c. the natural climate, such as abundant rain, makes the irrigation projects unnecessary. d. the government dictates the choice of investment.
154．Real GDP
a. expresses GDP in constant prices. b. distorts the price level in the GDP. c. measures only intermediate goods d. is another term for GNP.
155．The good that receives the most weight in the CPI is the good that
a. consumers buy most frequently.
b. has experienced the greatest price increase. c. has the highest price.
d. consumers spend the largest fraction of their income on.
156．A country’s balance of international trade is positive when
a. imports exceed exports.
b. exports plus investment exceed imports plus domestic saving. c. exports exceed imports
d. imports plus domestic saving exceed exports plus investment.
二、判断题 (每小题 1 分)
1．The government component of GDP includes salaries paid to Army generals but not Social Security benefits to the elderly.
2．An increase in the saving rate does not permanently increases the growth rate of real GDP per person.
3．In ten years when you are the owner of a major U.S. corporation, if your corporation opens and operates a branch in a foreign country you will be engaging in foreign direct investment. 4．Corporations receive no proceeds from the resale of their stock.
5．According to the rule of 70, if you earn an interest rate of 3.5 percent, your savings will double about every 20 years.
6．The value of a stock depends on the ability of the company to generate dividends and the
expected price of the stock when the stockholder sells her shares. 7．A minimum wage above equilibrium creates a labor surplus.
8．According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.
9．The use of money allows trade to be roundabout.
10．The quantity theory of money can explain hyperinflations but not moderate inflation. 11．In every economy, national saving equals domestic investment plus net capital outflow. 12．In the open-economy macroeconomic model, net exports represent the quantity of dollars demanded in the foreign-currency exchange market.
13．Although trade policies do not affect a country's overall trade balance, they do affect specific firms and industries.
14．If speculators bid up the value of the dollar in the market for foreign-currency exchange, aggregate demand would shift to the left.
15．In response to a decrease in output the economy would revert to its original level of prices and output whether the decrease in output was caused by a decrease in aggregate demand or a decrease in aggregate supply.
16．John Maynard Keynes advocated policies that would increase aggregate demand as a way to decrease unemployment caused by recessions.
17．An increase in the money supply shifts the aggregate supply curve right. 18．Unemployment insurance and welfare programs work as automatic stabilizers. 19．In the long run, the inflation rate depends primarily on money supply growth.
20．Although monetary policy cannot reduce the natural rate of unemployment, other types of
policies can.
21．If nominal GDP is 10,000 and real GDP is 8,000 the GDP deflator is 125.
22．International data on the history of real GDP growth rates shows that the rich countries
get richer and the poor countries get poorer.
23．One of the reasons that African countries may have grown slower than other countries
is that many have high barriers to trade.
24．When the U.S. government is in debt, it follows that they have a deficit.
25．The future value of $1 saved today is $1/(1 + r).
26．The market for insurance is one example of reducing risk by using diversification. 27．Someone who is without work but is not looking for work would be counted as
unemployed by the BLS.
28．Union workers earn about 10 percent to 20 percent more than similar workers who do
not belong to unions.
29．Because of the multiple tools at its disposal, the Fed is precise in its control of the
money supply.
30．Inflation distorts savings because people pay taxes on their nominal rather than their
real interest income.
31．In an open economy, U.S. national savings can be less than U.S. investment. 32．If the real interest rate were above the equilibrium rate, there would be a shortage of
loanable funds.
33．Although trade policies do not affect a country's overall trade balance, they do affect
specific firms and industries.
34．When output rises, unemployment falls.
35．The explanations for the slopes of the aggregate demand and aggregate supply curves
are the same as the explanations for the slope of demand and supply curves for specific goods and services.
36．A decrease in the price level makes consumers feel wealthier, so they purchase more.
This logic helps explain why the aggregate demand curve slopes downward. 37．In liquidity preference theory, an increase in the interest rate decreases the quantity of
money demanded, but does not shift the money demand curve.
38．In principle the government could increase the money supply or government
expenditures to try to offset the effects of a wave of pessimism about the future of the economy.
39．In the long run, the natural rate of unemployment depends primarily on the growth
rate of the money supply.
40．A policy change that reduced the natural rate of unemployment would shift both the
long-run aggregate-supply curve and the long-run Phillips curve left.
41．When a Chinese citizen works temporarily in the United States, her production is a part of U.S. GDP.
42．Changes in the prices of most natural resources compared to other goods indicate that
natural resources are generally becoming scarcer.
43.Constant returns to scale is the point on a production function where increasing inputs
will no longer increase output.
44．When the government runs a budget deficit, national saving is reduced, interest rates
rise, and investment falls.
45．According to the rule of 70, if you earn an interest rate of 3.5 percent, your savings will
double about every 20 years.
46．Risk-averse persons will take no risks.
47．Someone who is without work but is not looking for work would be counted as
unemployed by the BLS.
48．The unemployment rate reported by the BLS clearly understates the true
unemployment rate.
49．M1 includes savings deposits.
50．When the value of money is on the vertical axis, an increase in the price level shifts
money demand to the right.
51．U.S. exports make up less than 20 percent of GDP.
52．The key determinant of net capital outflow is the real exchange rate.
53．When a country imposes a trade restriction, the real exchange rate of that country's
currency appreciates.
54．Like real GDP, investment fluctuates, but investment fluctuates by a larger percentage. 55．When output rises, unemployment falls.
56．An unexpected increase in the price level does not shift the aggregate supply curve, but
an expected increase in the price level shifts the aggregate supply curve to the left. 57．If inflation is zero, then the nominal and real interest rate are the same. 58．The multiplier is found as MPC/(1 - MPC).
59．If the Fed were to increase the money supply, inflation and unemployment would both
increase in the short run.
60．The sacrifice ratio is the percentage point increase in the unemployment rate created in
the process of reducing inflation by one percentage point.
61．When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP.
62．In countries where women are discriminated against, policies that increase their career and educational opportunities are likely to increase the birth rate.
63．Michael Kramer found that world growth rates have increased as population has. 64．Suppose a small closed economy has GDP of $5 billion, Consumption of $3 billion, and Government expenditures of $1 billion. Then domestic investment and national saving are both $1 billion.
65．According to the efficient markets hypothesis, at any moment in time, the market price is the best guess of the company's value based on available information.
66．According to the efficient markets hypothesis, stocks follow a random walk so that stocks that increase in price one year are more likely to increase than decrease in the next year.
67．In the United States, blacks and whites have similar labor force participation rates, but blacks have a higher unemployment rate.
68．According to the theory of efficiency wages, firms operate more efficiently if they can pay wages that are below the equilibrium level.
69．In the months of November and December, people in the United States hold a larger part of their money in the form of currency because they intend to shop for the holidays. As a result, the money supply increases, ceteris paribus.
70．In the 1990s, U.S. prices rose at about the same rate as in the 1970s.
71．According to the theory of purchasing-power parity, the real exchange rate defined as foreign goods per unit of U.S. goods will equal the domestic price level divided by the foreign price level. 72．Net capital outflow represents the quantity of dollars supplied in the foreign-currency exchange
market.
73．If policymakers impose import restrictions on automobiles, the U.S. trade deficit would shrink. 74．Most economists believe that classical theory explains the world in the short run, but not the
long run.