经济学：世界经济分析(四)及答案解析.doc

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1、经济学：世界经济分析(四)及答案解析(总分：42.00，做题时间：90 分钟)一、B单项选择题/B(总题数：42，分数：42.00)1.If D represents checkable deposits, R represents reserves and r represents the required reserve ratio, the equation that expresses the relationships among the variables is: A. D=R/r. B. R=D/r. C. r=D/R.（分数：1.00）A.B.C.2.Which of the

2、following are four phases of the typical business cycle? A. Peak, boom, bust, and recession. B. Peak, expansion, recession, and stability. C. Peak, contraction, recessionary trough, and expansion.（分数：1.00）A.B.C.3.If an increase in aggregate demand is greater than expected, actual inflation is: A. gr

3、eater than expected inflation and unemployment increases. B. less than expected inflation and unemployment decreases. C. greater than expected inflation and unemployment decreases.（分数：1.00）A.B.C.4.Restrictive fiscal policy involves: A. higher taxes and increased government spending. B. higher taxes

4、and reduced government spending. C. lower taxes and increased government spending.（分数：1.00）A.B.C.5.If the effects are fully anticipated, what impact is expansionary monetary policy most likely to have on real economic activity? A. Little or no impact. B. Large expansionary impact. C. Moderate expans

5、ionary impact.（分数：1.00）A.B.C.6.According to the Phillips curve approach, when inflation is less than expected, the most likely initial effect is that: A. real wage rates will fall. B. real interest rates will fall. C. unemployment will rise above its natural rate.（分数：1.00）A.B.C.7.In the Phillips cur

6、ve model of the relationship between inflation and the unemployment rate, a shift to a new short-run Phillips curve represents a change in the: A. expected inflation rate. B. actual inflation rate. C. unemployment rate.（分数：1.00）A.B.C.8.Under the classification system used by the U.S. Bureau of Labor

7、 Statistics, which of the following people would NOT be considered unemployed? Someone who: A. was terminated from his last job. B. quit and is looking for new work. C. is disabled and unable to return to work.（分数：1.00）A.B.C.9.David Wildstein, Harry Osajnuk, and Kurt Weil, are all junior economists

8、at the Bank of Scarsdale. Over lunch they were discussing the U.S. Federal Reserve (the Fed) and the banking system in the United States. They made the following statements regarding the overall purpose of the Federal Reserve System: Wildstein: In my opinion, the overall purpose and goal of the Fede

9、ral Reserve System is to insure the deposits of individuals and firms holding funds with banking institutions. Osajnuk: The overall goal of the Federal Reserve System is to keep the discount rate flexible so that if additional funds are needed in the economy the discount rate will be reduced and if

10、there is too much money in the economy the discount rate will be increased. Weft: The primary purpose of the Federal Reserve System is to regulate the amount of excess reserves held by member banks through the potential deposit expansion multiplier. Are the statements made by Wildstein, Osajnuk, and

11、 Weil correct? Wildstein Osajnuk Weil A. Incorrect Incorrect Correct B. Correct Incorrect Incorrect C. Incorrect Incorrect Incorrect A. B. C. （分数：1.00）A.B.C.10.Changes in which of the following are likely to affect interest rates?. Inflation expectations. Size of the federal deficit. Money supply A.

12、 and only. B. and only. C. , , and .（分数：1.00）A.B.C.11.Growth of real GDP in the Czech Republic is at a historically low level. An economic summit in Prague invited the leading economists to pose a solution to the declining economic situation. Many of the economists in attendance subscribe to supply

13、side economic theory. Their solution is to reduce the incredibly high marginal tax rate of 68% to 35%. The primary benefit of such a policy is: A. higher levels of disposable income and ability to consume goods and services leading to higher GDP. B. greater incentive for individuals to spend-their i

14、ncome on tax-deductible luxury items. C. increased incentive for domestic investment leading to increased aggregate supply and GDP.（分数：1.00）A.B.C.12.Assume an economy is operating at full employment and that the central bank announces a decrease in the growth rate of the money supply to reduce infla

15、tion, which market participants do not believe is credible. In the short run, are the directions of the impacts on employment and inflation the same or different, and in the long run, are the directions of the impacts on employment and inflation the same or different? Short run: Long run: Employment

16、 and inflation effects Employment and inflation effects A. Same Same B. Same Different C. Different Same A. B. C. （分数：1.00）A.B.C.13.Which of the following statements about the relationship between interest rates and the demand for and supply of money is most accurate? Interest rates affect: A. the s

