课程名称︰经济学原理与实习下 课程性质︰必修 / A5* 课程教师︰魏凯立 / 李文基 (助教名) 开课学院：社会科学院 开课系所︰经济学系 考试日期（年月日）︰101/06/11 考试时限（分钟）：60 是否需发放奖励金：是 （如未明确表示，则不予发放） 试题 : I. Multiple Choice (3% each) 1. An open market purchase of bonds by the central bank will cause which of the following when a liquidity trap situation exists ? (A) output will increase (B) the interest rate will decrease (C) the interest rate will not change (D) the money supply, M, will not change 2 For the economy to experience both a recession and inflation at the same time (A) the aggregate supply curve must shift to the right (B) the aggregate supply curve must shift to the left (C) the aggregate demand curve nust shift to the left (D) the aggregate demand curve must shift to the right 3. The aggregate demand and aggregate supply model implies monetary neutrality (A) only in the short run (B) only in the long run (C) in both the short run and the long run (D) in neither the short run and the long run 4. The table below gives the aggregate demand and aggregate supply schedules in Lotus Land. With no change in aggregate demand or long-run aggregate supply, in long-run macroeconomic equilibrium, the price level will be ____ and real GDP will be _____ Real GDP supplied Price level Real GDP demanded Short-run Long-run 90 700 300 600 100 600 400 600 110 500 500 600 120 400 600 600 (A) 120；$400 (B) 110；$500 (C) 90；$400 (D) 100；$600 5. For an economy at full employment, an increase in the quantity of money will lead to which of the following sequences of shifts in aggregate demand and dupply curves ? (A) decreased aggregate demand, increased short-run aggregate supply, constant long-run aggregate supply (B) decreased aggregate demand, decreased short-run aggregate supply, decreased long-run aggregate supply (C) increased aggregate demand, increased short-run aggregate supply, increased long-run aggregate supply (D) increased aggregate demand, decreased short-run aggregate supply, constant long-run aggregate supply 6. Stagflation means (A) increasing unemployment and decreasing inflation (B) decreasing unemployment and decreasing inflation (C) increasing unemployment and increasing inflation (D) decreasing unemployment and increasing inflation 7. Suppose tha in fical year 2009 Miss Lin earned a nominal interest rate of 5%, During the time she held these funds inflation was 1.5%, and computed that she made a real after-tax interest rate of 2.5%. What was her tax rate (A) 15% (B) 20% (C) 25% (D) 33.33% 8. In the classical model, an increase in the money supply leads, other things equal (A) to an equal proportional fall in the aggregate output, with no effect on aggregate price level (B) to an equal proportional rise in the aggregate price level, with no effect on aggregate output (C) to an equal proportional fall in the aggregate price level, with no effect on aggregate output (D) to an equal proportional rise in the aggregate output, with no effect on aggregate price level 9. According to the Classical Dichotomy, when the money supply doubles, which of the following also double ? (A) the nominal wage, but not the price level (B) the price level, but not the nominal wage (C) both the price level and nominal wages (D) neither the nominal wage nor the price level 10. Which of the following is not implied by the quahtity equation ? (A) If velocity is stable, a decrease in the money supply creates an 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 velocity, an increase in output leads to a decrease in the price level (D) With constant money supply and output, an increase in velocity creates an increase in the price level 11. An increase in expected inflation shifts (A) the long run Phillips curve right (B) the short run Phillips curve right (C) neither the short run nor long run Phillips curve right (D) both the short run and long run Phillips curve right 12. The long run Phillips curve shows the relationship between the inflation rate and the unemployment rate when the (A) actual inflation equals the expected inflation rate (B) inflation rate is zero (C) real interest rate is zero (D) real interest rate equals the nominal interest rate 13. According to official estimation Country Y has a sacrifice ratio of 5. Policymakers in Country Y are thinking of lowering the inflation rate from 12% ~ 5%. What is the amount output that will be lost for Country Y to reduce its inflation rate ? (A) It will cost 25% of annual output to reach the new inflation target (B) It will cost 30% of annual output to reach the new inflation target (C) It will cost 60% of annual output to reach the new inflation target (D) It will cost 35% of annual output to reach the new inflation target 14. A Big Mac costs $3 in the United States and 2 euros in Spain, The purchasing power parity theory would predict that the exchange in the long run is (A) $1 = 1.5 euros (B) $1 = 0.67 euros (C) $1 = 6 euros (D) 1 euro = $0.67 15. If the real exchange rate between the United States and Taiwan remains unchanged, and the inflation rate in the United States is 6% per year and inflation rate in Taiwan is 3% per year, according to purchasing power parity (PPP), over a year the (A) NT dollar will appreciate by 3% against the US dollar (B) US dollar will appreciate by 3% against the NT dollar (C) US dollar will appreciate by 9% against the NT dollar (D) NT dollar will appreciate by 9% against the US dollar 16. 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 Belgium coffee per can of U.S. coffee (B) 4/3 cans of Belgium coffee per can of U.S. coffee (C) 3/4 cans of Belgium coffee per can of U.S. coffee (D) 3/5 cans of Belgium coffee per can of U.S. coffee 17. In a small open economy, if the government adopts a policy that lowers imports, then the policy (A) raises the real exchange rate and increases net exports (B) raises the real exchange rate and does not change net exports (C) raises the real exchange rate and decreases net exports (D) lowers the real exchange rate 18. Suppose the economy is producing at the natural rate of output. Assuming a fixed natural rate of output and everything else held constant, the development of a new, more productive technology will cause ____ in the unemployment rate and ____ the aggregate price level in the long run (A) an increase, an increase (B) a decrease, a decrease (C) a decrease, an increase (D) no change , no change 19. The Phillips curve is the relation between inflation and unemployment that holds for a given natural rate of unemployment and (A) given rate of inflation (B) given expected rate of inflation (C) given level of unemployment (D) given expected level of unemployment 20. Assume the MPC (marginal propensity to consume) is 0.75 and MPC of that economy decrease, The multiplier will (A) increae (B) decrease (C) not change (D) increae first and then decrease II. Short answer 1. True / False / Uncertain (20%) (1) If inflation is higher than expected, then borrowers make nominal interest payments that are less than they expected (2) All explanations for the upward slope of the short-run aggregate supply curve suppose that quantity of output supplied increases when the actual price level exceeds the expected price level (3) Unexpectedly high inflation reduces unemployment in the short run, but as inflation expectations adjust, the unemployment rate returns to its natural rate. (4) For the most part, fiscal policy affects the economy in the short run while monetary policy primarily matters in the long run 2. Suppose that the government spends more on a missile defense program, What does this do to aggregate demand ? How is your answer affected by the presence of the multiplier, crowding-out and taxes effects ? (10%) 3. Suppose that a decrease in the demand for goods and services pushes the economy into recession, What happens to the price level ? If the government does nothing, what ensures that the economy still eventually gets back to the natural rate of output ? (10%) --

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