课程名称︰ 课程性质︰ 课程教师︰ 开课学院： 开课系所︰ 考试日期（年月日）︰ 考试时限（分钟）： 试题 : 1. Which list ranks assets from most to least liquid? a. money, bonds, cars, houses b. money, cars, houses, bonds c. bonds, money, cars, houses d. bonds, cars, money, houses 2. Which of the following does the Federal Reserve not do? a. It controls the supply of money. b. It acts as a lender of last resort to banks. c. It makes loans to any qualified business that requests one. d. It tries to ensure the health of the banking system. 3. In a 100-percent-reserve banking system, if people decided to decrease the amount of currency they held by increasing the amount they held in checkable deposits, then a. M1 would increase. b. M1 would decrease. c. M1 would not change. d. M1 might rise or fall. 4. If $500 of new reserves generates $1000 of new money in the economy, then the money multiplier is a. 2 and the reserve ratio is 50 percent. b. 2 and the reserve ratio is 2 percent. 2 c. 0.5 and the reserve ratio is 50 percent. d. 0.5 and the reserve ratio is 2 percent. 5. The discount rate is a. the interest rate the Fed charges banks. b. one divided by the difference between one and the reserve ratio. c. the interest rate banks receive on reserve deposits with the Fed. d. the interest rate that banks charge on overnight loans to other banks. 6. Assuming the Fisher Effect holds, and given U.S. tax laws, an increase in inflation a. increases the real interest rate and the after-tax real rate of interest. b. increases the real interest rate and the after-tax real rate of interest. c. does not change the real interest rate but raises the after tax real rate of interest. d. does not change the real interest rate but reduces the after-tax real rate of interest. 7. You put money into an account and earn a real interest rate of 6 percent. Inflation is 3 percent, and your marginal tax rate is 20 percent. What is your after-tax real rate of interest? a. 4.8 percent b.5.4 percent c. 7.2 percent d. 4.2 percent. 8. When the money market is drawn with the value of money on the vertical axis, an increase in the price level causes a a. shift to the right of the money demand curve. b. shift to the left of the money demand curve. c. movement to the left along the money demand curve. d. movement to the right along the money demand curve. 9. Open-market purchases by the Fed make the money supply a. increase, which makes the value of money increase. b. increase, which makes the value of money decrease. c. decrease, which makes the value of money decrease. d. decrease, which makes the value of money increase. 10. If the real exchange rate between the U.S. and Argentina is 1, then a. purchasing-power parity holds, and 1 U.S. dollar buys 1 Argentinean bolivar. b. purchasing-power parity holds, and the amount of dollars needed to buy goods in the U.S. is the same as the amount needed to buy enough Argentinean bolivars to buy the same goods in Argentina. c. purchasing-power parity does not hold, but 1 U.S. dollar buys 1 Argentinean bolivar. d. purchasing-power parity does not hold, but the amount of dollars needed to buy goods in the U.S. is the same as the amount needed to buy enough Argentinean bolivars to buy the same goods in Argentina. 11. If purchasing-power parity holds but then U.S. prices rise, which of the following move the exchange rate back towards purchasing-power parity? a. foreign prices rise or the U.S. nominal exchange rate rises b. foreign prices rise or the U.S. nominal exchange rate falls c. foreign prices fall or the U.S. nominal exchange rate rises d. foreign prices fall or the U.S. nominal exchange rate falls 12. A pair of running shoes costs $70 in the U.S. If the price of the same shoes is 4500 rupees in India and the exchange rate is 60 rupees per dollar, than the real exchange rate is a. more than 1, so a profit could be made by buying these shoes in the U.S. and selling them in India. b. more than 1, so a profit could be made by buying these shoes in India and selling them in the U.S. c. less than 1, so a profit could be made by buying these shoes in the U.S. and selling them in India. d. less than 1, so a profit could be made by buying these shoes in India and selling them in the U.S. 13. If a country has a trade surplus then a. S > I and Y > C + I + G. b. S > I and Y < C + I + G. c. S < I and Y > C + I + G. d. S < I and Y < C + I + G. 14. If a country has negative net capital outflows, then its net exports are a. positive and its saving is larger than its domestic investment. b. positive and its saving is smaller than its domestic investment. c. negative and its saving is larger than its domestic investment. d. negative and its saving is smaller than its domestic investment. 15. A country has national saving of $50 billion, government expenditures of $30 billion, domestic investment of $10 billion, and net capital outflow of $40 billion. What is its supply of loanable funds? a. $20 billion b. $30 billion c. $50 billion d. $60 billion 16. Other things the same, as the real interest rate falls a. domestic investment and net capital outflow both rise. b. domestic investment and net capital outflow both fall. c. domestic investment rises and net capital outflow falls. d. domestic investment falls and net capital outflow rises. 