中级宏观经济学付费版题库3国民收入从哪里来和到哪里去.doc

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1、Name: _ Date: _1.The circular flow model shows that households use income for:A)consumption, saving, and factor payments.B)consumption, taxes, and factor payments.C)taxes, saving, and factor payments.D)consumption, taxes, and saving.2.In the circular flow diagram, firms receive revenue from the _ ma

2、rket, which is used to purchase inputs in the _ market.A)goods; financialB)factor; financialC)goods; factorD)factor; goods3.In the circular flow model, households receive income from the _ market and save through the _ market.A)goods; financialB)factor; financialC)goods; factorD)factor; goods4.In th

3、e long run, the level of national income in an economy is determined by its:A)factors of production and production function.B)real and nominal interest rate.C)government budget surplus or deficit.D)rate of economic and accounting profit.5.An economys factors of production and its production function

4、 determine the economys:A)labor force participation rate.B)budget surplus or deficit.C)population growth rate.D)output of goods and services.6.In the long run, what determines the level of total production of goods and services in an economy?A)the interest rate and the amount of national savingB)the

5、 quantity of capital, quantity of labor, and production technologyC)consumption, investment, and government spendingD)the marginal products of capital and labor, constant returns to scale, and competition7.The two most important factors of production are:A)goods and services.B)labor and energy.C)cap

6、ital and labor.D)saving and investment.8.Unlike the real world, the classical model with fixed output assumes that:A)all factors of production are fully utilized.B)all capital is fully utilized but some labor is unemployed.C)all labor is fully employed but some capital lies idle.D)some capital lies

7、idle and some labor is unemployed.9.A production function is a technological relationship between:A)factor prices and the marginal product of factors.B)factors of production and factor prices.C)factors of production and the quantity of output produced.D)factor prices and the quantity of output produ

8、ced.10.The production function feature called “constant returns to scale” means that if we:A)multiply capital by z1 and labor by z2, we multiply output by z3.B)increase capital and labor by 10 percent each, we increase output by 10 percent.C)increase capital and labor by 5 percent each, we increase

9、output by 10 percent.D)increase capital by 10 percent and increase labor by 5 percent, we increase output by 7.5 percent.11.If an increase of an equal percentage in all factors of production results in an increase in output of the same percentage, then a production function has the property called:A

10、)constant marginal product of labor.B)increasing marginal product of labor.C)constant returns to scale.D)increasing returns to scale.12.If bread is produced by using a constant returns to scale production function, then if the:A)number of workers is doubled, twice as much bread will be produced.B)am

11、ount of equipment is doubled, twice as much bread will be produced.C)amounts of equipment and workers are both doubled, twice as much bread will be produced.D)amounts of equipment and workers are both doubled, four times as much bread will be produced.13.At any particular point in time, the output o

12、f the economy:A)is fixed because the supplies of capital and labor and the technology are fixed.B)is fixed because the demand for goods and services is fixed.C)varies because the supplies of capital and labor vary.D)varies because the technology for turning capital and labor into goods and services

13、varies.14.The neoclassical theory of distribution:A)was developed by Karl Marx.B)is rejected by most economists today.C)shows that the national income of an economy is not equal to total output.D)is a theory of how national income is divided among the factors of production.15.The price received by e

14、ach factor of production for its services is determined by:A)demand for output and supply of factors.B)demand for factors and supply of output.C)demand and supply of output.D)demand and supply of factors.16.When factor supply is fixed and quantity of the factor is graphed on the horizontal axis whil

15、e factor price is graphed on the vertical axis, the factor:A)supply curve is horizontal.B)supply curve is vertical.C)supply curve slopes up to the right.D)demand curve slopes up to the right.17.A competitive firm:A)is small relative to the market in which it trades.B)has to charge a lower price when

16、 it wants to sell more goods.C)has several large competitors with whom it engages in fierce competition.D)can set the wage at which it hires workers.18.A firms economic profit is:A)the price of output minus the wage minus the rental price of capital.B)revenue minus costs.C)revenue plus capital costs

