曼昆宏观经济学英语课后题答案之欧阳生创编Word文档格式.docx

曼昆宏观经济学英语课后题答案之欧阳生创编Word文档格式.docx

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Grossdomesticproductincludesmostitemsproducedandsoldillicitly.

F

3. 

Netnationalproductisthetotalincomeofanation’sresidentsminuslossesfromdepreciation.

4. 

Disposablepersonalincomeistheincomethathouseholdsandunincorporatedbusinesshaveleftaftersatisfyingalltheirobligationstothegovernment.Itequalspersonalincomeminuspersonaltaxesandcertainnon-taxpaymentstogovernment.

5. 

ThepurchaseofnewhousesbyhouseholdsisincludedinthecalculationofpersonalconsumptionexpendituresofGDP.

MultipleChoiceIdentifythechoicethatbestcompletesthestatementoranswersthequestion.

WhenGDPfalls,

a.

incomeandexpendituremustbothfall.

b.

incomeandexpenditurecanbothrise.

c.

incomemustfall,butexpendituremayriseorfall.

d.

expendituremustfall,butincomemayriseorfall.

A

Incomeequalsexpenditurebecause

firmsalwayspayoutalltheirrevenueasincometosomeone.

eachtimeasaleismade,thereisabuyerandaseller.

householdsownthefactorsofproductionusedtogenerateincomes.

Alloftheabovearecorrect.

B

Ifaprovincemakestheproductionandsaleofillicitdrugslegal,thenGDP

mustincrease.

mustdecrease.

wouldn'

tchange.

mayincreaseordecrease.

Whenagovernmentprovidessubsidiestoencouragegrowthofsmallbusinesses,thesubsidieswould

beincludedinGDPbecausetheyareinvestedbybusinesses.

beincludedinGDPbecausetheyareaformofgovernmentspending.

notbeincludedinGDPbecausetheyaretransferpayments.

mayormaynotbeincludedinGDP,dependingonhowthefundsareused.

C

Dieselfuelis

alwaysconsideredafinalgood.

countedasanintermediategoodifacompanyusesittoprovidetransportationservices.

countedasafinalgoodifafarmerusesittorunatractortogrowcrops.

Bothbandcarecorrect.

6. 

Grossdomesticproduct

isthemarketvalueofallfinalgoodsandservicesproducedwithinacountryinagivenperiod（usuallyayear）

istheincomeinthehandsofindividualsafterdeductingincometaxes;

incomeavailabletohouseholdstospendandsave

isthevalueofgoodsandservicespurchasedbyalllevelsofgovernment—federal,provincial,andlocal—inagivenperiod

isthemarketvalueofallfinalgoodsandservicesproducedbypermanentresidentsofanationinagiventimeperiod

7. 

Macroeconomicsisthatbranchofeconomicsthatstudies

theconditionsofindividualmarkets

theinfluenceofgovernmentsonindividualmarkets

economy-widephenomena

onlytheprivatesectoroftheeconomy

8. 

SupposethatnominalGDPis$6,000billionandrealGDPis$3,000.WhatistheGDPpricedeflator?

125

150

200

250

9. 

Thepurchaseoffinalgoodsandservicesbyhouseholdsiscalled

investment

publicsectorexpenditure

consumption

netexports

10. 

Investmentisthepurchaseofcapitalequipment,inventories,and

structures

non-durablegoods

depreciation

importinvestment

11. 

Transferpayments

areincludedinGDPbecausetheyareformsofincome

areincludedinGDPbecausegoodsandserviceshavebeenproducedinthetransfer

areNOTincludedintheGDPbecausegoodsandserviceshavenotbeenproducedinthetransfer

areincludedinGDPbecausetheyrepresenttheproductionoftransfersofgoodsandservicestoforeigncountries

12. 

Whichofthefollowingwouldbeconsideredconsumptionexpenditure?

TheSmithsbuyahomebuiltin1990.

ThefederalgovernmentpaysthesalaryofacaptainintheArmedForces.

TheHostlersbuyanewcarthatwasmanufacturedinGermany.

Thegovernmentbuysfoodforitsarmedforces.

13. 

ThemethodthatmeasuresGDPinrelationshiptothesizeofthepopulationiscalled

GNP

workerGDP

GDPperperson

capitalGDP

14. 

