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1.[单选题] 纠错收藏提问移除

Which of the following statements is the most appropriate description of gross domestic product (GDP)?

A
The total income earned by all households, firms, and the government whose value can be verified.
B
The total amount spent on all final goods and services produced within the economy over a given time period.
C
The total market value of resalable and final goods and services produced within the economy over a given time period.

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2.[单选题] 纠错收藏提问移除

Suppose a painting is produced and sold in 2010 for £5,000. The expenses involved in producing the painting amounted to £2,000. According to the sum-of-value-added method of calculating GDP, the value added by the final step of creating the painting was:

A
£2,000.
B
£3,000.
C
£5,000.

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3.[单选题] 纠错收藏提问移除

A GDP deflator less than 1 indicates that an economy has experienced:

A
inflation.
B
deflation.
C
stagflation.

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4.[单选题] 纠错收藏提问移除

If the GDP deflator values for 2008 and 2010 were 190 and 212.8, respectively, which of the following best describes the annual growth rate of the overall price level?

A
5.8%.
B
6%.
C
12%.

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5.[单选题] 纠错收藏提问移除

In calculating personal income for a given year, which of the following would not be subtracted from national income?

A
Indirect business taxes.
B
Undistributed corporate profits.
C
Unincorporated business net income.

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6.[单选题] 纠错收藏提问移除

An increase in the nominal money supply would shift the:

A
IS curve and the LM curve.
B
IS curve and the aggregate demand curve.
C
LM curve and the aggregate demand curve.

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7.[单选题] 纠错收藏提问移除

The most likely outcome when both aggregate supply and aggregate demand increase is:

A
a rise in inflation.
B
higher employment.
C
an increase in nominal GDP.

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8.[单选题] 纠错收藏提问移除

Which of the following can be measured directly?

A
Potential GDP.
B
Labor productivity.
C
Total factor productivity.

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9.[单选题] 纠错收藏提问移除

An investment of €500,000 today that grows to €800,000 after six years has a stated annual interest rate closest to:

A
7.5% compounded continuously.
B
7.7% compounded daily.
C
8.0% compounded semiannually.

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10.[单选题] 纠错收藏提问移除

According to Real Business Cycle models, an economic contraction is most likely caused by:

A
sticky wages.
B
rising energy prices.
C
a contraction in the money supply.

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11.[单选题] 纠错收藏提问移除

A decrease in both the labor force participation ratio and the unemployment rate is most likely caused by:

A
an increase in discouraged workers.
B
an increase in underemployed workers.
C
a decrease in voluntarily unemployed persons.

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12.[单选题] 纠错收藏提问移除

Deflation is most likely to be associated with:

A
a shortage of government revenue.
B
substantial macroeconomic contraction.
C
explicit monetary policy to combat inflation.

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13.[单选题] 纠错收藏提问移除

For the December consumption basket in Exhibit 1, the value of the Paasche index is closest to:

A
116
B
148
C
160

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14.[单选题] 纠错收藏提问移除

A central bank will most likely allow the economy to self-correct in periods of:

A
high inflation, fast economic growth, and low unemployment.
B
low inflation, slow economic growth, and high unemployment.
C
high inflation, slow economic growth, and high unemployment.

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15.[单选题] 纠错收藏提问移除

Disinflation is best described as a:

A
decline in price levels.
B
negative inflation rate.
C
decline in the inflation rate.

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16.[单选题] 纠错收藏提问移除

The inflation rate most likely relied on to determine public economic policy is:

A
core inflation.
B
headline inflation.
C
index of food and energy prices.

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17.[单选题] 纠错收藏提问移除

Which of the following statements is the best description of the characteristics of economic indicators?

A
Leading indicators are important because they track the entire economy.
B
Lagging indicators in measuring past conditions do not require revisions.
C
A combination of leading and coincident indicators can offer effective forecasts.

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18.[单选题] 纠错收藏提问移除

When aggregate real personal income, industrial output, and the S&P 500 Index all increase in a given period, it is most accurate to conclude that a cyclical upturn is:

A
occurring.
B
about to end.
C
about to begin.

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19.[单选题] 纠错收藏提问移除

Which of the following indicators is most appropriate in predicting a turning point in the economy?

A
The Industrial Production Index
B
The average bank prime lending rate
C
Average weekly hours, manufacturing

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20.[单选题] 纠错收藏提问移除

As the reserve requirement increases, the money multiplier:

A
increases.
B
decreases.
C
remains the same.

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21.[单选题] 纠错收藏提问移除

The following exhibit shows the supply and demand for money:
There is an excess supply of money when the nominal rate of interest is:

A
I0.
B
I1.
C
I2.

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22.[单选题] 纠错收藏提问移除

Which of the following best describes a fundamental assumption when monetary policy is used to influence the economy?

A
Financial markets are efficient.
B
Money is not neutral in the short run.
C
Official rates do not affect exchange rates.

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23.[单选题] 纠错收藏提问移除

Monetarists are most likely to believe:

A
there is a causal relationship running from inflation to money.
B
inflation can be affected by changing the money supply growth rate.
C
rapid financial innovation in the market increases the effectiveness of monetary policy.

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24.[单选题] 纠错收藏提问移除

The proposition that the real interest rate is relatively stable is most closely associated with:

A
the Fisher effect.
B
money neutrality.
C
the quantity theory of money.

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25.[单选题] 纠错收藏提问移除

Which of the following equations is a consequence of the Fisher effect?