17、.D)the price of output minus labor costs.19.A competitive firm chooses the:A)price at which to sell the product produced.B)wage to pay labor.C)quantity of labor and capital to employ.D)rental price to pay capital.20.The marginal product of labor is:A)output divided by labor input.B)additional output

18、 produced when one additional unit of labor is added.C)additional output produced when one additional unit of labor and one additional unit of capital are added.D)value of additional output when one dollars worth of additional labor is added.21.The property of diminishing marginal product means that

19、, after a point, when additional quantities of:A)a factor are added, output diminishes.B)both labor and capital are added, output diminishes.C)both labor and capital are added, the marginal product of labor diminishes.D)a factor is added when another factor remains fixed, the marginal product of tha

20、t factor diminishes.22.A competitive, profit-maximizing firm hires labor until the:A)marginal product of labor equals the wage.B)price of output multiplied by the marginal product of labor equals the wage.C)real wage equals the real rental price of capital.D)wage equals the rental price of capital.2

21、3.The real wage is the return to labor measured in:A)dollars.B)units of output.C)units of labor.D)units of capital.24.The marginal product of capital is:A)output divided by capital input.B)additional output produced when one additional unit of capital is added.C)additional output produced when one a

22、dditional unit of capital and one additional unit of labor are added.D)value of additional output when one dollars worth of additional capital is added.25.The real rental price of capital is the price per unit of capital measured in:A)dollars.B)units of output.C)units of labor.D)units of capital.26.

23、The real wage will increase if:A)the supply of labor increases.B)the productivity of labor increases.C)the price of output increases.D)the supply of capital decreases.27.An increase in the supply of capital will:A)increase the real rental price of capital.B)decrease the real rental price of capital.

24、C)increase the productivity of capital.D)decrease the real interest rate.28.In the classical model, what adjusts to eliminate any unemployment of labor in the economy?A)the average price levelB)the interest rateC)the real rental price of capitalD)the real wage29.The neoclassical theory of distributi

25、on explains the allocation of:A)output between goods and services.B)output among consumption, investment, and government spending.C)income among factors of production.D)income between saving and investment.30.Economic profit is zero if:A)all factors are paid their marginal products and the law of di

26、minishing returns is valid.B)all factors are paid their marginal products and there are constant returns to scale.C)all firms maximize profits and none are competitive.D)all firms maximize profits and all factors are paid their marginal products.31.According to Eulers theorem, if competitive firms p

27、ay each factor its marginal product and the production function has constant returns to scale, the sum of all factor payments will equal:A)total investment.B)total saving.C)total profits.D)total output.32.Accounting profit is:A)economic profit minus the return to capital.B)equal to economic profit.C

28、)economic profit plus the return to capital.D)equal to the economic return to capital.33.According to the neoclassical theory of distribution, if firms are competitive and subject to constant returns to scale, total income in the economy is distributed:A)only to the labor used in production.B)partly

29、 between labor and capital used in production, with the surplus going to the owners of the firm as profits.C)equally between the labor and capital used in production.D)between the labor and capital used in production, according to their marginal productivities.34.According to the neoclassical theory

30、 of distribution, total output is divided between payments to capital and payments to labor depending on their:A)supply.B)equilibrium growth rates.C)relative political power.D)marginal productivities.35.What determines the distribution of national income between labor and capital in a competitive, p

31、rofit-maximizing economy with constant returns to scale?A)the relative quantity of labor to capitalB)the interest rateC)the ratio of public saving to private savingD)the marginal productivity of labor relative to the marginal productivity of capital36.In fourteenth-century Europe, the bubonic plague

32、:A)reduced the population of Europe by about one-half.B)substantially increased economic output in Europe.C)substantially increased real rentals on land in Europe.D)substantially increased real wages in Europe.37.With a CobbDouglas production function, the share of output going to labor:A)decreases

