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宏观Chapter003

宏观Chapter003
宏观Chapter003

Chapter 3

Basic Elements of Supply and Demand Multiple Choice Questions

1. A shortage of OPEC oil at current market prices will increase oil prices because of:

A) the law of elastic supply.

B) the law of elastic demand.

C) consumers will bid up the price of oil.

D) all of the above.

E) none of the above.

Answer: C

Difficulty: Medium

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

2. An increase in price will lead to a lower quantity demanded because:

A) suppliers will supply only the smaller amount.

B) some individuals will no longer purchase the good.

C) individuals purchase less of the good.

D) a and b.

E) b and c.

Answer: E

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

3. If E were the old equilibrium in the market for wheat in the figure below, and E' the new one, which

of the following could have caused the change?

A) Consumer income rose, causing a supply shift.

B) Bad weather caused a supply shift.

C) Consumer income rose, causing a demand shift.

D) Supply and demand both shifted.

E) None of the above are plausible descriptions.

Answer: C

Difficulty: Medium

Topic: Simple Application

Bloom’s: Application

AACSB: Reflective Thinking

4. A change in which of the following will not alter the demand curve for rental housing?

A) The price of houses.

B) Rental prices.

C) Incomes of consumers.

D) Energy prices.

E) Growth in the community.

Answer: B

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

5. The demand curve for a normal good will shift to the right if:

A) income increases.

B) population increases.

C) the price of a substitute good increases.

D) all the above.

E) none of the above.

Answer: D

Difficulty: Easy

Topic: Application

Bloom’s: Application

AACSB: Reflective Thinking

6. The demand curve for a normal good will shift to the left if:

A) income increases.

B) population increases

C) the price of a substitute good decreases.

D) all the above.

E) none of the above.

Answer: C

Difficulty: Easy

Topic: Application

Bloom’s: Application

AACSB: Reflective Thinking

7. When we say that a price in a competitive market is "too high to clear the market" we usually mean

that (given upward-sloping supply curves):

A) no producer can cover his costs of production at that price.

B) the quantity supplied exceeds the quantity demanded at that price.

C) producers are leaving the industry.

D) consumers are willing to buy all the units produced at that price.

E) quantity demanded exceeds quantity supplied at that price.

Answer: B

Difficulty: Hard

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

8. A drought would probably:

A) cause wheat suppliers to move up their supply curves to a higher price.

B) induce greater demand for wheat, yielding a higher price.

C) cause people to reduce their demand for wheat.

D) induce an upward and leftward shift in wheat's supply curve.

E) lower the prices of substitutes for wheat.

Answer: D

Difficulty: Medium

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

9. One reason that the quantity demanded of a good tends to rise as its price falls is that:

A) the decrease in price shifts the supply curve downward.

B) people feel a bit richer and increase their use of the good.

C) demand has to rise to restore equilibrium after a price reduction.

D) suppliers are willing to supply more at lower prices.

E) the decrease in price shifts the demand curve upward.

Answer: B

Difficulty: Medium

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

10. A price at which the amount people wish to buy exceeds the amount that people wish to produce

(given upward-sloping supply curves):

A) lies above the equilibrium, market clearing price.

B) lies below the market clearing price.

C) will induce a shift in the demand schedule to achieve equilibrium.

D) is impossible.

E) is none of the above.

Answer: B

Difficulty: Hard

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

11. In a competitive market, price is determined by:

A) the costs of producing the good in question.

B) the supply of the good.

C) the decisions of the buyers about how much they are willing to pay.

D) the interaction of tastes and demand.

E) all of the above.

Answer: E

Difficulty: Medium

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

12. An increase in the supply of commodity X for any given price of X could be caused by

A) an increase in the prices of other commodities.

B) an increase in the prices of factors of production important to this commodity.

C) a reduction in the prices of factors of production important to this commodity.

D) an increase in consumer income.

E) none of the above.

Answer: C

Difficulty: Medium

Topic: Numerical Analysis

Bloom’s: Application

AACSB: Analytic

13. The market clearing price in a competitive market:

A) is one that will be established immediately when buyers and sellers come together to the

market.

B) would persist if actually reached, but doesn't have much significance in real life, due to the lack

of any forces tending to push the price to this level.

C) has no significance at all in real life because analysis of competitive markets takes no account

of incomes, tastes, or other factors that influence demand.

D) will tend to be reached, although not necessarily immediately, because of the competitive

forces set up whenever price is at any level other than equilibrium.

E) has no application except where everyone is an "economic person" (homo economicus).

Answer: D

Difficulty: Medium

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

14. If the demand schedule may be written P = 100 - 4Q, and the supply schedule P = 40 + 2Q, then the

market clearing price and quantity are:

A) P = 60, Q = 10.

B) P = 10, Q = 6.

C) P = 40, Q = 6.

D) P = 20, Q = 20.

E) none of the above.

Answer: A

Difficulty: Hard

Topic: Numerical Analysis

Bloom’s: Application

AACSB: Analytic

15. Given a fixed supply of lamb chops, a reduction in the price of pork chops (close substitutes) will

tend to:

A) shift the demand curve for lamb chops to the right.

B) shift the demand curve for pork chops to the right.

C) shift the demand curve for pork chops to the left.

