课程名称︰经济学原理与实习下
课程性质︰必修/A5通识
课程教师︰魏凯立
开课学院：社科院
开课系所︰经济系
考试日期（年月日）︰20190408
考试时限（分钟）：50
试题 :
Principles of Economics II: Macroeconomics – Quiz 1 [2019/04/08]
Note: You have around 1 hour (12:20Pm-13:10pm), and there are 100 points.
Allocate your time wisely. Round off your answer to the second decimal place,
i.e. (0.ab) or (ab%)
1. (5%) Angus the sheep farmer sells wool to Barnaby the knitter for $20.
Barnaby makes two sweaters, each of which has a market price of $50. Collette
buys one of them, while the other remains on the shelf of Barnaby’s store to
be sold later. What is GDP here?
(a) $40
(b) $60
(c) $80
(d) $100 (v)
2. (0%) If all quantities produced fall by 10 percent and all prices rise by
10 percent, which of the following occurs?
(a) Real GDP rises by 10 percent, while nominal GDP falls by 10 percent.
(b) Real GDP falls by 10 percent, while nominal GDP rises by 10 percent.
(c) Real GDP falls by 10 percent, while nominal GDP rises by 1 percent.
(d) Real GDP is unchanged, while nominal GDP falls by 10 percent. The correct
answer should be “Real GDP falls by 10 percent, while nominal GDP falls by 1
percent.” You get 5% on this question no matter what your answer is since
there isn’t a correct one.
3. (5%) Because consumers can sometimes substitute cheaper goods for those
that have risen in price,
(a) the CPI overstates inflation. (v)
(b) the CPI understates inflation.
(c) the GDP deflator overstates inflation.
(d) the GDP deflator understates inflation.
4. (5%) You deposit $1,000 in a savings account, and a year later you have
$1,100. Meanwhile, the CPI rises from 200 to 210. In this case, the nominal
interest rate is _____ percent, and the real interest rate is _____ percent.
(a) 2; 1
(b) 5; 3
(c) 10; 0
(d) 10; 5 (v)
5. (5%) Thomas Robert Malthus believed that population growth would
(a) put stress on the economy’s ability to Bproduce food, dooming humans to remain in poverty. (v)
(b) promote technological progress, because there would be more scientists and inventors.
(c) eventually decline to sustainable levels, as birth control improved and
people had smaller families.
6. Which economy has the highest ratio of government debt to GDP? (4%)
(a) China
(b) Japan (v)
(c) The U.S.
(d) India
(e) Spain
7. (20%) What components of GDP (if any) would each of the following
transactions affect? You DO NOT need to explain. (10 answers, each 2%)
(a) Uncle Henry buys a new refrigerator from a domestic manufacturer. C↑
(b) Aunt Jane buys a new house from a local builder. I↑
(c) The Jackson family buys an old Victorian house from the Walker family. No Change
(d) You pay a hairdresser for a haircut near your home. C↑
(e) Ford sells a Mustang from its inventory to a local family. I↓ C↑
(f) Ford manufactures a Focus and sells it to Avis, the car rental company. I↑
(g) California hires workers to repave Highway 101. G↑
(h) The federal government sends your grandmother a Social Security check. No Change
(i) Honda expands its factory in your country. I↑
8. (30%) Imagine NTU is a closed economy, answer questions with following data.
GDP = NT$ 64 million
Consumption = NT$ 36 million
Private saving = NT$ 13 million
Government budget deficit = NT$ 2 million
Please find
(a) Taxes (6%)
S p = Y - T - C
13 = 64 - T - 36 → T = 15
(b) Government spending (6%)
(T - G) = -2 → G = 17
(c) Public saving (6%)
S G = (T - G) = -2
(d) National saving (6%)
S = S p + S G = 13 - 2 = 11
(e) Investment (6%)
I = S = 11
9. (21%) A group of elves live on NTU’s farmland. All they produce and consume are bananas and coconuts.
Answer the questions with the following data.
┌──┬────────┬────────┬──┬────┬────┐
│ │ Bananas │ Coconuts │ │Nominal │GDP │
├──┼────┬───┼────┬───┤CPI │ │ │
│ │Quantity│Price │Quantity│Price │ │GDP │Deflator│
├──┼────┼───┼────┼───┼──┼────┼────┤
│2018│ 15 │ $(a) │ 20 │ $20 │100 │775 │100 │
├──┼────┼───┼────┼───┼──┼────┼────┤
│2019│ (c) │ 35 │ 40 │ $(b) │144 │2075 │(d) │
└──┴────┴───┴────┴───┴──┴────┴────┘
The base year is 2018 for CPI and real GDP calculation.
The fixed basket for CPI = 6 bananas + 5 coconuts.
Please find
(a) Price of banana in 2018 (4%)
Nominal GDP in 2018 = 15*a+20*20=775 → a =25
(b) Price of coconut in 2019 (4%)
Basket in 2018 = 6*25+5*20=250
Basket in 2019 = 6*35+5*b= 210+5b
CPI in 2019 = (210+5b)/250*100=144 → b=30
(c) Quantity of banana in 2019 (4%)
Nominal GDP in 2019 = c*35+40*30=2075 → c =25
(d) GDP deflator in 2019 (4%)
Real GDP in 2019 = 25*25+40*20=1425 GDP
deflator in 2019 =2075/1425*100=145.61 → d =145.61
(e) What is the CPI inflation rate? (5%)
(144-100)/100*100%=44%