经济学：世界经济分析及答案解析.doc

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1、经济学：世界经济分析及答案解析(总分：165.00，做题时间：90 分钟)一、B单项选择题/B(总题数：165，分数：165.00)1.Are the following two statements about fiscal policy correct? Statement 1: The crowding out effect reduces the multiplier effect of expansionary fiscal policy but does not affect economic growth. Statement 2: A generational imbalanc

2、e exists if the present value of government benefits to the current generation is not fully paid for by taxes on the current generation. Statement 1 Statement 2 A. Correct Correct B. Correct Incorrect C. Incorrect Correct（分数：1.00）A.A. B.B. C.C. 2.Which of the following is most likely to be an effect

3、 of budget deficits? A. an increase in exports. B. a balance of trade surplus. C. foreign goods become relatively less expensive for U.S. buyers.（分数：1.00）A.B.C.3.Growth of real GDP in the Czech Republic is at a historically low level. An economic summit in Prague invited the leading economists to po

4、se a solution to the declining economic situation. Many of the economists in attendance subscribe to supply 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 abilit

5、y to consume goods and services leading to higher GDP. B. greater incentive for individuals to spend-their income 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.4.Most research indicates that there is, at be

6、st, only a weak relationship between budget deficits and interest rates; higher deficits may simply be matched by high savings. This statement most closely reflects which one of the following views of fiscal policy?（分数：1.00）A.A. Keynesian theory. B.B. Crowding-out theory. C.C. New classical theory.5

7、.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 money. The bank also attempts to reduce the mag

8、nitude 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 Central bank following?（分数：1.00）A.A. Fixed-rule. B.B.

9、 Discretionary. C.C. New Keynesian feedback rule.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

10、.Joe DeRita is giving an economic briefing before the Senate Banking Committee. During his testimony, Senator Morris Howard states, “Based on the Phillips curve relationship, if we increase the inflation rate from 3% to 5% , we can achieve a reduction in the rate of unemployment in both the short ru

11、n and the long run. “ Senator Lawrence Fine adds, “Furthermore, if the central bank is able to credibly announce that they will maintain the money supply growth rate, so that the increased inflation rate is well anticipated, borrowers, lenders, workers, and employers will incorporate the new higher

12、rate of inflation into long-term contracts, so there will be no adverse impact on the economy. “ Should DeRita agree or disagree with the two Senators? M. Howard L. Fine A. Agree Agree B. Agree Disagree C. Disagree Disagree（分数：1.00）A.A. B.B. C.C. 8.On a particular day the Wall Street Journal reports

13、 that the 91-day on-the-run U. S. Treasury bill is yielding 6 percent and the 30-year on-the-run U. S. Treasury bond is yielding 8 percent. In the market, default risk premiums average 2 percent, maturity risk premiums average 2 percent and liquidity risk premiums average 1 percent. If expected infl

14、ation is 3 percent, the real risk free rate of interest is:（分数：1.00）A.A. -2%. B.B. 0%. C.C. 3%.9.Which one of the following Federal Reserve monetary policies, when pursued in line with the U. S. governments fiscal policies, would help increase aggregate demand during a period of high unemployment? A

15、. An increase in the reserve requirements for financial institutions. B. A decrease in the discount rate. C. An increase in the margin requirements at brokerage firms.（分数：1.00）A.B.C.10.To be useful, a measure of inflation for an economy would most likely reflect information about the change in price

16、s of: A. goods only. B. goods and services only. C. goods, services, and financial assets only.（分数：1.00）A.B.C.11.The term crowding out implies that: A. the Fed purchasing securities causes inflation in the long run. B. a budget surplus will be a highly effective weapon against inflation. C. budget d

17、eficits will increase real interest rates and thereby retard private spending.（分数：1.00）A.B.C.12.Which of the following statements best explains how anticipating the effects of expansionary monetary policy influences its effectiveness? When the effects from a change to a more expansionary monetary po

18、licy are fully anticipated, we can expect that: A. the inflation rate will decrease and increase the policys effectiveness. B. interest rates will decrease in the short run and reduce the policys effectiveness. C. contracts will reflect expected higher prices and reduce the policys effectiveness.（分数

