课程名称︰经济学原理与实习二 课程性质︰必修兼通识Ａ5* 课程教师︰林明仁 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）：3hrs 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : 经济学原理II 期末考2008/06/13 总分100分授课教师 林明仁 一、 选择题（30 points） 1. An increase in the saving rate would, other things the same, a. increase growth more for a poor country than a rich country, and raise growth permanently. b. increase growth more for a poor country than a rich country, but raise growth temporarily. c. increase growth more for a rich country than a poor country, and raise growth permanently. d. increase growth more for a rich country than a poor country, but raise growth temporarily. 2. If an economy with constant returns to scale were to double its physical capital stock, its available natural resources, and its human capital, but leave the size of the labor force the same, a. its output would stay the same and so would its productivity. b. its output and productivity would increase, but less than double. c. its output and productivity would increase by more than double. d. None of the above is correct. 3. An increase in an investment tax credit would create a a. shortage at the former equilibrium interest rate. This shortage would lead to a rise in the interest rate. b. shortage at the former equilibrium interest rate. This shortage would lead to a fall in the interest rate. c. surplus at the former equilibrium interest rate. This surplus would lead to a rise in the interest rate. d. surplus at the former equilibrium interest rate. This surplus would lead to a fall in the interest rate. 4. The country of Nemedia does not trade with any other country. Its GDP is $30 billion. Its government purchases $5 billion worth of goods and services each year, collects $7 billion in taxes, and provides $3 billion in transfer payments to households. Private saving in Nemedia is $5 billion. What is consumption and investment in Nemedia? a. $18 billion and $5 billion b. $21 billion and $4 billion c. $13 billion and $7 billion d. There is not enough information to answer the question. 1 5. PacknCamp Corporation has a stock price of $50, has issued 2,000,000 shares of stock, has retained earnings of $4 million dollars, and a dividend yield of 4 percent. The price-earnings ratio of PacknCamp is a. 25 b. 20 c. 12.5 d. 10 6. Suppose that interest rates unexpectedly rise and that Carter Corporation announces that revenues from last quarter were down but not as much as the public had anticipated they would be down. According to the efficient markets hypothesis which of the these things make the price of Carter Corporation Stock fall? a. both the interest rate rising and the revenue announcement b. neither the interest rate rising nor the revenue announcement c. only the interest rate rising d. only the revenue announcement 7. You have a contract with someone who has agreed to pay you $20,000 after four years. She offers to pay you now instead. For which of the following interest rates and payments would you take the money today? (Hint: ) 44(18%)1.36, 4(18%)4.32, (16%)1.26, 4(16%)4.24+=×+=+=×+= a. 8%, $14,705 b. 8%, $4,630 c. 6%, $17,000 d. 6%, $4,720 8. In December 1999 people feared that there might be computer problems at banks as the century changed. Consequently, people wanted to hold relatively more in currency and relatively less in deposits. In anticipation banks raised their reserve ratios to have enough cash on hand to meet depositors' demands. These actions by the public a. would increase the multiplier. If the Central Bank wanted to offset the effect of this on the size of the money supply, it could have sold bonds. b. would increase the multiplier. If the Central Bank wanted to offset the effect of this on the size of the money supply, it could have bought bonds. c. would reduce the multiplier. If the Central Bank wanted to offset the effect of this on the size of the money supply, it could have sold bonds. d. would reduce the multiplier. If the Central Bank wanted to offset the effect of this on the size of the money supply, it could have bought bonds. 