宏观经济学（英文版） chapter 2.docx

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1、Macroeconomics (Hubbard et aL)Chapter 2 Measuring the Macroeconomy2.1 GDP: Measuring Total Production and Total Income1) Gross domestic product is calculated as the sum of theA) total quantity of final goods and services produced in the economy during a period of time.B) total quantity of goods and

2、services produced in the economy.C) total market value of goods and services produced in the economy.D) total market value of final goods and services produced in the economy during a period of time.Answer: DDiff: 1 Page Ref: 25Topic: How the Government Calculates GDPObjective: LOI: Explain how econ

3、omists use gross domestic product (GDP) to measure total production and total income.Special Feature: noneAACSB: Reflective Thinking Skills*: Recurring2) Which of the following goods is directly counted in GDP?A) the ground beef that Taco Bell purchases for use in its burritosB) the tortillas that T

4、aco Bell purchases for its burritosC) the paper wrap that Taco Bell purchases to wrap its burritosD) the Burrito Supreme that Sondra purchases for lunch at Taco BellAnswer: DDiff: 2 Page Ref: 25Topic: How the Government Calculates GDPObjective: LOI: Explain how economists use gross domestic product

5、(GDP) to measure total production and total income.Special Feature: noneAACSB: Reflective Thinking Skills*: Recurring25) Explain how the circular flow diagram illustrates that the total value of spending on goods and services in an economy is equal to the total value of income in that economy.Answer

6、: Firms sell goods and services to households, the government, and the rest of the world, and to produce these goods and services, firms buy factors of production from households. Households receive payment for the factors of production sold to firms. The sum of the payments received by households i

7、s total income, which is a measure of GDP. The total value of spending on the goods and services sold by firms is also a measure of GDP, so the total value of spending on goods and services in an economy is equal to the total value of income in the economy because each is a way to measure GDP.Diff:

8、2 Page Ref: 27-28Topic: The Circular Flow of IncomeObjective: LOI: Explain how economists use gross domestic product (GDP) to measure total production and total income.Special Feature: noneAACSB: Reflective Thinking Skills*: RecurringTable 2.220112012Quantity Price Quantity PriceOranges30$0.3040$0.5

9、0Egg Rolls601.10751.30Whistles502.00502.25Table 2.2 gives quantities and prices for each good produced in a simple economy in 2011 and 2012.26) Refer to Table 2.2. Calculate GDP in 2011 and 2012.Answer:2011 GDP = (30 x $0.30) + (60 x $1.10) + (50 x $2.00) = $175.00.2012 GDP = (40 x $0.50) + (75 x $1

10、.30) + (50 x $2.25) = $230.00.Diff: 2 Page Ref: 29Topic: An Example of Measuring GDPObjective: LOI: Explain how economists use gross domestic product (GDP) to measure total production and total income.Special Feature: noneAACSB: Analytic Skills*: Recurring27) List and briefly describe the 4 categori

11、es of expenditures included in GDP.Answer:1. Consumption, or personal consumption expenditures, is the purchase of new goods and services by households.2. Investment, or gross private domestic investment, is spending by firms on new factories, office buildings, machinery, and additions to inventorie

12、s, plus spending by households and firms on new houses.3. Government, or government purchases, is spending by federal, state, and local governments on goods and services.4. Net exports is the value of all exports minus the value of all imports.Diff: 2 Page Ref: 29-33Topic: National Income Identities

13、 and the Components of GDPObjective: LOI: Explain how economists use gross domestic product (GDP) to measure total production and total income.Special Feature: noneAACSB: Reflective Thinking Skills5. Recurring28) Explain the difference between GDP and GNP.Answer: GDP is the market value of all final

14、 goods and services produced in a country during a given period of time, even if the production is owned by citizens of other countries. GNP is the value of all final goods and services produced by residents of a country during a given period of time, even if the production takes place outside the c

15、ountry. GDP - GNP = net factor payments.Diff: 2 Page Ref: 33Topic: The Relationship Between GDP and GNPObjective: LOI: Explain how economists use gross domestic product (GDP) to measure total production and total income.Special Feature: noneAACSB: Reflective Thinking Skills*: Recurring2.2 Real GDP,

16、Nominal GDP, and the GDP Deflator1) Nominal GDP is the value of goods and servicesA) adjusted for inflation.B) adjusted for anticipated inflation.C) using base-year prices.D) using current -year prices.Answer: DDiff: 1 Page Ref: 33Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Dis

