宏观经济学课件 OBlanchard Macroeconomics 6th chapter 17.docx

1、宏观经济学课件 OBlanchard Macroeconomics 6th chapter 17Macroeconomics, 6e (Blanchard/Johnson)Chapter 17: Expectations, Output, and Policy17.1 Multiple Choice Questions1) Changes in future expected interest rates can affect current consumption. Suppose individuals expect future interest rates to decrease. C

2、onsumption will change as a result of this lower expected future interest rate because of its effects on which of the following? A) human wealthB) the value of stocksC) the value of bondsD) all of the aboveE) none of the aboveAnswer: DDiff: 22) Which of the following will NOT cause aggregate private

3、 spending to increase?A) an increase in expected future real interest ratesB) an increase in government spendingC) a reduction in future taxesD) all of the aboveE) none of the aboveAnswer: ADiff: 13) Which of the following will cause aggregate private spending to decrease?A) a reduction in governmen

4、t spendingB) an increase in expected future interest ratesC) an increase in expected future taxesD) all of the aboveE) none of the aboveAnswer: DDiff: 14) Which of the following will cause the LM curve to shift up?A) an increase in the expected future interest rateB) an increase in current incomeC)

5、an increase in expected future taxesD) all of the aboveE) none of the aboveAnswer: EDiff: 15) A change in which of the following will have a direct effect on the amount of money individuals wish to hold in the current period?A) the current nominal interest rateB) the current real interest rateC) the

6、 expected future nominal interest rateD) the expected future real interest rateE) all of the aboveAnswer: ADiff: 26) A reduction in which of the following variables will cause an increase in the amount of money individuals wish to hold in the current period? A) current incomeB) the current nominal i

7、nterest rateC) the current real interest rateD) expected future incomeE) all of the aboveAnswer: BDiff: 27) Suppose individuals expect that interest rates will increase in the future. Also assume that the Fed wants to prevent any change in current output. Given this goal of the Fed, the Fed should i

8、mplement a policy in the current period thatA) shifts the IS curve rightward.B) shifts the IS curve leftward.C) shifts the IS curve leftward and the LM curve upward.D) shifts the LM curve upward.E) shifts the LM curve downward.Answer: EDiff: 28) A change in which of the following variables will caus

9、e a shift of the IS curve in the current period?A) the current interest rateB) current outputC) current taxesD) all of the aboveE) none of the aboveAnswer: DDiff: 19) The IS curve becomes steeper whenA) government spending is relatively small.B) the income tax rate in the current period is relativel

10、y small.C) current changes in the real interest rate cause large changes in current real output.D) changes in the current real interest rate cause small changes in current demand.E) none of the aboveAnswer: DDiff: 210) The IS curve shifts to the left where there isA) a reduction in current taxes.B)

11、an increase in expected future taxes.C) an increase in expected future output.D) all of the aboveE) none of the aboveAnswer: BDiff: 111) Suppose individuals now believe that there will be a future tax cut. This reduction in expected future taxes will cause which of the following to occur in the curr

12、ent period?A) the LM curve to shift downB) the LM curve to shift upC) the IS curve to shift rightwardD) the IS curve to shift leftwardE) none of the aboveAnswer: CDiff: 112) Suppose individuals now believe that there will be an increase in the future expected interest rate. This increase in the expe

13、cted future interest rate will cause which of the following to occur in the current period?A) an upward shift of the LM curveB) a leftward shift of the IS curveC) the IS curve to become flatterD) the LM curve to become steeperE) none of the aboveAnswer: BDiff: 113) Assume that the current demand for

14、 goods DOES depend on expectations in the IS-LM model. A monetary expansion in the current period will cause a rightward shift in the IS curve ifA) current and expected future real interest rates are positively related.B) current and expected future real interest rates are negatively related.C) curr

15、ent and expected future real interest rates are unrelated.D) the central bank is expected to reverse any current movements in monetary policy in the future.E) monetary policy cannot affect, directly or indirectly, the position of the IS curve in the current period.Answer: ADiff: 214) Rational expect

