武汉大学2019-2020学年第二学期期末考试
经济与管理学院 2019级 2020年7月4日
宏观经济学
P平板有什么用rinciples of Macroeconomics
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 Chine, but we advi you of that English writing would be higher graded. Read the questions carefully before answering them. Be preci and to the point.
1.（10 points）True or Fal? Explain your answer completely but briefly.
（1）The government expendituresally英文名>路由器连接s on the Social Security benefit to the elderly and the salary of government 8月英文employees should be included in the “government purcha” component of the GDP.
黑参的功效与作用（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有文化 policy.
（3）An economy contains 2000 $1 bills. If people hold equal amounts of currency and demand deposits and banks maintain a rerve ratio of 10 percent, the quantity of money is $11000.
（4）People worry always about the inflation in the long run becau it lowers the purcha power of money, so that a fall in purcha 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 bad on the law of one price. The law tells us that a good must ll for the same price in all locations eventually.
2.（10 points）In an open economy, suppo 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 purcha, national saving, investment and net export. (Hint: there is no transfer payment; the balance of payment is always zero)
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)毛蟹年糕Between April and May in 2009, total U.S. employment declined by 437,000 workers, but the numbers of unemployed workers incread 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?
高龄津贴政策出台4.(10 points) Suppo 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)Suppo that velocity is constant and the economy’s total output of goods and rvices ris 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?
