武漢大學經(jīng)濟與管理學院.doc

武漢大學經(jīng)濟與管理學院 西方經(jīng)濟學試題(A卷) 2007年7月6日主講：陳忠斌審核：姓名: 學號: 分數(shù):1、What is the difference between the aggregate supply and aggregate demand model used in macroeconomics and microeconomics？（Score:15）2、Suppose an economys real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Assume that population was 100 in year 1 and 102 in year 2. What is the growth rate of GDP per capita?（Score:15）3、Assume the consumption schedule for a private open economy is such that C = 50 + 0.8Y. Assume further that planned investment and net exports are independent of the level of income and constant at Ig= 30 and Xn = 10. Recall also that in equilibrium the real output produced (Y) is equal to the aggregate expenditures: Y = C + Ig + Xn. (a) Calculate the equilibrium level of income for this economy. (b)What will happen to equilibrium Y if Ig changes to 10? What does this tell you about the size of the multiplier? （Score:15）4、Why is each of the following incorrect? State the correct proposition. （Score:15）a) Marginal revenue product is calculated as total revenue earned per worker.b) Under competition, workers get paid the total output produced minus the costs of raw materials.5、Draw the supply and demand curves for the oil market. Now suppose that a workable electric car shifts demand away from oil. Draw the new demand curve and the new equilibrium. Describe the outcome in terms of the price of oil, the quantity consumed, and the total income of the oil producers.6. Using the supply and demand analysis of interest, explain how each of the following would affect interest rates in capital theory: （Score:15）a. An innovation that increased the marginal product of capital at each level of capital.b. A decrease in the desired wealth holdings of households.c. A 50 percent tax on the return on capital (in the short run)7、What is comparative advantage? Suppose thatTom produce half kilogram beef and two kilogram potatoes per hour. Jerry produces 1.5 kilogram beef and 3 kilogram potatoes per hour. Who should produce beef? Who should produce potato? （Score:10）武漢大學經(jīng)濟與管理學院西方經(jīng)濟學(A卷)參考答案 2007年7月6日1. 宏觀經(jīng)濟學的總供給和總需求模型看起來、聽起來都與微觀經(jīng)濟學的標準供求模型極為相似，它們是否有聯(lián)系？What is the difference between the aggregate supply and aggregate demand model used in macroeconomics and microeconomics？（15分）答：1. The aggregate supply and aggregate demand model used in macroeconomics is not very similar to the market demand and market supply model used in microeconomics. While the workings of both models (the distinction between shifts of the curves versus movement along the curves) are similar, these models are really unrelated. The P in the microeconomic model stands for the relative price of a good (or the ratio at which two goods are traded), whereas the P in the macroeconomic model stands for the average price level of all goods and services produced in this country, measured in money terms.2、假設某一經(jīng)濟體的實際GDP第一年為3萬美元，第二年為3.12萬美元。求實際GDP的增長率？再假設第一年的人口為100，第二年的人口為102。求人均GDP的增長率？（Suppose an economys real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Assume that population was 100 in year 1 and 102 in year 2. What is the growth rate of GDP per capita?） （15分）答：Growth rate of real GDP = 4 percent (= $31,200 - $30,000)/$30,000). GDP per capita in year 1 = $300 (= $30,000/100). GDP per capita in year 2 = $305.88 (= $31,200/102). Growth rate of GDP per capita is 1.96 percent = ($305.88 - $300)/300).3、Assume the consumption schedule for a private open economy is such that C = 50 + 0.8Y. Assume further that planned investment and net exports are independent of the level of income and constant at Ig= 30 and Xn = 10. Recall also that in equilibrium the real output produced (Y) is equal to the aggregate expenditures: Y = C + Ig + Xn.aCalculate the equilibrium level of income for this economy. Check your work by expressing the consumption, investment, and net export schedules in tabular form and determining the equilibrium GDP.bWhat will happen to equilibrium Y if Ig changes to 10? What does this tell you about the size of the multiplier?答3：Answers: (a)the equilibrium level of income for this economy is $450.