中宏作业Homework_1-答案及部分解析.doc

Intermediate Macroeconomics Spring 2012 Problem Set 1 评分标准： 1.总分100分，错误题目扣分从100分起扣，最低为70分，不再继续往下扣分。 2. 选择题每题3分，其中第7,9题不计分，选错为0分，若选错但在解释答案是有合理成分的，可以得1到2分。 3. 2,3,5,6,7题每题10分。 4. 第4题不计分。 1.Multiple choice 1) Primarily, macroeconomists use microeconomic principles to study A) business cycles and trends in the stock market. B) long-run economic growth and antitrust policies. C) trends in the stock market and long-term economic growth. D) long-run economic growth and business cycles. Answer: D 2)The relationship between the level of growth of an economic variable, gt, and its level, yt, is best approximated as A) gt = . B) gt = log yt - log yt-1. C) yt = log gt - log gt-1. D) log gt = yt - yt-1. Answer: B 3) The business cycle component of the log of real per-capita GNP is equal to A) log of actual real GNP - log of trend GNP. B) log of trend GNP ÷ log of actual real GNP. C) log of trend GNP - log of actual real GNP. D) log of actual real GNP ÷ log of trend GNP. Answer: A 4) For the study of economic growth, it is most helpful to examine movements in ________; for the study of business cycles, it is most helpful to examine movements in ________. A) trend GNP; trend GNP B) trend GNP; deviations from trend in GNP C) deviations from trend in GNP; trend GNP D) deviations from trend in GNP; deviations from trend in GNP Answer: B 5) Suppose that GDP is equal to 1000, national saving is equal to 200, the current account deficit is equal to 100, and the government budget deficit is equal to 50. Investment must equal A) 150. B) 200. C) 250. D) 300. Answer: D 6) When we try to measure real GDP and the price level, if we underestimate the growth in real GDP, we will A) always underestimate the rate of inflation. B) sometimes underestimate the rate of inflation. C) always overestimate the rate of inflation. D) sometimes overestimate the rate of inflation. Answer: C For the following questions, suppose an economy produces only pens and pencils, and that the quantity and price