米什金 货币金融学 英文版习题答案chapter 21英文习题.docx
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米什金货币金融学英文版习题答案chapter21英文习题
EconomicsofMoney,Banking,andFinancialMarkets,11e,GlobalEdition（Mishkin）
Chapter21TheISCurve
21.1PlannedExpenditureandAggregateDemand
1）Hisanalysisstartedwiththerecognitionthatthetotalquantitydemandedofaneconomy'soutputwasthesumoffourtypesofspending:
consumerexpenditure,plannedinvestmentspending,governmentspending,andnetexports.
A）JohnMaynardKeynes
B）SirJohnHicks
C）MiltonFriedman
D）PaulA.Samuelson
Answer:
A
AACSB:
ReflectiveThinking
2）Keynes'smotivationindevelopingtheaggregateoutputdeterminationmodelstemmedfromhisconcernwithexplaining
A）thehyperinflationsofthe1920s.
B）whytheGreatDepressionoccurred.
C）thehighunemploymentinGreatBritainbeforeWorldWarI.
D）thehighunemploymentinGreatBritainafterWorldWarII.
Answer:
B
AACSB:
ReflectiveThinking
3）Keyneswasespeciallyinterestedinexplainingmovementsof________becausehewantedtoexplainwhytheGreatDepressionhadoccurredandhowgovernmentpolicycouldbeusedtoincrease________inasimilareconomicsituation.
A）aggregateoutput;wages
B）aggregateoutput;employment
C）wagerates;wages
D）wagerates;employment
Answer:
B
AACSB:
ReflectiveThinking
4）Keyneswasespeciallyconcernedwithexplainingthe
A）recessionof1920-21.
B）lowlevelsofoutputandemploymentduringtheGreatDepression.
C）strongeconomicgrowthofthe1920s.
D）highunemploymentinGreatBritainduringthe1920s.
Answer:
B
AACSB:
ReflectiveThinking
5）Keyneswasespeciallyconcernedwithexplainingthe________levelofoutputandemploymentduringthe________.
A）low;1920s
B）low;1930s
C）high;1920s
D）high;1930s
Answer:
B
AACSB:
ReflectiveThinking
6）InthesimpleKeynesianmodel,equilibriumaggregateoutputisdeterminedby
A）aggregatedemand.
B）aggregatesupply.
C）thenationaldemandforlabor.
D）thepricelevel.
Answer:
A
AACSB:
ReflectiveThinking
7）UnderKeynesiananalysis,aggregatedemandcanbewrittenas
A）Yad=C+I+G+NX.
B）Yad=C+I+G-NX.
C）Yad=C-I-G-NX.
D）Yad=C+I-G-NX.
Answer:
A
AACSB:
ReflectiveThinking
21.2TheComponentsofAggregateDemand
1）Keynesreasonedthatconsumerexpenditureismostcloselyrelatedto
A）thelevelofinterestrates.
B）thepricelevel.
C）disposableincome.
D）themarginaltaxrate.
Answer:
C
AACSB:
ReflectiveThinking
2）IntheKeynesianmodelofincomedetermination,consumerexpenditureincludesspendingby
A）consumersonpersonalcomputers.
B）businessesonpersonalcomputers.
C）governmentsonpersonalcomputers.
D）foreignersondomesticpersonalcomputers.
Answer:
A
AACSB:
ReflectiveThinking
3）Themarginalpropensitytoconsume（mpc）canbedefinedasthefractionof
A）achangeinincomethatisspent.
B）achangeinincomethatissaved.
C）incomethatisspent.
D）incomethatissaved.
Answer:
A
AACSB:
ReflectiveThinking
4）IftheconsumptionfunctionisexpressedasC=a+mpc×YD,then"mpc"represents
A）autonomousconsumerexpenditure.
B）themarginalpropensitytoconsume.
C）theexpendituremultiplier.
D）disposableincome.
Answer:
B
AACSB:
ReflectiveThinking
5）IftheconsumptionfunctionisexpressedasC=a+mpc×YD,then"a"represents
A）autonomousconsumerexpenditure.
B）themarginalpropensitytoconsume.
C）theexpendituremultiplier.
D）disposableincome.
Answer:
A
AACSB:
ReflectiveThinking
6）IftheconsumptionfunctionisC=20+0.5YD,thenanincreaseindisposableincomeby$100willresultinanincreaseinconsumerexpenditureby
A）$25.
B）$70.
C）$50.
D）$100.
Answer:
C
AACSB:
AnalyticalThinking
7）IftheconsumptionfunctionisC=20+0.8YD,thenanincreaseindisposableincomeby$100willresultinanincreaseinconsumerexpenditureby
A）$58.
B）$64.
C）$80.
D）$100.
Answer:
C
AACSB:
AnalyticalThinking
8）Assumethatautonomousconsumptionequals$200andthatthempcequals0.8.Ifdisposableincomeequals$1000,thentotalconsumptionequals
A）$80.
B）$200.
C）$800.
D）$1000.
Answer:
D
AACSB:
AnalyticalThinking
9）Assumethatautonomousconsumptionequals$200anddisposableincomeequals$1000.Iftotalconsumptionequal$800,thenthempcequals
A）0.2.
B）0.6.
C）0.8.
D）1.0.
Answer:
B
AACSB:
AnalyticalThinking
10）Assumethatdisposableincomeequals$1000andthempcequals0.6.Iftotalconsumptionequal$800,thenautonomousconsumptionisequalto
A）$0.
B）$200.
C）$800.
D）$1000.
Answer:
B
AACSB:
AnalyticalThinking
11）Everythingelseheldconstant,iftotalconsumptionincreasesfrom$600to$800becauseofanincreaseofdisposableincomeof$400,thenthempcisequalto
A）0.2.