D) raise the price of lamb chops.

E) lower the price of lamb chops.

Answer: E

Difficulty: Medium

Topic: Complex Analysis

Bloom’s: Analysis

AACSB: Analytic

16. Four of the five events described below might reasonably be expected to shift the demand curve for

beef to a new position. One would not shift that demand curve. The single exception is:

A) a rise in the price of some good which consumers regard as a substitute for beef.

B) a fall in the price of beef

C) an increase in the money incomes of beef consumers.

D) a widespread advertising campaign undertaken by the producers of a product competitive with

beef (e.g. pork).

E) a change in people's tastes with respect to beef.

Answer: B

Difficulty: Hard

Topic: Simple Application

Bloom’s: Application

AACSB: Reflective Thinking

17. If the market demand curve shifts sharply to the left as the market supply curve moves to the right,

we would expect:

A) the same price to prevail, with no change in quantity.

B) the same quantity to prevail.

C) price and quantity to fall.

D) price to fall while quantity may or may not change.

E) quantity to fall while price may or may not change.

Answer: D

Difficulty: Hard

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

18. In a standard supply-and-demand diagram, what happens when demand decreases?

A) Price declines and quantity demanded rises.

B) Price rises and quantity demanded declines.

C) Price and quantity supplied rise.

D) Price and quantity supplied decline.

E) Price and quantity demanded rise.

Answer: D

Difficulty: Medium

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

19. Which of the following does not explain why supply curves typically slope upward and to the right:

A) people are willing to pay a higher price for more goods.

B) extra production brings in the less efficient, higher-cost producers.

C) expanded industry output might cause a labor shortage and subsequently a rise in the wage rate

and the cost of production.

D) expanded production may require the use of inferior resources. E) All the above are valid reasons.

Answer: A

Difficulty: Medium Topic: Definition Bloom’s: Knowledge

AACSB: Reflective Thinking

20. The quantity of good X demanded by an individual may depend upon: A) the individual's income. B) the price of X. C) the price of some other goods. D) all of the above. E) answers a and b, only.

Answer: D

Difficulty: Medium

Topic: Simple Application Bloom’s: Comprehension AACSB: Reflective Thinking

Use the following to answer questions 21-23:

Figure 3-1

P*

P r i c e o f Q

Quantity of Q

21. Given the supply and demand curves drawn for a normal good in Figure 3-1, an increase in income

can be expected to cause: A) equilibrium price and quantity to increase. B) equilibrium price to increase and equilibrium quantity to fall. C) equilibrium price to increase while equilibrium quantity holds steady. D) equilibrium price and quantity to fall. E) equilibrium price to fall and equilibrium quantity to climb.

Answer: A

Difficulty: Medium

Topic: Simple Application Bloom’s: Comprehension

AACSB: Reflective Thinking

22. Let P* and Q* represent market clearing price and quantity, respectively. Given the supply and

demand curves drawn in Figure 3-1, an increase in the price of an input employed in the production of Q can be expected to cause:

A) P* and Q* to climb.

B) P* to climb while Q* falls.

C) P* to climb while Q* holds steady.

D) P* to fall while Q* climbs.

E) P* and Q* to fall.

Answer: B

Difficulty: Medium

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

23. Let P* and Q* represent market clearing price and quantity, respectively. Given the supply and

demand curves drawn in Figure 3-1, the appearance of foreign suppliers willing to sell any quantity at a price slightly higher than equilibrium can be expected to cause:

A) P* and Q* to climb.

B) P* and Q* to fall.

C) P* to climb while Q* falls.

D) Q* to fall while P* holds steady.

E) none of the above.

Answer: E

Difficulty: Hard

Topic: Simple Application

24. When the demand curve shifts to the right:

A) equilibrium price increases.

B) equilibrium price decreases.

C) equilibrium quantity increases

D) a and c.

E) b and c.

Answer: D

Difficulty: Easy

Topic: Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

25. According to the law of demand:

A) the intersection of demand and supply establishes the market equilibrium point.

B) consumers' tastes can influence the quantity demanded.

C) there is an inverse relationship between price and the quantity demanded.

D) "all other things held equal" is an important concept.

E) there is a direct relationship between price and the quantity demanded.

Answer: C

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

26. If farmers work harder and longer to maintain their incomes and living standards as their earnings

per hour fall, that would involve:

A) an exception to the downward slope of the demand curve for labor.

B) an exception to the upward slope of the supply curve for labor.

C) a confirmation of the downward slope of the supply curve for labor.

D) a confirmation of the upward slope of the supply curve for labor.

E) none of the above.

Answer: B

Difficulty: Hard

Topic: Simple Application

Bloom’s: Application

AACSB: Reflective Thinking

27. An increase in price will lead to a lower quantity demanded because:

A) suppliers will supply only the smaller amount.

B) quality deteriorates.

C) people will purchase less of the good.

D) all of the above.

E) none of the above.

Answer: C

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

28. The position of the supply schedule for American-made cars will not be directly affected by which

of the following?

A) Union wage rates.

B) Car prices.

C) The price of tires.

D) A change in assembly technology.

E) All of the above will affect supply.

