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: 課程名稱︰經濟學二
: 課程性質︰必修 通識
: 課程教師︰吳中書
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基本分:10分
I.Multiple Choices (單選題，30 points, with 3 points for each question)
Table 1
The table below contains data for the country of Crete for the year 2013.
Total income $5731
Household purchases of durable goods $1108
Household purchases of nondurable goods $ 702
Household purchases of non-education services $ 203
Household purchases of education services $ 302
Household purchases of new housing $ 816
Purchases of capital equipment $ 333
Inventory changes $ 75
Purchases of new structures $ 267
Depreciation $ 401
Local government spending on goods and services $ 236
State government spending on goods and services $ 419
Federal government spending on goods and services$1182
Transfer payments $ 707
Foreign purchases of domestically produced goods $ 217
Domestic purchases of foreign goods $ 129
1. Refer to Table 1. What was Crete’s GDP in 2013?
a. $4623 b. $5731 c. $6037 d. $6839
2. Refer to Table 1. What was Crete’s consumption in 2013?
a. $1810 b. $2013 c. $2315 d. $3131
3. Refer to Table 1. What were Crete’s government purchases in 2013?
a. $1130 b. $1601 c. $1837 d. $2544
4. If in some year nominal GDP was $28 trillion and real GDP was $32 trillion,
what was the GDP deflator ?
a. 87.5 b. 114.3 c. 400 d. 896
5. A country reported nominal GDP of $200 billion in 2010 and $180 billion in
2009. It also reported a GDP deflator of 125 in 2010 and 105 in 2009.
Between 2009 and 2010,
a. real output and the price level both rose.
b. real output rose and the price level fell.
c. real output fell and the price level rose.
d. real output and the price level both fell.
6. Which of the following statements regarding GDP is correct?
a. GDP includes factory production, but not any harm that may be inflicted on
the environment.
b. GDP accounts for all activities taking place outside markets.
c. GDP provides detailed information about the distribution of income.
d. GDP is a good measure of economic well-being for all purposes.
Table 2
The table below pertains to Iowan, an economy in which the typical consumer’s
basket consists of 3 pounds of pork and 4 bushels of corn.
Year Price of Price of
Pork Corn
2008 $20 per pound $12 per bushel
2009 $25 per pound $18 per bushel
7. Refer to Table 2. The cost of the basket in 2008 was
a. $108. b. $147. c. $160. d. $224
8. Refer to Table 2. The cost of the basket in 2009 was
a. $108. b. $147. c. $160. d. $301.
9. When the relative price of a good increases, consumers respond by buying
a. a larger quantity of that good and a larger quantity of substitutes for that
good.
b. a larger quantity of that good and a smaller quantity of substitutes for that
good.
c. a smaller quantity of that good and a larger quantity of substitutes for that
good.
d. a smaller quantity of that good and a smaller quantity of substitutes for that
good.
10. You know that a candy bar cost five cents in 1962. You also know the CPI
for 1962 and the CPI for today. Which of the following would you use to
compute the price of the candy bar in today's prices?
a. five cents * (1962 CPI / today's CPI)
b. five cents * ((today's CPI - 1962 CPI)/1962 CPI)
c. five cents * (today's CPI / 1962 CPI)
d. five cents * today's CPI - five cents * 1962 CPI.
11. Iggie took a university teaching job as an assistant professor in 1974 at a
salary of $10,000. By 2003, she had been promoted to full professor, with a
salary of $50,000. If the price index was 50 in 1974 and 180 in 2003, then
what is Iggie's 2003 salary in 1974 dollars?
a. $13,888.89 b. $40,000 c. $65,000 d. $180,000
12. Which of the following is not correct?
a. If the inflation rate exceeds the nominal interest rate, then the purchasing
power of an interest-earning deposit falls over time.
b. If there is deflation, then the purchasing power of an interest-earning
deposit rises by more than the nominal interest rate over time.
c. The higher the rate of inflation, the smaller the increase in the purchasing
power of an interest-earning deposit.
d. The purchasing power of an interest-earning deposit can increase or decrease
over time, but it cannot stay the same.
13. Long-term bonds are
a.riskier than short-term bonds, and so interest rates on long-term bonds are
usually lower than interest rates on short-term bonds.
b.riskier than short-term bonds, and so interest rates on long-term bonds are
usually higher than interest rates on short-term bonds.
c.less risky than short-term bonds, and so interest rates on long-term bonds
are usually lower than interest rates on short-term bonds.
d.less risky than short-term bonds, and so interest rates on long-term bonds
are usually higher than interest rates on short-term bonds.
14. Suppose government expenditures on goods and services increase, transfers
are unchanged, and taxes rise by less than the increase in expenditures.
These changes in the government’s budget cause
a.both the equilibrium interest rate and the equilibrium quantity of loanable
funds to fall.
b.both the equilibrium interest rate and the equilibrium quantity of loanable
funds to rise.
c.the equilibrium interest rate to rise and the equilibrium quantity of
loanable funds to fall.
d.the equilibrium interest rate to fall and the equilibrium quantity of
loanable funds to rise.
15. Crowding out occurs when investment declines because
a. a budget deficit makes interest rates rise.
b. a budget deficit makes interest rates fall.
c. a budget surplus makes interest rates rise.
d. a budget surplus makes interest rates fall.
