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1、AnswerstoTextbookQuestionsProblemsCHAPTER1TheScienceofMacroeconomicsQuestionsfReview1.Microeconomicsisthestudyofhowindividualfirmshouseholdsmakedecisionshowtheyinteractwithoneanother.Microeconomicmodelsoffirmshouseholdsa

2、rebasedonprinciplesofoptimization—firmshouseholdsdothebesttheycangiventheconstraintstheyface.Fexamplehouseholdschoosewhichgoodstopurchaseindertomaximizetheirutilitywhereasfirmsdecidehowmuchtoproduceindertomaximizeprofits

3、.Incontrastmacroeconomicsisthestudyoftheeconomyasawholeitfocusesonissuessuchashowtotaloutputtotalemploymenttheoverallpricelevelaredetermined.Theseeconomywidevariablesarebasedontheinteractionofmanyhouseholdsmanyfirmsthere

4、femicroeconomicsfmsthebasisfmacroeconomics.2.3.Economistsbuildmodelsasameansofsummarizingtherelationshipsamongeconomicvariables.Modelsareusefulbecausetheyabstractfromthemanydetailsintheeconomyallowonetofocusonthemostimpt

5、anteconomicconnections.Amarketclearingmodelisoneinwhichpricesadjusttoequilibratesupplydem.Marketclearingmodelsareusefulinsituationswherepricesareflexible.Yetinmanysituationsflexiblepricesmaynotbearealisticassumption.Fexa

6、mplelabcontractsoftensetwagesfuptothreeyears.firmssuchasmagazinepublisherschangetheirpricesonlyeverythreetofouryears.Mostmacroeconomistsbelievethatpriceflexibilityisareasonableassumptionfstudyinglongrunissues.Overthelong

7、runpricesrespondtochangesindemsupplyeventhoughintheshtruntheymaybeslowtoadjust.ProblemsApplications1.MoarypolicyintheUnitedStatestheEuropeanUnionhasbeenabigtopicofconversationinearly2015.TheEUembarkeduponaquantitativeeas

8、ingpolicyinMarch2015inanattempttostimulategrowthpreventdeflation.TherehasbeensomeconcernthattheinflationrateinEuropewillturnnegative.IntheUnitedStatesthereiscontinueddiscussionspeculationconcerningwhentheFederalReservemi

9、ghtchoosetoincreasethetargetfederalfundsrate.AlsointheUnitedStatestheunemploymentratehasdeclinedtoabout5.5percentthissuggeststhatwagesmaybegintoincrease.TheFederalReservewillbewatchingfwagepriceincreasesastheydecidewhent

10、oincreaseinterestrates.2.3.Manyphilosophersofsciencebelievethatthedefiningacteristicofascienceistheuseofthescientificmethodofinquirytoestablishstablerelationships.Scientistsexaminedataoftenprovidedbycontrolledexperiments

11、tosupptdisproveahypothesis.Economistsaremelimitedintheiruseofexperiments.Theycannotconductcontrolledexperimentsontheeconomytheymustrelyonthenaturalcourseofdevelopmentsintheeconomytocollectdata.Totheextentthateconomistsus

12、ethescientificmethodofinquirythatisdevelopinghypothesestestingthemeconomicshastheacteristicsofascience.Wecanuseasimplevariantofthesupplydemmodelfpizzatoanswerthisquestion.Assumethatthequantityoficecreamdemeddependsnotonl

13、yonthepriceoficecreamincomebutalsoonthepriceoffrozenyogurt:Qd=D(PICPFYY).Weexpectthatdemficecreamriseswhenthepriceoffrozenyogurtrisesbecauseicecreamfrozenyogurtaresubstitutes.ThatiswhenthepriceoffrozenyogurtgoesupIconsum

14、elessofitinsteadfulfillmeofmyfrozendesserturgesthroughtheconsumptionoficecream.Chapter1—TheScienceofMacroeconomics1AnswerstoTextbookQuestionsProblemsCHAPTER2TheDataofMacroeconomicsQuestionsfReview1.2.GDPmeasuresthetotali

