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1、Chapter 11. a. True. b. True. c. False. d. True. e. False. f. False.2. a.1960-981997-99-US3.1%3.8%EU3.1%2.5%Japan5.8%-1.0%While the US growth rate higher than its long-run average over the period, the growth rate hasslowed relative to long-run averages in both the EU and Japan over the last few year
2、s.b. Sometimes the economy is growing quickly, other times it is growing slowly or even contracting. The last few years of rapid growth in the US do not imply that the long-run average rate of growth has increased back to its pre-1974 level.3. a. The data in the web page are: Real Gross Domestic Pro
3、duct,Real Final Sales of Domestic Product, andReal Gross National Product, Quarterly, 1959-96Percent change from preceding quarter-GrossFinal salesGrossdomesticof domesticnationalproductproductproduct-1959: I8.69.28.6II11.27.311.1III-0.35.3-0.2IV1.7-1.31.91996: I1.82.61.8II6.05.25.7III1.00.20.6IV4.3
4、4.54.9-suggesting that recessions typically last two-three quarters and that the most severe recessions in that period were the recessions of 1974-75 and 1981-82.b.Percentage Changes in: Output GrowthInflation1968:4.74.4I7.54.7II7.14.1III3.03.8IV1.85.51969:3.04.7I6.23.8II1.05.0III2.35.8IV-2.05.11970
5、:0.15.3I-0.76.0II0.65.7III3.73.4IV-3.95.41971:3.35.2I11.36.4II2.35.5III2.64.4IV1.13.3If history simply repeats itself, the United States might have a short recession (lasting perhaps oneyear) accompanied by an acceleration in the rate of inflation by about one percentage point.4. a. Banking services
6、, business services.b. Not only has the relative demand for skilled workers increased but the industries where this effect is the strongest are making up a greater fraction of the economy.5. 1. Low unemployment might lead to an increase in inflation.2. Although measurement error certainly contribute
7、s to the measured slowdown in growth, there are other issues to consider as well, including the productivity of new research and accumulation of new capital.3. Although labor market rigidities may be important, it is also important to consider that these rigidities may not be excessive, and that hig
8、h unemployment may arise from flawed macroeconomic policies.4. Although there were serious problems with regard to the management of Asian financial systems, it is important to consider the possibility that the flight of foreign capital from thesecountries worsened the situation by causing a severe
9、stock market crash and exchange rate depreciation.5. Although the Euro will remove obstacles to free trade between European countries, each country will be forced to give up its own monetary policy.* 6. a. From Chapter 1: US output 1997=$8b; China output 1996=$.84b. Note that Chinas outputin 1997 is
10、 $(.84)*(1.09) b. Equating output for some time t in the future:8*(1.03)t=(.84*1.09)*(1.09)t 8/(.84*1.09)=(1.09/1.03)t 8.737=(1.058)tt =ln(8.737)/ln(1.058) 38yrsb. From Chapter 1: US output/worker in 1997=$29,800; China output/per worker in 1996=$70029.8*(1.03)t=(.7*1.09)*(1.09)tt65 yearsChapter 21.
11、 a. False.b. Uncertain: real or nominal GDP. c. True.d. True.e. False. The level of the CPI means nothing. Its rate of change tells us about inflation.f. Uncertain. Which index is better depends on what we are trying to measureinflation facedby consumers or by the economy as a whole.2. a. +$100; Per
12、sonal Consumption Expenditures b. nochange:intermediategoodc. +$200 million; Gross PrivateDomesticFixedInvestment d. +$200 million; Net Exportse. no change: the jet was already counted when it was produced, i.e., presumably when Delta(or some other airline) bought it new as an investment.*3. a. Meas
13、ured GDP increases by $10+$12=$22.b. True GDP should increase by much less than $22 because by working for an extra hour,you are no longer producing the work of cooking within the house. Since cooking within the house is a final service, it should count as part of GDP. Unfortunately, it is hard to m
14、easure the value of work within the home, which is why measured GDP does not include it.4. a. $1,000,000 the value of the silver necklaces.b. 1st Stage:$300,000.2ndStage:$1,000,00-$300,000=$700,000. GDP: $300,000+$700,000=$1,000,000.c. Wages: $200,000 + $250,000=$450,000.Profits: ($300,000-$200,000)+($1,000,000-$250,000-300,000)=$100,000+$450,000=$550,000. GDP:$450,000+$550,000=$1,000,000.5.a. 1998 GDP: 10*$2,000+4*$1,000+1000*$1=$25,0001999 GDP: 12*$3,000+6*$500+1000*$1=$40,000Nominal GDP has increased by 60%.b. 1998 real (1998) GDP: $25
