2012年AP宏观经济学（选择题+简答题）真题及答案下载（PDF）

2012年AP宏观经济学（选择题+简答题）真题及答案下载（PDF）

2012年AP宏观经济学选择题真题如下：

1. A country’s government runs a budget deficit when which of the following occurs in a given year?

(A) The amount of new loans to developing nations exceeds the amount of loans paid off by developing nations.

(B) Government spending exceeds tax revenues.

(C) The debt owed to foreigners exceeds the debt owed to the country’s citizens.

(D) The amount borrowed exceeds the interest payment on the national debt.

(E) Interest payments on the national debt exceed spending on goods and services.

2. A high marginal propensity to consume implies which of the following?

(A) A small change in consumption when income changes

(B) A high savings rate

(C) A high marginal tax rate

(D) An equilibrium level of income near full employment

(E) A low marginal propensity to save

3. The transaction demand for money is very closely associated with money’s use as a

(A) store of value

(B) standard unit of account

(C) measure of value

(D) medium of exchange

(E) standard of deferred payment

4. Unlike a market economy, a command economy uses

(A) more centralized planning in economic decision making

(B) consumer sovereignty to make production decisions

(C) its resources more efficiently

(D) price signals in economic decision making

(E) the popular vote in making resource allocation decisions

5. The value of a country’s currency will tend to appreciate if

(A) demand for the country’s exports increases

(B) the country’s money supply increases

(C) the country’s citizens increase their travel abroad

(D) domestic interest rates decrease

(E) tariffs on the country’s imports decrease

6. Which of the following best illustrates an improvement in a country’s standard of living?

(A) An increase in real per capita gross domestic product

(B) An increase in nominal per capita gross domestic product

(C) Price stability

(D) A balanced budget

(E) An increase in the consumer price index

7. Hyperinflation is typically caused by

(A) high tax rates that discourage work effort

(B) continuous expansion of the money supply to finance government budget deficits

(C) trade surpluses that are caused by strong protectionist policies

(D) bad harvests that lead to widespread shortages

(E) a large decline in corporate profits that leads to a decrease in production

8. All of the following changes will shift the investment demand curve to the right EXCEPT

(A) a decrease in the corporate income tax rate

(B) an increase in the productivity of new capital goods

(C) an increase in the real interest rate

(D) an increase in corporate profits

(E) an increase in real gross domestic product

9. The official unemployment rate understates the unemployment level in the economy because the official unemployment rate

(A) ignores the duration of unemployment

(B) ignores underemployed and discouraged workers

(C) includes jobs created by the underground economy

(D) excludes all unemployed teenagers

(E) excludes frictionally unemployed workers

10. If a reduction in aggregate supply is followed by an increase in aggregate demand, which of the following will definitely occur?

(A) Output will increase.

(B) Output will decrease.

(C) Output will not change.

(D) The price level will increase.

(E) The price level will decrease.

。。。。。余下2012年AP宏观经济学选择题真题省略！

2012年AP宏观经济学简答题真题如下：

1. Assume that the country of Rankinland is currently in recession.

(a) Assume that Rankinland produces only food and clothing. Draw a correctly labeled production possibilities curve for Rankinland. Show a point that could represent the current output combination and label it A.

(b) Assume that the Central Bank of Rankinland pursues an expansionary monetary policy.

(i) Identify the open-market operation that the Central Bank would use.

(ii) Draw a correctly labeled money market graph and show the short-run effect of the expansionary monetary policy on the nominal interest rate.

(iii) Assuming no change to the price level, what happens to the real interest rate as a result of the expansionary monetary policy? Explain.

(iv) Given your answer to part (b)(iii) regarding the real interest rate, what happens to the real gross domestic product (GDP) in the short run? Explain.

(c) Suppose Rankinland has a current account deficit. Rankinland’s currency is called the bera.

(i) What will initially happen to the current account deficit in Rankinland solely due to the change in the real GDP from part (b)(iv) ? Explain.

(ii) What will happen to the international value of the bera solely due to the change in the real GDP from part (b)(iv) ? Explain.

2. The following is a simplified balance sheet for Mi Tierra Bank in the United States.

(a) What is the reserve requirement?

(b) Assume that Luis withdraws $5,000 in cash from his checking account at Mi Tierra Bank.

(i) By how much will Mi Tierra Bank’s reserves change based on Luis’ withdrawal?

(ii) What is the initial effect of the withdrawal on the M1 measure of money supply? Explain.

(iii) As a result of the withdrawal, what is the new value of excess reserves on the balance sheet of Mi Tierra Bank based on the reserve requirement from part (a) ?

(c) Assume that the next day John withdraws from Mi Tierra Bank an amount that exceeds the bank’s excess reserves. Assuming that no loans are called in, how can Mi Tierra Bank cover its required reserves?

。。。。。余下2012年AP宏观经济学简答题真题省略！

2012年AP宏观经济学（选择题+简答题）真题及答案下载（PDF），20元有偿！