【正文】 sults when expansionary fiscal policy raises the interest rate and thereby reduces investment spending.54．stagflation: a period of falling output and rising prices.55．a(chǎn)utomatic stabilizers: changes in fiscal policy that stimulate aggregate demand when the economy goes into a recession without policymakers having to take any deliberate action.得 分評卷人四、簡答題( 8題中任選6題；每小題 5分，共 30 分)56．Why are property rights important for the growth of a nation39。. . . . .1．In the United States real GDP is reported each quarter. a. These numbers are adjusted to make them measure at annual and seasonally adjusted rates. b. These numbers are adjusted to make them annual rates, but no adjustment for seasonal variations are made. c. These numbers are quarterly rates that have been seasonally adjusted. d. These numbers are at quarterly rates and have not been seasonally adjusted.2．The price of CD players increases dramatically, causing a 1 percent increase in the CPI. The price increase will most likely cause the GDP deflator to increase by a. more than 1 percent. b. less than 1 percent. c. 1 percent. d. It is impossible to make an informed guess without more information.3．If increases in the prices of . medical care cause the CPI to increase by 2 percent, the GDP deflator will likely increase by a. more than 2 percent. b. 2 percent. c. less than 2 percent. d. All of the above are correct.4．The traditional view of the production process is that capital is subject to a. constant returns. b. increasing returns. c. diminishing returns. d. diminishing returns for low levels of capital, and increasing returns for high levels of capital.5．Which of the following is correct? a. Political instability can reduce foreign investment, reducing growth. b. Gary39。s Becker proposal to pay mothers in developing countries to keep their children in school has not worked very well in practice. c. Policies designed to prevent imports from other countries generally increase economic growth. d. All of the above are correct.6．Use the following table to answer the following question.StockSymYld %PEVol 100sHiLoCloseNet ChgGenMillsGIS3513758GilletteG313042830GracoGGG16705HersheyHSY385418Assume that the closing price was also the average price at which each stock transaction took place. What was the total dollar volume of Gillette stock traded that day? a. $912,840,000 b. $91,284,000 c. $9,128,400 d. $912,8407．Suppose that in a closed economy GDP is equal to 10,000, taxes are equal to 2,500 Consumption equals 6,500 and Government expenditures equal 2,000. What are private saving, public saving, and national saving? a. 1500, 1000, 500 b. 1000, 500, 1500 c. 500, 1500, 1000 d. None of the above are correct.8．Riskaverse people will choose different asset portfolios than people who are not risk averse. Over a long period of time, we would expect that a. every riskaverse person will earn a higher rate of return than every nonrisk averse person. b. every riskaverse person will earn a lower rate of return than every nonrisk averse person. c. the average riskaverse person will earn a higher rate of return than the average nonrisk averse person. d. the average riskaverse person will earn a lower rate of return than the average nonrisk averse person. 9．The natural rate of unemployment is the a. unemployment rate that would prevail with zero inflation. b. rate associated with the highest possible level of GDP. c. difference between the longrun and shortrun unemployment rates. d. amount of unemployment that the economy normally experiences.10．Suppose that the reserve ratio is 5 percent and that a bank has $1,000 in deposits. Its required reserves are a. $5. b. $50. c. $95. d. $950.11．Suppose a bank has $200,000 in deposits and $190,000 in loans. It has a reserve ratio of a. 5 percent b. percent c. 10 percent d. None of the above is correct.12．The inflation tax a. transfers wealth from the government to households. b. is the increase in ine taxes due to lack of indexation. c. is a tax on everyone who holds money. d. All of the above are correct.13．In 1898, prospectors on the Klondike River discovered gold. This discov