1. The purchase of final goods and services by households is called a. investment.
b. public sector expenditure. c. consumption. d. net exports.
2. Suppose that nominal GDP is $6,000 billion and real GDP is $3,000. What is the GDP price deflator? a. 125. b. 150. c. 200. d. 250.
3. Intermediate goods and services
a. are counted in gross domestic product (GDP).
b. are counted in national income but not in gross domestic product (GDP). c. are not counted in gross domestic product (GDP) because that would constitute double counting. d. are not counted in gross domestic product (GDP) because they have no value to consumers.
4. GDP is defined as
a. the market value of all intermediate goods and services produced within a country in a given time period.
b. the market value of all final goods and services produced within a country in a given time period.
c. the market value of all intermediate goods and services produced by a country’s citizens within a given time period.
d. the market value of all final goods and services produced by a country’s citizens within a given time period. 5. Net exports
a. is calculated as exports minus imports. b. is calculated as imports minus exports. c. is calculated as imports plus exports.
d. is calculated as exports less government purchases.
6. Spending on capital equipment, inventories, and structures is referred to as
a. consumption expenditure. b. investment expenditure. c. government expenditure. d. expenditure on net exports. 7. GDP is represented by a. C + I + G.
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b. NX + G. c. I + G + NX.
d. C + I + G + NX.
8. If you were asked to study the quantity of output an economy produced over the past five years, you would use real GDP rather than nominal GDP because a. exports are excluded from real GDP, making it less complicated than nominal GDP.
b. real GDP accounts for imports, making it more precise than nominal GDP. c. nominal GDP fails to account for transfer payments, whereas real GDP includes these payments.
d. nominal GDP reflects changes in both output and prices, whereas real GDP, roughly speaking, merely reflects changes in output. 9. Which of the following would NOT be included in GDP? a. Mike grows tomatoes in her home garden.
b. Brooke purchases a new suit to wear to work. c. John purchases a new Ford car.
d. Community Bank purchases new computers for its loan officers.
10. Suppose nominal GDP is 7700, and the GDP deflator is 110. Real GDP is a. $7700. b. $7000. c. $847,000. d. $8470. 参考答案：
1.c 2.c 3.c 4.b 5.a 6.b 7.d 8.d 9.a 10.b 第16章自测题：
1. Inflation refers to
a. a temporary increase in the price level due to higher tax rates. b. a large increase in food and gasoline prices.
c. a situation in which the economy’s overall price level is rising. d. an increase in the purchasing power of the dollar. 2. The consumer price index
a. measures price changes of raw materials.
b. adjusts all prices of goods and services for five year periods.
c. measures the cost of goods and services bought by a typical consumer. d. cannot measure price changes of intangible production such as services. 3. If the consumer price index (CPI) at the end of 1999 was 125 and the CPI at the end of 2000 was 133, then the rate of inflation over the time period was:
a. zero.
b. 4.8 percent. c. 6.4 percent.
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d. 8 percent.
4. A change in the price of imports bought by consumers will be a. reflected in the GDP deflator. b. reflected in GDP.
c. reflected in net national income. d. reflected in the CPI.
5. Substitution bias in the CPI
a. tends to overestimate the cost of living. b. tends to underestimate the cost of living.
c. has no impact on estimates of the cost of living. d. causes decreases in spending.
6. The price index that measures the cost of a basket of goods and services bought by firms is the
a. CPI (consumer price index). b. GDP deflator.
c. Implicit price deflator. d. PPI (producer price index).
7. Your grandparents tell you that in 1960 they paid $0.35 for admission to a movie. The price index in 1960 was 30. The price index in today is 171. What is the price your grandparents paid in today’s dollars? a. $1.05 b. $1.99 c. $3.01 d. $5.98
8. If nominal interest rates increase from 8 percent to 10 percent while inflation increases from 5 percent to 8 percent: a. the real interest rate falls from 3% to 2%. b. the real interest rate rises from 4% to 2%. c. the real interest rate falls from 3% to -2%. d. the real interest rate rises from 8% to 12%. 9. Which of the following statements is correct?
a. The real rate of interest can not be a negative number.
b. The GDP deflator is NOT based on a fixed basket of goods and services. c. The GDP deflator and the CPI typically diverge. d. Changes in quality are fully reflected in the CPI.
