1、（原）金融专业英语（ FECT）中级经济学模拟试卷 3及答案与解析 Question 1 1 If a market is in equilibrium _. （ A） buyers and sellers can buy and sell all they wish at the current price. （ B） there is no tendency for the price to rise or fall. （ C） the quantity supplied equals the quantity demanded. （ D） All of the above are cor
2、rect. 2 If the marginal rate of technological substitution (MRTS) is more than the price ratio of labor over capital (w/r), then to minimize cost the firm should _ the input of capital and _ the input of labor. （ A） increase, decrease （ B） decrease, increase （ C） decrease, decrease （ D） increase, in
3、crease 3 Tom cannot tell the difference between Coke and Pepsi. For Tom, these goods are _. （ A） perfect substitutes. （ B） perfect complements. （ C） necessities. （ D） None of the above. 4 If the demand for CDs is more elastic than the supply, a 3-tax per CD will increase the consumer price by _. （ A
4、） 3. （ B） more than 1.50, but less than 3. （ C） 1.50. （ D） less than 1.50. 5 If the price of a good changes, both the substitution effect and the income effect reinforce each other, then the good is a(n) _. （ A） normal good. （ B） inferior good. （ C） Giffen good. （ D） None of the above. 6 Suppose the
5、 economy is running at the level of potential GDP, an increase in government spending in the long run will _ the price level and _ the output level. （ A） increase, not change （ B） increase, increase （ C） increase, decrease （ D） decrease, increase 7 The expansionary fiscal policy has _ （ A） lessened
6、the economic recession but increased the government debt. （ B） lessened the economic recession and decreased the government debt. （ C） worsened inflation but decreased the government debt. （ D） lessened inflation but increased the government debt. 8 The possible reason for commercial banks to hold e
7、xcess reserves is _. （ A） they have attracted too many deposits. （ B） they could not find enough suitable borrowers. （ C） they have borrowed too much from the central bank. （ D） All of the above. 9 Open-market operations refer to _. （ A） loans from commercial banks to corporations and consumers. （ B
8、） inter-bank loans. （ C） changes in interest rates caused by the changes in commercial bank loans. （ D） buying and selling governmental securities by the central bank. 10 A person who is waiting for the return to work belongs to _ （ A） the employed. （ B） the unemployed. （ C） non-labor force. （ D） th
9、ose who have lost confidence. Question 2 11 An entrepreneur is faced with the following investment opportunity: For an investment of 100 today and a further investment of 150 next year, he can earn a return of 300 two years from now. Should he undertake this investment if the interest rate is 5 perc
10、ent? If the interest rate is 15 percent? Explain. Question 3 12 A plastics monopolist faces the demand curve P=180 - Q, where Q is measured in thousands of pounds per year and P is measured in dollars per pound. Marginal cost is constant at MC= 60 per pound. (a)Find the monopolists profit-maximizing
11、 price and quantity. (b)What is the elasticity of demand at the profit-maximizing price? Question 4 13 You are deciding whether to purchase a used car. The price of the car is 1,400 and you expect the car to last for four years. You have determined that the value of the flow of services you will rec
12、eive from the car in each of the four years is 500. The interest rate is 20 percent. (Assuming that all figures are real terms.) (a)Without discounting future cash flows and benefit streams, is the benefit of buying this car greater than the cost? (b)When costs and benefits are appropriately valued,
13、 what is the net present value of this investment? Should you buy the car? Question 5 14 What monetary policy tools can a government use to control money supply? Question 6 15 Consider the following data: Nominal GDP for 1994 was 6550 billion, as compared to 6250 billion for 1993. The GDP deflator f
14、or 1994 was 102.5, as compared to 100.0 for 1993. (a)Calculate the rates of growth of nominal GDP and real GDP for 1994. (b)What was the inflation rate (as measured by the GDP deflator) for 1994? Question 7 16 Explain: “Equal increases in government spending and tax revenues of n dollars will increa
15、se the equilibrium GDP by n dollars“. Does this hold true regardless of the size of the MPS? （原）金融专业英语（ FECT）中级经济学模拟试卷 3答案与解析 Question 1 1 【正确答案】 D 2 【正确答案】 B 3 【正确答案】 A 4 【正确答案】 D 5 【正确答案】 A 6 【正确答案】 A 7 【正确答案】 A 8 【正确答案】 D 9 【正确答案】 D 10 【正确答案】 B Question 2 11 【正确答案】 At5 percent, the NPV=- 100- 150
