經濟學原理與實習二 第二次小考 06/15/2015 請以學校答案紙作答, 寫兩張以上者請對折 請寫上學號 系級 姓名, 否則不予計分 作答時請清楚標明題號 一 選擇題 (45%): 不用解釋 1. (3 points) The banking system currently has $200 billion of reserves, none of which are excess. People hold only deposits and no currency, and the reserve requirement is 4 percent. If the Fed raises the reserve requirement to 10 percent and at the same time buys $50 billion worth of bonds, then by how much does the money supply change? A. It rises by $600 billion. B. It rises by $125 billion. C. It falls by $2,500 billion. D. None of the above is correct. 2. (3 points) If people decide to hold less currency relative to deposits, the money supply A. falls. The Fed could lessen the impact of this by buying Treasury bonds. B. falls. The Fed could lessen the impact of this by selling Treasury bonds. C. rises. The Fed could lessen the impact of this by buying Treasury bonds. D. rises. The Fed could lessen the impact of this by selling Treasury bonds. 3. (3 points) Which of the following would we not expect if government policy moved the economy up along a given short-run Phillips curve? A. Louise reads in the newspaper that the central bank recently raised the money supply. B. Eric gets fewer job offers C. Jack makes larger increases in the prices at his health food store. D. there is not enough information to determine if John will or will not purchase the candy bar. 4. (3 points) If people correctly anticipate that inflation will fall by 1%, then A. the short-run Phillips curve shifts right and unemployment is unchanged. B. the short-run Phillips curve shifts right and unemployment rises. C. the short-run Phillips curve shifts left and unemployment is unchanged. D. the short-run Phillips curve would shift left and unemployment falls.
5. (3 points) For a given real interest rate, a decrease in the ination rate would A. decrease the after-tax real interest rate and so decrease saving. B. decrease the after-tax real interest rate and so increase saving. C. increase the after-tax real interest rate and so decrease saving. D. increase the after-tax real interest rate and so increase saving. 6. (3 points) In the United States, a three-pound can of coffee costs about $5. Suppose the exchange rate is about 0.8 euros per dollar and that a three-pound can of coffee in Belgium costs about 3 euros. What is the real exchange rate? A. 5/3 cans of Belgian coffee per can of U.S. coffee B. 4/3 cans of Belgian coffee per can of U.S. coffee C. 3/4 cans of Belgian coffee per can of U.S. coffee D. 3/5 cans of Belgian coffee per can of U.S. coffee 7. (3 points) From 1980 to 1987, U.S. net capital outflows decreased. According to the openeconomy macroeconomic model, which of the following could have caused this? A. an increase in the demand for U.S. currency in the market for foreign-currency exchange B. a decrease in the demand for U.S. currency in the market for foreign-currency exchange C. an increase in the supply of loanable funds D. a decrease in the supply of loanable funds 8. (3 points) If the Fed conducts open-market sales, which of the following quantities increase(s)? A. interest rates, prices, and investment spending B. interest rates and prices, but not investment spending C. interest rates and investment, but not prices D. interest rates, but not investment or prices 9. (3 points) If a $1,000 increase in income leads to an $800 increase in consumption expenditures, then the marginal propensity to consume is A. 0.2 and the multiplier is 1.25. B. 0.8 and the multiplier is 5. C. 0.2 and the multiplier is 1.25. D. 0.8 and the multiplier is 8. Page 2
