Recessions are periods when real GDP:
increases slowly
increases rapidly
decreases mildly
decreases severely
The inflation rate measures:
how the total income of the economy is growing
how unemployment in the economy is increasing
how prices in the economy are rising
the number of jobs in the economy is expanding
The market value of all final goods and services produced within an economy
in a given period of time is called:
industrial production
gross domestic product
the GDP deflator
general durable purchases
In the long run, the level of national income in an economy is determined by its:
factors of production and production function
real and nominal interest rate
government budget surplus or deficit
rate of economic and accounting profit
If bread is produced by using a constant returns to scale production function,
then if the :
number of workers is doubled, twice as much bread will be produced
amount of equipment is doubled, twice as much bread will be produced
amounts of equipment and workers are both doubled, twice as much bread
will be produced
amounts of equipment and workers are both doubled, four times as much
bread will be produced
A competitive firm:
is small relative to the market in which it trades
has to charge a lower price when it wants to sell more goods
has several large competitors with whom it engages in fierce competition
can set the wage at which it hires workers
The real wage is the return to labor measured in:
dollars
units of labor
units of capital
units of output
In a Cobb-Douglas production function the marginal product of labor will
increase if:
the quantity of labor increases
the quantity of capital increases
capital’s share of output increases
average labor productivity decreases
In a closed economy, the components of GDP are:
consumption, investment, government purchases, and exports
consumption, investment, government purchases, and net exports
consumption, investment, and government purchases
consumption and investment
Investment goods as measured in the GDP are purchased by:
business firms, households, and governments
business firms and households
households alone
business firms alone
The nominal interest rate is the:
rate of interest that investors pay to borrow money
same as the real interest rate
rate of inflation minus the real rate of interest
real rate of interest minus the rate of inflation
The factor that makes national saving equal investment, in equilibrium, is:
private saving
public saving
fiscal policy
the interest rate
The classical dichotomy:
cannot hold if money is “neutral.’
fully describes the world in which we live, especially in the short run
arises because money depends on the nominal interest rate
is said to hold when the values of real variables can be determined without
any reference to nominal variables or the existence of money
The lower the real exchange rate is, the_____ expensive domestic goods are
relative to foreign goods, and the_____ the demand is for net exports:
more; greater
more; smaller
less; greater
less; smaller
In a steady state:
no hiring or firings are occurring
the number of people finding jobs equals the number of people losing jobs
the number of people finding jobs exceeds the number of people losing jobs
the number of people losing jobs exceeds the number of people finding jobs
The consumption function in the Solow model assumes that society saves a:
constant proportion of income
smaller proportion of income as it becomes richer
larger proportion of income as it becomes richer
larger proportion of income when the interest rate is higher
When a firm sells a product out of inventory, how GDP, investment
expenditures and consumption expenditures change? (increase/decrease/not
change) (6%)
If income is 4,800, consumption is 3,500, government spending is 1,000, and
tax revenues are 800, private saving is? (6%)
何謂古典不一致(classical inconsistency)?請說明其形成的原因。(10%)
請說明在其他的情況不變下,當勞動者預期物價水準上升,總合供給曲線
如何移動?請解釋為何未預料到的貨幣供給增加可以使產出水準上升?
(15%)
在其他情況不變之下,能夠讓國際收支平衡的所有產出與利率的組合稱之
為BP線。請問BP線的斜率為何?請說明在何種情況下BP線為一水平線?
(15%)
請說明實施貨幣政策的產出效果在固定匯率下較大或是在浮動匯率下較
大?(10%)
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