國際經(jīng)濟學題庫

11Inaclosedeconomy,nationalsavingsometimesequalsinvestment.alwaysequalsinvestment.isalwayslessthaninvestment.isalwaysmorethaninvestment.Noneoftheabove.AnsweBr:QuestionNewStatus:Foropeneconomies,S=I.S=I+CA.S=I-CA.S>I+CA.S<I+CA.AnsweBr:QuestionNewStatus:Anopeneconomycansaveonlybybuildingupitscapitalstock.cansaveonlybyacquiringforeignwealth.cannotsaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.cansaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.Noneoftheabove.AnsweDr:QuestionNewStatus:Aclosedeconomycansaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.cansaveonlybybuildingupitscapitalstock.cansaveonlybyacquiringforeignwealth.cannotsaveeitherbybuildingupitscapitalstockorbyacquiringforeignwealth.Noneoftheabove.AnsweBr:lesstaxescollectedfromhouseholdsandfirmsbythegovernment.plusnettaxescollectedfromhouseholdsandfirmsbythegovernment.lessnettaxescollectedfromhouseholdsandfirmsbythegovernment.lessnettaxescollectedfromhouseholdsbythegovernment.lessnettaxescollectedfromhouseholdsandfirmsbythegovernment.AnsweEr:QuestionNewStatus:Governmentsavings,Sg,isequaltoT-G.T+G.T=G.T+G-I.Noneoftheabove.AnsweAr:QuestionNewStatus:Whichofthefollowingisfalseaboutprivatesavingsandgovernmentsavings?SP=Y-T-CUnlikeprivatesavingdecisions,governmentsavingdecisionsareoftenmadewithaneyetowardtheireffectonoutputandemployment.Totalsavings(S)=SP+Sg.Thenationalincomeidentitycanhelpustoanalyzethechannelsthroughwhichgovernmentsavingdecisionsinfluencemacroeconomicconditions.Noneoftheabove;allstatementsaretrue.AnsweEr:QuestionNewStatus:Inaclosedeconomy,privatesaving,Sp,isequaltoI-(G-T).I+(G-T).I+(G+T).I-(G+T).I+(G-T)+C.AnsweBr:QuestionNewStatus:Inanopeneconomy,privatesaving,Sp,isequaltoI-CA+(G-T).I+CA-(G-T).I+CA+(G-T).I-CA-(G-T).I+CA+(G+T).AnsweCr:QuestionNewStatus:Ricardianequivalencearguesthatwhenthegovernmentcutstaxesandraisesitsdeficit,consumersanticipatethattheywillfacelowertaxeslatertopayfortheresultinggovernmentdebt.consumersanticipatethattheywillhigherservicesfromthegovernment.consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt.consumersanticipateitwillaffecttheirfuturetaxes,ingeneralinthedirectionofloweringfuturetaxes.Noneoftheabove.AnsweCr:QuestionNewStatus:Ricardianequivalencearguesthatwhenthegovernmentincreasestaxesandraisesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.cutstaxesanddecreasesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.cutstaxesandraisesitssurplus,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.cutstaxesandraisesitsdeficit,consumersanticipatethattheywillfacelowertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.cutstaxesandraisesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt,thuspeoplewillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.AnsweEr:QuestionNewStatus:IntheUnitedStatesoverthepastfiftyyears,thefractionofGNPdevotedtoconsumptionhasfluctuatedinarangeofabout42to49percent.32to39percent.22to29percent.82to89percent.62to70percent.AnsweEr:QuestionNewStatus:IntheUnitedStates,(gross)investmenthasfluctuatedbetweenofGNPinrecentyears.2and12percent12and22percent22and32percent32and42percent42and52percentAnsweBr:QuestionNewStatus:Governmentpurchasescurrentlytakeupabout19percentofU.S.GNP,andthissharehasnotchangedmuchsincethelate1950s.38percentofU.S.GNP,andthissharehasnotchangedmuchsincethelate1950s.18percentofU.S.GNP,andthissharehasbeenincreasingsincethelate1950s.18percentofU.S.GNP,andthissharehasbeendecreasingsincethelate1950s.Noneoftheabove.AnsweAr:QuestionNewStatus:ThepositionoftheUnitedStatescurrentaccountbalancein2007waslentover6percentofitsGNP,resultinginalargecurrentaccountsurplus.borrowedover6percentofitsGNP,leadingtoalargecurrentaccountdeficit.achievedacurrantaccountbalanceofzero.borrowedover10percentofitsGNP,leadingtoalargecurrentaccountdeficit.Noneoftheabove.AnsweBr:QuestionNewStatus:Whichoneofthefollowingstatementsisfalse?TheUnitedStateshadaccumulatedsubstantialforeignwealthbytheearly1980s.The1980switnessedasustainedcurrentaccountdeficitofproportionsunprecedentedinthetwentiethcenturyopenedup.In1987,thecountrybecameanetdebtortoforeignersforthefirsttimesinceWorldWarI.U.S.foreigndebthascontinuedtogrowandnowstandsat25percentofGNP.TheU.S.foreigndebtwaspaidoffinthe1990s,allowingtheU.S.toattainacurrentaccountsurplus.However,thedeficithasreturnedinrecentyears.AnsweEr:QuestionNewStatus:Whatisthenationalincomeidentityforaclosedeconomy?AnsweY=C+I+Gr:QuestionNewStatus:Whatisthenationalincomeidentityforanopeneconomy?AnsweY=C+I+G+EX-IMr:QuestionNewStatus:Discussthevaluesofprivatesavinginclosedandopeneconomies.AnsweInaclosedeconomy,privatesaving,Sp,isequalsto,I+(G-T).Inaopenr:economy,privatesaving,Sp,isequalstoI+CA+(G-T).Openeconomyhelpsinextendingtheopportunitiesforprivatesavingordis-saving,orborrowing.QuestionNewStatus:Discusstheeffectsofgovernmentdeficitsonthecurrentaccount.AnsweAhardanddifficultissue.DuringtheReaganadministration,thecreationofr:twindeficits,wherebyslashingtaxes,governmentdeficitsincreased,whichwasaccompaniedwithincreasedcurrentaccountdeficits.Usingtheidentity,CA=SP+Sg-IandRicardianequivalence,whicharguesthatanincreaseinthegovernmentdeficit(bydefinitionlowersSg)willcausearoughlyequalincreaseinSPtooffsetanexpectedtaxhikeinthefuture.Thus,forIconstant,thereisroughlynoeffectonthecurrentaccount.However,governmentbudgetdeficitmaychangebothprivatesavingsandinvestment,thusavoidingacreationofthetwindeficits.AnexampleistheEuropeancountriesreducingtheirbudgetdeficitsjustpriortotheintroductionoftheeuroinJanuary1999.Now,underthe"twindeficits:theory,onewouldhaveexpectedtheEU'scurrentaccountsurplusestoincrease.Thishasneverhappened.Themainreasonwassharpreductioninprivatesavingrates.AgoodanswershoulddiscussRicardianequivalencethatarguesthatwhenthegovernmentcuttaxesandraisesitsdeficit,consumersanticipatethattheywillfacehighertaxeslatertopayfortheresultinggovernmentdebt.Inanticipation,theyraisetheirownprivatesavingtooffsetthefallingovernmentsaving.Inaddition,oneshouldmentionwealtheffectinanticipationofoneEurope,assetspricesincreased,loweringprivatesavingrates.QuestionNewStatus:ExplainhowgovernmentdeficitsfellyetcurrentaccountsurplusesremainedthesameintheEUpriortoadoptingtheeuro.Alsoexplainthisinthecontextofthe"twindeficits"theory.AnsweCurrentaccountsdidn'tchangeduetoasharpfallintheprivatesavingrate,r:whichdeclinedbyabout4percentofoutput,almostasmuchastheincreaseingovernmentsaving.Thebehaviorofprivatesaversneutralizedthegovernment'seffortstoraisenationalsaving.Thetwindeficitstheory,theideaofgovernmentdeficitcoupledwithasharplyincreasedcurrentaccountdeficit,expectstheEU'scurrentaccountsurplussharplyasaresultofthefiscalchange,whichdidn'tworkinthiscase.QuestionNewStatus:ExplaintheconceptofRicardianequivalence.AnsweThisaneconomictheoryoftaxesandgovernmentdeficits.Itarguesthatr:whenthegovernmentcutstaxesandraisesitsdeficit,consumersanticipatehighertaxeslatertopayofftheeventualgovernmentdebt.Thus,theywillraisetheirownprivatesavingtooffsetthefallingovernmentsaving.Governmentsthatlowertheirdeficitswillinducetheprivatesectortoloweritsownsaving.doesn'tholdinpractice.EconomistsattributeonlyhalfofthedeclineinHowever,thisEuropeanprivatesavingtoRicardianeffects.QuestionNewStatus:AssumeC=40+0.8(Y-T)G=101=20T=O,whereTaretaxes.CalculateYatequilibrium.CalculateC丄andGatequilibrium.Nowassume,EX=5+4EP/PIM=10+0.1(Y-T)-3EP/PE=3P=1.5P=2FindequilibriumYAnswe(a)Y=C+I+Gr:Y=350C=40+0.8Y=3201=20G=10Y=269.1667QuestionNewStatus:Fillinthefollowingtable:GNPTataJOutputConsumptionConsumptionInvestmentInvestmgrUGavcrnmentPurchasesExportsImportsHIO25ltrltr201157512141612070252030695”10103213575303525I4U]4014014()Htl940140200300200mti6003002001501250700200200150Answer:CTxrTotalOutputConsumptionGovernmentConsumptionInvesJnientInvestmentPurchasesExporUImporU1007525ID1(121111575301214】白12(97t>25352030695S10山2332135753035253€420140140140140140940500140200301)2山】11506002003002001501250700200300200150QuestionNewStatus:Whatcanonelearnfromthefollowingfigure?notMcigriwsaith(bilicnscfdull肝酊Nblfew植gjnwealth□urreriEaoctwrtTOO10-771^91M1IMS1M519?71SS?19911595AnsweThefigureshowstheU.S.currentaccountandnetforeignwealthfrom1977r:until1996.Itshowsthatastringofcurrentaccountdeficitsinthe1980s

reducedwealthuntil,bytheendl996,thecountryhadaccumulatedasubstantialAmerica'snetnetforeigndebt.Inl987thecountrybecameanetdebtortoforeignersforforeignthefirsttimesinceWorldWarl.QuestionNewStatus:AssumeC=50+0.6(Y-T)G=15I=15T=2CalculateYatequilibriumCalculateCAssumeEX=4+3EP/PIM=8+0.1(Y-T)-2EP/PE=3P=1P=1.5FindequilibriumYAnswe(a)Y=C+I+Gr:Y=50+0.6(Y-2+15+15)Y=197C=50+0.6(197-2)=117Y=170QuestionNewStatus:Fillinthefollowingtable:GNPTotalOutputConsumplionConsumptionlllVCStiTLCtltInvestmentGovcrnnii?ntFurchasesExportsLnports1351005203(12E30303D1053041X1205063097550151055(13001(H)2(101(H)6(X12〔用402(J60975KOO7515020D68051108031K11007404021K12110100Answer:GNPTotaJOutputConsumptionCansumptionInvestmentInvestmentGovemiiicntVurchasesExportsImports135H川41F5203U28022303030105304<H1601002050(530755015105刃引用10()2005!)IMHIO60(12004(}206U975別川[50751502006805110SO3001003007404C040200200100QuestionNewStatus:Fillinthefollowingtable:CA[G1152512姑50153925UJ435501051030211]〔}222(Kl50]2■251401001540020020-280101}200200Answer：i\wii)3015394025104355(}10105-301U孔20HI222001405012-25200140100157040020015020-2^0101120020020QuestionNewStatus:12.3TheBalanceofPaymentsAccountsEveryinternationaltransactionautomaticallyentersthebalanceofpaymentsonceeitherasacreditorasadebit.twice,onceasacreditandonceasadebit.onceasacredit.twice,bothtimesasdebit.Noneoftheabove.AnsweBr:QuestionNewStatus:Theofficialsettlementsbalanceorbalanceofpaymentsisthesumofthecurrentaccountbalance,thecapitalaccountbalance,thenonreserveportionofthefinancialaccountbalance,thestatisticaldiscrepancy.thecurrentaccountbalanceandthecapitalaccountbalance.thecurrentaccountbalance,thecapitalaccountbalance,thenonreserveportionofthefinancialaccountbalance.thecurrentaccountbalanceandthenonreserveportionofthefinancialaccountbalance.Noneoftheabove.Answer:

AQuestionNewStatus:NewAnAmericanbuysaJapanesecar,payingbywritingacheckonanaccountwithabankinNewYork.Howwouldthisbeaccountedforinthebalanceofpayments?currentaccount,aJapanesegoodimportcurrentaccount,aU.S.goodimportfinancialaccount,aU.S.assetimportfinancialaccount,aU.S.assetexportOnlyBandD.AnsweEr:QuestionNewStatus:TheUnitedStatesissuesa$10,000debtforgivenesstoArgentina.Howisthisaccountedforinthebalanceofpayments?financialaccount,U.S.assetimportcurrentaccount,Argentinatransferpaymentcurrentaccount,U.S.serviceexportfinancialaccount,U.S.assetexportcurrentaccount,ArgentinagoodimportAnsweDr:QuestionNewStatus:AU.S.citizenbuysanewlyissuedshareofstockinEngland,payingforhisorderwithacheck,whichtheBritishcompanydepositsinitsownU.S.bankaccountinNewYork.Howisthistransactionaccountedforinthebalanceofpayments?financialaccount,U.S.assetexportcurrentaccount,U.S.serviceimportcurrentaccount,Britishgoodexportfinancialaccount,Britishassetimportfinancialaccount,U.S.assetimportAnsweAr:QuestionNewStatus:YoutraveltoParisandpayfora$100dinnerwithyourcreditcard.Howisthisaccountedforinthebalanceofpayments?currentaccount,Frenchserviceimportcurrentaccount,U.S.goodexportfinancialaccount,U.S.assetexportfinancialaccount,U.S.assetimportNoneoftheabove.AnsweCr:QuestionNewStatus:TheGermangovernmentcarriesoutanofficialforeignexchangeinterventioninwhichitusesdollarsheldinanAmericanbanktobuyFrenchcurrencyfromitscitizens.Howisthisaccountedforinthebalanceofpayments?currentaccount,Frenchgoodexportcurrentaccount,Germangoodimportfinancialaccount,Frenchassetexportfinancialaccount,GermanassetexportAlloftheaboveAnsweCr:QuestionNewStatus:TheearningsofaSpanishfactorywithBritishownersarecountedinSpain'sGDP.arepartofBritain'sGNP.arecountedinBritain'sGDP.arepartofSpain'sGNP.OnlyAandB.AnsweEr:QuestionNewStatus:TheservicesBritishcapitalprovidesinSpainareaserviceexportfromBritain,thereforetheyaresubtractedfromBritishGDPincalculatingBritishGNP.thereforetheyareaddedtoSpanishGDPincalculatingSpanishGDP.thereforetheyareaddedtoBritishGDPincalculatingBritishGNP.OnlyAandB.Noneoftheabove.AnsweCr:QuestionNewStatus:Uernationalgifts,orpaymentsthatdonotcorrespondtothepurchaseofanygood,service,orasset.partofthecurrentaccountbutnotapartofnationalincome.thedifferencebetweenYandGNPiftheidentityY=C+I+G+CAholdsexactly.BothBandD.AnsweEr:QuestionNewStatus:Whichofthefollowingstatementsaboutthecentralbankistrue?Onlythecentralbankmayholdforeignreservesandinterveneofficiallyinexchangemarkets.Centralbankshavelittlepowertoaltermacroeconomicconditions.Today,centralbanks'reservesconsistlargelyofgold.TheFederalReserveholdsonlyasmalllevelofofficialreserveassetsotherthangold.BothBandCaretrue.AnsweDr:QuestionStatus:NewHowdoweallocatestatisticaldiscrepancyamongthecurrent,capital,andfinancialaccounts?Wehavenowayofknowingexactlyhowtoallocatethisdiscrepancy.Dependonthedegreeofcertaintybywhichweattributetotheseaccounts.Divideitevenlyamongstthethreeaccounts.Dependontheconventionadoptedbythespecificfinancialinstitution.Statisticaldiscrepancysignalshumanerrorsmadewhendealingwithfinancialaccounts.AnsweAr:QuestionNewStatus:Whichofthefollowingistrueaboutcurrentcostmethodandmarketvaluemethod?TheyareusedbytheBEAtoplacecurrentvaluesonforeignindirectinvestments.Thesemethodsleadtothesamevaluations.Basedonthecurrentcostmethod,theBEA's2006estimateofU.S.netforeignwealthwas$2,539.6billion.CurrentcostmethodispreferredbytheBEA.Noneoftheaboveistrue.AnsweCr:QuestionNewStatus:Whattypesofinternationaltransactionsarerecordedinthebalanceofpaymentaccounts?AnsweThreetypes:transactionsthatinvolveexportsandimportsofgoodandr:services;transactionsthatinvolvethepurchaseorselloffinancialassets;andexportsandimportsofgoodandservices;otheractivitiesresultingintransferofwealthbetweencountrieswhicharerecordedinthecapitalaccount.QuestionNewStatus:"TheBalanceofpaymentsisalwaysbalanced."Discuss.AnsweTrue.Everyinternationaltransactionautomaticallyentersthebalanceofr:paymentstwice,onceasacreditandonceasadebit.Currentaccount+financialaccount+capitalaccount=0QuestionNewStatus:"Thebalanceofpaymentsaccountsseldombalanceinpractice."Discuss.AnsweTrue.Themainreasonsareduetothefactthatdatacollectedorreceivedr:fromdifferentsourcesmaydifferincoverage,accuracy,andtiming.Inaddition,dataonservicesarenotreliableaswellasdatafromthefinancialaccount.Moreover,accuratemeasurementsofinternationalinterestanddividendreceiptsareparticularlydifficult.QuestionNewStatus:Howdoesaneconomy'scentralbankmanagethesupplyofmoneythroughofficialreservetransactions?AnsweOfficialforeignexchangeinterventionsareawayforthecentralbanktor:injectmoneyintotheeconomyorwithdrawitfromcirculation.Theycanbuyorsellinternationalreservesinprivateassetmarketsinordertoaltermacroeconomicconditionswithoutnoticeablyimpactingthemoneysupply.Whenacentralbankpurchasesorsellsaforeignasset,thetransactionappearsinitsfinancialaccountasifaprivatecitizenhadcarriedoutthesametransaction.country'sQuest