宏观经济学课件 OBlanchard Macroeconomics 6th chapter 17.docx

宏观经济学课件 OBlanchard Macroeconomics 6th chapter 17.docx

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宏观经济学课件OBlanchardMacroeconomics6thchapter17

Macroeconomics,6e（Blanchard/Johnson）

Chapter17:

Expectations,Output,andPolicy

17.1MultipleChoiceQuestions

1）Changesinfutureexpectedinterestratescanaffectcurrentconsumption.Supposeindividualsexpectfutureinterestratestodecrease.Consumptionwillchangeasaresultofthislowerexpectedfutureinterestratebecauseofitseffectsonwhichofthefollowing?

A）humanwealth

B）thevalueofstocks

C）thevalueofbonds

D）alloftheabove

E）noneoftheabove

Answer:

D

Diff:

2

2）WhichofthefollowingwillNOTcauseaggregateprivatespendingtoincrease?

A）anincreaseinexpectedfuturerealinterestrates

B）anincreaseingovernmentspending

C）areductioninfuturetaxes

D）alloftheabove

E）noneoftheabove

Answer:

A

Diff:

1

3）Whichofthefollowingwillcauseaggregateprivatespendingtodecrease?

A）areductioningovernmentspending

B）anincreaseinexpectedfutureinterestrates

C）anincreaseinexpectedfuturetaxes

D）alloftheabove

E）noneoftheabove

Answer:

D

Diff:

1

4）WhichofthefollowingwillcausetheLMcurvetoshiftup?

A）anincreaseintheexpectedfutureinterestrate

B）anincreaseincurrentincome

C）anincreaseinexpectedfuturetaxes

D）alloftheabove

E）noneoftheabove

Answer:

E

Diff:

1

5）Achangeinwhichofthefollowingwillhaveadirecteffectontheamountofmoneyindividualswishtoholdinthecurrentperiod?

A）thecurrentnominalinterestrate

B）thecurrentrealinterestrate

C）theexpectedfuturenominalinterestrate

D）theexpectedfuturerealinterestrate

E）alloftheabove

Answer:

A

Diff:

2

6）Areductioninwhichofthefollowingvariableswillcauseanincreaseintheamountofmoneyindividualswishtoholdinthecurrentperiod?

A）currentincome

B）thecurrentnominalinterestrate

C）thecurrentrealinterestrate

D）expectedfutureincome

E）alloftheabove

Answer:

B

Diff:

2

7）Supposeindividualsexpectthatinterestrateswillincreaseinthefuture.AlsoassumethattheFedwantstopreventanychangeincurrentoutput.GiventhisgoaloftheFed,theFedshouldimplementapolicyinthecurrentperiodthat

A）shiftstheIScurverightward.

B）shiftstheIScurveleftward.

C）shiftstheIScurveleftwardandtheLMcurveupward.

D）shiftstheLMcurveupward.

E）shiftstheLMcurvedownward.

Answer:

E

Diff:

2

8）AchangeinwhichofthefollowingvariableswillcauseashiftoftheIScurveinthecurrentperiod?

A）thecurrentinterestrate

B）currentoutput

C）currenttaxes

D）alloftheabove

E）noneoftheabove

Answer:

D

Diff:

1

9）TheIScurvebecomessteeperwhen

A）governmentspendingisrelativelysmall.

B）theincometaxrateinthecurrentperiodisrelativelysmall.

C）currentchangesintherealinterestratecauselargechangesincurrentrealoutput.

D）changesinthecurrentrealinterestratecausesmallchangesincurrentdemand.

E）noneoftheabove

Answer:

D

Diff:

2

10）TheIScurveshiftstotheleftwherethereis

A）areductionincurrenttaxes.

B）anincreaseinexpectedfuturetaxes.

C）anincreaseinexpectedfutureoutput.

D）alloftheabove

E）noneoftheabove

Answer:

B

Diff:

1

11）Supposeindividualsnowbelievethattherewillbeafuturetaxcut.Thisreductioninexpectedfuturetaxeswillcausewhichofthefollowingtooccurinthecurrentperiod?

A）theLMcurvetoshiftdown

B）theLMcurvetoshiftup

C）theIScurvetoshiftrightward

D）theIScurvetoshiftleftward

E）noneoftheabove

Answer:

C

Diff:

1

12）Supposeindividualsnowbelievethattherewillbeanincreaseinthefutureexpectedinterestrate.Thisincreaseintheexpectedfutureinterestratewillcausewhichofthefollowingtooccurinthecurrentperiod?

A）anupwardshiftoftheLMcurve

B）aleftwardshiftoftheIScurve

C）theIScurvetobecomeflatter

D）theLMcurvetobecomesteeper

E）noneoftheabove

Answer:

B

Diff:

1

13）AssumethatthecurrentdemandforgoodsDOESdependonexpectationsintheIS-LMmodel.AmonetaryexpansioninthecurrentperiodwillcausearightwardshiftintheIScurveif

A）currentandexpectedfuturerealinterestratesarepositivelyrelated.

B）currentandexpectedfuturerealinterestratesarenegativelyrelated.

C）currentandexpectedfuturerealinterestratesareunrelated.

D）thecentralbankisexpectedtoreverseanycurrentmovementsinmonetarypolicyinthefuture.

E）monetarypolicycannotaffect,directlyorindirectly,thepositionoftheIScurveinthecurrentperiod.

Answer:

A

Diff:

2

14）Rationalexpectationsassumesthatindividuals

A）canaccuratelypredictthefuture.

B）makepredictionsbasedonthepastbehavioroftheeconomy.

C）formtheirpredictionsofmacroeconomicvariablesrandomly.

