5学原理》宏观第五版测试题库 30.docx

5学原理》宏观第五版测试题库 30.docx

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5学原理》宏观第五版测试题库30

Chapter30

MoneyGrowthandInflation

TRUE/FALSE

1.Theinflationrateismeasuredasthepercentagechangeinapriceindex.

ANS:

TDIF:

1REF:

30-0

NAT:

AnalyticLOC:

UnemploymentandinflationTOP:

Inflation

KEY:

MSC:

Definitional

2.U.S.pricesroseatanaverageannualrateofabout4percentoverthelast70years.

ANS:

TDIF:

1REF:

30-0

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Inflation

MSC:

Analytical

3.TheUnitedStateshasneverhaddeflation.

ANS:

FDIF:

1REF:

30-0

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Deflation

MSC:

Definitional

4.Inthe1990s,U.S.pricesroseataboutthesamerateasinthe1970s.

ANS:

FDIF:

1REF:

30-0

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

U.S.inflation

MSC:

Definitional

5.Asthepricelevelfalls,thevalueofmoneyfalls.

ANS:

FDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Value|Money

MSC:

Interpretive

6.Thepricelevelisdeterminedbythesupplyof,anddemandfor,money.

ANS:

TDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Moneymarket

MSC:

Definitional

7.Ifthequantityofmoneysuppliedisgreaterthanthequantitydemanded,thenpricesshouldfall.

ANS:

FDIF:

2REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Moneymarket

MSC:

Analytical

8.Dollarpricesandrelativepricesarebothnominalvariables.

ANS:

FDIF:

1REF:

30-1

NAT:

AnalyticLOC:

Theroleofmoney

TOP:

Nominalvariables|RealvariablesMSC:

Definitional

9.ThequantityequationisMxV=PxY.

ANS:

TDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Quantityequation

MSC:

Definitional

10.AccordingtotheFishereffect,ifinflationrisesthenthenominalinterestraterises.

ANS:

TDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Fishereffect

MSC:

Definitional

11.Anincreaseinmoneydemandwouldcreateasurplusofmoneyattheoriginalvalueofmoney.

ANS:

FDIF:

2REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Moneymarket

MSC:

Applicative

12.Hyperinflationsareassociatedwithgovernmentsprintingmoneytofinanceexpenditures.

ANS:

TDIF:

1REF:

30-1

NAT:

AnalyticLOC:

UnemploymentandinflationTOP:

Hyperinflation

MSC:

Definitional

13.ForagivenlevelofmoneyandrealGDP,anincreaseinvelocitywouldleadtoanincreaseinthepricelevel.

ANS:

TDIF:

2REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Velocityofmoney

MSC:

Analytical

14.Thequantitytheoryofmoneycanexplainhyperinflationsbutnotmoderateinflation.

ANS:

FDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Hyperinflation

MSC:

Interpretive

15.IfPrepresentsthepriceofgoodsandservicesmeasuredinmoney,then1/Pisthevalueofmoneymeasuredintermsofgoodsandservices.

ANS:

TDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Money|Value

MSC:

Interpretive

16.Whenthevalueofmoneyisontheverticalaxis,anincreaseinthepricelevelshiftsmoneydemandtotheright.

ANS:

FDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Moneydemand

MSC:

Applicative

17.ThemoneysupplycurveshiftstotheleftwhentheFedbuysgovernmentbonds.

ANS:

FDIF:

2REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Moneysupply

MSC:

Analytical

18.Whenthevalueofmoneyisontheverticalaxis,themoneysupplycurveslopesupwardbecauseanincreaseinthevalueofmoneyinducesbankstocreatemoremoney.

ANS:

FDIF:

2REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Moneysupply

MSC:

Definitional

19.IftheFedincreasesthemoneysupply,theequilibriumvalueofmoneydecreasesandtheequilibriumpricelevelincreases.

ANS:

TDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Moneymarket

MSC:

Analytical

20.Arisingpriceleveleliminatesanexcesssupplyofmoney.

ANS:

TDIF:

2REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Moneymarket

MSC:

Analytical

21.Arisingvalueofmoneyeliminatesanexcesssupplyofmoney.

ANS:

FDIF:

2REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Moneymarket

MSC:

Analytical

22.NominalGDPmeasuresoutputoffinalgoodsandservicesinphysicalterms.

ANS:

FDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Nominalvariables

MSC:

Interpretive

23.Theclassicaldichotomyisusefulforanalyzingtheeconomybecauseinthelongrunnominalvariablesareheavilyinfluencedbydevelopmentsinthemonetarysystem,andrealvariablesarenot.

ANS:

TDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Classicaldichotomy

MSC:

Definitional

24.Theirrelevanceofmonetarychangesforrealvariablesiscalledmonetaryneutrality.Mosteconomistsacceptmonetaryneutralityasagooddescriptionoftheeconomyinthelongrun,butnottheshortrun.

ANS:

TDIF:

2REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Monetaryneutrality

MSC:

Interpretive

25.Thequantitytheoryofmoneyimpliesthatifoutputandvelocityareconstant,thena50percentincreaseinthemoneysupplywouldleadtolessthana50percentincreaseinthepricelevel.

ANS:

FDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Quantitytheory

MSC:

Applicative

26.Thesourceofallfourclassichyperinflationswashighratesofmoneygrowth.

