史蒂芬 威廉森 宏观经济学 第四版 课后题答案 最新Solution_CH1

2011最新版英语解答。

Chapter 1

Introduction

Textbook Question Solutions

Questions for Review

1. Macroeconomics focuses on questions that affect large numbers of inpiduals, including those in

other nations.

2. Microeconomists study the behavior of inpidual households and firms. Because the economy as a

whole is comprised of a large number of households and firms, interactions at the aggregate level are the results of decisions of inpidual households and firms.

3. The average American was nine times as rich.

4. The Great Depression of the 1930s and World War II.

5. What causes sustained economic growth?

Could economic growth continue indefinitely, or is there some limit to growth?

Is there anything that governments can or should do to alter the rate of economic growth?

What causes business cycles?

Could the dramatic decreases and increases in economic growth that occurred during the Great Depression and World War II be repeated?

Should government act to smooth business cycles?

6. The slope represents the exponential growth rate.

7. The trend in a series is a smooth curve fit to the data.

The business cycle component is equal to the actual series values minus the trend values.

8. Experimentation may cause irreparable harm to a large number of people.

9. A model must be simple to capture the essential features of the world that are relevant to problems

at hand.

10. No. Exact descriptions of reality are too complicated to provide useful results.

11. The consumers and firms that interact in the economy.

©2011 Pearson Education, Inc. Publishing as Addison Wesley

2011最新版英语解答。

2 Williamson Macroeconomics, Fourth Edition The set of goods that consumers wish to consume.

Consumers’ preferences over goods.

The technology available to firms for producing goods.

The resources available.

12. Macroeconomic models help us answer questions about how the economy behaves.

Models are useful if they reasonably and accurately explain the phenomenon of interest.

13. Macroeconomic behavior is the result of many microeconomic decisions. To answer policy questions,

we need to know whether a proposed policy change is likely to affect the behavior of the inpidual decision makers.

14. Real Business Cycle theory

Market segmentation theory

Keynesian coordination failure theory

New Keynesian model

15. True productivity continued to rise, but was imprecisely measured.

Time was required for the economy to adjust to new technology.

16. An increase in government spending consumes resources that might otherwise be used by the private

sector.

17. Holding government spending fixed, a cut in taxes today must be offset by a tax increase in the future.

Such a policy change should not affect private decisions to purchase goods and services.

18. The cause of inflation in the long run is excessive growth in the money supply.

19. The nominal interest rate expresses dollar interest payments as a percentage of the amount borrowed.

The real interest rate measures that amount of purchasing power that will be required to repay a

loan. The (expected) real interest rate is approximately equal to the nominal interest rate minus the (expected) rate of inflation.

20. 1974–1975, 1981–1982, 1990–1991, 2001, 2008–2009.

21. A large perceived average risk in credit markets led to a sharp increase in credit rate spreads. Also, a

significant decrease in house prices led to a devaluation of collateral used for credit, constraining new credit.

22. For given amounts of domestic production and spending, government deficits must be financed

by borrowing from abroad. Total borrowing from abroad is equal to the current account deficit.

Therefore, if the government budget deficit increases, the current account budget deficit automatically increases by the same amount, unless there is some offset due to changes in domestic production or spending.

23. Long-run inflation is explained by the long-run rate of growth of money supply.

24. The level of aggregate economic activity

©2011 Pearson Education, Inc. Publishing as Addison Wesley

2011最新版英语解答。

Chapter 1 Introduction 3 The structure of the population

Government intervention

Sectoral shifts

Problems

1. Calculating Growth Rates Data:

Year Real Per Capita GNP1950 $11,745

1960 $13,951

1970 $18,561

1980 $22,784

1990 $28,598

1998 $33,544

1999 $34,367

2000 $34,785

2001 $34,677

2002 $34,876

2003 $35,423

2004 $36,357

2005 $37,063

2006 $37,725

2007 $38,116 2008 $38,189

(a) Actual Percentage Growth Rates, 1999–2008.

Year Real Per Capita GNP% Growth

1998 $33,544

1999 $34,367 2.45

2000 $34,785 1.22

2001 $34,677 0.31

2002 $34,876 0.57

2003 $35,423 1.57

2004 $36,357 2.64

2005 $37,063 1.94

2006 $37,725 1.79

2007 $38,116 1.04

©2011 Pearson Education, Inc. Publishing as Addison Wesley

2011最新版英语解答。

4 Williamson Macroeconomics, Fourth Edition 2008 $38,189 0.19

(b) Approximate Percentage Growth Rates, 1999–2008.

Year Real Per Capita GNP% Growth1998 $33,544

1999 $34,367 2.42

2000 $34,785 1.21

2001 $34,677 0.31

2002 $34,876 0.57

2003 $35,423 1.56

2004 $36,357 2.60

2005 $37,063 1.92

2006 $37,725 1.77

2007 $38,116 1.03

2008 $38,189 0.19

The approximation is extremely close. The approximation works well for small percentage

changes.

(c) Actual Percentage Growth Rates for Decades, 1950–2000.

Year Re …… 此处隐藏：6457字，全部文档内容请下载后查看。喜欢就下载吧 ……