B）0.4.
C）0.5.
D）0.6.
Answer:
C
AACSB:
AnalyticalThinking
12）Everythingelseheldconstant,ifconsumptionexpenditureincreasesby65fora100increaseindisposableincome,thempcis
A）0.
B）0.5.
C）0.65.
D）1.
Answer:
C
AACSB:
AnalyticalThinking
13）Everythingelseheldconstant,ifdisposableincomeincreasesby200andconsumptionexpenditureincreasesby150,thempcis
A）0.
B）0.15.
C）0.5.
D）0.75.
Answer:
D
AACSB:
AnalyticalThinking
14）Everythingelseheldconstant,ifconsumptionexpenditurefallsby160whendisposableincomefallsby200,thempcis
A）0.
B）0.2.
C）0.4.
D）0.8.
Answer:
D
AACSB:
AnalyticalThinking
15）Economistsdefineinvestmentasthepurchaseof
A）anewphysicalassetsuchasanewmachineoranewhouse.
B）anyphysicalasset,whethernewornot,usedbybusinesstoincreaseproduction.
C）anyphysicalassetusedbybusinesstoincreaseproductionandtherepurchaseofcommonstock.
D）businessspendingoncapitalandhouseholdspendingondurablegoods.
Answer:
A
AACSB:
ReflectiveThinking
16）Plannedinvestmentspending,acomponentofaggregatedemand,isequalto
A）fixedinvestmentplusactualinventoryinvestment.
B）fixedinvestmentplusunplannedinventoryinvestment.
C）fixedinvestment.
D）fixedinvestmentplusplannedinventoryinvestment.
Answer:
D
AACSB:
ReflectiveThinking
17）Therearetwotypesofinvestment:
________investment—thespendingbybusinessfirmsonequipmentandstructures,andplannedspendingonresidentialhouses—and________investment—spendingbybusinessfirmsonadditionalholdingsofrawmaterials,parts,andfinishedgoods.
A）planned;gross
B）planned;inventory
C）fixed;gross
D）fixed;inventory
Answer:
D
AACSB:
ReflectiveThinking
18）Afallininventoriesissynonymouswith________investment.
A）negativefixed
B）positivefixed
C）positiveinventory
D）negativeinventory
Answer:
D
AACSB:
ReflectiveThinking
19）Adifferencebetweeninventoryinvestmentandfixedinvestmentisthat
A）fixedinvestmentisneverunplanned.
B）fixedinvestmentisneverplanned.
C）inventoryinvestmentisneverunplanned.
D）unplannedinventoryinvestmentisalwayszero.
Answer:
A
AACSB:
ReflectiveThinking
20）Keynesmentionedtwofactorsthatinfluencedplannedinvestmentspending
A）interestratesanddisposableincome.
B）interestratesandbusinessexpectationsaboutthefuture.
C）disposableincomeandbusinessexpectationsaboutthefuture.
D）interestratesandbusinessexpectationsaboutinflation.
Answer:
B
AACSB:
ReflectiveThinking
21）Factorsthatinfluencedplannedinvestmentspendinginclude
A）realinterestrates.
B）financialfrictions.
C）emotionalwavesofoptimismandpessimism.
D）alloftheabove.
E）AandC.
Answer:
D
AACSB:
ReflectiveThinking
22）Plannedinvestmentspendingishigher
A）whenrealinterestrateishigher.
B）duringfinancialfrictions.
C）whenbusinessesareoptimistic.
D）alloftheabove.
E）AandC.
Answer:
C
AACSB:
ReflectiveThinking
23）Aggregatedemandinaneconomywithnogovernmentorforeigntradeis
A）consumerexpenditureplusactualinvestment.
B）consumerexpenditureplusplannedinvestment.
C）consumerexpenditureplusinventoryinvestment.
D）consumerexpenditureplusfixedinvestment.
Answer:
B
AACSB:
ReflectiveThinking
21.3GoodsMarketEquilibrium
1）Ifunplannedinvestmentispositive,firmswill________productionandoutputwill________.
A）cut;rise
B）cut;fall
C）increase;rise
D）increase;fall
Answer:
B
AACSB:
AnalyticalThinking
2）Ifunplannedinvestmentisnegative,firmswill________productionandoutputwill________.
A）cut;rise
B）cut;fall
C）increase;rise
D）increase;fall
Answer:
C
AACSB:
AnalyticalThinking
3）IntheKeynesianframework,aslongasoutputisbelowtheequilibriumlevel,unplannedinventoryinvestmentwillremain________andfirmswillcontinueto________production.
A）negative;lower
B）negative;raise
C）positive;lower
D）positive;raise
Answer:
B
AACSB:
AnalyticalThinking
4）IntheKeynesianframework,aslongasoutputis________theequilibriumlevel,unplannedinventoryinvestmentwillremain________andfirmswillcontinuetoraiseproduction.
A）below;negative
B）above;negative
C）below;positive
D）above;positive
Answer:
A
AACSB:
AnalyticalThinking
5）IntheKeynesianframework,aslongasoutputis________theequilibriumlevel,unplannedinventoryinvestmentwillremain________andfirmswillcontinuetolowerproduction.
A）below;negative
B）above;negative
C）below;positive
D）above;positive
Answer:
D
AACSB:
AnalyticalThinking
6）IntheKeynesianframework,aslongasoutputis________theequilibriumlevel,unplannedinventoryinvestmentwillremainpositiveandfirmswillcontinueto________production.
A）below;lower
B）above;lower
C）below;raise
D）above;raise
Answer:
B
AACSB:
AnalyticalThinking
7）IntheKeynesianframework,aslongasoutputisabovetheequilibriumlevel,unplannedinventoryinvestmentwillremain________andfirmswil
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