课程名称︰经济学二 课程性质︰通识A5 课程教师︰陈虹如 开课学院：社会科学院 开课系所︰经济学系 考试日期（年月日）︰2017/10/23 考试时限（分钟）：50 试题 : (100 points total; 50 mins) ● Please write your answer on the answer sheet. ● Write your name(1%) and student ID(1%) and 系级(1%) as well. ● You can use pencil or pen in black or blue. ● You can leave after you hand in the answer sheet. --------------------------------------------------------------------- 1. Explain each of the following statements using supply-and-demand diagrams. a) (7%) "When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country." b) (10%) "When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls." 2. A farmer grows wheat, which she sells to a miller for $100. The miller turns the wheat into flour, which she sells to a baker for $150. The baker turns the wheat into bread, which she sells to consumers for $180. Consumers eat the bread. a) (10%) What is GDP in this economy? Explain. b) (10%) Assuming there are no intermediate goods beyond those described above, calculate the value added of each of the three producers. 3. Suppose that people in J-island consume only three goods, as shown in this table: ┌───────┬───────┬───────┬───────┐ │ │Apple │Pen │Pineapple │ ├───────┼───────┼───────┼───────┤ │2016 price │4 │2 │5 │ ├───────┼───────┼───────┼───────┤ │2016 quantity │10 │20 │20 │ ├───────┼───────┼───────┼───────┤ │2017 price │4 │3 │6 │ ├───────┼───────┼───────┼───────┤ │2017 quantity │20 │10 │15 │ └───────┴───────┴───────┴───────┘ a) (12%) What is the nominal GDP, real GDP, GDP deflator for 2016 and 2017? (Take 2016 as the base year) b) (4%) Calculate the CPI for each year. (Take 2016 as the base year) c) (6%) Taro wants to know the inflation rate in J-island. Calculate the inflation rate using two methods: GDP deflator and CPI. Explain to Taro why these two results are different. d) (8%) Other factors remain the same. If J-island imports Applepen from T- island, and Applepen is also contained in the basket of CPI. How would an increase in the price of Applepen affect GDP deflator and CPI? Explain. 4. (10%) In many developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater educational opportunities for young women could lead to faster economic growth in these countries. 5. Suppose that a borrower and a lender agree on the nominal interest rate to be paid on a loan. Then inflation turns out to be lower than they both expected. a) (10%) Is the real interest rate on this loan higher or lower than expected? b) (10%) Does the lender gain or lose from this unexpectedly low inflation? Does the borrower gain or lose? --

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