武漢大學(xué)宏觀經(jīng)濟(jì)學(xué)期末試題

1、武漢大學(xué) 2008-2009 學(xué)年第二學(xué)期期末考試經(jīng)濟(jì)與管理學(xué)院 2008 級(jí) 2009 年 6 月 30 日《宏觀經(jīng)濟(jì)學(xué)》試題（A 卷）Principles Principles of of Macroeconomics Macroeconomics (Paper (Paper A) A)InstructionYou have two hours to complete this test. Full marks are 100

2、 points. Write your answers on the answer sheet. While you are allowed to answer either in English or Chinese, it would be more graded at a reasonable degree if you choose to do it in English. Read the questions carefull

3、y before answering them. Be precise and keep to the point.Good luck!Problem 1 (10 points)True or False? Explain your answer completely but briefly.a. (5 points) Consumption, investment, government purchases and net expor

4、t are Not sources of Long-term economic growth.b. (2.5 points) It is one case of moral hazard that a patient is more likely to apply for health insurance than healthy men.c. (2.5pionts) According to the theory of efficie

5、ncy wages, firms who pay wages at the equilibrium level will operate more efficiently.Problem 2 (10 points)Suppose there is a small farming economy that produces corn. In such an economy, 80 bushels (蒲式耳) are consumed, 1

6、0 go for government purchases to feed the army, 6 go into domestic investment as increases in inventories, and 11 bushels are exported. In addition, the economy imports 7 bushels of corn and taxes farmers by 12 bushels.a

7、. What is the GDP of the economy?b. Calculate private saving, public saving and net capital outflow. Then explain the relationship between saving and investment.c. Assuming in the economy, women have worked more hours in

8、 producing corn. How would this affect GDP? Explain the paradox, “When a person marries his or her gardener (園丁), GDP goes down.” Do you think GDP is a good measure of national accounts?a. Use a diagram to illustrate the

9、 state of the economy. Be sure to show aggregate demand, short-run aggregate supply, and long-run aggregate supply and explain why these curves look like this.b. Now suppose that a stock market crash causes aggregate dem

10、and to fall. Use your diagram to show what will happen to output and the price level in the short-run. What happen to the unemployment rate? And in the long run?c. Now suppose that a war in Middle East drives up the cost

11、 of producing oil products. What are the likely macroeconomic effects of such a change? Explain with the help of appropriate graphs.Problem 7 (15 points)a. Suppose the government increases its purchase expenditure by $20

12、 billion, which finally raises the total demand for goods and services by $100 billion. If we ignore the possibility of crowding out, what would the marginal propensity to consume to be? If we allow for crowding out, wou

13、ld the marginal propensity to consume in this case be larger or smaller than their initial one? b. Suppose the government reduces taxes by $20 billion, there is no crowding out, and the MPC is 0.8. What is the initial ef

14、fect of the tax reduction on aggregate demand? What is the total effect of this policy? c. How does the total effect of the $20 billion tax cut in part (b) compare to the total effect of a $20 billion increase in governm

15、ent purchase in part (a)? Why?Problem 8 (15 points)Suppose king's weather (好天氣) drives down the cost of producing food products.a. Show the impact of such a change in both the aggregate-demand/aggregate-supply diagra

16、m and in the Phillips-curve diagram. What happens to inflation and unemployment in the short-run? b. Do the effects of this event imply there is no short-run tradeoff between in inflation and unemployment? Why or why not

17、?c. Suppose in the following year, bad weather brings stagflation, and the central bank pursues contractionary (緊縮性的) monetary policy to reduce inflation. Use the Phillips curve to show the short-run and long-run effects