17、upply of money only. B. both the demand for and supply of money. C. the demand for money only.（分数：1.00）A.B.C.14.The Phillips curve shows the trade-off between: A. the rate of change in the money supply and the rate of change in employment. B. nominal interest rates and real interest rates. C. inflat

18、ion and unemployment.（分数：1.00）A.B.C.15.In the short run, the impact of an increase in the money supply on the price level and real output will be: Price level Real output A. Increase Increase B. Increase No change C. No change Increase A. B. C. （分数：1.00）A.B.C.16.Unemployment compensation is an examp

19、le of: A. a discretionary fiscal policy stabilizer. B. an automatic fiscal policy stabilizer. C. an automatic monetary policy stabilizer.（分数：1.00）A.B.C.17.The term “crowding out“ implies that: A. Fed purchases of securities cause inflation in the long run. B. A budget surplus will be a highly effect

20、ive weapon against inflation. C. budget deficits will increase real interest rates and thereby retard business investment.（分数：1.00）A.B.C.18.Which of the following relationships in regard to the equation of exchange is least accurate? A. Nominal GDP = (Price) (Real Output). B. Nominal GDP = (Money Su

21、pply) (Velocity) = (Price) (Real Output). C. Nominal GDP = (Price) (Money Supply).（分数：1.00）A.B.C.19.The Laffer curve indicates that: A. reducing inflation will likely increase unemployment. B. higher tax rates can reduce tax revenues. C. tax revenues are a positive function of GDP.（分数：1.00）A.B.C.20.

22、The U.S. Federal Reserve System buys $10 million of government securities from the public, the reserve requirement is 20 percent, and all banks have zero excess reserves. A few weeks later, if no excess reserves still exist, the total impact of this action on the money supply will be a: A. $ 50 mill

23、ion increase. B. $ 2 million increase C. $ 2 million decrease.（分数：1.00）A.B.C.21.Which of the following statements about the demand and supply of money is most accurate? People who are: A. buying bonds to reduce their money balances will increase the demand for bonds with an associated increase in in

24、terest rates. B. selling bonds to increase their money balances will reduce the demand for bonds with an associated reduction in interest rates. C. holding money when interest rates are higher will try to reduce their money balances and, as a result, the demand for money decreases.（分数：1.00）A.B.C.22.

25、If people correctly anticipate the effects of expansionary monetary policy before it occurs, then implementing the policy will: A. decrease real output. B. leave the price level unchanged. C. increase real output.（分数：1.00）A.B.C.23.According to the crowding-out effect, which of the following statemen

26、ts is least likely correct? The sale of government bonds used to finance excess government spending will: A. raise the real interest rate. B. raise the nominal interest rate. C. increase the profitability of corporate investment projects.（分数：1.00）A.B.C.24.According to the quantity theory of money, w

27、hich one of the following economic variables would change in response to an increase ha the supply of money? A. Price level. B. Real income. C. Velocity.（分数：1.00）A.B.C.25.Assuming the economy currently is experiencing high inflation, an example of appropriate discretionary fiscal policy is: A. incre

28、ase the federal funds target rate. B. reduce government expenditures on major government construction projects. C. reduce the money supply.（分数：1.00）A.B.C.26.The potential deposit expansion multiplier equals: A. the required reserve ratio. B. the inverse of the required reserve ratio. C. the required

29、 reserve ratio multiplied by the quantity of reserves.（分数：1.00）A.B.C.27.Given the hypothetical information below about the conditions in the labor market, what is the unemployment rate?Employed 177000Discouraged workers 2000Unemployed 13000Household workers 20000Students 15000Retirees 19000Disabled

30、5000Labor force 190000 Civilian population 16 and over 249000 A. 5.3%. B. 6.0%. C. 6.8%.（分数：1.00）A.B.C.28.Which of these factors is least likely to change the natural rate of unemployment? A. An unexpected tightening of the money supply reduces aggregate demand. B. Long-term demographic shifts resul

31、t in fewer young adults in the labor force. C. Labor market deregulation makes it easier for workers to change jobs.（分数：1.00）A.B.C.29.Frictional unemployment results from: A. inflexible wages in the marketplace. B. recessionary business conditions and inadequate aggregate demand for labor. C. consta

32、nt changes in the economy that prevent qualified unemployed workers from being immediately matched up with existing job openings.（分数：1.00）A.B.C.30.Which of the following statements is least accurate? According to the quantity theory of money: A. velocity is determined by institutional factors. B. in

33、flation is a function of increases in the money supply. C. the price level is equal to the quantity of output divided by the money supply.（分数：1.00）A.B.C.31.A period when an economy is experiencing substantial inflation and either a declining or slow rate of growth in output is called: A. deflation.

