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红河学院《宏观经济学》复习指南
155．Theodore Roosevelt once said, \
lotteries or on the race track and gambling in the stock market.\served by the existence of the stock market?
156．Suppose GDP is 8 trillion, taxes are $1.5 trillion, private saving is $0.5 trillion, and public
saving is $0.2 trillion. Assuming this economy is closed; calculate consumption, government purchases, national saving, and investment.
157．
Suppose the government borrows 20 billion more next year than this year.
a. Use a supply-and-demand diagram to analyze this policy. Does the interest rate rise or fall? b. What happens to investment? To private saving? To national saving? Compare the size of extra government borrowing.
c. How does the elasticity of supply of loanable funds affect the size of these changes?
政府借款对可贷资金市场的影响
d. How does the elasticity of demand for loanable funds affect the size of these changes?
政府借款对可贷资金市场的
e. Suppose households believe that greater government borrowing today implies higher taxes to pay
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红河学院《宏观经济学》复习指南
off the government debt in the future. What does this belief do to private saving and the supply of loanable funds today? Does it increase or decrease the effects you discussed in parts (a) and (b)?
158． Over the past ten years, new computer technology has enabled firms to reduce substantially
the amount of inventories they hold for each dollar of sales. Illustrate the effect of this change on the market for loanable funds.(Hint：Expenditure on inventories is type of investment.)What do you think has been the effect on investment in factories and equipment?
159．This chapter explains that investment can be increased both by reducing taxes on private saving
and by reducing the government budget deficit.
a. Why is it difficult to implement both of these policies at the same time?
b. What would you need to know about private saving in order to judge which of these two policies would be a more effective way to raise investment?
160．Use the saving and investment identities from the National Income Accounts to answer the
following questions. Suppose the following values are from the national income accounts of a country with a closed economy. (All values are in billions.) Y = $600 T = $100 C = $400 G = $120
a. What is the value of saving and investment in this country? b. What is the value of private saving? c. What is the value of private saving?
d. Is government budget policy contributing to growth in this country or harming it? Why? e. Why don't countries reduce their budget deficits?
161．You are watching a political debate. When a candidate is questioned about her position on
economic growth, she says, \stimulate saving and investment, and we need to get that budget deficit down so that the government stops absorbing our nation's saving.\
1. If government spending remains unchanged, what inconsistency is implied by her statement? 2. If she truly wishes to decrease taxes and decrease the budget deficit, what has she implied about her plans for government spending?
3. If policymakers want to increase growth, and if policymakers have to choose between tax incentives to stimulate saving and tax incentives to stimulate investment, what might they want to know about supply and demand in the loanable funds market before making their decision? Explain.
162．Whitewater Raft Tour Company can purchase rafts today for $100000. They will earn a $40000
return on the rafts at the end of each of the next three years.
a. If the interest rate were 12 percent, what is the present value of each of the future returns that
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红河学院《宏观经济学》复习指南
Whitewater Raft expects to receive?
b. If the interest rate were 12 percent, should Whitewater Raft invest in the rafts? Explain. c. If the interest rate were 7 percent, should Whitewater Raft invest in the rafts? Explain. d. Compare your answers to parts (b) and (c) above. What general principle about the relationship between investment and the interest rate is demonstrated?
163．For each of the following, determine the type of problem from which the insurance market
suffers (adverse selection or moral hazard) and explain.
a. Susan buys life insurance at the nonsmoker rate. After she obtains the insurance, she begins smoking again.
b. Bryce discovers that he has a liver condition that will shorten his life. He seeks life insurance to help pay for his children's university expenses.
c. Fred gets a new job and will have to commute to Montreal. Fearing that he will get into an auto accident in the heavy traffic, he increases his auto coverage.
d. After Lisa gets fire insurance on her house, she burns fires in the fireplace without closing the fireplace doors.
参考答案
1.b 2.d 3.d 4.b 5.c 6.a 7.c 8.b 9.a 10.d 11.b 12.d 13.c 14.c 15.b 16.a 17.c 18.c 19.b 20.c 21.c 22.c 23.a 24.a 25.a
26.a 27.c 28.c 29.a 30.b 31.d 32.a 33.d 34.d 35.b 36.c 37.a 38.d 39.a 40.a 41.d 42.d 43.b 44.d 45.b 46.c 47.a 48.a 49.a 50.a 51.d 52.b 53.d 54.c 55.c 56.d 57.b 58.b 59.d 60.b 61.d 62.a 63.a 64.c 65.c 66.a 67.d 68.b 69.a 70.c 71.a 72.b 73.a 74.b 75.a 76.b 77.a 78.a 79.b 80.b 81.c 82.d 83.c 84.b 85.d 86.b 87.d 88.c 89.d 90.c 91.d
92.c 93.a 94.c 95.a 96.b 97.b 98.d 99.a 100.b 101.T 102.T 103.T 104.F 105.T 106.F 107.F 108.F 109.F 110.F 111.T 112.T 113.F 114.T 115.F 116.T 117.T 118.F 119.F 120.F 121.an excess of tax
revenue over government spending.
122.a shortfall of tax revenue from government spending.
123.the market in which those who want to save supply funds and those who want to borrow to invest demand
funds.
124.a decrease in investment that results from government borrowing.
125.the group of institutions in the economy that help to match one person's saving with another person's
investment.
126.financial institutions through which savers can directly provide funds to borrowers.
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红河学院《宏观经济学》复习指南
127.a certificate of indebtedness. 128.a claim to partial ownership in a firm.
129.financial institutions through which savers can indirectly provide funds to borrowers.
130.an institution that sells shares to the public and uses the proceeds to by a portfolio of stocks and bonds. 131.the total income in the economy that remains after paying for consumption and goverment purchases. 132.the income that households have left after paying for taxes and consumption. 133.tha tax revenue that the government has left after paying for its spending.
134. a. The Brazilian government bond would likely pay a higher interest rate because the market perceives a higher
level of risk for the Brazilian bond relative to the U.S. bond.
b. Because of the tax advantages of municipal bonds, the U.S. government bond would likely pay the higher
interest rate.
c. The 20-year bond would likely pay a higher interest rate than would the 6-month bill, because the future is
uncertain, therefore more risky for a 20-year bond than for a 6-month bill.
d. Since General Motors is less likely to default than is the issuer of a junk bond, the junk bond will likely pay a
higher interest rate.
135. a. Presumably, when this happens, unless everyone else has anticipated it, dividends, the price of the stock, or
both will increase. The interest rate on bonds will not change as profits increase, so this quote suggests buying stock would better suit your brother-in law's purposes.
b. Bondholders are simply creditors, while stockholders are part owners. So this quote indicates your
brother-in-law would prefer to buy stock.
c. In case of financial difficulties stockholders get paid after bondholders, so the stock is somewhat more risky. So,
your brother-in-law may prefer the bond.
136.The earnings per share is ($45 million - $15 million)/10 million = $3. So, the price-earnings ratio is $90/$3 = 30. This
is a high P/E ratio, as the historical average for the market is about 15. An increase in the P/E ratio often indicates that people think the corporation will have better future earnings.
137.Starting with Y = C + I + G, subtract C and G from both sides, obtaining Y - C - G = I. The left-hand side represents
national saving, the total income of the economy that remains after paying for consumption and government purchases. Hence, substituting S for Y - C - G, we obtain S = I. To separate private and public saving, add and subtract T in S = Y - C - G, obtaining S = (Y - T - C) + (T - G). Here, (Y - T - C) represents private saving, the part of disposable income (Y - T) left after subtracting consumption, and (T - G), the government budget surplus represents public saving.
138. a. Fred is saving.
b. Julie is saving.
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