经济学原理对应练习36.docx

经济学原理对应练习36.docx

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经济学原理对应练习36

Chapter36

FiveDebatesOverMacroeconomicPolicy

MultipleChoice

1.Fluctuationsinemploymentandoutputresultfromchangesin

a.aggregatedemandonly.

b.aggregatesupplyonly.

c.aggregatedemandandaggregatesupply.

d.neitheraggregatedemandnoraggregatesupply.

ANS:

CPTS:

1DIF:

1REF:

36-1

TOP:

AggregatedemandMSC:

Applicative

2.Inthefallof2005,consumersindicatedthattheywerelessoptimisticaboutthefutureoftheeconomy.Thischangeinsentimentwouldlikely

a.shiftaggregatedemandleft.

b.decreaseoutput.

c.increaseunemployment.

d.Alloftheabovearecorrect.

ANS:

DPTS:

1DIF:

1REF:

36-1

TOP:

StabilizationpolicyMSC:

Analytical

3.Ifaggregatedemandshiftsbecauseofawaveirrationalexuberance,thosewhofavorleanagainstthewindpolicywouldadvocatethe

a.federalreserveincreasethemoneysupplyorthegovernmentincreasetaxes.

b.federalreserveincreasethemoneysupplyorthegovernmentdecreasetaxes.

c.federalreservedecreasethemoneysupplyorthegovernmentincreasetaxes.

d.federalreservedecreasethemoneysupplyorthegovernmentdecreasetaxes.

ANS:

CPTS:

1DIF:

2REF:

36-1

TOP:

StabilizationpolicyMSC:

Analytical

4."Leaningagainstthewind"isexemplifiedbya

a.taxcutwhenthereisarecession.

b.decreaseinthemoneysupplywhenthereisarecession.

c.decreaseingovernmentexpenditureswhenthereisarecession.

d.Alloftheabovearecorrect.

ANS:

APTS:

1DIF:

1REF:

36-1

TOP:

StabilizationpolicyMSC:

Analytical

5."Leaningagainstthewind"isexemplifiedbya

a.taxincreasewhenthereisarecession.

b.decreaseinthemoneysupplywhenthereisanexpansion.

c.decreaseingovernmentexpenditureswhenthereisarecession.

d.Alloftheabovearecorrect.

ANS:

BPTS:

1DIF:

1REF:

36-1

TOP:

StabilizationpolicyMSC:

Interpretive

6.PresidentGeorgeW.Bushandcongresscuttaxesandraisedgovernmentexpendituresin2003.Accordingtotheaggregatesupplyandaggregatedemandmodel

a.boththetaxcutandtheincreaseingovernmentexpenditureswouldtendtoincreaseoutput.

b.onlythetaxcutwouldtendtoincreaseoutput.

c.onlytheincreaseingovernmentexpenditureswouldtendtoincreaseoutput.

d.neitherthetaxcutnortheincreaseingovernmentexpenditureswouldtendtoincreaseoutput.

ANS:

APTS:

1DIF:

2REF:

36-1

TOP:

Stabilizationpolicy|AggregatedemandMSC:

Applicative

7.PresidentGeorgeW.Bushandcongresscuttaxesandraisedgovernmentexpendituresin2003.Whichofthefollowingisnotcorrect?

a.Atthetimetheeconomywasjustmovingintoarecession.

b.Whiletherewassubsequentimprovementineconomicperformance,it’snotentirelyclearthatthiswasduetothepolicy.

c.Ingeneralmonetarypolicycanbeimplementedfasterthanfiscalpolicy.

d.Ingeneralitiseasiertoreversemonetarypolicythantoreversefiscalpolicy.

ANS:

APTS:

1DIF:

2REF:

36-1

TOP:

Stabilizationpolicy|AggregatedemandMSC:

Applicative

8.Policymakersfollowinga"leanagainstthewind"policywould

a.increasegovernmentexpenditureswhenoutputislowanddecreasethemwhenoutputishigh.

b.increasegovernmentexpenditureswhenoutputislowanddonothingwhenoutputishigh.

c.decreasegovernmentexpenditureswhenoutputislowandincreasethemwhenoutputishigh.

d.decreasegovernmentexpenditureswhenoutputishighanddonothingwhenoutputislow.