34、B. stagflation. C. depression.（分数：1.00）A.B.C.32.A. central bank bases its long-run strategy for achieving price stability on targeting the growth rate of the money supply to equal the difference between the 10-year average growth rate of real GDP and the 4-yearaverage growth rate in the velocity of

35、money. The bank also attempts to reduce the magnitude of business cycles. When the banks governing board perceives a significant difference between actual real GDP and full-employment real GDP, they adjust the money supply in the countercyclical direction: Which type of monetary policy is the Centra

36、l bank following? A. Fixed-rule. B. Discretionary. C. New Keynesian feedback rule.（分数：1.00）A.B.C.33.Two economists, Pearl Millidge and Byron Forrest, are discussing theories that explain why increased inflation causes nominal interest rates to rise. They offer the following explanations: Millidge: B

37、ecause businesses expect higher prices for their output in the future, they will expect a greater return on their investments and will increase their demand for financial capital, which will drive interest rates higher. Forrest: Savers expect to pay higher prices for goods and services in the future

38、, so they will be less willing to trade current consumption for future consumption and will therefore supply less financial capital, so interest rates increase. Are these explanations correct? Millidge Forrest A. Correct Correct B. Correct Incorrect C. Incorrect Correct A. B. C. （分数：1.00）A.B.C.34.Th

39、e idea behind the Laffer curve is that increases in tax rates do not increase tax revenues proportionately because they decrease the: A. demand for labor. B. supply of labor. C. productivity of labor.（分数：1.00）A.B.C.35.The demand for money is inversely related to the real interest rate because: A. th

40、e cost of holding money falls as the real interest rate goes down. B. increasing wealth makes cash balances unnecessary. C. taxes make productive uses of funds less profitable.（分数：1.00）A.B.C.36.The development most likely to lead to an increase in the velocity of money is: A. a decrease in money int

41、erest rates resulting from restrictive fiscal policy. B. an increase in the expected rate of inflation. C. a sharp decline in the use of credit cards.（分数：1.00）A.B.C.37.Which of the following does the U.S. central bank most often use to change the money supply? A. The discount rate. B. The deposit ex

42、pansion multiplier. C. Open market operations.（分数：1.00）A.B.C.38.Which of the following fiscal policy models is most likely to support the conclusion that the adjustment of money wages to restore full-employment equilibrium is rapid and that without the distorting effects of taxes, long-run equilibri

43、um real output would increase with increases in the labor force and accumulated capital, and with improvements in technology? A. Classical. B. Keynesian. C. Supply-side.（分数：1.00）A.B.C.39.Which of the following is NOT a source of adverse effects of inflation on an economy?Inflation: A. distorts the i

44、nformation delivered by prices. B. affects product prices without changing underlying resource prices, such as wages, in the long run. C. increases the uncertainty accompanying investment and other activities involving future payments.（分数：1.00）A.B.C.40.If firms and households decide to reduce their

45、currency holdings and increase their holdings of funds in their checking accounts by an equal amount, what will be the impact on the money supply if the U.S. Federal Reserve does not undertake any offsetting actions? A. There will be no direct or indirect impact on the money supply because the decre

46、ase in currency holdings will be exactly offset by the increase in the funds in the checking accounts. B. There will be no direct impact on the money supply, however, banks excess reserves will decrease, which will cause them to decrease their loans, thereby leading to an indirect decrease in the mo

47、ney supply. C. There will be no direct impact on the money supply. However, banks excess reserves will increase, which will enable them to increase their loans, thereby leading to an indirect increase in the money supply.（分数：1.00）A.B.C.41.Are the following two statements about fiscal policy correct?

48、 Statement 1: The crowding out effect reduces the multiplier effect of expansionary fiscal policy but does not affect economic growth. Statement 2: A generational imbalance exists if the present value of government benefits to the current generation is not fully paid for by taxes on the current gene

49、ration. Statement 1 Statement 2 A. Correct Correct B. Correct Incorrect C. Incorrect Correct A. B. C. （分数：1.00）A.B.C.42.A shift in the long-run Phillips curve represents a change in the: A. actual inflation rate. B. expected inflation rate. C. natural rate of unemployment.（分数：1.00）A.B.C.经济学：世界经济分析(四)答案解析(总分：42.00，做题时间：90