Answer: B

Difficulty: Medium

Topic: Simple Application

Bloom’s: Application

AACSB: Reflective Thinking

29. Upward-sloping supply curves are the result of:

A) increasing returns to scale.

B) increasing costs of labor.

C) changes in government policies.

D) changes in technology.

E) none of the above

Answer: E

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

30. One reason that supply curves display positive slope is that:

A) expanded production may require the use of superior resources.

B) people are not willing to pay a higher price for more goods.

C) expanded industry output might cause a labor shortage and subsequently increase the wage rate

included in the cost of production.

D) extra production brings in the more efficient, lower-cost producers.

E) the law of diminishing returns is important to producers.

Answer: E

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

31. One reason why the quantity demanded of a good tends to fall as its price rises is that:

A) the increase in price shifts the supply curve upward.

B) the increase in price shifts the demand curve downward.

C) at higher prices, suppliers are willing to supply less.

D) people feel poorer and cut down on their use of the good.

E) demand has to fall to restore equilibrium after a price rise.

Answer: D

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

32. When we say that a price in a competitive market is "too low to clear the market," we usually mean

that:

A) the quantity supplied exceeds the quantity demanded at that price, so there is too much

competition among producers to try to get rid of that supply.

B) consumers are not willing to buy enough at that price.

C) producers are leaving the industry.

D) the quantity demanded exceeds the quantity supplied at that price.

E) no producer can cover costs of production at that price.

Answer: D

Difficulty: Hard

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

33. Good growing conditions for wheat would probably

A) increase the prices of substitutes for wheat.

B) induce greater demand for wheat, yielding a higher price.

C) cause wheat suppliers to move up their supply curves to a higher price.

D) cause people to reduce their demand for wheat.

E) induce a rightward shift in wheat's supply curve.

Answer: E

Difficulty: Medium

Topic: Simple Application

Bloom’s: Application

34. If E were the old equilibrium in the wheat market depicted in the figure below and E' were the new

one, which of the following might have caused the change?

P

Q E

E 1

Supply

Supply

1

A) Good weather caused a supply shift. B) Good weather caused a demand shift. C) Bad weather caused a supply shift. D) Bad weather caused a demand shift.

E) Consumer incomes changed, causing a supply shift. Answer: A

Difficulty: Medium

Topic: Simple Application Bloom’s: Comprehension AACSB: Reflective Thinking

35. If you were a government official and wanted to raise the price of oil, which of the following

actions would you take? A) Take oil from government storage and sell it on the open market. B) Encourage producers to drill more wells. C) Try to lower the price of alternative fuels. D) Try to lower average family income. E) Encourage producers to cut back on drilling for oil.

Answer: E

Difficulty: Hard

Topic: Simple Application Bloom’s: Comprehension AACSB: Reflective Thinking

Use the following to answer questions 36-38:

Figure 3-2

P r i c e o f Q

Quantity of Q

36. Let P* and Q* in Figure 3-2 represent market clearing price and quantity, respectively, of good Q.

Given the supply and demand curves drawn in Figure 3-2, a reduction in the price of a substitute good for Q will cause: A) P* and Q* to climb. B) P* to climb while Q* declines. C) P* to climb while Q* holds fixed. D) P* to fall while Q* climbs. E) P* and Q* to fall.

Answer: E

Difficulty: Medium

Topic: Simple Application Bloom’s: Application

AACSB: Reflective Thinking

37. Let P* and Q* represent market clearing price and quantity, respectively. Given the supply and

demand curves drawn in Figure 3-2, a reduction in the price of an input used in the production of Q will cause: A) P* and Q* to climb. B) P* to climb while Q* falls. C) P* to climb while Q* holds steady. D) P* to fall while Q* climbs. E) P* and Q* to fall.

Answer: D

Difficulty: Medium

Topic: Simple Application Bloom’s: Application

AACSB: Reflective Thinking

38. Let P* and Q* represent market clearing price and quantity, respectively. Given the supply and

demand curves drawn in Figure 3-2, a technological advance that makes the production of Q more efficient will cause: A) P* and Q* to climb. B) P* and Q* to fall. C) P* to climb while Q* falls. D) Q* to climb while P* holds fixed. E) none of the above.

Answer: E

Difficulty: Hard

Topic: Simple Application Bloom’s: Application

AACSB: Reflective Thinking

Use the following to answer questions 39-40:

Figure 3-3

Price of Cars

100008000600040002000

10000

8000

6000

40002000

(x 1000)

39. Assume that automotive workers go on strike, so that the production of cars falls. Given the supply

and demand curves in Figure 3-3, which of the following would result in comparison to the initial equilibrium position? A) Prices fall, Quantity falls B) Prices rise, Quantity falls C) Prices rise, Quantity rises D) Prices and Quantity do not change. E) None of the above.

Answer: B

Difficulty: Easy

Topic: Simple Application Bloom’s: Applicatio n AACSB: Analytic

40. Assume that automotive workers strike and the technological improvements occur at the same time.

If initial market conditions were reflected by the structure of Figure 3-3, which of the following must occur? A) Lower prices. B) Less quantity. C) More quantity. D) Higher prices. E) Cannot be determined from the given information.