ANS:

TDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Hyperinflation

MSC:

Definitional

27.Inthelongrun,anincreaseinthegrowthrateofthemoneysupplyleadstoanincreaseintherealinterestrate,butnochangeinthenominalinterestrate.

ANS:

FDIF:

1REF:

30-1

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Quantitytheory

MSC:

Definitional

28.Inflationinducespeopletospendmoreresourcesmaintaininglowermoneyholdings.Thecostsofdoingthisarecalledshoeleathercosts.

ANS:

TDIF:

1REF:

30-2

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Shoeleathercostsofinflation

MSC:

Definitional

29.Shoeleathercostsandmenucostsarebothcostsofanticipatedinflation.

ANS:

TDIF:

1REF:

30-2

NAT:

AnalyticLOC:

Unemploymentandinflation

TOP:

Shoeleathercostsofinflation|MenucostsofinflationMSC:

Definitional

30.Foragivenrealinterestrate,anincreaseintheinflationratereducestheafter-taxrealinterestrate.

ANS:

TDIF:

2REF:

30-2

NAT:

AnalyticLOC:

Unemploymentandinflation

TOP:

Inflation|Taxes|RealinterestrateMSC:

Analytical

31.Inflationnecessarilydistortssavingwheneitherrealinterestincomeornominalinterestincomeistaxed.

ANS:

FDIF:

2REF:

30-2

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Inflation|Realinterestrate

MSC:

Interpretive

32.Inflationdistortssavingswhenrealinterestincome,ratherthannominalinterestincome,istaxed.

ANS:

FDIF:

2REF:

30-2

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Inflation|Realinterestrate

MSC:

Interpretive

33.Supposethenominalinterestrateis10percent;thetaxrateoninterestincomeis28percent,andtheinflationrateis6percent.Thentheafter-taxrealinterestrateis-3.2percent.

ANS:

FDIF:

2REF:

30-2

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Taxes|Realinterestrate

MSC:

Interpretive

34.Supposethenominalinterestrateis5percent;thetaxrateoninterestincomeis30percent,andtheafter-taxrealinterestrateis0.8percent.Thentheinflationrateis2.7percent.

ANS:

TDIF:

2REF:

30-2

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Taxes|Realinterestrate

MSC:

Interpretive

35.IftheFedweretounexpectedlyincreasethemoneysupply,creditorswouldgainattheexpenseofdebtors.

ANS:

FDIF:

1REF:

30-2

NAT:

AnalyticLOC:

Theroleofmoney

TOP:

Wealthredistribution|InflationMSC:

Applicative

36.Ifinflationishigherthanexpected,thenborrowersmakenominalinterestpaymentsthatarelessthantheyexpected.

ANS:

FDIF:

2REF:

30-2

NAT:

AnalyticLOC:

UnemploymentandinflationTOP:

Menucostsofinflation

MSC:

Applicative

37.Inflationiscostlyonlyifitisunanticipated.

ANS:

FDIF:

1REF:

30-2

NAT:

AnalyticLOC:

UnemploymentandinflationTOP:

Inflationcosts

MSC:

Interpretive

38.Eventhoughmonetarypolicyisneutralintheshortrun,itmayhaveprofoundrealeffectsinthelongrun.

ANS:

FDIF:

1REF:

30-3

NAT:

AnalyticLOC:

TheroleofmoneyTOP:

Monetaryneutrality

MSC:

Interpretive

SHORTANSWER

1.Whydidfarmersinthelate1800sdislikedeflation?

ANS:

Mosthadlargenominaldebts.Thedecreaseinthepricelevelmeantthattheyreceivedlessforwhattheyproducedandsomadeithardertopayoffthedebtswhoserealvalueroseaspricesfell.

DIF:

2REF:

30-1NAT:

Analytic

LOC:

TheroleofmoneyTOP:

DeflationMSC:

Analytical

2.Explaintheadjustmentprocessinthemoneymarketthatcreatesachangeinthepricelevelwhenthemoneysupplyincreases.

ANS:

Whenthemoneysupplyincreases,thereisanexcesssupplyofmoneyattheoriginalvalueofmoney.Afterthemoneysupplyincreases,peoplehavemoremoneythantheywanttoholdintheirpurses,walletsandcheckingaccounts.Theyusethisexcessmoneytobuygoodsandservicesorlenditouttootherpeopletobuygoodsandservices.Theincreaseinexpenditurescausespricestoriseandthevalueofmoneytofall.Asthevalueofmoneyfalls,thequantityofmoneypeoplewanttoholdincreasessothattheexcesssupplyiseliminated.Attheendofthisprocessthemoneymarketisinequilibriumatahigherpricelevelandalowervalueofmoney.

DIF:

2REF:

30-1NAT:

Analytic

LOC:

TheroleofmoneyTOP:

Moneymarket

MSC:

Analytical

3.SupposetheFedsellsgovernmentbonds.Useagraphofthemoneymarkettoshowwhatthisdoestothevalueofmoney.

ANS:

WhentheFedsellsgovernmentbonds,themoneysupplydecreases.ThisshiftsthemoneysupplycurvefromMS1toMS2andmakesthevalueofmoneyincrease.Sincemoneyisworthmore,ittakeslesstobuygoodswithit,whichmeansthepriceleve