15、ncomeearnedfromtheproductionofthenewfinalgoodsservicesintheeconomyitmeasuresthetotalexpendituresonthenewfinalgoodsservicesproducedintheeconomy.GDPcanmeasuretwothingsatoncebecausethetotalexpendituresonthenewfinalgoodsserv

16、icesbythebuyersmustbeequaltotheincomeearnedbythesellersofthenewfinalgoodsservices.Asthecircularflowdiagraminthetextillustratesthesearealternativeequivalentwaysofmeasuringtheflowofdollarsintheeconomy.ThefourcomponentsofGD

17、Pareconsumptioninvestmentgovernmentpurchasesexpts.TheconsumptioncategyofGDPconsistsofhouseholdexpendituresonnewfinalgoodsservicessuchasthepurchaseofanewtelevision.TheinvestmentcategyofGDPconsistsofbusinessfixedinvestment

18、residentialfixedinvestmentinventyinvestment.Whenabusinessbuysnewequipmentthiscountsasinvestment.Governmentpurchasesconsistsofpurchasesofnewfinalgoodsservicesbyfederalstatelocalgovernmentssuchaspaymentsfnewmilitaryequipme

19、nt.exptsmeasuresthevalueofgoodsservicessoldtoothercountriesminusthevalueofgoodsservicesfeignerssellus.WhentheU.S.sellscntofeigncountriesitcountsintheexptcategyofGDP.3.Theconsumerpriceindex(CPI)measurestheoveralllevelofpr

20、icesintheeconomy.Ittellsusthepriceofafixedbasketofgoodsrelativetothepriceofthesamebasketinthebaseyear.TheGDPdeflatistheratioofnominalGDPtorealGDPinagivenyear.TheGDPdeflatmeasuresthepricesofallgoodsservicesproducedwhereas

21、theCPIonlymeasurespricesofgoodsservicesboughtbyconsumers.TheGDPdeflatincludesonlydomesticallyproducedgoodswhereastheCPIincludesdomesticfeigngoodsboughtbyconsumers.FinallytheCPIisaLaspeyresindexthatassignsfixedweightstoth

22、epricesofdifferentgoodswhereastheGDPdeflatisaPaheindexthatassignschangingweightstothepricesofdifferentgoods.Inpracticethetwopriceindicestendtomovetogetherdonotoftendiverge.4.5.TheCPImeasuresthepriceofafixedbasketofgoodsr

23、elativetothepriceofthesamebasketinthebaseyear.ThePCEdeflatistheratioofnominalconsumerspendingtorealconsumerspending.TheCPIthePCEdeflataresimilarinthattheybothonlyincludethepricesofgoodspurchasedbyconsumerstheybothinclude

24、thepriceofimptedgoodsaswellasdomesticallyproducedgoods.ThetwomeasuresdifferbecausetheCPImeasuresthechangeinthepriceofafixedbasketwhereasthegoodsmeasuredbythePCEdeflatchangefromyeartoyeardependingonwhatconsumersarepurchas

25、inginthatparticularyear.TheBureauofLabStatistics(BLS)classifieseachpersonintooneofthefollowingthreecategies:employedunemployednotinthelabfce.Theunemploymentratewhichisthepercentageofthelabfcethatisunemployediscomputedasf

26、ollows:UnemploymentRate=.Notethatthelabfceisthenumberofpeopleemployedplusthenumberofpeopleunemployed.6.EverymonththeBureauofLabStatisticsundertakestwosurveystomeasureemployment.FirsttheBLSsurveysabout60000householdsthere

27、byobtainsanestimateoftheshareofpeoplewhosaytheyarewking.TheBLSmultipliesthissharebyanestimateofthepopulationtoestimatethenumberofpeoplewking.SecondtheBLSsurveysabout160000businessestablishmentsaskshowmanypeopletheyemploy

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