《宏观经济学》武汉大学学第二学期期末考试.doc

武汉大学2009-2010学年第二学期期末考试 经济与管理学院 2009级 2010年7月4日 宏观经济学（A卷） Principles of Macroeconomics (Paper A) Instructions: You have two hours to complete the test. Full marks are 100 points. Write your answers on the answer sheet only. You can answer your questions either in English or Chinese, but we advise you of that English writing would be higher graded. Read the questions carefully before answering them. Be precise and to the point. Good luck! （10 points）True or False? Explain your answer completely but briefly. The government expenditures on the Social Security benefit to the elderly and the salary of government employees should be included in the “government purchase” component of the GDP. The long-run economic growth depends on the quantity of labor force, the stock of physical and human capital, the level of technology, natural resources, fiscal policy and monetary policy. An economy contains 2000 $1 bills. If people hold equal amounts of currency and demand deposits and banks maintain a reserve ratio of 10 percent, the quantity of money is $11000. People worry always about the inflation in the long run because it lowers the purchase power of money, so that a fall in purchase power is the important cost of inflation. The purchasing-power parity theory is one of the most important long-run theories of exchange rate. It is based on the law of one price. The law tells us that a good must sell for the same price in all locations eventually. （10 points）In an open economy, suppose GDP is $10 trillion, taxes are $2.5 trillion, private saving is $1.5 trillion, and public saving is $0.5 trillion, net capital outflow is $1.1 trillion. Calculate consumption, government purchase, national saving, investment and net export. (Hint: there is no transfer payment; the balance of payment is always zero) (10 points) The Bureau of Labor Statistics announced that in May 2009, of all adult Americans, 140,570,000 were employed, 14,511,000 were unemployed, and 80,371,000 were not in the