曼昆《经济学原理》（宏观）第五版测试题库 (23)

Chapter 23 Chapter 23 Measuring a Nation's Income TRUE/FALSE 1. In years of economic contraction, firms throughout the economy increase their production of goods and services, employment rises, and jobs are easy to find. ANS: F DIF: 1 REF: 23-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Economic expansion MSC: Definitional 2. Macroeconomic statistics include GDP, the inflation rate, the unemployment rate, retail sales, and the trade deficit. ANS: T DIF: 1 REF: 23-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Macroeconomics MSC: Definitional 3. Macroeconomic statistics tell us about a particular household, firm, or market. ANS: F DIF: 1 REF: 23-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Macroeconomics MSC: Definitional 4. Macroeconomics is the study of the economy as a whole. ANS: T DIF: 1 REF: 23-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Macroeconomics MSC: Definitional 5. The goal of macroeconomics is to explain the economic changes that affect many households, firms, and markets simultaneously. ANS: T DIF: 1 REF: 23-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Macroeconomics MSC: Definitional 6. Microeconomics and macroeconomics are closely linked. ANS: T DIF: 1 REF: 23-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Microeconomics | Macroeconomics MSC: Definitional 7. The basic tools of supply and demand are as central to macroeconomic analysis as they are to microeconomic analysis. ANS: T DIF: 1 REF: 23-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Demand | Supply MSC: Definitional 8. GDP is the most closely watched economic statistic because it is thought to be the best single measure of a society’s economic well-being. ANS: T DIF: 1 REF: 23-0 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Definitional 9. GDP can measure either the total income of everyone in the economy or the total expenditure on the economy’s output of goods and services, but GDP cannot measure both at the same time. ANS: F DIF: 2 REF: 23-1 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Interpretive 10. For an economy as a whole, income must exceed expenditure. ANS: F DIF: 1 REF: 23-1 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Income | Expenditure MSC: Definitional 11. An economy’s income is the same as its expenditure because every transaction has a buyer and a seller. ANS: T DIF: 1 REF: 23-1 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Income | Expenditure MSC: Definitional 12. GDP is the market value of all final goods and services produced by a country’s citizens in a given period of time. ANS: F DIF: 1 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Definitional 13. GDP adds together many different kinds of products into a single measure of the value of economic activity by using market prices. ANS: T DIF: 1 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Definitional 14. U.S. GDP includes the market value of rental housing, but not the market value of owner-occupied housing. ANS: F DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Interpretive 15. U.S. GDP excludes the production of most illegal goods. ANS: T DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Interpretive 16. U.S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance. ANS: F DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Applicative 17. GDP includes only the value of final goods because the value of intermediate goods is already included in the prices of the final goods. ANS: T DIF: 1 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP | Intermediate goods MSC: Definitional 18. Additions to inventory subtract from GDP, and when the goods in inventory are later used or sold, the reductions in inventory add to GDP. ANS: F DIF: 1 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP | Inventory MSC: Definitional 19. While GDP includes tangible goods such as books and bug spray, it excludes intangible services such as the services provided by teachers and exterminators. ANS: F DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Applicative 20. At a rummage sale, you buy two old books and an old rocking chair; your spending on these items is not included in current GDP. ANS: T DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Applicative 21. When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP. ANS: F DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Applicative 22. If the U.S. government reports that GDP in the third quarter was $12 trillion at an annual rate, then the amount of income and expenditure during quarter three was $3 trillion. ANS: T DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Applicative 23. The government computes measures of income other than GDP because these other measures usually tell different stories about overall economic conditions. ANS: F DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP | Income MSC: Interpretive 24. Expenditures by households on education are included in the consumption component of GDP. ANS: T DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption MSC: Interpretive 25. Most goods whose purchases are included in the investment component of GDP are used to produce other goods. ANS: T DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Investment MSC: Interpretive 26. New home construction is included in the consumption component of GDP. ANS: F DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Investment MSC: Interpretive 27. Changes in inventory are included in the investment component of GDP. ANS: T DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Investment MSC: Interpretive 28. The investment component of GDP refers to financial investment in stocks and bonds. ANS: F DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Investment MSC: Interpretive 29. The government purchases component