(b)If Ig decreases from $30 to $10, the new equilibrium GDP will be at GDP of $350, for with Ig now $10 this is where AE also equals $350. This indicates that the multiplier equals 5, for a decline in AE of $20 has led to a decline in equilibrium GDP of $100. The size of the multiplier could also have been calculated directly from the MPC of 0.8 .4、Chapter12-question4. Why is each of the following incorrect? State the correct proposition. (Samuelson, 18th edition-chapter12, p242.)c) Marginal revenue product is calculated as total revenue earned per worker.(MRP is the additional revenue produced by an additional unit of input.)d) Distribution theory is simple. You simply figure out how much each factor produces and then give the factor its share of output. (Input contributions to production are interdependent, so it is impossible to determine what factor produced how much.)e) Under competition, workers get paid the total output produced minus the costs of raw materials. (If all factors are paid according to their marginal products, then the total share paid to labor could be total product less the cost of raw materials.)5、(Samuelson, 17th edition, p242.) Chapter12-question7. Draw the supply and demand curves for the oil market. Now suppose that a workable electric car shifts demand away from oil. Draw the new demand curve and the new equilibrium. Describe the outcome in terms of the price of oil, the quantity consumed, and the total income of the oil producers.Answers 5 (Samuelson, 17th edition, p242.) Chapter12-question7. The price of oil will fall, as the quantity of oil produced and consumed will fall. The total income of oil producers will fall. Because there is a derived demand for gasoline, when the demand for gasoline-powered engines falls, the demand for gasoline will fall.EEPPqqGasolinePrice of gasoline6.(Samuelson, 17th edition, p285.) Chapter14-question5. Using the supply and demand analysis of interest, explain how each of the following would affect interest rates in capital theory:a. An innovation that increased the marginal product of capital at each level of capital.b. A decrease in the desired wealth holdings of households.c. A 50 percent tax on the return on capital (in the short run and the long run)Answers6.(Samuelson, 17th edition, p285.) Chapter14-question5. a. The interest rate would rise because the derived demand curve would shift up, causing a move along the supply curve.b. The interest rate would rise because the supply curve would shift inward, causing a move along the demand curve.c. The interest rate received by lenders would fall, but rate of return on capital (before taxes are paid) would erestStock ofcapitaliiqqDSSPanel (b)interestStock ofcapitaliiqqDSSBAOPanel (c)taxinterestinterestStock ofcapitaliiqqDDSPanel (a)O7、什么是比較優(yōu)勢？假設張三每小時可以生產(chǎn)1斤牛肉和4斤土豆，李四每小時可以生產(chǎn)3斤牛肉和6斤土豆。誰在生產(chǎn)牛肉上擁有比較優(yōu)勢？誰在生產(chǎn)土豆上擁有比較優(yōu)勢？（10分）答：1斤牛肉的機會成本1斤土豆的機會成本張三 (Tom)4斤土豆0.25斤牛肉 (0.25 = 1/4)李四 (Jerry)2斤土豆 (2 = 6/3)0.5斤牛肉 (0.5 = 3/6)李四(Jerry) has a comparative advantage in producing beef;張三(Tom) has a comparative advantage in producing potatoes.武漢大學經(jīng)濟與管理學院西方經(jīng)濟學試題(B卷) 2007年7月6日主講：陳忠斌審核：姓名: 學號: 分數(shù):1、一個廠商的經(jīng)濟利潤和會計利潤有什么不同？（What is a firms economic profit and accounting profit? Are both the same? Explain.）（10分）2、宏觀經(jīng)濟學中的價格和微觀經(jīng)濟學中的價格有什么不同？（15分）3、列出并解釋總需求曲線向右下方傾斜的三個原因。（15分）4、湯母和吉米兩人開車到加油站，在看油價前，湯母說“我要10加侖汽油”，吉米說“我要10美元的汽油”。請計算兩人各自的需求價格彈性？ （15分）5、假設某一經(jīng)濟體的實際GDP第一年為3萬美元，第二年為3.12萬美元。求實際GDP的增長率？再假設第一年的人口為100，第二年的人口為102。求人均GDP的增長率？（Suppose an economys real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Assume that population was 100 in year 1 and 102 in year 2. What is the growth rate of GDP per capita?） （15分）6、Assume the consumption schedule for a private open economy is such that C = 50 + 0.8Y. Assume further that planned investment and net exports are independent of the level of income and constant at Ig= 30 and Xn = 10. Recall also that in equilibrium the real output produced (Y) is equal to the aggregate expenditures: Y = C + Ig + Xn. (a) Calculate the equilibrium level of income for this economy. (b)What will happen to equilibrium Y if Ig changes to 10? What does this tell you about the size of the multiplier? （15分）請從下列兩題中任意選擇一個圖形分析題7、農(nóng)業(yè)豐收了對農(nóng)民來說是好消息還是壞消息？一場摧毀了一半農(nóng)作物的干旱對農(nóng)民是一件好事嗎？如果這場干旱對農(nóng)民是好事，為什么農(nóng)民不會在不干旱時摧毀自己的農(nóng)作物？