ThecomponentsofGDPare

C+I+G

NX+G+C

C+G+NX

C+I+G+NX

D

15. 

SupposenominalGDPis$7700andtheGDPdeflatoris110.RealGDPis

$7700

$7000

$847,000

$8470

ShortAnswer

Whatarethecomponentsofgrossdomesticproduct（GDP）?

RESPONSE:

ThecomponentsofGDPare:

（1）consumptionspendingbyhouseholdsongoodsandservices,withtheexceptionofpurchasesofnewhousing;

（2）Investmentspendingoncapitalequipment,inventories,andstructures,includinghouseholdpurchasesofnewhousing;

（3）governmentpurchasesorspendingongoodsandservicesbythelocal,provincial,andfederallevelsgovernments;

and（4）netexportswhichisspendingondomesticallyproducedgoodsandservicesbyforeigners（exports）minusspendingonforeigngoodsandservicesbydomesticresident（imports）.

--/1

Differentiatebetweengrossdomesticproduct（GDP）andgrossnationalproduct（GNP）.

GDPisthevalueofallfinalgoodsandservicesproducedwithinacountryinagivenyear;

whileGNPisthetotalincomeearnedbyanation’spermanentresidentsornationals（thatis,Canadians）.GNPdiffersfromGDPbyincludingincomethatcitizensofthenation（Canada）earnedaboard,andexcludingincomethatforeignersearnintheparticularcountry（E.g.inCanada）.

DifferentiatebetweenrealGDPandnominalGDP.

NominalGDPisthevalueofallfinalgoodsandservicesproducedwithinacountryinayearandvaluedatcurrentprices;

andrealGDPistheGDPvaluedatconstantbaseyearprices. 

RealGDPisnotaffectedbychangesinthelevelofprices,soitreflectsonlychangesintheamountsbeingproduced.

ExplainwhyGDPisnotconsideredaperfectmeasureofwell-being?

GDPisnotconsideredaperfectmeasureofwell-beingbecausesomeofthefactorsthatcontributetoagoodlifeareomitted. 

Thesewouldinclude:

leisuretime,thequalityoftheenvironment,thedistributionofincome,andtheproductionofgoodsandservicesthatdidnotpasthroughthemarket（forexample,houseworkdonebythehomemaker,andvolunteerwork）

Howdoeconomistsmeasureeconomicgrowth?

EconomistsmeasureeconomicgrowthasthepercentagechangeinrealGDPfromoneperiodtoanother.ThisisbecausechangesinrealGDPreflectonlychangesintheamountsbeingproduced.

CHAPTER24:

MEASURINGTHECOSTOFLIVING

TheGDPdeflatorreflectsthepricesofgoodsandservicesboughtbyconsumers, 

andtheconsumerpriceindexreflectsthepriceofallfinalgoodsandservicesproduceddomestically.

Theconsumerpriceindexcomparesthepriceofafixedbasketofgoodsandservicestothepriceofthebasketinthebaseyear.Ontheotherhand,theGDPdeflatorcomparesthepriceofcurrentlyproducedgoodsandservicestothepriceofthesamegoodsandservicesinthebaseyears.

Indexationreferstotheautomaticcorrectionofadollaramountfortheeffectsofinflationbylaworcontract.

Longtermcontractsbetweenfirmsandunionswillsometimesincludepartialorcompleteindexationofthewagetotheconsumerpriceindex.Thisiscalledacost-of-livingallowanceclause.

Thecoreinflationrateistheconsumerpriceindexwiththeexclusionofthemostvolatilecomponentssuchasenergyandfood.

IntheCPI,goodsandservicesareweightedaccordingto

howmuchatypicalconsumerbuysofeachitem.

whethertheitemsarenecessitiesorluxuries.

howmuchofeachitemisproducedinthedomesticeconomy.

howmuchisspentontheminthenationalincomeaccounts.

Bynottakingintoaccountthepossibilityofconsumersubstitution,theCPI

understatesthestandardofliving.

overstatesthecostofliving.

neitheroverstatesnorunderstatesthecostofliving.

doesn'

taccuratelyreflectthecostofliving,butitisunclearifitoverstatesorunderstatesthecostofliving.

IfthepricesofBrazilian-madeshoesimportedintoCanadaincreases,then

bothCanada’sGDPdeflatorandit’s