曼昆宏观经济学英语课后题答案(共44页).doc

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It equals personal income minus personal taxes and certain non-tax payments to government.ANSWER: TPOINTS: 0 / 1   5. The purchase of new houses by households is included in the calculation of personal consumption expenditures of GDP.ANSWER: FPOINTS: 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: APOINTS: 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: BPOINTS: 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: APOINTS: 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: CPOINTS: 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: BPOINTS: 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 localin 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: APOINTS: 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: CPOINTS: 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: CPOINTS: 0 / 1  9. The purchase of final goods and services by households is calleda.investmentb.public sector expenditurec.consumptiond.net exportsANSWER: CPOINTS: 0 / 1  10. Investment is the purchase of capital equipment, inventories, anda.structuresb.non-durable goodsc.depreciationd.import investmentANSWER: APOINTS: 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: CPOINTS: 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: CPOINTS: 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: CPOINTS: 0 / 1  14. The components of GDP area.C + I + Gb.NX + G + Cc.C + G + NXd.C + I + G + NXANSWER: DPOINTS: 0 / 1  15. Suppose nominal GDP is $7700 and the GDP deflator is 110. Real GDP isa.$7700b.$7000c.$847,000d.$8470ANSWER: BPOINTS: 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 nations 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: GDP is 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: FPOINTS: 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: TPOINTS: 0 / 1  3. Indexation refers to the automatic correction of a dollar amount for the effects of inflation by law or contract.ANSWER: TPOINTS: 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: TPOINTS: 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: TPOINTS: 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: APOINTS: 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: BPOINTS: 0 / 1  3. If the prices of Brazilian-made shoes imported into Canada increases, thena.both Canadas GDP deflator and its consumer price index will increase.b.neither Canadas GDP deflator nor its consumer price index will increase.c.Canadas GDP deflator will increase but its CPI will not increase.d.Canadas consumer price index will increase, but its GDP deflator wont change.ANSWER: DPOINTS: 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: CPOINTS: 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: BPOINTS: 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: CPOINTS: 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: APOINTS: 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: BPOINTS: 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: CPOINTS: 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: BPOINTS: 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: DPOINTS: 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: CPOINTS: 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: DPOINTS: 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: BPOINTS: 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: CPOINTS: 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. T