10. The price of helicopters purchased by the U.S. military increases. This increase would be reflected
a. in both the CPI and the GDP deflator. b. only in the GDP deflator. c. only in the CPI.
d. in neither the CPI nor the GDP deflator.
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参考答案：
1.c 2.c 3.c 4.d 5.a 6.d 7.b 8.a 9.b 10.b 第17章自测题
1. What is the best measure of productivity? a. an increase in total real GDP b. an increase in total nominal GDP
c. an increase in output per hour of work d. an increase in nominal GDP per worker
2. Which of the following is NOT a determinant of productivity? a. physical capital b. human capital c. wages
d. technological knowledge
3. The recent growth record of Japan indicates that a nation can grow rapidly without
a. securely defined property rights. b. the adoption of modern technology.
c. significant amounts of capital formation. d. abundant domestic natural resources. 4. Small differences in the growth rate:
a. can translate into significant differences in the long run. b. usually make very little difference in the long run.
c. are significant only if they are followed by sustained inflation. d. are not significant enough to cause any change in long-run GDPs and can often lead to significant declines in growth.
5. Which of the following would be considered human capital? a. a robot on an assembly line b. a calculator
c. a college education d. a college classroom
6. If the political leaders of a country wanted to promote economic growth, which of the following policy alternatives would be most effective?
a. price controls on agricultural products in order to keep the price of food cheap
b. a government program that supported research and development activities c. increased trade restraints
d. policies restricting foreign investment in the country 7. The four determinants of a country’s productivity are:
a. physical capital, human capital, financial capital, and natural resources. b. financial capital, natural resources, physical capital, and technological
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knowledge.
c. physical capital, natural resources, technological knowledge, and government fiscal and monetary policies.
d. physical capital, human capital, natural resources, and technological knowledge.
8. Evidence shows that, in general, the larger the level of investment as a share of GDP
a. the smaller the productivity growth rate. b. the greater the productivity growth rate.
c. has no influence whatsoever on the productivity growth rate. d. the greater the inefficient use of scarce resources. 9. According to the catch-up effect
a. countries that start off poor tend to grow more rapidly than countries that start off rich.
b. countries that start off poor tend to grow less rapidly than countries that start off rich.
c. nations with relatively high living standards grow faster than nations with lower living standards.
d. countries that start off rich undertake more investment than countries that start off poor.
10. A production function shows the relationship between: a. gross domestic product and gross national product.
b. the quantity of inputs used in production and the quantity of output from production.
c. buyers and sellers in an economy. d. production and spending. 参考答案：
1.c 2.c 3.d 4.a 5.c 6.b 7.d 8.b 9.a 10.b 第18章自测题：
1. If Microsoft sells a bond they are a. borrowing directly from the public. b. borrowing indirectly from the public. c. lending directly to the public. d. lending indirectly to the public.
2. Compared to bonds, stocks offer the holder a. lower risk.
b. partial ownership.
c. the likelihood of a lower return. d. All of the above are correct.
3. In a closed economy, national saving equals a. investment.
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b. income minus the sum of consumption and government expenditures. c. private saving plus public saving. d. All of the above are correct.
4. Suppose that in a closed economy GDP is equal to 10,000, Taxes are equal to 2,000, Consumption equals 6,500, and Government expenditures equal 2,500. What are private saving and public saving? a. 1500 and –500 b. 1500 and 500 c. 1000 and –500 d. 1000 and 500
5. Suppose that consumption is 6,500, taxes are 1,500, and government expenditures are 2,000. If national savings are 1,000 and the economy is closed what is GDP? a. 9,500 b. 10,000 c. 10,500
d. None of the above are correct.
6. If the current market interest rate for loanable funds is below the equilibrium level, then there is a
a. surplus of loanable funds and the interest rate will rise. b. shortage of loanable funds and the interest rate will rise. c. shortage of loanable funds and the interest rate will fall. d. surplus of loanable funds and the interest rate will fall.
7. What would happen in the market for loanable funds if the government were to increase the tax on interest income?
a. The supply of loanable funds would shift right. b. The demand for loanable funds would shift right. c. The supply of loanable funds would shift left. d. The demand for loanable funds would shift left.
8. If Congress instituted an investment tax credit, the interest rate would a. rise and saving would rise. b. fall and saving would fall. c. rise and saving would fall. d. fall and saving would rise.
9. An increase in the budget deficit a. makes investment spending fall. b. makes investment spending rise.
c. does not affect investment spending.
d. may increase, decrease, or not affect investment spending. 10. The fall in investment due to government borrowing is called a. the Barro Reduction.
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b. the Solow Rresidual. c. the Ricardian Principle. d. crowding out. 参考答案：
1.a 2.b 3.d 4.a 5.a 6.b 7.c 8.a 9.a 10.d 第20章自测题：
1. Cyclical unemployment is closely associated with a. long-term economic growth.
b. short-run ups and downs of the economy.
c. fluctuations in the natural rate of unemployment. d. seasonal fluctuations in spending.
2. The labor-force participation rate measures the percentage of the a. total adult population that is in the labor force. b. total adult population that is employed. c. labor force that is employed.
d. labor force that is either employed or unemployed.
3. Anna has just finished school and started looking for a job, but has not yet found one. As a result, the unemployment rate
a. increases, and the labor-force participation rate is unaffected. b. increases, and the labor-force participation rate increases. c. is unaffected, and the labor-force participation rate increases. d. increases, and the labor-force participation rate decreases. 4. Discouraged workers
a. are not counted either as part of the adult population or as part of the labor force.
b. are counted as part of the adult population, but not as part of the labor force.
c. are counted as part of the adult population, and as unemployed. d. None the above are correct. 5. Most spells of unemployment are
a. long, and most unemployment observed at any given time is long term. b. long, but most unemployment observed at any given time is short term. c. short, but most unemployment observed at any given time is long term. d. short, and most unemployment observed at any given time is short term. 6. The natural unemployment rate includes
a. both frictional and structural unemployment. b. neither frictional nor structural unemployment. c. structural, but not frictional unemployment. d. frictional, but not structural unemployment.
7. People who are unemployed because of job search are best classified as a. cyclically unemployed.
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b. structurally unemployed. c. frictionally unemployed. d. discouraged workers. 8. Consumers decide to buy more computers and fewer typewriters. As a result, computer companies expand production while typewriter companies lay-off workers. This is an example of
a. structural unemployment created by efficiency wages. b. cyclical unemployment created by a recession.
c. frictional unemployment created by a sectoral shift in demand. d. None of the above are correct.
9. Which of the following causes of unemployment is not associated with an excess supply of labor? a. minimum-wage laws b. unions c. job search
d. efficiency wages
10. The theory of efficiency wages explains why
a. setting wages at the equilibrium level may increase unemployment. b. it may be in the best interest of firms to offer wages that are above the equilibrium level.
c. the most efficient way to pay workers is to pay them according to their skills.
d. it is efficient for firms to set wages at the equilibrium level. 参考答案：
1.b 2.a 3.b 4.b 5.c 6.a 7.c 8.c 9.c 10.b 第21章自测题：
1. Economists use the word “money” to refer to
a. income generated by the production of goods and services. b. those assets regularly used to buy goods and services. c. the value of a person’s assets. d. the value of stocks and bonds.
2. Which list ranks assets from most to least liquid? a. currency, fine art, stocks b. currency, stocks, fine art c. fine art, currency, stocks d. fine art, stocks, currency
3. Which of the following is not included in M1? a. currency
b. demand deposits c. savings deposits d. travelers’ checks
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4. The Fed can influence unemployment in a. the short and long run.
b. the short run, but not the long run. c. the long run, but not the short run. d. neither the short nor long run.
5. As the reserve ratio increases, the money multiplier a. increases.
b. does not change. c. decreases.
d. could do any of the above.
6. Which list contains only actions that increase the money supply? a. raise the discount rate, make open market purchases b. raise the discount rate, make open market sales c. lower the discount rate, make open market purchases d. lower the discount rate, make open market sales
7. If the Fed wanted to increase the money supply, it would make open market a. purchases and lower the discount rate. b. sales and lower the discount rate.
c. purchases and raise the discount rate. d. sales and raise the discount rate.
8. Which of the following is not a tool of monetary policy? a. open market operations b. reserve requirements
c. changing the discount rate d. increasing the deficit
9. In a fractional reserve banking system, an increase in reserve requirements
a. increases both the money multiplier and the money supply. b. decreases both the money multiplier and the money supply.
c. increases the money multiplier, but decreases the money supply. d. decreases the money multiplier, but increases the money supply.
