课程名称︰经济学原理与实习下 课程性质︰经济系/国企系/财金系必修，兼A5*通识，英文授课 课程教师︰魏凯立 开课学院：社会科学院 开课系所︰经济系 考试日期（年月日）︰2016/06/24 考试时限（分钟）：110 mins 试题 : 1. In Mankiw's three-panel open-economy model, what are the effects of capital flight? (3%) (a) A higher real exchange rate and a higher real interest rate (b) A higher real exchange rate and a lower real interest rate (c) A lower real exchange rate and a higher real interest rate (d) A lower real exchange rate and a lower real interest rate 2. Why did Schumpeter think the government should not stabilize the economy? (3%) (a) There was too much lag time. Government was too slow. (b) Once a bubble had popped, there was nothing useful that could be done. (c) Bad investments should be allowed to fail to free up resources. (d) Government stabilization policies often cause corruption. 3. Why does the aggregate demand curve slope down? (3%) (a) When prices are high, people's real wages fall. (b) When prices are high, people are more optimistic. (c) When prices are high, people have less real wealth. (d) When prices are high, people do not need to buy as much. 4. In terms of the AD-AS model, what does it mean when the Phillips Curve shifts inward toward the origin? (3%) (a) The short-run aggregate supply curve has shifted upward. (b) The short-run aggregate supply curve has shifted downward. (c) The aggregate demand curve has shifted inward toward the origin. (d) The aggregate demand curve has shifted outward away from the origin. 5. Why might many economists worry more aboul deflation than inflation? (3%) (a) Deflation may cause people to delay spending money. (b) Inflation causes wages to increase and deflation causes a decrease. (c) Deflation causes the real value of money holdings to fall. (d) Deflation causes a fall in the money supply. 6. What is contained in M2 that is not contained in M1? (3%) (a) cash (b) credit (c) money market funds (d) saving accounts 7. Which of the world's major money supplies (M2) has been growing fastest over the last ten years? (3%) (a) The US dollar (b) The euro (c) The Japanese yen (d) The Chinese renminbi 8. Money velocity in Taiwan is... (3%) (a) higher than in the U.S., and has been rising over the last 20 years. (b) higher than in the U.S., but has been falling over the last 20 years. (c) lower than in the U.S., but has been rising over the last 20 years. (d) lower than in the U.S., and has been falling over the last 20 years. 9. If the government increases the money supply, will this increase GDP in the long run? (3%) (a) Yes. (b) No. (c) It will increase real GDP, but usually not nominal GDP. (d) It will increase nominal GDP, but usually not real GDP. 10. Which of the following is an important difference between an Austrian and Minsky bubble? (3%) (a) The Austrian bubble is caused by the central bank while the Minsky bubble is caused by over-optimistic investors. (b) The Austrian bubble is a financial bubble while the Minsky bibble is an investment bubble. (c) The Austrian bubble is caused by too much consumption while the Minsky bubble is caused by too much investment. (d) The Austrian bubble is good for economic development in the long run while the Minsky bubble is purely destructive. 11. As a percentage of GDP, how do Taiwan's imports and exports compare to those of the U.S.? (3%) (a) Taiwan's imports and exports are both greater relative to GDP. (b) U.S. imports and exports are both greater relative to GDP. (c) Taiwan's imports are greater, but U.S. exports are greater. (d) Taiwan's exports are greater, but U.S. imports are greater. 12. Why is a higher rate of inflation bad for an economy? (3%) (a) It increases the nominal interest rate. (b) It raises the cost of production. (c) It increases the trade deficit (or decreases the trade surplus). (d) It makes future prices uncertain. 13. If a stock market is established in an economy and becomes important, what effect is this likely to have on the money velocity and the money multiplier? (3%) (a) Money velocity will fall, but the money multiplier won't be affected. (b) Money velocity will rise, but the money multiplier won't be affected. (c) The money multiplier will fall, but money velocity won't be affected. (d) The money multiplier will rise, but money velocity won't be affected. (e) Neither money velocity nor the money multiplier will be affected. 14. If the short-run aggregate supply curve shifts to the right but long-run aggregate supply remains unchanged, then... (3%) (a) equilibrium output has increased. (b) expected prices have fallen. (c) aggregate demand must also shift outward. (d) aggregate demand must shift inward. 15. Suppose aggregate demand in an economy increases while aggregate supply remains constant. What will happen to the CPI and the value of money? (3%) (a) There will be deflation and the value of money will fall. (b) There will be deflation and the value of money will rise. (c) There will be inflation and the value of money will fall. (d) There will be inflation and the value of money will rise. 16. What is the discount rate? (sometimes called the rediscount rate)? (3%) (a) The interest rate at which large banks will loan money to each other overnight. (b) The interest rate at which the central bank will loan money overnight. (c) The interest rate at which large banks lend money to their best customers. (d) The difference between the interest rates large banksuse for savers and for borrowers. 17. What is the difference between fiat and commodity money? (3%) 18. In an economy in which banks keep 25% of deposits in reserves and lend out the rest, how large is the money multiplier? (3%) 19. What does a central bank actually do if it wants to decrease the money supply through an open market operation? (3%) 20. What is the Fisher effect? (3%) 21. Why is the long-run aggregate supply curve vertical? (3%) 22. Why did Keynes say, "in the long run, we are all dead"? (3%) 23. Why do Keynesians worry about "pushing on a string"? (3%) 24. I is investment, S is national saving, X is exports and M is imports. Explain briefly, in a sentence or two, why it must be true that S - I = X - M. (4%) 25. One Barbadian Dollar is equal to sixty-two Albanian Lek. If the Big Mac is a representative consumer item, and a Big Mac costs nine Barbadian Dollars in Barbados and 500 Lek in Albania, what is the real exchange rate? Which country has cheaper prices? (4%) 26. Suppose that domestic investors become pessimistic and decide to borrow less money. Use Mankiw's three-panel open-economy diagram to show what would happen. Make sure to label all the axes. Then briefly explain in words how (and why) the real exchange rate will be affected. (7%) 27. Why might sticky wages cause the short-run aggregate-supply curve to slope upward? (3%) 28. China originally requires banks to hold 21% of their deposits as reserves. The government then decides to lower this ratio, so that banks need only hold 20% of their deposits in reserves. Assuming nothing else changes and there are no excess reserves, how will this change the Chinese money supply? (3%) 29. Briefly explain in words why an order for Taiwan papayas coming from abroad that increased Taiwan's net exports by NT$100,000 would have a multiplier effect. If there was no crowding out and the marginal propensity to consume is 0.9, how much would the order increase Taiwan's GDP? (4%) 30. Name one of the automatic stabilizers which help pull the economy out of a recession, then briefly explain how the stabilizer works. (3%) 31. When will an increase in government spending be useless in stimulating the economy due to the crowding out problem? (3%) Answer for Multiple Choice:(Q1~16) 1-5 CCCBA 6-10 DDDDA 11-16 ADABCB --

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