课程名称︰经济学二
课程性质︰选修 / 通识A5
课程教师︰吴中书
开课学院：
开课系所︰
考试日期（年月日）︰102.04.15
考试时限（分钟）：110
是否需发放奖励金：是
（如未明确表示，则不予发放）
试题 :
1. In a simple economy, suppose that all income is either compensation of
employees or profits. Suppose also that there are no indirect taxes.
Calculate gross domestic product from the following set of numbers.
Derive the answer both by the Expenditure Approach (EA), i.e. the components
of GDP, and the National-income Approach (NA).
Consumption $ 5,000
Investment $ 1,000
Depreciation $ 600
Profits $ 900
Exports $ 500
Compensation of employees $ 5,300
Government purchases $ 1,000
Direct taxes $ 800
Saving $ 1,100
Imports $ 700
(a) EA: $6800 NA: $6200 (b) EA: $6800 NA: $6800
(c) EA: $7000 NA: $5800 (d) EA: $6200 NA: $6200
2. Do the following transactions would not be counted in GDP?
I. General Motors issues new shares of stock
II. General Motors builds a new plant
III.You buy a used copy of this textbook.
IV. The government pays out Social Security benefits
(a) NO ; YES ; NO ; NO (b) YES ; YES ; NO ; NO
(c) NO ; YES ; YES ; NO (d) YES ; YES ; NO ; YES
3. Consider the following data on a particular country’s GDP: Derive Real GDP
growth rate
Nominal GDP GDP deflator
2013 200 160
2012 180 150
(a) 4.1% (b)3.2% (c)5.9% (d)2.6%
4. Evaluate the following statement: Even if the prices of a large number of
goods and services in the economy increase dramatically, the real GDP for
the economy can still fall.
(a) Incorrect because real GDP should move in the same direction of price level
(b) Incorrect because it is impossible for an economy to experience
hyperinflation
(c) Correct because the counting method of real GDP is nothing to do with price
level
(d) Correct because it may experience a decline in the physical quantity
5.
The consumer price index (CPI) is a fixed-weight index. It compares the price
of a fixed bundle of goods in one year with the price of the same bundle of
goods in some base year. Calculate the price of a bundle containing 100 units
of good X, 150 units of good Y, and 25 units of good Z in 2008, 2009, and 2010.
Convert the results into an index by dividing each bundle price figure by the
bundle price in 2008. Calculate the percentage change in your index between
2008 and 2009 and again between 2009 and 2010.
What were the inflation rates of 2009 and 2010.?
Good Quantity Consumed 2008 Price 2009 Price 2010 Price
X 100 1 1.5 1.75
Y 150 1.5 2 2
Z 25 3 3.25 3
(a)29.6% ; 6.34% (b)3.57% ; 23.42% (c)32.8% ; 3.54% (d)12.32% ; 3.45%
6. Suppose that HTC raises the price of its Butterfly, produced in Taiwan, it
sells in the U.S. Determine the effects on the CPI and the GDP deflator for
the U.S.
(a) rises ; keeps the same (b) keeps the same ; rises
(c) both rise (d) both keep the same
7. Which of following statement is incorrect?
(a) The nominal interest rate is the interest rate corrected for inflation
(b) The nominal interest rate is the rate of growth in the dollar value of a
deposit or debt
(c) The real interest rate is corrected for inflation
(d) The real interest rate is the rate of growth in the purchasing power of a
deposit or debt
8. 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 higher than they both
expected. Does the lender gain or lose from this unexpectedly high inflation?
Is the real interest rate on this loan higher or lower than expected?
(a)Gain ; higher (b)Gain ; Lower (c)Lose ; Higher (d)Lose ; Lower
9. In economic theory, which of the following statements related to the
catch-up effect is correct? (2 answers are correct)
(a) It is an effect resulted from increasing returns to capital
(b) If workers already have a lot of capital, giving them more increases
productivity fairly little
(c) Rich countries tend to grow more rapidly than poor ones
(d) If workers have little K,giving them more increases their productivity alot
10. If the objective were to measure economic welfare, then what adjustments
would have to made to GDP to make it a better measure of economic welfare?
(a) Household production would need to be included.
(b) The amount of leisure time that households have would need to be included.
(c) The effect of pollution on the environment would need to be included.
(d) All of the above adjustments would need to be made.
11. Which of the following contributes to economic growth?
(a) Increases in labor productivity (b) Capital accumulation
(c) Technological improvements (d) All of the above contribute to economic growth.
12. Which of the following policy actions could speed productivity growth?
I. Tax incentives to encourage saving.
II. Encouraging international trade.
III.Directing public funds toward financing basic research.
(a) II only. (b) I and III. (c) I only. (d) I, II, and III.
13. Suppose GDP equals $10 trillion, consumption equals $6.5 trillion, the
government spends $2 trillion and has a budget deficit of $300 billion.
Find private saving and investment.
(a) 3.5 ; 1.8 (b) 1.8 ; 3.5 (c) 1.8 ; 1.5 (d) 3.5 ; 1.5
14. Which of the following scenarios is not considered as investment by an
economist?
(a) General Motors spends $250 million to build a new factory in Flint,Michigan
(b) You buy $5000 worth of computer equipment for your business.
