海南大学2005-06学年度第2学期试卷 科目：《宏观经济学》试题(A卷) 姓名： 学号： 学院： 专业班级： Please answer the Questions(每题10分，共同100分) 1.Look at the newspapers for the past few days.What new economic statistics have been released?How do you interpret these statistics? 2.Explain what happens to consumption,investment,and the interest rate when the government increases taxes
海南大学 2005-06 学年度第 2 学期试卷 科目：《宏观经济学》试题(A 卷) 姓名： 学 号： 学院： 专业班级： Please answer the Questions（每题 10 分，共同 100 分） 1. Look at the newspapers for the past few days. What new economic statistics have been released? How do you interpret these statistics? 2.Explain what happens to consumption, investment, and the interest rate when the government increases taxes
3.According to the neoclassical theory of distribution,the real wage 。earned by any that worker'smarginal productivity.Let'suseinsight to examine the incomes of two groups of workers:farmers and barbers. a.Over the past century,the productivity of farmers has risen substantially because of technological progress.According to the neoclassical theory,what should have happened to their real wage? b.In what real wage discused in part (a)measured? c.Over the same period,the productivity of barbers has remained constant.What should have happened to their real wage? d.In what units is the real wage in part(c)measured? e.Suppose workers can move freely between being farmers and being barbers. What does this mobility imply for the w wages of farmers and barbers? f.What do your previous answers imply for the price of haircuts relative to the price of food? g.Who benefits from technological progress in farming-farmers or barbers? 4.Explain the roles of monetary and fiscal policy in causing and ending hyperinflations
3.According to the neoclassical theory of distribution,the real wage earned by any worker equals that worker’s marginal productivity. Let’s use this insight to examine the incomes of two groups of workers:farmers and barbers. a.Over the past century,the productivity of farmers has risen substantially because of technological progress.According to the neoclassical theory, what should have happened to their real wage? b. In what units is the real wage discussed in part (a) measured? c.Over the same period,the productivity of barbers has remained constant.What should have happened to their real wage? d. In what units is the real wage in part(c)measured? e.Suppose workers can move freely between being farmers and being barbers. What does this mobility imply for the wages of farmers and barbers? f.What do your previous answers imply for the price of haircuts relative to the price of food? g.Who benefits from technological progress in farming—farmers or barbers? 4.Explain the roles of monetary and fiscal policy in causing and ending hyperinflations
5.Describe the difference between frictional unem ployment and structual unemployment. 6Which has the longer inside lag-monetary or fiscal policy?Which has the longer outside lag?Why? 7.What is meant by the "time inconsistency"of economic policy?Why might policymakers be tempted to renege on an announcement they made earlier?In this situation,what is the advantage of a policy rule?
5.Describe the difference between frictional unemployment and structual unemployment. 6 Which has the longer inside lag—monetary or fiscal policy?Which has the longer outside lag? Why? 7.What is meant by the “time inconsistency’’ of economic policy? Why might policymakers be tempted to renege on an announcement they made earlier? In this situation,what is the advantage of a policy rule?
8.Do you believe the traditional or the Ricardian view of government debt?Why? cted for the government would be running if unemployment were at the natural rate.(It is also called the full-employment budget deficit.)Some economists have proposed the rule that the cyclically adjusted budget deficit always be balanced.Compare this prop osal to a strict balanced-budget rule.Which is preferable?What problems do you se with balanced cyclically adjusted budget?
8.Do you believe the traditional or the Ricardian view of government debt?Why? 9.The cyclically adjusted budget deficit is the budget deficit corrected for the effects of the business cycle. In other words,it is the budget deficit that the government would be running if unemployment were at the natural rate.(It is also called the full-employment budget deficit.)Some economists have proposed the rule that the cyclically adjusted budget deficit always be balanced.Compare this proposal to a strict balanced-budget rule.Which is preferable?What problems do you see with the rule requiring a balanced cyclically adjusted budget?
10.List four reasons firms might hold inventories
10. List four reasons firms might hold inventories