33、as the amount of labor increases.B)increases as the amount of labor increases.C)increases as the amount of capital increases.D)is independent of the amount of labor.38.If output is described by the production function Y = AK 0.2L0.8, then the production function has:A)constant returns to scale.B)dim

34、inishing returns to scale.C)increasing returns to scale.D)a degree of returns to scale that cannot be determined from the information given.39.If Y = AK0.5L0.5 and A, K, and L are all 100, the marginal product of capital is:A)50.B)100.C)200.D)1000.40.Since 1960, the U.S. ratio of labor income to tot

35、al income has:A)been about 2.5 to 1.B)been about 0.7.C)increased steadily.D)decreased steadily.41.If the production function describing an economy is Y = 100 K.25L.75, then the share of output going to labor:A)is 25 percent.B)is 75 percent.C)depends on the quantities of labor and capital.D)depends o

36、n the state of technology.42.In a CobbDouglas production function the marginal product of labor will increase if:A)the quantity of labor increases.B)the quantity of capital increases.C)capitals share of output increases.D)average labor productivity decreases.43.In a CobbDouglas production function t

37、he marginal product of capital will increase if:A)the quantity of labor increases.B)the quantity of capital increases.C)labors share of output increases.D)average capital productivity decreases.44.According to Goldin and Katz, the increasing income inequality of recent decades is the result of:A)inc

38、reases in the rates of technological advance and educational attainment.B)decreases in the rates of technological advance and educational attainment.C)a steady pace of technological advance and a slowdown in educational advance.D)a decrease in the rate of technological advance and an increase in the

39、 rate of educational advance.45.Skill-biased technological change _ the demand for high-skilled workers, while the slowdown in the pace of educational advancement reduces the supply of skilled workers, resulting in relatively _ wages for skilled workers.A)increases; higherB)increases; lowerC)decreas

40、es; higherD)decreases; lower46.The public policy implication of Goldin and Katzs analysis of growing income inequality is that reversing this trend will require that more of societys resources be put into:A)space exploration.B)capital expenditures.C)education.D)transfer payments.47.Estimates by Gold

41、in and Katz indicate that the financial returns of a year of college _ between 1980 and 2005.A)increased.B)decreased.C)did not change.D)were negative.48.According to the neoclassical theory of distribution, in an economy described by a CobbDouglas production function, workers should experience high

42、rates of real wage growth when:A)real interest rates are high.B)real interest rates are low.C)average labor productivity is growing rapidly.D)capitals share of income is growing rapidly.49.According to the neoclassical theory of distribution, in an economy described by a CobbDouglas production funct

43、ion, when average labor productivity is growing rapidly:A)labors share of total income will be increasing.B)labors share of income will be decreasing.C)workers will experience high rates of real wage growth.D)economic profits will be positive.50.In a closed economy, the components of GDP are:A)consu

44、mption, investment, government purchases, and exports.B)consumption, investment, government purchases, and net exports.C)consumption, investment, and government purchases.D)consumption and investment.51.The demand for output in a closed economy is the sum of:A)public saving and private saving.B)the

45、quantity of capital and labor and production technology.C)consumption, investment, and government spending.D)government purchases and transfer payments minus tax receipts.52.Disposable personal income is defined as income after the payment of all:A)taxes.B)interest.C)loans.D)social insurance contrib

46、utions.53.A consumption function shows the relationship between consumption and:A)income.B)personal income.C)disposable income.D)taxes.54.Consumption depends _ on disposable income, and investment depends _ on the real interest rate.A)positively; positivelyB)positively; negativelyC)negatively; negat

47、ivelyD)negatively; positively55.The marginal propensity to consume is:A)normally expected to be between zero and one.B)equal to consumption divided by disposable income.C)normally assumed to decrease as disposable income increases.D)normally assumed to increase as disposable income increases.56.If t

48、he consumption function is given by C = 500 + 0.5(Y T), and Y is 6,000 and T is given by T = 200 + 0.2Y, then C equals:A)2,500.B)2,800.C)3,500.D)4,200.57.If the consumption function is given by the equation C = 500 + 0.5Y, the production function is Y = 50K0.5L0.5, where K = 100 and L = 100, then C

