曼昆宏观经济学英语课后题答案之欧阳生创编Word文档格式.docx

1、Gross domestic product includes most items produced and sold illicitly.F3.Net national product is the total income of a nations residents minus losses from depreciation.4.Disposable personal income is the income that households and unincorporated business have left after satisfying all their obligat

2、ions to the government. It equals personal income minus personal taxes and certain non-tax payments to government.5.The purchase of new houses by households is included in the calculation of personal consumption expenditures of GDP.Multiple ChoiceIdentify the choice that best completes the statement

3、 or answers the question.When GDP falls,a.income and expenditure must both fall.b.income and expenditure can both rise.c.income must fall, but expenditure may rise or fall.d.expenditure must fall, but income may rise or fall.AIncome equals expenditure becausefirms always pay out all their revenue as

4、 income to someone.each time a sale is made, there is a buyer and a seller.households own the factors of production used to generate incomes.All of the above are correct.BIf a province makes the production and sale of illicit drugs legal, then GDPmust increase.must decrease.wouldnt change.may increa

5、se or decrease.When a government provides subsidies to encourage growth of small businesses, the subsidies wouldbe included in GDP because they are invested by businesses.be included in GDP because they are a form of government spending.not be included in GDP because they are transfer payments.may o

6、r may not be included in GDP, depending on how the funds are used.CDiesel fuel isalways considered a final good.counted as an intermediate good if a company uses it to provide transportation services.counted as a final good if a farmer uses it to run a tractor to grow crops.Both b and c are correct.

7、6.Gross domestic productis the market value of all final goods and services produced within a country in a given period （usually a year）is the income in the hands of individuals after deducting income taxes; income available to households to spend and saveis the value of goods and services purchased

8、 by all levels of government federal, provincial, and localin a given periodis the market value of all final goods and services produced by permanent residents of a nation in a given time period7.Macroeconomics is that branch of economics that studiesthe conditions of individual marketsthe influence

9、 of governments on individual marketseconomy-wide phenomenaonly the private sector of the economy8.Suppose that nominal GDP is $6,000 billion and real GDP is $3,000. What is the GDP price deflator?1251502002509.The purchase of final goods and services by households is calledinvestmentpublic sector e

10、xpenditureconsumptionnet exports10.Investment is the purchase of capital equipment, inventories, andstructuresnon-durable goodsdepreciationimport investment11.Transfer paymentsare included in GDP because they are forms of incomeare included in GDP because goods and services have been produced in the

11、 transferare NOT included in the GDP because goods and services have not been produced in the transferare included in GDP because they represent the production of transfers of goods and services to foreign countries12.Which of the following would be considered consumption expenditure?The Smiths buy

12、a home built in 1990.The federal government pays the salary of a captain in the Armed Forces.The Hostlers buy a new car that was manufactured in Germany.The government buys food for its armed forces.13.The method that measures GDP in relationship to the size of the population is calledGNPworker GDPG

13、DP per personcapital GDP14.The components of GDP areC + I + GNX + G + CC + G + NXC + I + G + NXD15.Suppose nominal GDP is $7700 and the GDP deflator is 110. Real GDP is$7700$7000$847,000$8470Short AnswerWhat are the components of gross domestic product （GDP）?RESPONSE:The components of GDP are: （1） c

14、onsumption spending by households on goods and services, with the exception of purchases of new housing; （2） Investment spending on capital equipment, inventories, and structures, including household purchases of new housing; （3） government purchases or spending on goods and services by the local, p

15、rovincial, and federal levels governments; and （4） net exports which is spending on domestically produced goods and services by foreigners （exports） minus spending on foreign goods and services by domestic resident （imports）.- / 1Differentiate between gross domestic product （GDP） and gross national

16、product （GNP）.GDP is the value of all final goods and services produced within a country in a given year; while GNP is the total income earned by a nations permanent residents or nationals （that is, Canadians）. GNP differs from GDP by including income that citizens of the nation （Canada） earned aboa

17、rd, and excluding income that foreigners earn in the particular country （E.g. in Canada）.Differentiate between real GDP and nominal GDP.Nominal GDP is the value of all final goods and services produced within a country in a year and valued at current prices; and real GDP is the GDP valued at constan

18、t base year prices. Real GDP is not affected by changes in the level of prices, so it reflects only changes in the amounts being produced.Explain why GDP is not considered a perfect measure of well- being?GDP is not considered a perfect measure of well-being because some of the factors that contribu

19、te to a good life are omitted. These would include: leisure time, the quality of the environment, the distribution of income, and the production of goods and services that did not pas through the market （for example, housework done by the homemaker, and volunteer work）How do economists measure econo

20、mic growth?Economists measure economic growth as the percentage change in real GDP from one period to another. This is because changes in real GDP reflect only changes in the amounts being produced.CHAPTER 24: MEASURING THE COST OF LIVINGThe GDP deflator reflects the prices of goods and services bou

21、ght by consumers,and the consumer price index reflects the price of all final goods and services produced domestically.The consumer price index compares the price of a fixed basket of goods and services to the price of the basket in the base year. On the other hand, the GDP deflator compares the pri

22、ce of currently produced goods and services to the price of the same goods and services in the base years.Indexation refers to the automatic correction of a dollar amount for the effects of inflation by law or contract.Long term contracts between firms and unions will sometimes include partial or co

23、mplete indexation of the wage to the consumer price index. This is called a cost-of-living allowance clause.The core inflation rate is the consumer price index with the exclusion of the most volatile components such as energy and food.In the CPI, goods and services are weighted according tohow much

24、a typical consumer buys of each item.whether the items are necessities or luxuries.how much of each item is produced in the domestic economy.how much is spent on them in the national income accounts.By not taking into account the possibility of consumer substitution, the CPIunderstates the standard

25、of living.overstates the cost of living.neither overstates nor understates the cost of living.doesnt accurately reflect the cost of living, but it is unclear if it overstates or understates the cost of living.If the prices of Brazilian-made shoes imported into Canada increases, thenboth Canadas GDP deflator and its