金融英语中级经济学-2及答案解析.doc

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1、金融英语中级经济学-2 及答案解析(总分：140.00，做题时间：90 分钟)一、BSECTION ONE/B(总题数：10，分数：20.00)1.How much is the present value of a property paying 300 per year if the interest rate is 6%? (a)300 (b)283.01 (c)319.15 (d)5000（分数：2.00）A.B.C.D.2.The price elasticity of demand curve faced by a competitive firm is _. (a)0. (b)-

2、1. (c)-. (d)1.（分数：2.00）A.B.C.D.3.Current deposits are money because they are _. (a)legal tender. (b)fiat money. (c)token money. (d)a medium of exchange.（分数：2.00）A.B.C.D.4.When one countrys potential GDP is higher than its real GDP, this means _. (a)its exports are higher than its imports. (b)inflati

3、on is getting worse. (c)there exists some unemployment. (d)None of the above.（分数：2.00）A.B.C.D.5.The maximum amount by which the banking system can expand the supply of money by lending is _. （分数：2.00）A.B.C.D.6.Decreasing returns to scale may arise from _. (a)specialization of inputs. (b)duplication

4、of plant and equipment at equal cost. (c)inefficiencies in management. (d)using inputs in unequal proportions.（分数：2.00）A.B.C.D.7.For a profit-maximizing firm, the price level equals its marginal revenue (MR) when _. (a)in an oligopolistic market. (b)in a monopolistic situation. (c)in a perfectly com

5、petitive market. (d)sales rise with the increase in price level.（分数：2.00）A.B.C.D.8.Which of the following will NOT cause a shift in the demand for baseballs? (a)Very good weather. (b)A decrease in the price of baseball hats. (c)The consumers expectations. (d)An increase in the price of baseballs.（分数

6、：2.00）A.B.C.D.9.If there is a deposit of 20 billion of new currency into the banking system, excess reserves will increase by _. （分数：2.00）A.B.C.D.10.Assume that there is inflation in the United States and the government pursues a contractionary fiscal policy. The likely effect would be that _. (a)th

7、ere would be a lower domestic interest rate and an increase in the demand for dollars that would partially offset the policy. (b)there would be a depreciation in the value of the dollar and a decrease in net exports that would partially offset the contractionary fiscal policy. (c)there would be an i

8、ncrease in net exports and an increase in aggregate demand that would partially offset the policy. (d) there would be a decrease in net exports and a decrease in aggregate demand that would partially reinforce the policy.（分数：2.00）A.B.C.D.二、BSECTION TWO/B(总题数：6，分数：120.00)11.Use the information in the

9、 table below to answer the following questions concerning a consumers choice between food and clothing.Clothing MUc MUc/Pc Food MUf MUf/Pf1 60 6.00 1 115 5.752 55 2 1053 51 3 984 48 4 945 47 5 926 46 6 90(a)Fill in the blanks that remain in the table.(b)Let income=130, Pf=20, and Pc=10. Does the mar

10、ket basket C=1 and F=6 satisfy the budget constraint? Could this be the utility maximizing market basket? If not, in which direction would the consumer like to reallocate his purchases (i. e., more food or more clothing)?（分数：20.00）_12.A plastics monopolist faces the demand curve P=180 - Q, where Q i

11、s measured in thousands of pounds per year and P is measured in dollars per pound. Marginal cost is constant at MC=60 per pound. (a)Find the monopolists profit-maximizing price and quantity. (b)What is the elasticity of demand at the profit-maximizing price?（分数：20.00）_13.Suppose QD=100-2P, and QS=-5

12、0+3P.(a)What is the original market equilibrium price and quantity?(b)The government imposes a tax of 1 per unit. Compute the after-tax equilibrium. What are the new equilibrium price and quantity? How much revenue does the government collect?（分数：20.00）_14.What are the three major functions of money

13、? Describe how drastic inflation can undermine the ability of money to perform these three basic functions.（分数：20.00）_15.Consider the following data: Nominal GDP for 1994 was 6550 billion, as compared to 6250 billion for 1993. The GDP deflator for 1994 was 102.5, as compared to 100.0 for 1993. (a)Ca

14、lculate the rates of growth of nominal GDP and real GDP for 1994. (b)What was the inflation rate (as measured by the GDP deflator) for 1994?（分数：20.00）_16.What is the Phillips curve? What does it purport to show? Why might we be interested in the relationship suggested by the Phillips curve? Explain.