(c) Buy shares of a mutual fund
(d) Your parents spend $300,000 to have a new house built.
15. Which of the following statements about the market for loanable funds is
incorrect?
(a) A budget deficit reduces national saving and the supply of loanable funds
(b) When the interest rate goes up, making it expensive to borrow, the supply
curve shifts left
(c) A fall in the interest rate reduces the cost of borrowing, which increases
the quantity of loanable funds demanded.
(d) The government borrows to finance its deficit, leaving less funds available
for investment.
16. The Rule of 70 is used to
(a) Estimate how much of an economy’s growth rate is due to increases in
capital per hour of labor
(b) Calculate the standard of living
(c) Calculate the economy’s growth rate
(d) Estimate how long it will take the level of any variable to double
17. Suppose that you buy a 2-year bond sold for $100 with interest rate equal
to 4%, the interest payment is counted a half year a time. Then how much
you will get 2 years later?
(a) 100 X (1+2%)^4 (b) 100 X (1+4%)^4 (c) 100 X (1+4%)^2 (d) 100X (1+4%)
18. Which of the following statements about a person with risk aversion
personality is incorrect?
(a) As wealth rises, his utility curve becomes flatter due to diminishing
marginal utility
(b) The more wealth a person has, the less extra utility he would get from an
extra dollar
(c) He likes uncertainty, willing to play lottery
(d) He possesses a down-ward bell-shape utility curve
19. Identify whether each of the following is an example of adverse selection
or moral hazard.
I. A driver begins dangerous driving after buying car insurance
II. After receiving a positive reaction in a cancer checkup, Mr. Wu buys a
health insurance
(a) Moral hazard ; Moral hazard
(b) Moral hazard ; Adverse selection
(c) Adverse selection ; Adverse selection
(d) Both of these are neither adverse selection nor moral hazard
20. Suppose that you buy a share of TSMC stock today, you will be able to sell
it in 2 years for $121. You will receive a $12.1 dividend at the end of
each of those 2 years. If the prevailing interest rate is 10%, what is the
value of a share of TSMC stock today?
(a) $121 (b) $134.2 (c) $145.2 (d) $131
21. Which of the following statements about the Efficient Markets Hypothesis
and its implications is incorrect?
(a) It is possible to systematically beat the market
(b) Stock prices follow a random walk: A stock price only changes in response
to new information (“news”) about the company’s value
(c) Stock market is informationally efficient: Each stock price reflects all
available information about the value of the company
(d) The theory that each asset price reflects all publicly available
information about the value of the asset
22. Full-time students and prisoners are ________.
(a) In the labor force
(b) Not in the labor force
(c) Counted as discouraged workers
(d) Counted as unemployed
23. During a recession, people drop out of the labor force because they are
unable to find a job. All else the same, this
(a) Increases the unemployment rate
(b) Decreases the unemployment rate
(c) Does not change the unemployment rate
(d) Increases the unemployment rate and the labor force participation rate
24. Which of the following situations best describes an individual who is
cyclically unemployed?
(a)Nicholas was laid-off when orders for General Motors cars fell during a
recession
(b)Susan quit her job as a preschool teacher to try to find a better paying job
(c)Matthew was an artillery man, but he has been unable to find work since he
left the army
(d)Catherine is a ski instructor who is not working because it is summer
25. The natural unemployment rate
(a) Falls with an increase in cyclical unemployment
(b) Rises with an increase in cyclical unemployment
(c) Rises with an increase in structural unemployment
(d) Rises with a decrease in frictional unemployment
26. Which of the following statements about Cyclical Unemployment and the
Natural Rate is incorrect?
(a) Cyclical unemployment occurs when technology improvements change job
requirements
(b) Natural rate of unemployment is the normal rate of unemployment around
which the actual unemployment rate fluctuates
(c) Cyclical unemployment fluctuates over the business cycle
(d) Even when the economy is doing well, there is always some unemployment like
frictional unemployment and structural unemployment
27. Which of the following would be most likely to reduce structural
unemployment?
(a) Sectoral shifts become more frequent
(b) The government increases unemployment insurance benefits
(c) The government eliminates the minimum wage
(d) More workers post their resumes at Monster.com, and more employers use
Monster.com to find suitable workers to hire
28. You are given this account for a bank
Assets Liabilities
Reserves $500 Deposits $3,500
Loans $3,000
The required reserve ratio is 10 percent. Which of the following statements
are correct?
I. Given its deposits of $ 3500, the bank required to hold as reserves is $350
II. Its excess reserves is $150
III The bank can lend out an additional $150
(a) I (b) II and III (c) I and II (d) I, II and III
29. Which of the following statements are correct?
I. Money serves as a medium of exchange: It provides the item used to make
transactions
II. Fiat money is money that has intrinsic value
III.The Fed can change the money supply by the purchase of government bonds
IV. When banks loan out some of their deposit, the money supply does not
change since the Fed did not print any new money
(a) I and III (b) II and III (c) I, II and IV (d) I, III and IV
30. Suppose that you deposit $100 in your checking account. The Fed’s reserve
requirement is 20% of deposits. What is the maximum amount that the money
supply could increase? And what is the minimum amount that the money supply
could increase?
(a) $400 ; $100 (b) $100 ; $100 (c) $500 ; $0 (d) $400 ; $0