A
Nominal interest rate = Real interest rate + Expected rate of inflation.
B
Real interest rate = Nominal interest rate + Expected rate of inflation.
C
Nominal interest rate = Real interest rate + Market risk premium.

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26.[单选题] 纠错收藏提问移除

Central banks would typically be most concerned with costs of:

A
low levels of inflation that are anticipated.
B
moderate levels of inflation that are anticipated.
C
moderate levels of inflation that are not anticipated.

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27.[单选题] 纠错收藏提问移除

Monetary policy is least likely to include:

A
setting an inflation rate target.
B
changing an official interest rate.
C
enacting a transfer payment program.

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28.[单选题] 纠错收藏提问移除

Which role is a central bank least likely to assume?

A
Lender of last resort.
B
Sole supervisor of banks.
C
Supplier of the currency.

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29.[单选题] 纠错收藏提问移除

Which is the most accurate statement regarding central banks and monetary policy?

A
Central bank activities are typically intended to maintain price stability.
B
Monetary policies work through the economy via four independent channels.
C
Commercial and interbank interest rates move inversely to official interest rates.

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30.[单选题] 纠错收藏提问移除

When a central bank announces a decrease in its official policy rate, the desired impact is an increase in:

A
investment.
B
interbank borrowing rates.
C
the national currency’s value in exchange for other currencies.

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31.[单选题] 纠错收藏提问移除

Which of the following is the most likely example of a tool of fiscal policy?

A
Public financing of a power plant.
B
Regulation of the payment system.
C
Central bank’s purchase of government bonds.

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32.[单选题] 纠错收藏提问移除

When GDP is calculated by the sum-of-value-added method, what is the value of a manufactured product in GDP?

A
The sum of the product’s value at each stage of production and distribution.
B
The sum of the increases in the product’s value at each stage of production and distribution.
C
The product’s retail price less the value added at each stage of production and distribution.

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33.[单选题] 纠错收藏提问移除

Which of the following statements most accurately describes personal income?

A
includes unearned income from governments, such as transfer payments.
B
measures the amount of after-tax income that households can spend or save.
C
includes indirect business taxes, corporate income taxes, and retained earnings.

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34.[单选题] 纠错收藏提问移除

If the money supply is increasing and velocity is decreasing:

A
prices will decrease.
B
real GDP will increase.
C
the impact on prices and real GDP is uncertain.

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35.[单选题] 纠错收藏提问移除

A central bank’s policy goals least likely include:

A
price stability.
B
minimizing long-term interest rates.
C
maximizing the sustainable growth rate of the economy.

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36.[单选题] 纠错收藏提问移除

An increase in the policy rate will most likely lead to an increase in:

A
business investment in fixed assets.
B
consumer spending on durable goods.
C
the foreign exchange value of the domestic currency.

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37.[单选题] 纠错收藏提问移除

Monetary policy is most likely to fail to achieve its objectives when the economy is:

A
growing rapidly.
B
experiencing deflation.
C
experiencing disinflation.

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答题卡

Which of the following statements is the most appropriate description of gross domestic product (GDP)?

Suppose a painting is produced and sold in 2010 for £5,000. The expenses involved in producing the painting amounted to £2,000. According to the sum-of-value-added method of calculating GDP, the value added by the final step of creating the painting was:

A GDP deflator less than 1 indicates that an economy has experienced:

If the GDP deflator values for 2008 and 2010 were 190 and 212.8, respectively, which of the following best describes the annual growth rate of the overall price level?

In calculating personal income for a given year, which of the following would not be subtracted from national income?

An increase in the nominal money supply would shift the:

The most likely outcome when both aggregate supply and aggregate demand increase is:

Which of the following can be measured directly?

An investment of €500,000 today that grows to €800,000 after six years has a stated annual interest rate closest to:

According to Real Business Cycle models, an economic contraction is most likely caused by:

A decrease in both the labor force participation ratio and the unemployment rate is most likely caused by:

Deflation is most likely to be associated with:

For the December consumption basket in Exhibit 1, the value of the Paasche index is closest to:

A central bank will most likely allow the economy to self-correct in periods of:

Disinflation is best described as a:

The inflation rate most likely relied on to determine public economic policy is:

Which of the following statements is the best description of the characteristics of economic indicators?

When aggregate real personal income, industrial output, and the S&P 500 Index all increase in a given period, it is most accurate to conclude that a cyclical upturn is:

Which of the following indicators is most appropriate in predicting a turning point in the economy?

As the reserve requirement increases, the money multiplier:

The following exhibit shows the supply and demand for money:There is an excess supply of money when the nominal rate of interest is:

Which of the following best describes a fundamental assumption when monetary policy is used to influence the economy?

Monetarists are most likely to believe:

The proposition that the real interest rate is relatively stable is most closely associated with:

Which of the following equations is a consequence of the Fisher effect?

Central banks would typically be most concerned with costs of:

Monetary policy is least likely to include:

Which role is a central bank least likely to assume?

Which is the most accurate statement regarding central banks and monetary policy?

When a central bank announces a decrease in its official policy rate, the desired impact is an increase in:

Which of the following is the most likely example of a tool of fiscal policy?

When GDP is calculated by the sum-of-value-added method, what is the value of a manufactured product in GDP?

Which of the following statements most accurately describes personal income?

If the money supply is increasing and velocity is decreasing:

A central bank’s policy goals least likely include:

An increase in the policy rate will most likely lead to an increase in:

Monetary policy is most likely to fail to achieve its objectives when the economy is:

考试形式介绍

The following exhibit shows the supply and demand for money:
There is an excess supply of money when the nominal rate of interest is: