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1、AnswerstoTextbookQuestionsProblemsCHAPTER1TheScienceofMacroeconomicsQuestionsfReview1.Microeconomicsisthestudyofhowindividualfirmshouseholdsmakedecisionshowtheyinteractwithoneanother.Microeconomicmodelsoffirmshouseholdsa
2、rebasedonprinciplesofoptimization—firmshouseholdsdothebesttheycangiventheconstraintstheyface.Fexamplehouseholdschoosewhichgoodstopurchaseindertomaximizetheirutilitywhereasfirmsdecidehowmuchtoproduceindertomaximizeprofits
3、.Incontrastmacroeconomicsisthestudyoftheeconomyasawholeitfocusesonissuessuchashowtotaloutputtotalemploymenttheoverallpricelevelaredetermined.Theseeconomywidevariablesarebasedontheinteractionofmanyhouseholdsmanyfirmsthere
4、femicroeconomicsfmsthebasisfmacroeconomics.2.3.Economistsbuildmodelsasameansofsummarizingtherelationshipsamongeconomicvariables.Modelsareusefulbecausetheyabstractfromthemanydetailsintheeconomyallowonetofocusonthemostimpt
5、anteconomicconnections.Amarketclearingmodelisoneinwhichpricesadjusttoequilibratesupplydem.Marketclearingmodelsareusefulinsituationswherepricesareflexible.Yetinmanysituationsflexiblepricesmaynotbearealisticassumption.Fexa
6、mplelabcontractsoftensetwagesfuptothreeyears.firmssuchasmagazinepublisherschangetheirpricesonlyeverythreetofouryears.Mostmacroeconomistsbelievethatpriceflexibilityisareasonableassumptionfstudyinglongrunissues.Overthelong
7、runpricesrespondtochangesindemsupplyeventhoughintheshtruntheymaybeslowtoadjust.ProblemsApplications1.MoarypolicyintheUnitedStatestheEuropeanUnionhasbeenabigtopicofconversationinearly2015.TheEUembarkeduponaquantitativeeas
8、ingpolicyinMarch2015inanattempttostimulategrowthpreventdeflation.TherehasbeensomeconcernthattheinflationrateinEuropewillturnnegative.IntheUnitedStatesthereiscontinueddiscussionspeculationconcerningwhentheFederalReservemi
9、ghtchoosetoincreasethetargetfederalfundsrate.AlsointheUnitedStatestheunemploymentratehasdeclinedtoabout5.5percentthissuggeststhatwagesmaybegintoincrease.TheFederalReservewillbewatchingfwagepriceincreasesastheydecidewhent
10、oincreaseinterestrates.2.3.Manyphilosophersofsciencebelievethatthedefiningacteristicofascienceistheuseofthescientificmethodofinquirytoestablishstablerelationships.Scientistsexaminedataoftenprovidedbycontrolledexperiments
11、tosupptdisproveahypothesis.Economistsaremelimitedintheiruseofexperiments.Theycannotconductcontrolledexperimentsontheeconomytheymustrelyonthenaturalcourseofdevelopmentsintheeconomytocollectdata.Totheextentthateconomistsus
12、ethescientificmethodofinquirythatisdevelopinghypothesestestingthemeconomicshastheacteristicsofascience.Wecanuseasimplevariantofthesupplydemmodelfpizzatoanswerthisquestion.Assumethatthequantityoficecreamdemeddependsnotonl
13、yonthepriceoficecreamincomebutalsoonthepriceoffrozenyogurt:Qd=D(PICPFYY).Weexpectthatdemficecreamriseswhenthepriceoffrozenyogurtrisesbecauseicecreamfrozenyogurtaresubstitutes.ThatiswhenthepriceoffrozenyogurtgoesupIconsum
14、elessofitinsteadfulfillmeofmyfrozendesserturgesthroughtheconsumptionoficecream.Chapter1—TheScienceofMacroeconomics1AnswerstoTextbookQuestionsProblemsCHAPTER2TheDataofMacroeconomicsQuestionsfReview1.2.GDPmeasuresthetotali
