Makro II

Jehlifisch Universität, Herbstsemester 2013

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Manuel Ging

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Manuel Ging

Über diese Lernkartei

Diese Lernkarten bieten einen umfassenden Überblick über makroökonomische Konzepte auf Universitätsniveau. Sie decken Themen wie Geldpolitik, Wirtschaftswachstum, Wechselkurse und keynesianische Modelle ab, wobei Schwerpunkte auf der Analyse von Boom- und Rezessionsphasen, der Geldnachfrage und der Wirtschaftsdynamik liegen. Besonders nützlich sind sie für Studierende der Volkswirtschaftslehre, die sich mit komplexen volkswirtschaftlichen Zusammenhängen und deren mathematischen Modellen vertraut machen möchten. Die Karteikarten helfen, die theoretischen Grundlagen zu verstehen und praktische Anwendungen in der Wirtschaftspolitik zu erkennen.

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29.12.2013 / 09.12.2016

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Lernkarten

(Macroeconomic essentials)

Macroeconomics is about _____; microeconomics is about _____.

the world's big economies; the world's small economies

how the entire economy works; how individual parts of the economy work

a country's big companies; a country's small companies

a country's small companies; a country's big companies

how individual parts of an economy work; how the entire economy works

(Macroeconomic essentials)

In 2004 your country produces 6,000 TV sets at a price of 2,000 euros each, and 1,000 cars costing 20,000 euros each. Nominal GDP is

12 million euros

20 million euros

320 million euros

32 million euros

22 million euros

(Macroeconomic essentials)

In the year 2005 TV production has risen by 5%, while car production has stalled. Real GDP in 2004 prices is

22 million euros

20 million euros

32.6 million euros

12.6 million euros

336 million euros

(Macroeconomic essentials)

The circular flow of income model

is a first model of the macroeconomy

is based on the insight that all spending arrives somewhere as income

gives rise to the equation CA + CP + OR = 0

gives rise to the equation (S-I) + (T-G) + (IM-EX) = 0

is all you ever need to know about macroeconomics

(Macroeconomic essentials)

Identify the injection(s) in the following list:

consumption

investment

government spending

exports

imports

(Macroeconomic essentials)

Identify the leakage(s) in the following list:

consumption

investment

government spending

exports

impors

(Macroeconomic essentials)

Use the circular-flow of income identity to determine which of the following statements are true: If the government reduces the budget deficit

private net saving must go up

and net exports remain unchanged, private net saving falls

the current account improves

and investment remains unchanged, saving increases

net exports are spurred

(Macroeconomic essentials)

Mark the item(s) that are not part of British GNI:

Profits made by BMW at its British Rolls Royce plant

Irish worker (living in London) working on London tube construction site

British revenue from North Sea oil

Revenue from The Economist sales in Hong Kong

Revenue from The New York Times sales in UK

(Macroeconomic essentials)

If more money is injected into the circular flow of income

prices rise and income falls

prices fall and income falls

prices fall and income remains unchanged

prices rise and/or income rises

all of the above may happen

(Macroeconomic essentials)

A horizontal aggregate supply curve means that

firms rather rise prices than output

firms want to supply one specific output only, no matter what the price is

firms rather rise output than prices

firms supply any amount of goods the market demands at the given price level

none of the above

(Macroeconomic essentials)

A deficit in the government budget

means that taxes exceed government spending

may be financed by making the central bank print money

may be reduced by raising taxes

may be financed by selling bonds to the private sector

constitutes a net leakage from the circular flow of income

(Macroeconomic essentials)

To pump money into the economy, the central bank may

buy dollars from the U.S. central bank

buy dollars in the market

buy government bonds in the market

buy government bonds from the government

encourage wage rises

(Booms and recessions (I): the Keynesian cross)

Mark the statement(s) you agree with:

Potential income and steady-state income are the same.

When in steady state, income equals potential income.

When the labour market clears, income is in steady state.

In the steady state, the economy's capital stock is at its long-run equilibrium level

A recession implies a declining steady-state level of income.

(Booms and recessions (I): the Keynesian cross)

Potential income

is always larger than actual income

exceeds income during a boom

depends on a country's capital stock

exceeds income during a recession

is the output that can normally be produced with current labour and capital

(Booms and recessions (I): the Keynesian cross)

The sequence describing the business cycle is

recession - boom - trough - peak

recession - boom - peak - trough

recession - peak - boom - trough

recession - trough - boom - peak

none of the above

(Booms and recessions (I): the Keynesian cross)

Total (or actual) expenditure differs from aggregate expenditure because

of unplanned investment

firms may decide to build up inventories

the aggregate is sometimes more than the sum of its parts

firms may decide to reduce inventories

of measurement errors

(Booms and recessions (I): the Keynesian cross)

In most industrial countries the largest catagory in aggregate expenditure is

investment

luxury goods

government spending

imports

consumption

(Booms and recessions (I): the Keynesian cross)

Net taxes denote

the difference between taxes rebates and taxes

the difference between domestic and foreign taxes

the difference between taxes and government spending

the sum of taxes and transfers

the difference between taxes and transfers

(Booms and recessions (I): the Keynesian cross)

The consumption function

rises when income goes up

says how consumption is related to income

states the purpose served by consumption spending

is usually written as Y = Y(C)

none of the above

(Booms and recessions (I): the Keynesian cross)

Equilibrium income (in this chapter) is

the level of income that equals actual expenditure

the level of income that equals planned expenditure

the level of income that equals unplanned expenditure

all of the above

none of the above

(Booms and recessions (I): the Keynesian cross)