of GDP includes salaries paid to soldiers but not Social Security benefits paid to the elderly. ANS: T DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Government purchases MSC: Interpretive 30. If the value of an economy’s imports exceeds the value of that economy’s exports, then net exports is a negative number. ANS: T DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Net exports MSC: Interpretive 31. If someone in the United States buys a surfboard produced in Australia, then that purchase is included in both the consumption component of U.S. GDP and the net exports component of U.S. GDP. ANS: T DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption | Net exports MSC: Applicative 32. If consumption is $4000, exports are $300, government purchases are $1000, imports are $400, and investment is $800, then GDP is $5700. ANS: T DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Applicative 33. If exports are $500, GDP is $8000, government purchases are $1200, imports are $700, and investment is $800, then consumption is $6200. ANS: T DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Consumption MSC: Applicative 34. If consumption is $1800, GDP is $4300, government purchases are $1000, imports are $700, and investment is $1200, then exports are $300. ANS: F DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Exports MSC: Applicative 35. U.S. GDP was almost $14 billion in 2007. ANS: F DIF: 1 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Definitional 36. In 2007, government purchases was the largest component of U.S. GDP. ANS: F DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Interpretive 37. If total spending rises from one year to the next, then the economy must be producing a larger output of goods and services. ANS: F DIF: 2 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Interpretive 38. An increase in nominal U.S. GDP necessarily implies that the United States is producing a larger output of goods and services. ANS: F DIF: 2 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Nominal GDP MSC: Interpretive 39. Nominal GDP uses constant base-year prices to place a value on the economy’s production of goods and services, while real GDP uses current prices to place a value on the economy’s production of goods and services. ANS: F DIF: 1 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Nominal GDP | Real GDP MSC: Definitional 40. Real GDP evaluates current production using prices that are fixed at past levels and therefore shows how the economy’s overall production of goods and services changes over time. ANS: T DIF: 1 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Real GDP MSC: Definitional 41. The term real GDP refers to a country’s actual GDP as opposed to its estimated GDP. ANS: F DIF: 2 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Real GDP MSC: Interpretive 42. Changes in real GDP reflect only changes in the amounts being produced. ANS: T DIF: 1 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Real GDP MSC: Definitional 43. Real GDP is a better gauge of economic well-being than is nominal GDP. ANS: T DIF: 1 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Nominal GDP | Real GDP MSC: Definitional 44. Changes in the GDP deflator reflect only changes in the prices of goods and services. ANS: T DIF: 2 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP deflator MSC: Interpretive 45. If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. ANS: T DIF: 2 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP deflator MSC: Applicative 46. If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000. ANS: T DIF: 2 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Real GDP MSC: Applicative 47. Economists use the term inflation to describe a situation in which the economy’s overall production level is rising. ANS: F DIF: 1 REF: 23-4 NAT: Analytic LOC: Unemployment and inflation TOP: Inflation MSC: Definitional 48. If the GDP deflator in 2006 was 160 and the GDP deflator in 2007 was 180, then the inflation rate in 2007 was 12.5%. ANS: T DIF: 2 REF: 23-4 NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rate MSC: Applicative 49. If the GDP deflator in 2004 was 150 and the GDP deflator in 2005 was 120, then the inflation rate in 2005 was 25%. ANS: F DIF: 2 REF: 23-4 NAT: Analytic LOC: Unemployment and inflation TOP: Inflation rate MSC: Applicative 50. The GDP deflator can be used to take inflation out of nominal GDP. ANS: T DIF: 1 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP deflator MSC: Definitional 51. In 2004, the level of U.S. real GDP was close to four times its 1965 level. ANS: T DIF: 1 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Real GDP MSC: Definitional 52. The output of goods and services produced in the United States has grown on average 3.2 percent per year. ANS: T DIF: 1 REF: 23-4 NAT: Analytic LOC: Productivity and growth TOP: Growth MSC: Definitional 53. Periods during which real GDP rises are called recessions. ANS: F DIF: 1 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Recessions MSC: Definitional 54. Recessions are associated with lower incomes, rising unemployment, and falling profits. ANS: T DIF: 1 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Recessions MSC: Definitional 55. If real GDP is higher in one country than in another, then we can be sure that the standard of living is higher in the country with the higher real GDP. ANS: F DIF: 2 REF: 23-5 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Real GDP | Standard of living MSC: Interpretive 56. Real GDP per person tells us the income and expenditure of the average person in the economy. ANS: T DIF: 1 REF: 23-5 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Real GDP per person MSC: Definitional 57. GDP does not directly measure those things that make life worthwhile, but it