武汉大学2008-2009学年第二学期期末考试
经济与管理学院 2008级 2009年6月30日
《宏观经济学》试题（A卷）retire
Principles of Macroeconomics (Paper A)
Instruction
You have two hours to complete this test. Full marks are 100 points. Write your answers on the answer sheet. While you are allowed to answer either in English or Chine, it would be more graded at a reasonable degree if you choo to do it in English. Read the questions carefully before answering them. Be preci and keep to the point.
Good luck!
Problem 1 (10 points)
True or Fal? Explain your answer completely but briefly.
a. (5 points) Consumption, investment, government purchas and net export are Not sources of Long-term economic growth.
熬更守夜b. (2.5 points) It is one ca of moral hazard that a patient is more likely to apply for health insurance than healthy men.
c. (2.5pionts) According to the theory of efficiency wages, firms who pay wages at the equilibrium level will operate more efficiently.
Problem 2 (10 points)
Suppo there is a small farming economy that produces corn. In such an economy, 80 bushels (蒲式耳) are consumed, 10 go for government purchas to feed the army, 6 go into domestic investment as increas in inventories, and 11 bushels are exported. In addition, the economy imports 7 bushels of corn and taxes farmers by 12 bushels.
a. What is the GDP of the economy?
cramer
b. Calculate private saving, public saving and net capital outflow. Then explain the relationship between saving and investment.
c. crazy是什么意思Assuming in the economy, women have worked more hours in producing corn. How would this affect GDP? Explain the paradox, “When a person marries his or her gardener (园丁), GDP goes down.” Do you think GDP is a good measure of national accounts?
Problem 3 (10 points)
英语四级身份证查询Below are some data about Pizza and Latte (拿铁，一种咖啡).
| Pizza | Latte |
year | Price | Quantity | Price | 2010浙江高考英语Quantity |
2006 | 强项令翻译10.00 | 400 | 2.00 | 1000 |
2007 | 11.00 | 500 | 2.50 | 1100 |
2008 | 12.00 | 无锡专升本600 | 3.00 | 1200 |
| | | | |
agitator
a. Compute the GDP deflator for each year, using 2006 as the ba year.
b. Suppo that the ba year for the CPI is 2006. If the CPI basket consists of 400 pieces of pizza and 1000 cups of latte during the three years, compute the CPI for each year. What is the CPI inflation rate from 2007 to 2008?
c. According to your computation, what is the difference between GDP deflator and CPI?
Problem 4 (15 points)
The Federal Rerve conducts a $20 million open-market purcha of government bonds. The required rerve ratio is 10 percent.
a. What is the money multiplier? How can this purcha affect money supply? What is the largest possible effect? What is the smallest possible effect? Explain why.
b. Show the effects of this purcha in a diagram of money supply and money demand.
c. Can you find roles of commercial banks and individual depositors in the creation of money in terms of multiplier formula?
d. What happen to value of money and price level? And what is the impact of this money expansion on real variables such as output and employment?
Problem 5 (10 points)
Suppo Japane decided they no longer wanted to buy U.S. asts as before. Using a three-panel diagram ud in textbook for open economy, show the following effects of the change.
惊喜英文怎么写a. What would happen in U.S. market for loanable funds? In particular, what would happen to U.S. Interest rates, U.S. saving, and U.S. investment?
b. What would happen in the market for foreign-currency exchange? In particular, what would happen to the value of the dollar and the U.S. trade balance?
Problem 6 (15 points)
Suppo that the economy is in a long-run equilibrium.
a. U a diagram to illustrate the state of the economy. Be sure to show aggregate demand, short-run aggregate supply, and long-run aggregate supply and explain why the curves look like this.
b. Now suppo that a stock market crash caus aggregate demand to fall. U your diagram to show what will happen to output and the price level in the short-run. What happen to the unemployment rate? And in the long run?
c. Now suppo that a war in Middle East drives up the cost of producing oil products. What are the likely macroeconomic effects of such a change? Explain with the help of appropriate graphs.
Problem 7 (15 points)
a. Suppo the government increas its purcha expenditure by $20 billion, which finally rais the total demand for goods and rvices by $100 billion. If we ignore the possibility of crowding out, what would the marginal propensity to consume to be? If we al
low for crowding out, would the marginal propensity to consume in this ca be larger or smaller than their initial one?
