科目：總體經濟學 教授：陳虹如 試別：期末考 by neverneverfu 試題 : Total Score：110 Part 1.(21) Multiple Choices(單一選擇題) 1.If a consumer is in a position in which a borrowing constraint limit his/her current consumption and a one-time tax is levied on his/her current income, then that tax will: (a)lower the consumer’s future consumption. (b)Not affect the consumer’s future consumption. (c)Increase the consumer’s future consumption. (d)Have no effect on either current or future consumption. Ans: (b) 2.There will be president election in Taiwan next year. Suppose that the econom -y is in a recession and the opposition candidate proposes an investment tax credit to take effect next year after he takes office. If the public believe -s the opposition candidate has a good chance of winning, the effect of this promise will likely be to (a)increase investment both this year and next year. (b)decrease investment both this year and next year. (c)increase investment this year and decrease it next year. (d)decrease investment this year and increase it next year. Ans: (d) 3.According to classical theory, a bad weather that is thought to be temporary can be expected to cause current real output to ____, the current real wage rate to _____,and the real interest rate to _____. (a)decrease, decrease, uncertain ,change. (b)uncertain, change, uncertain change, increase. (c)decrease , decrease, decrease. (d)decrease, decrease , increase Ans: (d) 4.Suppose that the government is considering two tax cuts, one temporary and one permanent. Each cut will give each taxpayer the same amount in the first year . The permanent-income hypothesis predicts that: (a)each tax cut will lead to the same amount of consumption in the first year (b)The temporary tax cut will lead to more extra consumption in the first year. (c)The permanent tax cut will lead to more extra consumption in the first year. (d)The temporary tax cut will lead to no extra consumption at all in the first year. Ans: (c) 5.According to the neoclassical model of investment, the immediate impact of an earthquake that destroys part of the capital stock will be to (a)increase both the rental price of capital and investment . (b)increase the rental price and decrease investment. (c)decrease the rental price and increase investment. (d)decrease both the rental price of capital and investment . Ans: (a) 6.In Irving Fisher's two-period model, the income effect of an increase in the interest rate in the first period for a saver is the: (a)decrease in the relative price of second-period consumption (b)additional income earned on first-period saving (c)decrease in the relative price of first-period consumption (d)additional income earned on second-period saving Ans: (b) 7.The investment demand function would shift for all of the following reasons except: (a)an improvement in technology (b)a decrease of the depreciation rate of capital (c)an increase in government spending raises the real interest rate (d)the investment tax credit is reinstated Ans: (c) Part 2 .(89) Problems (Think carefully before writing! A clear sharp, short answer will get much more credit than a long , unfocused answer.) 1.(9) Many economists have recently argued for a drastic change in the U.S. tax code. They would like to see the current federal income tax replaced with a national sales tax on consumption goods in an effort to increase national saving. Analyze the effects of such a policy using the classical model, and be sure to discuss its effects on real wages, the labor market, output, the real in interest rate , investments and saving. Provide approp -riate graphs to illustrate. 2.(25) An economy consists of two families, the Reds and Greens. Each family owns a factory and produces output with the same technology. This technology is L^2 Y = f(L) = 48L－ ── 2 The Red family has preferences U(C,48－L) = C－L^2 , L < = 48 The Green family has preferences U(C,48－L) = C－L^2 , L < = 48 Where L is working time and total hours of time is 48.Answer the following questions : dU dU (a)(4)Find an expression for the slope of an indifference curve(-─/─) dL dC of the Red family. Do the same exercise for the Green family. (b)(6)If each family allocates its time to produce using its own factory, how much time will each family allocate to production? (c)(4)Calculate the productivity of the economy ; this is measured as Y_red ＋ Y_green Productivity = ────────── L_red ＋ L_green (d)(4)Assume that the economy is run by a benevolent social planner who owns both factories and can allocate the labor of each family. We assume that the social planner will set the slopes of the indifference curves for Red and Gre -en families equal. Find the expression for the amount of Red family labor th -e social planner will use relative to the amount of Green family labor. In other words, find the value of the number “b” such that L_green = bL_red (e)(7) The social planner chooses to set the amount of labor in each factory the same and equals L_avg = (L_red ＋ L_green)/2. The social planner will also set the slope of an indifference curve for each family to the slope of the production function for each factory. Using the result you get in (d), find how much Red labor the social planner will use. What is the total output in this economy? 3(23)Consider the Solow Growth Model θ 1-θ Y_t = AK_t(E_t,L_t) (1) E_t+1 = (1+g)E_t , E_t = 1 , g > 0 L_t+1 = L_t = L , for all t Y_t = C_t + I_t (2) I_t = sY_t (3) K_t+1 = I_t + (1-δ)K_t (4) (a)(4)Divide each variable by E_tL_t,rewrite equation (1) (2) (3) and (4) in terms of new variables. (b)(4)Define k_t = K_t/(E_tL_t),solve for the steady state level of capital, k^*, as a function of δ,s,θand g . (c)(5) If k_t is at a the steady state, what are the growth rate of Y_t,C_t and I_t ? (d)(10) How many possible the steady state are there? What is the golden rule , and how does it help use choose just one the steady state to consider? What is the golden rule saving rate? 4.(12)Assume a representative agent only lives two periods (period 1 for being young and period 2 for being old). Assume her income is 20 when she is young and 0 when she is old. Suppose the interest rate is 2% and she want to smooth her consumptions (that is consumptions in period 1 and period 2 are the same ).Answering the following questions: (a)(3) What is her intertemporal budget constraint? In the following problems (b),(c) and (d),calculate the answer until the first digit of the decimal. (b)(3) How much will she save? (c)(3) If the government uses pay-as-you-go as the way of social security. That means, young agents need to pay for social security for old people. When this agent is young, she needs to pay 4 for the tax. But she will get 6 as the social security when she becomes old. What is her new intertemporal budget constraint? (d)(3) Follow from (c), how much will she save? 5.(10) Suppose that the government cuts taxes today, but leaves government purchases unchanged and finances this spending with debt. According to the Keynesian point of view, how will consumption today be affected by this changed? According to the Ricardian view, how will consumption today be affected by this changed? Explain your answers. 6.(Bonus!)(10) Given the production function Y = AK^αL^1-α, explain what is growth accounting? According to Young (1994), what were main factors contribu -te to learned from the Solow model, what advices you would suggest to these countries to maintain high growth rates? ---------------------------------------------------------------------- ∮完卷∮ -- 陷自己於忙碌之中　也許不寂寞但卻很孤獨...... 陪伴的人也許很多　不孤獨卻不代表不寂寞...... --

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