Answer: E

Difficulty: Easy

41. Assume that the demand for penicillin as reflected in the figure below is P = 40 - .1Q, while supply

is P = 10 + .9Q. Market equilibrium would be given by:

Price

Quantity of Penicillin 605040302010

A) P = 37, Q = 30 B) P = 30, Q = 37 C) P = 40, Q = 36 D) P = 370, Q = 30

E) None of the above Answer: A

Difficulty: Easy

Topic: Numerical Analysis Bloom’s: Application AACSB: Analytic

42. Assume that the demand for boats as shown in the figure below is P = $500 - 10Q, while the supply

is P = $100 + 10Q. Market equilibrium would then be:

Price Quantity of Boats

600500400

300200100

A) P = 20, Q = 300 B) P = 300, Q = 20

C) P = 20, Q = 20 D) P = 500, Q = 500 E) None of the above. Answer: B

Difficulty: Easy

Topic: Numerical Analysis Bloom’s: Application AACSB: Analytic

Use the following to answer questions 43-46:

Figure 3-5

Price

43. According to the standard supply and demand apparatus, line A in Figure 3-5 should represent:

A) a supply schedule.

B) a demand schedule.

C) points where supply and demand are equal.

D) a demand schedule when income is rising.

E) none of the above.

Answer: B

Difficulty: Easy

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

44. Point C in Figure 3-5 could represent:

A) a point on the demand schedule for a normal good with higher incomes.

B) an equilibrium point.

C) a point on the supply schedule.

D) both a and c.

E) none of the above.

Answer: C

Difficulty: Medium

Topic: Simple Application

Bloom’s: Comprehe nsion

AACSB: Reflective Thinking

45. Which of the following could represent the demand schedule in Figure 3-5?

A) P = 1000 + 2Q

B) P = 3Q - 500

C) P = 200 - 5Q

D) P = Q

E) None of the above.

Answer: C

Difficulty: Easy

Topic: Numerical Analysis

Bloom’s: Application

AACSB: Analytic

46. Which of the following could affect a demand schedule for petroleum products?

A) A change in the technology of oil production.

B) The discovery of new oil fields in Texas.

C) A strike by oil refinery workers.

D) An increase in national income.

E) None of the above.

Answer: D

Difficulty: Easy

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

Use the following to answer questions 47-51:

Table 3-1

The Market for Potato Chips

(quantities measured in bags per week)

Price Quantity Supplied Quantity Demanded

$1.005002000

2.0010001750

3.0015001500

4.0020001250

5.0025001000

47. According to Table 3-1, the equilibrium price for potato chips is:

A) $1.00.

B) $2.00.

C) $2.50.

D) $3.00.

E) $4.00.

Answer: D

Difficulty: Easy

Topic: Numerical Analysis

Bloom’s: Comprehension

AACSB: Analytic

48. According to Table 3-1, the equilibrium level of output is:

A) 1750.

B) 1625.

C) 1500.

D) 1375.

E) none of the above.

Answer: C

Difficulty: Easy

Topic: Numerical Analysis

Bloom’s: Comprehension

AACSB: Analytic

49. According to Table 3-1, for every $1.00 increase in price, the quantity demanded decreases by:

A) 5.

B) 500.

C) 10.

D) 25.

E) 250.

Answer: E

Difficulty: Medium

Topic: Numerical Analysis

Bloom’s: Comprehension

AACSB: Analytic

50. The data in Table 3-1:

A) support the law of demand.

B) indicate that the supply curve is vertical.

C) contradict economic reasoning.

D) both b and c.

E) none of the above.

Answer: A

Difficulty: Easy

Topic: Numerical Analysis

Bloom’s: Comprehension

AACSB: Analytic

51. According to Table 3-1, we can be fairly certain that:

A) demand and supply are directly related.

B) if price increases to $6.00, the quantity supplied will increase.

C) if price falls to $0.75, supply will drop to 0.

D) some people will pay almost anything for potato chips.

E) one of the curves is about to shift.

Answer: B

Difficulty: Medium

Topic: Numerical Analysis

Bloom’s: Comprehension

AACSB: Analytic

True/False Questions

52. An increase in demand means a movement to a higher quantity along a given demand curve.

Answer: False

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

53. An increase in demand means a movement to a higher price along a given demand curve.

Answer: False

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

54. Equilibrium occurs where the demand curve intersects the supply curve.

Answer: True

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

55. Lower prices coax out higher quantities demanded along a downward-sloping demand curve.

Answer: True

Difficulty: Easy

Topic: Definition

Bloom’s: Knowle dge

AACSB: Reflective Thinking

56. The high and rising price of lobsters must be indicative of monopoly in the lobster fishing market.

Answer: False

Difficulty: Medium

Topic: Simple Application

Bloom’s: Knowledge

AACSB: Reflective Thinking

57. Over time the fact that some people buy more hamburger at 89 cents per pound than at 69 cents per

pound refutes the law of downward-sloping demand.

Answer: False

Difficulty: Hard

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

58. A shift in supply to the right means that people will produce more at each price indicated.

Answer: True

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

59. The law of downward-sloping demand states that there is an inverse relation between price and

quantity demanded.

Answer: True

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

60. A change in tastes can cause people to move down their demand curve, unlike an increase in

income, which will cause the demand curve to shift.

