得 分 一、选择题 (每小题 1 分，共 30 分) 评卷人
1．The government reports that \statement means that GDP increased a. by 6.4 percent for the year.
b. at an annual rate of 6.4 percent during the last quarter. c. at an annual rate of 1.6 percent during the last quarter.
d. at an annual rate of .4 percent during the last quarter.
2．A Brazilian company produces soccer balls in the United States and exports all of them. If the price of the soccer balls increases, the GDP deflator a. and the CPI both increase. b. is unchanged and the CPI increases. c. increases and the CPI is unchanged.
d. and the CPI are unchanged.
3．The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase by a. more than 1 percent. b. less than 1 percent. c. 1 percent.
d. It is impossible to make an informed guess without more information.
4．A nation's standard of living is measured by its a. real GDP.
b. real GDP per person. c. nominal GDP.
d. nominal GDP per person.
5．In 2002 President Bush imposed restrictions on imports of steel to protect the U.S.
steel industry.
a. This is an inward-oriented policy which most economists believe have adverse effects on growth.
b. This is an inward-oriented policy which most economists believe have beneficial effects on growth.
c. This is an outward-oriented policy which most economists believe have adverse effects on growth.
d. This is an outward-oriented policy which most economists believe have beneficial effects on growth.
6．Generally when economists and the text talk of the \ a. real interest rate.
b. current nominal interest rate.
c. real interest rate minus the inflation rate.
d. equilibrium nominal interest rate.
7．An increase in the budget deficit a. makes investment spending fall. b. makes investment spending rise. c. does not affect investment spending.
d. may increase, decrease, or not affect investment spending.
8．Norne Corporation is considering building a new plant. It will cost them $1 million today to build it and it will generate revenues of $1,121 million three years from today. Of the interest rates below, which is the highest interest rate at which Norne would still be willing to build the plant? a. 3 percent b. 3.5 percent c. 4 percent
d. 4.5 percent
9．Recent entrants into the labor force account for about
a. 1/2 of those who are unemployed. Spells of unemployment end about 1/5 of the time with people leaving the labor force.
b. 1/3 of those who are unemployed. Spells of unemployment end about 1/2 of the time with people leaving the labor force.
c. 1/4 of those who are unemployed. Spells of unemployment end about 1/2 of the time with people leaving the labor force.
d. 1/4 of those who are unemployed. Spells of unemployment end about 1/5 of the time with people leaving the labor force
10．Which of the following best illustrates the unit of account function of money?
a. You list prices for candy sold on your Web site, www.sweettooth.com, in dollars.
b. You pay for your WNBA tickets with dollars. c. You keep $10 in your backpack for emergencies.
d. None of the above is correct.
11．Current U.S. currency is a. fiat money with intrinsic value. b. fiat money with no intrinsic value. c. commodity money with intrinsic value.
d. commodity money with no intrinsic value.
12．Velocity in the country of Shem is always stable. In 2002, the money supply was $200 billion and the GDP price deflator was four times as high as it was in the base year. In 2003, the money supply increased to $240 billion, the price level increased by 15 percent, and nominal GDP equaled $1,200 billion. By how much did real GDP increase between 2002 and 2003? a. 20 percent b. 4.35 percent c. 2.17 percent
d. There is not enough information to answer the question.
13．Shoeleather costs refer to a. the cost of more frequent price changes induced by higher inflation.
b. the distortion in resource allocation created by distortions in relative prices due to inflation.
c. resources used to maintain lower money holdings when inflation is high.
d. the distortion in incentives created by inflation by taxes that do not adjust for inflation.
14．International trade
a. raises the standard of living in all trading countries.
b. lowers the standard of living in all trading countries. c. leaves the standard of living unchanged.
d. raises the standard of living for importing countries and lowers it for exporting countries.
15．Which of the following would be U.S. foreign portfolio investment? a. Disney builds a new amusement park near Rome, Italy.
b. Your economics professor buys stock in companies located in Eastern European countries. c. A Dutch hotel chain opens a new hotel in the United States.
d. A citizen of Singapore buys a bond issued by a U.S. corporation.
16．A Venezuelan firm purchases earth-moving equipment from a U.S. company and pays for it with
domestic currency. This transaction a. increases U.S. net exports, and increases Venezuelan net capital outflow. b. increases U.S. net exports, and decreases Venezuelan net capital outflow. c. decreases U.S. net exports, and increases Venezuelan net capital outflow.
d. decreases U.S. net exports, and decreases Venezuelan net capital outflow.
17．At the equilibrium interest rate in the open economy macroeconomic model, the amount that people want to save equals the desired quantity of a. net capital outflow. b. domestic investment.
c. net capital outflow plus domestic investment.
d. foreign currency supplied.
18．In an open economy, a. net capital outflow = imports. b. net capital outflow = net exports. c. net capital outflow = exports.
d. None of the above is correct.
19．In the open-economy macroeconomic model, the real exchange rate is determined in the market where dollars are exchanged for foreign currency by the equality of the supply of dollars, which comes from a. U.S. national saving and the demand for dollars for U.S. net exports. b. U.S. net capital outflow and the demand for dollars for U.S. net exports. c. domestic investment and the demand for U.S. net exports.
d. foreign demand for U.S. goods and U.S. demand for foreign goods.
20．If a government increases its budget deficit, then interest rates a. rise and the trade balance moves toward surplus. b. rise and the trade balance moves toward deficit. c. fall and the trade balance moves toward surplus.
d. fall and the trade balance moves toward deficit.
21．Investment spending decreases when the price level a. rises causing interest rates to rise. b. rises causing interest rates to fall. c. falls causing interest rates to rise.
d. falls causing interest rates to fall.
22．An increase in the price level and a decrease in real GDP in the short run could be
created by a. an increase in the money supply. b. an increase in government expenditures. c. a fall in stock prices.
d. bad weather in farm states.
23．Which part of real GDP fluctuates most over the course of the business cycle? a. consumption
b. government expenditures c. investment
d. net exports
24．According to liquidity preference theory, the price level and interest rate are a. positively related as are the interest rate and aggregate demand. b. inversely related as are the interest rate and aggregate demand.
c. positively related while the interest rate and aggregate demand are inversely related.
d. inversely related while the interest rate and aggregate demand are positively related.
25．Which of the following shifts aggregate demand to the right? a. an increase in the price level
b. an increase in the money supply
c. a decrease in the price level
d. a decrease in the money supply
26．If the Fed conducts open-market sales, the money supply a. increases and aggregate demand shifts right. b. increases and aggregate demand shifts left. c. decreases and aggregate demand shifts right.
d. decreases and aggregate demand shifts left.
27．Some economists argue that a. monetary policy should actively be used to stabilize the economy. b. fiscal policy should actively be used to stabilize the economy. c. fiscal policy can be used to shift the AD curve.
d. All of the above are correct.
28．The lag problem associated with monetary policy is due mostly to a. the fact that business firms make investment plans far in advance.
b. the political system of checks and balances that slows down the process of determining monetary policy.
c. the time it takes for changes in government spending to affect the interest rate.
d. All of the above are correct.
29．A. W. Phillips' findings were based on data a. from 1861-1957 for the United Kingdom. b. from 1861-1957 for the United States.
c. mostly from the post-World War II period in the United Kingdom.
d. mostly from the post-World War II period in the United States.
30．Which of the following is true concerning the long-run Phillips curve? a. Its position is determined primarily by monetary factors. b. If it shifts right, long-run aggregate supply shifts right. c. It cannot be changed by any government policy. d. its position depends on the natural rate of unemployment.