課程名稱︰ 經濟學原理與實習二
課程性質︰ 系必修兼通識
課程教師︰ 陳南光
開課學院： 社會科學院
開課系所︰ 經濟系
考試日期（年月日）︰ 2008/06/13
考試時限（分鐘）： 150
是否需發放獎勵金： 是
（如未明確表示，則不予發放）
試題 :
一、單選題 (40 points)
1) Consider the following data for a simple economy: Total population=21000,
Working-age population=13000, Employment=900, Unemployment=200. The
unemployment rate and the labor force participation rate for this simple
economy are
A) (200/900) * 100 and (900/1200) *100.
B) (200/1200) * 100 and (1100/2100) * 100.
C) (200/13000) * 100 and (900/13000) * 100.
D) (200/1100) *100 and (1100/13000) * 100.
2) A student whojusr gratuated from college but has not found a job would most
likely be
A) cyclically unemployed.
B) core unemployed.
C) structurally unemployed.
D) frictionally unemployed.
3) An increase in unemployment insurance payments would in effect ________ the
amount of time spent on searching for a job, which would increase ________
unemployment.
A) decrease; frictional
B) increase; cyclical
C) decrease; cyclical
D) increase; frictional
4) Using the money demand and money supply model, an open market purchase of
Treasury securities by the Federal Reserve would cause the interest rate to
A) decrease.
B) not change.
C) increase.
D) increase if the economy is in a recession.
5) Which of the following would be most likely to induce the Federal Reserve to
conduct contractionary monetary policy?
A) a significant increase in income tax rate.
B) a significant decrease in investment spendings.
C) a significant increase in the wealth of households from stock market gains
and housing price increases.
D) a significant decrease in government purchase.
6) Monetary policy in Japan since the early 1990s has had limited effectiveness
even though the Bank of Japan lowered
A) real interest rates to almost zero, because deflation kept nominal
interest rate up.
B) real interest rates to almost zero, because inflation kept nominal
interest rate up.
C) nominal interest rates to almost zero, because inflation kept real
interest rate up.
D) nominal interest rates to almost zero, because deflation kept real
interest rate up.
7) Monetary policy could be procyclical if the Federal Reserve
A) is late recognizing that a recession has begun and does not conduct
expansionary monetary policy.
B) is quick to recognizing that a recession has begun and does not conduct
expansionary monetary policy.
C) is late recognizing that a recession has begun and conducts expansionary
monetary policy.
D) is quick to recognizing that a recession has begun and conducts
expansionary monetary policy.
8) If the Federal Reserve targets the interest rate, and the money demand curve
shifts to the left, then the Fed can
A) not maintain the interest rate target.
B) maintain the interest rate target, but at a higher quantity of the money
supply.
C) maintain the interest rate target, but at a lower quantity of the money
supply.
D) maintain the interest rate target with no change in the money supply.
9) Suppose the equilibrium real federal funds rate is 2 percent, the th target
rate of inflation is 3 percent, the current inflation rate is 3 percent, and
the real GDP is 2 percent below potential real GDP. If the weight for the
inflation gap and the output gap are both 1/2, then according to the Taylors
rule the federal funds target rate equals to
A) 10 percent.
B) 4 percent.
C) 8 percent.
D) 6 percent.
10) The price level in the economy between 2005 and 2006 rose from 100 to 105.
Between 2006 and 2007, the price level rose from 105 to 115. How does the
short-run Philips curve predict the unemployment rate will change as a
result.
A) The unemployment rate will decrease since inflation increased.
B) The unemployment rate will not change since there is no change in the
rate of inflation.
C) The unemployment rate will increase since inflation increased.
D) The unemployment rate will decrease since inflation decreased.
11) An increase in the expected inflation rate will
A) shift the short-run Philips curve to the right.
B) shift the short-run Philips curve to the left.
C) reduce the unemployment rate.
D) reduce the inflation rate.
12) Where does the short-run Philips curve intersect the long-run Philips curve?
A) At the natural rate of inflation.
B) At the point where the rate of inflation and unemployment rate are equal.
C) At the point where the actual inflation rate is equal to the expected
inflation rate.
D) There is no intersection between short-run and long-run Philips curves.
13) If weak aggregate demand is pushing the economy into recession, which of the
following must be true?
A) The economy is at an equilibrium that is on the long-run aggregate supply
curve.
B) Contractionary monetary policies will push the economy back to the long-
run Philips curve.
C) The economy is at an equilibrium that is not on the long-run Philips
curve.
