課程名稱︰總體經濟學一
課程性質︰
課程教師︰陳虹如
開課系所︰經濟系
考試時間︰2004.11.09
試題 :
Total score=100
1. Use the following data of country A in 1995 to answer the
questions.
GDP = $7,500; Consumption = $3,600; Gov't Spending = $2,000;
Capital at the beginning of 1995 = $10,000
(a) What was the gross investment in country A durig 1995?
(b) Economists in country A estimated that 10% of capital
depreciates each year. What was the net investment in
country A in 1995?
(c) What was the values of Net Domestic Product?
(d) What was the value of the capital stock at the
beginning of 1996?
2. Iraq is experiencing a destruction of its capital stock
as result of bombing activities by U.S. forces. Assuming
Iraq is a closed economy and using a two-period model where
consumers smooth their consumptions, what effects would
these actions have on the country's current employment,
real wage rate, private saving, public saving and national
saving? Assume that the bombing is expected to end in the
current period, and thus, the capital destruction process
is "temporary" and not permanent. (There are three diagrams
you need to show: one for the relationship between the
output and labor, one for the labor market and the other on
for the intertemporal decisions in consumption.)
3. Consider a CRS production function, Y = F(K,L). Define k
as the capital-labor ratio (k = K/L) and y as output-labor
ratio (y = Y/L).
(a) What is the definition of CRS?
(b) Utilizing the property of CRS, show how to express y as
a function of k. That is, y= f(k).
(c) Derive MPK in terms of the capital-labor ratio, k.
(d) Derive MPL in terms of the capital-labor ratio, k.
(e) Use (c) and (d) to show that economic profit is zero
when the production function exhibits CRS.
4. An economy consists of two families and each of which
owns a factory. One family has a high preference for
leisure. The second family has a relatively low preference
for leisure. Explain in words how trade of inputs can
increase productivity in this economy. Your answer should
be explicit about the role of the assumption of diminishing
returns to the input.
5. Assume that Andrew Marcus is 25 years old and expects to
live to age 75.
(a) If he wins $20 million in cash (after tax) in the
lottery and retires, how much will he consume each year if
he wants to have constant consumption and use up all his
wealth by the time he dies? Assume the real interest is zero.
(b) If his total income in the year he wins the lottery is
his lottery winnings, what will his average propensity to
consume (APC) be for that year?
(c) If he has no other earnings in later years but
continues his constant consumption, what will his average
propensity to consume be for those later years?
6. In the Fisher's model, consider the case in which the
consumer can save at rate rs and borrow at rate rb, where
rs < rb.
(a) What is the consumer's budget constraint in the case in
which he consumes less than his income in period one?
(b) What is the consumer's budget constraint in the case
which he consumes more than his income in period one?
(c) Graph the two budget constraints and shade the area
that represents the combination of first-period and
second-period consumption the consumer can choose.
(d) Now add to your graph the consumer's indifference
curves. Show three possible outcomes: one in which the
consumer saves, one in which he/she borrows, and one in
which he neither saves nor borrows.
(e) What determines first-period consumption in each of the
three cases?
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