Equilibrium income as used in this chapter is a demand-side equilibrium because

demand depends on imports

demand adjusts to what firms want to produce

demand depends on income

demand is independent of what firms produce

firms produce everything that is demanded

(Booms and recessions (I): the Keynesian cross)

The Keynesian cross is

a graph featuring the intersection between income and permanent income

a graph that determines equilibrium income

the typical way John Maynard Keynes signed his cheques

a graph featuring the aggregate expediture and the actual expenditure line

none of the above

(Booms and recessions (I): the Keynesian cross)

The multiplier

equals 1/c

measures the change in autonomous spending resulting from a one-unit increase in income

equals 1/(1+c)

measures the income change resulting from a one-unit increase in autonomous spending

equals 1/(1-c), assuming a closed economy without taxes

(Booms and recessions (I): the Keynesian cross)

If taxes are given by T = -100 + 0.2Y

the marginal tax rate exceeds the average tax rate

the average tax rate exceeds the marginal tax rate

taxes are zero if Y=500

rich people pay higher taxes for each euro of income than poor people

poor people pay higher taxes for each euro of income than rich people

(Booms and recessions (I): the Keynesian cross)

The import function

explains the size of one leakage from the circular flow of income

postulates that income depends on imports

explains the size of one injection into the circular flow of income

postulates that imports depend on income

postulates that imports depend on exports

(Booms and recessions (I): the Keynesian cross)

The multiplier with imports

is larger than without imports

is smaller than without imports

is the same as the multiplier without imports

measures the income change resulting from a one-unit increase in imports

is more realistic than the multiplier without imports

(Booms and recessions (I): the Keynesian cross)

The multiplier with imports

is larger than without imports

is smaller than without imports

is the same as the multiplier without imports

measures the income change resulting from a one-unit increase in imports

is more realistic than the multiplier without imports

(Booms and recessions (I): the Keynesian cross)

Government spending rises temporarily. If consumption depends on permanent rather than current income

this raises the multiplier effect

this lowers the multiplier effect

this leaves the multiplier effect unaffected

this flattens the aggregate-expenditure line in the Keynesian cross

all transitory shocks to income affect consumption a lot

(Booms and recessions (I): the Keynesian cross)

Investment

goes up if the interest rate goes up

goes down if the interest rate goes up

goes up if firms expect higher income tomorrow

goes up of firms expect higher income in two years

goes up if firms observed higher income last year

(Money, interest rates and the global economy)

With which statement(s) do you agree?

Money is a form of holding wealth

Wealth is a form of holding money

Money is anything that is generally accepted as payment

Everybody's demand for money is unlimited

Money is a stock variable

(Money, interest rates and the global economy)

Which of the following are flow variables?

investment

Peter Ustinov's weight

Peter Ustinov's calory intake on December 25th 1997

exports

the closing price of Rolls Royce stocks on the LSE on August 3, 1998

(Money, interest rates and the global economy)

The demand for money

depends on income and the interest rate

falls when the exchange rate goes up

is unlimited

always exceeds the supply

falls when the interest rate goes up in normal times

(Money, interest rates and the global economy)

The money supply

falls when income falls

is controlled by the central bank

is visualized by a horizontal line in i-Y space

determines the interest rate independently (no matter how much is demanded)

is visualized by a vertical line in i-Y space

(Money, interest rates and the global economy)

The LM curve

combines all interest rates and incomes at which money demand equals money supply

combines all exchange rates and incomes at which money demand equals money supply

is the money market equilibrium condition in i-Y space

slopes up in an interest rate/income diagram in normal times

shifts up if the money supply rises

(Money, interest rates and the global economy)

Fixing the interest rate

makes the money supply endogenous

increases the effect on income of shocks to the LM curve

increases the effect on income of shocks to the IS curve

is always superior to fixing the money supply

is superior to fixing the money supply if only the IS curve fluctuates

(Money, interest rates and the global economy)

When a country is in a liquidity trap

individuals are prepared to hold additional money at little or no interest rate changes

the LM curve is flat because of a high interest-rate sensitivity of investment.

an increase in the money supply shifts the LM curve up.

an increase in the money supply has little or no effect on the interest rate.

fiscal policy may be a better option than monetary policy to get out of a recession.

(Money, interest rates and the global economy)

Which of the following statement(s) concerning the money demand is (are) correct?

Money demand always decreases with the interest rate.

A speculative demand for money only exists if the interest rate is zero.

In a liquidity trap there exists a high speculative demand for money.

The precautionary demand for money depends on income.

The demand for liquidity depends on shoe leather costs.

(Money, interest rates and the global economy)

Which of the following statement(s) concerning different versions of the LM curve is (are) correct?

The lm curve under a standard monetary policy rule is steeper than an lm curve with a fixed interest rate in i-Y space.

The lm curve under a standard monetary policy rule is steeper than an LM curve with a fixed money supply in i-Y space.

Investments can influence the money supply under an lm curve with a fixed interest rate.

The Taylor rule states that central banks should manage the money supply such that the interest rate is constant.

An increase in the money supply under an lm curve with a fixed interest rate shifts the lm curve to the right.

(Money, interest rates and the global economy)

The exchange rate

is the price of one unit of domestic currency in terms of foreign currency

is the price of one unit of foreign currency in terms of domestic currency

is determined in the money market

is determined in the current account

is determined in the foreign exchange market

(Money, interest rates and the global economy)

The import function (says that)

imports rise when income rises, and rise when R rises

imports rise when income rises, but fall when R rises

imports fall when world income falls

the function of imports is to supply a rich selection of goods

is one element that determines the position of the IS curve

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