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1、 1 THE UNIVERSITY OF HONG KONG School of Economics creditors debtors B less debtors creditors C greater creditors debtors D greater creditors no one 7 A government budget deficit will shift the curve for loanable funds to the and the equilibrium real interest rate will A supply right fall B supply l
2、eft rise C demand right rise D demand left fall 8 Since 1950 A economic expansions have been so short that expansions barely exist B the average length of expansions has become shorter as compared to before 1950 C the average length of expansions have become longer as compared to before 1950 D the a
3、verage length of expansions is about the same length as compared to before 1950 9 An increase in shifts the production function and makes it possible to produce a higher level of GDP with capital per hour worked A technology down the same amount of B technology up the same amount of C consumption up
4、 a lesser amount D labor productivity down the same amount of 10 Knowledge capital is in production and As a result firms free ride A nonrival nonexcludable can B nonrival excludable can C rival nonexcludable cannot D nonrival nonexcludable cannot 11 A bank holds its reserves as and A securities loa
5、ns B securities deposits at the Federal Reserve C vault cash deposits at the Federal Reserve D vault cash loans 12 Macroeconomic equilibrium occurs when A aggregate expenditure GDP B aggregate expenditure C I G NX C aggregate expenditure planned inventories D aggregate income planned inventories 13
6、If the economy is at point L what will happen A Inventories have fallen below their desired level and firms decrease production B Inventories have fallen below their desired level and firms increase production C Inventories have risen above their desired level and firms decrease production D Invento
7、ries have risen above their desired level and firms increase production 14 An equal increase in government spending and taxes will cause A an increase in real GDP B no change in real GDP C an increase in any budget surplus D a reduction in any budget deficit 15 Crowding out results in A higher inter
8、est rates a lower exchange rate and lower net exports B higher interest rates a higher exchange rate and lower net exports C lower interest rates a lower exchange rate and lower net exports D lower interest rates a higher exchange rate and lower net exports 4 16 Potential GDP equals 100 billion The
9、economy is currently producing GDP1 which is equal to 90 billion If the MPC is 8 then how much must spending change for the economy to move to potential GDP A 2 billion B 2 billion C 18 billion D 18 billion 17 Autonomous expenditure is a type of expenditure that does not depend on A wealth B expecta
10、tions C rates D income 18 On a given short run Phillips curve expected inflation is actual inflation for all points on the curve that lie the long run Phillips curve A greater than to the left of B less than to the right of C equal to on D equal to to the right of 19 How does an improvement in the F
11、ed s credibility affect our model of the Phillip s curve A The short run Phillips curve becomes horizontal B The short run Phillips curve becomes flatter C The short run Phillips curve shifts more rapidly D The short run Phillips curve shifts less rapidly 5 20 Which of the points in the above graph
12、are possible short run equilibriums but not long run equilibriums Assume that Y1 represents potential GDP A A and B B A and C C C and D D B and D 21 Suppose the economy is at point A If investment spending increases in the economy where will the eventual long run equilibrium be A A B B C C D D 22 If
13、 households in the economy decide to take money out of checking accounts and put money into cash this will A not change M1 and increase M2 B decrease M1 and decrease M2 C decrease M1 and not change M2 D not change M1 and not change M2 23 A withdrawal from the banking system A lowers demand deposits
14、to zero B decreases demand deposits C increases the money supply D increases excess reserves 6 7 24 If the U S Federal Open Market Committee wants to decrease the money supply through open market operations it will A buy U S Treasury Securities B sell U S Treasury Securities C increase the discount
15、rate D decrease the discount rate 25 Suppose the Fed decreases the money supply In response households and firms will short term assets and this will drive interest rates A buy up B buy down C sell up D sell down 26 The Fed A always engages in countercyclical policy B always intends to engage in pro
16、cyclical policy C can engage in procyclical policy if it mistimes its policy response D never intends to engage in countercyclical policy 27 In an open economy expansionary monetary policy will have the added effect of causing A the exchange rate to depreciate and net exports to increase B the exchange rate to depreciate and net exports to decrease C the exchange rate to appreciate and net exports to increase D the exchange rate to appreciate and net exports to decrease 28 Which of the following