19、：1.00）A.B.C.13.The quantity theory of money states that: A. a decrease in the money supply will cause a proportional increase in prices. B. monetary and fiscal policy must be used in tandem. C. an increase in the money supply will cause a proportional increase in prices.（分数：1.00）A.B.C.14.The federal

20、 government seeks ways to increase the total investment component of GDP. In response to the governments objective, economist Scan Zadora recommends that the federal government lower taxes on interest earned on savings accounts. Zadoras colleague, Timothy Smythe, recommends that the federal governme

21、nt reduce its budget deficit. Regarding the statements made by Zadora and Smythe: Zadora Smythe A. Correct Incorrect B. Correct Correct C. Incorrect Ineorrect（分数：1.00）A.A. B.B. C.C. 15.The crowding-out model suggests that persistent, large government budget deficits are most likely to be associated

22、with a(n): A. increase in net exports. B. decrease in private spending. C. decrease in the real rate of interest.（分数：1.00）A.B.C.16.The crowding-out model suggests that the stimulus effect of increased government expenditures will be modified by changes in real interest rates and the flow of foreign

23、financial capital, be cause real interest rates will: A. rise and inflows of financial capital from outside the country will increase. B. rise and inflows of financial capital from outside the country will decrease. C. fall and inflows of financial capital from outside the country will increase.（分数：

24、1.00）A.B.C.17.Based on research that has been done regarding the relationship between deficits and interest rates it can be concluded that: A. year-to-year data indicate a strong relationship between budget deficits and interest rates but over a more lengthy period, persistently large budget deficit

25、s do lead to higher interest rates as implied by the crowding-out model. B. year-to-year data indicate a loose relationship between budget surpluses and interest rates but over a more lengthy period, persistently large budget deficits do lead to higher interest rates as implied by the crowding-out m

26、odel. C. year-to-year data indicate a loose relationship between budget deficits and interest rates but over a more lengthy period, persistently large budget deficits do lead to higher interest rates as implied by the crowding-out model.（分数：1.00）A.B.C.18.Assume the economy is undergoing a recession.

27、 In its efforts to stimulate the economy by trying to influence short-term interest rates the Fed is most likely to take which two actions? A. Sell Treasury securities and increase bank reserve requirements. B. Buy Treasury securities and decrease bank reserve requirements. C. Buy Treasury securitie

28、s and increase bank reserve requirements.（分数：1.00）A.B.C.19.At a recent staff meeting of Economic Advisers Inc. , a think-tank located in Washington, DC, Mitchell Jung made the following statements regarding the main economic functions of depository institutions. Statement 1: One of the main economic

29、 functions of depository institutions is to act as financial intermediaries. By doing so, they lower the borrowers cost of funds from what it would otherwise be if borrowers had to seek out individuals willing to lend. Statement 2: Depository institutions create liquidity by using loans they take in

30、 to have funds available to pay interest on short-term deposits. Are Statement 1 and Statement 2 as made by Jung correct? Statement 1 Statement 2 A. Incorrect Incorrect B. Correct Incorrect C. Incorrect Correct（分数：1.00）A.A. B.B. C.C. 20.In a full employment economy the quantity theory of money state

31、s that any increase in the supply of money in excess of the rate of growth of real GDP will lead to:（分数：1.00）A.A. increased prices. B.B. increased velocity. C.C. increased production.21.Which of the following will not cause a change in the demand for money? A. an increase in the nominal value of tra

32、nsactions. B. inflation. C. a change in the real interest rate.（分数：1.00）A.B.C.22.An expansionary fiscal policy is most likely to include a(n): A. Increase in government expenditures and a decrease n tax rates. B. decrease in both government expenditures and tax rates. C. increase in both government

33、expenditures and tax rates.（分数：1.00）A.B.C.23.Restrictive fiscal policy involves: A. higher taxes and increased government spending. B. higher taxes and reduced government spending. C. lower taxes and increased government spending.（分数：1.00）A.B.C.24.Total investment is one of the components of a count

34、rys GDP. Which of the following is least likely to be considered a source of funds for investment?（分数：1.00）A.A. National savings. B.B. Foreign borrowing. C.C. Household expenditures.25.The crowding-out effect suggests that: A. expansionary fiscal policy causes inflation. B. restrictive fiscal policy

