曼昆宏观经济学英语课后题答案之欧阳学创编

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CHAPTER 23: MEASURING A NATION’S INCOME

时间:2021.03.03

创作:欧阳学True/FalseIndicate whether the statement is true or false.???1.?The circular flow diagram describes all transactions between households and firms in a simple economy and shows the equality of expenditures and income.ANSWER:?T

POINTS:?0 / 1???2.?

Gross domestic product includes most items produced and sold illicitly.ANSWER:?F

POINTS:?0 / 1???3.?

Net national product is the total income of a nation’s residents minus losses from depreciation.ANSWER:?T

POINTS:?0 / 1??4.?Disposable personal income is the income that households and unincorporated business have left after satisfying all their obligations to the government. It equals personal income minus personal taxes and certain non-tax payments to government.ANSWER:?T

POINTS:?0 / 1???5.?The purchase of new houses by households is included in the calculation of personal consumption expenditures of GDP.ANSWER:?F

POINTS:?0 / 1?

Multiple ChoiceIdentify the choice that best completes the statement or answers the question.??1.?

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.ANSWER:?A

POINTS:?0 / 1??2.?

Income equals expenditure becausea.

firms always pay out all their revenue as income to someone.b.

each time a sale is made, there is a buyer and a seller.c.

households own the factors of production used to generate incomes.d.All of the above are correct.ANSWER:?B

POINTS:?0 / 1??3.?

If a province makes the production and sale of illicit drugs legal, then GDPa.

must increase.b.

must decrease.c.

wouldn't change.d.

may increase or decrease.ANSWER:?A

POINTS:?0 / 1??4.?

When a government provides subsidies to encourage growth of small businesses, the subsidies woulda.

be included in GDP because they are invested by businesses.b.

be included in GDP because they are a form of government spending.c.

not be included in GDP because they are transfer payments.d.

may or may not be included in GDP, depending on how the funds are used.ANSWER:?C

POINTS:?0 / 1??5.?Diesel fuel isa.

always considered a final good.b.

counted as an intermediate good if a company uses it to provide transportation services.c.

counted as a final good if a farmer uses it to run a tractor to grow crops.d.Both b and c are correct.ANSWER:?B

POINTS:?0 / 1??6.?

Gross domestic producta.

is the market value of all final goods and services produced within a country in a given period (usually a year)b.

is the income in the hands of individuals after deducting income taxes; income available to households to spend and savec.

is the value of goods and services purchased by all levels of government— federal, provincial, and local—in a given periodd.

is the market value of all final goods and services produced by permanent residents of a nation in a given time periodANSWER:?A

POINTS:?0 / 1??7.?

Macroeconomics is that branch of economics that studiesa.

the conditions of individual marketsb.

the influence of governments on individual marketsc.

economy-wide phenomenad.

only the private sector of the economyANSWER:?C

POINTS:?0 / 1??8.?

Suppose that nominal GDP is $6,000 billion and real GDP is $3,000. What is the GDP price deflator?a.125b.150c.200d.250ANSWER:?C

POINTS:?0 / 1??9.?The purchase of final goods and services by households is calleda.

investmentb.

public sector expenditurec.

consumptiond.

net exportsANSWER:?C

POINTS:?0 / 1??10.?

Investment is the purchase of capital equipment, inventories, anda.

structuresb.

non-durable goodsc.

depreciationd.

import investmentANSWER:?A

POINTS:?0 / 1??11.?Transfer paymentsa.

are included in GDP because they are forms of incomeb.

are included in GDP because goods and services have been produced in the transferc.

are NOT included in the GDP because goods and services have not been produced in the transferd.

are included in GDP because they represent the production of transfers of goods and services to foreign countriesANSWER:?C

POINTS:?0 / 1??12.?

Which of the following would be considered consumption expenditure?a.The Smiths buy a home built in 1990.b.The federal government pays the salary of a captain in the Armed Forces.c.The Hostlers buy a new car that was manufactured in Germany.d.The government buys food for its armed forces.ANSWER:?C

POINTS:?0 / 1??13.?The method that measures GDP in relationship to the size of the population is calleda.GNPb.

worker GDPc.

GDP per persond.

capital GDPANSWER:?C

POINTS:?0 / 1??14.?The components of GDP area.C + I + Gb.

NX + G + Cc.C + G + NXd.C + I + G + NXANSWER:?D

POINTS:?0 / 1??15.?

