《宏觀經(jīng)濟學》試題

武漢大學2019-2020學年第二學期期末考試經(jīng)濟與管理學院2019級2020年7月4日宏觀經(jīng)濟學PrinciplesofMacroeconomicsInstructions:Youhavetwohourstocompletethetest.Fullmarksare100points.Writeyouranswersontheanswersheetonly.YoucanansweryourquestionseitherinEnglishorChinese,butweadviseyouofthatEnglishwritingwouldbehighergraded.Readthequestionscarefullybeforeansweringthem.Bepreciseandtothepoint.（10points）TrueorFalse?Explainyouranswercompletelybutbriefly.ThegovernmentexpendituresontheSocialSecuritybenefittotheelderlyandthesalaryofgovernmentemployeesshouldbeincludedinthe“governmentpurchase”componentoftheGDP.Thelong-runeconomicgrowthdependsonthequantityoflaborforce,thestockofphysicalandhumancapital,theleveloftechnology,naturalresources,fiscalpolicyandmonetarypolicy.Aneconomycontains2000$1bills.Ifpeopleholdequalamountsofcurrencyanddemanddepositsandbanksmaintainareserveratioof10percent,thequantityofmoneyis$11000.Peopleworryalwaysabouttheinflationinthelongrunbecauseitlowersthepurchasepowerofmoney,sothatafallinpurchasepoweristheimportantcostofinflation.Thepurchasing-powerparitytheoryisoneofthemostimportantlong-runtheoriesofexchangerate.Itisbasedonthelawofoneprice.Thelawtellsusthatagoodmustsellforthesamepriceinalllocationseventually.（10points）Inanopeneconomy,supposeGDPis$10trillion,taxesare$2.5trillion,privatesavingis$1.5trillion,andpublicsavingis$0.5trillion,netcapitaloutflowis$1.1trillion.Calculateconsumption,governmentpurchase,nationalsaving,investmentandnetexport.(Hint:thereisnotransferpayment;thebalanceofpaymentisalwayszero)(10points)TheBureauofLaborStatisticsannouncedthatinMay2009,ofalladultAmericans,140,570,000wereemployed,14,511,000wereunemployed,and80,371,000werenotinthelaborforce.Whatwasthelaborforce,thelabor-forceparticipationrateandtheunemploymentrate?BetweenAprilandMayin2009,totalU.S.employmentdeclinedby437,000workers,butthenumbersofunemployedworkersincreasedby787,000.Howarethetwonumbersconsistentwitheachother?Why?Whethertheunemploymentratemaybezeroinlongrun?Why?(10points)Supposethatthisyear’smoneysupplyis$500billion,nominalGDPis$12trillion,andrealGDPis$6trillion.Whatisthepricelevel?Whatisthevelocityofmoney?Supposethatvelocityisconstantandtheeconomy’stotaloutputofgoodsandservicesrisesby5percenteachyear.WhatwillhappentonominalGDPandthepricelevelnextyeariftheFedkeepsthemoneysupplyconstant?WhatmoneysupplyshouldtheFedsetnextyearifitwantsinflationof3percent?Whatisthefundamentalcauseofinflation?Doescontinuingincreaseinfiscalspendingcreateinflationholdingmoneystockfixed?(15points)Consideraneconomythatproducesandconsumesbreadandautomobiles.Inthefollowingtablearedatafortwodifferentyears.AutomobilebreadyearPriceQuantityPriceQuantity2000$50,000100$10500,0002010$60,000120$20400,000Usingtheyear2000asthebaseyear,computethefollowingstatisticsforeachyear:nominalGDP,realGDP,theGDPdeflator,andCPI.Howmuchhavepricesrisenbetweenyear2000andyear2010?ComparetheanswersgivenbytheimplicitpricedeflatorforGDPandtheCPI.Explainthedifference.SupposeyouareasenatorwritingabilltoindexSocialSecurityandfederalpensions.Thatis,yourbillwilladjustthesebenefitstooffsetchangesinthecostofliving.WillyouusetheGDPdeflatorortheCPI?Why?(15points)SupposethatU.S.mutualfundsdecidetoinvestmoreinChinabecauseofthesub-primemortgagecrisis.Usethree-paneldiagramdiscussedintextbookforanopeneconomytoanalyzetheimpactofthechangeonChina’seconomy.Whathappenstonetcapitaloutflow,nationalsaving,anddomesticinvestmentinChina?Whatarethelong-runeffectsonChina’scapitalstockandeconomicgrowth?WhathappenstotherealexchangerateofRMBtoUSD?WhataretheinfluencesonChina’sexport,import,netexport,andforeigndirectinvestment?(15points)Supposethegovernmentreducestaxesby$30billion,thatthereisnocrowdingout,andtheMPC(marginalpropensitytoconsumer)is2/5.Answerthefollowingquestions.Whatistheinitialeffectofthetaxreduction?Whatadditionaleffectsfollowthisinitialeffect?Whatisthetotaleffectofthetaxcut?Howdoesthetotaleffectofthis$30billiontaxcutcomparetothetotaleffectofa$30billionincreasingingovernmentpurchases?Why?(15points)Supposetheextremeweatherincreasesthecostofproducingfoodproducts.ShowtheimpactofsuchachangeinboththeAD-ASdiagramandinthePhillips-curvediagram.Whathappenstoinflationandunemploymentintheshort-run?Dotheeffectsofthise