海南大学2008-09学年度第2学期试卷 科目：《宏观经济学》试题(B卷) 姓名： 学号： 学院： 专业班级： Please answer the Questions(每题10分，共同100分) 1.What are the three functions of money?Which of the functions do the following items satisfy?Which do they not satisfy? a.A credit card b.A painting by Rembrandt c.A subway token 2.Give three explanations why the real wage may remain above the level that equilibrates labor supply and labor demand. 3.Might a policymaker choose a steady state with more capital than in the Golden Rule steady state?With less capital than in the Golden Rule steady state? Explain your answers
海南大学 2008-09 学年度第 2 学期试卷 科目：《宏观经济学》试题(B 卷) 姓名： 学 号： 学院： 专业班级： Please answer the Questions（每题 10 分，共同 100 分） 1.What are the three functions of money? Which of the functions do the following items satisfy? Which do they not satisfy? a.A credit card b.A painting by Rembrandt c.A subway token 2.Give three explanations why the real wage may remain above the level that equilibrates labor supply and labor demand. 3.Might a policymaker choose a steady state with more capital than in the Golden Rule steady state? With less capital than in the Golden Rule steady state? Explain your answers
4.How can policymakers influence a nation's saving rate? 5.Describe the possible effects of falling prices on equilibrium income. 6.Economist Alan Blinder,whom Bill Clinton appointed to be Vice Chairman of the Federal Reserve,once wrote the following:The costs that attend the low and moderate inflation rates experienced in the United States and in other industrial countries appear to be quite modest-more like a bad cold than a cancer on society.As rational individuals,we do not volunteer for a lobotomy to cure a head cold.Yet,as a collectivity,we routinely prescribe the economic equivalent of y(high sa cure for inflationary cold.Wha You think Blinder meant by this?What are the policy implications of the viewpoint Blinder is advocating?Do you agree?Why or why not?
4.How can policymakers influence a nation’s saving rate? 5.Describe the possible effects of falling prices on equilibrium income. 6.Economist Alan Blinder,whom Bill Clinton appointed to be Vice Chairman of the Federal Reserve,once wrote the following: The costs that attend the low and moderate inflation rates experienced in the United States and in other industrial countries appear to be quite modest—more like a bad cold than a cancer on society.As rational individuals,we do not volunteer for a lobotomy to cure a head cold. Yet, as a collectivity, we routinely prescribe the economic equivalent of lobotomy(high unemployment)as a cure for the inflationary cold. What do you think Blinder meant by this? What are the policy implications of the viewpoint Blinder is advocating?Do you agree? Why or why not?
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.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 employment were at th natural rate.(It is 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? 9.Describe the evidence that was consistent with Keynes's conjectures and the evidence that wa s in nsistent ith th
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.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? 9.Describe the evidence that was consistent with Keynes’s conjectures and the evidence that was inconsistent with them
10.Consider two savings accounts that pay the same interest rate.One account lets you take your money out on demand.The second requires that you give 30-day advance notification before withdrawals.Which account would you prefer? Why?Can you magneaperson who might make the opposite choice?What do these choices say about the theory of the consumption function?
10.Consider two savings accounts that pay the same interest rate.One account lets you take your money out on demand.The second requires that you give 30-day advance notification before withdrawals.Which account would you prefer? Why?Can you imagine a person who might make the opposite choice? What do these choices say about the theory of the consumption function?