经济学资料（英文版）经济学课本答案22-23 9页

Chp22SOLUTIONSTOTEXTPROBLEMS:QuickQuizzes:1・Grossdomesticproductmeasurestwothingsatonce:(1)thetotalincomeofeveryoneintheeconomy;and(2)thetotalexpenditureontheeconomy'soutputofgoodsandservices.Itcanmeasurebothofthesethingsatoncebecauseincomemustequalexpenditurefortheeconomyasawhole.2TheproductionofapoundofcaviarcontributesmoretoGDPthantheproduct!onofapoundofhamburgerbecausethecontributiontoGDPismeasuredbymarketvalueandthepriceofapoundofcaviarismuchhigherthanthepriceofapoundofhamburger.3.Thefourcomponentsofexpenditureare:(1)consumption;(2)investment;(3)governmentpurchases;and(4)netexports・Thelargestcomponentisconsumption,whichaccountsforabouttwo-thirdsoftotalexpenditure.4.NominalGDPistheproductionofgoodsandservicesvaluedatcurrentprices.RealGDPistheproductionofgoodsandservicesvaluedatconstantprices・RealGDPisabettermeasureofeconomicwell-beingbecauseitreflectstheeconomy'sabilitytosatisfypeople'sneedsanddesires・ThusariseinrealGDPmeanspeoplehaveproducedmoregoodsandservices,butariseinnominalGDPcouldoccureitherbecauseofincreasedproductionorbecauseofhigherprices・5.AlthoughGDPisnotaperfectmeasureofwell-being,policymakersshouldcareaboutitbecausealargerGDPmeansthatanationcanaffordbetterhealthcare,bettereducationalsystems,andmoreofthematerialnecessitiesoflife・QuestionsforReview:1・Aneconom/sincomemustequalitsexpenditure,sinceeverytransactionhasabuyerandaseller.Expenditurebybuyersequalsincomebysellers・2.TheproductionofaluxurycarcontributesmoretoGDPthantheproductionofaneconomycarbecausetheluxurycarhasahighermarketvalue.3.ThecontributiontoGDPis$3,themarketvalueofthebread,whichisthefinalgoodthatissold.4.Thesaleofusedrecordsdoesn'taffectGDPatallbecauseitinvolvesnocurrentproduction.5.ThefourcomponentsofGDPareconsumption,suchasthepurchaseofamusicCD;investment,suchasthepurchaseofacomputerbyabusiness;governmentpurchases,suchasanorderformilitaryaircraft;andnetexports,suchasthesaleofAmericanwheattoRussia.6.EconomistsuserealGDPratherthannominalGDPtogaugeeconomicwell-beingbecauserealGDPisnotaffectedbychangesinprices,soitreflectschangesintheamountsbeingproduced.IfnominalGDPrises,youdon'tknowifthat'sbecauseofincreasedproductionorhigherprices・\nHarcourt,Inc.itemsandderiveditemscopyright©2001byHarcourt,Inc.7.YearNominalGDPRealGDPGDPDeflator2001100X$2=$200100X$2=$200($200/$200)X100=1002002200X$3=$600200X$2=$400($600/$400)X100=150ThepercentagechangeinnominalGDPis(600-200)/200x100=200%.ThepercentagechangeinrealGDPis(400-200)/200x100=100%.Thepercentagechangeinthedeflatoris(150-100)/100x100=50%.8.ItisdesirableforacountrytohavealargeGDPbecausepeoplecouldenjoymoregoodsandservices.ButGDPisrYttheonlyimportantmeasureofwell-being.Forexample,lawsthatrestrictpollutioncauseGDPtobelower.Iflawsagainstpollutionwereeliminated,GDPwouldbehigherbutthepollutionmightmakeusworseoff.Or,forexample,anearthquakewouldraiseGDP,asexpendituresoncleanup,repair,andrebuildingincrease・Butanearthquakeisanundesirableeventthatlowersourwelfare・ProblemsandApplications:1・a.Consumptionincreasesbecausearefrigeratorisagoodpurchasedbyahousehold.b・Investmentincreasesbecauseahouseisaninvestmentgood・c.Consumptionincreasesbecauseacarisagoodpurchasedbyahousehold,butinvestmentdecreasesbecausethecarinFord?sinventoryhadbeencountedasaninvestmentgooduntilitwassold.d・Consumptionincreasesbecausepizzaisagoodpurchasedbyahousehold・e.Governmentpurchasesincreasebecausethegovernmentspentmoneytoprovideagoodtothepublic・f.Consumptionincreasesbecausethebottleisagoodpurchasedbyahousehold,butnetexportsdecreasebecausethebottlewasimported・g.Investmentincreasesbecausenewstructuresandequipmentwerebuilt.2.Withtransferpayments,nothingisproduced,sothereisnocontributiontoGDP・3.PurchasesofnewhousingareincludedintheinvestmentportionofGDPbecausehousinglastsforalongtime・Forthesamereason,purchasesofnewcarscouldbethoughtofasinvestment,butbyconvention,theyarenot.Thelogiccouldapplytoanydurablegood,suchashouseholdappliances・4.IfGDPineludedgoodsthatareresold,itwouldbecountingoutputofthatparticularyear,plussalesofgoodsproducedinapreviousyear.Itwoulddouble-countgoodsthatweresoldmorethanonceandwouldcountgoodsinGDPinseveralyearsiftheywereproducedinoneyearandresoldinanother.5.a.CalculatingnominalGDP:2001:($1perqt.ofmilkx100qts.milk)+($2perqt.ofhoneyx50qts.honey)=$2002002:($1perqt.ofmilkx200qts.milk)+($2perqt.ofhoneyx100qts.honey)=$4002003:($2perqt.ofmilkx200qts.milk)+($4perqt.ofhoneyx100qts.honey)=$800CalculatingrealGDP(baseyear2001):\n2001:($1perqt.ofmilkx100qts.milk)+($2perqt.ofhoneyx50qts.honey)=$2002002:($1perqt.ofmilkx200qts.milk)+($2perqt.ofhoneyx100qts.honey)=$4002003:($1perqt.ofmilkx200qts.milk)+($2perqt.ofhoneyx100qts.honey)=$400CalculatingtheGDPdeflator:2001:($200/$200)x100=1002002:($400/$400)x100=1002003:($800/$400)x100=200b.CalculatingthepercentagechangeinnominalGDP:PercentagechangeinnominalGDPin2002=[($400-$200)/$200]x100=100%.PercentagechangeinnominalGDPin2003=[($800-$400)/$400]x100=100%.CalculatingtheDercentagechangeinrealGDP:PercentagechangeinrealGDPin2002=[($400・$200)/$200]x100=100%.PercentagechangeinrealGDPin2003=[($400・$400)/$400]x100=0%.CalculatingtheDercentagechangeinGDPdeflator:PercentagechangeintheGDPdeflatorin2002=[(100・100)/100]x100=0%.PercentagechangeintheGDPdeflatorin2003=[(200-100)/100]x100=100%.c.Economicwell-beingrosemorein2002thanin2003,sincerealGDProsein2002butnotin2003.In2002,realGDProseandpricesdidn't.In2003,realGDPdidn'triseandpricesdid.YearNominalGDP(billions)GDPDeflator(baseyear:1992)1996$7,6621101997$8?111112a.ThegrowthrateofnominalGDPis($8,111-$7,662)/$7,662x100%=5.9%.b.Thegrowthrateofthedeflatoris(112・110)/110x100%=1.8%.c.RealGDPin1996(in1992dollars)is$7,662/(110/100)=$6,965.d.RealGDPin1997(in1992dollars)is$&111/(112/100)=$7,242.e.ThegrowthrateofrealGDPis($7,242・$6,965)/$6,965x100%=4.0%.f.ThegrowthrateofnominalGDPishigherthanthegrowthrateofrealGDPbecauseofinflation.2.Economistsignoretheriseinpeople'sincomesthatiscausedbyhigherpricesbecausealthoughincomesarehigher,thepricesofthegoodsandservicesthatpeoplebuyarealsohigher.ThuseconomistsprefertolookatrealGDPinsteadofnominalGDP.3.Manypossibleanswers・4.a.GDPequalsthedollaramountBarrycollects,whichis$400.\nb.NNP=GDP一depreciation=$400・$50=$350.c.Nationalincome=NNP・salestaxes=$350・$30=$320.d・Personalincome=nationalincome-retainedearnings=$320・$100=$220.e.Disposablepersonalincome=personalincome・personalincometax=$220・$70=$150.2.IncountrieslikeIndia,peopleproduceandconsumeafairamountoffoodathomethatisnotincludedinGDP.SoGDPperpersoninIndiaandtheUnitedStateswilldifferbymorethantheircomparativeeconomicwell-being.3.IfthegovernmentcaresaboutthetotalincomeofAmericans,itwillemphasizeGNP,sincethatmeasureincludestheincomeofAmericansthatisearnedabroad・IfthegovemmentcaresaboutthetotalamountofeconomicactivityoccurringintheUnitedStates,itwillemphasizeGDP,whichmeasuresproductioninthecountry,whetherproducedbydomesticcitizensorforeigners・12・a.Theincreasedlabor-forceparticipationofwomenhasincreasedGDPintheUnitedStates,sinceitmeansmorepeopleareworking.b.Ifourmeasureofwell-beingineludedtimespentworkinginthehomeandtakingleisure,itwouldn'triseasmuchasGDP,sincetheriseinwomen'slabor-forceparticipationhasreducedtimespentworkinginthehomeandtakingleisure・c.Otheraspectsofwell-beingthatareassociatedwiththeriseinwomenfsincreasedlabor-forceparticipationincludeincreasedself-esteemandprestigeforwomenintheworkforce,especiallyatmanageriallevels,butdecreasedqualitytimespentwithchildren,whoseparentshavelesstimetospendwiththem.Suchaspectswouldbequitedifficulttomeasure.\nChapter23SOLUTIONSTOTEXTPROBLEMS:QuickQuizzes1・Theconsumerpriceindextriestomeasuretheoverallcostofthegoodsandservicesboughtbyatypicalconsumer.Itisconstructedbysurveyingconsumerstofixabasketofgoodsandservicesthatthetypicalconsumerbuys,findingthepricesofthegoodsandservicesovertime,computingthecostofthebasketatdifferenttimes,choosingabaseyear,computingtheindex,thencomputingtheinflationrate.2.SinceHenryFordpaidhisworkers$5adayin1914andtheconsumerpriceindexwas10in1914and166in1999,thentheFordpaycheckwasworth$5x166/10=$83adayin1999dollars.QuestionsforReview1.A10percentincreaseinthepriceofchickenhasagreatereffectontheconsumerpriceindexthana10percentincreaseinthepriceofcaviarbecausechickenisabiggerpartoftheaverageconsumer'smarketbasket・2.Thethreeproblemsintheconsumerpriceindexasameasureofthecostoflivingare:(1)substitutionbias,whicharisesbecausepeoplesubstitutetowardgoodsthathavebecomerelativelylessexpensive;(2)theintroductionofnewgoods,whicharenotreflectedquicklyintheCPI;and(3)unmeasuredqualitychange.3.IfthepriceofaNavysubmarinerises,thereisnoeffectontheconsumerpriceindex,sinceNavysubmarinesaren'tconsumergoods・ButtheGDPpriceindexisaffected,sinceNavysubmarinesareincludedinGDP.4.Sincetheoverallpriceleveldoubled,butthepriceofthecandybarrosesixfold,therealprice(thepriceadjustedforinflation)ofthecandybartripled.5.Thenominalinterestrateistherateofinterestpaidonaloanindollarterms・Therealinterestrateistherateofinterestcorrectedforinflation.Therealinterestrateisthenominalinterestrateminustherateofinflation.ProblemsandApplications1.a.Thepriceoftennisballsincreases0%;thepriceoftennisracquetsincreases50%[=($60-$40)/$40x100%];thepriceofGatoradeincreases100%[=($2-$1)/$1x100%].Tofindthepercentagechangeintheoverallpricelevel,followthesesteps:1.Determinethefixedbasketofgoods:100balls,10racquets,200Gatorades\n1.Findthepriceofeachgoodineachyear:YearBallsRacquetsGatorade2001$2$40$12002$2$60$22.Computethecostofthebasketofgoodsineachyear:2001:(100x$2)+(10x$40)+(200x$1)=$8002002:(100x$2)+(10x$60)+(200x$2)=$1,2003.Chooseoneyearasabaseyear(2001)andcomputetheCPIineachyear:2001:$800/$800x100=1002002:$1,200/$800x100=1504.UsetheCPItocomputetheinflationratefromthepreviousyear:2002:(150-100)/100x100%=50%b.TennisracquetsarelessexpensiverelativetoGatorade,sincetheirpricerose50%whilethepriceofGatoraderose100%.Thewell-beingofsomepeoplechangesrelativetothewell-beingofothers・ThosewhopurchasealotofGatoradebecomeworseoffrelativetothosewhopurchasealotoftennisracquetsortennisballs.1.Tofindthepercentagechangeintheoverallpricelevel,followthesesteps:a.Determinethefixedbasketofgoods:100headsofcauliflower,50bunchesofbroccoli,500carrotsb・Findthepriceofeachgoodineachyear:YearCauliflowerBroccoliCarrots2001$2$1.50$0.102002$3$1.50$0.20c.Computethecostofthebasketofgoodsineachyear:2001：(100x$2)+(50x$1.50)+(500x$.10)=$3252002:(100x$3)+(50x$1.50)+(500x$.20)=$475d・Chooseoneyearasabaseyear(2001)andcomputetheCPIineachyear:2001:$325/$325x100=1002002:$475/$325x100=146e.UsetheCPItocomputetheinflationratefromthepreviousyear:2002:(146-100)/100x100%=46%2.SincetheCPIrose637%,thatmeans[CPI(1997)-CPI(1947)]/CPI(1947)x100%=637%,soCPI(1997)/CPI(1947)-1=6.37,soCPI(1997)/CPI(1947)=7.37.Soifanitemcostsunder7.37timesasmuchin1997thanitdidin1947,thenit'srelativelylessexpensive・Theeasiestwaytoseethisistotakethe1947price,multiplyitby7.37,andcompareittothe1997price.UniversityofIowatuition:$130x7.37=$958<$2,470,sothe1997costishigher\ngallonofgasoline:$0.23x7.37=$1.70>$1.22,sothe1997costislowerphonecall:$2.50x7.37=$18.42>$0.45,sothe1997costislowerdayinhospital:$35x7.37=$258<$2,300,sothe1997costishigherhamburger:$0.15x7.37=$1.11>$0.59,sothe1997costislower1.a.Sincetheincreaseincostwasconsideredaqualityimprovement,therewasnoincreaseregisteredintheCPI.b・Theargumentinfavorofthisisthatconsumersaregettingabettergoodthanbefore,sothepriceincreaseequalstheimprovementinquality.Theproblemisthattheincreasedcostmightexceedthevalueoftheimprovementinairquality,soconsumersareworseoff.Inthiscase,itwouldbebetterfortheCPItoatleastpartiallyreflectthehighercost.2.a.introductionofnewgoods;b・unmeasuredqualitychange;c.substitutionbias;d.unmeasuredqualitychange;e.substitutionbias3.a.($0.75-$0.15)/$0.15x100%=400%.a.($13.84-$3.35)/$3.35x100%=313%.b.In1970:$.15/($3.35/60)=2.7minutes.In1999:$.75/($13.84/60)=3.3minutes.d・Workers1purchasingpowerfellintermsofnewspapers・4.a.Iftheelderlyconsumethesamemarketbasketasotherpeople,SocialSecuritywouldprovidetheelderlywithanimprovementintheirstandardoflivingeachyearbecausetheCPIoverstatesinflationandSocialSecuritypaymentsaretiedtotheCPI.b・Sincetheelderlyconsumemorehealthcarethanyoungerpeople,andsincehealthcarecostshaverisenfasterthanoverallinflation,it'spossiblethattheelderlyareworseoff.Toinvestigatethis,you'dneedtoputtogetheramarketbasketfortheelderly,whichwouldhaveahigherweightonhealthcare・You'dthencomparetheriseinthecostofthe"elderly”basketwiththatofthegeneralbasketforCPI.5.Manyanswersarepossible.Acommonanswermaybethatasstudents,theyspendagreaterproportionoftheirincomeontuitionandbooksthanthetypicalhousehold・Sincethepricesoftuitionandbookshaverisenfasterthanaverageprices,studentsfaceahigherinflationratethanthetypicalhousehold・6.Whenbracketcreepoccurred,inflationincreasedpeople'snominalincomes,pushingthemintohighertaxbrackets,sotheyhadtopayahigherproportionoftheirincomesintaxes,eventhoughtheyweren'tgettinghigher如/incomes.Asaresult,realtaxrevenuerose.7.Indecidinghowmuchincometosaveforretirement,workersshouldconsidertherealinterestrate,sincetheycareabouttheirpurchasingpowerinthefuture,notthenumberofdollarstheyllhave.11・a.Wheninflationishigherthanwasexpected,therealinterestrateislowerthan\nexpected・Forexample,supposethemarketequilibriumhasanexpectedrealinterestrateof3%andpeopleexpectinflationtobe4%,sothenominalinterest\nrateis7%・Ifinflationturnsouttobe5%,therealinterestrateis7%minus5%equals2%,whichislessthanthe3%thatwasexpected・b・Sincetherealinterestrateislowerthanwasexpected,thelenderlosesandtheborrowergains.Theborrowerisrepayingtheloanwithdollarsthatareworthlessthanwasexpected.c.Homeownersinthe1970swhohadfixed-ratemortgagesfromthe1960sbenefitedfromtheunexpectedinflation,whilethebankswhomadethemortgageloanslostalotofmoney.