宏观作业

1. In an economy where planned aggregate spending is given by PAE = 3,000 + .75Y -

10,000 r, the central bank is currently setting the interest rate at 0.05 (5 percent). If potential output equals 10,800, the central bank must ____ the interest rate to close the _________ gap.

a. lower; recessionary b. lower; expansionary c. not change; output d. raise; recessionary e. raise; expansionary

2. In a certain economy the components of planned aggregate expenditure are given by:

C = 60 + .6 (Y- T) - 1000 r I = 200 - 1000 r G = 200 NX =50

If net taxes equal 100 and the Federal Reserve sets the interest rate equal to 0.04 (4 percent), short-run equilibrium output equals:

a. 825 b. 875 c. 925 d. 975 e. 1,025

3. The Federal Reserve discount rate is the rate of interest charged on loans from _____ to

_____.

a. the Federal Reserve; commercial banks b. the Federal Reserve; the U.S. Treasury c. commercial banks; the Federal Reserve d. the U.S. Treasury; the Federal Reserves e. the U.S. Treasury; commercial banks

4. A lower real interest rate ______ saving and _____ consumption spending.

a. increases; increases b. increases; decreases

c. does not change; does not change d. decreases; increases e. decreases; decreases

5. Jan's Dry Cleaning holds $10,000 on a typical day, although only $2,000 is essential for

carrying out business. Making a midday deposit is estimated to reduce cash holdings to $8,000 and cost an extra $80 per year in lost production. If, in addition, an armored car service is engaged to pick up cash more frequently for a fee of $120 per year, cash holdings will be further reduced to $6,000 per day. Employing a computerized cash management service for an annual fee of $180 would reduce cash holdings further to $4,000. If any reduction in cash holdings will be invested in government bonds earning 5%, then how much money should Jan's hold?

a. $10,000 b. $8,000

c. $6,000 d. $4,000 e. $1,500

6.

Reference: Figure 1405

Based on the diagram, if potential output equals 8,000 and the real interest rate is 2%, then there is ______ gap and the Fed must _____ the real interest rate so that output will Your respo equal potential output.

a. a recessionary; raise b. a recessionary; lower c. no output; not change d. an expansionary; raise e. an expansionary; lower

7. In a certain economy the components of aggregate demand are given by:

C = 60 + .6 (Y- T) - 1000 r I = 200 - 1000 r G = 200 NX =50

If potential output equals 1,025, net taxes equal 100 and the Federal Reserve sets the interest rate equal to 0.05 (5 percent), then the Fed must _____ the real interest to ____ to restore full employment.

a. raise; 0.06 b. raise; 0.07 c. lower; 0.04 d. lower; 0.03 e. lower; 0.02

8. The interest rate the Federal Reserve charges commercial banks to borrow reserves is

called the _____ rate.

a. Fed funds b. prime c. discount d. Federal e. U.S. interest

9.

Reference: Figure 1406

Based on the diagram, if potential output equals 10,000 and the real interest rate is 4%, then there is ______ gap and the Fed must _____ the real interest rate so that output will equal potential output.

a. a recessionary; raise b. a recessionary; lower c. no output; not change d. an expansionary; raise e. an expansionary; lower

10. Reserve requirements set by the Federal Reserve are the:

a. minimum value of reserves to deposits that commercial banks are allowed to

maintain.

b. maximum value of reserves to deposits that commercial banks are allowed to

maintain.

c. minimum amount of currency banks must hold in their vaults.

d. maximum amount of currency banks are allowed to hold in their vaults. e. minimum amount of bonds commercial banks must purchase from the Federal

Reserve.

11. In a certain economy the components of planned aggregate expenditure are given by:

C = 60 + .6 (Y- T) - 1000 r I = 200 - 1000 r G = 200 NX =50

If net taxes equal 100 and the Federal Reserve sets the interest rate equal to 0.05 (5 percent), short-run equilibrium output equals:

a. 825 b. 875 c. 925 d. 975 e. 1,025

12. If the nominal interest rate is below the equilibrium value, then money demand is ______

than money supply, bond prices will ____, and the nominal interest rate will ____.

a. greater; fall; increase b. greater; fall; decrease c. greater; rise; increase d. less; fall; increase e. less; rise; decrease

13. Any value of the money supply chosen by the Federal Reserve implies a specific value

for ______.

a. potential output b. net exports

c. government purchases d. the budget deficit e. the nominal interest rate

14.

Reference: Figure 1402

Based on the diagram the nominal interest rate equals 5% and the money supply equals 500. If the Federal Reserve wants to lower the interest rate to 3%, it must _____ the money supply to _____.

a. increase; 300 b. decrease; 300 c. increase; 900 d. increase; 700 e. decrease; 700

15. If the income-expenditure multiplier equals 4 and a 1 percentage point increase in the

real interest rate reduces autonomous spending by 100 units, then a 1,000 unit recessionary gap can be eliminated by _____ the real interest rate by _____ percentage points.

a. increasing; 10 b. increasing; 4 c. increasing ; 2.5 d. decreasing; 2.5 e. decreasing; 10

16. In Econland the components of aggregate demand are given by:

C = 500 + .75 (Y - T) - 500 r I = 300 - 500 r G = 400 NX = 30

If potential output equals 4,680, net taxes equal 40 and the Federal Reserve sets the interest rate at 0.05 (5 percent), then the Fed must _____ the real interest to ____ to restore full employment.

a. raise; 0.06 b. raise; 0.07 c. lower; 0.04 d. lower; 0.03 e. lower; 0.02

17. The Federal Reserve's policy reaction function provides information about:

a. economywide money demand and the output gap.

b. economywide money demand and the long-run target for inflation.

c. the long-run target for inflation and how aggressively targets will be pursued. d. the short-run target for inflation and how aggressively target will be pursued. e. the impact of aggregate demand on real interest rates and household portfolio

allocation decisions.

18. If money demand in millions of dollars equals P(Y-5,000 i), where the price level (P)

equals one, real income (Y) equals 8,000 and the nominal interest rate ( i ) is expressed as a decimal (for example, 5 percent is 0.05), and if the Federal Reserve wants to set the equilibrium nominal interest rate to equal 0.03, what must the money supply equal?

a. 7,000 b. 7,850 c. 8,150 d. 8,850 e. 9,000

19.

Reference: Figure 1402

Based on the diagram the nominal interest rate equals 5% and the money supply equals 500. If the Federal Reserve wants to set the nominal interest rate at 1%, it must conduct open market _____ to set the money supply at _____.

a. purchases; 100 b. sales; 100 c. purchases; 900 d. sales; 900 e. purchases; 300

20. According to the Taylor rule, if inflation equals 3 percent and there is a recessionary gap

equal to 3 percent of potential output, the Fed will set a real interest rate of ____ percent and a nominal interest rate of ____ percent.

a. 0; 3 b. 1; 4 c. 1; 3 d. 2; 4 e. 3; 3

第十二章答案：acadb decba baedd dcbcb

19.

Reference: Figure 1402

Based on the diagram the nominal interest rate equals 5% and the money supply equals 500. If the Federal Reserve wants to set the nominal interest rate at 1%, it must conduct open market _____ to set the money supply at _____.

a. purchases; 100 b. sales; 100 c. purchases; 900 d. sales; 900 e. purchases; 300

20. According to the Taylor rule, if inflation equals 3 percent and there is a recessionary gap

equal to 3 percent of potential output, the Fed will set a real interest rate of ____ percent and a nominal interest rate of ____ percent.

a. 0; 3 b. 1; 4 c. 1; 3 d. 2; 4 e. 3; 3

第十二章答案：acadb decba baedd dcbcb

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