Suppose nominal GDP is $7700 and the GDP deflator is 110. Real GDP isa.

$7700b.

$7000c.

$847,000d.

$8470ANSWER:?B

POINTS:?0 / 1?

Short Answer??1.?

What are the components of gross domestic product (GDP)?

RESPONSE:?ANSWER:?The components of GDP are: (1) consumption 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, provincial, 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).

POINTS:?-- / 1??2.?Differentiate between gross domestic product (GDP) and gross national product (GNP).

RESPONSE:?ANSWER:?

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 nation’s permanent residents or nationals (that is, Canadians). GNP differs from GDP by including income that citizens of the nation (Canada) earned aboard, and excluding income that foreigners earn in the particular country (E.g. in Canada).

POINTS:?-- / 1??3.?Differentiate between real GDP and nominal GDP.

RESPONSE:?ANSWER:?

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 constant 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.

POINTS:?-- / 1??4.?

Explain why GDP is not considered a perfect measure of well- being?

RESPONSE:?ANSWER:?

s not considered a perfect measure of well-being because some of the factors that contribute 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)

POINTS:?-- / 1??5.?

How do economists measure economic growth?

RESPONSE:?ANSWER:?

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.

POINTS:?-- / 1?CHAPTER 24: MEASURING THE COST OF LIVINGTrue/FalseIndicate whether the statement is true or false.??1.?The GDP deflator reflects the prices of goods and services bought by consumers,?and the consumer price index reflects the price of all final goods and services produced domestically.ANSWER:?F

POINTS:?0 / 1??2.?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 price of currently produced goods and services to the price of the same goods and services in the base years.ANSWER:?T

POINTS:?0 / 1??3.?

Indexation refers to the automatic correction of a dollar amount for the effects of inflation by law or contract.ANSWER:?T

POINTS:?0 / 1??4.?

Long term contracts between firms and unions will sometimes include partial or complete indexation of the wage to the consumer price index. This is called a cost-of-living allowance clause.ANSWER:?T

POINTS:?0 / 1??5.?The core inflation rate is the consumer price index with the exclusion of the most volatile components such as energy and food.ANSWER:?T

POINTS:?0 / 1?

Multiple ChoiceIdentify the choice that best completes the statement or answers the question.??1.?

In the CPI, goods and services are weighted according toa.

how much a typical consumer buys of each item.b.

whether the items are necessities or luxuries.c.

how much of each item is produced in the domestic economy.d.

how much is spent on them in the national income accounts.ANSWER:?A

POINTS:?0 / 1??2.?By not taking into account the possibility of consumer substitution, the CPIa.

understates the standard of living.b.

overstates the cost of living.c.

neither overstates nor understates the cost of living.d.

doesn't accurately reflect the cost of living, but it is unclear if it overstates or understates the cost of living.ANSWER:?B

POINTS:?0 / 1??3.?

If the prices of Brazilian-made shoes imported into Canada increases, thena.

both Canada’s GDP deflator and it’s consumer price index will increase.b.

neither Canada’s GDP deflator nor it’s consumer price index will increase.c.Canada’s GDP deflator will increase but its CPI will not increase.d.Canada’s consumer price index will increase, but its GDP deflator won’t change.ANSWER:?D

POINTS:?0 / 1??4.?

If increases in the prices of Canadian car insurance causes the CPI to increase by 3 percent, the GDP deflator will likely increase bya.

more than 3 percent.b.

3 percent.c.

less than 3 percent.d.All of the above are correct.ANSWER:?C

POINTS:?0 / 1??5.?The real interest rate tells youa.

how quickly your savings account will grow.b.

how quickly the purchasing power of your savings account will grow.c.

the size of your savings account.d.

the purchasing power of your savings account.ANSWER:?B

POINTS:?0 / 1??6.?

Inflation refers toa.

a temporary increase in the price level due to higher tax ratesb.

a large increase in food and gasoline pricesc.

a situation in which the economy's overall price level is risingd.

an increase in the purchasing power of the dollarANSWER:?C

POINTS:?0 / 1??7.?

If nominal interest rates increase from 8 percent to 10 percent while inflation increases from 3 percent to 12 percenta.

the real interest rate falls from 5 percent to –2 percentb.

the real interest rate rises from –2 percent to 5 percentc.

the real interest rate falls from 8 percent to 12 percentd.

the real interest rate rises from 8 percent to 12 percentANSWER:?A

POINTS:?0 / 1??8.?

