2009-2010年宏经试卷

经管院第七届团支书联席会期末复习宝典

武汉大学2009-2010学年第二学期宏观经济学期末考题

发布日期：2013-06-06 17:55:24 武汉大学2009-2010学年第二学期期末考试 经济与管理学院 2009级 2010年7月4日

宏观经济学（A卷）

Principles of Macroeconomics (Paper A)

Instructions: You have two hours to complete the test. Full marks are 100 points. Write your answers on the answer sheet only. You can answer your questions either in English or Chinese, but we advise you of that English writing would be higher graded. Read the questions carefully before answering them. Be precise and to the point.

Good luck!

1. （10 points）True or False? Explain your answer completely but briefly.

（1） The government expenditures on the Social Security benefit to

the elderly and the salary of government employees should be included in the “government purchase” component of the GDP.

（2） The long-run economic growth depends on the quantity of labor

force, the stock of physical and human capital, the level of technology, natural resources, fiscal policy and monetary policy.

（3） An economy contains 2000 $1 bills. If people hold equal amounts

of currency and demand deposits and banks maintain a reserve ratio of 10 percent, the quantity of money is $11000.

（4） People worry always about the inflation in the long run because

it lowers the purchase power of money, so that a fall in purchase power is the important cost of inflation.

（5） The purchasing-power parity theory is one of the most important

long-run theories of exchange rate. It is based on the law of one price. The law tells us that a good must sell for the same price in all locations eventually.

2. （10 points）In an open economy, suppose GDP is $10 trillion, taxes are $2.5

trillion, private saving is $1.5 trillion, and public saving is $0.5 trillion, net capital outflow is $1.1 trillion. Calculate consumption, government purchase, national saving, investment and net export. (Hint: there is no transfer payment; the balance of payment is always zero)

由各班团支书搜集，团支书联席会秘书长周家伊，副秘书长张植、李明洋、曹传义、廖小满整理。

经管院第七届团支书联席会期末复习宝典

3. (10 points) The Bureau of Labor Statistics announced that in May 2009, of

all adult Americans, 140,570,000 were employed, 14,511,000 were unemployed, and 80,371,000 were not in the labor force.

(1) What was the labor force, the labor-force participation rate

and the unemployment rate?

(2) Between April and May in 2009, total U.S. employment declined

by 437,000 workers, but the numbers of unemployed workers increased by 787,000. How are the two numbers consistent with each other? Why?

(3) Whether the unemployment rate may be zero in long run? Why?

4. (10 points) Suppose that this year’s money supply is $500 billion, nominal

GDP is $12 trillion, and real GDP is $6 trillion.

(1) What is the price level? What is the velocity of money? (2) Suppose that velocity is constant and the economy’s total

output of goods and services rises by 5 percent each year. What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant?

(3) What money supply should the Fed set next year if it wants

inflation of 3 percent?

(4) What is the fundamental cause of inflation? Does continuing

increase in fiscal spending create inflation holding money stock fixed?

5. (15 points) Consider an economy that produces and consumes bread and

automobiles. In the following table are data for two different years.

year 2000 2010

(1) Using the year 2000 as the base year, compute the following

statistics for each year: nominal GDP, real GDP, the GDP deflator, and CPI.

(2) How much have prices risen between year 2000 and year 2010? Compare

the answers given by the implicit price deflator for GDP and the CPI. Explain the difference.

(3) Suppose you are a senator writing a bill to index Social Security

and federal pensions. That is, your bill will adjust these benefits to offset changes in the cost of living. Will you use the GDP deflator or the CPI? Why?

由各班团支书搜集，团支书联席会秘书长周家伊，副秘书长张植、李明洋、曹传义、廖小满整理。

Automobile Price $50,000 $60,000 Quantity 100 120 Price $10 $20 bread Quantity 500,000 400,000 经管院第七届团支书联席会期末复习宝典

6. (15 points) Suppose that U.S. mutual funds decide to invest more

in China because of the sub-prime mortgage crisis.

(1) Use three-panel diagram discussed in textbook for an open

economy to analyze the impact of the change on China’s economy. What happens to net capital outflow, national saving, and domestic investment in China?

(2) What are the long-run effects on China’s capital stock and

economic growth?

(3) What happens to the real exchange rate of RMB to USD? (4) What are the influences on China’s export, import, net

export, and foreign direct investment?

7. (15 points) Suppose the government reduces taxes by $30 billion, that there

is no crowding out, and the MPC (marginal propensity to consumer) is 2/5. Answer the following questions.

(1) What is the initial effect of the tax reduction?

(2) What additional effects follow this initial effect? What is

the total effect of the tax cut?

(3) How does the total effect of this $30 billion tax cut compare

to the total effect of a $30 billion increasing in government purchases? Why?

8. (15 points)Suppose the extreme weather increases the cost of producing food

products.

(1) Show the impact of such a change in both the AD-AS diagram and

in the Phillips-curve diagram. What happens to inflation and unemployment in the short-run?

(2) Do the effects of this event mean there is no short-run

tradeoff between inflation and unemployment? Why or why not?

(3) Suppose the Fed pursues expansionary monetary policy to

response to the weather change. Use the Phillips curve to show the short-run and long-run effects of this policy.

由各班团支书搜集，团支书联席会秘书长周家伊，副秘书长张植、李明洋、曹传义、廖小满整理。

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