35、 is an effective weapon against inflation. C. the sale of government bonds to the public will drive up interest rates, thereby retarding private investment and aggregate demand.（分数：1.00）A.B.C.26.The crowding-out effect suggests that: A. expansionary fiscal policy leads to inflation. B. restrictive f

36、iscal policy is an effective weapon against inflation. C. greater government deficits will drive up interest rates, thereby reducing private investment.（分数：1.00）A.B.C.27.The demand for money curve represents the relationship between the quantity of money demanded and:（分数：1.00）A.A. the quantity of mo

37、ney supplied. B.B. short-term interest rates. C.C. the price level.28.Excess reserves of banks are equal to: A. required reserves plus demand deposits. B. required reserves minus actual reserves. C. actual reserves minus required reserves.（分数：1.00）A.B.C.29.The corporate income tax is an automatic st

38、abilizer because: A. corporate profits are strongly counter-cyclical. B. corporate profits are strongly pro-cyclical. C. the corporate profits tax increases tax collections during recessions.（分数：1.00）A.B.C.30.In a full employment economy, the quantity theory of money states that any increase in the

39、sup ply of money will lead to:（分数：1.00）A.A. increased prices. B.B. increased velocity. C.C. increased production.31.Edward Murray and Kelvin Rippen, economists at M-R Associates, are asked for their opinions on the effects of higher-than- expected inflation. Murray states that higher-than-expected i

40、nflation hurts lenders and helps borrowers. Rippen contends that higher-than-expected inflation causes the real interest rate to be lower than expected. Regarding the statements made by Murray and Rippen: Murray Rippen A. Correct Incorrect B. Incorrect Correct C. Correct Correct（分数：1.00）A.A. B.B. C.

41、C. 32.Robert Necco and Nelson Packard are economists at Economic Research Associates. ERA asks Necco and Packard for their opinions about the effects of fiscal policy on real GDP for an economy currently experiencing a recession. Necco states that real GDP is likely to increase if both government sp

42、ending and taxes are increased by the same amount. Packard states that if both government spending and taxes are increased by the same amount, there is no expected net effect on real GDP. Regarding the statements made by Necco and Packard: Necco Packard A. Correct Correct B. Correct Incorrect C. Inc

43、orrect Incorrect（分数：1.00）A.A. B.B. C.C. 33.Which of the following statements best explains the importance of the timing of changes in discretionary fiscal policy? Changes in discretionary fiscal policy must be timed properly if they are going to: A. help the government achieve a balanced budget. B.

44、exert a stabilizing influence on an economy. C. enable the government to control the money supply.（分数：1.00）A.B.C.34.For an economy operating at full employment, if actual inflation is less than expected inflation, what will most likely be the effects on the unemployment rate in the short run and in

45、the long run? Short run Long run A. Increase Increase B. Decrease No effect C. Increase No effect（分数：1.00）A.A. B.B. C.C. 35.Which of the following is least likely to be cited as a limitation of discretionary fiscal policy stabilizers? A. Changes in the business cycle are difficult to predict. B. Tax

46、es paid by households increase as incomes rise. C. Legal changes are delayed while legislators debate fiscal policy issues.（分数：1.00）A.B.C.36.Assume that the reserve requirement is 20 percent and banks currently have no excess reserves. If excess reserves stay at zero and the Federal Reserve buys $10

47、0 million of Treasury bills from the public, the money supply would increase by:（分数：1.00）A.A. $20 million. B.B. $100 million. C.C. $500 million.37.During the seminar, “Inflation - Friend or Foe?“ Joe Lebow, an analyst with Greenwald it will increase the excess reserves of banks and tend to increase

48、the money supply because banks may expand their loans.（分数：1.00）A.B.C.115.The supply of money is primarily determined by:（分数：1.00）A.A. inflation. B.B. the monetary authorities. C.C. interest rates.116.A business peak is present when: A. most businesses are operating at below level and real GDP is dec

49、reasing rapidly. B. most businesses are operating at capacity level and real GDP is decreasing rapidly. C. most businesses are operating at capacity level and real GDP is growing rapidly.（分数：1.00）A.B.C.117.Which one of the following is least accurate with regard to money serving as a medium of exchange? Without money to serve as a medium of exchange: A. peoples standard of living would probably decline. B. people would continue to enjoy their current standard of living and countries would become more self-sufficient in production of g