16、/1.05+ 300/(1.05)2= 29.25. The investment is worthwhile. At 15 percent, the NPV=- 100- 150/1.15+ 300/(1.15)2=- 3.59, so the investment is not worthwhile. Since file benefits are only received in the future, a higher discount lowers the present value of these benefits. Hence, the investment becomes l
17、ess profitable. Question 3 12 【正确答案】 (a)Set MR=MC, or 180-2Q=60 to find Q* =60 and P* =180-60=120. (b)The point elasticity of demand at P* = 120 is Ed=-bP/Q=-1 (120/60)=-2. As is always true with linear demand, the monopolist produces in the elastic portion of the demand curve. Question 4 13 【正确答案】
18、(a)The stream of benefits for the four years is 500+ 500+ 500+ 500= 2,000. The stream of costs over the four years is 1,400+ 100+ 100+ 100= 1,700. Therefore, the benefits outweigh the costs. (b)The PV of the benefit stream is 500/(1+20%)+ 500/(1+20%)2+ 500/(1+20%)3+ 500/(1+ 20%)4=416.67+347.22+289.3
19、5+241.13= 1,294.37. The cost of the car is 1,400. The net present value is negative (1,294.37-1,400=- 105.63), and therefore you should not buy the car. Question 5 14 【正确答案】 A central bank can use the following monetary policy tools to affect intermediate targets and to achieve the ultimate objectiv
20、es of monetary policy the best combination of low inflation, low unemployments, rapid GDP growth, and orderly financial markets. Open-market operations: Sales by the central bank of government securities in the open market reduce money supply by lowering hank reserves. Open-market purchases do the o
21、pposite, ultimately expanding money supply by increasing bank reserves. Discount rate policy: A central bank can also raise or lower the discount rate, which is the interest rate charged on bank borrowings from the central bank, to decrease or increase money supply. Reserve requirements: The central
22、 bank might require all institutions in the monetary sector with eligible liabilities in the non-operational, non-interest-bearing deposits with the central bank. Changing the level and/or structure of interest rates: The governments influence over interest rates can be achieved through open-market
23、operations or through the interest rate imposed by the central bank. However, it is now accepted that the interest rate weapon is more suitably used to control inflation or the exchange rate rather than to control broad money supply growth. Direct controls over bank lending: Quantitative controls mi
24、ght be imposed on the growth in volume of either bank lending (i, e. assets) or bank deposits. Qualitative controls may be used to influence the type of bank lending, e.g. favouring the business sector as against the personal sector. Special deposits: The central bank may require the commercial bank
25、s to lodge non-operational special deposits to reinforce its control over credit. This weapon, which is not often used, can be a sharp and effective means of affecting interest rates. Question 6 15 【正确答案】 (a)Nominal GDP1993= 6250 billion; and nominal GDP1994= 6550 billion; The growth rate of nominal
26、 GDP for 1994 =( 6550b- 6250b)/ 6250b100% =4.8% Real GDP1993=( 6250b/100.0)100= 6250b Real GDP1994=( 6550b/102.5)100 6390.2b The growth rate of real GDP for 1994 =( 6390.2b- 6250b)/ 6250b100% =2.2% (b)The inflation rate for 1994=(102.5-100.0)/100.0100%=2.5% Question 7 16 【正确答案】 Yes, this is true. Wh
27、en government spending changes, the additional income generated enters the income stream immediately from the first expenditure round. Tax changes of equal value do not have an equivalent impact on expenditure in the first round. This is because taxes impact on disposable income first and then upon
28、expenditure. Suppose MPS is 0.1 and let n= 100. The question suggests that government spending of 100 financed by a tax increase of 100 will increase real GDP by 100. The positive income stream coming from the increase in government spending will generate income equal to the (100 + 90 + 81 + 72.90 +
29、 etc.)=1001/MPS= 1001/0.1= 10,000. The expenditure of one person becomes the income of the next. The reductions in income that result from the tax increase will be (90 + 81 + 72.9 + etc.)=100MPC1/MPS= 900. If you take the tax stream away from the government expenditure stream you are left with 100.
30、The tax stream is smaller because only 90 of the initial 100 levied in taxes would have been spent in the first round. If the MPS was 20%, for instance, then the “common“ income amounts would start (80 + 64 + 51.20 + etc.) and 100 would still remain after the streams were substracted. Therefore, the final result is in no way dependent on the size of marginal propensity to save (MPS).