（Can good news for farming be bad news for farmers? How might a drought that destroys half of all farm crops be good for farmers? If such a drought is good for farmers, why dont farmers destroy their own crops in the absence of a drought?）（15分）8、Larry, Curly, and Moe run the only saloon in town. Larry wants to sell as many drinks as possible without losing money. Curly wants the saloon to bring in as much revenue as possible. Moe wants to make the largest possible profits. Using a single diagram of the saloons demand curve and its cost curves, show the price and quantity combinations favored by each of the three partners. Explain.（15分）武漢大學經(jīng)濟與管理學院西方經(jīng)濟學試題(B卷)參考答案 2007年7月6日主講：陳忠斌1、一個廠商的經(jīng)濟利潤和會計利潤有什么不同？（What is a firms economic profit and accounting profit? Are both the same? Explain.）（10分）答：a firms economic profit= total revenue - explicit costs - implicit costsa firms accounting profit=total revenue - explicit costs.2、宏觀經(jīng)濟學中的價格和微觀經(jīng)濟學中的價格有什么不同？（15分）答：宏觀經(jīng)濟學中的價格是某個經(jīng)濟體中整個商品和服務的物價總水平；微觀經(jīng)濟學中的價格是指某一具體商品或服務市場的價格，如小麥的價格，豬肉的價格，理發(fā)的價格等。3、 列出并解釋總需求曲線向右下方傾斜的三個原因。（15分）答：（1）The Price Level and Consumption: The Wealth Effect 財富效應 (Arthur Pigou, 1877-1959)A decrease in the price level makes consumers feel more wealthy, which in turn encourages them to spend more. This increase in consumer spending means larger quantities of goods and services demanded.（2）The Price Level and Investment: The Interest Rate Effect (John Maynard Keynes, 1883-1946)A lower price level reduces the interest rate, which encourages greater spending on investment goods.This increase in investment spending means a larger quantity of goods and services demanded.（3）The Price Level and Net Exports: The Exchange-Rate Effect 匯率效應 (Robert Mundell and Marcus Fleming)When a fall in the U.S. price level causes U.S. interest rates to fall, the real exchange rate depreciates, which stimulates U.S. net exports.The increase in net export spending means a larger quantity of goods and services demanded.4、湯母和吉米兩人開車到加油站，在看油價前，湯母說“我要10加侖汽油”，吉米說“我要10美元的汽油”。請計算兩人各自的需求價格彈性？（Two-Tom and Jerryeach drive up to a gas station. Before looking at the price, each places an order. Tom says, “Id like 10 gallons of gas.” Jerry says, “Id like $10 of gas.” What is each drivers price elasticity of demand?） （15分）答：(a) Toms price elasticity of demand is 0 (or zero). Hed like 10 gallons of gas no matter the change in price of gas, that is change in quantity is zero. For Toms price elasticity of demand is , where So So Toms price elasticity of demand is 0.(b) 方法1 (Using mid-point approach, or arc-elasticity)：Jerrys price elasticity of demand is 1.Jerry would like $10 of gas means that there exists always So Jerrys price elasticity of demand is 1.(b) 方法2 (Using point elasticity approach, 運用點彈性方法)：Jerry would like $10 of gas means that there exists always So Jerrys price elasticity of demand is 1.5、假設某一經(jīng)濟體的實際GDP第一年為3萬美元，第二年為3.12萬美元。求實際GDP的增長率？再假設第一年的人口為100，第二年的人口為102。求人均GDP的增長率？（Suppose an economys real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Assume that population was 100 in year 1 and 102 in year 2. What is the growth rate of GDP per capita?） （15分）答：Growth rate of real GDP = 4 percent (= $31,200 - $30,000)/$30,000). GDP per capita in year 1 = $300 (= $30,000/100). GDP per capita in year 2 = $305.88 (= $31,200/102). Growth rate of GDP per capita is 1.96 percent = ($305.88 - $300)/300).6Assume the consumption schedule for a private open economy is such that C = 50 + 0.8Y. Assume further that planned investment and net exports are independent of the level of income and constant at Ig= 30 and Xn = 10. Recall also that in equilibrium the real output produced (Y) is equal to the aggregate expenditures: Y = C + Ig + Xn.aCalculate the equilibrium level of income for this economy. Check your work by expressing the consumption, investment, and net export schedules in tabular form and determining the equilibrium GDP.bWhat will happen to equilibrium Y if Ig changes to 10? What does this tell you about the size of the multiplier?(a)the equilibrium level of income for this economy is $450.(b)If Ig decreases from $30 to $10, the new equilibrium GDP will be at GDP of $350, for with Ig now $10 this is where AE also equals $350. This indicates that the multiplier equals 5, for a decline in AE of $20 has led to a decline i