9. Suppose the banking system currently has $350 billion in reserves, that the reserve requirement is 10%, and that $20 billion of the reserves are excess reserves that will not be lent out. What is the value of deposits? a. $3,300 billion b. $2,970 billion c. $2,700 billion d. $2,673 billion 10. Velocity is computed as a. (P × Y)/M b. (P × M)/Y c. (Y × M)/P d. (Y × M)/V 2 11. The country of Veridian has a tax system identical to that of the United States. Suppose someone in Veridian bought a parcel of land for 10,000 deera (the local currency) in 1964 when the price index equaled 100. In 2005, the person sold the land for 100,000 deera, and the price index equaled 500. The tax rate on nominal capital gains was 20%. Compute the taxes the person paid on the nominal gain and the change in the real value of the land in terms of 2005 prices to find the after-tax real capital gain. a. $72,000 b. $62,000 c. $32,000 d. $6,400 12. Exchange rates are 120 yen per dollar, 0.8 euro per dollar, and 10 pesos per dollar. A bottle of beer in New York costs 6 dollars, 1,200 yen in Tokyo, 7.2 euro in Munich, and 50 pesos in Cancun. Where is the most expensive and the cheapest beer in that order? a. Cancun, New York b. New York, Tokyo c. Tokyo, Cancun d. Munich, New York 13. Imagine two economies that are identical except that for a long time, economy A has had a money supply of $500 billion while economy B has had a money supply of $1,000 billion. It follows that a. real GDP and the price level are higher in country B. b. real GDP, but not the price level, is higher in country B. c. the price level, but not real GDP is higher in country B. d. neither the price level nor real GDP is higher in country B. 14. Which of the following shifts both the short-run and long-run aggregate supply right? a. an increase in the actual price level b. an increase in the expected price level c. an increase in the capital stock d. None of the above is correct. 15. Sometimes during wars government expenditures are larger than normal. To reduce the effects this spending creates on interest rates a. the Federal Reserve could increase the money supply by buying bonds. b. the Federal Reserve could increase the money supply by selling bonds. c. the Federal Reserve could decrease the money supply by buying bonds. d. the Federal Reserve could decrease the money supply by selling bonds. 3 二、 计算与问答题（70 points） 1. (5 points) What is the Rule of 70? (Hint:ln20=0.7, ln(1+x%)=x%) 2. (15 points) Please explain a. Why the Aggregate-Demand Curve slopes downward. b. Why the Aggregate-Supply Curve slopes upward in the short run and vertical in the long run. 3. (10 points) 假设台湾的生产函数可用固定规模报酬之Cobb-Douglas函数表示：Y=AK^ αL^β，其中β=0.3，K为资本存量，L为劳动投入。若1980年代台湾储蓄率较高，资本产 出比率K/Y=5，GDP成长率ΔY/Y=8%，技术成长率ΔA/A=2.1%。 a. 请计算1980年代之劳动投入成长率。 b. 若1990年代晚期K/Y比率下降为3，劳动投入成长率降为1980年代的一半，但技术进步率 上升为2.5%，请计算1990年代晚期之GDP 成长率。 c. 请分别计算1980年代以及1990年代晚期的劳动生产力（Y/L）成长率。 4. (10 points) 假设中华电信自外国银行借得价值新台币1,200万元的外汇，将之结售予 中央银行，然後将收到的新台币1,200万存入台湾银行的活期存款帐户。若法定准备率为 10%，请问： a. 此时台湾银行的超额准备增加多少？ b. 如果台湾银行将上述超额准备全部贷予中华航空，华航对收到的贷款40%以现金保留在 公司，60%存入活期存款帐户，请问最终社会的货币供给量会因中华电信借入1,200万元新 台币而改变多少？（假设除了华航以外其他人都将钱存入活期存款） 5. (10 points) A company has an investment project that would cost $20 million today and yield a payoff of $ 25 million in five years. [Hint: (1.06)^(5)=1.34, (1.05)^(5)=1.28, (1.04)^(5)=1.22, (1.0456)^(5)=1.25 (1.0445)^(5)=1.24, (1.0478)^(5)=1.26] a. Should the firm undertake the project if the interest rate is 6%? 5%? 4%? b. Can you figure out the exact cutoff for the interest rate between profitability and non-profitability? 6. (10 points) Assume that American rice sells for $100 per bushel, Japanese rice sells for 16,000 yen per bushel, and the nominal exchange rate is 80 yen per dollar. a. Explain how you could make a profit from this situation. What would be your profit per bushel of rice? b. Suppose that rice is the only commodity in the world. What would happen to the nominal exchange rate between the United States and Japan? 7. (10 points) For each of the following events, explain the short-run and long-run effects on output and the price level, assuming policymakers take no action. a. The federal government increases spending on national defense. b. A technological improvement raises productivity. 4 (试题结束) --

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