernmentdebtminusthechangeingovernmentcapitalassets.
D)
thechangeingovernmentcapitalassets.
22.
Whenthefederalgovernmentincursadditionaldebttoacquireanasset,undercurrentbudgetingproceduresthedeficit______,whileundercapitalbudgetingproceduresthedeficit______.
A)
doesnotchange;increases
B)
increases;doesnotchange
C)
doesnotchange;decreases
D)
decreases;doesnotchange
23.
Capitalbudgetingisaprocedurethat:
A)
adjuststhedeficitforinflation.
B)
estimateswhatthedeficitwouldbeiftheeconomywereoperatingatthenaturalrateofoutput.
C)
accountsforassetsaswellasliabilities.
D)
measurestheimpactoffiscalpolicyonthelifetimeincomesofindividualsofdifferentages.
24.
Undercapitalbudgeting,allofthefollowingtransactionswouldaffectthefederalbudgetdeficitexceptthefederalgovernment's:
A)
sendingachecktoawelfarerecipient.
B)
sendingachecktothestateofMassachusetts.
C)
sellingahighwaytothestateofNewYorkandusingtheproceedstoretirefederaldebt.
D)
sellinganofficebuilding.
25.
Theamountthegovernmentwouldoweifaborrowerweretodefaultonagovernment-guaranteedloanisanexampleof:
A)
capitalbudgeting.
B)
acontingentliability.
C)
acyclicallyadjustedliability.
D)
Ricardianequivalence.
26.
Oneitemthatisconsideredpartofthefederaldebtis:
A)
Treasurybills.
B)
futureSocialSecuritybenefits.
C)
studentloans,whichmaygointodefault.
D)
potentialliabilitiesofsavingsandloanassociations.
27.
ThedebtoftheUnitedStatesgovernmentisunderreportedintheviewofmanyeconomistsbecauseallofthefollowingliabilitiesareexcludedexcept:
A)
futurepensionsofgovernmentemployees.
B)
debtowedtoforeigners.
C)
futureSocialSecuritybenefits.
D)
governmentguaranteesofstudentloans.
28.
Thecyclicallyadjustedbudgetdeficit:
A)
adjuststhedeficitforinflation.
B)
estimateswhatthedeficitwouldbeiftheeconomywereoperatingatthenaturalrateofoutput.
C)
accountsforassetsaswellasliabilities.
D)
measurestheimpactoffiscalpolicyonthelifetimeincomesofindividualsofdifferentages.
29.
Anestimateofwhatgovernmentspendingandtaxrevenuewouldbeiftheeconomywereoperatingatitsnaturalrateofoutputandemploymentiscalledthe______budget.
A)
cyclicallyadjusted
B)
inflation-adjusted
C)
capital-asset
D)
generationalaccounting
30.
Cyclicallyadjustedbudgetsareusefulbecausethey:
A)
systematicallyaccountforchangesingovernmentassetsandliabilities.
B)
reflectpolicychanges,butnotcurrenteconomicconditions.
C)
accountfortaxburdensondifferentgenerationsoftaxpayers.
D)
correctlyaccountfortheimpactofinflationongovernmentindebtedness.
31.
Assumethatagovernmenthasabalancedbudgetwhentheeconomyisatfullemployment.Iftheeconomythenentersarecession,withnochangeintaxorspendinglaws,thenthebudgetofthegovernmentismostlikelyto:
A)
remainbalanced.
B)
beindef
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