ANS:

APTS:

1DIF:

1REF:

36-1

TOP:

Stabilizationpolicy|PolicylagsMSC:

Definitional

9.Iftheunemploymentraterises,whichpolicieswouldbeappropriatetoreduceit?

a.increasethemoneysupply,increasetaxes

b.increasethemoneysupply,cuttaxes

c.decreasethemoneysupply,increasetaxes

d.decreasethemoneysupply,cuttaxes

ANS:

BPTS:

1DIF:

2REF:

36-1

TOP:

StabilizationpolicyMSC:

Applicative

10.TheFederalReservewilltendtotightenmonetarypolicywhen

a.interestratesarerisingtoorapidly.

b.itthinkstheunemploymentrateistoohigh.

c.thegrowthrateofrealGDPisquitesluggish.

d.itthinksinflationistoohightoday,orwillbecometoohighinthefuture.

ANS:

DPTS:

1DIF:

2REF:

36-1

TOP:

MonetarypolicyMSC:

Analytical

11.Iffirmswerefacedwithgreateruncertaintybecauseofconcernthatoilpricesmightrise,theymightdecreaseexpendituresoncapital.Inresponsetothischange,someonewhoadvocated"leanagainstthewind"policiesmightadvocate

a.decreasingthemoneysupply.

b.increasingtaxes.

c.increasinggovernmentexpenditures.

d.Noneoftheaboveiscorrect.

ANS:

CPTS:

1DIF:

2REF:

36-1

TOP:

StabilizationpolicyMSC:

Analytical

12.Thosewhodesirethatpolicymakersstabilizetheeconomywouldadvocatewhichofthefollowingwhenaggregatedemandisinsufficienttoensurefullemployment?

a.decreasethemoneysupply

b.decreasetaxes

c.decreasegovernmentexpenditures

d.Noneoftheaboveiscorrect.

ANS:

BPTS:

1DIF:

1REF:

36-1

TOP:

StabilizationpolicyMSC:

Analytical

13.Supposeaggregatedemandfell.Inordertostabilizetheeconomy,thegovernmentmight

a.increasethemoneysupply.

b.increasegovernmentexpenditures.

c.decreasetaxes.

d.Alloftheabovearecorrect.

ANS:

DPTS:

1DIF:

1REF:

36-1

TOP:

StabilizationpolicyMSC:

Applicative

14.TheFedloweredinterestratesin2001and2002.Thisimplies,otherthingsthesame,thattheFed

a.increasedthemoneysupplybecauseitwasconcernedaboutunemployment.

b.increasedthemoneysupplybecauseitwasconcernedaboutinflation.

c.decreasedthemoneysupplybecauseitwasconcernedaboutunemployment.

d.decreasedthemoneysupplybecauseitwasconcernedaboutinflation.

ANS:

APTS:

1DIF:

2REF:

36-1

TOP:

StabilizationpolicyMSC:

Analytical

15.TheFedraisedinterestratesin2004and2005.Thisimplies,otherthingsthesame,thattheFed

a.increasedthemoneysupplybecauseitwasconcernedaboutunemployment.

b.increasedthemoneysupplybecauseitwasconcernedaboutinflation.

c.decreasedthemoneysupplybecauseitwasconcernedaboutunemployment.

d.decreasedthemoneysupplybecauseitwasconcernedaboutinflation.

ANS:

DPTS:

1DIF:

2REF:

36-1

TOP:

StabilizationpolicyMSC:

Analytical

16.Theeffectsofadeclineinthevalueoffinancialassets,suchasstocks,onconsumptionandtheeconomymightbeoffsetby

a.increasinggovernmentspending.

b.decreasingthemoneysupply.

c.increasingtaxes.

d.Noneoftheaboveiscorrect.