49、equals:A)1,000.B)2,500.C)3,000.D)5,000.58.If the consumption function is given by C = 150 + 0.85Y and Y increases by 1 unit, then C increases by:A)0.15 units.B)0.5 units.C)0.85 units.D)1 unit.59.If the consumption function is given by C = 150 + 0.85Y and Y increases by 1 unit, then savings:A)decreas

50、es by 0.85 units.B)decreases by 0.15 units.C)increases by 0.15 units.D)increases by 0.85 units.60.If the consumption function is given by C = 150 + 0.85(Y T) and T increases by 1 unit, then savings:A)decreases by 0.85 units.B)decreases by 0.15 units.C)increases by 0.15 units.D)increases by 0.85 unit

51、s.61.Assume that the consumption function is given by C = 150 + 0.85(Y T) and the tax function is given by T = t0 + t1Y. If t0 increases by 1 unit, then consumption:A)decreases by 0.85 units.B)decreases by 0.15 units.C)increases by 0.15 units.D)increases by 0.85 units.62.Assume that the consumption

52、function is given by C = 150 + 0.85(Y T), the tax function is given by T = t0 + t1Y, and Y is 5,000. If t1 decreases from 0.3 to 0.2, then consumption increases by:A)85.B)425.C)500.D)525.63.Assume that the consumption function is given by C = 200 + 0.7(Y T), the tax function is given by T = 100 + t1

53、Y, and Y = 50K0.5L0.5, where K = 100 and L = 100. If t1 increases from 0.2 to 0.25, then consumption decreases by:A)70.B)140.C)175.D)250.64.Assume that the consumption function is given by C = 200 + 0.7(Y T), the tax function is given by T = 100 + 0.2Y, and Y = 50K0.5L0.5, where K = 100. If L increa

54、ses from 100 to 144, then consumption increases by:A)560.B)840.C)1,120.D)2,120.65.Investment goods as measured in the GDP are purchased by:A)business firms alone.B)households alone.C)business firms and households.D)business firms, households, and governments.66.Total investment in the United States

55、averages about _ percent of GDP.A)10B)15C)20D)2567.Other things equal, an increase in the interest rate leads to:A)a decrease in the quantity of investment goods demanded.B)no change in the quantity of investment goods demanded.C)an increase in the quantity of investment goods demanded.D)sometimes a

56、n increase and sometimes a decrease in the quantity of investment goods demanded.68.When economists speak of “the” interest rate, they mean:A)the rate on 90-day Treasury bills.B)the rate on 30-year government bonds.C)the “prime” rate on loans.D)no particular interest rate, since it is assumed that v

57、arious interest rates tend to move up and down together.69.Assume that a firm wants to build a factory that will cost $5 million. It believes that it can get a return of $600,000 in one year and then can sell the used factory for its original cost. The rate of return on this investment would be:A)6

58、percent.B)12 percent.C)18 percent.D)30 percent.70.Assume that a firm is considering building a factory that will cost $5 million. It believes that it can get a profit from this factory of $600,000 per year for many years. The interest rate at which the firm can borrow money is 15 percent. After eval

59、uating whether it should build the factory, the firm decides that it should:A)not build because the rate of return on the factory is only 6 percent.B)not build because the rate of return on the factory is only 12 percent.C)build because the rate of return on the factory is 30 percent.D)build because

60、 the rate of return on the factory is 35 percent.71.The home that would have the highest mortgage payment on a 30-year fixed-rate mortgage would be a home with a mortgage of:A)$200,000 at 8 percent.B)$100,000 at 12 percent.C)$100,000 at 8 percent.D)$200,000 at 12 percent.72.The nominal interest rate is the:A)rate of interest that investors pay to borrow money.B)same as the real interest rate.C)rate of inflation minus the real rate of interest.D)real rate o