宏观经济习题.docx

宏观经济习题.docx

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宏观经济习题

判断GDP

IdentifytheimmediateeffectofeachofthefollowingcircumstancesonU.S.GDPanditscomponents.

a.JamesreceivesaSocialSecuritycheck.

b.JohnbuysanItaliansportscar.

c.Henrybuysdomesticallyproducedtoolsforhisconstructioncompany.

ANSWER:

a.Sincethisisatransferpayment（转移支付）,thereisnochangetoGDPortoanyofitscomponents.

b.ConsumptionandimportswillriseandcanceleachotheroutsothatthereisnochangeinU.S.GDP.

c.ThisincreasestheinvestmentcomponentofGDPandsoincreasesGDP

（计算CPI）

1.Inasimpleeconomy,peopleconsumeonly2goods,foodandclothing.ThemarketbasketofgoodsusedtocomputetheCPIhas50unitsoffoodand10unitsofclothing.

foodclothing

2002price$4$10

2003price$6$20

a.Whatarethepercentageincreasesinthepriceoffoodandinthepriceofclothing?

b.WhatisthepercentageincreaseintheCPI?

c.Dothesepricechangesaffectallconsumerstothesameextent?

Explain.

ANSWER:

a.Thepriceoffoodincreasedby50percent.Thepriceofclothingincreasedby100percent.

b.In2002themarketbasketcost$300in2003itcost$500.ThepercentageincreaseintheCPIis200/300=66.7percent

c.Sincethepriceofclothingincreasedrelativelymorethandidthepriceoffood,peoplewhopurchasealotofclothingandlittlefoodbecameworseoffrelativetopeoplewhopurchasealotoffoodandlittleclothing.

（CPI&GDPdeflator）WhydoestheGDPdeflatorgiveadifferentrateofinflationthandoestheCPI?

ANSWER:

TheGDPdeflatorandtheCPIdifferintwoimportantways.TheGDPdeflatorusesasabasketofgoodsallfinalgoodsandservicesproducedinthedomesticeconomy,whiletheCPIbasketincludesgoodsandservicespurchasedbytypicalconsumers.Therefore,changesinthepriceofimportedgoodsaffecttheCPI,butnottheGDPdeflator.Also,changesinthepriceofdomesticallyproducedcapitalgoodsaffecttheGDPdeflator,butnottheCPI.ChangesinthepriceofdomesticallyproducedconsumergoodsarelikelytoaffecttheCPImorethantheGDPdeflatorbecauseitislikelythatthosegoodsmakeupalargerpartofconsumerbudgetsthanofGDP.

Computehowmucheachofthefollowingisworthintermsoftoday’sdollarsusing177asthepriceindexfortoday.

a.In1926theCPIwas17.7andthepriceofamovieticketwas$0.25

b.In1932theCPIwas13.1andacookearned$15.00aweek

c.In1943theCPIwas17.4andagallonofgascost$0.19

ANSWER:

a.Themovieticketisworth$.25x177/17.7=$2.50intoday’sdollars

b.thecooksweeklywageisworth$15.00x177/13.1=$202.67intoday’sdollars

c.thegallonofgasisworth$.19x177/17.4=$1.93intoday’sdollars

Usethedatabelowtofindoutthegrowthofincomeperperson（overtheentireperiod,notanannualbasis）betweenthetwoyearslisted.

YearRealGDP（1996prices）population

1982$4,915,600million233million

2000$9,243,800million283.5million

ANSWER:

Incomeperpersonin1982was$4,915,600/233=about$21,097.Incomeperpersonin1999was$9,243,800/283.5=about$32,606.Incomeperpersongrewby（32,606–21,097）/21,097=about54.5percent.

（生产函数）

Whatisaproductionfunction?

Writeanequationforatypicalproductionfunction,andexplainwhateachofthetermsrepresents.

ANSWER:

aproductionfunctionisamathematicalrepresentationoftherelationshipbetweenthequantityofinputsusedinproductionandthequantityofoutputfromproduction.AtypicalproductionfunctioncouldbewrittenasY=AF（L,K,H,N）,whereYdenotesthequantityofoutput,Lthequantityoflabor,Kthequantityofphysicalcapital,Hthequantityofhumancapital,Nthequantityofnaturalresources,andAisavariablethatreflectstheavailableproductiontechnology.

（股票和债券区别）

Whatarethebasicdifferencesbetweenbondsandstocks?

ANSWER:

Abondisacertificateofindebtednessthatspecifiestheobligationsoftheborrowertotheholderofthebond,whilestockrepresentsownershipinafirmandis,therefore,aclaimontheprofitsthatthefirmmakes.Thesaleofbondstoraisemoneyiscalleddebtfinance,whilethesaleofstockiscalledequityfinance.Whereastheownerofsharesofstockinacompanysharesintheprofitsofacompany,theownerofbondsreceivesafixedinterestrate.Comparedtobonds,stocksoffertheholderbothhigherriskandhigherreturn.

（区分不同债券的方法）

Whichofthetwobondsineachexamplewouldyouexpecttopaythehigherinterestrate?

