曼昆经济学题库chapter24.docx
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曼昆经济学题库chapter24
Chapter24
TheInfluenceofMonetaryandFiscalPolicyonAggregateDemand
MULTIPLECHOICE
1.Fiscalpolicyaffectstheeconomy
a.onlyintheshortrun.
b.onlyinthelongrun.
c.inboththeshortandlongrun.
d.inneithertheshortnorlongrun.
ANSWER:
c.inboththeshortandlongrun.
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21.0
2.Whichofthefollowingisnotareasontheaggregatedemandcurveslopesdownward?
Asthepricelevelincreases
a.realwagesdecline.
b.realwealthdeclines.
c.theinterestrateincreases.
d.theexchangerateincreases.
ANSWER:
a.realwagesdecline.
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3.FortheU.S.economy,whichofthefollowingisthemostimportantreasonforthedownwardslopeoftheaggregate-demandcurve?
a.thewealtheffect
b.theinterest-rateeffect
c.theexchange-rateeffect
d.thereal-wageeffect
ANSWER:
b.theinterest-rateeffect
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4.WhichofthefollowingreasonsforthedownwardslopeoftheaggregatedemandcurvewouldlikelybemoreimportantforasmalleconomythanfortheUnitedStates?
a.thewealtheffect
b.theinterest-rateeffect
c.theexchange-rateeffect
d.thereal-wageeffect
ANSWER:
c.theexchange-rateeffect
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5.Whichofthefollowingisnotaresponsethatwouldresultfromadecreaseinthepricelevelandsohelptoexplaintheslopeoftheaggregatedemandcurve?
a.Wheninterestratesfall,SleepwellHotelsdecidestobuildsomenewhotels.
b.Theexchangeratefalls,soFrenchrestaurantsinParisbuymoreIowapork.
c.Janetfeelswealthierbecauseofthepricedropandsoshedecidestoremodelherbathroom.
d.Withpricesdownandwagesfixedbycontract,GatekeeperComputersdecidestolayoffworkers.
ANSWER:
d.Withpricesdownandwagesfixedbycontract,GatekeeperComputersdecidestolayoffworkers.
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6.Thewealtheffecthelpsexplainthedownwardslopeoftheaggregatedemandcurve.Thiseffectis
a.relativelyimportantintheUnitedStatesbecauseexpendituresonconsumerdurablesisveryresponsivetochangesinwealth.
b.relativelyimportantintheUnitedStatesbecauseconsumptionspendingisalargepartofGDP.
c.relativelyunimportantintheUnitedStatesbecausemoneyholdingsareasmallpartofconsumerwealth.
d.relativelyunimportantbecauseittakesalargechangeinwealthtomakeasignificantchangeininterestrates.
ANSWER:
c.relativelyunimportantintheUnitedStatesbecausemoneyholdingsareasmallpartofconsumerwealth.
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7.Whichofthefollowingclaimsconcerningtheimportanceofeffectsthatexplaintheslopeoftheaggregatedemandcurveiscorrect?
a.Theexchange-rateeffectisrelativelysmallbecauseexportsandimportsareasmallpartofrealGDP.
b.Theinterest-rateeffectisrelativelysmallbecauseinvestmentspendingisnotveryresponsivetointerestratechanges.
c.Thewealtheffectisrelativelylargebecausemoneyholdingsareasignificantportionofmosthouseholds’wealth.
d.Noneoftheaboveiscorrect.
ANSWER:
a.Theexchange-rateeffectisrelativelysmallbecauseexportsandimportsareasmallpartofrealGDP.
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8.LiquiditypreferencerefersdirectlytoKeynes’theoryconcerning
a.theeffectsofchangesinmoneydemandandsupplyoninterestrates.
b.theeffectsofchangesinmoneydemandandsupplyonexchangerates.
c.theeffectsofwealthonexpenditures.
d.thedifferencebetweentemporaryandpermanentchangesinincome.
ANSWER:
a.theeffectsofchangesinmoneydemandandsupplyoninterestrates.
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9.Accordingtoliquiditypreferencetheory,equilibriuminthemoneymarketisachievedbyadjustmentsin
a.thepricelevel.
b.theinterestrate
c.theexchangerate
d.realwealth.
ANSWER:
b.theinterestrate
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10.Liquiditypreferencetheoryismostrelevanttothe
a.shortrunandsupposesthatthepriceleveladjuststobringmoneysupplyandmoneydemandintobalance.
b.shortrunandsupposesthattheinterestrateadjuststobringmoneysupplyandmoneydemandintobalance.
c.longrunandsupposesthatthepriceleveladjuststobringmoneysupplyandmoneydemandintobalance.
d.longrunandsupposesthattheinterestrateadjuststobringmoneysupplyandmoneydemandintobalance.
ANSWER:
b.shortrunandsupposesthattheinterestrateadjuststobringmoneysupplyandmoneydemandintobalance.
