MACRO CHAPTER 11 TESTQUESTIONS宏观经济学答案.docx
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MACRO CHAPTER 11 TESTQUESTIONS宏观经济学答案.docx
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MACROCHAPTER11TESTQUESTIONS宏观经济学答案
MACROCHAPTER11TESTQUESTIONS
Chapter11
Spending,Output,andFiscalPolicy
MultipleChoiceQuestions
1. Theassumptionthatfirmsmeetthedemandfortheirproductsatpresetpricesisthekeyassumptionuponwhich______isbuilt.
A. thebasicKeynesianmodel
B. Okun'sLaw
C. thesupplyanddemandmodel
D. quantityequationformoney
2. ThebasicKeynesianmodelisbuiltonthekeyassumptionthat:
A. menucostsarenotsignificant.
B. firmsmeetthedemandfortheirproductsatpresetprices.
C. firmspricetheirproductssoastoseeapresetquantityofoutput.
D. pricesarepreventedfromchangingfrequentlybygovernmentregulations.
3. Supposethattheownerofalocalicecreamstore,knowingthatdemandforicecreamishigherwhentheweatheriswarmer,alwayschargesapriceincentsforascoopoficecreamthatisequaltotwotimesthecurrentoutdoortemperature,measuredinFahrenheit(sothatifitis90degreesoutside,theicecreamis$1.80perscoop).Thistypeofbehavioris______.
A. exactlythetypeofbehaviorthatKeynesbelievedmostfirmsexhibit
B. knownasmeetingdemand
C. inconsistentwiththekeyassumptionuponwhichthebasicKeynesianmodelisbuilt
D. freefrommenucosts
4. IntheKeynesianmodel,itisassumedthat,whendemandforafirm'sproductchanges,thefirm:
A. changespricestomeetthedemand.
B. changesproductionlevelstomeetthedemand.
C. changespricesandproductionlevelstomeetdemand.
D. changesprices,butholdproductionlevelsconstanttomeetthedemand.
5. Thedecisionwhethertochangepricesfrequentlyorinfrequentlyisanapplicationofthe:
A. principleofcomparativeadvantage.
B. scarcityprinciple.
C. principleofincreasingopportunitycost.
D. cost-benefitprinciple.
6. Menucostsarethecostsof:
A. runningarestaurant.
B. changingprices.
C. increasingaggregatedemand.
D. changingproduction.
7. Firmsdonotchangepricesfrequentlybecause:
A. therearelegalprohibitionsagainstdoingso.
B. itiseasiertochangethequantityofcapitalusedinproduction.
C. itiscostlytodoso.
D. customerswillrefusetopatronizefirmsthatchangepricesfrequently.
8. Plannedaggregateexpenditureistotal:
A. valueaddedintheeconomy.
B. plannedspendingonfinalgoodsandservices.
C. incomeofhouseholds,businesses,governments,andforeigners.
D. revenuefromthesaleofgoodsandservices.
9. Thefourcomponentsofplannedaggregateexpenditureare:
A. spendingondomesticgoods,domesticservices,foreigngoods,andforeignservices.
B. spendingondurablegoods,inventoryinvestment,governmentdebt,andnetexports.
C. consumption,plannedinvestment,governmenttransfers,andnetinterest.
D. consumption,plannedinvestment,governmentpurchases,andnetexports.
10. AllofthefollowingwouldbeincludedinplannedaggregateexpenditureEXCEPT:
A. spendingonconsumerdurables.
B. plannedchangesininventories.
C. salesofdomesticallyproducedgoodstoforeigners.
D. interestpaidonthegovernmentdebt.
11. AllofthefollowingwouldbeincludedinplannedaggregateexpenditureEXCEPT:
A. purchasesofservicesprovidedbygovernmentemployees.
B. plannedchangesininventories.
C. salesofdomesticallyproducedgoodstoforeigners.
D. socialsecuritypayments.
12. Plannedinvestmentmaydifferfromactualinvestmentbecauseof:
A. changesingovernmentpurchasesandnetexports.
B. themarginalpropensitytoconsume.
C. unplannedchangesininventories.
D. fluctuationsinpresetprices.
13. Iffirmsselllessthanexpected,actualinvestmentincreasesbecause_____,whichiscountedasinvestment.
A. theunsoldgoodsareaddedtoinventory
B. thegovernmentbuystheunsoldgoods
C. theunsoldgoodsaredistributedtopoorhouseholds
D. householdsbuytheunsoldgoodsarebargainprices
14. InthebasicKeynesianmodelallofthefollowingaretrueEXCEPT:
A. plannedconsumptionalwaysequalsactualconsumption.
B. plannedinvestmentalwaysequalsactualinvestment.
C. plannedgovernmentspendingalwaysequalsactualgovernmentspending.
D. plannednetexportsalwaysequalactualnetexports.
15. Dave'sMirrorCompanyexpectstosell$1,000,000worthofmirrorsandtoproduce$1,250,000worthofmirrorsinthecomingyear.Thecompanypurchases$300,000worthofnewequipmentduringtheyear.Salesfortheyearturnouttobe$900,000.ActualinvestmentbyDave'sMirrorCompanyequals______andplannedinvestmentequals_______.
