课程名称︰经济学原理与实习下 课程性质︰必修/ 兼A5*通识 课程教师︰魏凯立 开课学院：社会科学院 开课系所︰经济学系 考试日期（年月日）︰2020/06/19 考试时限（分钟）：180 min 试题 : Multiple Choice Questions (3 pts each) 1. What the most important reason a high rate of inflation is bad for an economy? a. it increases the nominal interest rate. b. it makes future prices uncertain. c. it hurts people who have borrowed money. d. it raises the cost of production. e. it causes the money to appreciate. 2. Suppose people become very pessimistic about the Taiwan economy. No one wants to invest and banks and other lenders pull their money out of Taiwan to lend to other countries. What will certainly happen? a. The real interest rate will rise. b. The real interest rate will fall. c. The nominal interest rate will rise. d. The nominal interest rate will fall. e. None of the above. 3. Why might many economists worry more about deflation than inflation? a. Inflation causes wages to increase and deflation causes a decrease. b. Deflation causes the real value of money holdings to fall. c. Deflation may cause people to delay spending money. d. Deflation causes a fall in the money supply. 4. What is contained in M2 that is not contained in M1? a. Cash b. Saving accounts c. Credit d. Money market funds 5. As a percentage of GDP, how do Taiwan's imports and exports compare to those of the U.S.? a. Taiwan's imports and exports are both greater relative to GDP. b. Taiwan's imports are greater, but U.S. exports are greater. c. Taiwan's exports are greater, but U.S. imports are greater. d. U.S. imports and exports are both greater relative to GDP. 6. If purchasing power parity(PPP) holds for two economies, what must be true? a. Their nominal exchange rate will equal one. b. Their real exchange rate will equal one. c. Their nominal interest rates will be the same. d. Their real interest rates will be the same. 7. Which economist blamed investors for bubbles in the economy? a. Hayek b. Minsky c. Keynes d. Schumpeter 8. What happens when the central bank increases the monetary supply in the short run (SR) and in the long run (LR)? a. SR: prices increase, LR:interest rates decrease b. SR: prices decrease, LR:interest rates increase c. SR: interest rates increase, LR: prices decrease d. SR: interest rates decrease, LR: prices increase e. SR & LR appreciates in value 9. When is it least likely that government borrowing & spending will crowd out private investment? a. When there is a bubble. b. When there are excess reserves in the bank. C. When the money multiplier has a high value. d. When money velocity has a high value. 10. If aggregate demand increases, what will happen? a. Wages will rise and unemployment will decrease. b. Wages will fall and unemployment will decrease. c. Unemployment will increase and wages will fall. d. Unemployment will increase and wages will rise. 11. If an economy was experiencing capital flight so that most people were trying to get their wealth out of the country, what would you expect to see? a. Rising prices b. Falling prices c. A trade surplus d. A trade deficit 12. When would you expect money to be neutral? a. In the short run b. In the long run c. When commodity money is used d. When fiat money is used Short Answer 13. Suppose the economy is experiencing long-term deflation. Which will be higher: the real interest rate or the nominal interest rate? If this country is the only country experiencing such deflation, over the long run, would you expect its currency to be appreciating or depreciating? (2+2 = 4pts) 14. Name one advantage of using fiat money. Name one advantage of using commodity money. Is Bitcoin a fiat money or a commodity money? (2+2+2 = 6pts) 15. Name one of the automatic stabilizers that help pull the economy out of a recession, then briefly explain how this stabilizer works. (2+2 = 4pts) 16. If real interest rates are increased, what will happen to housing prices? Why? (2+2 = 4pts) 17. Suppose an economy has a sticky-wages problem. The government raises the required reserve ratio permanently without increasing base money. What will happen, in the long and short run, to prices, wages, unemployment and output? (2*4 = 8pts) 18. A country saves $20 billion each year. It's GDP is $400 billion and it exports 10% of this production. If the country invests a total of $40 billion in its economy, how much does it import? (3pts) 19. Suppose the government wants to stimulate the economy spending money it borrows. For every $100 the government spends, $80 of private spending is crowded out. The marginal propensity to consume is 0.8. How much must the government spend if it wants to achieve $4 billion of stimulus (4pts) 20. In many Asian countries, money velocity has been falling over the lase 30 or 40 years. What might cause this fall in money velocity? (3pts) 21. Explain why the aggregate demand curve slopes down. Briefly go over all three reasons and how they are related. (2+2+2+2 = 8pts) 22. What do monetarist think causes depressions and large recessions? (3pts) 23. According to Austrians, such as Hayek, what causes a bubble? (3pts) 24. Suppose the central bank wants to decrease the inflation rate through the use of open market operations? What will the bank actually do? (3pts) 25. Besides open market operations, describe two things the central banks might do if it wanted to expand the money supply. (2+2 = 4pts) 26. What is the relationship between unemployment and inflation in the U.S. (and most of the developed world) and how has it changed over the last 60 years? (2+2 = 4pts) 27. In a world without banks and borrowing, how large would the money multiplier be? (3pts) Answer: 1~5: bdcba 6~10: bbdba 11~12: cb --

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