期末考试A卷_macro_anser

宏观经济学（一）335010123 -（01） 期末考试试题（A卷）

考试对象:成思危金融实验班

本试卷满分为70分，占课程总成绩的70%，平时占课程总成绩的30%。 答题要求：

1. 请将答案统一写在答题纸上，不按要求答题的，责任考生自负。 2. 答题纸与试卷一同交回，否则酌情扣分。

3. 考试为闭卷，请遵守考场纪律，作弊试卷成绩为0。

1. Multiple Choice （TOTAL:21 points, one point for each）:

In this section, please identify the letter of the choice that best completes the statement or answers the question.

(1) One characteristic of the recovery phase of the business cycle is that ( a )

a. upward pressure on the economy’s price level begins to build b. output reaches its maximum level c. a recession will soon follow d. unemployment is increasing

(2) The upward slope of the trend line through a business bible indicates that (d )

a. the economy is in a recovery phase b. the economy is in a period of stagflation

c. there is a positive relationship between real GDP and the price level

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d. the economy’s output increases in the long-run

e. the quantity supplied of a certain good increases as the price decreases

(3) The three groups of goods and services that are given the largest percentage weights in the calculation of the consumer price index are ( d )

a. food、tobacco and alcohol, transportation and communication, medical care

b. housing, transportation and communication, apparel c. housing, education, apparel

d. food、tobacco and alcohol, housing, transportation and communication

(4) A country with a fixed exchange rate ( ) (a) always gives up control of its monetary policy. (b) must open its capital markets.

(c) gives up control of its monetary policy if it maintains perfect capital mobility (资本自由流动). (d) none of the above.

(5) Which of the following would result in a real appreciation of the Chinese Yuan with respect to the British Pound? a. Increase in Yuan per Pound nominal exchange rate b. Increase in Price Index of United Kingdom (Britain) c. Increase in Price Index of Chinese d. None of the Above

(6) The value-added approach to GDP computation involves ( d ) a. problems of double counting

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b. subtracting income from expenditures

c. summing the price times quantity for all intermediate goods d. summing the addition to value at each stage in production

(7) If all Chinese firms operating overseas decided to relocate within China, then ( d ) a. GNP would increase

b. both GNP and GDP would decrease c. GNP and GDP would be unchanged

d. GNP would be unchanged but GDP would increase e. GNP would decrease and GDP would increase

(8) a discouraged worker is one who ( c )

a. cannot find a job and has quite searching for work

b. is suicidal as a result of lack of success on the job market c. takes a job that is below his or her skill level

d. is laid-off due to an unexpected downturn in the business cycle e. is stuck in a low-paying low-skill job with no prospects for improvement

(9) Inflation can be the politician’s friend when it causes tax revenues to ( c )

a. increase while people are distracted by increases in other prices b. fall due to tax cuts that are introduced to close inflationary gaps c. increase without an increase in tax rates d. rise due to increases in people’s real incomes

(10) A significant problem with barter exchanges in an economy is that ( d )

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a. only one party benefits from barter exchanges

b. converted into money terms, barter prices typically are higher c. only agricultural goods can be exchanged by barter

d. barter requires a double coincidence of wants, which is often difficult to achieve

(11) The most liquid form of money is ( c ) a. M1 b. M2 c. M0 d. gold

(12) If you withdraw ￥1000 from the bank the following month ( c ) a. the bank’s assets become ￥1000 less than its liabilities b. the money supply will eventually increase c. the money supply will eventually decrease

d. it automatically and instantaneously creates ￥1000 in the bank’s excess reserves

(13) The concept of the velocity of money can be illustrated by students selling used textbooks after the semester is over because ( d ) a. the velocity of money is equal to one just as each student taking a course buys one textbook for the course

b. as textbook sales increase, the velocity of the author’s money increase

c. as textbook sales increase, the velocity of the author’s money decrease

d. textbooks are sold after the semester to new students who use them again, just as money is used over and over

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(14) If the legal reserve requirement is 0.2 and banks hold ￥40 million in excess reserves, then the maximum amount that the money supply can increase is ( d ) a. ￥8 million b. ￥80 million c. ￥20 million d. ￥200 million

(15) When the Central bank buys government securities in the open market, the effect on the asset positions of commercial banks is ( d ) a. negative, forcing banks to call in loans and converting them to reserves

b. positive, decreasing the amount of reserves banks are obligated to hold

c. a substitution of stocks and corporate bonds for government securities

d. to increase bank reserves, which allow banks to increase lending

(16) Which of the following actions by the Central bank would cause the money supply to decrease? ( b )

a. a decrease in the legal reserve requirement b. open market sales of government securities c. a decrease in the discount rate d. a decrease in repo rate (回购利率)

(17) If the government and the Central bank have policies that work in unison during a period of high unemployment and recession, then a possible combination is a fiscal policy with a ( c )

a. surplus budget and a monetary policy to purchase government bonds b. deficit budget and a monetary policy to sell government bonds

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c. deficit budget and a monetary policy to purchase government bonds d. surplus budget and a monetary policy to lower the discount rate e. deficit budget and a monetary policy to raise the discount rate

(18) Deficit financing by government is most likely to be inflationary when the debt is purchased by ( d ) a. the public b. state government c. private banks d. the Central Bank

(19) China’s 1st quarter CPI and PPI (on yoy basis, 同比) in 2017 are ( a ) and ( ), respectively a. 1.4% 7.4% b. 2.0% 6.9% c. 0.8% 7.6% d. 2.5% 7.4% e. 1.0% 7.0%

(20) China’s 1st quarter nominal GDP is 18.068trillion RMB, compared to 16.157 trillion RMB last year, the GDP growth rate is (a ) a. 6.9% b. 11.8% c. 10% d. 6.5%

(21) Because consumers can sometimes substitute cheaper goods for those that have risen in price, ( a ) a. the CPI overstates inflation

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b. the CPI understates inflation

c. the GDP deflator overstates inflation d. there is no effect on CPI

2. True/False Questions (TOTAL: 24 points，3 points each):

In this section, write whether each statement is True or False. Please fully explain your answer. No credit will be given for an answer without an explanation.

