红河学院《宏观经济学》复习指南

98．Which of the following statements about efficiency wage theory is true?

a. Firms do not have a choice about whether they pay efficiency wages or not because these wages are determined are determined by law.

b. Paying the lowest possible wage is always the most efficient (profitable).

c. Paying above the competitive equilibrium wage causes workers to shirk their responsibilities. d. Paying above the competitive equilibrium wage may improve worker health, lower worker turnover, improve worker quality, and increase worker effort.

99．Unions tend to increase the disparity in pay between insiders and outsiders by

a. increasing the wage in the unionized sector, which may create an increase in the supply of workers in the non-unionized sector

b. increasing the wage in the unionized sector, which may create an decrease in the supply of workers in the non-unionized sector

c. decreasing the demand for workers in the unionized sector d. increasing the demand for workers in the unionized sector

100．.If Employment Insurance benefits were so generous that it paid laid-off workers 95% of their

regular salary

a. measured unemployment would probably understate true unemployment b. measured unemployment would probably overstate true unemployment c. there would be no impact on measured unemployment d. frictional unemployment would fall e. none of the above

二、判断题(本题包含20小题，每题？分，共？分)

101．Other things the same, the higher the rate of saving and investment in a country, the higher will be the standard of

living.

102．Corporate bonds generally have higher interest rates than U.S. government bonds. 103．Corporations receive no proceeds from the resale of their stock.

104．If a share of stock in Skylight Chili sells for $75, the retained earnings per share are $5, and the divided per share is

$2, then the price-earnings ratio is 15.

105．If people become less optimistic about the future earnings of Hyde Park Records, the price of stock in the company

will fall.

106．In a closed economy, investment must be equal to private saving. 107．A decrease in taxes on interest income would increase the interest rate.

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红河学院《宏观经济学》复习指南

108．When a business firm sells a bond, it has engaged in equity finance. 109．People who buy stock in a firm have loaned money to the firm. 110．Public saving is always positive.

111．The quantity supplied of loanable funds is greater if real interest rates are higher. 112．Public saving and the government budget surplus are the same thing.

113．The rule of 70 suggests that, on average, people's incomes double every 70 years.

114．According to the rule of 70, if your income grows at 7 percent per year, it will double in ten

years.

115．Increasing the diversification of a portfolio from 1 stock to 10 stocks reduces the portfolio's risk

by the same amount as increasing the diversification from 10 to 20 stocks.

116．The value of a stock is based on the present value of the future stream of dividend payments

and the final sales price.

117．The presence of a union tends to raise the wage for insiders and lower the wage for outsiders. 118．An efficiency wage is like a minimum wage in that firms are required by legislation to pay it. 119．Paying efficiency wages tends to increase worker turnover because workers can get continually

higher wages if they \

120．The presence of Employment Insurance tends to decrease the unemployment rate because

recipients of insurance benefits are not counted in the labour force.

三、名词解释(本题包含13小题，每题？分，共？分) 121．budget surplus: 122．budget deficit:

123．market for loanable funds: 124．crowding out: 125．financial system: 126．financial markets: 127．bond: 128．stock:

129．financial intermediaries: 130．mutual fund:

131．national saving (saving): 132．private saving: 133．public saving:

四、简答题(本题包含20小题，每题？分，共？分)

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红河学院《宏观经济学》复习指南

134．Which of the two bonds in each example would you expect to pay the higher interest rate? Explain why.

a. a U.S. government bond or a Brazilian government bond

b. a U.S. government bond or a municipal bond of the same risk and term c. a 6-month Treasury bill or a 20-year bond

d. a General Motors bond or a bond issued by a new record company

135．Your brother-in-law wants to buy either stock or bonds in Cedar Valley Furniture, but he isn't sure whether to buy

the stock or bonds. Explain how each of his quotes below should affect his choice between the stock and the bond.

a. \b. \c. \

136．Suppose the GetUpOffofYourButt exercise chain has revenues of $45 million, costs of $15 million, and currently has

issued 10 million shares of stocks selling at $90 each. Compute the price to earning ratio. Show your work. Is this ratio relatively high or low? What might an increase in the price to earning ratio indicate?

137．In the national income accounting identity showing the equality between national saving and investment, what is

the representation of private saving and what is the representation of public saving?

138．Identify each of the following acts as representing either saving or investment.

a. Fred uses some of his income to buy government bonds. b. Julie takes some of her income and buys mutual funds.

c. Alex purchases a new truck for his delivery business using borrowed funds. d. Elaine uses some of her income to buy stock in a major corporation, e. Henrietta hires a builder to construct a new home using borrowed funds.

139．Australia has recently implemented a national sales tax. If they use the proceeds from this tax to reduce income tax

rates, what happens in the loanable funds market?

140． What is the role of the financial system? Name and describe two markets that are part of the

financial system in our economy. Name and describe two financial intermediaries.

141．What is national saving? What is private saving? What is public saving? How are these three

variables related?

142．What is a government budget deficit? How does its affect interest rates, investment, and

economic growth?

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红河学院《宏观经济学》复习指南

144．In a closed economy, why can't investment ever exceed saving?

143．What is the difference between debt finance and equity finance? Provide an example of each. 145．Suppose government runs a larger budget surplus. Describe the changes in the loanable funds

market. What would likely happen to growth?

146．An increase in a government's budget deficit forces a government to borrow more. Why doesn't

an increase in a deficit increase the demand for loanable funds in the loanable funds market?

147．Suppose that the interest rate is 6 percent. Which would you prefer to receive: $100 today or

$110 one year from today? Why?

148．Suppose that people wreck their autos once every ten years and the autos are a total loss. People

can buy insurance with annual premiums of 1/10 of the value of a car. Would a risk-averse person buy collision insurance for his auto? Why?

149．Name two reasons why the unemployment rate is an imperfect measure of joblessness. 150．Does the minimum wage cause much unemployment in the market for accountants? Why? 151．Which type of unemployment will occur even if the wage is at the competitive equilibrium?

Why?

152．How does Employment Insurance increase frictional unemployment?

153．Which of the following individuals is most likely to be unemployed for the long term: a

buggy-whip marker who loses his job when automobiles become popular, or a waitress who is laid off when a new café opens in town? Why?

五、讨论题(本题包含10小题，每题？分，共？分)

154．Check a newspaper or the Internet for the stock listings of two companies you know something

about(perhaps as a customer).What is the price-earnings ratio for each company? Why do you think they differ? If you were to buy one of these stocks, which would you choose? Why?

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