16、ations assumes that individualsA) can accurately predict the future.B) make predictions based on the past behavior of the economy.C) form their predictions of macroeconomic variables randomly.D) have perfect foresight.E) none of the aboveAnswer: EDiff: 115) Adaptive expectations assumes that individ

17、ualsA) can accurately predict the future.B) base predictions on random events (i.e., animal spirits).C) form their predictions of macroeconomic variables randomly.D) use all available information in predicting the future.E) none of the aboveAnswer: EDiff: 116) Animal spirits refers toA) the stubborn

18、 refusal of many economic decision-makers to use rational expectations.B) movements in investment that cannot be explained by changes in current variables.C) the often-observed Fed refusal to cooperate with the government in setting its monetary policy.D) the impact of tax-evasion on the budget defi

19、cit.E) an exotic alcoholic drink favored by Wall Street traders.Answer: BDiff: 117) Which of the following would be a violation of the rational expectations assumption?A) Over the past twenty years, people have consistently under-predicted the inflation rate for the following year.B) Over the past t

20、wenty years, people have never once accurately predicted the inflation rate for the following year.C) The Feds announcement that it might ease interest rates caused an immediate drop in short-term rates, even before the Fed took any action.D) all of the aboveE) none of the aboveAnswer: ADiff: 118) S

21、uppose the Fed increases the money supply in the current period with no other policy change implemented or anticipated. This policy action will cause which of the following shifts in the IS and/or LM curves in the current period?A) IS left; LM upB) IS right; LM upC) no shift in IS; LM downD) IS left

22、; LM downE) IS right; LM downAnswer: CDiff: 219) Assume individuals consider only the short-run effects of changes in future macro variables when forming expectations of future output and future interest rates. A permanent increase in the money supply, with no other policy change implemented or anti

23、cipated, will most likely causeA) an increase in the current interest rate.B) an increase in future output and an increase in the future interest rate.C) an unknown effect on the current interest rate.D) all of the aboveE) none of the aboveAnswer: CDiff: 220) Suppose there is a fiscal expansion in t

24、he current period. This fiscal expansion will tend to cause a smaller increase in current output whenA) an increase in current output causes an increase in expected future output.B) an increase in the current interest rate causes expectations of expansionary monetary policy in the future.C) an incre

25、ase in the current interest rate causes an increase in expected future interest rates.D) both A and BE) all of the aboveAnswer: CDiff: 221) Suppose the central bank reduces the money supply. This monetary contraction will always cause a greater reduction in output when it is accompanied byA) an incr

26、ease in expected future taxes.B) an increase in expected future interest rates.C) a reduction in expected future output.D) all of the aboveE) none of the aboveAnswer: DDiff: 222) Suppose policy makers pass a budget that reduces the budget deficit. A deficit reduction package such as this has a great

27、er chance of increasing current output whenA) the policy is front-loaded.B) financial markets believe that taxes will not increase in the future.C) financial markets believe the Fed will lower interest rates in the future.D) all of the aboveE) none of the aboveAnswer: CDiff: 223) Suppose there is an

28、 increase in expected future output. This will cause which of the following to occur?A) the IS curve to shift left in the current periodB) the IS curve to shift right in the current periodC) the LM curve to shift up in the current periodD) the LM curve to shift down in the current periodAnswer: BDif

29、f: 224) Suppose there is a simultaneous reduction in expected future output and reduction in the future expected interest rate. This will cause which of the following to occur?A) the IS curve to shift left in the current periodB) the IS curve to shift right in the current periodC) the LM curve to sh

30、ift up in the current periodD) the LM curve to shift down in the current periodE) an ambiguous effect on the position of the IS curve in the current periodAnswer: EDiff: 225) Suppose there is an increase in the expected future interest rate. This will cause which of the following to occur?A) the IS

31、curve to shift left in the current periodB) the IS curve to shift right in the current periodC) the LM curve to shift up in the current periodD) the LM curve to shift down in the current periodAnswer: ADiff: 226) Suppose there is a simultaneous reduction in the expected future interest rate and increase in future expected output. This will cause which of the following to occur?A) the IS curve to shift left in the current periodB) the IS curve to shift right in the current periodC) the LM curve to shift up in the current periodD) the LM curve to shift down in the