If the nominal rate of interest is 10 percent and the rate of inflation is 3 percent, what is the real rate of interest?a.

13 percentb.

7 percentc.

3 percentd.

–7 percentANSWER:?B

POINTS:?0 / 1??9.?The consumer price index:a.

measures price changes of raw materialsb.

adjusts all prices of goods and services for five-year periodsc.

measures the cost of goods and services bought by a typical consumerd.

cannot measure price changes of intangible production such as servicesANSWER:?C

POINTS:?0 / 1??10.?

If the consumer price index (CPI) at the end of 1996 was 125 and the CPI at the end of 1997 was 131, then the rate of inflation during 1997 wasa.

zero – prices were stable during 1997b.

4.8 percentc.

6.0 percentd.125 percentANSWER:?B

POINTS:?0 / 1??11.?Frank's nominal income in 1998 is $45,000. Suppose the CPI in 1998 is 150. What is Frank's real income?a.

$51,750b.

$45,000c.

$38,250d.

$30,000ANSWER:?D

POINTS:?0 / 1??12.?A change in the price of imports bought by consumers will bea.

reflected in the GDP deflatorb.

reflected in GDPc.

reflected in the CPId.

reflected in net national incomeANSWER:?C

POINTS:?0 / 1??13.?All of the following but one are problems associated with the CPIa.

substitution biasb.

the introduction of new goods and servicesc.

unmeasured quality changesd.The CPI is not based on a fixed basket of goods and servicesANSWER:?D

POINTS:?0 / 1??14.?

Which of the following is correct?a.The CPI is not based on a fixed basket of goods and services.b.The GDP deflator reflects the prices of all domestically produced goods and services.c.The GDP deflator is based on a fixed basket of goods and services.d.The GDP deflator is subject to substitution bias.ANSWER:?B

POINTS:?0 / 1??15.?The inflation ratea.

is a measure of the cost of a basket of goods and services bought by firmsb.

is the absolute change in prices between yearsc.

is the percentage change in the price index from the preceding periodd.

measures changes in incomes from one year to the nextANSWER:?C

POINTS:?0 / 1?

Short Answer??1.?

What is the consumer price index (CPI)? What are the three major items included in the CPI?

RESPONSE:?ANSWER:?The CPI is a measure of the overall cost of the goods and services bought by a typical consumer. The three major items included in the CPI are shelter, transportation and food.

POINTS:?-- / 1??2.?

How is the CPI computed?

RESPONSE:?ANSWER:?First the basket of goods and services must be determined and also the relative importance of the various items to be included in the basket. Then the prices of the various items in the basket are determined. The cost of the basket is then determined using the data on prices and quantity. The base year is chosen, and the index for the base year is computed using the quantities in the basket and the base year prices. The index is calculated by taking the price of the basket in the each year and dividing this by the price of the basket in the base year. This ratio is then multiplied by 100.

POINTS:?-- / 1??3.?Differentiate between the nominal rate of interest and the real rate of interest.

RESPONSE:?ANSWER:?The nominal interest rate is the interest rate as usually reported without a correction for the effects of inflation. The real interest rate is the interest rate corrected for the effects of inflation. The real interest rate = nominal interest rate minus the inflation rate.

POINTS:?-- / 1??4.?

What is meant by the inflation rate?? If the CPI in 1996 was 107.6 and in 1995 was 105.9, calculate the inflation rate for 1996.

RESPONSE:?ANSWER:?The inflation rate is the percentage change in the price index from the preceding period.? The inflation rate for 1996 would be:

POINTS:?-- / 1??5.?

What are the problems associated with using the consumer price index to measure the cost of living?

RESPONSE:?ANSWER:?The problems are: (1) Prices do not change proportionately. Consumers respond by buying less of the goods whose prices have risen by large amounts and by buying more of the goods whose price have risen by less, or even fallen. The index is computed using a fixed basket of items, so theses changes in quantity would not be reflected in the basket. This is referred to as the substitution bias. (2) The CPI is developed using a fixed basket of goods and services, when new products are introduced during the time period that a particular fixed basket is being used, these new products will not be included in calculation of the index. (3) The CPI does not measure quality changes. If the quality of a good deteriorates from one year to the next, the value of the dollar falls, even if the price of the good stays the same. Likewise, if the quality of the good increases from one year to the next, the value of a dollar also rises. Statistics Canada will try to adjust the price of the good to account for the quality change, but it is very difficult to measure quality.