Answer: False

Difficulty: Medium

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

61. Advertising a product is an attempt by the advertisers to cause people to move down their demand

curves.

Answer: False

Difficulty: Hard

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

62. The market mechanism uses price as a rationing device.

Answer: True

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

63. If the price of bacon rose because of a poor hog season, then the price and quantity of eggs would be

likely to increase (other things being equal).

Answer: False

Difficulty: Medium

Topic: Simple Application

Bloom’s: Application

AACSB: Reflective Thinking

64. If you observe a stationary price for some commodity, you can guess that demand and supply

curves intersect at that price.

Answer: True

Difficulty: Hard

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

65. Market equilibrium comes at the price which quantity demanded equals quantity supplied.

Answer: True

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

66. The quantity of labor demanded by an employer typically depends upon the wage that labor is paid.

Answer: True

Difficulty: Easy

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

67. A surplus in supply means that demanders are not willing to pay the current market price.

Answer: True

Difficulty: Easy

Topic: Simple Application

Bloom’s: Comprehension

AACSB: Reflective Thinking

Use the following to answer questions 68-69: Figure 3-6

Quantity of Q

P r i c e o f Q

68. Given the supply and demand curves drawn in Figure 3-6, a technological advance that makes the

production of Q more efficient can be expected to push the market clearing price down and the market clearing quantity up. Answer: True

Difficulty: Medium Topic: Simple Application Bloom’s: Comprehension AACSB: Reflective Thinking

69. Given the supply and demand curves drawn in Figure 3-6, an increase in the cost of an input can be

expected to push the market clearing price up and the market clearing quantity down. Answer: True

Difficulty: Medium Topic: Simple Application Bloom’s: C omprehension AACSB: Reflective Thinking

70. Any change in the price of an input can be expected to move equilibrium price up or down in the

same direction along the market demand curve. (Everything else held fixed.) Answer: True

Difficulty: Medium Topic: Simple Application Bloom’s: Comprehension AACSB: Reflective Thinking

71. If the price of bread is causing quantity demanded to increase but not quantity supplied, the price

will begin to be pushed upward. Answer: True Difficulty: Easy Topic: Definition Bloom’s: Knowledge

AACSB: Reflective Thinking

72. Letting the price of oil rise will likely reduce quantity demanded and increase quantity supplied.

Answer: True

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

73. Since the amount bought must equal amount sold, at no price can there be a lack of equality

between the quantities demanded and supplied of a good.

Answer: False

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

74. A fixed supply of apartments can be rationed out by letting market forces establish the market

clearing competitive rent rate.

Answer: True

Difficulty: Medium

Topic: Simple Application

Bloom’s: Application

AACSB: Reflective Thinking

75. The high and rising price of lobsters is not necessarily indicative of monopoly in the lobster-fishing

market.

Answer: True

Difficulty: Medium

Topic: Simple Application

Bloom’s: Application

AACSB: Reflective Thinking

76. Over time the fact that some people buy less hamburger at 69 cents per pound than at 89 cents per

pound refutes the law of downward-sloping demand.

Answer: False

Difficulty: Medium

Topic: Simple Application

Bloom’s: Application

AACSB: Reflective Thinking

77. A shift in demand to the right means that people want to buy less at each price.

Answer: False

Difficulty: Easy

Topic: Definition

Bloom’s: Knowledge

AACSB: Reflective Thinking

78. When a big movement of hogs to market causes pork prices to fall, this will tend to push beef prices

down also.

Answer: True

Difficulty: Medium

Topic: Simple Application

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4)美国人杰尼购买了一瓶法国红酒。 会减少GDP中的净出口(NX),因为法国红酒是进口食品,它的购买增加了美国的进口。 5)日本本田汽车公司扩大其在俄亥俄州的工厂。 增加了GDP中的净出口(NX),因为本田公司是一家日本企业,它在美国的投资减少了美国对日本本田汽车的进口,使净出口增加。 4.下面是一些伤脑筋的问题,你能否说明为什么下列各项不被计入GDP之中。 (a)优秀的厨师在自己家里烹制的膳食 (b)购买的一块土地 (c)购买的一幅齐白石的绘画真品 (d)海尔集团公司设在欧洲的工厂所创造的利润 a优秀的厨师在自己家里烹制膳食,没有参与市场交易,不计入GDP 。 b.购买一块土地,由于土地不是统计当期新创造出来的产值,因此,也不计入GDP 。 c.由于绘画真品不是在统计当期生产的,因此不计入GDP。 d.公司设在英国的工厂所创造的利润应计入英国的GDP,同时也应计入中国的GNP,而不是中国的GDP 。 5.考虑下列每一个事件会如何影响实际GDP。 1)佛罗里达的飓风迫使迪斯尼乐园停业一个月。 降低,实际生产服务减少 2)新的、更容易种植的小麦品种的开发增加了农民的收成。 增加,实际物品增加 3)工会和经理之间对抗的加剧引发了一场罢工。降低 4)全国企业经历着需求减少,这使企业解雇工人。降低 5)更多的高中生辍学从事剪草坪的工作。 增加,未来可能降低 6)全国的父亲减少工作周数,以便把更多的时间用于与孩子在一起。 实际GDP降低,可测GDP降低,不可测GDP增加

