课程名称︰经济学原理与实习二 课程性质︰经济系必修兼通识 课程教师︰陈南光 开课学院：社会科学院 开课系所︰经济系 考试日期（年月日）︰2008.4.18 考试时限（分钟）：140分钟 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 一、单选题(45%,3% each) 1. The term "derived demand" refers to a) the demand for a factor of production that is derived from the demand for the good the factor produces. b) a demand curve that derives from the availability of resources. c) the demand for finacial products called derivatives. d) a firm's estimated demand curved derived from historical sales data. 2. When deciding how many workers to hire, a firm compares a) total revenue recieved to total cost incurred from production. b) the additional profit earned from hiring that worker to the additional cost of hiring that worker. c) labor's marginal product and its average product. d) the additional revenue earned from hiring that worker to the additional cost of hiring that worker. 3. The subsitution effect of a wage increase _____ the opportunity cost of leisure and causes a worker to devote _____ time to labor and _____ time to leisure. a) raises; less; less c)raises; more; more b) raises; more; less d)lowers; less; more 4. Suppose your grandfather earned a salary of $12,000 in 1961. If the CPI is 30 in 1961 and 196 in 2005, then the value of your gramdfather's salary in 2005 dollars equals a) $78,400 b) $62,500 c) $23,520 d) $40,000 5. The consumer price index implicitly assumes that the demand curve for each good and service in the represensitive market basket is a) vertical. b) negatively sloped. c) horizontal. d) positively sloped. 6. If an economy is growing at a rate of 2% per year, how long will it take the economy to double in size? a) 42 years b) 59 years c) 35 years d) 27 years 7. In the year 2001, Pete Rich purchases a painting done by Rembrandt in 1642 for $20 million. He also pays a 1% commission to the auction house that sold the painting. What is the contribution pf this transaction to GDP in the year 2001? a) $0 b) $200,000 c) $2 million d) $20 million e) $20.2 million 8. If a pizza maker pays $1 for tomatoes, $1 for cheese, $2 for sausage, and sells the pizza made with these ingredients for $7, then each pizza sold contributes how much to GDP? a) $3 b) $4 c) $7 d) $9 e) $11 9. An economy produces only 100 computers valued at $20,000 each. Of these 50 are sold to consumers, 20 are soled to businesses, 10 are sold to the government, and 10 are sold abroad. No computers are imported. The unsold computers at the end of the year are held in inventory by the computer manufacturers. What is value of the investment component of GDP? a) $800,000 b) $600,000 c) $500,000 d) $300,000 e) $100,000 10.The money supply in Macroland is currently 2,500. Suppose banks do not hold excess reserves and the public does not hold cash. The required reserve ratio is 10%. If the Central Bank of Macroland wishes to inccrease the money supply to 3,000, then it should conduct an open-market _____ government bonds. a) purchase of 50 b) purchase of 250 c) purchase of 500 d) sale of 50 e) sale of 500 11.Suppose the one-year time deposit at the First Bank is 7%, and the current expected inflation rate is 3%. Then a) the nominal interest rate is 10%. b) the realized interes rate is 4%. c) the real interest rate is 4%. d) the nominal interest rate is 4%. 12.When the stock market booms, some people transfer their time deposits into demand deposits. What will happen to the money aggregates? a) M1B decreases b) M1B remains the same c) M2 increases d) M2 remains the same e) M1B and M2 nothe remain the same 13.Which policy action by the central bank will reduce M1B? a) reduces the re-discount rate. c) sells off foreign exchanges. b) issues more NCDs. d) reduces the required reserve ratio. 14.Government subsidies in response to natural disasters are included in a) GDP. b) GNP. c) Government purchases. d) disposable incomes. 15.Which of the followings is included in GDP of Taiwan? a) Professor Chen receives dividends NT$100,000 from holding Microsoft's stocks. b) Professor Chen makes a profit NT$100,000 by sell off his holding Asus's stocks. c) A foreign worker from Thailand makes NT$15,000 each month. d) A Taiwanese works in the US making US$3,000 each month. 二、是非不定题：先根据题意回答Yes、No或Maybe，并加以解释你的答案。不解释不给分 (16%, 4% each) 1. During the typhoon season in July and August, prices of vegetables are higher and thus CPI tends to under-estimate the cost of living. 2. Suppose a typical consumer consumes only two goods. In 2001, the quantities consumes are 10 and 15 for the two goods, with prices 3 and 4 respectively. In 2003, the quantities consumed are 12 and 16, with prices 4 and 5 respectively. If the year 2001 is taken as the base year, the CPI of 2003 is 142.2%. 3. Suppose many depositers worry that their banks are not safe and thus they withdraw their deposits and carry with them in their pockets. Therefore, there will be more money in the market and the monetary aggregates will rise. 4. The current exchange rate is NTD$30 for USD$1. According to Purchasing Power Parity (PPP), if a BigMac is sold in Taiwan for NTD$80 and sold in US for USD$3, then the real exchange rate of NTD is over-estimated. 三、简答计算题(40%, 4% each) 1. The base year for computing CPI in Taiwan is changed every 5 yaers. What biases will occur to the cost of living during these 5 years? 2. Explain who gains and who loses in a lending-borrowing contract when there is an unexpected deflation. 3. The Gini coefficient in Taiwan was 0.28 in 1980 and 0.35 in 2000. Draw these corresponding Lorenz curves and explain what they mean. 4. We know that GDP cannot accurately measure the welfare for a country. But then why do economists continue to use it? 5. Explain why the scale of underground economy is related to business cycle. 6. Briefly explain how the increase of female participating in labor market affects the calculation of GDP. 7. Use a graph to explain why two workers in different countries haing the same technology level are paid very different. 8. Consider the following demand for real money balance for an economy M/P=A(Y/i), where i is nominal interest rate, P is the price level, Y is real GDP, A=0.5 is a constant. Suppose in the past, the economy's real GDP growth rate is 4%, money supply (M1B) growth rate is 7%, and nominal interest rate is 3%. If the nominal interest rate is constant, what is the inflation rate? And what is the real rate of interest? 9. Use a graph to explain why a superstar can make an enormous amount of profit. 10.Suppose Macroland's aggregate production function is Y=AK^βL^(1-β), β=0.5. Suppose from 1980 to 2007, the labor hours increased from 20 million to 24 million hours, capital accumlated from 10 billion to 15 billion, and GDP grew from 50 billion to 65 billion. Did Macroland's technology level increased or decreased? --

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