2014年AP宏观经济学（选择题+简答题）真题及答案下载（PDF）

2014年AP宏观经济学（选择题+简答题）真题及答案下载（PDF）

1. Which of the following is the most fundamental issue that economics addresses?

(A) Choice of appropriate technology

(B) Reduction of unemployment

(C) Reduction of budget deficit

(D) Promotion of privatization

(E) Use of scarce resources

2. Inflation occurs when there is a sustained increase in which of the following?

(A) Real gross domestic product

(B) The average price level

(C) The price of any commodity

(D) Labor productivity

(E) The unemployment rate

3. Which of the following is LEAST likely to promote economic growth?

(A) Investment in tools and machines

(B) Investment in training of labor

(C) Increase in consumption of nondurable goods

(D) Tax credit for technology improvement

(E) Increase in the labor force participation rate

4. An increase in spending in an economy will cause a multiplied increase in gross domestic product because

(A) government spending is greater than zero

(B) investment is greater than zero

(C) investment increases as income decreases

(D) consumption increases as income increases

(E) taxes increase as income increases

5. A contraction in the money supply will most likely change the nominal interest rate and aggregate demand in which of the following ways in the short run?

Nominal Interest Rate      Aggregate Demand

(A) Increase Decrease

(B) Increase Increase

(C) Increase Not change

(D) Decrease Decrease

(E) Decrease Increase

6. If the economy is in a severe recession, which of the following policy actions is most appropriate?

(A) Keeping the money supply constant and reducing budget deficits

(B) Decreasing government spending and taxes by the same amount

(C) Increasing both the money supply and government spending

(D) Increasing both the federal funds rate and taxes

(E) Decreasing the money supply and increasing taxes

7. Of the following, the most liquid asset is

(A) mutual funds

(B) currency

(C) time deposits

(D) demand deposits

(E) savings deposits

2014年AP宏观经济学选择题真题省略！

2014年AP宏观经济学简答题真题:

1. Assume that the economy of country Alpha is operating at the full-employment equilibrium.

(a) Using a correctly labeled graph of aggregate demand, short-run aggregate supply, and long-run aggregate supply, show the equilibrium, labeling the equilibrium price level as PL₁ and the equilibrium output as Y₁.

(b) Now assume that the economy of country Beta, a major trading partner of Alpha, enters a recession. On your graph from part (a), show the effect of country Beta’s recession on each of the following in country Alpha in the short run.

(i) Aggregate demand. Explain.

(ii) Real output and price level, labeled as Y₂ and PL₂

(c) The central bank of Alpha wishes to offset the effect of Beta’s recession on Alpha’s real output. What openmarket operation should the central bank of Alpha undertake?

(d) Draw a correctly labeled graph of the money market for Alpha, and show the effect of the open-market operation you identified in part (c) on the nominal interest rate in the short run.

(e) Assume now that the real interest rate in Beta becomes greater than the real interest rate in Alpha. Based on the change in real interest rate, answer each of the following.

(i) Will financial capital flow from Alpha to Beta or from Beta to Alpha?

(ii) Will the value of Alpha’s currency on the foreign exchange market relative to Beta’s currency appreciate, stay the same, or depreciate? Explain.

2. The simplified T-account (balance sheet) for Zenith Bank in the country of Everland is shown below. Assume the reserve requirement in Everland is 20 percent.

(a) Calculate the maximum amount by which Zenith Bank can increase its loans.

(b) Based on your answer in part (a), calculate the maximum possible increase in Everland’s money supply.

(c) Identify one reason that Everland’s money supply may expand by a smaller amount than the amount you identified in part (b).

(d) Assume the central bank of Everland purchases $10 million in government securities from the public. If the public deposits the $10 million in Zenith Bank, by how much will Zenith Bank’s required reserves change as a result of the new deposit?

(e) What will happen to the price of bonds as a result of the central bank’s purchase of government securities described in part (d) ?

2014年AP宏观经济学简答题真题余下省略！

2014年AP宏观经济学（选择题+简答题）真题及答案下载（PDF），20元有偿下载！