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判断GDPIdentifytheimmediateeffectofeachofthefollowingcircumstancesonU.S.GDPanditscomponents.a.JamesreceivesaSocialSecuritycheck.b.JohnbuysanItaliansportscar.c.Henrybuysdomesticallyproducedtoolsforhisconstructioncompany.ANSWER:a.Sincethisisatransferpayment（转移支付）,thereisnochangetoGDPortoanyofitscomponents.b.ConsumptionandimportswillriseandcanceleachotheroutsothatthereisnochangeinU.S.GDP.c.ThisincreasestheinvestmentcomponentofGDPandsoincreasesGDP（计算CPI）1.Inasimpleeconomy,peopleconsumeonly2goods,foodandclothing.ThemarketbasketofgoodsusedtocomputetheCPIhas50unitsoffoodand10unitsofclothing.foodclothing2002price$4$102003price$6$20a.Whatarethepercentageincreasesinthepriceoffoodandinthepriceofclothing?b.WhatisthepercentageincreaseintheCPI?c.Dothesepricechangesaffectallconsumerstothesameextent?Explain.ANSWER:a.Thepriceoffoodincreasedby50percent.Thepriceofclothingincreasedby100percent.b.In2002themarketbasketcost$300in2003itcost$500.ThepercentageincreaseintheCPIis200/300=66.7percentc.Sincethepriceofclothingincreasedrelativelymorethandidthepriceoffood,peoplewhopurchasealotofclothingandlittlefoodbecameworseoffrelativetopeoplewhopurchasealotoffoodandlittleclothing.（CPI&GDPdeflator）WhydoestheGDPdeflatorgiveadifferentrateofinflationthandoestheCPI?ANSWER:TheGDPdeflatorandtheCPIdifferintwoimportantways.TheGDPdeflatorusesasabasketofgoodsallfinalgoodsandservicesproducedinthedomesticeconomy,whiletheCPIbasketincludesgoodsandservicespurchasedbytypicalconsumers.Therefore,changesinthepriceofimportedgoodsaffecttheCPI,butnottheGDPdeflator.Also,changesinthepriceofdomesticallyproducedcapitalgoodsaffecttheGDPdeflator,butnottheCPI.ChangesinthepriceofdomesticallyproducedconsumergoodsarelikelytoaffecttheCPImorethantheGDPdeflatorbecauseitislikelythatthosegoodsmakeupalargerpartofconsumerbudgetsthanofGDP.Computehowmucheachofthefollowingisworthintermsoftoday’sdollarsusing177asthepriceindexfortoday.a.In1926theCPIwas17.7andthepriceofamovieticketwas$0.25b.In1932theCPIwas13.1andacookearned$15.00aweekc.In1943theCPIwas17.4andagallonofgascost$0.19ANSWER:a.Themovieticketisworth$.25x177/17.7=$2.50intoday’sdollarsb.thecooksweeklywageisworth$15.00x177/13.1=$202.67intoday’sdollarsc.thegallonofgasisworth$.19x177/17.4=$1.93intoday’sdollarsUsethedatabelowtofindoutthegrowthofincomeperperson(overtheentireperiod,notanannualbasis)betweenthetwoyearslisted.YearRealGDP(1996prices)population1982$4,915,600million233million2000$9,243,800million283.5millionANSWER:Incomeperpersonin1982was$4,915,600/233=about$21,097.Incomeperpersonin1999was$9,243,800/283.5=about$32,606.Incomeperpersongrewby(32,606–21,097)/21,097=about54.5percent.(生产函数)Whatisaproductionfunction?Writeanequationforatypicalproductionfunction,andexplainwhateachofthetermsrepresents.ANSWER:aproductionfunctionisamathematicalrepresentationoftherelationshipbetweenthequantityofinputsusedinproductionandthequantityofoutputfromproduction.AtypicalproductionfunctioncouldbewrittenasY=AF(L,K,H,N),whereYdenotesthequantityofoutput,Lthequantityoflabor,Kthequantityofphysicalcapital,Hthequantityofhumancapital,Nthequantityofnaturalresources,andAisavariablethatreflectstheavailableproductiontechnology.（股票和债券区别）Whatarethebasicdifferencesbetweenbondsandstocks?ANSWER:Abondisacertificateofindebtednessthatspecifiestheobligationsoftheborrowertotheholderofthebond,whilestockrepresentsownershipinafirmandis,therefore,aclaimontheprofitsthatthefirmmakes.Thesaleofbondstoraisemoneyiscalleddebtfinance,whilethesaleofstockiscalledequityfinance.Whereastheownerofsharesofstockinacompanysharesintheprofitsofacompany,theownerofbondsreceivesafixedinterestrate.Comparedtobonds,stocksoffertheholderbothhigherriskandhigherreturn.（区分不同债券的方法）Whichofthetwobondsineachexamplewouldyouexpecttopaythehigherinterestrate?Explainwhy.a.aU.S.governmentbondoraBraziliangovernmentbondb.aU.S.governmentbondoramunicipalbondofthesameriskandtermc.a6-monthTreasurybillora20-yearbondd.aGeneralMotorsbondorabondissuedbyanewrecordcompanyANSWER:a.TheBraziliangovernmentbondwouldlikelypayahigherinterestratebecausethemarketperceivesahigherlevelofriskfortheBrazilianbondrelativetotheU.S.bond.b.Becauseofthetaxadvantagesofmunicipalbonds,theU.S.governmentbondwouldlikelypaythehigherinterestrate.c.The20-yearbondwouldlikelypayahigherinterestratethanwouldthe6-monthbill,becausethefutureisuncertain,thereforemoreriskyfora20-yearbondthanfora6-monthbill.d.SinceGeneralMotorsislesslikelytodefaultthanistheissuerofajunkbond,thejunkbondwilllikelypayahigherinterestrate.（S=I公式推导）Inthenationalincomeaccountingidentityshowingtheequalitybetweennationalsavingandinvestment,whatistherepresentationofprivatesavingandwhatistherepresentationofpublicsaving?ANSWER:StartingwithY=C+I+G,subtractCandGfrombothsides,obtainingY–C–G=I.Theleft-handsiderepresentsnationalsaving,thetotalincomeoftheeconomythatremainsafterpayingforconsumptionandgovernmentpurchases.Hence,substitutingSforY–C–G,weobtainS=I.Toseparateprivateandpublicsaving,addandsubtractTinS=Y–C–G,obtainingS=(Y–T–C)+(T–G).Here,(Y–T–C)representsprivatesaving,thepartofdisposable