17、cuss the differences between real GDP and nominal GDP.Special Feature: noneAACSB: Reflective Thinking Skills*: Recurring2) Real GDP is the value of goods and servicesA) adjusted only for unanticipated inflation.B) adjusted only for anticipated inflation.C) using base-year prices.D) using current -ye

18、ar prices.Answer: CDiff: 1 Page Ref: 33Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: noneAACSB: Reflective Thinking Skills*: Recurring3) If nominal GDP in 2011 was less than real GDP in 2011, we know for ce

19、rtain thatA) the price level in 2011 was greater than the price level in the base year.B) real GDP in 2011 was greater than real GDP in the base year.C) the price level in 2011 was less than the price level in the base year.D) real GDP in 2011 was less than real GDP in the base year.Answer: CDiff: 2

20、 Page Ref: 34Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: noneAACSB: Reflective Thinking Skills*: Recurring4) Which of the following could cause nominal GDP to increase and real GDP to decrease?A) The pric

21、e level falls and the quantity of final goods and services produced falls.B) The price level falls and the quantity of final goods and services produced rises.C) The price level rises and the quantity of final goods and services produced falls.D) The price level rises and the quantity of final goods

22、 and services produced rises.Answer: CDiff: 3 Page Ref: 34Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: noneAACSB: Reflective Thinking Skills*: RecurringTable 2.3200620092012Quantity PriceQuantity PriceQuan

23、tity PricePeaches150$0.20170$0.30190$0.40Tacos750.80801.001001.20Flashlights403.00403.50504.50Harmonicas2014.002516.003018.00Table 2.3 gives quantities and prices for each good produced in a simple economy in 2006, 2009, and 2012.5) Refer to Table 2.3. Nominal GDP in 2006 isA) $320.63.B) $490.00.C)

24、$568.00.D) $1282.50.Answer: BDiff: 2 Page Ref: 34-35Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: Solved Problem 2.2a: Calculating Real GDPAACSB: Analytic Skills6) Refer to Table 2.3. Nominal GDP in 2009 is

25、A) $540.00.B) $568.00.C) $671.00.D) $812.00.Answer: CDiff: 2 Page Ref: 34-35Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: Solved Problem 2.2a: Calculating Real GDPAACSB: Analytic Skills7) Refer to Table 2.3

26、. Nominal GDP in 2012 isA) $568.00.B) $794.00.C) $812.00.D) $961.00.Answer: DDiff: 2 Page Ref: 34-35Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: Solved Problem 2.2a: Calculating Real GDPAACSB: Analytic Ski

27、lls8) Refer to Table 2.3. Assume that 2009 is the base year. Real GDP in 2006 isA) $490.00.B) $568.00.C) $580.00.D) $671.00.Answer: CDiff: 2 Page Ref: 34-35Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: Solv

28、ed Problem 2.2a: Calculating Real GDPAACSB: Analytic Skills9) Refer to Table 2.3. Assume that 2009 is the base year. Real GDP in 2009 isA) $490.00.B) $580.00.C) $671.00.D) $812.00.Answer: CDiff: 2 Page Ref: 34-35Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the difference

29、s between real GDP and nominal GDP.Special Feature: Solved Problem 2.2a: Calculating Real GDPAACSB: Analytic Skills10) Refer to Table 2.3. Assume that 2009 is the base year. Real GDP in 2012 isA) $688.00.B) $794.00.C) $812.00.D) $961.00.Answer: CDiff: 2 Page Ref: 34-35Topic: Real GDP, Nominal GDP, a

30、nd the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: Solved Problem 2.2a: Calculating Real GDPAACSB: Analytic Skills11) Refer to Table 2.3. Assume that 2009 is the base year. The GDP deflator for 2006 isA) 67.1.B) 84.5.C) 100.0.D) 118.3.Answer:

31、 BDiff: 2 Page Ref: 35Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: noneAACSB: Analytic Skills*: Recurring12) Refer to Table 2.3. Assume that 2009 is the base year. The GDP deflator for 2009 isA) 67.1.B) 84

32、.5.C) 100.0.D) 118.3.Answer: CDiff: 2 Page Ref: 35Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: noneAACSB: Analytic Skills*: Recurring13) Refer to Table 2.3. Assume that 2009 is the base year. The GDP defla

