Macroeconomics Exercise 8

Topics: Inflation, Unemployment, Monetary policy Pages: 12 (2481 words) Published: April 6, 2013
Answer for final exam of 2010

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Part C:
Question 44
a) Answer: 与习题一Question 45(a)相同。

b) Answer: 与习题一Question 45(b)相同。

c) Answer: 请上网找资料,比较分析西方国家用哪些政策来对付金融危机,比如 “零利率”货币政策等等。

Question 45
Answer: 与习题三Question 44(a)相同。


Part A
Multiple Choice Questions
This section consists of forty (40) questions worth a total of forty (40) marks. Suggested time for this section is sixty (60) minutes.
Please record your answers on the examination answer sheet provided.

Question 1
The definition of the term 'long run' is based directly on:
a) time.
b) macroeconomic adjustment.
c) the natural level of output.
d) the balance of trade.

Question 2
The underground economy is :
a) a term applied to the mining industry.
b) that part of the economy that is not measured in official GDP data owing to illegal activities and tax avoidance. c) the adjustment that should be made to official GDP data owing to environmental degradation. d) the opportunity cost incurred when workers are involuntarily unemployed.

Question 3
One of the most significant differences between real business cycle theory and hysteresis theory is in the: a) role of aggregate demand management.
b) length of the short run.
c) social costs of unemployment.
d) long run response of the general level of prices to changes in the quantity of money.
Question 4
In Australia, using 2000-01 as the base year, we would find that: a) nominal GDP is always larger than real GDP.
b) real GDP is always larger than nominal GDP for the period 1960 to 2000. c) real GDP is larger than nominal GDP from 1998 to 2002. d) real GDP is smaller than nominal GDP from 1988 to 1995. e) real GDP and nominal GDP would be equal for the entire period.

Question 5
Suppose that in January 2003 in Australia, 200 million people are working. 20 million are not working but are looking for work, and 40 million are not working and have given up looking for work. The official unemployment rate for that month is: a) 7.7%.

b) 9.1%.
c) 10%.
d) 23%.
e) 30%.

Question 6
Okun's Law is a relation between:
a) output growth and the change in the unemployment rate.
b) the unemployment rate and the inflation rate.
c) output growth, money growth and the inflation rate.
d) the unemployment rate, the inflation rate and money growth. e) the government budget deficit and the current account deficit on the balance of payments.

Question 7
In an open economy, net exports must be equal to:
a) imports.
b) investment.
c) private saving plus government saving.
d) imports minus investment.
e) private saving plus government saving minus investment.

Question 8
Shifts in aggregate demand curve affect output in the short run but in the medium run, output returns to its natural level' . a) True.
b) False.

Question 9
Suppose the consumption equation is represented by the following : C = 100 + .75YD. Given this information, the marginal propensity to save is__ a. 0.25
b. 0.75
c. 1.33
d. 4
e. None of the above

Question 10
In the context of the national income determination model, a change in autonomous spending will: a) change the slope of the demand line.
b) change the slope of the production line.
c) shift the demand line.
d) shift the production line.

Question 11
When fiscal expansion and monetary contraction are applied simultaneously there must be: a) a decline in output.
b) an increase in output.
c) a reduction in the interest rate.
d) an increase in the interest...
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