课程名称︰经济学原理与实习下
课程性质︰经济学系、会计学系、财务金融学系、国际企业学系必修，兼通识A5*
课程教师︰林明仁
开课学院：社会科学院
开课系所︰经济学系
考试日期（年月日）︰2017-06-23
考试时限（分钟）：180
试题 :
Part I 单选题
（40%，请选出最适合的答案，并附简短说明或计算。仅选出正确答案者，得 1 分。）
1. Which production function does NOT have constant return to scale?
(A) F(L,K) = 2L + 5K
(B) F(L,K) = (L^0.3)*(K^0.2)
(C) F(L,K) = (L^2 + K^2)/2K
(D) F(L,K) = 0.5(log L + log K)
2. The income per capita and the populations of two neighboring countries in
2017 are equal. However, Country 1 had a higher income per worker than
Country 2. Which of the following is likely to be true?
(A) The number of retired people is higher in Country 2 than in Country 1.
(B) The number of children aged below 15 is higher in Country 2 than in
Country 1.
(C) The number of people employed is higher in Country 2 than in Country 1.
(D) The number of people unemployed is lower in Country 1 than in Country 2.
3. In an open economy, national saving equals domestic investment _____.
(A) plus the net outflow of capital abroad
(B) minus the net exports of goods and services
(C) plus the government’s budget deficit
(D) minus foreign portfolio investment
4. Suppose the banking system currently has $300 billion in reserves and the
reserve requirement is 10%. Also, $3 billion among the total reserves are
excess reserves that will not be lent out. What is the value of deposits?
(A) $3300 billions
(B) $2970 billions
(C) $2700 billions
(D) $2673 billions
5. The money supply of an economy is $6,000,000; moreover, currency held by
people is $2,000,000. The required reserve ratio is 0.25. There is no
excess reserve. In this economy, what is the value of money multiplier?
During the Chinese New Year, people withdraw cash from their bank accounts
for giving “red envelops”, how would this event affect the money supply?
(A) The money multiplier is 5; money supply decreases.
(B) The money multiplier is 2; money supply decreases.
(C) The money multiplier is 5; money supply increases.
(D) The money multiplier is 2; money supply increases
6. 莎莉赛龙本来是家庭主妇，在家养儿育女。因为物价飞涨、先生薪水不涨，决定到离
家不远的律师事务所上班以支应家用。请问她的就职会使以下何者上升？
(A) natural unemployment rate
(B) labor participation rate
(C) unemployment rate
(D) population rate
7. Which event would be coincided with the credit market comparative static
graph below?
(A) Congress agrees to a reduction in the government deficit, which results
in a significant decrease of governmentborrowing.
(B) Households begin to buy more houses and apply more mortgages since ERsthe
housing price boom.
(C) A new policy of building the metro system in six cities costs $88
billions and the government should borrow money to deal with it.
(D) Businesses become more optimistic about the future of the economy and
decide to distribute more of their earnings as dividends to their
shareholders.
8. Which of following item is suitable to be money?
(A) diamond
(B) apple
(C) Vincent Willem van Gogh’s paintings
(D) silicon chip
9. If an economy with constant returns to scale were to double its physical
capital stock, its available natural resources, and its human capital, but
leave the size of the labor force the same, then ____.
(A) its output would stay the same and so would its productivity of labor
(B) its output and productivity of labor would increase, but less than double
(C) its output and productivity of labor would increase by more than double
(D) None of the above is correct
10. Village is a small agricultural economy with production function
Y=A*(K^0.4)*(L^0.6), where A is the technology factor, K is the land input,
and L is the labor input. And both the growth rate of technology and labor
are 3%. If the target growth rate of output per capita (y=Y/L) is 4%, find
the minimal capital/labor ratio to reach the target.
(A) 2.1%.
(B) 2.2%
(C) 2.5%
(D) 2.7%
Part II 计算与简答题
（70%，须附计算过程或说明理由。仅有答案而未附说明，不给分。）
1. (10%/5,5) In Thomas Malthus (1798)’s book “An essay on the principle of
population”, he described an economic growth model with the so-called
“Iron Law of Population”.
(1) Describe the input factors of Malthus’ production function.
(2) Compare the similar and the different points between the growth models
of human being in one million years ago and the growth model of hares.
2. (25%/5,10,5,5)
1. Consider the Solow model with aggregate production function
Yt = A(Lt^α)(Kt^(1-α)), 0<α<1.
for all t(下标，表示期数)=0, 1, 2......
Suppose that the labor force growth follows
Lt+1 = (1+n)Lt with n>0, and L0 is given.
Denote s as the saving rate, δ the depreciation rate, and the technology
factor A is a constant.
Define the output per capita yt=Yt/Lt
and the capital per capita kt=Kt/Lt.
Let the capital accumulation follow Kt+1=(1-δ)Kt + It,
It the aggregate investment.
(1) Find the production function yt=f(kt).
(2) Calculate the steady state equilibrium y*, k*, i*, and c* (output,
capital, investment, and consumption per capita).
(3) In steady state, if the saving rate s=0.05, technology factor A=1, labor
growth rate n=0.1, and the depreciation δ=0.04. And α=0.6.
Calculate the output per capita and the aggregate output level,
respectively.
(4) Draw a graph to illustrate how the economy changes between different
steady states if the saving rate (s) increases.
3. (9%) In the AS-AD model, provide the THREE reasons to explain why the
slope of AD curve is negative.
4. (10%/1,3,6) The Happy Economy’s labor market is depicted as the figure
below.
(1) According to the figure, what is its equilibrium employment level?
(2) If there are some unemployment in the Happy Economy, what kind of
unemployment they encounter?
(3) In April 2012, The Bazanian Daily, a leading newspaper in the country of
Bazania, carried a report titled“20,000 jobs added in the last quarter;
unemployment rate shoots up from 5 percent to 6.7 percent.”
How could the unemployment rate in Bazania increase even when new jobs
were created?
5. (15%/4,3,8) Suppose that currency in circulation is $600 billion, the
amount of checkable deposits is $900 billion, and excess reserves are $15
billion. The required reserve rate is 10%.
(1) Calculate the money supply, the currency deposit ratio, the excess
reserve ratio, and the money multiplier.
(2) Suppose the central bank conducts an unusually large open market
purchase of bonds held by banks of $1400 billion due to a sharp
contraction in the economy. Assuming the ratios you calculated in part
a are the same, what do you predict will be the effect on the money
supply?
(3) Suppose the central bank conducts the same open market purchase as in
part b, except that banks choose to hold all of these proceeds as excess
reserves rather than loan them out, due to fear of a financial crisis.
Assuming that currency and deposits remain the same, what happens to the
amount of excess reserves, the excess reserve ratio, the money supply,
and the money multiplier?