课程名称︰ 经济学原理与实习二 课程性质︰ 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）︰ 2008/06/13 考试时限（分钟）： 150 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 (40 points) 1) Consider the following data for a simple economy: Total population=21000, Working-age population=13000, Employment=900, Unemployment=200. The unemployment rate and the labor force participation rate for this simple economy are A) (200/900) * 100 and (900/1200) *100. B) (200/1200) * 100 and (1100/2100) * 100. C) (200/13000) * 100 and (900/13000) * 100. D) (200/1100) *100 and (1100/13000) * 100. 2) A student whojusr gratuated from college but has not found a job would most likely be A) cyclically unemployed. B) core unemployed. C) structurally unemployed. D) frictionally unemployed. 3) An increase in unemployment insurance payments would in effect ________ the amount of time spent on searching for a job, which would increase ________ unemployment. A) decrease; frictional B) increase; cyclical C) decrease; cyclical D) increase; frictional 4) Using the money demand and money supply model, an open market purchase of Treasury securities by the Federal Reserve would cause the interest rate to A) decrease. B) not change. C) increase. D) increase if the economy is in a recession. 5) Which of the following would be most likely to induce the Federal Reserve to conduct contractionary monetary policy? A) a significant increase in income tax rate. B) a significant decrease in investment spendings. C) a significant increase in the wealth of households from stock market gains and housing price increases. D) a significant decrease in government purchase. 6) Monetary policy in Japan since the early 1990s has had limited effectiveness even though the Bank of Japan lowered A) real interest rates to almost zero, because deflation kept nominal interest rate up. B) real interest rates to almost zero, because inflation kept nominal interest rate up. C) nominal interest rates to almost zero, because inflation kept real interest rate up. D) nominal interest rates to almost zero, because deflation kept real interest rate up. 7) Monetary policy could be procyclical if the Federal Reserve A) is late recognizing that a recession has begun and does not conduct expansionary monetary policy. B) is quick to recognizing that a recession has begun and does not conduct expansionary monetary policy. C) is late recognizing that a recession has begun and conducts expansionary monetary policy. D) is quick to recognizing that a recession has begun and conducts expansionary monetary policy. 8) If the Federal Reserve targets the interest rate, and the money demand curve shifts to the left, then the Fed can A) not maintain the interest rate target. B) maintain the interest rate target, but at a higher quantity of the money supply. C) maintain the interest rate target, but at a lower quantity of the money supply. D) maintain the interest rate target with no change in the money supply. 9) Suppose the equilibrium real federal funds rate is 2 percent, the th target rate of inflation is 3 percent, the current inflation rate is 3 percent, and the real GDP is 2 percent below potential real GDP. If the weight for the inflation gap and the output gap are both 1/2, then according to the Taylors rule the federal funds target rate equals to A) 10 percent. B) 4 percent. C) 8 percent. D) 6 percent. 10) The price level in the economy between 2005 and 2006 rose from 100 to 105. Between 2006 and 2007, the price level rose from 105 to 115. How does the short-run Philips curve predict the unemployment rate will change as a result. A) The unemployment rate will decrease since inflation increased. B) The unemployment rate will not change since there is no change in the rate of inflation. C) The unemployment rate will increase since inflation increased. D) The unemployment rate will decrease since inflation decreased. 11) An increase in the expected inflation rate will A) shift the short-run Philips curve to the right. B) shift the short-run Philips curve to the left. C) reduce the unemployment rate. D) reduce the inflation rate. 12) Where does the short-run Philips curve intersect the long-run Philips curve? A) At the natural rate of inflation. B) At the point where the rate of inflation and unemployment rate are equal. C) At the point where the actual inflation rate is equal to the expected inflation rate. D) There is no intersection between short-run and long-run Philips curves. 13) If weak aggregate demand is pushing the economy into recession, which of the following must be true? A) The economy is at an equilibrium that is on the long-run aggregate supply curve. B) Contractionary monetary policies will push the economy back to the long- run Philips curve. C) The economy is at an equilibrium that is not on the long-run Philips curve. D) The economy is at an equilibrium that is on the long-run Philips curve. 