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图1-5 风险溢价
如图1-5所示，风险溢价CF表示一个人为了在风险性选择和确定性选择之间保持无差异而愿意放弃的收入额。这里，风险溢价为4000美元，因为一份16000美元（位于C点）的确定性收入与一份期望收入为20000美元的不确定性收入（0.5的概率位于A点，0.5的概率位于E点）给该人带来的效用相等（都为14）。
风险溢价通常依赖于风险状况，风险越大，风险溢价越高，反之就越低。用期望值和方差的概念来表述，就是在期望值相等的情况下，方差越大，风险溢价越高。
2．扩展线
答：在生产要素的价格、生产技术和其他条件不变时，如果企业改变成本，等成本线就会发生平移；如果企业改变产量，等产量曲线就会发生平移。这些不同的等产量曲线将与不同的等成本线相切，形成一系列不同的生产均衡点。这些生产均衡点的轨迹就是扩展线。
图1-6 扩展线
图1-6中的曲线ON是一条扩展线。由于生产要素的价格保持不变，两要素的价格比例是固定的，又由于生产均衡的条件为两要素的边际技术替代率等于两要素的价格比例，所以，在扩展线上的所有的生产均衡点上边际技术替代率都是相等的。这意味着，扩展线一定是一条等斜线。
扩展线表示在生产要素价格、生产技术和其他条件不变的情况下，当生产的成本或产量发生变化时，厂商必然会沿着扩展线来选择最优的生产要素组合，从而实现既定成本条件下的最大产量，或实现既定产量条件下的最小成本。扩展线是厂商在长期的扩张或收缩生产时所必须遵循的路线。
3．科斯定理
答：科斯定理是一种产权理论，由斯蒂格勒根据科斯于20世纪60年代发表的《社会成985/211历年真题解析,答案,核心考点讲义,你想要的都在这→ 经济学历年考研真题及详解
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本问题》这篇论文的内容概括而成。其内容是：只要财产权是明确的，并且其交易成本为零或者很小，则无论在开始时财产权的配置是怎么样的，市场均衡的最终结果都是有效率的。
科斯定理进一步扩大了“看不见的手”的作用。按照这个定理，只要那些假设条件成立，则外部影响就不可能导致资源配置不当。或者以另一角度来说，在所给条件下，市场力量足够强大，总能够使外部影响以最经济的办法来解决，从而仍然可以实现帕累托最优状态。西方学者认为，明确的财产权及其转让可以使得私人成本（或利益）与社会成本（或利益）趋于一致。以污染问题为例，科斯定理意味着，一旦所需条件均被满足，则污染者的私人边际成本曲线就会趋于上升，直到与边际社会成本曲线完全重合，从而污染者的利润最大化产量将下降至社会最优产量水平。
科斯定理解决外部影响问题在实际中并不一定真的有效。资产的财产权不一定总是能够明确地加以规定；已经明确的财产权不一定总是能够转让；分派产权会影响收入分配，而收入分配的变动可以造成社会不公平，引起社会动乱。在社会动乱的情况下，就谈不上解决外部效果的问题了。
4．流动性陷阱
答：流动性陷阱又称凯恩斯陷阱或灵活陷阱，是凯恩斯的流动偏好理论中的一个概念，具体是指当利率水平极低时，人们对货币需求趋于无限大，货币当局即使增加货币供给也不能降低利率，从而不能增加投资引诱的一种经济状态。
当利率极低时，有价债券的价格会达到很高，人们为了避免因有价债券价格跌落而遭受损失，几乎每个人都宁愿持有现金而不愿持有债券，这意味着货币需求会变得完全有弹性，人们对货币的需求量趋于无限大，表现为流动偏好曲线或货币需求曲线的右端会变成水平线。在此情况下，货币供给的增加不会使利率下降，从而也就不会增加投资引诱和有效需求，当经济出现上述状态时，就称之为流动性陷阱。但实际上，以经验为根据的论据从未证实过流动性陷阱的存在，而且流动性陷阱也未能被精确地说明是如何形成的。
四、计算分析题（每题10分，共20分）
1．假设某消费者的效用函数是U?x3y，他会把收入的多少用于商品y上？（10分） 解：由消费者的效用函数U?x3y，可得：
MUx?3x2y，MUy?x3 （1）
根据消费者效用最大化的原则
MUxPx?，有： MUyPy3x2yPx3yP?????x???xPx?3yPy （2） 3PyxPyx设消费者收入为I，则xPx?yPy?I （3） 将（2）带入（3），可得yPy?I1，即消费者会将收入的用于消费商品y上。 44
2．假设一个经济中消费函数为C?350?0.8Yd，税率t?0.25，投资函数为I?400?48i，985/211历年真题解析,答案,核心考点讲义,你想要的都在这→ 经济学历年考研真题及详解
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i为利率，转移支付TR?250，政府采购G?200，净出口为NX?50，实际货币余额为M/P?400，货币需求为L?0.2Y?16i。
（1）求出IS、LM曲线，以及均衡收入和均衡利率。（4分） （2）如果政府支出增加?G?200，求新的均衡收入与利率。（2分）
（3）计算政府支出变动引起的挤出效应有多大？如果政府采取财政赤字货币化政策，通货—存款比率为0.35，准备金率为0.10，问中央银行需要在公开市场购买多少政府债券才能完全消除财政挤出效应？（4分）
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五、证明与简答题（每题8分，共16分）
1．试证明在完全竞争的市场上，如果一个企业的生产技术具有规模报酬不变的特性，那么如果最大利润存在，它一定是零。
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2．说明当不利的供给冲击导致通货膨胀时，为什么不能实行工资指数化？ 答：工资指数化是指工人的货币工资随物价指数浮动，按照价格指数自动调节收入的一种工资制度。工资指数化的目的是为了消除市场经济条件下，物价波动对员工工资水平的影响，对工资制度实行物价补偿的原则，根据物价指数的变动而相应调整工资，使工资的增长高于或至少不低于物价的上涨。
当总需求既定不变，经济遭遇不利的供给冲击时，厂商生产成本增加，从而导致消费品价格上升。在工资指数化制度下，工资也会随之上升。而这将引发价格、原材料成本和工资的进一步上涨。在这种情况下，工资指数化反而助长了通货膨胀的螺旋式上升。
六、论述题（每题14分，共28分）
1．举例说明外部性怎样导致了市场的低效率？运用经济理论比较分析解决外部性问题的三种方法的作用。
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2．为应对金融危机，美国政府实施了财政刺激计划，国债纪录屡创新高。2011年5月16日，美国国债终于触及国会所允许的14.29万亿美元上限。2011年8月2日美国国会通过了债务上限协议，同意将债务上限从2.1万亿美元提高至2.4万亿美元，但代价是未来十年内需削减1.2万亿美元规模的财政赤字。请根据宏观经济理论分析：
（1）美国债务危机产生的原因？
（2）试说明美国政府应该怎样选择债务融资与货币融资来弥补赤字？ （3）美国债务危机对中国经济的影响。
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七、专业英语（英译中，共计50分）
1．Similarities and differences between 2008 and today（20分）
There are worrying similarities between 2008 and today as indicators point to another interbank lending freeze. But there also some important differences: credit bubbles are deflated, housing prices adjusted, private debt reduced and, last but not least; banks have started to deleverage their balance sheets, mainly by strengthening their capital and reserves; even in Europe,
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banks have increased their capital by more than 20% on average since Lehman.
However, the decisive difference is with regard to the distribution and probability of expected losses, resulting in 2008 mainly from housing loans but today from government debt.
