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課程名稱︰經濟學原理與實習二
課程性質︰必修兼通識Ａ5*
課程教師︰林明仁
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）：3hrs
是否需發放獎勵金：是
（如未明確表示，則不予發放）
試題 :
經濟學原理II 期末考2008/06/13
總分100分授課教師 林明仁
一、 選擇題（30 points）
1. An increase in the saving rate would, other things the same,
a. increase growth more for a poor country than a rich country, and raise
growth permanently.
b. increase growth more for a poor country than a rich country, but raise
growth temporarily.
c. increase growth more for a rich country than a poor country, and raise
growth permanently.
d. increase growth more for a rich country than a poor country, but raise
growth temporarily.
2. If an economy with constant returns to scale were to double its physical
capital stock, its available natural resources, and its human capital, but
leave the size of the labor force the same,
a. its output would stay the same and so would its productivity.
b. its output and productivity would increase, but less than double.
c. its output and productivity would increase by more than double.
d. None of the above is correct.
3. An increase in an investment tax credit would create a
a. shortage at the former equilibrium interest rate. This shortage would lead
to a rise in the interest rate.
b. shortage at the former equilibrium interest rate. This shortage would lead
to a fall in the interest rate.
c. surplus at the former equilibrium interest rate. This surplus would lead
to a rise in the interest rate.
d. surplus at the former equilibrium interest rate. This surplus would lead
to a fall in the interest rate.
4. The country of Nemedia does not trade with any other country. Its GDP is
$30 billion. Its government purchases $5 billion worth of goods and services
each year, collects $7 billion in taxes, and provides $3 billion in transfer
payments to households. Private saving in Nemedia is $5 billion. What is
consumption and investment in Nemedia?
a. $18 billion and $5 billion
b. $21 billion and $4 billion
c. $13 billion and $7 billion
d. There is not enough information to answer the question.
1
5. PacknCamp Corporation has a stock price of $50, has issued 2,000,000
shares of stock, has retained earnings of $4 million dollars, and a dividend
yield of 4 percent. The price-earnings ratio of PacknCamp is
a. 25
b. 20
c. 12.5
d. 10
6. Suppose that interest rates unexpectedly rise and that Carter Corporation
announces that revenues from last quarter were down but not as much as the
public had anticipated they would be down. According to the efficient markets
hypothesis which of the these things make the price of Carter Corporation
Stock fall?
a. both the interest rate rising and the revenue announcement
b. neither the interest rate rising nor the revenue announcement
c. only the interest rate rising
d. only the revenue announcement
7. You have a contract with someone who has agreed to pay you $20,000 after
four years. She offers to pay you now instead. For which of the following
interest rates and payments would you take the money today? (Hint: )
44(18%)1.36, 4(18%)4.32, (16%)1.26, 4(16%)4.24+=×+=+=×+=
a. 8%, $14,705
b. 8%, $4,630
c. 6%, $17,000
d. 6%, $4,720
8. In December 1999 people feared that there might be computer problems at
banks as the century changed. Consequently, people wanted to hold relatively
more in currency and relatively less in deposits. In anticipation banks
raised their reserve ratios to have enough cash on hand to meet depositors'
demands. These actions by the public
a. would increase the multiplier. If the Central Bank wanted to offset the
effect of this on the size of the money supply, it could have sold bonds.
b. would increase the multiplier. If the Central Bank wanted to offset the
effect of this on the size of the money supply, it could have bought bonds.
c. would reduce the multiplier. If the Central Bank wanted to offset the
effect of this on the size of the money supply, it could have sold bonds.
d. would reduce the multiplier. If the Central Bank wanted to offset the
effect of this on the size of the money supply, it could have bought bonds.
9. Suppose the banking system currently has $350 billion in reserves, that
the reserve requirement is 10%, and that $20 billion of the reserves are
excess reserves that will not be lent out. What is the value of deposits?
a. $3,300 billion
b. $2,970 billion
c. $2,700 billion
d. $2,673 billion
10. Velocity is computed as
a. (P × Y)/M
b. (P × M)/Y
c. (Y × M)/P
d. (Y × M)/V
2
11. The country of Veridian has a tax system identical to that of the United
States. Suppose someone in Veridian bought a parcel of land for 10,000 deera
(the local currency) in 1964 when the price index equaled 100. In 2005, the
person sold the land for 100,000 deera, and the price index equaled 500. The
tax rate on nominal capital gains was 20%. Compute the taxes the person paid
on the nominal gain and the change in the real value of the land in terms of
2005 prices to find the after-tax real capital gain.