15、（分数：20.00）_金融英语中级经济学-2 答案解析(总分：140.00，做题时间：90 分钟)一、BSECTION ONE/B(总题数：10，分数：20.00)1.How much is the present value of a property paying 300 per year if the interest rate is 6%? (a)300 (b)283.01 (c)319.15 (d)5000（分数：2.00）A.B.C.D. 解析：2.The price elasticity of demand curve faced by a competitive firm is

16、 _. (a)0. (b)-1. (c)-. (d)1.（分数：2.00）A.B.C. D.解析：3.Current deposits are money because they are _. (a)legal tender. (b)fiat money. (c)token money. (d)a medium of exchange.（分数：2.00）A.B.C.D. 解析：4.When one countrys potential GDP is higher than its real GDP, this means _. (a)its exports are higher than i

17、ts imports. (b)inflation is getting worse. (c)there exists some unemployment. (d)None of the above.（分数：2.00）A.B.C. D.解析：5.The maximum amount by which the banking system can expand the supply of money by lending is _. （分数：2.00）A.B.C. D.解析：6.Decreasing returns to scale may arise from _. (a)specializat

18、ion of inputs. (b)duplication of plant and equipment at equal cost. (c)inefficiencies in management. (d)using inputs in unequal proportions.（分数：2.00）A.B.C. D.解析：7.For a profit-maximizing firm, the price level equals its marginal revenue (MR) when _. (a)in an oligopolistic market. (b)in a monopolisti

19、c situation. (c)in a perfectly competitive market. (d)sales rise with the increase in price level.（分数：2.00）A.B.C. D.解析：8.Which of the following will NOT cause a shift in the demand for baseballs? (a)Very good weather. (b)A decrease in the price of baseball hats. (c)The consumers expectations. (d)An

20、increase in the price of baseballs.（分数：2.00）A.B.C.D. 解析：9.If there is a deposit of 20 billion of new currency into the banking system, excess reserves will increase by _. （分数：2.00）A.B. C.D.解析：10.Assume that there is inflation in the United States and the government pursues a contractionary fiscal po

21、licy. The likely effect would be that _. (a)there would be a lower domestic interest rate and an increase in the demand for dollars that would partially offset the policy. (b)there would be a depreciation in the value of the dollar and a decrease in net exports that would partially offset the contra

22、ctionary fiscal policy. (c)there would be an increase in net exports and an increase in aggregate demand that would partially offset the policy. (d) there would be a decrease in net exports and a decrease in aggregate demand that would partially reinforce the policy.（分数：2.00）A.B.C. D.解析：二、BSECTION T

23、WO/B(总题数：6，分数：120.00)11.Use the information in the table below to answer the following questions concerning a consumers choice between food and clothing.Clothing MUc MUc/Pc Food MUf MUf/Pf1 60 6.00 1 115 5.752 55 2 1053 51 3 984 48 4 945 47 5 926 46 6 90(a)Fill in the blanks that remain in the table

24、.(b)Let income=130, Pf=20, and Pc=10. Does the market basket C=1 and F=6 satisfy the budget constraint? Could this be the utility maximizing market basket? If not, in which direction would the consumer like to reallocate his purchases (i. e., more food or more clothing)?（分数：20.00）_正确答案：()解析：(a)Cloth

25、ingMUcMUc/Pc FoodMUfMUf/Pf1 60 6.00 1 1155.752 55 5.50 2 1055.103 51 5.10 3 98 4.904 48 4.80 4 94 4.705 47 4.70 5 92 4.606 46 4.60 6 90 4.50(b)Yes, 110+620=130=income, so the budget constraint is satisfied with this market basket. However, this market basket could not be utility maximizing since (MU