does measure our ability to obtain many of the inputs into a worthwhile life. ANS: T DIF: 1 REF: 23-5 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Definitional 58. GDP does not make adjustments for leisure time, environmental quality, or volunteer work. ANS: T DIF: 2 REF: 23-5 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Interpretive 59. Other things equal, in countries with higher levels of real GDP per person, life expectancy and literacy rates are higher than in countries with lower levels of real GDP per person. ANS: T DIF: 2 REF: 23-5 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Interpretive SHORT ANSWER 1. GDP is defined as the market value of all final goods and services produced within a country in a given period of time. In spite of this definition, some production is left out of GDP. Explain why some final goods and services are not included. ANS: GDP excludes some products because they are so difficult to measure. These products include services performed by individuals for themselves and their families, and most goods that are produced and consumed at home and, therefore, never enter the marketplace. In addition, illegal products are not included in GDP even if they can be measured because, by society's definition, they are bads, not goods. DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP MSC: Interpretive 2. Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods produced and not sold is included directly as part of GDP. ANS: Intermediate goods produced and sold during the year are not included separately as part of GDP because the value of those goods is included in the value of the final goods produced from them. If the intermediate good is produced but not sold during the year, its value is included as inventory investment for the year in which it was produced. If inventory investment was not included as part of GDP, true production would be underestimated for the year the intermediate good went into inventory, and overestimated for the year the intermediate good is used or sold. DIF: 2 REF: 23-2 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP | Intermediate goods MSC: Interpretive 3. Since it is counted as investment, why doesn't the purchase of earthmoving equipment from China by a U.S. corporation increase U.S. GDP? ANS: The purchase of foreign equipment is counted as investment, but GDP measures only the value of production within the geographic borders of the United States. In order to avoid including the value of the imported equipment, imports are subtracted from GDP. Hence, the value of the equipment in investment is canceled by subtracting its value as an import. DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP | Investment | Imports MSC: Applicative 4. Identify the immediate effect of each of the following events on U.S. GDP and its components. a. James receives a Social Security check. b. John buys an Italian sports car. c. Henry buys domestically produced tools for his construction company. ANS: a. Since this is a transfer payment, there is no change to GDP or to any of its components. b. Consumption and imports will rise and cancel each other out so that there is no change in U.S. GDP. c. This increases the investment component of GDP and so increases GDP. DIF: 2 REF: 23-3 NAT: Analytic LOC: The study of economics and definitions of economics TOP: GDP | Transfer payments | Net exports | Investment MSC: Applicative 5. Between 1929 and 1933, NNP measured in current prices fell from $96 billion to $48 billion. Over the same period, the relevant price index fell from 100 to 75. a. What was the percentage decline in nominal NNP from 1929 to1933? b. What was the percentage decline in real NNP from 1929 to 1933? Show your work. ANS: a. NNP measured in current prices is nominal NNP. Nominal NNP fell from $96 billion to $48 billion, a decline of 50 percent. b. Real NNP is nominal NNP divided by the price index and multiplied by 100. Real NNP in 1929 was ($96 b/100) 100 = $96 b. Real NNP in 1933 was ($48 b/75) 100 = $64 b. Real NNP fell from $96 billion to $64 billion, a decline of 33 percent. DIF: 2 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Nominal NNP | Real NNP MSC: Applicative 6. You find that your paycheck for the year is higher this year than last. Does that mean that your real income has increased? Explain carefully. ANS: Real income is nominal income adjusted for general increase in prices. If my paycheck is higher this year than last, my nominal income has increased. Whether my real income has increased or not depends on what has happened since last year to the level of prices of things I buy with my income. If the percentage increase in prices is less than the percentage increase in my nominal income, then my real income has increased. Otherwise, my real income has not increased. DIF: 2 REF: 23-4 NAT: Analytic LOC: The study of economics and definitions of economics TOP: Nominal income | Real income MSC: Interpretive 7. U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and what does it not tell us, about the well-being of U.S. residents? ANS: Since this is in real terms, it tells us that the U.S. is able to make a lot more stuff than in the past. Some of the increase in real GDP is probably due to an increase in population, so we could say more if we knew what had happened to real GDP per person. Supposing that there was also an increase in real GDP per person, we can say that the standard of living has risen. Material things are an important part of well-being. Having sufficient amounts of things such as food, shelter, and clothing are fundamental to well-being. Other things such as security, a safe environment, access to safe water, access to medical care, justice, and freedom also matter. However, many of these things are more easily obtained by being able to produc