17. In the open-economy macroeconomic model, if the supply of loanable funds shifts right, then a. the supply of dollars in the market for foreign-currency exchange shifts left. b. the supply of dollars in the market for foreign-currency exchange shifts right. c. the demand for dollars in the market for foreign-currency exchange shifts left. d. the demand for dollars in the market for foreign-currency exchange shifts right. 18. If a country raises its budget deficit then a. both its supply of and demand for loanable funds shift. b. its supply of but not its demand for loanable funds shifts. c. its demand for but not its supply of loanable funds shifts. d. neither its supply nor its demand for loanable funds shift. 19. Financial Crisis Suppose that banks are less able to raise funds and so lend less. Consequently, because people and households are less able to borrow, they spend less at any given price level than they would otherwise. The crisis is persistent so lending should remain depressed for some time. Refer to Financial Crisis. What happens to the price level and real GDP in the short run? a. both the price level and real GDP rise b. the price level rises and real GDP falls c. the price level falls and real GDP rises d. both the price level and real GDP fall 20. Most economists believe that in the short run a. real and nominal variables are determined independently and that money cannot move real GDP away from its long-run trend. b. real and nominal variables are determined independently but that money can temporarily move real GDP away from its long-run trend. c. real and nominal variables are highly intertwined but that money cannot move real GDP away from its long-run trend. d. real and nominal variables are highly intertwined and that money can temporarily move real GDP away from its long-run trend. 21. Other things the same, as the price level decreases it induces greater spending on a. both net exports and investment. b. net exports but not investment. c. investment but not net exports. d. neither net exports nor investment. 22. Which of the following shifts long-run aggregate supply right? a. an increase in either technology or the human capital stock. b. an increase in human capital but not technology. c. an increase in technology, but not the human capital stock. d. neither an increase in technology nor the human capital stock. 23. Shifts in aggregate demand affect the price level in a. the short run but not in the long run. b. the long run but not in the short run. c. both the short and long run. d. neither the short nor long run. 24. With respect to their impact on aggregate demand for the U.S. economy, which of the following represents the correct ordering of the wealth effect, interest-rate effect, and exchange-rate effect from most important to least important? a. wealth effect, exchange-rate effect, interest-rate effect b. exchange-rate effect, interest-rate effect, wealth effect c. interest-rate effect, wealth effect, exchange-rate effect d. interest-rate effect, exchange-rate effect, wealth effect 25. If the MPC is 5/6 then the multiplier is a. 6/5, so a $200 increase in government spending increases aggregate demand by $240. b. 5, so a $200 increase in government spending increases aggregate supply by $1000. c. 6, so a $200 increase in government spending increases aggregate demand by $1200. d. 6/5, so a $200 increase in government spending increases aggregate supply by $1200. 26. Suppose foreigners find U.S. goods and services more desirable for some reason other than a change in the exchange rate. Which policies could be used to offset the resulting change in output? a. an increase in the money supply and an increase in government purchases. b. an increase in the money supply and a decrease in government purchases. c. a decrease in the money supply and an increase in government purchases. d. a decrease in the money supply and a decrease in government purchases. 27. Samuelson and Solow believed that the Phillips curve a. implied that low unemployment was associated with low inflation. b. indicated that the aggregate supply and aggregate demand model was incorrect. c. offered policymakers a menu of possible economic outcomes from which to choose. d. All of the above are correct. 28. The natural rate of unemployment a. is constant over time. b. varies over time, but can’t be changed by the government. c. is the socially desirable rate of unemployment. d. does not depend on the rate at which the Fed increases the money supply. 29. An adverse supply shock causes output to a. rise. To counter this a central bank would increase the money supply. b. rise. To counter this a central bank would decrease the money supply. c. fall. To counter this a central bank would increase the money supply. d. fall. To counter this a central bank would decrease the money supply. 30. The experience of the Volcker disinflation of the early 1980s a. generally increased estimates of the sacrifice ratio. b. generally decreased estimates of the sacrifice ratio. c. clearly refuted the predictions of the proponents of rational expectations. d. All of the above are correct. accaadddbbbcadcabbddaacdcdcdcb --

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