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1、Answers to Selected Student Guide Problems* *Note to instructors: The answers to most of the data questions were taken from the 2009 Economic Report of the President.Some data for 2008 were taken from the Bureau of Economic Analysis and Department of Labor websites. The data may be revised in later
2、publications Data QuestionsData Questions 1. a.The following 2008 data, in billions of dollars, were obtained from the Bureau of Economic Analysis Web site at http:/www.bea.gov/. The data may be revised in future publications. T Ta ablble e 2727 (1)(2) Gross Domestic Product$14,264.6 EQUALS Consumpt
3、ion$10,057.9 +Investment$ 1,993.5 +Government Purchases of Goods and Services$ 2,882.4 +Exports$ 1,859.4 Imports$ 2,528.6 b.GDP = $10,057.9 + $1,993.5 + $2,882.4 $669.2 = $14,264.6 (billion) 2. a. T Ta ablble e 2828 (1)(2)(3)(4)(5) % Change% Change in CPI fromGDPin GDP Deflator from YearCPIPreceding
4、 YearDeflatorPreceding Year 2007207.34119.82 3.82.2 2008215.30122.50 b. Imported oil is not part of U.S. GDP. Therefore, it is not included in the calcula- tion of the GDP deflator, although it is included in the calculation of the CPI when it is purchased by consumers. Because the United States imp
5、orts, rather than produces, a large portion of the oil households consume, the oil price increase had a greater effect on the CPI than on the GDP deflator from 2007 to 2008. 203 C H A P T E R2The Data of Macroeconomics 3. a. T Ta ablble e 2929 (1)(2)(3)(4)(5) % Change Total U.S.in Real GDP Real GDPP
6、opulationReal GDPper Capita from Year($ in billions)(in millions)per CapitaPreceding Decade 19785,015222.6$22,530 22.2 19886,743245.0$27,522 19.3 19989,067276.1$32,840 16.7 200811,652304.1$38,316 b.U.S. real GDP per capita grew the fastest from 1978 to 1988; it grew the slowest from 1998 to 2008. 4.
7、 a. and c. T Ta ablble e 210210 (1)(2)(3)(4)(5)(6)(7) GDP% ChangeReal% ChangeNominal% Change YearDeflator (P)in PGDP (Y)in YGDP (Y)in PY ($ in billions)($ in billions) 2007119.8211,52413,808 2.21.13.3 2008122.5011,65214,265 b.3.3 ProblemsProblems 10. a.The costs of expected inflation are the shoelea
8、ther costs of inflation, the menu costs of changing prices, the cost of unindexed taxes, the cost of greater variability in prices, and the costs to people who receive incomes fixed in nominal terms (such as private pensions) that were contracted before the inflation was expected. b.Although federal
9、 income taxes are now indexed for inflation, taxes on capital gains and interest income are not. Consequently, if inflation were to fall from 2 percent to 0 percent and, according to the Fisher effect, nominal interest rates were to fall by 2 percentage points, the after-tax real return to saving an
10、d invest- ment would increase. c.3 percent, assuming a constant velocity of money d.Expected inflation would fall; the nominal interest rate would fall; real money demand would increase by more than the 3-percent growth in output; real money balances would increase by the same amount; the price leve
11、l would fall; actual inflation would temporarily be negative. e.With 0 percent inflation, real wages can fall only if nominal wages decline, and workers vigorously resist reductions in nominal wages. 204Answers to Selected Student Guide Problems C H A P T E R4Money and Inflation Data QuestionsData Q
12、uestions 1. a. T Ta ablble e 4949 (1)(2)(3)(4)(5)(6)(7) Consumer Price Indices CPICPI All%Medical%CPI% YearItemsChangeCareChangeEnergyChange 197865.261.852.5 81.4124.370.0 1988118.3138.689.3 37.874.715.2 1998163.0242.1102.9 32.150.4130.0 2008215.3364.1236.7 b.$8.49 c.1978 to 1988 d.1998 to 2008 e.Th
13、e OPEC oil shock in 1979 and the most recent shocks from 2002 to 2005 and in 2008 account for the increase in the relative price of oil during those periods. 2. a. T Ta ablble e 410410 (1)(2)(3)(4)(5)(6)(7)(8) Nominal% Change M1(Dec.)M2(Dec.) GDP($ inGDPin GDP($ in% Change($ in % Change Yearbillions
14、)Deflator Deflatorbillions)in M1billions)in M2 19782,29545.83571,366 65.3120.4119.2 19885,10475.77872,994 27.539.346.2 19988,74796.51,0964,378 26.945.686.2 200814,265122.51,5968,154 b.If the long-run growth rate of real GDP is 3 percent per year, or about 34 percent per decade, and velocity were con
15、stant, the quantity theory would predict that = % Change in M 34% per decade. If we use M1 as our measure of the money supply, the simple quantity theory pre- dicts 10-year inflation rates of 86.4 percent from 1978 to 1988; 5.3 percent from 1988 to 1998, and 11.6 percent from 1998 to 2008. c.Using M
16、1, the quantity theory is a fairly good predictor of inflation in the first and third decades and a poor predictor in the middle decade. d.If we use M2 as our measure of the money supply, the simple quantity theory pre- dicts 10-year inflation rates of 85.2 percent, 12.2 percent, and 52.2 percent for the three decades, respectively. It is a fairly good predictor for the first two decades, but not for the most recent decade. 3. a. V for M2 in 1978 = 1.68; V for M2in 2008 =
