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1、Answers to End-of-Chapter Questions and Problems Chapter 1 1. a. True. b. True. c. False. d. True. e. False. f. False. 2. a. 1960-98 1997-99 - - US 3.1% 3.8% EU 3.1% 2.5% Japan 5.8% -1.0% While the US growth rate higher than its long-run average over the period, the growth rate has slowed relative t
2、o long-run averages in both the EU and Japan over the last few years. 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-19
3、74 level. 3. a. The data in the web page are: Real Gross Domestic Product, Real Final Sales of Domestic Product, and Real Gross National Product, Quarterly, 1959-96 Percent change from preceding quarter - Gross Final sales Gross domestic of domestic national product product product - 1959: I 8.6 9.2
4、 8.6 II 11.2 7.3 11.1 III -0.3 5.3 -0.2 IV 1.7 -1.3 1.9 1996: I 1.8 2.6 1.8 II 6.0 5.2 5.7 III 1.0 0.2 0.6 IV 4.3 4.5 4.9 - 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 Change
5、s in: Output Growth Inflation 1968: 4.7 4.4 I 7.5 4.7 II 7.1 4.1 III 3.0 3.8 IV 1.8 5.5 1969: 3.0 4.7 I 6.2 3.8 II 1.0 5.0 III 2.3 5.8 IV -2.0 5.1 1970: 0.1 5.3 I -0.7 6.0 II 0.6 5.7 III 3.7 3.4 IV -3.9 5.4 1971: 3.3 5.2 I 11.3 6.4 II 2.3 5.5 III 2.6 4.4 IV 1.1 3.3 If history simply repeats itself,
6、the United States might have a short recession (lasting perhaps one year) accompanied by an acceleration in the rate of inflation by about one percentage point. 4. a. Banking services, business services. b. Not only has the relative demand for skilled workers increased but the industries where this
7、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 contributes to the measured slowdown in growth, there are other issues to consider as well, including the productivity of ne
8、w 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 high unemployment may arise from flawed macroeconomic policies. 4. Although there were serious problems with regard
9、to the management of Asian financial systems, it is important to consider the possibility that the flight of foreign capital from these countries worsened the situation by causing a severe stock market crash and exchange rate depreciation. 5. Although the Euro will remove obstacles to free trade bet
10、ween 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 output in 1997 is $(.84)*(1.09) b. Equating output for some time t in the future: 8*(1.03)t =(.84*1.09)*(1.09)t8/(.84*1.09)=(
11、1.09/1.03)t8.737=(1.058)tt =ln(8.737)/ln(1.058) 38yrs b. From Chapter 1: US output/worker in 1997=$29,800; China output/per worker in 1996=$700 29.8*(1.03)t =(.7*1.09)*(1.09)tt65 years Chapter 2 1. a. False. b. Uncertain: real or nominal GDP. c. True. d. True. e. False. The level of the CPI means no
12、thing. Its rate of change tells us about inflation. f. Uncertain. Which index is better depends on what we are trying to measureinflation faced by consumers or by the economy as a whole. 2. a. +$100; Personal Consumption Expenditures b. no change: intermediate good c. +$200 million; Gross Private Do
13、mestic Fixed Investment d. +$200 million; Net Exports e. 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. Measured GDP increases by $10+$12=$22. b. True GDP should increase by much less than $22 be
14、cause 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 measure the value of work within the home, which is why measured GDP does not include it. 4. a. $
