Chapter 11 und 17
問題一覧
1
Net income is the maximum amount that you can consume and leave your wealth unchanged.
2
If Mr Bond decides to spend 60% of his net income on consumption and the rest on investment, then his investment is £9,200.
3
The slope of the indifference curve is the marginal rate of substitution between the consumption in the two periods.
4
At E, Julia is on the highest possible indifference curve given her feasible set.
5
With scheme 2, if Marco consumes $68 worth of grain in period 1, he can consume $35 worth of grain in period 2.
6
Marco will always be on a higher indifference curve under scheme 2 than under scheme 1.
7
If the rate of borrowing increases, the feasible frontier for scheme 4 tilts inwards from the point 150 on the vertical axis (becomes steeper).
8
The asset after consumption but before repaying the loan in period 2 is 62.
9
Base money is broad money plus legal tender held by banks minus bank money.
10
Julia will unambiguously increase her consumption in period 1 after an interest rate cut.
11
The graph of interest rate (vertical axis) versus period-1 consumption (horizontal axis) is downward sloping.
12
One solution for the principal–agent problem in loans is for the borrower to provide equity.
13
The principal–agent problem leads to credit rationing in the loans market.
14
There is a 16.7% increase in the Gini coefficient in Case B compared to Case A.
15
The US economy’s performance in 1979–2008 was less strong than during the other two boom periods, with a higher average unemployment rate and lower average productivity growth.
16
Inequality can either rise or fall during recessions.
17
The top 1% richest US households received nearly one-fifth of the total income in 2010.
18
The New Deal was launched in 1933 and included proposals to increase federal government spending in a wide range of programs and reforms to the banking system.
19
A change in the expectations of consumers of their future earnings, as a result of the New Deal, would have contributed to an expansion in the economy’s aggregate demand.
20
Continuing technological progress owing to widespread expectations of sustained high profits, together with high wages resulting from the strong bargaining power of trade unions, created a virtuous circle of high investment, rapid productivity growth, rising wages, and low unemployment.
21
The postwar accord of cooperation between employers and employees broke down in the late 1960s.
22
The collapse of postwar accords in the late 1960s/early 70s led to workers demanding higher wages, leading to an upward shift in the wage-setting curve.
23
Stagflation was caused by the shifting up of the Phillips curve, propelled by higher inflation expectations.
24
Subprime mortgages partly explain the rise in debt in the US prior to the financial crisis.
25
A leverage ratio of 40 means that only 2.5% of the asset is funded by equity.
26
A leverage ratio of 25 means that a 4% decline in asset value would make a bank insolvent.
27
The parts of the PDC where the slope is less than 45 degrees represent a negative feedback process.
28
Optimism about housing prices would shift the PDC upwards.
29
In the recession, not only did households stop purchasing new houses and other consumption goods, but also firms stopped investing.
30
A household is underwater when the value of the house it owns is less than the value of the mortgage on the house.
31
Fire sales have a negative externality on other owners of similar assets by lowering the value of their assets.
問題一覧
1
Net income is the maximum amount that you can consume and leave your wealth unchanged.
2
If Mr Bond decides to spend 60% of his net income on consumption and the rest on investment, then his investment is £9,200.
3
The slope of the indifference curve is the marginal rate of substitution between the consumption in the two periods.
4
At E, Julia is on the highest possible indifference curve given her feasible set.
5
With scheme 2, if Marco consumes $68 worth of grain in period 1, he can consume $35 worth of grain in period 2.
6
Marco will always be on a higher indifference curve under scheme 2 than under scheme 1.
7
If the rate of borrowing increases, the feasible frontier for scheme 4 tilts inwards from the point 150 on the vertical axis (becomes steeper).
8
The asset after consumption but before repaying the loan in period 2 is 62.
9
Base money is broad money plus legal tender held by banks minus bank money.
10
Julia will unambiguously increase her consumption in period 1 after an interest rate cut.
11
The graph of interest rate (vertical axis) versus period-1 consumption (horizontal axis) is downward sloping.
12
One solution for the principal–agent problem in loans is for the borrower to provide equity.
13
The principal–agent problem leads to credit rationing in the loans market.
14
There is a 16.7% increase in the Gini coefficient in Case B compared to Case A.
15
The US economy’s performance in 1979–2008 was less strong than during the other two boom periods, with a higher average unemployment rate and lower average productivity growth.
16
Inequality can either rise or fall during recessions.
17
The top 1% richest US households received nearly one-fifth of the total income in 2010.
18
The New Deal was launched in 1933 and included proposals to increase federal government spending in a wide range of programs and reforms to the banking system.
19
A change in the expectations of consumers of their future earnings, as a result of the New Deal, would have contributed to an expansion in the economy’s aggregate demand.
20
Continuing technological progress owing to widespread expectations of sustained high profits, together with high wages resulting from the strong bargaining power of trade unions, created a virtuous circle of high investment, rapid productivity growth, rising wages, and low unemployment.
21
The postwar accord of cooperation between employers and employees broke down in the late 1960s.
22
The collapse of postwar accords in the late 1960s/early 70s led to workers demanding higher wages, leading to an upward shift in the wage-setting curve.
23
Stagflation was caused by the shifting up of the Phillips curve, propelled by higher inflation expectations.
24
Subprime mortgages partly explain the rise in debt in the US prior to the financial crisis.
25
A leverage ratio of 40 means that only 2.5% of the asset is funded by equity.
26
A leverage ratio of 25 means that a 4% decline in asset value would make a bank insolvent.
27
The parts of the PDC where the slope is less than 45 degrees represent a negative feedback process.
28
Optimism about housing prices would shift the PDC upwards.
29
In the recession, not only did households stop purchasing new houses and other consumption goods, but also firms stopped investing.
30
A household is underwater when the value of the house it owns is less than the value of the mortgage on the house.
31
Fire sales have a negative externality on other owners of similar assets by lowering the value of their assets.