75．Because not all prices adjust instantly to changing conditions, an unexpected fall in the price level leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and services they produce. 76．All explanations for the upward slope of the short-run aggregate supply curve suppose that output supplied increases when the price level increases more than expected.
77．Both the multiplier and the investment accelerator tend to make the aggregate demand curve shift farther than the increase in government expenditures.
78．During recessions, the government tends to run a budget deficit.
79．If macroeconomic policy expands aggregate demand, unemployment will fall and inflation will rise in the short run.
80．The analysis of Friedman and Phelps argues that any change in inflation that is expected has no impact on the unemployment rate.
81．If nominal GDP is 10,000 and real GDP is 8,000 the GDP deflator is 125.
82．Although growth rates across countries vary, rankings of country by income remain
pretty much the same over time.
83．In countries where women are discriminated against, policies that increase their career
and educational opportunities are likely to increase the birth rate.
84．Joan uses some of her income to buy mutual fund shares. A macroeconomist refers to
Joan's purchase as investment.
85．Historically, stocks have offered higher rates of return than bonds.
86．Speculative bubbles may arise in part because the value of the stock to a stockholder
depends on the final sale price.
87．In the United States, blacks and whites have similar labor force participation rates, but
blacks have a higher unemployment rate.
88．Since the 1940s and 1950s, the percentage of U.S. workers who belong to unions has
risen by about one-third.
89．The Federal Reserve was created in 1914 after a series of bank failures in 1907. 90．U.S. prices rose at an average annual rate of about 5 percent over the last 60 years. 91．A country with no imports necessarily has zero net exports.
92．In an open economy, the supply of loanable funds comes from national saving. 93．An import quota imposed by Egypt would reduce Egyptian imports, but have no
impact on Egyptian exports.
94．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.
95．Technological progress shifts the long-run aggregate supply curve to the right. 96．Stagflation would result from the aggregate supply curve shifting left. 97．The multiplier is found as MPC/(1 - MPC).
98．The main criticism of those who doubt the ability of the government to respond in a
useful way to the business cycle is that the theory by which money and government expenditures change output is flawed.
99．In the long run, the inflation rate depends primarily on money supply growth. 100．The sacrifice ratio of the Volcker disinflation was larger than previous estimates had
predicted.
101．GDP is the market value of all final goods and services produced within a country in a given period of time.
102．Property rights refer to the ability of people to exercise authority over the resources they own..
103．Structural unemployment occurs when the quantity of labor supplied exceeds the quantity demanded.
104．The financial system is made up of financial institutions that coordinate the actions of savers and borrowers.
105．All societies experience long-run economic fluctuations around short-run trends.
三、名词解释 (每小题 2 分)
1．diminishing returns:
2．nominal exchange rate: 3．crowding-out effect: 4．stagflation:
5．automatic stabilizers: 6．catch-up effect: 7．trade deficit: 8．capital flight: 9．depression: 10. depreciation: 11．capital flight: 12．recession:
13．technological knowledge: 14．trade policy: 15．human capital: 16．exports:
17．aggregate-demand curve:
18．balanced trade:
四、简答题 (每小题 5 分)
1．Why are property rights important for the growth of a nation's standard of living? 2．Suppose that you are a broker and people tell you the following about themselves. What sort of bond would you recommend to each? Defend your choices.
a. \ b. \
c. \highly.\
3．Draw a simple T-account for First National Bank of Me, which has $5,000 of deposits, a reserve ratio of 10 percent, and excess reserves of $300. 4．What are the costs of inflation?
5．Make a list of things that would shift the long-run aggregate supply curve to the right. 6．Illustrate the classical analysis of growth and inflation with aggregate demand and long-run aggregate supply curves.
7．Why do economists think that the wealth effect and exchange-rate effect are not very
important factors in explaining why aggregate demand slopes downward, at least in the United States?
8．Describe the process in the money market by which the interest rate reaches its equilibrium value if it starts above equilibrium.
9．Compare and contrast the population theories of Malthus and Kremer.
10．Using a graph representing the market for loanable funds, show and explain what happens to interest rates and investment if a government goes from a deficit to a surplus.
11．Which two of the Ten Principles of Economics imply that the Fed can profoundly affect the economy?
12．The U.S. Treasury Department issues inflation-indexed bonds. What are inflation-indexed bonds and why are they important?
13．How does a reduction in the money supply by the Fed make owning stocks less attractive? 14．Why and in what way are fiscal policy lags different from monetary policy lags?
15．Your brother-in-law wants to buy either stock or bonds in Cedar Valley Furniture, but
he isn't sure whether to buy the stock or bonds. Explain how each of his quotes below should affect his choice between the stock and the bond.
a. \health benefits.\
b. \c. \
16．Are credit cards and debit cards money? What's the difference between credit and
debit cards?
17．Suppose that monetary neutrality holds. Of the following variables, which ones do not
change when the money supply increases?
a. real interest rates b. inflation c. the price level d. real output e. real wages f. nominal wages
18．The long-run trend in real GDP is upward. How is this possible given business cycles?
What explains the upward trend?
19．What variables besides real GDP tend to decline during recessions? Given the
definition of real GDP, argue that declines in these variables are to be expected. 20．Suppose that consumers become pessimistic about the future health of the economy,
and so cut back on their consumption spending. What will happen to aggregate demand and to output? What might the president and Congress have to do to keep output stable?
21．Explain how unemployment insurance acts as an automatic stabilizer.
22．Why is productivity related to the standard of living? In your answer be sure to explain
what productivity and standard of living mean. Make a list of things that determine labor productivity.
23．Draw and label a graph showing equilibrium in the market for loanable funds. 24．Founders of the Federal Reserve were concerned that the Fed might form policy
favorable to one part of the country or to a particular party. What are some ways that the organization of the Fed reflects such concerns?
25．The long-run trend in real GDP is upward. How is this possible given business cycles?
What explains the upward trend?
26．Discuss what economists believe is different about the long and short run.
27．A puzzle: The share of GDP devoted to investment was similar for the United States
and South Korea over the last 40 years. However, South Korea had a 6 percent growth rate of average annual income, while the United States had only a 2 percent growth rate over that last 40 years. How can this be explained?
28．Which of the three functions of money are met by each of the following assets in the
U.S. economy?
a. paper dollar b. precious metals
c. collectibles such as baseball cards, stamps, and antiques
29．Prices are many times higher today than they were 30 years ago, yet people do not
work a lot harder nor spend a lot less. How can this be?
30．Discuss what economists believe is different about the long and short run.
31．Suppose that the government spends more on a missile defense program. What does
this do to aggregate demand? How is you answer affected by the presence of the multiplier, crowding-out, and investment-accelerator effects?