海南大学2008-09学年度第2学期《宏观经济学》答案(B卷) 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 1.Money functions as a store of value,a medium of exchange,and a unit of account. a.A credit card can serve as a medium of exchange because it is accepted in exchange for goods and services.A credit card is,arguably,a(negative)store of value because you can accumulate debt with it.A credit card is not a unit of account-a car,for example,does not cost 5 VISA cards. b.A Rembrandt painting is a store of value only. c.A subway t token,within the sub way syst ,satisfies all three functions of money. Yet outside the subway system,it is not widely used as a unit of account or a medium of exchange,so it is not a form of money. 2.Give three explanations why the real wage may remain above the level that equilibrates labor supply and labor demand. 2.The real wage may remain above the level that equilibrates labor supply and labor demand because of minimum wage laws,the monopoly power of unions,and efficiency wages.Minimum-wage laws cause wage rigidity when they prevent g to equilibriu m levels.A lthough workers are pai d wage mini mum level,for some workers,especiall unskilled and inexperienced,the minimum wage raises their wage above the equilibrium leveL It therefore reduces the quantity of their labor that firms demand,and an excess workers-that is,unemployment-results.The monopoly ons eauses wage rigidity because the wages of unionized orkers are mined not by the supply and de nd but by collecti bargaining between union leaders and firm management.The wage agreement often raises the wage above the equilibrium level and allows the firm to decide howmany workers to employ.These high wages cause firms to hire fewer workers than at the market-clearing wage,so wait unemployment increases. Efficier wage the est that high more productive. The influence of wages on worker efficieney may explain why firms do not cu wages despite an excess supply of labor.Even though a wage reduction decreases the firm's wage bill,it may also lower worker productivity and therefore the firm's profits.海南大学 2008-09 学年度第 2 学期《宏观经济学》答案(B 卷) 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 1.Money functions as a store of value,a medium of exchange,and a unit of account. a.A credit card can serve as a medium of exchange because it is accepted in exchange for goods and services.A credit card is,arguably,a(negative)store of value because you can accumulate debt with it.A credit card is not a unit of account—a car,for example,does not cost 5 VISA cards. b.A Rembrandt painting is a store of value only. c.A subway token,within the subway system,satisfies all three functions of money. Yet outside the subway system,it is not widely used as a unit of account or a medium of exchange,so it is not a form of money. 2.Give three explanations why the real wage may remain above the level that equilibrates labor supply and labor demand. 2. The real wage may remain above the level that equilibrates labor supply and labor demand because of minimum wage laws,the monopoly power of unions,and efficiency wages. Minimum-wage laws cause wage rigidity when they prevent wages from falling to equilibrium levels.Although most workers are paid a wage above the minimum level, for some workers,especially the unskilled and inexperienced,the minimum wage raises their wage above the equilibrium level.It therefore reduces the quantity of their labor that firms demand,and an excess supply of workers—that is,unemployment—results. The monopoly power of unions causes wage rigidity because the wages of unionized workers are determined not by the equilibrium of supply and demand but by collective bargaining between union leaders and firm management. The wage agreement often raises the wage above the equilibrium level and allows the firm to decide howmany workers to employ.These high wages cause firms to hire fewer workers than at the market-clearing wage,so wait unemployment increases. Efficiency-wage theories suggest that high wages make workers more productive. The influence of wages on worker efficiency may explain why firms do not cut wages despite an excess supply of labor.Even though a wage reduction decreases the firm’s wage bill,it may also lower worker productivity and therefore the firm’s profits