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经管院第七届团支书联席会期末复习宝典
1. (10 %) True or False? Explain your answer completely but briefly.
(1) Inflation hurts borrowers and helps lenders, because borrowers must pay a higher rate of interest.
(2) The minimum-wage laws are the predominant reason for the long-run unemployment.
(3) An economy contains 2000 $1 bills. If people hold equal amounts of currency and demand deposits and banks maintain a reserve ratio of 10 percent, the quantity of money is $11000.
(4) The behavior of buying stock in Apple is investment as defined by a macroeconomist.
2. (10%) Economic data for an economy is known as below: private spending on residential house = 1000，private spending on durables = 100，private spending on daily consumption goods = 400，expenditure on equipments by firms = 1200，government purchases = 300，employment benefits = 50, subsidy to the poor = 50，tax = 200，export = 600，import = 800，depreciation = 100, retained profit = 100. Please calculate:
（1）GDP; (2) Private gross investment; (3) Private consumption expenditure; (4) Private saving; (5) Budget surplus; (6) Aggregate domestic expenditure; (7) Aggregate expenditure on domestic goods; (8) Disposable income
3. (10%) Suppose that a fall in consumer spending causes a recession.
(1) Illustrate the changes in the economy using both the AD-AD model and the Phillips curve. What happens to inflation and unemployment in the short run? (2) Now suppose that over time expected inflation changes in the same direction that actual inflation changes. What happens to the position of the short-run Philips curve? After the recession is over, does the economy face a better or worse set of inflation-unemployment combinations? 4. (15 %) Answer the following question about the economic growth in the long run.
(1) What is the source of economic growth? (2) Why the catch-up effect maybe is real?
(3) Investigating the growth histories in Germany, Japan, South America, Africa, Taiwan area, and recent China, do you believe that catch-up effect, if it do exist, help all countries or areas converge in terms of income per capita? Discuss in detail.
由各班团支书搜集，团支书联席会秘书长周家伊，副秘书长张植、李明洋、曹传义、廖小满整理。
经管院第七届团支书联席会期末复习宝典
5. (15%) Analyze the impact of expansion of the budget deficit using the three-panel diagram model in textbook for an open economy.
(1) What happens to public saving and national saving?
(2) Will the real interest rise or decline? What happens to domestic investment, private saving and net capital outflow?
(3) Why is there “the twin deficits” phenomenon? (Hints: the “twin deficits” means that the budget deficit will lead to trade deficit)
6. (20%) Consider an economy described by the following equations: Y C I G;
C 100 0.8 (YTA+TR); I 50; G 200;
TA250; TR 62.5;
TR means transfer payment of the government. (1) Compute the equilibrium income Y.
(2) Compute the investment multiplier, government purchases multiplier, tax multiplier, transfer payment multiplier and balanced budget multiplier.
(3) If the economy wants to reach the full employment income of 1200, how much should the government increase G or decrease T?
(4) If the economy is open and the import function is M = 50 + 0.3Y, how much is the export multiplier? And the investment multiplier? (Hint: if you do not see
information for export in the question, you may regard it as zero, for example, X =0)
7. (20%) Suppose the government decide to raise more tax, answer the following questions with IS-LM model.
(1) If the central bank keeps money supply stable, what happens to the equilibrium interest and output?
(2) If the central bank keeps interest rate stable, what should it do? What happens to the equilibrium?
(3) If the central bank hopes to keep unemployment rate unchanged, what should it do? What happens to the equilibrium interest?
(4) Try to get the AD curve from the IS-LM model. Tell us your understanding in words or in algebra.
由各班团支书搜集，团支书联席会秘书长周家伊，副秘书长张植、李明洋、曹传义、廖小满整理。
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2022-06-01