A. $250,000;$150,000
B. $300,000;$200,000
C. $550,000;$450,000
D. $650,000;$550,000
16. Iffirmssellmoreoutputthanexpected,plannedinvestment:
A. isgreaterthanactualinvestment.
B. islessthanactualinvestment.
C. equalsactualinvestment.
D. equalszero.
17. Iffirmsselllessoutputthanexpected,plannedinvestment:
A. isgreaterthanactualinvestment.
B. islessthanactualinvestment.
C. equalsactualinvestment.
D. equalszero.
18. Unplannedinventoryinvestmentequalszerowhen
A. plannedinvestmentisgreaterthanactualinvestment.
B. plannedinvestmentislessthanactualinvestment.
C. plannedinvestmentequalsactualinvestment.
D. expectedsalesaregreaterthanactualsales.
19. Whenactualinvestmentisgreaterthanplannedinvestment:
A. firmssoldlessoutputthanexpected.
B. firmssoldmoreoutputthanexpected.
C. thequantityofoutputsoldistheamountthefirmexpectedtosell.
D. theeconomyproducesshort-runequilibriumoutput.
20. Whenactualinvestmentislessthanplannedinvestment:
A. firmssoldlessoutputthanexpected.
B. firmssoldmoreoutputthanexpected.
C. thequantityofoutputsoldistheamountthefirmexpectedtosell.
D. theeconomyproducesshort-runequilibriumoutput.
21. Plannedaggregateexpenditure(PAE)equals:
A. C+Ip+G+NX.
B. Cp+I+G+NX.
C. C+I+Gp+NX.
D. C+I+G+NXp.
22. C+Ip+G+NXequals:
A. plannedaggregateexpenditure.
B. potentialGDP.
C. theoutputgap.
D. theincome-expendituremultiplier.
23. Thelargestcomponentofplannedaggregateexpenditureis:
A. consumption.
B. investment.
C. governmentpurchases.
D. exports.
24. Theconsumptionfunctionisrelationshipbetweenconsumptionand:
A. plannedaggregateexpenditure.
B. totalspending.
C. investment.
D. itsdeterminants,suchasdisposableincome.
25. IntheKeynesianmodel,consumptiondependson:
A. whetherthegovernmenthasabudgetsurplusordeficit.
B. potentialoutput.
C. thenaturalrateofunemployment.
D. disposableincome.
26. ThetwopartsoftheKeynesianconsumptionfunctionareconsumptionthatdependson______andconsumptionthatdependson_____.
A. disposableincome;factorsotherthandisposableincome
B. plannedspending;unplannedspending
C. realincome;nominalincome
D. money;wealth
27. Theslopeoftheconsumptionfunction:
A. isvertical.
B. ishorizontal.
C. equals1.
D. equalsthempc.
28. Theverticalinterceptoftheconsumptionfunctionequals______andtheslopeequals_____.
A. thempc;autonomousconsumption
B. autonomousconsumption;thempc
C. theunplannedcomponentofconsumption;theplannedcomponentofconsumption
D. theplannedcomponentofconsumption;theunplannedcomponentofconsumption
29. Asdisposableincomeincreases,consumption:
A. increases.
B. decreases.
C. mayeitherincreaseordecreasedependingonthewealtheffect.
D. mayeitherincreaseordecreasedependingonthempc.
30. Asdisposableincomedecreases,consumption:
A. increases.
B. decreases.
C. mayeitherincreaseordecreasedependingonthempc.
D. mayeitherincreaseordecreasedependingonthewealtheffect.
31. Thetendencyofchangesinassetpricestoaffectspendingonconsumptiongoodsiscalledthe______effect.
A. income
B. substitution
C. wealth
D. multiplier
32. Historicallyspeaking,aonedollardecreaseinhouseholdwealthwillcauseconsumerspendingtofallby:
A. $0.03to$0.07.
B. $0.30to$0.70.
C. $3.00to$7.00.
D. $30.00to$70.00.
33. Supposethestockmarketcrashed,wipingout$5trillionofhouseholdwealth.Consistentwitheconomicmodelsbasedonhistoricaltrends,consumptionspendingmightfallbyasmuchas,butprobablynotmorethan,______.
A. $35billion
B. $200billion
C. $350billion
D. $2trillion
34. Changesinautonomousconsumptioncouldbetheresultof:
A. changesindisposableincome.
B. changesininflation.
C. changesinthempc.
D. changesinhousingprices.
35. Adecreaseinstockpricesalterstheconsumptionfunctionby:
A. increasingthempc.
B. decreasingthempc.
C. increasingtheconstantterm.
D. decreasingtheconstantterm.
36. Whenhousingpricesdecrease,householdwealth_____,andconsumption_____.
A. increases;increases
B. increases;decreases
C. decreases;decreases
D. decreases;increases
37. Themarginalpropensitytoconsume(mpc)isthe:
A. amountbywhichdisposableincomeincreaseswhenconsumptionincreasesby$1.
B. amountbywhichconsumptionincreaseswhendisposableincomeincreasesby$1.
C. percentagebywhichconsumptionincreaseswhendisposableincomeincreasesby1%.
D. percentagebywhichdisposableincomeincreaseswhenconsumptionincreasesby1%.
38. Ifconsumptionincreasesby$9whenafter-taxdisposableincomeincreasesby$10,themarginalpropensitytoconsume(mpc)equals:
A. 0.1.
B. 0.9.
C. 1.0.
D. 9.0.
39. Ifthemarginalpropensitytoconsumeequals0.75,thena$100increaseinafter-taxdisposableincomeleadstoa______increaseinconsumption.
A. $13.33
B. $25
C. $75
D. $133
40. Dataonafter-taxincome
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