10. (3 points) Initially, the economy is in long-run equilibrium. Aggregate demand then shifts leftward by $50 billion. The government wants to increase its spending in order to avoid a recession. If the crowding-out effect is always one- third as strong as the multiplier effect, and if the MPC equals 0.6, then by how much do government purchases have to increase in order to offset the $50 billion leftward shift? A. by $90 billion B. by $60 billion C. by $20 billion D. by $30 billion 11. (3 points) Which of the following is not implied by the quantity equation? A. If velocity is stable, an increase in the money supply creates a proportional increase in nominal output. B. If velocity is stable and money is neutral, an increase in the money supply creates a proportional increase in the price level. C. With constant money supply and output, an increase in velocity creates an increase in the price level. D. With constant money supply and velocity, an increase in output creates a proportional increase in the price level. 12. (3 points) Jenny, a U.S. citizen, exchanges some dollars for British pounds, and uses these British pounds to purchase a bond issued by a British firm. This exchange A. decreases U.S. net capital outflow. B. increases U.S. net capital outflow by more than the value of the bond. C. increases U.S. net capital outflow by the value of the bond. D. does not change British net capital outflow. 13. (3 points) If inflation expectations decline, then the short-run Phillips curve shifts A. left, so that at any inflation rate unemployment is lower in the short run than before. B. right, so that at any inflation rate unemployment is lower in the short run than before. C. right, so that at any inflation rate unemployment is higher in the short run than before. D. left, so that at any inflation rate unemployment is higher in the short run than before. 14. (3 points) Changes in the interest rate A. shift aggregate demand whether they are caused by changes in the price level or by changes in fiscal or monetary policy. B. shift aggregate demand if they are caused by changes in the price level, but not if they are caused by changes in fiscal or monetary policy. Page 3
C. shift aggregate demand if they are caused by fiscal or monetary policy, but not if they are caused by changes in the price level. D. do not shift aggregate demand. 15. (3 points) In 2009 President Obama and Congress increased government spending. Some economists thought this increase would have little effect on output. Which of the following would make the effect of an increase in government expenditures on aggregate demand smaller? A. the interest rate falls and aggregate supply is relatively flat B. the interest rate falls and aggregate supply is relatively steep C. the interest rate rises and aggregate supply is relatively flat D. the interest rate rises and aggregate supply is relatively steep 二 非選擇題 (55%): 答題時請適當說明你的想法, 答案內容以讓批改者瞭解為原則 1. (10 points) 請回答下列問題並解釋 : (a) (3 points) 某位美國參議員 : 美國的貿易赤字必須降低, 但進口限額只會觸怒我們的貿易夥伴 但如果美國改對出口貿易補貼, 則美國商品競爭力必將提升, 進而降低貿易赤字 請問根據教科書 32 章的開放總體經濟模型, 若政府曾加開支以實行出口補貼政策是否, 能使貿易赤字減少? (b) (3 points) 假設狐木國的央行印了 9999 元的貨幣並且發到市面上, 若人們持有的現金是活期存款的兩倍, 且銀行準備率為 20%, 則貨幣數量為何? (c) (4 points) 桃花源的人們以現金和活期存款持有所有的貨幣, 其通貨淨額占存款貨幣的比例為 α, 銀行保有的準備率 (reserve ratio) 為 β 請證明桃花源的貨幣乘數 (money multiplier) 為 1+α α+β 2. (10 points) 小假設狐木國的生產函數為 Y = AK 1/2 L 1/2, 物價 P=1, 此經濟體所使用的資本 (capital)k=100, 勞動量 (labor)l=400, 技術因子 A=100 假設利率為 r, 實質匯率為 E, 狐木國的人民消費為 5000, 政府支出為 3000, 投資為函數為 I=10000-100r, 資產淨流出 NCO=8000-300r, 淨出口為 NX=7000-50E 請回答下列問題 : (a) (2 points) 狐木國的可貸資金需求函數為何? (b) (2 points) 狐木國的可貸資金供給函數為何? (c) (3 points) 在均衡時, 利率 儲蓄 投資 資產淨流出 實質匯率 淨出口分別為多少? (d) (3 points) 假設狐木國的新總統納波李昂宣佈即日起實行進口配額, 故淨出口提高為 NX=8000-50E 請問均衡利率 儲蓄 投資 資產淨流出 實質匯率 淨出口會如何變化? 新的均衡為何? 3. (10 points) 假設廠商因為對未來獲利前景感到樂觀而增加投資 (a) (3 points) 畫出總合供需圖形顯示此一樂觀心理對經濟的短期影響 標出新的物價與產出水準 根據課本關於總合供給的三個理論, 說明為何總合供給量會變動 Page 4
