曼昆宏观经济学英语课后题答案.docx

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曼昆宏观经济学英语课后题答案
CHAPTER23:MEASURINGANATION’SINCOME
True/False
Indicatewhetherthestatementistrueorfalse.
1.
Thecircularflowdiagramdescribesalltransactionsbetweenhouseholdsandfirmsinasimpleeconomyandshowstheequalityofexpendituresandincome.
ANSWER:
T
POINTS:
0/1
2.
Grossdomesticproductincludesmostitemsproducedandsoldillicitly.
ANSWER:
F
POINTS:
0/1
3.
Netnationalproductisthetotalincomeofanation’sresidentsminuslossesfromdepreciation.
ANSWER:
T
POINTS:
0/1
4.
-taxpaymentstogovernment.
ANSWER:
T
POINTS:
0/1
5.
ThepurchaseofnewhousesbyhouseholdsisincludedinthecalculationofpersonalconsumptionexpendituresofGDP.
ANSWER:
F
POINTS:
0/1
MultipleChoice
Identifythechoicethatbestcompletesthestatementoranswersthequestion.
1.
WhenGDPfalls,
a.
incomeandexpendituremustbothfall.
b.
incomeandexpenditurecanbothrise.
c.
incomemustfall,butexpendituremayriseorfall.
d.
expendituremustfall,butincomemayriseorfall.
ANSWER:
A
POINTS:
0/1
2.
Incomeequalsexpenditurebecause
a.
firmsalwayspayoutalltheirrevenueasincometosomeone.
b.
eachtimeasaleismade,thereisabuyerandaseller.
c.
householdsownthefactorsofproductionusedtogenerateincomes.
d.
Alloftheabovearecorrect.
ANSWER:
B
POINTS:
0/1
3.
Ifaprovincemakestheproductionandsaleofillicitdrugslegal,thenGDP
a.
mustincrease.
b.
mustdecrease.
c.
wouldn'tchange.
d.
mayincreaseordecrease.
ANSWER:
A
POINTS:
0/1
4.
Whenagovernmentprovidessubsidiestoencouragegrowthofsmallbusinesses,thesubsidieswould
a.
beincludedinGDPbecausetheyareinvestedbybusinesses.
b.
beincludedinGDPbecausetheyareaformofgovernmentspending.
c.
notbeincludedinGDPbecausetheyaretransferpayments.
d.
mayormaynotbeincludedinGDP,dependingonhowthefundsareused.
ANSWER:
C
POINTS:
0/1
5.
Dieselfuelis
a.
alwaysconsideredafinalgood.
b.
countedasanintermediategoodifacompanyusesittoprovidetransportationservices.
c.
countedasafinalgoodifafarmerusesittorunatractortogrowcrops.
d.
Bothbandcarecorrect.
ANSWER:
B
POINTS:
0/1
6.
Grossdomesticproduct
a.
isthemarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiod(usuallyayear)
b.
istheincomeinthehandsofindividualsafterdeductingincometaxes;incomeavailabletohouseholdstospendandsave
c.
isthevalueofgoodsandservicespurchasedbyalllevelsofgovernment—federal,provincial,andlocal—inagivenperiod
d.
isthemarketvalueofallfinalgoodsandservicesproducedbypermanentresidentsofanationinagiventimeperiod
ANSWER:
A
POINTS:
0/1
7.
Macroeconomicsisthatbranchofeconomicsthatstudies
a.
theconditionsofindividualmarkets
b.
theinfluenceofgovernmentsonindividualmarkets
c.
economy-widephenomena
d.
onlytheprivatesectoroftheeconomy
ANSWER:
C
POINTS:
0/1
8.
SupposethatnominalGDPis$6,000billionandrealGDPis$3,
a.
125
b.
150
c.
200
d.
250
ANSWER:
C
POINTS:
0/1
9.
Thepurchaseoffinalgoodsandservicesbyhouseholdsiscalled
a.
investment
b.
publicsectorexpenditure
c.
consumption
d.
netexports
ANSWER:
C
POINTS:
0/1
10.
Investmentisthepurchaseofcapitalequipment,inventories,and
a.
structures
b.
non-durablegoods
c.
depreciation
d.
importinvestment
ANSWER:
A
POINTS:
0/1
11.
Transferpayments
a.
areincludedinGDPbecausetheyareformsofincome
b.
areincludedinGDPbecausegoodsandserviceshavebeenproducedinthetransfer
c.
areNOTincludedintheGDPbecausegoodsandserviceshavenotbeenproducedinthetransfer
d.
areincludedinGDPbecausetheyrepresenttheproductionoftransfersofgoodsandservicestoforeigncountries
ANSWER:
C
POINTS:
0/1
12.
Whichofthefollowingwouldbeconsideredconsumptionexpenditure
a.
