If current and future consumption are both normal goods, a decrease in the interest rate
will necessarily
cause borrowers to borrow more.
cause lenders to lend more.
increase everyone's current consumption.
make everyone better off.
none of the above.
Her consumption in period 1 equals $120.
Her savings in period 1 equals $130.
Her consumption in period 2 equals $288.
She is a lender in period 1.
None of the above.
The intertemporal substitution of leisure effect is used to justify the assumption that
current labor supply increases when the
current real wage increases.
current real wage decreases.
real interest rate increases.
real interest rate decreases.
lifetime wealth increases.
The equilibrium effects of a temporary increase in government spending include
an increase in real wage, real interest rate, investment and output.
an increase in real wage and output, and a decrease in real interest rate and investment.
an increase in real wage, investment and output, and a decrease in real interest rate.
an increase in interest rate and output, and a decrease in real wage and investment.
an increase in real wage and real interest rate, and a decrease in output and
investment.
Assume that a person receives monthly income of $30,000 and spends this money
uniformly through the month. Exchange costs are $2 per exchange and the interest rate
is 3% per month. According to Baumol-Tobin model of money demand, which of the
following statements is correct?
Average money holdings per month are $2,000.
Average money holdings per month are $1,500.
The optimal numbers of exchanges are 25.
The optimal numbers of exchanges are 20.
The optimal numbers of exchanges are 15.
lf r rises by 10 percent, Md falls by 10 percent.
lf r rises by 10 percent, Md rises by 10 percent.
The theory is based on the speculative demand for money.
A 10% rise in both Y and r should cause money demand to increase by 10%.
If the capital-labor ratio is above the Golden Rule capital-labor ratio, then in the steady
state,
capital per worker is above its maximum.
saving rate should be reduced to reach the Golden Rule capital-labor ratio.
output per worker is less than it would be at the Golden Rule capital-labor ratio.
consumption per worker is at its maximum.
investment per worker exceeds output per worker.
According to Neoclassical growth model, if the rate of depreciation is 3% per year, the
population growth rate is 2% per year, and the growth rate of technology is 10% per
year, then the annual growth rate of “effective labor” in the steady state equals
________and the level of investment needed to maintain a constant capital stock
equals ________.
2%;0.02K
3%;0.03K
10%;0.05K
12%;0.03K
15%;0.02K
Following the above question 9. The steady-state growth rate of output in this economy
equals ________ and the steady-state growth rate of output per worker in this
economy equals ________ .
2%;2%
10%:10%
12%;10%
12%;3%
15%;3%
Following the above question 11. Suppose the government although announces g will
be increased to g = 112, it only increases g to 110 instead. The money supply m is equal
to 50. What is the new equilibrium value of p?
10
12
15
20
23
An anticipated increase in money supply will
increase both the price level and output in new classical economy and move the
economy up the short-run Phillips curve.
increase only the price level in new classical economy and shift the short-run
Phillips curve to the right.
increase both the price level and output in new classical economy and move the
economy down the short-run Phillips curve.
increase only the price level in new classical economy and shift the short-run
Phillips curve to the left.
increase only the price level in new classical economy, however, contradict the
negatively sloped Phillips curve.
Base on the Ricardian equivalence proposition, we know that a cut in lump-sum taxes
of $100 (per individual) will cause each individual to
increase consumption by $100.
increase consumption by less than $100.
increase saving by $100.
increase saving by less than $100.
leave both consumption and saving unchanged.
The rate of increase in the Consumer Price Index excluding food and fuel is generally
called
inflation rate.
core inflation rate.
basic inflation rate.
subsistent inflation rate.
When the non-bank public shift the money from the postal savings deposits to the
passbook savings deposit, the immediate impact on Taiwan's monetary aggregates is
Stagflation is the combination of a ________ price level and ________ real
aggregate output.
rising, decreasing
rising; increasing
decreasing; decreasing
decreasing; increasing
The operating targets of money supply do not include
monetary base.
discount rate
M2
reserves.
Fiscal policy is relatively ineffective when the interest rate elasticity of (1) demand for
money is high (2) investment demand is low (3) demand for money is low (4)
investment demand is high.
3 and 4
l and 4
2 and 3
1 and 2
The curve that shows the relationship between inflation and unemployment, holding
the expectation rate and the natural unemployment rate constant, is called
the long-run Phillips curve.
the short-run aggregate supply.
the short-run Phillips curve.
the long-run aggregate supply curve.
Cost-push inflation is kicked off by an increase in
government spending.
investment expenditure
consumption expenditure.
fuel prices.
The main sources of economics fluctuations advocated by the real business cycle
theorists are (1) fluctuations fuel prices (2) the pace of technological change (3) climate
fluctuations (4) fluctuations in productivity
2 and 4
l,2,3 and 4
l and 4
1, 2 and 3
Money promotes specialization and division of labor because of the function of
medium of exchange.
unit of account.
deferred payment.
store of value.
When required deposit reserved ratio and currency-deposit ratios are 0.1 and 0.4,
respectively, the money multipliers are
10
2.5
2.8
2.2
Under a fixed exchange rate with perfect capital mobility, an increase in money supply
causes (a, an) ________ in real aggregate output and ________ (a, an)in
international reserves in the short run.
increase; increase
increase; no changes
increase; decrease
no changes; decrease
If real consumption expenditure=700, real investment expenditure = 150, real
government purchase = 150, real export = 100, real import = 55, real net factor income
from abroad = 5, real national savings equal
200.
195.
50.
45.
When real consumption expenditure = −100 + 0.8 (real GDP−real lump-sum taxes),
real net exports = 100 − 0.05 (real GDP−real lump-sum taxes), real investment
expenditure = 200, and real government purchases = 250, where real lump-sum taxes =
200. Then real GDP in the equilibrium equals
1000.
1100.
1200.
1300.
Following the problem 28,when both real government purchases and real lump-sum
taxes is increased by 50, real GDP is increased by ________ .
250
150
200
50
Under the ________ exchange rate with ________ capital mobility, ________
policy is more effective than ________ in the short run.
floating; perfect; fiscal; monetary
floating; perfect; monetary; fiscal
fixed; perfect; monetary; fiscal
fixed; no; fiscal; monetary
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