多恩布什宏观经济学第十版课后习题答案04

CHAPTER 4 GROWTH AND POLICY Solutions to the Problems in the Textbook Conceptual Problems: 1. Endogenous or self-sustained growth supposedly can be achieved by policies that affect a nation's savings rate and therefore the proportion of GDP that goes towards investment. The neoclassical growth model of Chapter 3 predicted that long-term growth can only be achieved through technological progress and that changes in the savings rate have only transitory effects. The endogenous growth model, however, predicts that countries with a higher savings rate can achieve higher long-term growth and that a nation's government can affect the long-term growth rate by implementing policies that affect the savings rate. 2. A simple model with constant returns to scale to capital alone implies increasing returns to scale to all factors taken together, which could cause a single large firm to dominate the economy. However, such a model ignores the possibility that external returns to capital exist, in addition to the internal (private) returns. In other words, more investment not only leads to a higher and more efficient capital stock but also to new ideas and new ways of doing things, which can then be copied by others. Therefore, a single firm does not necessarily reap all of the benefits of increased output. 3.In the neoclassical growth model, an increase in the savings rate does not increase the long-term growth rate of output. However, because of the short-run adjustment process, there is some transitional gain that will lead to a higher level of output per capita. In the endogenous growth model, however, the savings rate does affect the long-term growth rate of output. 4.a. Chapter 4 suggests that the key to long-term economic growth is investment in human and physical capital with particular emphasis on research and development. 4.b. (i) Investment tax credits may potentially affect economic growth in the long run by achieving a higher rate of technological progress. (ii) R&D subsidies and grants lead to technological advances that will have private and social returns. They are very effective in stimulating long-term economic growth. (iii) According to the endogenous growth model, policies designed to increase the savings rate will increase the long-term growth rate of output. However, empirical evidence does not lend much support to that notion. (iv) Increased funding for primary education has large private and social returns and

宏观经济学【高鸿业第五版全】

宏观经济学复习重点 一、名词解释。 1.国内生产总值(GDP ):是在一个国家领土范围内,一定时期内所生产的全部最终产品和劳务的市场价值的总和。P428 2.均衡产出:和总需求相等的产出称为均衡产出或收入。P446 3.乘数:国民收入变动量与引起这种变动量的最初注入量的比例。P462 4.投资乘数:指收入的变化与带来这种变化的投资支出的变化的比率。P463 5.产品市场均衡:是指产品市场上供给与总需求相等。P486 6.IS 曲线:一条反映利率和收入间相互关系的曲线。这条曲线上任何一点都代表一定的利率和收入的组合,在这样的组合下,投资和储蓄都是相等的,即i=s ,从而产品市场是均衡的,因此这条曲线称为IS 曲线。P487 7. 凯恩斯流动性偏好陷阱:凯恩斯认为当利率极低时,人们为了防范证券市场中的风险,将所有的有价证券全部换成货币,同时不论获得多少货币收入,都愿意持有在手中,这就是流动性陷阱。P495 8.LM 曲线:满足货币市场的均衡条件下的收入y 与利率r 的关系的曲线称为LM 曲线。P500 9.财政政策:是指政府变动税收和支出以便影响总需求进而影响就业和国民收入的政策。P517 10.货币政策:是指政府货币当局即中央银行通过银行体系变动货币供给量来调节总需求的政策。P518 11. 挤出效应:指政府支出增加(如某一数量的公共支出)而对私人消费和投资的抵减。P523 12. 自动稳定器:也称内在稳定器,是指经济系统本身存在的一种会减少各种干扰对国民收入冲击的机制,能够在经济繁荣时自动抑制通胀,在经济衰退时自动减轻萧条,无须政府采取任何行动。P546 13.经济滞胀:又称萧条膨胀或膨胀衰退,即大量失业和严重通货膨胀同时存在的情况。P572—576 14.通货膨胀:指一般物价水平在比较长的时间内以较高幅度持续上涨的一种经济现象。P612—616 15.菲利普斯曲线:反映通货膨胀率与失业率之间关系的曲线。短期曲线表现为一条向右下方倾斜的曲线,表示在短期里通货膨胀率与失业率存在一种替代关系。长期曲线表现为一条垂直的曲线,表示在长期里失业率与通货膨胀率之间,是一种独立的关系。P625—632 16.自发消费:与收入变动无关的消费。即使收入为0,也需要的消费。 17.经济增长:经济增长:指一国一定时期内生产的产品和提供的劳务总量的扩大。表现为GDP 或者人均GDP 的增长。 18.中间产品:指购买后不是用于最终消费,而是用于转卖或进一步加工的商品和劳务。 19.资本深化:人均储蓄超过资本广化或人均储蓄在与补充原有资本折旧和配备新工人后)而导致人均资本上升的情况。 1.消费的决定:家庭的消费支出主要由什么因素决定? 答:主要由家庭的当年收入决定。某个家庭当年收入越高,其消费支出就会越大。这主要从消费函数c=a+by 中可以看出。 其他影响因素还有:1、家庭财富拥有量,财富越多则当年的消费就越高。2、家庭成员一生中的总收入,一生中的总收入越大则任何一年的消费量都会增大。3、周围人群的消费水平,周围人群消费水平越高,则本家庭受影响越大,看齐的心理使得本家庭的当年消费越大。 2.平衡预算乘数在哪些情况下等于1? 答:平衡预算指政府预算收入等于预算支出。在国民收入决定理论中,平衡预算指政府支出G 来自于等量的税收T (即G=T )。政府支出G 和税收T 对国民收入的影响作用可以通过乘数来反映。 在四部门经济中, 要使平衡预算乘数=1,应当是0,0==γP t ,即是在只有消费者、企业和政府的三部门经济中没有内生变量的税收。或者在消费者、企业、政府和国际市场构成的四部门经济中,没有内生变量的税收和进口。 3.经济学家认为轻微的通货膨胀对经济扩张有利,试说明理由? 答:坚持这种观点的经济学家认为,由于在经济活动过程中,为节约交易成本,劳资双方喜欢签订长期劳动合同关系,原材料供求中喜欢签订长期购销合同,由于这种长期劳动合同和原材料供求合同存在,使厂商工资成本和原材料成本相对稳定,而通胀又使产品价格上升,从而使使厂商的实际利润增加,刺激厂商增加投资,扩大生产,全社会产量和就业都增加。 4、试说明图中A 、B 两点的经济涵义。 r%