(1) A bank has ￥10 worth of capital and its leverage is 5. If the bank is paying zero interest rate on its debt, a 2% increase in asset prices results in a 10% return on the capital of the bank.

Note: leverage = total assets/equity; total asset = debt + equity

T, total asset of the bank: 5 × 10 = 50, plus 2% return : 51 minus debt(=40) > 11 > 10% return on capital.

(2) Suppose that the government introduces a new spending program that is fully paid for by an increase in taxes. Such a program will have no effect on investment.

T, As you saw in the lectures such a program will increase Y with the same amount as change in G. (dY = dG). This means the consumption will not change since C = c0 + c1(Y − T ) (or dC = c1(dY − dT ) and therefore I = Y − C − G is not changing.

(3) Higher nominal interest rates increase the demand for cash. F, higher nominal interest rates increases the shadow cost of holding money and therefore increase the demand for bonds and reduces the demand for money.

(4) In an attempt to keep unemployment rate below its natural rate, many Latin American countries used expansionary fiscal and monetary

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policies heavily. These policy choices were the main reason why these same countries entered difficult periods of high inflation, from which they struggled to get out.

True. By keeping u below un, these countries slowly but firmly changed price expectations, and induced very high levels of inflation. By the time these countries realized they wanted to lower inflation, they had to resort to contractionary policies. Thus, they increased unemployment rate above un so as to decrease inflation rate over time until it reached more manageable levels.

(5) A decrease in the unemployment rate in recession suggests that the economy will be in the phase of recovery. F

(6) Multiplier effect of government spending is calculated based on the Keynes’s absolute income hypothesis, which assets that as national income increases, consumption increases, but at an increasing rate. F, decreasing rate

(7) Chinese and American M2/GDP ratios are shown in the figure below (the upper line represents the M2/GDP in China), as we can see, our

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M2/GDP ratio is much higher than that in the United States. Can we, thereby, draw the conclusion that there is excess money supply in China?

(8) The largest category of our M2 money supply is in the form of currency.

3. Short questions (TOTAL: 20 points, 4 points each): To get full credit you should justify your answers.

(1) Suppose that Beijing Bank has reserves totaling ￥100,000 on ￥1,000,000 of deposits. Also suppose that Mike, fearing an impending (即将发生的) financial crisis, withdraw ￥20,000 from his account at Beijing Bank and buries the cash in this backyard. (i) By how much will the bank have to reduce its loans? (ii) Calculate the maximum amount the money supply may contract (收缩) as a result. Show your work.

Reserve ratio:10%

Reserves decrease by 20,000 to 80,000 when Mike withdraws the 20,000 cash. Its deposits fall to 1,000,000 – 20,000 = 980,000. Then Beijing Bank should have 98,000 in reserves to cover deposits equal to 980,000. Therefore, Beijing Bank must reduce its loans by 18,000, causing the money supply to contract as 180,000.

(2) (i) Sketch the short-run Phillips curve diagram and explain the logic behind the relationship between inflation and unemployment that is represented. (ii) Why is the long-run Phillips curve vertical?

(3) The total nonfarm payroll employment in the U.S. and the gold price.

Event 1: In Jun. 2nd, 2017, The U.S. Bureau of Labor Statistics (BLS) released the data about employment situation in May. Among them, the data of total nonfarm payroll employment (非农就业岗位) was quite

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unexpected. The total nonfarm payroll employment increased by 138000 in May, much lower than the expected increase of 182000. In addition, the change in total nonfarm payroll employment for March was revised down from 79000 to 50000, and the change for April was revised down from 211000 to 174000.

Event 2: In the gold market, the gold price rose rapidly for about 1% later that day, as shown in the figure below.

(i) Is there any rationale behind these two events? Please explain. (ii) Can you recall any other event that might also contribute to the rise of the gold price?

(4) The estate tax (遗产税) in the United States is a tax on the estate of a deceased person before their property (real estate, stocks and bonds, business interests, etc.) is transferred to their heirs. Under current rules, a taxpayer can pass up to $5.45 million to heirs tax-free. For married couples, it's $10.9 million. Above that amount, beneficiaries must pay an estate tax of 40 percent.

Recently, the U.S. president Donald Trump plan to end the estate tax, which led to a heated debate on this issue. What is your opinion about the estate tax?

(5) 某论坛上有这样一个帖子：“刚在东京都买了房子，真心便宜。……房款260万日元，折合人民币17万。中介费及过户的费用30万日元，折合人民币2万。装修预算100万日元，折合6.5万（人民币），因为要安整体浴室，这个比较贵，其他的翻新榻榻米，帖墙纸很便宜，人工贵。……这个出租，市场价在5.5-6.2万（日元），差不多人民币3500-4000一个月。当然我要负担物业费，房产税，

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修缮基金，一个月大概1000人民币。” 请根据“利息理论”，判断此人提供的信息是否可信？

4. (5 points) 为什么经济学是科学？用偏好解释选择符合科学的要求吗？

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