In 2008, losses resulting from the subprime and securitisation debacle were a done deal; there was (and still is) no quick remedy to revive the housing market. But what was unclear was the exposure of each bank to these toxic assets, especially as exposure came not in plain vanilla but in wrapped and structured style. Governments' task was to make sure that banks could withstand the losses that were bound to hit the banks. Not knowing which banks were most exposed, they offered a wide range of public support to all of them.
Today, the exposure of each bank to government debt is there for all to see, thanks to the last round of the European banking stress tests. But writedowns on these assets are far from clear (except in the case of Greek bonds); it depends entirely on the actions of policymakers. It is in their hands to avoid default.
The bottom line: after Lehman, governments around the world did a terrific job in supporting banks, leading to an astonishingly quick recovery of the banking world (also in terms of profits and bonuses). This time around, the ineffective efforts to resolve the euro crisis let the banks down. Now, they have to bear the brunt. But a larger scale banking crisis can still be avoided. All that is required? Decisive action by policymakers to finally curb the sovereign debt crisis.
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2．Trade in CSGTs（20分）
In response to the current long-term global economic downturn, proactive economic measures to promote new industries are necessary. Climate-smart goods and technologies (CSGTs) in particular are receiving considerable attention as a potential source of growth, as on a global scale such growth in environmental goods and services will create huge international business opportunities.
CSGTs are defined broadly as products, components and technologies that tend to have a relatively less adverse impact on climate change ( i. e. greenhouse gas emission)in particular and on the environment in general. CSGTs constitute low carbon technologies such as solar photovoltaic systems, wind power generation, clean coal technologies and energy-efficient lighting. Trade and investment in CSGTs and climate-smart services have recently received much attention as a triple win scenario where trade, climate and environment, and development all benefit. In China, for example, 5.3% of its RMB4 trillion (about $585 billion) economic stimulus package has been given to an environment-related budget. More recently, the nuclear disaster in Japan has triggered global awareness of the needs to seriously promote CSGTs. The achievement of low-energy consumption is now regarded as a key not only to solving climate-change problems but also to reducing reliance on nuclear power. Outside the Asia-Pacific region, the Government of the United States has introduced a $150 billion, 10-year renewable energy initiative, and the European Union has taken active measures to support the switch to low-emission vehicles.
Global trade in CSGTs is gradually rising. The value of world CSGT exports was around $410 billion in the pre-crisis year of 2008, and exports and imports accounted for about 3% of global trade. Although most CSGT exporters are developed economies, some developing economies are also emerging as important players as will become more evident from the 985/211历年真题解析,答案,核心考点讲义,你想要的都在这→ 经济学历年考研真题及详解
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discussion below.
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3．Capital gains tax（10分）
A tax on the difference between the sales price of a \price. The capital assets subject to this tax include such things real estate, stocks, and bonds. This tax is frequently a source of controversy between the second and third estates. In that the second estate owns and sells a lot of this sort of capital, they don't like to pay taxes on capital gains. However, because the third estate doesn't have much capital it seems like a pretty good thing to tax. Those who oppose the capital gains tax argue that it takes away funds that would be used for further capital investment, which thus inhibits economic growth. Those who favor it argue that helps equalize unfairly unequal income and wealth distributions.
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