TheSmithsbuyahomebuiltin1990.
b.
ThefederalgovernmentpaysthesalaryofacaptainintheArmedForces.
c.
TheHostlersbuyanewcarthatwasmanufacturedinGermany.
d.
Thegovernmentbuysfoodforitsarmedforces.
ANSWER:
C
POINTS:
0/1
13.
ThemethodthatmeasuresGDPinrelationshiptothesizeofthepopulationiscalled
a.
GNP
b.
workerGDP
c.
GDPperperson
d.
capitalGDP
ANSWER:
C
POINTS:
0/1
14.
ThecomponentsofGDPare
a.
C+I+G
b.
NX+G+C
c.
C+G+NX
d.
C+I+G+NX
ANSWER:
D
POINTS:
0/1
15.
SupposenominalGDPis$
a.
$7700
b.
$7000
c.
$847,000
d.
$8470
ANSWER:
B
POINTS:
0/1
ShortAnswer
1.
Whatarethecomponentsofgrossdomesticproduct(GDP)
RESPONSE:
ANSWER:
ThecomponentsofGDPare:(1)consumptionspendingbyhouseholdsongoodsandservices,withtheexceptionofpurchasesofnewhousing;(2)Investmentspendingoncapitalequipment,inventories,andstructures,includinghouseholdpurchasesofnewhousing;(3)governmentpurchasesorspendingongoodsandservicesbythelocal,provincial,andfederallevelsgovernments;and(4)netexportswhichisspendingondomesticallyproducedgoodsandservicesbyforeigners(exports)minusspendingonforeigngoodsandservicesbydomesticresident(imports).
POINTS:
--/1
2.
Differentiatebetweengrossdomesticproduct(GDP)andgrossnationalproduct(GNP).
RESPONSE:
ANSWER:
GDPisthevalueofallfinalgoodsandservicesproducedwithinacountryinagivenyear;whileGNPisthetotalincomeearnedbyanation’spermanentresidentsornationals(thatis,Canadians).GNPdiffersfromGDPbyincludingincomethatcitizensofthenation(Canada)earnedaboard,).
POINTS:
--/1
3.
DifferentiatebetweenrealGDPandnominalGDP.
RESPONSE:
ANSWER:
NominalGDPisthevalueofallfinalgoodsandservicesproducedwithinacountryinayearandvaluedatcurrentprices;,soitreflectsonlychangesintheamountsbeingproduced.
POINTS:
--/1
4.
ExplainwhyGDPisnotconsideredaperfectmeasureofwell-being
RESPONSE:
ANSWER:
GDPisnotconsideredaperfectmeasureofwell-:leisuretime,thequalityoftheenvironment,thedistributionofincome,andtheproductionofgoodsandservicesthatdidnotpasthroughthemarket(forexample,houseworkdonebythehomemaker,andvolunteerwork)
POINTS:
--/1
5.
Howdoeconomistsmeasureeconomicgrowth
RESPONSE:
ANSWER:
.
POINTS:
--/1
CHAPTER24:MEASURINGTHECOSTOFLIVING
True/False
Indicatewhetherthestatementistrueorfalse.
1.
TheGDPdeflatorreflectsthepricesofgoodsandservicesboughtbyconsumers,andtheconsumerpriceindexreflectsthepriceofallfinalgoodsandservicesproduceddomestically.
ANSWER:
F
POINTS:
0/1
2.
,theGDPdeflatorcomparesthepriceofcurrentlyproducedgoodsandservicestothepriceofthesamegoodsandservicesinthebaseyears.
ANSWER:
T
POINTS:
0/1
3.
Indexationreferstotheautomaticcorrectionofadollaramountfortheeffectsofinflationbylaworcontract.
ANSWER:
T
POINTS:
0/1
4.
-of-livingallowanceclause.
ANSWER:
T
POINTS:
0/1
5.
Thecoreinflationrateistheconsumerpriceindexwiththeexclusionofthemostvolatilecomponentssuchasenergyandfood.
ANSWER:
T
POINTS:
0/1
MultipleChoice
Identifythechoicethatbestcompletesthestatementoranswersthequestion.
1.
IntheCPI,goodsandservicesareweightedaccordingto
a.
howmuchatypicalconsumerbuysofeachitem.
b.
whethertheitemsarenecessitiesorluxuries.
c.
howmuchofeachitemisproducedinthedomesticeconomy.
d.
howmuchisspentontheminthenationalincomeaccounts.
ANSWER:
A
POINTS:
0/1
2.
Bynottakingintoaccountthepossibilityofconsumersubstitution,theCPI
a.
understatesthestandardofliving.
b.
overstatesthecostofliving.
c.
neitheroverstatesnorunderstatesthecostofliving.
d.
doesn'taccuratelyreflectthecostofliving,butitisunclearifitoverstatesorunderstatesthecostofliving.