10. If the reserve ratio increased from 10 percent to 20 percent, the money multiplier would
a. rise from10 to 20. b. rise from 5 to 10. c. fall from 10 to 5. d. not change. 参考答案：
1.b 2.b 3.c 4.b 5.c 6.c 7.a 8.d 9.b 10.c 第22章自测题：
1. The supply of money increases when
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a. the value of money increases. b. the interest rate increases.
c. the Fed makes open-market purchases. d. None of the above is correct.
2. As the price level decreases, the value of money a. increases, so people want to hold more of it. b. increases, so people want to hold less of it. c. decreases, so people want to hold more of it. d. decreases, so people want to hold less of it.
3. According to the classical dichotomy, which of the following increases when the money supply increases? a. the real interest rate b. real GDP
c. the real wage
d. None of the above increases. 4. The principle of monetary neutrality implies that an increase in the money supply will
a. increase real GDP and the price level.
b. increase real GDP, but not the price level. c. increase the price level, but not real GDP. d. increase neither the price level nor real GDP.
5. Based on the quantity equation, if M = 100, V = 3, and Y = 200, then P =
a. 1. b. 1.5. c. 2.
d. None of the above is correct. 6. If money is neutral and velocity is stable, an increase in the money supply creates a proportional increase in a. real output. b. nominal output. c. the price level.
d. Both b and c are correct.
7. The nominal interest rate is 6 percent and the real interest rate is 2 percent. What is the inflation rate? a. 3 percent b. 4 percent. c. 8 percent. d. 12 percent.
8. If a country had deflation,
a. the nominal interest rate would be greater than the real interest rate.
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b. the real interest rate would be greater than the nominal interest rate. c. the real interest rate would equal the nominal interest rate. d. None of the above are necessarily correct. 9. The inflation tax
a. transfers wealth from the government to households.
b. is the increase in income taxes due to lack of indexation. c. is a tax on everyone who holds money. d. All of the above are correct.
10. When people use more resources to reduce their money holdings because of high inflation, this is an example of a. inflation-induced tax distortions. b. relative-price variability costs. c. shoeleather costs. d. menu costs.
11. Menu costs refers to
a. resources used by people to maintain lower money holdings when inflation is high.
b. the distortion in resource allocation created by uncertainty concerning relative price changes created by inflation. c. the distortion in incentives created by inflation when taxes do not adjust for inflation.
d. the cost of more frequent price changes induced by higher inflation. 12. For a given real interest rate, an increase in inflation makes the after-tax real interest rate
a. decrease, which encourages savings. b. decrease, which discourages savings. c. increase, which encourages savings. d. increase, which discourages savings. 参考答案：
1.c 2.b 3.d 4.c 5.b 6.d 7.b 8.b 9.c 10.c 11.d 12.b 第23章自测题：
1. As recessions begin production a. and unemployment both rise. b. rises and unemployment falls. c. falls and unemployment rises. d. and unemployment both fall. 2. According to classical economic theory, changes in the money supply affect a. nominal variables and real variables.
b. nominal variables, but not real variables. c. real variables, but not nominal variables.
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d. neither nominal nor real variables.
3. A decrease in the price level induces people to hold
a. less money, so they lend less, and the interest rate rises. b. less money, so they lend more, and the interest rate falls. c. more money, so they lend more, and the interest rate rises. d. more money, so they lend less, and the interest rate falls. 4. When the dollar depreciates, U.S. a. exports and imports increase.
b. exports increase, while imports decrease. c. exports decrease, while imports increase. d. exports and imports decrease.
5. An increase in the price level causes the aggregate quantity of goods and services demanded to decrease because
a. wealth rises, interest rates rise, and the dollar appreciates. b. wealth rises, interest rates fall, and the dollar depreciates. c. wealth falls, interest rates rise, and the dollar appreciates. d. wealth falls, interest rates fall, and the dollar depreciates. 6. When taxes decrease, consumption increases as shown by
a. a movement to the right along a given aggregate demand curve. b. shifting aggregate demand to the right. c. shifting aggregate supply to the right. d. None of the above is correct.