D）haveperfectforesight.

E）noneoftheabove

Answer:

E

Diff:

1

15）Adaptiveexpectationsassumesthatindividuals

A）canaccuratelypredictthefuture.

B）basepredictionsonrandomevents（i.e.,animalspirits）.

C）formtheirpredictionsofmacroeconomicvariablesrandomly.

D）useallavailableinformationinpredictingthefuture.

E）noneoftheabove

Answer:

E

Diff:

1

16）"Animalspirits"refersto

A）thestubbornrefusalofmanyeconomicdecision-makerstouserationalexpectations.

B）movementsininvestmentthatcannotbeexplainedbychangesincurrentvariables.

C）theoften-observedFedrefusaltocooperatewiththegovernmentinsettingitsmonetarypolicy.

D）theimpactoftax-evasiononthebudgetdeficit.

E）anexoticalcoholicdrinkfavoredbyWallStreettraders.

Answer:

B

Diff:

1

17）Whichofthefollowingwouldbeaviolationoftherationalexpectationsassumption?

A）"Overthepasttwentyyears,peoplehaveconsistentlyunder-predictedtheinflationrateforthefollowingyear."

B）"Overthepasttwentyyears,peoplehaveneveronceaccuratelypredictedtheinflationrateforthefollowingyear."

C）"TheFed'sannouncementthatitmighteaseinterestratescausedanimmediatedropinshort-termrates,evenbeforetheFedtookanyaction."

D）alloftheabove

E）noneoftheabove

Answer:

A

Diff:

1

18）SupposetheFedincreasesthemoneysupplyinthecurrentperiodwithnootherpolicychangeimplementedoranticipated.ThispolicyactionwillcausewhichofthefollowingshiftsintheISand/orLMcurvesinthecurrentperiod?

A）ISleft;LMup

B）ISright;LMup

C）noshiftinIS;LMdown

D）ISleft;LMdown

E）ISright;LMdown

Answer:

C

Diff:

2

19）Assumeindividualsconsideronlytheshort-runeffectsofchangesinfuturemacrovariableswhenformingexpectationsoffutureoutputandfutureinterestrates.Apermanentincreaseinthemoneysupply,withnootherpolicychangeimplementedoranticipated,willmostlikelycause

A）anincreaseinthecurrentinterestrate.

B）anincreaseinfutureoutputandanincreaseinthefutureinterestrate.

C）anunknowneffectonthecurrentinterestrate.

D）alloftheabove

E）noneoftheabove

Answer:

C

Diff:

2

20）Supposethereisafiscalexpansioninthecurrentperiod.Thisfiscalexpansionwilltendtocauseasmallerincreaseincurrentoutputwhen

A）anincreaseincurrentoutputcausesanincreaseinexpectedfutureoutput.

B）anincreaseinthecurrentinterestratecausesexpectationsofexpansionarymonetarypolicyinthefuture.

C）anincreaseinthecurrentinterestratecausesanincreaseinexpectedfutureinterestrates.

D）bothAandB

E）alloftheabove

Answer:

C

Diff:

2

21）Supposethecentralbankreducesthemoneysupply.Thismonetarycontractionwillalwayscauseagreaterreductioninoutputwhenitisaccompaniedby

A）anincreaseinexpectedfuturetaxes.

B）anincreaseinexpectedfutureinterestrates.

C）areductioninexpectedfutureoutput.

D）alloftheabove

E）noneoftheabove

Answer:

D

Diff:

2

22）Supposepolicymakerspassabudgetthatreducesthebudgetdeficit.Adeficitreductionpackagesuchasthishasagreaterchanceofincreasingcurrentoutputwhen

A）thepolicyisfront-loaded.

B）financialmarketsbelievethattaxeswillnotincreaseinthefuture.

C）financialmarketsbelievetheFedwilllowerinterestratesinthefuture.

D）alloftheabove

E）noneoftheabove

Answer:

C

Diff:

2

23）Supposethereisanincreaseinexpectedfutureoutput.Thiswillcausewhichofthefollowingtooccur?

A）theIScurvetoshiftleftinthecurrentperiod

B）theIScurvetoshiftrightinthecurrentperiod

C）theLMcurvetoshiftupinthecurrentperiod

D）theLMcurvetoshiftdowninthecurrentperiod

Answer:

B

Diff:

2

24）Supposethereisasimultaneousreductioninexpectedfutureoutputandreductioninthefutureexpectedinterestrate.Thiswillcausewhichofthefollowingtooccur?

A）theIScurvetoshiftleftinthecurrentperiod

B）theIScurvetoshiftrightinthecurrentperiod

C）theLMcurvetoshiftupinthecurrentperiod

D）theLMcurvetoshiftdowninthecurrentperiod

E）anambiguouseffectonthepositionoftheIScurveinthecurrentperiod

Answer:

E

Diff:

2

25）Supposethereisanincreaseintheexpectedfutureinterestrate.Thiswillcausewhichofthefollowingtooccur?

A）theIScurvetoshiftleftinthecurrentperiod

B）theIScurvetoshiftrightinthecurrentperiod

C）theLMcurvetoshiftupinthecurrentperiod

D）theLMcurvetoshiftdowninthecurrentperiod

Answer:

A

Diff:

2

26）Supposethereisasimultaneousreductionintheexpectedfutureinterestrateandincreaseinfutureexpectedoutput.Thiswillcausewhichofthefollowingtooccur?

A）theIScurvetoshiftleftinthecurrentperiod

B）theIScurvetoshiftrightinthecurrentperiod

C）theLMcurvetoshiftupinthecurrentperiod

D）theLMcurvetoshiftdowninthe