15、ncomeearnedfromtheproductionofthenewfinalgoodsservicesintheeconomyitmeasuresthetotalexpendituresonthenewfinalgoodsservicesproducedintheeconomy.GDPcanmeasuretwothingsatoncebecausethetotalexpendituresonthenewfinalgoodsserv
16、icesbythebuyersmustbeequaltotheincomeearnedbythesellersofthenewfinalgoodsservices.Asthecircularflowdiagraminthetextillustratesthesearealternativeequivalentwaysofmeasuringtheflowofdollarsintheeconomy.ThefourcomponentsofGD
17、Pareconsumptioninvestmentgovernmentpurchasesexpts.TheconsumptioncategyofGDPconsistsofhouseholdexpendituresonnewfinalgoodsservicessuchasthepurchaseofanewtelevision.TheinvestmentcategyofGDPconsistsofbusinessfixedinvestment
18、residentialfixedinvestmentinventyinvestment.Whenabusinessbuysnewequipmentthiscountsasinvestment.Governmentpurchasesconsistsofpurchasesofnewfinalgoodsservicesbyfederalstatelocalgovernmentssuchaspaymentsfnewmilitaryequipme
19、nt.exptsmeasuresthevalueofgoodsservicessoldtoothercountriesminusthevalueofgoodsservicesfeignerssellus.WhentheU.S.sellscntofeigncountriesitcountsintheexptcategyofGDP.3.Theconsumerpriceindex(CPI)measurestheoveralllevelofpr
20、icesintheeconomy.Ittellsusthepriceofafixedbasketofgoodsrelativetothepriceofthesamebasketinthebaseyear.TheGDPdeflatistheratioofnominalGDPtorealGDPinagivenyear.TheGDPdeflatmeasuresthepricesofallgoodsservicesproducedwhereas
21、theCPIonlymeasurespricesofgoodsservicesboughtbyconsumers.TheGDPdeflatincludesonlydomesticallyproducedgoodswhereastheCPIincludesdomesticfeigngoodsboughtbyconsumers.FinallytheCPIisaLaspeyresindexthatassignsfixedweightstoth
22、epricesofdifferentgoodswhereastheGDPdeflatisaPaheindexthatassignschangingweightstothepricesofdifferentgoods.Inpracticethetwopriceindicestendtomovetogetherdonotoftendiverge.4.5.TheCPImeasuresthepriceofafixedbasketofgoodsr
23、elativetothepriceofthesamebasketinthebaseyear.ThePCEdeflatistheratioofnominalconsumerspendingtorealconsumerspending.TheCPIthePCEdeflataresimilarinthattheybothonlyincludethepricesofgoodspurchasedbyconsumerstheybothinclude
24、thepriceofimptedgoodsaswellasdomesticallyproducedgoods.ThetwomeasuresdifferbecausetheCPImeasuresthechangeinthepriceofafixedbasketwhereasthegoodsmeasuredbythePCEdeflatchangefromyeartoyeardependingonwhatconsumersarepurchas
25、inginthatparticularyear.TheBureauofLabStatistics(BLS)classifieseachpersonintooneofthefollowingthreecategies:employedunemployednotinthelabfce.Theunemploymentratewhichisthepercentageofthelabfcethatisunemployediscomputedasf
26、ollows:UnemploymentRate=.Notethatthelabfceisthenumberofpeopleemployedplusthenumberofpeopleunemployed.6.EverymonththeBureauofLabStatisticsundertakestwosurveystomeasureemployment.FirsttheBLSsurveysabout60000householdsthere
27、byobtainsanestimateoftheshareofpeoplewhosaytheyarewking.TheBLSmultipliesthissharebyanestimateofthepopulationtoestimatethenumberofpeoplewking.SecondtheBLSsurveysabout160000businessestablishmentsaskshowmanypeopletheyemploy
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