(b) (4 points) 利用上圖標出新的長期均衡 ( 假設長期總合供給曲線沒有變動 ), 說明為何短期與長期之間的總合需求量會變動?( 答案應包括二部分 : 均衡點為何會改變, 為何此改變會讓總合需求量朝特定方向變動?) (c) (3 points) 廠商的投資增加可能會如何影響 長期 總合供給曲線? 試說明之 4. (15 points) 假設狐木國的人民的實質貨幣需求為 M D = P (Y δ r),p 為物價 Y 為所得 r 為利率 試回答下列問題 : (a) (3 points) 假設所得 Y = 10,δ = 0 若央行供應的貨幣數量為 1000, 請問此時物價水準為多少? (b) (3 points) 承上題, 根據貨幣數量理論 (quantity equation), 若此時貨幣流通速度為 2, 則狐木國的產出為多少? (c) (3 points) 承上題, 據貨幣數量理論 (quantity equation), 狐木國下一年度的實質經濟成長為 20%, 貨幣數量成長為 %50, 請問下一年度的通貨膨脹率是多少? (d) (3 points) 請問在流動性偏好理論假設下的 δ, 應該大於零 等於零 或小於零? (e) (3 points) 承上題, 請問 δ 越大時, 貨幣政策越有效還是無效? 5. (10 points) 請問在下列情形發生時, 短期的 (1) 名目貨幣需求 均衡實質利率 (2) 消費量 投資量 資產淨流出量 (3) 均衡實質匯率 淨出口量 (4) 總合需求曲線 (5) 勞動需求 均衡勞動量 實質工資 (6) 生產函數 (7) 總合供給曲線 (8) 均衡物價 均衡產出 (9) 短期菲利浦曲線 會如何改變? 為什麼? 請把機制詳細寫出來 假設在短期時廠商會有預期誤差 貨幣數量定義為留在身邊的通貨, 實質匯率請以本國幣升值或貶值表示, 否則不予計分 (a) (5 points) 政府強制銀行參與存保協議 (b) (5 points) 央行表示將透過公開市場操作買進債券增加貨幣供給, 使得民眾預期物價上漲, 但是央行實際上並沒有買進債券 Page 5
Solution: 一 選擇題 1. C. It falls by $2,500 billion. 2. D. rises. The Fed could lessen the impact of this by selling Treasury bonds. 3. B. Eric gets fewer job offers. 4. C.the short-run Phillips curve shifts left and unemployment is unchanged. 5. D. increase the after-tax real interest rate and so increase saving. 6. B. 4/3 cans of Belgian coffee per can of U.S. coffee 7. D.a decrease in the supply of loanable funds. 8. D. interest rates, but not investment or prices 9. B.0.8 and the multiplier is 5. 10. D.by $30 billion 11. D.With constant money supply and velocity, an increase in output creates a proportional increase in the price level. 12. D. does not change British net capital outflow. 13. A. left, so that at any inflation rate unemployment is lower in the short run than before. 14. C. shift aggregate demand if they are caused by fiscal or monetary policy, but not if they are caused by changes in the price level. 15. D.the interest rate rises and aggregate supply is relatively steep Page 6
二 非選擇題 1. (a) 政府舉債支應此補貼政策, 可貸資金供給減少使利率上升,NCO 減少, 均衡時 NX 金額也會減少, 貿易赤字反而更加惡化 (b) 通貨淨額 =9900 β = 2 3 通貨淨額 =9900 β = 2 9900 1 β = 存款貨幣 1 (1 β)(1 α) 1 (1 β)(1 α) 2 3 1 (1 2 3 )(1 1 5 ) = 9000 存款貨幣 =4500 貨幣數量 = 通貨淨額 + 存款貨幣 =13500 δ (c) 假設 δ 為人們線現金流在身邊的比例, 則通貨淨額 = = α 1 (1 δ)(1 β) 存款貨幣 δ = α(1 δ) δ = α 1+α 1 代入貨幣乘數, 1 (1 δ)(1 β) 1 1 (1 α )(1 β), 整理得 1+α 1+α α+β 2. (a) D = I + NCO = 18000 400r (b) S = 20000 5000 3000 = 12000 (c) r = 15,S = 12000,I = 8500,NCO = NX = 3500,E = 70 (d) r = 15,S = 12000,I = 8500,NCO = NX = 3500,E = 90 1 δ = 1 (1 δ)(1 β) 3. (a) 如下圖所示, 投資支出增加使 AD 線由 AD 1 右移至 AD 2 經濟由長期均衡的 A 點移動至短期均衡點 B, 短期均衡物價水準由 P 1 上漲為 P 2, 產出水準由 Y 1 增加為 Y 2 在短期, 總合供給量之所以會變動是因為名目工資僵固 價格僵固或認知錯誤 Page 7
(b) 隨著時間經過, 人們調高對物價的預期, 而使 AS 線往上移, 直到達成新的長期均衡點 C 點為止 總合需求量由 Y 2 降為 Y 1, 這是因為物價上漲所造成的財富效果 利率效果與實質匯率效果所致 (c) 廠商的投資增加會使資本存量增加, 而使長期總合供給曲線往右移 4. (a) P = 100 (b) V = 1 (c) 25% (d) 大於零 (e) 越無效 5. (a) 政府強制銀行參與存保協議會使貨幣需求下降, 導致均衡實質利率下降, 使得消費量 投資量 資產淨流出量增加 ; 資產淨流出量增加使得實質匯率貶值, 淨出口增加 在相同的價格之下消費量 投資量 淨出口增加, 表示總合需求 Page 8
曲線往右移動 在總合市場上的價格上升導致勞動需求增加, 實質工資上升, 均衡勞動量上升 由於生產函數不變, 均衡勞動量上升會使得均衡產出上升 由於生產函數 其它要素使用量與預期物價不變, 短期供幾曲線不變 由於預期物價不變, 短期菲利浦曲線不變 (b) 預期物價上漲會使在相同價格下, 勞動需求減少, 實質工資下降, 均衡勞動量減少 ; 由於生產函數不變, 會使得短期總合供給曲線左移, 在 AD 線移動前, 導致均衡物價上漲, 均衡產出減少 物價上漲會使明目貨幣需求增加, 均衡實質利率上漲, 進一步導致消費量 投資量 資產淨流出量減少 ; 資產淨流出量減少導致實質匯率升值, 淨出口減少 ; 但由於此一改變對須齊面來講是價格導致的改變, 故總合需求曲線不變 Page 9