a. $72,000
b. $62,000
c. $32,000
d. $6,400
12. Exchange rates are 120 yen per dollar, 0.8 euro per dollar, and 10 pesos
per dollar. A bottle of beer in New York costs 6 dollars, 1,200 yen in Tokyo,
7.2 euro in Munich, and 50 pesos in Cancun. Where is the most expensive and
the cheapest beer in that order?
a. Cancun, New York
b. New York, Tokyo
c. Tokyo, Cancun
d. Munich, New York
13. Imagine two economies that are identical except that for a long time,
economy A has had a money supply of $500 billion while economy B has had a
money supply of $1,000 billion. It follows that
a. real GDP and the price level are higher in country B.
b. real GDP, but not the price level, is higher in country B.
c. the price level, but not real GDP is higher in country B.
d. neither the price level nor real GDP is higher in country B.
14. Which of the following shifts both the short-run and long-run aggregate
supply right?
a. an increase in the actual price level
b. an increase in the expected price level
c. an increase in the capital stock
d. None of the above is correct.
15. Sometimes during wars government expenditures are larger than normal. To
reduce the effects this spending creates on interest rates
a. the Federal Reserve could increase the money supply by buying bonds.
b. the Federal Reserve could increase the money supply by selling bonds.
c. the Federal Reserve could decrease the money supply by buying bonds.
d. the Federal Reserve could decrease the money supply by selling bonds.
3
二、 計算與問答題（70 points）
1. (5 points) What is the Rule of 70? (Hint:ln20=0.7, ln(1+x%)=x%)
2. (15 points) Please explain
a. Why the Aggregate-Demand Curve slopes downward.
b. Why the Aggregate-Supply Curve slopes upward in the short run and vertical
in the long run.
3. (10 points) 假設台灣的生產函數可用固定規模報酬之Cobb-Douglas函數表示：Y=AK^
αL^β，其中β=0.3，K為資本存量，L為勞動投入。若1980年代台灣儲蓄率較高，資本產
出比率K/Y=5，GDP成長率ΔY/Y=8%，技術成長率ΔA/A=2.1%。
a. 請計算1980年代之勞動投入成長率。
b. 若1990年代晚期K/Y比率下降為3，勞動投入成長率降為1980年代的一半，但技術進步率
上升為2.5%，請計算1990年代晚期之GDP 成長率。
c. 請分別計算1980年代以及1990年代晚期的勞動生產力（Y/L）成長率。
4. (10 points) 假設中華電信自外國銀行借得價值新台幣1,200萬元的外匯，將之結售予
中央銀行，然後將收到的新台幣1,200萬存入台灣銀行的活期存款帳戶。若法定準備率為
10%，請問：
a. 此時台灣銀行的超額準備增加多少？
b. 如果台灣銀行將上述超額準備全部貸予中華航空，華航對收到的貸款40%以現金保留在
公司，60%存入活期存款帳戶，請問最終社會的貨幣供給量會因中華電信借入1,200萬元新
台幣而改變多少？（假設除了華航以外其他人都將錢存入活期存款）
5. (10 points) A company has an investment project that would cost $20
million today and yield a payoff of $ 25 million in five years. [Hint:
(1.06)^(5)=1.34, (1.05)^(5)=1.28, (1.04)^(5)=1.22, (1.0456)^(5)=1.25
(1.0445)^(5)=1.24, (1.0478)^(5)=1.26]
a. Should the firm undertake the project if the interest rate is 6%? 5%? 4%?
b. Can you figure out the exact cutoff for the interest rate between
profitability and non-profitability?
6. (10 points) Assume that American rice sells for $100 per bushel, Japanese
rice sells for 16,000 yen per bushel, and the nominal exchange rate is 80 yen
per dollar.
a. Explain how you could make a profit from this situation. What would be
your profit per bushel of rice?
b. Suppose that rice is the only commodity in the world. What would happen to
the nominal exchange rate between the United States and Japan?
7. (10 points) For each of the following events, explain the short-run and
long-run effects on output and the price level, assuming policymakers take no
action.
a. The federal government increases spending on national defense.
b. A technological improvement raises productivity.
4
(試題結束)
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