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11.Ifexpectedinflationisconstant,thenwhenthenominalinterestrateincreases,therealinterestrate
a.increasesbymorethanthechangeinthenominalinterestrate.
b.increasesbythechangeinthenominalinterestrate.
c.decreasesbythechangeinthenominalinterestrate.
d.decreasesbymorethanthechangeinthenominalinterestrate.
ANSWER:
b.increasesbythechangeinthenominalinterestrate.
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12.Ifexpectedinflationisconstantandthenominalinterestrateincreased3percentagepoints,therealinterestratewould
a.increase3percentagepoints.
b.increase,butbylessthan3percentagepoints.
c.decrease,butbylessthan3percentagepoints.
d.decreaseby3percentagepoints.
ANSWER:
a.increase3percentagepoints.
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13.Thetheoryofliquiditypreferenceassumesthatthenominalsupplyofmoneyisdeterminedbythe
a.levelofrealGDP.
b.rateofinflation.
c.interestrate.
d.theFederalReserve.
ANSWER:
d.theFederalReserve.
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14.Accordingtothetheoryofliquiditypreference,themoneysupplyis
a.positivelyrelatedtotheinterestrate.
b.negativelyrelatedtotheinterestrate.
c.independentoftheinterestrate.
d.negativelyrelatedtoboththeinterestrateandthepricelevel.
ANSWER:
c.independentoftheinterestrate.
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15.Accordingtoliquiditypreferencetheory,themoneysupplycurveis
a.upwardsloping.
b.downwardsloping.
c.vertical.
d.horizontal.
ANSWER:
c.vertical.
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16.Accordingtoliquiditypreferencetheory,themoneysupplycurvewouldshiftright
a.ifthemoneydemandcurveshiftedright.
b.onlyiftheFederalReservechosetoincreaseit.
c.iftheinterestrateincreased.
d.ifthepricelevelfellortheinterestratedecreased.
ANSWER:
b.onlyiftheFederalReservechosetoincreaseit.
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17.Accordingtoliquiditypreferencetheory,themoneysupplycurvewouldshiftiftheFed
a.engagedinopen-markettransactions.
b.changedthediscountrate.
c.changedthereserverequirement.
d.didanyoftheabove.
ANSWER:
d.didanyoftheabove.
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18.WhentheFedbuysgovernmentbonds,thereservesofthebankingsystem
a.increase,sothemoneysupplyincreases.
b.increase,sothemoneysupplydecreases.
c.decrease,sothemoneysupplyincreases.
d.decrease,sothemoneysupplydecreases.
ANSWER:
a.increase,sothemoneysupplyincreases.
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19.Liquidityrefersto
a.therelationbetweenthepriceandinterestrateofanasset.
b.theriskofanassetrelativetoitssellingprice.
c.theeasewithwhichanassetisconvertedintoamediumofexchange.
d.thesensitivityofinvestmentspendingtochangesintheinterestrate.
ANSWER:
c.theeasewithwhichanassetisconvertedintoamediumofexchange.
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20.Whichofthefollowingisthemostliquidasset?
a.capitalgoods
b.stocksandbondswithalowrisk
c.stocksandbondswithahighrisk
d.fundsinacheckingaccount
ANSWER:
d.fundsinacheckingaccount
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21.Peopleownorholdmoneyprimarilybecauseit
a.hasaguaranteednominalreturn.
b.servesasastoreofvalue.
c.candirectlybeusedtobuygoodsandservices.
d.functionsasaunitofaccount.
ANSWER:
c.candirectlybeusedtobuygoodsandservices.
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22.Whentheinterestrateincreases,theopportunitycostofholdingmoney
a.increases,sothequantityofmoneydemandedincreases.
b.increases,sothequantityofmoneydemandeddecreases.
c.decreases,sothequantityofmoneydemandedincreases.
d.decreases,sothequantityofmoneydemandeddecreases.
ANSWER:
b.increases,sothequantityofmoneydemandeddecreases.
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23.Whentheinterestratedecreases,theopportunitycostofholdingmoney
a.increases,sothequantityofmoneydemandedincreases.
b.increases,sothequantityofmoneydemandeddecreases.
c.decreases,sothequantityofmoneydemandedincreases.
d.decreases,sothequantityofmoneydemandeddecreases.
ANSWER:
d.decreases,sothequantityofmoneydemandeddecreases.
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24.Theopportunitycostofholdingmoney
a.decreaseswhentheinterestrateincreases,sopeopledesiretoholdmoreofit.
b.decreaseswhentheinterestrateincreases,sopeopledesiretoholdlessofit.
c.increaseswhentheinterestrateincreases,sopeopledesiretoholdmoreofit.
d.increaseswhentheinterestrateincreases,sopeopledesiretoholdlessofit.
ANSWER:
d.increaseswhentheinterestrateincreases,sopeopledesiretoholdlessofit.
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25.Accordingtoliquiditypreferencetheory,theopportunitycostofholdingmoneyis
a.theinterestrateonbonds.
b.theinflationrate.
c.thecosto