14) You're traveling in Ireland and are thinking about buying a new digital camera. You've decided you'd be willing to pay $130 for a new camera, but cameras in Ireland are all priced in euros. If the exchange rate is 0.85 euros per dollar, what's the highest price in euros you'd be willing to pay for a camera? A) 106.25 euros. B) 147 euros. C) 110.5 euros. D) 105 euros. 15) How will an interest rate increase in the United States affect equilibrium in the foreign exchange market? A) The equilibrium exchange rate will increase, and the equilibrium quatity of dollars traded cannot be determined. B) The equilibrium exchange rate will increase, and the equilibrium quatity of dollars traded will increase. C) The equilibrium exchange rate cannot be determined, and the equilibrium quatity of dollars traded will increase. B) The equilibrium exchange rate will decrease, and the equilibrium quatity of dollars traded cannot be determined. 16) If the price level in the United States is 110, the price level is 120 in Taiwan, and the nominal exchange rate is 20 NT per dollar, what is the real exchange rate from the Taiwan's perspective? A) 25.3 B) 26.5 C) 27.5 D) 28.6 17) When the central bank's foreign reserve increases, this implies A) the national wealth increases. B) the national savings increases. C) the net exports increases. D) none of the above. 18) Which of the followings affects the financial account of Taiwan? A) Foreign direct investment to Vietnam increases by 30%. B) Donation to China NT$400 million for the earthquake. C) Taiwan's government builds a power plant for the Repulic of xx as a gift. D) Taiwan's investors receive USD$0.5 million of interest payment for holding US Treasury bonds. 19) When the economy is going downward, which one is incorrect? A) the budget deficit goes up. B) unemployment goes up. C) private consumption expenditures declines substaintially. D) private investment expenditures declines substaintially. 20) Which of the following is an example of structural unemployment? A) Dora lost her job when the textile mill closed. She does not have skills to work in another industry and has been umemployed for over a year. B) Marsha was laid off from her job with the airline because the recession has reduced the demand for airline travel. She expected to ger her job back when the economy picks up. C) Alan, a software engineer, lost his job when the internet company he worked for went bankrupt. He interviewed with five companies in the area before taking a job with another firm in the industry. D) Jim had a job as an engineer, but quit when his wife was tranferred to another state. He looked for a month before finding a new job that he liked. E) Hector looked for a job for five months in vain and gives up. 二、问答题 (60 points) 1) (8 points) Suppose that, due to capital inflow, NTD (New Taiwan Dollars) is appreciating against US dollars (USD). But cetral bank implements a creeping appreciation(缓慢升值) policy. Use a diagram to expalin the effect of a creeping appreciation. 2) (8 points) Suppose a BigMac is sold in Taiwan for NTD$84 and sold in US for USD$3. (a) What does it imply if the current exchange rate is 30 (NTD/USD) and the purchase power parity (PPP) holds? (b) Explain why most empirical evidence shows that PPP does not hold. 3) (6 points) Suppose Professor Chen studies tax financing and bond financing in Taiwan and finds that the Ricardian Equivalence does not hold. How do you explain his findings? 4) (8 points) Government budget constraint (a) Write down the government budget constraint and explain the source of incomes and uses of expenditures. (b) Write down the government budget deficit. Then, explain why in recessions government budget is more likely to have a deficit. 5) (6 points) Consider the handout "Should the Fed React to the Stock Market?" Explain why some economists disagree that central banks should react directly to asset prices? 6) (8 points) In the handout "Oil Price Shocks and Inflation," how changes in monetary policy help explain why the recent surge in oil prices has not caused very high inflation? 7) (8 points) Consider the handout "Why Hasn't the Jump in Oil Prices Led to a Recession?" A conventional explanation why the recent surge in oil prices has not led to recession as it did in 1970s is that the economy was more energy- intensive in 1970s. Do you agree with the statement? If not, give ONE alternative possible explanation. 8) (8 points) The economy is initially at a point where short-term AS and long- term AS intersects. Suppose that the inflation expectations of the public rises. (a) Use AD & AS togeter with Philips curve diagrams, respectively, to illustrate this change. (b) Suppose the central bank's main objective is to reduce inflation. Use these diagrams to illustrate the effect of a contractionary monetary policy. --

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