ANS:

APTS:

1DIF:

2REF:

36-1

TOP:

StabilizationpolicyMSC:

Applicative

17.Theeconomygoesintorecession.Whichofthefollowinglistscontainsthingspolicymakerscoulddototrytoendtherecession?

a.increasethemoneysupply,increasetaxes,increasegovernmentspending

b.increasethemoneysupply,increasetaxes,decreasegovernmentspending

c.increasethemoneysupply,decreasetaxes,increasegovernmentspending

d.decreasethemoneysupply,increasetaxes,decreasegovernmentspending

ANS:

CPTS:

1DIF:

2REF:

36-1

TOP:

StabilizationpolicyMSC:

Applicative

18.Howlonghavestudiesshownittakesforinterestratechangestoleadtosignificantchangesinspending?

a.Afewdays.

b.Afewweeks.

c.Afewmonths.

d.Afewyears.

ANS:

CPTS:

1DIF:

2REF:

36-1

TOP:

PolicylagsMSC:

Definitional

19.Ingeneral,thelongestlagfor

a.bothfiscalandmonetarypolicyisthetimeittakestochangepolicy.

b.bothfiscalandmonetarypolicyisthetimeittakesforpolicytoaffectaggregatedemand.

c.monetarypolicyisthetimeittakestochangepolicy,whileforfiscalpolicythelongestlagisthetimeittakesforpolicytoaffectaggregatedemand.

d.fiscalpolicyisthetimeittakestochangepolicy,whileformonetarypolicythelongestlagisthetimeittakesforpolicytoaffectaggregatedemand.

ANS:

DPTS:

1DIF:

1REF:

36-1

TOP:

Balancedbudget|PolicylagsMSC:

Definitional

20.Theprincipallagformonetarypolicy

a.andfiscalpolicyisthetimeittakestoimplementpolicy.

b.andfiscalpolicyisthetimeittakesforpolicytochangespending.

c.isthetimeittakestoimplementpolicy.Theprincipallagforfiscalpolicyisthetimeittakesforpolicytochangespending.

d.isthetimeittakesforpolicytochangespending.Theprincipallagforfiscalpolicyisthetimeittakestoimplementit.

ANS:

DPTS:

1DIF:

2REF:

36-1

TOP:

PolicylagsMSC:

Definitional

21.Theprincipalreasonthatmonetarypolicyhaslagsisthatittakesalongtimefor

a.changesintheinterestratetochangeaggregatedemand.

b.changesinthemoneysupplytochangeinterestrates.

c.theFedtomakechangesinpolicy.

d.Noneoftheaboveiscorrect.

ANS:

APTS:

1DIF:

1REF:

36-1

TOP:

PolicylagsMSC:

Definitional

22.Opponentsofusingpolicytostabilizetheeconomygenerallybelievethat

a.neitherfiscalnormonetarypolicyhavemuchimpactonaggregatedemand.

b.attemptstostabilizetheeconomycanincreasethemagnitudeofeconomicfluctuations.

c.unemploymentandinflationarenotcauseformuchconcern.

d.Alloftheabovearecorrect.

ANS:

BPTS:

1DIF:

1REF:

36-1

TOP:

StabilizationpolicyMSC:

Interpretive

23.Whichofthefollowingiscorrect?

a.economicforecastsarepreciseandaggregatespendingrespondsalmostimmediatelytointerestratechanges.

b.economicforecastarepreciseandaggregatespendingrespondstointerestratechangeswithalag.

c.economicforecastsareimpreciseandaggregatespendingrespondsalmostimmediatelytointerestratechanges.

d.economicforecastareimpreciseandaggregatespendingrespondstointerestratechangeswithalag.

ANS:

DPTS:

1DIF:

2REF:

36-1

TOP:

Policylags|EconomicforecastsMSC:

Definitional

24.Whichofthefollowingisanargumentagainsttryingtousepolicytostabilizetheeco