ANSWER:
B
POINTS:
0/1
3.
IfthepricesofBrazilian-madeshoesimportedintoCanadaincreases,then
a.
bothCanada’sGDPdeflatorandit’sconsumerpriceindexwillincrease.
b.
neitherCanada’sGDPdeflatornorit’sconsumerpriceindexwillincrease.
c.
Canada’sGDPdeflatorwillincreasebutitsCPIwillnotincrease.
d.
Canada’sconsumerpriceindexwillincrease,butitsGDPdeflatorwon’tchange.
ANSWER:
D
POINTS:
0/1
4.
IfincreasesinthepricesofCanadiancarinsurancecausestheCPItoincreaseby3percent,theGDPdeflatorwilllikelyincreaseby
a.
morethan3percent.
b.
3percent.
c.
lessthan3percent.
d.
Alloftheabovearecorrect.
ANSWER:
C
POINTS:
0/1
5.
Therealinterestratetellsyou
a.
howquicklyyoursavingsaccountwillgrow.
b.
howquicklythepurchasingpowerofyoursavingsaccountwillgrow.
c.
thesizeofyoursavingsaccount.
d.
thepurchasingpowerofyoursavingsaccount.
ANSWER:
B
POINTS:
0/1
6.
Inflationrefersto
a.
atemporaryincreaseinthepricelevelduetohighertaxrates
b.
alargeincreaseinfoodandgasolineprices
c.
asituationinwhichtheeconomy'soverallpricelevelisrising
d.
anincreaseinthepurchasingpowerofthedollar
ANSWER:
C
POINTS:
0/1
7.
Ifnominalinterestratesincreasefrom8percentto10percentwhileinflationincreasesfrom3percentto12percent
a.
therealinterestratefallsfrom5percentto–2percent
b.
therealinterestraterisesfrom–2percentto5percent
c.
therealinterestratefallsfrom8percentto12percent
d.
therealinterestraterisesfrom8percentto12percent
ANSWER:
A
POINTS:
0/1
8.
Ifthenominalrateofinterestis10percentandtherateofinflationis3percent,whatistherealrateofinterest
a.
13percent
b.
7percent
c.
3percent
d.
–7percent
ANSWER:
B
POINTS:
0/1
9.
Theconsumerpriceindex:
a.
measurespricechangesofrawmaterials
b.
adjustsallpricesofgoodsandservicesforfive-yearperiods
c.
measuresthecostofgoodsandservicesboughtbyatypicalconsumer
d.
cannotmeasurepricechangesofintangibleproductionsuchasservices
ANSWER:
C
POINTS:
0/1
10.
Iftheconsumerpriceindex(CPI)attheendof1996was125andtheCPIattheendof1997was131,thentherateofinflationduring1997was
a.
zero–priceswerestableduring1997
b.
percent
c.
percent
d.
125percent
ANSWER:
B
POINTS:
0/1
11.
Frank'snominalincomein1998is$45,'srealincome
a.
$51,750
b.
$45,000
c.
$38,250
d.
$30,000
ANSWER:
D
POINTS:
0/1
12.
Achangeinthepriceofimportsboughtbyconsumerswillbe
a.
reflectedintheGDPdeflator
b.
reflectedinGDP
c.
reflectedintheCPI
d.
reflectedinnetnationalincome
ANSWER:
C
POINTS:
0/1
13.
AllofthefollowingbutoneareproblemsassociatedwiththeCPI
a.
substitutionbias
b.
theintroductionofnewgoodsandservices
c.
unmeasuredqualitychanges
d.
TheCPIisnotbasedonafixedbasketofgoodsandservices
ANSWER:
D
POINTS:
0/1
14.
Whichofthefollowingiscorrect
a.
TheCPIisnotbasedonafixedbasketofgoodsandservices.
b.
TheGDPdeflatorreflectsthepricesofalldomesticallyproducedgoodsandservices.
c.
TheGDPdeflatorisbasedonafixedbasketofgoodsandservices.
d.
TheGDPdeflatorissubjecttosubstitutionbias.
ANSWER:
B
POINTS:
0/1
15.
Theinflationrate
a.
isameasureofthecostofabasketofgoodsandservicesboughtbyfirms
b.
istheabsolutechangeinpricesbetweenyears
c.
isthepercentagechangeinthepriceindexfromtheprecedingperiod
d.
measureschangesinincomesfromoneyeartothenext
ANSWER:
C
POINTS:
0/1
ShortAnswer
1.
Whatistheconsumerpriceindex(CPI)WhatarethethreemajoritemsincludedintheCPI
RESPONSE:
ANSWER:
,transportationandfood.
POINTS:
--/1
2.
HowistheCPIcomputed
RESPONSE:
ANSWER: