Measures of the Solow residual show it to be
strongly procyclical.
mildly procyclical.
mildly countercyclical.
strongly countercyclical.
Which of the following macroeconomic variables would you exclude from an index of
leading economic indicators?
Money supply
Industrial production
Inventory investment
Residential investment
The Keynesian theory is consistent with the business cycle fact that inflation is
procyclical and leading
procyclical and lagging
countercyclical and leading
countercyclical and lagging.
Three factors that cause interest rates among different financial instruments to vary are
default risk, expected inflation, and taxability
default risk, current inflation, and taxability
default risk, maturity, and taxability
default risk, expected inflation, and maturity
The Lucas critique is an objection to the assumption that
inflation is always and everywhere a monetary phenomenon
there is a negative relationship between inflation and unemployment
historical relationships between macroeconomic variables will continue to hold
after new policies are in place.
people form expectations rationally
The uses-of-saving identity says that an economy’s private saving is used for
investment, interest expenses, and the government budget deficit.
investment, the government budget deficit, and the current account.
investment, interest expenses, the government budget deficit, and the current
account.
investment, interest expenses, the government budget deficit, transfer payments,
and the current account.
Purchasing power parity does not hold in the short to medium run because
exports don’t equal imports.
exchange rates fluctuate too much.
most business cycles are caused by shocks to aggregate demand
countries produce different goods.
The primary factor that caused some economists to lose their faith in the Keynesian
approach to macroeconomic policy was
the high levels of unemployment that occurred during the Great Depression.
the presence of both high unemployment and high inflation during the 1970s
theoretical proof that Keynes’s ideas were invalid.
evidence that Keynes’s ideas were useful during economic recessions, but not
during economic booms.
Suppose that a monopoly can produce any level of output it wishes at a constant
marginal (and average)cost of $5 per unit. Assume that the monopoly sells its goods in
two different markets that are separated by some distance. The demand curve in the
first market is given by Q1 =110 − 2P1 and the demand curve in the second market is
given by Q2 = 85 − P2 .
(1) If it only costs demanders $3 to transport goods between the two markets, what
level of output should be produced in each market, and what price will prevail in
each market? What are total profits in this situation? (10%)
(2) How would your answer change if transportation costs were zero and the firm was
forced to follow a single-price policy? (10%)
風險中立的投資人某甲考慮是否購買一筆土地。其若購買該筆土地,則將於一年
後賣出。該土地目前售價為100 萬元,一年後有0.6 的機率價格為170 萬元,有
0.4 的機率價格為30 萬元。假設土地買賣無任何稅及交易成本,且某甲若不將資
金用於購買土地,則只能將錢放在保險箱中。
在決定是否購買該筆土地之前,某甲可向某乙購買關於該土地未來價格的報
告。報告有兩種結果:價值高與價值低。有0.5 的機率報告結果為價值高,有0.5
的機率報告結果為價值低。若結果為價值高,則該筆土地在一年後有0.8 的機率
價格為170 萬元,有0.2 的機率價格為30 萬元。若結果為價值低,則該筆土地在
一年後有0.4 的機率價格為170 萬元,有0.6 的機率價格為30 萬元。
(a) 若某甲不購買某乙的資訊,則其購買該筆土地所獲得的期望利潤為 (3)
萬元。
(b) 某甲最多願意付 (4) 萬元來購買某乙的資訊。
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