26、c/Pc)=6(MUf/Pf)=4.5. The consumer can increase utility by spending more money on clothing.12.A plastics monopolist faces the demand curve P=180 - Q, where Q is measured in thousands of pounds per year and P is measured in dollars per pound. Marginal cost is constant at MC=60 per pound. (a)Find the m

27、onopolists profit-maximizing price and quantity. (b)What is the elasticity of demand at the profit-maximizing price?（分数：20.00）_正确答案：()解析：(a)Set MR=MC, or 180-2Q=60 to find Q* =60 and P* =180-60=120.(b)The point elasticity of demand at P* = 120 is Ed=-bP/Q=-1 (120/60)=-2. As is always true with linea

28、r demand, the monopolist produces in the elastic portion of the demand curve.13.Suppose QD=100-2P, and QS=-50+3P.(a)What is the original market equilibrium price and quantity?(b)The government imposes a tax of 1 per unit. Compute the after-tax equilibrium. What are the new equilibrium price and quan

29、tity? How much revenue does the government collect?（分数：20.00）_正确答案：()解析：(a)Setting Q D=QS, the original equilibrium is the solution to 100-2P=-50+3P or P* =30 and Q*=40.(b)After a 1 tax is imposed, we can solve for the price received by sellers: 100-2(P S+1)= -50+ 3PSor PS* = 148/5 =29.60. The new q

30、uantity is Q*=38.8. The government collects 38.8=38.80.14.What are the three major functions of money? Describe how drastic inflation can undermine the ability of money to perform these three basic functions.（分数：20.00）_正确答案：()解析：Money acts as (1) a medium of exchangeenabling the purchase of goods an

31、d services, (2) a store of wealththe ability to delay purchase yet maintain wealth, and (3) a unit of accountthe assignment of a monetary value to goods and services permitting a comparison of relative value, both currently and over time. Drastic inflation refers to a period of rapid escalation in p

32、rices, meaning the purchasing power of money plummets. We may observe sellers unwilling to accept money and using it, they find its purchasing power significantly eroded. Then money is not acting as a medium of exchange. When its purchasing power is declining, money is obviously not a good store of

33、wealth. Also in such periods, borrowers benefit at the expense of savers, as they repay dollars that have lower purchasing power than the dollars they initially borrowed, and we may find some prices escalate more rapidly than others. Then money is not functioning as a good unit of account. If rampan

34、t inflation does occur, money ceases to perform its functions well and individuals may mm to barter as a means of organizing the exchange of goods and services. This is an inefficient outcome for the economy.15.Consider the following data: Nominal GDP for 1994 was 6550 billion, as compared to 6250 b

35、illion for 1993. The GDP deflator for 1994 was 102.5, as compared to 100.0 for 1993. (a)Calculate the rates of growth of nominal GDP and real GDP for 1994. (b)What was the inflation rate (as measured by the GDP deflator) for 1994?（分数：20.00）_正确答案：()解析：(a)Nominal GDP 1993=6250 billion; and nominal GDP

36、 1994=6550 billion;The growth rate of nominal GDP for 1994 =(6550b-6250b)/6250b100%=4.8%Real GDP1993=(6250b/100.0)100=6250bReal GDP1994=(6550b/102.5)1006390.2bThe growth rate of real GDP for 1994 =(6390.2b-6250b)/6250b100% =2.2%(b)The inflation rate for 1994=(102.5-100.0)/100.0100%=2.5%16.What is th

37、e Phillips curve? What does it purport to show? Why might we be interested in the relationship suggested by the Phillips curve? Explain.（分数：20.00）_正确答案：()解析：The Phillips curve depicts an inverse relationship between inflation and the unemployment rate, based on empirical data over the 1950s and 1960

38、s. It purports to show that a stable trade-off exists between unemployment and inflation. The interest in the Phillips curve arises because it presents governments with a dilemma in economic policy. Manipulation of aggregate demand fails to shift the inflation unemployment trade-off; that is the pos

39、ition of the Phillips curve. Demand management policies only enable a choice to be made about the position of the economy on the Phillips curvelow unemployment and high inflation or, by accepting higher levels of unemployment, lower levels of inflation. Thus the existence of the Phillips curve implies it is impossible to achieve low inflation and full employment simultaneously.