POINTS:?-- / 1CHAPTER 25: PRODUCTION AND GROWTHTrue/FalseIndicate whether the statement is true or false.??1.?

One way to raise future productivity is to invest less current resources in the production of capital.ANSWER:?F

POINTS:?0 / 1??2.?Diminishing returns occur when the benefits from an extra unit of output declines as the quantity of output declines.ANSWER:?F

POINTS:?0 / 1??3.?

usian theory states that an ever-increasing population would continually strain society’s ability to provide for itself. This doomed human beings to forever live in poverty.ANSWER:?T

POINTS:?0 / 1??4.?

Productivity growth is measured by real output per worker.ANSWER:?T

POINTS:?0 / 1??5.?The primary reason that living standards are higher today than they were a century ago is that technological knowledge has advanced.ANSWER:?T

POINTS:?0 / 1?

Multiple ChoiceIdentify the choice that best completes the statement or answers the question.??1.?

Of the following countries, which grew the slowest over the last 100 years?a.Brazil.b.

Mexico.c.

Singapore.d.

United States.ANSWER:?D

POINTS:?0 / 1??2.?

On average, each year of schooling raises a person's wage in Canada by abouta.

3 percent.b.

10 percent.c.

15 percent.d.

25 percent.ANSWER:?B

POINTS:?0 / 1??3.?The primary reason that Canadian living standards are higher today than they were a century ago is thata.

more productive natural resources have been discovered.b.

physical capital per worker has increased.c.

technological knowledge has increased.d.

human capital has increased.ANSWER:?C

POINTS:?0 / 1??4.?

Many countries in Africa have low growth rates. This is partly due toa.

few natural resourcesb.

high trade barriers.c.

low incomes, making it very difficult for them to grow.d.All of the above are correct.ANSWER:?B

POINTS:?0 / 1??5.?A government can encourage growth and, in the long run, raise the economy’s standard of living by encouraginga.

population growth.b.

consumption spending.c.

saving and investment.d.

trade restrictions.ANSWER:?C

POINTS:?0 / 1??6.?Diminishing returns is the notion thata.

as the stock of capital ages, the extra output produced decreasesb.

as the stock of capital is increased, the extra output produced from an additional unit of capital fallsc.

as resources are used to produce capital goods, fewer additional capital goods can be producedd.

you always get what you pay forANSWER:?B

POINTS:?0 / 1??7.?Compared with richer countries, poorer countries are generally characterized bya.

high real GDP per personb.

political stabilityc.

rapid population growthd.

strongly enforced property rightsANSWER:?C

POINTS:?0 / 1??8.?

Which one of the following countries would most likely be considered a poorer nation, using real GDP/person?a.Canadab.

Germanyc.

Japand.

IndiaANSWER:?D

POINTS:?0 / 1??9.?

Which of the following factors would be most likely to encourage capital formation in a poorer nation?a.

the expectation of sustained high rates of inflation in the futureb.

the expectation that property rights will remain securec.

the expectation that a struggle between capitalist and socialist forces will lead to major structural change in the economyd.

an increase in corporate taxes in order to finance an expanded government welfare programANSWER:?B

POINTS:?0 / 1???10.?

Which of the following is most likely to cause the productivity of labour to increase?a.

higher money wage ratesb.

a higher rate of investment in human and physical capitalc.

more flexible working hours and improved retirement plansd.

none of the aboveANSWER:?B

POINTS:?0 / 1??11.?

Suppose that factory output rose from 50,000 units to 55,000 units while labour hours rose from 1100 to 1200. Which of the following is true?a.

Labour productivity remained unchanged.b.

Labour productivity increased slightly.c.

Labour productivity decreased slightly.d.

Labour productivity increased sharply.ANSWER:?B

POINTS:?0 / 1??12.?

Which of the following would be most likely to cause the real income per person of poorer countries to rise?a.

a more rapid population growthb.

a rapid rate of inflationc.

an international minimum-wage lawd.

an increase in foreign investment that enhanced the productivity of the labour forceANSWER:?D

POINTS:?0 / 1??13.?

If a production function has constant returns to scale, then:a.

doubling inputs will double output.b.

doubling inputs will triple output.c.

doubling inputs will cause output to increase, but the increase in output will be less than the increase in inputs.d.

doubling inputs will decrease output.ANSWER:?A

POINTS:?0 / 1?

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