[試題] 1032 蕭明福 總體經濟學 期中考
課程名稱：總體經濟學
課程性質：整開
課程範圍：CH8、10、13後半
開課教師：蕭明福
開課學院：社科院
開課系級：經濟系
考試日期(年月日)：2015/4/23
考試時限(Mins)：120min
附註：
試題本文：
1) (2% each, 20% total)
1. Which of the following macroeconomics variables is the most seasonally
procyclical?
a. Expenditure on services
b. The unemployment rate
c. Expenditure on durable goods
d. The real rage
2. The CFNAI is a
a. leading index based on variables released with different frequencies
b. coincident index based on variables released with different frequencies
c. leading index based on 85 monthly variables
d. coincident index based on 85 monthly variables
3. Comovement is
a. the tendency for declines in economic activity to be followed by further
declines, and for growth in economic activity to be flollowed by more
growth.
b. the idea that the standard pattern of contraction-trough-expansion-peak
occurs again and again in industial economies.
c. the tendency of many economic variables to move together in a predictable
way over the business cycle.
d. the idea that peaks and troughs of the business cycle occur at regular
intervals.
4. According to the misperceptions theory, an unanticipated decrease in the
money supply shifts the AD curve _____, causing output to _____ in the
shortrun.
a. up and to the right; rise
b. up and to the right; fall
c. down and to the left; rise
d. down and to the left; fall
5. Classical economists would cite all of the following as reasons why the
government cannot smooth out the business cycle EXCEPT that
a. only productivity shocks can cause fluctuations in the business cycle.
b. the government has imperfect knowledge of the economy.
c. political constarints on policy actions prevent the govenment from
carrying out effective policies.
d. time lags between the onset of a recession and the implementation of
effective countermeasures make anti-recessionary macroeconomic
policies impractical.
6. One important reason why the Solow residual may be strongly procyclical
if the technology used in production doesn't change is that
a. employment is procyclical.
b. resource utilization is procyclical.
c. demand shocks are the dominant force determining the business cycle.
d. the coefficients (α and 1-α) on capital and labor in the
production function are procyclical.
7. How do RBC economists face the business cycle fact that inflation is
procyclical?
a. They argue that even though inflation doesn't fit their theory,
everthing else does, and inflation is not important.
b. They note that inflation would not be procyclical if monetary
policy were conducted properly.
c. They argue that inflation is procyclical only because monetary
policy shocks are the main cause of business cycles.
d. They use alternative statistical methods that suggest that inflation is
countercyclical.
8. Compared with a system of fixed exchange rates, currency unions are
beneficial because they
a. restrict what countries can do with fiscal policy.
b. allow exchange rates to float.
c. allow every country to have an independant monetary policy.
d. elimated the possibility of speculative attacks.
9. Anincrease in the US money supply would cause the value of the dolllar
to _____ and US net exports to _____ in the short run using a
Keynesian model.
a. fall; fall
b. fall; rise
c. rise; rise
d. rise; fall
10. A rise in the domestic real interest rate would cause a ____ in net
exports and a _____ in thw exchange rate.
a. rise; rise
b. rise; fall
c. fall; rise
d. fall; fall
2) Questions (90%)
1. How do Keynesian and classicals differ in their beliefs about how long
it takes the economy to reach long-run equilibrium?(5%)
What implications do these differences in beliefs have for Keynesians
classicals views about the usefulness of antirecessionary policies?(5%)
About the types of shocks that cause most recessions?(5%)
2. If you know the economy was falling into recession. What would you expect
to happen to production during the next few quarters?(2%) To investment
(2%) To the real wage?(2%) To the unemployment?(2%) Moreover, consumer
expenditures on durable goods such as cars and furniture, as well as
purchases of new houses,fall much more than expenditures on nondurable
goods and service during most recession. Why do you think that is?(5%)
3. What major business cycle facts does the RBC theory explain sucessfully?
(5%)
Does it explain any business cycle facts less well?(5%)
4. According to the extend classical model based on the misperceptions
theory, what effects does an unanticipated increase in money supply have
on the labor marjet, real interest rate, and price level?(10%)
What implications do rational expectations have for ability of the Fed
to use monetary policy to smooth business cycles?(5%)
5. Suppose that firms that expect to increase production in the future have
to increase their current transactions (for example, they may need to
purchase more raw materials). For this reason, current real money demand
rise when expected future output rises. Suppose that Fed wants to stablize
the current price level. How will the Fed respond to the increase in
expected future output?(10%)
Explain why the Fed's respondse is an example of reverse causation.(5%)
6. Why is a country limited in changing its money supply under a fixed-exchange
-rate system?(5%)
Explain how policy coordination among countries in a fixes-exchange-rate
systen can increase the degree to which monetary policy may be used to
pursue macroeconomic goals.(5%)
7. Illustrate the use of the open-economy IS-LM model in describing how a
recession in one country may be transmitted to other countries.(10%)
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