宏观经济学论文

浅谈宏观经济学关于消费与储蓄的学习体会 宏观经济学研究的问题就是一个国家整体经济的运作情况以及政府如何运用经济政策来影响国家整体经济的运作。而消费与储蓄就是经济活动中十分重要的两个方面。宏观经济学要解决的四大问题就是1)稳定物价2)充分就业3) 平衡国际收支4)持续经济增长。要解决这些问题,一个重要手段就就是政府通过调节消费与储蓄政策来实现对国民经济的宏观调控。所以,对消费与储蓄的研究就是宏观经济学最基本的问题。 我们先从基本概念入手。消费函数(Consumption Function)就是指消费与决定消费的各种因素之间的数量关系。它的公式为 C = a + β(Yd) 其中a为自发性消费,;β为MPC 即为边际消费倾向,在增加的一单位收入中用于增加的消费部分的比率,MPC = ΔC/ΔYd = β,因为β为比例系数,它存在一个范围0 <β< 1;Yd为可支配收入。 其中还涉及一个重要概念:APC即平均消费倾向(Average Propensity to Consume),它的计算方法为 APC=C/Yd, 在一定程度上反映了居民消费能力,它就是一个比例系数,所以以1为界限可以这样分类:APC = 1 时属于温饱型消费类型,APC > 1 时属于贫困型消费类型,而APC < 1属于小康型消费类型,同时,有这样的规律,随着居民可支配收入的提高,平均消费倾向APC就是降低的,这也十分符合我们的日常生活经验。

这就是一个简单的消费函数曲 线: 图像与变量具有对应关系,a为自发性消费,对应图像上的纵截距。而β即为边际消费倾向,它代表图中图线的斜率。如下图所示,改变消费函数的a即自发性消费,会使图线上下平行移动,而改变β即边际消费倾向,会使图线的倾斜角度改变。 带入Yd= Y-TA+TR,TA=T0+tY (TA为总税,T0为定额税,t为边际税率)后消费函数变成这样的形式: C = a +βTR –βT0+β(1-t)Y

宏观经济学分析、案例题2007.11

已经给出答题要点,要分析清楚 关于国民收入的衡量: 假设一个妇女嫁给了她的男仆。在他们结婚后,她的丈夫继续像以前一样照顾她,而且她也继续像以前一样养活他(但是作为丈夫而不是雇员)。结婚如何影响GDP? GDP将下降 GDP并不是一个完善的指标,它没有包括所有的商品和服务 结婚之前、结婚以后对GDP计量的不同 将下列交易归入美国四个支出部分之一:消费、投资、政府购买以及净出口。 (1)波音公司向本国空军出售一架飞机。 (2)波音公司向法国空军出售一架飞机。 (3)波音公司向本国航空公司出售一架飞机。 (4)波音公司向法国航空公司出售一架飞机。 (5)波音公司向阿米拉·艾尔哈特(美国最早的飞行员)出售一架飞机。 (6)波音公司制造了一架下一年出售的飞机。 (1)政府购买;(2)净出口;(3)投资;(4)净出口;(5)消费;(6)投资。 在参议员罗伯特·肯尼迪1968年竞选总统时的一篇演讲中,他对GDP讲了以下一段话: (GDP)并没有考虑到我们孩子的健康、他们的教育质量或者他们游戏的快乐。它没有包括我们的诗歌之美或者婚姻的稳定,没有包括我们关于公共问题争论的智慧或者我们公务员的廉洁。它既没有衡量出我们的勇气,我们的智慧,也没有衡量出我们对祖国的热爱。简言之,它衡量一切,但并不包括使我们的生活有意义的东西,它可以告诉我们有关美国人的一切,但没有告诉我们,为什么我们以作为美国人而骄傲。 肯尼迪的话对吗?如果对的话,我们为什么要关注GDP? 对于经济发达国家而言,他的话在一定程度上是对的:GDP并不是一个完美的统计指标,它忽略了很多对社会福利水平相关的因素,比如环境污染、居民健康、家计劳务等等方面。而这些方面的因素对人们的生活质量的影响日益增大,尤其是在发达国家。他们的GDP已经足够大,更有理由来考虑如何改善其他指标的问题。 对于像中国这样的发展中国家而言,我们目前的主要任务是发展生产力,即提高GDP。只有这样,我们才有足够的社会财富来进一步考虑社会福利水平问题。 经济增长: 1983年美国的《总统经济报告》有下面这样一段话:“把较大比例的国民产出用于投资将有助于迅速恢复生产率增长,并提高生活水平。”你同意这种主张吗?请解释。 不同意。根据索洛模型可以知道,这样的结论不一定成立。 把较大比例的国民产出用于投资,会在短期内提高人均资本,从而提高人均产出增长率,即生产率的增长。当经济达到稳定状态之后,人均产出的增长率与投资率有无关系。 生活水平是指人均消费水平,投资率高并不一定意味着人均消费就高,要看人均资本处在什么样的水平。当人均资本高于黄金规则水平时,在人均资本低于黄金水平时,人均消费水平如何。 所以,上述结论是不一定成立的。 经济的初始稳态资本存量高于黄金率水平,政策制定者要达到黄金率水平该如何调整?这种调整会对投资、消费、稳态产出产生什么影响?