D) The economy is at an equilibrium that is on the long-run Philips curve.
14) You're traveling in Ireland and are thinking about buying a new digital
camera. You've decided you'd be willing to pay $130 for a new camera, but
cameras in Ireland are all priced in euros. If the exchange rate is 0.85
euros per dollar, what's the highest price in euros you'd be willing to pay
for a camera?
A) 106.25 euros.
B) 147 euros.
C) 110.5 euros.
D) 105 euros.
15) How will an interest rate increase in the United States affect equilibrium
in the foreign exchange market?
A) The equilibrium exchange rate will increase, and the equilibrium quatity
of dollars traded cannot be determined.
B) The equilibrium exchange rate will increase, and the equilibrium quatity
of dollars traded will increase.
C) The equilibrium exchange rate cannot be determined, and the equilibrium
quatity of dollars traded will increase.
B) The equilibrium exchange rate will decrease, and the equilibrium quatity
of dollars traded cannot be determined.
16) If the price level in the United States is 110, the price level is 120 in
Taiwan, and the nominal exchange rate is 20 NT per dollar, what is the real
exchange rate from the Taiwan's perspective?
A) 25.3
B) 26.5
C) 27.5
D) 28.6
17) When the central bank's foreign reserve increases, this implies
A) the national wealth increases.
B) the national savings increases.
C) the net exports increases.
D) none of the above.
18) Which of the followings affects the financial account of Taiwan?
A) Foreign direct investment to Vietnam increases by 30%.
B) Donation to China NT$400 million for the earthquake.
C) Taiwan's government builds a power plant for the Repulic of xx as a gift.
D) Taiwan's investors receive USD$0.5 million of interest payment for
holding US Treasury bonds.
19) When the economy is going downward, which one is incorrect?
A) the budget deficit goes up.
B) unemployment goes up.
C) private consumption expenditures declines substaintially.
D) private investment expenditures declines substaintially.
20) Which of the following is an example of structural unemployment?
A) Dora lost her job when the textile mill closed. She does not have skills
to work in another industry and has been umemployed for over a year.
B) Marsha was laid off from her job with the airline because the recession
has reduced the demand for airline travel. She expected to ger her job
back when the economy picks up.
C) Alan, a software engineer, lost his job when the internet company he
worked for went bankrupt. He interviewed with five companies in the area
before taking a job with another firm in the industry.
D) Jim had a job as an engineer, but quit when his wife was tranferred to
another state. He looked for a month before finding a new job that he
liked.
E) Hector looked for a job for five months in vain and gives up.
二、問答題 (60 points)
1) (8 points) Suppose that, due to capital inflow, NTD (New Taiwan Dollars) is
appreciating against US dollars (USD). But cetral bank implements a creeping
appreciation(緩慢升值) policy. Use a diagram to expalin the effect of a
creeping appreciation.
2) (8 points) Suppose a BigMac is sold in Taiwan for NTD$84 and sold in US for
USD$3.
(a) What does it imply if the current exchange rate is 30 (NTD/USD) and the
purchase power parity (PPP) holds?
(b) Explain why most empirical evidence shows that PPP does not hold.
3) (6 points) Suppose Professor Chen studies tax financing and bond financing in
Taiwan and finds that the Ricardian Equivalence does not hold. How do you
explain his findings?
4) (8 points) Government budget constraint
(a) Write down the government budget constraint and explain the source of
incomes and uses of expenditures.
(b) Write down the government budget deficit. Then, explain why in recessions
government budget is more likely to have a deficit.
5) (6 points) Consider the handout "Should the Fed React to the Stock Market?"
Explain why some economists disagree that central banks should react directly
to asset prices?
6) (8 points) In the handout "Oil Price Shocks and Inflation," how changes in
monetary policy help explain why the recent surge in oil prices has not
caused very high inflation?
7) (8 points) Consider the handout "Why Hasn't the Jump in Oil Prices Led to a
Recession?" A conventional explanation why the recent surge in oil prices has
not led to recession as it did in 1970s is that the economy was more energy-
intensive in 1970s. Do you agree with the statement? If not, give ONE
alternative possible explanation.
8) (8 points) The economy is initially at a point where short-term AS and long-
term AS intersects. Suppose that the inflation expectations of the public
rises.
(a) Use AD & AS togeter with Philips curve diagrams, respectively, to
illustrate this change.
(b) Suppose the central bank's main objective is to reduce inflation. Use
these diagrams to illustrate the effect of a contractionary monetary
policy.
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