33、tor for 2012 isA) 67.1.B) 84.5.C) 100.0.D) 118.3.Answer: DDiff: 2 Page Ref: 35Topic: Real GDP, Nominal GDP, and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: noneAACSB: Analytic Skills*: Recurring14) If the GDP deflator is less than 100 in

34、2011, then nominal GDP real GDP in 2011.A) is less thanB) is greater thanC) is equal toD) may be greater than or less thanAnswer: ADiff: 2 Page Ref: 35Topic: Price Indexes and the GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: noneAACSB: Reflect

35、ive Thinking Skills*: RecurringTable 2.420102011Nominal GDP$555 million$610 millionReal GDP$480 million$575 million15) Refer to Table 2.4. The GDP deflator for 2010 isA) 86.5.B) 115.6.C) 135.1.D) 1563Answer: BDiff: 2 Page Ref: 36Topic: Price Indexes and the GDP DeflatorObjective: LO2: Discuss the di

36、fferences between real GDP and nominal GDP.Special Feature: Solved Problem 2.2b: Calculating the Inflation RateAACSB: Analytic Skills16) Refer to Table 2.4. The GDP deflator for 2011 isA) 60.9.B) 94.3.C) 106.1.D) 157.4.Answer: CDiff: 2 Page Ref: 36Topic: Price Indexes and the GDP DeflatorObjective:

37、LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: Solved Problem 2.2b: Calculating the Inflation RateAACSB: Analytic Skills17) Refer to Table 2.4. The inflation rate for 2011 isA) -8.22%.B) 8.95%.C) 9.13%.D) 10.89%.Answer: ADiff: 2 Page Ref: 36Topic: Price Indexes and th

38、e GDP DeflatorObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: Solved Problem 2.2b: Calculating the Inflation RateAACSB: Analytic Skills18) The measure of GDP which effectively updates the prices for the base year each year and reduces the errors from changes

39、 in relative prices and the introduction of new goods and services is called the A) nominal GDP.B) real GDP.C) deflated GDP.D) chain-weighted GDP.Answer: DDiff: 1 Page Ref: 37Topic: The Chain-Weighted Measure of Real GDPObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special

40、 Feature: noneAACSB: Reflective Thinking Skills*: Recurring19) The Bureau of Economic Analysis releases its first estimate of GDP for a particular quarter about a month after the quarter has ended, and continues to release revised GDP estimates for that quarter for A) three additional months.B) the

41、next 15 months.C) three years.D) more than three years.Answer: DDiff: 1 Page Ref: 37-38Topic: The Chain-Weighted Measure of Real GDPObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: Making the Connection: Trying to Hit a Moving Target: Forecasting with Real-Ti

42、me Data”AACSB: Reflective Thinking Skills20) When deciding whether the economy has entered an economic recession, the NBERs Business Cycle Dating Committee examines and compares the behavior of various measures of broad activity. The measures the committee focuses on include all of the following exc

43、eptA) real GDP measured on the product and income sides.B) production data for specific, individual industries.C) economy-wide employment.D) real income.Answer: BDiff: 1 Page Ref: 24Topic: The Chain-Weighted Measure of Real GDPObjective: LO2: Discuss the differences between real GDP and nominal GDP.

44、Special Feature: Chapter Opener: How Do We Know When We Are In a Recession?AACSB: Reflective Thinking Skills21) The number of Mexican pesos required to buy the same number of goods and services in Mexico as one U.S. dollar buys in the United States is a description of the exchange rate.A) actualB) r

45、ealC) purchasing power parityD) chain-weightedAnswer: CDiff: 1 Page Ref: 39Topic: Comparing GDP Across CountriesObjective: LO2: Discuss the differences between real GDP and nominal GDP.Special Feature: noneAACSB: Reflective Thinking Skills*: Recurring22) Suppose the current exchange rate between the

46、 Japanese yen and the U.S. dollar is 80 yen = $1. Suppose you can buy more goods in the United States with $10 than you can in Japan with 800 yen. Japans GDP in dollars will beA) greater if the current exchange rate, rather than the purchasing power parity exchange rate, is used to convert yen to do

47、llars.B) less if the current exchange rate, rather than the purchasing power parity exchange rate, is used to convert yen to dollars.C) the same whether the current exchange rate or the purchasing power parity exchange rate is used to convert yen to dollars.D) more accurate if the current exchange rate, rather than the purchasing power parity exchange rate, is used to convert yen to dollars.Answer: ADiff: 2 Page Ref: 39Topic: Comparing