16. Other things the same, an increase in population growth
a.increases capital per worker. Further, there is some evidence that a higher
population growth rate may increase the pace of technological progress.
b.increases capital per worker. However, there is some evidence that a higher
population growth rate may decrease the pace of technological progress.
c.decreases capital per worker. Further, there is some evidence that a higher
population growth rate may decrease the pace of technological progress.
d.decreases capital per worker. However, there is some evidence that a higher
population growth rate may increase the pace of technological progress.
17. When opening a print shop you need to buy printers, computers, furniture,
and similar items. Economists call these expenditures
a.capital investment.
b.investment in human capital.
c.business consumption expenditures.
d.personal saving.
18. Which of the following statements about mutual funds is correct?
a.A mutual fund is not a financial intermediary.
b.A disadvantage of buying mutual funds is a lack of diversification
c.People who buy shares from a mutual fund are guaranteed a minimum return.
d.On average index funds outperform managed funds.
19. In a closed economy, private saving is
a.the amount of income that households have left after paying for their taxes
and consumption.
b.the amount of income that businesses have left after paying for the factors
of production.
c.the amount of tax revenue that the government has left after paying for its
spending.
d.always equal to investment.
20. George has $300 in a bank account. Some years ago he put $213.20 into this
account, and it has earned 5 percent interest every year since then. How
many years ago did he open his account?
a. 4 years b. 5 years c. 6 years d. 7 years
21.
A firm has three different investment options. Option A will give the firm $10
million at the end of one year, $10 million at the end of two years, and $10
million at the end of three years. Option B will give the firm $15 million at
the end of one year, $10 million at the end of two years, and $5 million at the
end of three years. Option C will give the firm $30 million at the end of one
year, and nothing thereafter. Which of these options has the highest present
value?
a. Option A b. Option B c. Option C
d. The answer depends on the rate of interest, which is not specified here.
22.
A car salesperson gives you four alternative ways to pay for your car.The first
is to pay $18,000 today. The second is to pay $19,000 one year from today. The
third is to pay $20,300 two years from today. The fourth is to pay $21,500
three years from today. If the interest rate is 6 percent, which payment option
has the lowest present value and which has the highest?
a.The first is lowest; the second is highest.
b.The second is lowest; the third is highest.
c.The third is lowest; the fourth is highest.
d.The fourth is lowest; the first is highest.
23. Diversification of a portfolio
a.can eliminate market risk, but it cannot eliminate firm-specific risk.
b.can eliminate firm-specific risk, but it cannot eliminate market risk.
c.increases the portfolio’s standard deviation.
d.is not necessary for a person who is risk averse.
24. If stock prices follow a random walk, then stock investors can make large
profits by
a.buying stocks whose prices have been falling for several days.
b.buying stocks whose prices have been rising for several days.
c.performing fundamental analysis of stocks using data contained in annual
reports.
d.using inside information.
Table 3
2009 Labor Data for Baltivia
Number of adults 20,000
Number of adults who are paid employees 8,000
Number of adults who work in their own businesses 1,600
Number of adults who are unpaid workers in a family
member’s business 1,000
Number of adults who were temporarily absent from their jobs
because of an earthquake 400
Number of adults who were waiting to be recalled to a job from
which they had been laid off 200
Number of adults who do not have a job, are available for work,
and have tried to find a job within the past four weeks 1,400
Number of adults who do not have a job, are available for work,
but have not tried to find a job within the past four weeks 780
Number of adults who are full-time students 3,000
Number of adults who are homemakers or retirees 3,620
25.
Refer to Table 3. What was Baltivia’s labor-force participation rate in 2009?
a.55 percent b.63 percent c.66.9 percent d.87.3 percent
26.
If the natural rate of unemployment is 5.2 percent and the actual rate of
unemployment is 5.7 percent, then by definition there is
a.cyclical unemployment amounting to 0.5 percent of the labor force.
b.frictional unemployment amounting to 0.5 percent of the labor force.
c.structural unemployment amounting to 0.5 percent of the labor force.
d.search unemployment amounting to 0.5 percent of the labor force.
27. Consumers decide to ride bikes more and drive cars less. Bicycle companies
expand production while automobile companies fire workers. This is an
example of
a.frictional unemployment created by sectoral shifts.
b.frictional unemployment created by efficiency wages.
c.structural unemployment created by efficiency wages.
d.structural unemployment created by sectoral shifts.
28.
If the minimum wage were currently above the equilibrium wage, then a decrease
in the minimum wage that kept it above the equilibrium wage would
a.increase the surplus of labor.
b.reduce the surplus of labor.
c.increase the shortage of labor.
d.reduce the shortage of labor,
29.
Tara, the CEO of a corporation operating in a relatively poor country where
wages are low, decides to raise the wages of her workers even though she faces
an excess supply of labor. Her decision
a.might increase profits if it means that the wage is high enough for her
workers to eat a nutritious diet that makes them more productive.
b.will help eliminate the excess supply of labor.
c.may cause her workers to increase shirking.
d.All of the above are correct.
30. Four employers have justified their actions as follows. Whose logic is not
consistent with the logic of efficiency wage theory?
a.Jay develops a new assembly line technology that limits the amount of
shirking workers can do, so he reduces what he pays his employees so as to
make it closer to the equilibrium wage.
b.Kay pays her workers less than the equilibrium wage so they won't have the
time or money to look for work somewhere else.
c.Ray pays his workers in a developing country more than the going wage hoping
that they will get a better diet and so be more productive.
d.None of the above is consistent with the logic of efficiency wage theory.
Answers: BCCAC / AABCC / ADBCA / DADAD / CBBDB / AABAB