宏观经济学第六版课后习题标准答案(高鸿业版)

第十二章国民收入核算 1.宏观经济学和微观经济学有什么联系和区别?为什么有些经济活动从微观看是合理的,有效的,而从宏观看却是不合理的,无效的? 解答:两者之间的区别在于: (1)研究的对象不同。微观经济学研究组成整体经济的单个经济主体的最优化行为,而宏观经济学研究一国整体经济的运行规律和宏观经济政策。 (2)解决的问题不同。微观经济学要解决资源配置问题,而宏观经济学要解决资源利用问题。 (3)中心理论不同。微观经济学的中心理论是价格理论,所有的分析都是围绕价格机制的运行展开的,而宏观经济学的中心理论是国民收入(产出)理论,所有的分析都是围绕国民收入(产出)的决定展开的。 (4)研究方法不同。微观经济学采用的是个量分析方法,而宏观经济学采用的是总量分析方法。 两者之间的联系主要表现在: (1)相互补充。经济学研究的目的是实现社会经济福利的最大化。为此,既要实现资源的最优配置,又要实现资源的充分利用。微观经济学是在假设资源得到充分利用的前提下研究资源如何实现最优配置的问题,而宏观经济学是在假设资源已经实现最优配置的前提下研究如何充分利用这些资源。它们共同构成经济学的基本框架。 (2)微观经济学和宏观经济学都以实证分析作为主要的分析和研究方法。 (3)微观经济学是宏观经济学的基础。当代宏观经济学越来越重视微观基础的研究,即将宏观经济分析建立在微观经济主体行为分析的基础上。 由于微观经济学和宏观经济学分析问题的角度不同,分析方法也不同,因此有些经济活动从微观看是合理的、有效的,而从宏观看是不合理的、无效的。例如,在经济生活中,某个厂商降低工资,从该企业的角度看,成本低了,市场竞争力强了,但是如果所有厂商都降低工资,则上面降低工资的那个厂商的竞争力就不会增强,而且职工整体工资收入降低以后,整个社会的消费以及有效需求也会降低。同样,一个人或者一个家庭实行节约,可以增加家庭财富,但是如果大家都节约,社会需求就会降低,生产和就业就会受到影响。 2.举例说明最终产品和中间产品的区别不是根据产品的物质属性而是根据产品是否进入最终使用者手中。 解答:在国民收入核算中,一件产品究竟是中间产品还是最终产品,不能根据产品的物质属性来加以区别,而只能根据产品是否进入最终使用者手中这一点来加以区别。例如,我们不能根据产品的物质属性来判断面粉和面包究竟是最终产品还是中间产品。看起来,面粉一定是中间产品,面包一定是最终产品。其实不然。如果面粉为面包厂所购买,则面粉是中间产品,如果面粉为家庭主妇所购买,则是最终产品。同样,如果面包由面包商店卖给消费者,则此面包是最终产品,但如果面包由生产厂出售给面包商店,则它还属于中间产品。 3.举例说明经济中流量和存量的联系和区别,财富和收入是流量还是存量? 解答:存量指某一时点上存在的某种经济变量的数值,其大小没有时间维度,而流量是指一定时期内发生的某种经济变量的数值,其大小有时间维度;但是二者也有联系,流量来自存量,又归于存量,存量由流量累积而成。拿财富与收入来说,财富是存量,收入是流量。 4.为什么人们从公司债券中得到的利息应计入GDP,而从政府公债中得到的利息不计入GDP? 解答:购买公司债券实际上是借钱给公司用,公司将从人们手中借到的钱用作生产经营,比方说购买机器设备,这样这笔钱就提供了生产性服务,可被认为创造了价值,因而公司债券的利息可看作是资本这一要素提供生产性服务的报酬或收入,因此要计入GDP。可是政府的公债利息被看作是转移支付,因为政府借的债不一定用于生产经营,而往往是用于弥补财政赤字。政府公债利息常常被看作是用从纳税人身上取得的收入来加以支付的,因而习惯上被看作是转移支付。

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