7. Which of the following shifts aggregate demand to the left? a. The price level rises. b. The price level falls. c. The dollar depreciates. d. Stock prices fall.
8. The aggregate supply curve is vertical in a. the short and long run.
b. neither the short nor long run.
c. the long run, but not the short run. d. the short run, but not the long run.
9. The long-run aggregate supply curve shifts right if a. technology improves.
b. the price level decreases. c. the price of oil increases. d. the money supply increases.
10. The sticky wage theory of the short-run aggregate supply curve says that when the price level rises more than expected, the real wage a. rises, so employment rises. b. rises, so employment falls.
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c. falls, so employment rises. d. falls, so employment falls.
11. Which of the following shifts short-run, but not long-run aggregate supply right?
a. a decrease in the price level
b. a decrease in the expected price level c. a decrease in the capital stock d. an increase in the money supply.
12. Which of the following would cause prices to fall and output to rise in the short run?
a. Short-run aggregate supply shifts right. b. Short-run aggregate supply shifts left. c. Aggregate demand shifts right. d. Aggregate demand shifts left.
13. A decrease in the availability of an important major resource such as oil shifts
a. aggregate supply right. b. aggregate supply left. c. aggregate demand right. d. aggregate demand left.
14. Which of the following would cause stagflation? a. aggregate demand shifts right b. aggregate demand shifts left c. aggregate supply shifts right d. aggregate supply shifts left 参考答案：
1.c 2.b 3.b 4.b 5.c 6.b 7.d 8.c 9.a 10.c 11.b 12.a 13.b 14.d 第24章自测题：
1. When the interest rate increases, the opportunity cost of holding money a. increases, so the quantity of money demanded increases. b. increases, so the quantity of money demanded decreases. c. decreases, so the quantity of money demanded increases. d. decreases, so the quantity of money demanded decreases.
2. According to the theory of liquidity preference, which variable adjusts to balance the supply and demand for money? a. interest rate b. money supply
c. quantity of output d. price level
3. People will want to hold more money if the price level
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a. or the interest rate increases. b. or the interest rate decreases.
c. increases or the interest rate decreases. d. decreases or the interest rate increases.
4. The main reason the aggregate demand curve slopes downward is because as the price level
a. increases, interest rates increase, and investment decreases. b. increases, interest rates decrease, and investment increases. c. decreases, interest rates increase, and investment increases. d. decreases, interest rates decrease, and investment decreases.
5. In the short run, an increase in the money supply causes interest rates to
a. increase, and aggregate demand to shift right. b. increase, and aggregate demand to shift left. c. decrease, and aggregate demand to shift right. d. decrease, and aggregate demand to shift left.
6. If the Fed conducts open-market purchases, the money supply a. increases and aggregate demand shifts right. b. increases and aggregate demand shifts left. c. decreases and aggregate demand shifts right. d. decreases and aggregate demand shifts left.
7. Which of the following tends to make aggregate demand shift right farther than the amount government expenditures increase? a. the crowding-out effect b. the multiplier effect c. the wealth effect
d. the interest-rate effect
8. If the MPC = 3/5, then the government purchases multiplier is a. 5/3. b. 5/2. c. 5. d. 15.
9. Which of the following correctly explains the crowding-out effect? a. An increase in government expenditures decreases the interest rate and so increases investment spending.
b. An increase in government expenditures increases the interest rate and so reduces investment spending.
c. A decrease in government expenditures increases the interest rate and so increases investment spending.
d. A decrease in government expenditures decreases the interest rate and so reduces investment spending.
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10. If the MPC is 0.80 and there are no crowding-out or accelerator effects, an initial increase in AD of $100 billion will eventually shift the AD curve to the right by a. $80 billion. b. $125 billion. c. $500 billion. d. $800 billion. 11. If taxes
a. increase, consumption increases, aggregate demand shifts right. b. increase, consumption decreases, aggregate demand shifts left. c. decrease, consumption increases, aggregate demand shifts left. d. decrease, consumption decreases, aggregate demand shifts right.
12. During expansions, automatic stabilizers make government expenditures a. and taxes fall. b. and taxes rise.
c. rise, and taxes fall. d. fall and taxes rise. 参考答案：
1.b 2.a 3.c 4.a 5.c 6.a 7.b 8.b 9.b 10.c
11.b 12.d
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