Depreciation is
the sum of gross and net investment.
a stock variable that affects the economy's ability to produce.
the difference between gross investment and the capital stock.
one of the flow variables affecting the capital stock.
Suppose that the natural rate of unemployment is 4.5 percent and the actual rate
of unemployment is 3.5 percent. Then cyclical unemployment is
1 percent.
−1 percent.
8 percent.
0 percent.
Which of the following shifts the aggregate demand curve rightward?
An increase in the tax rate.
A decrease in the price level.
An increase in the quantity of money.
An increase in the exchange rate.
Which of the following would lead to a downward shift in the nation’s
production function?
Workers have more physical capital to work with.
Workers have engaged in on-the-job training.
Workers have acquired less human capital.
The size of the labor force has decreased.
Which of the following will shift the investment demand curve leftward?
A fall in the real interest rate.
The economy enters the expansion phase of a business cycle.
A decrease in the taxes paid by the business.
A decrease in the expected profit rate.
The short-run aggregate supply curve
shows that each producer is willing and able to produce at each income
level holding constant potential GDP and all resource prices.
relates aggregate production and the price level holding constant potential
GDP and all resource prices.
becomes vertical if there is excess production capacity within the economy.
shows a negative relationship between the price level and real national
income holding constant potential GDP and all resource prices.
Which of the following causes a shift in the aggregate expenditure curve and a
shift in the aggregate demand curve?
I. A decrease in investment.
II. A change in the price level.
III. An increase in exports.
I and III
I and II
II and III
III only
Which of the following is true regarding induced taxes?
I. Induced taxes vary with disposable income.
II. Induced taxes cause the multiplier effect to be greater than it would be
otherwise.
III. Induced taxes weaken the link between real GDP and disposable income.
I and II
I and III
II and III
I, II and III
Which of the following is true regarding the quantity theory of money?
I. The theory predicts that in the long run the inflation rate equals the money
growth rate minus the growth rate of potential GDP.
II. The theory predicts that countries with high growth rates of money will
have high inflation rates.
III. The long-run U.S. relationship between money growth and inflation
supports the theory.
I and II
II and III
I and III
I, II and III
Assuming that GDP currently equals potential GDP, a cost-push inflation could
result from which of the following?
A decrease in tax rates.
An increase in the labor force.
A large crop failure that boosts the prices of raw food materials.
An increase in the nation's capital stock.
Which of the following statements are true regarding feedback-rule policies?
I. The actions from a feedback-rule policy depend on the behavior of the
economy.
II. Monetarists generally support the use of feed-back-rule policies.
Only I
Only II
Neither I nor II
Bother I and II
Which of the following can occur as a result of unanticipated inflation in the
labor market?
I. A redistribution of wealth from firms to workers.
II. Employment and unemployment both fall.
III. Labor turnover because of falling real wages
I and II
I and III
I only
I, II and III
Plot the figure to comment the statement “Crowding out is complete in the
liquidity trap.” (5%)
Use the Baumol-Tobin transactions demand approach to calculate the interest
elasticity of money demand for transaction. (5%)
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