Explainwhy.

a.aU.S.governmentbondoraBraziliangovernmentbond

b.aU.S.governmentbondoramunicipalbondofthesameriskandterm

c.a6-monthTreasurybillora20-yearbond

d.aGeneralMotorsbondorabondissuedbyanewrecordcompany

ANSWER:

a.TheBraziliangovernmentbondwouldlikelypayahigherinterestratebecausethemarketperceivesahigherlevelofriskfortheBrazilianbondrelativetotheU.S.bond.

b.Becauseofthetaxadvantagesofmunicipalbonds,theU.S.governmentbondwouldlikelypaythehigherinterestrate.

c.The20-yearbondwouldlikelypayahigherinterestratethanwouldthe6-monthbill,becausethefutureisuncertain,thereforemoreriskyfora20-yearbondthanfora6-monthbill.

d.SinceGeneralMotorsislesslikelytodefaultthanistheissuerofajunkbond,thejunkbondwilllikelypayahigherinterestrate.

（S=I公式推导）

Inthenationalincomeaccountingidentityshowingtheequalitybetweennationalsavingandinvestment,whatistherepresentationofprivatesavingandwhatistherepresentationofpublicsaving?

ANSWER:

StartingwithY=C+I+G,subtractCandGfrombothsides,obtainingY–C–G=I.Theleft-handsiderepresentsnationalsaving,thetotalincomeoftheeconomythatremainsafterpayingforconsumptionandgovernmentpurchases.Hence,substitutingSforY–C–G,weobtainS=I.Toseparateprivateandpublicsaving,addandsubtractTinS=Y–C–G,obtainingS=（Y–T–C）+（T–G）.Here,（Y–T–C）representsprivatesaving,thepartofdisposableincome（Y–T）leftaftersubtractingconsumption,and（T–G）,thegovernmentbudgetsurplusrepresentspublicsaving.

（可贷资金市场）

Explainwhythedemandforloanablefundsslopesdownwardandthesupplyofloanablefundsslopesupward.

ANSWER:

Whentheinterestraterisesinvestmentspendingbecomesmoreexpensive,sopeopleinvestless.Astheinterestraterisessavingbecomesmorerewarding,sopeoplewanttosavemore.Theinverserelationbetweeninterestandborrowingisreflectedinthedownwardslopeofthedemandforloanablefundscurve.Thepositiverelationbetweeninterestandsavingisreflectedintheupwardslopeofthesupplyofloanablefundscurve.

P.S

（可贷资金市场具体事例分析）

Australiahasrecentlyimplementedanationalsalestax.Iftheyusetheproceedsfromthistaxtoreduceincometaxrates,whathappensintheloanablefundsmarket?

ANSWER:

Thesupplyofloanablefundsshiftsright.Thiscausestheinterestratetofall.Bothinvestmentandsavingrise.

（现值和未来值的计算）

Demonstratethatwhetheryouwouldprefertohave$225todayorwaitfiveyearsfor$300dependsontheinterestrate.Showyourwork.

ANSWER:

Forexampleat3percentthepresentvalueof$300infiveyearsis$300/（1.03）5=$258.78butat7percentthepresentvalueof$300infiveyearsis$300/（1.07）5=$213.90.

（70法则）

Writetheruleof70.Supposethatyourgreat-great-grandmotherbought$50instock100yearsagoandtheaccountisnowworth$1,600.Usetheruleof70todetermineaboutwhatinterestratesheearned.

ANSWER:

Theruleof70saysthatifXisthegrowthrateofavariable,thatthevariabledoublesevery70/Xyears.Thisimpliesthevalueofthestockdoubledfivetimes.Sinceitdoubled5timesin100years,itdoubledevery20years.Accordingtotheruleof70,thevalueofanassetdoublesevery70/Xyears.So,weneed70/X=20,whichmeansthatXis3.5percent.

（特有风险和市场风险的区别以及多元化对其的影响）

What’sthedifferencebetweenaggregateriskandidiosyncraticrisk?

Willdiversificationeliminateoneorboth?

Explain.

ANSWER:

Aggregateriskreferstoeconomywideriskcreatedbyvariationsinoutput.Firmsingeneralhavelowersalesandprofitswhenoutputfalls.Becauseallfirmsarelikelytosufferthroughthedownturn,aggregateriskcannotbeeliminatedbydiversification.Idiosyncraticriskisriskthatisspecifictofirmsorindustries.Sincesomechangeswillbegoodforoneindustryandbadforanother,diversificationcanreduceidiosyncraticrisk.

（计算失业率，劳动力参工率）

Thetablebelowusesdatafortheyear2000providebytheBLSandadjustedtobecomparabletoU.S.data.Allvaluesareinmillions.Fillintheblankentriesinthetable.Showyourwork!

Country

Adult

Population

LaborForce

Employed

Unemployed

UnemploymentRate

Labor-ForceParticipationRate

Japan

108.12

63.79

3.20

France

25.98

2.45

56.4percent

Germany

69.17

39.75

8.08percent

ANSWER:

DemographicGroup

Population

LaborForce

Employed

Unemployed

UnemploymentRate

Labor-ForceParticipationRate

Japan

108.12

66.99

63.79

3.20

4.78percent

61.96percent

France

46.06

25.98

23.53

2.45

9.43percent

56.4percent

Germany

69.17

39.75

36.54

3.21

8.08percent

57.47percent

（摩擦性失业）

Whymightafavorablechangetotheeconomysuchastechnologicalchangeoradecreaseinthepriceofimportedoilbeassociatedwithanincreaseinfrictionalunemployment?

ANSWER:

Evengenerallyfavorablechangeswillusuallyinvolvesomesortofsectoralshockthatchangesthedemandoflaboramongdifferentfirms.ForexampleadecreaseinthepriceofimportedoilwouldlikelyreducethedemandforU.S.oilworkersandincreasethedemandforautomobileworkers.Technolo