答案和详解如下： 1.Which of the following relationships in regard to the equation of exchange is least accurate? A) Nominal GDP = (Price)(Real Output). B) Nominal GDP = (Money Supply)(Velocity) = (Price)(Real Output). C) (Money)(Velocity) = (Money Supply)(Velocity). D) Nominal GDP = (Price)(Money Supply). The correct answer was D) The equation of exchange holds that: (Money Supply)(Velocity) = Nominal GDP = (Price)(Real Output). 2.Which of the following statements is least accurate? According to the quantity theory of money: A) velocity is determined by institutional factors. B) inflation is a function of increases in the money supply. C) the price level is equal to the quantity of output divided by the money supply. D) velocity and real output are not determined by the money supply. The correct answer was C) The equation of exchange states that MV = PY, so P = MV/Y. The other statements are true. According to the quantity theory of money, an increase in the money supply will cause a proportionate increase in prices, while velocity and real output are determined by institutional factors and are independent of the money supply. 3.The quantity theory of money states that: A) a decrease in the money supply will cause a proportional increase in prices. B) monetary and fiscal policy must be used in tandem. C) money supply multiplied by velocity equals real output. D) an increase in the money supply will cause a proportional increase in prices. The correct answer was D) The quantity theory is in no way related to fiscal policy. Money supply multiplied by velocity must equal nominal gross domestic product (GDP). 4.In a recent discussion on the quantity theory of money, three junior economists, Fred Sauvage, Linda McIntyre and Jason Richards, were discussing the long-run changes in economic variables that would result from an increase in the money supply. They stated the following: Sauvage: According to the quantity theory of money, in the long run only the price level would change if the central bank increased the money supply. McIntyre: According to the quantity theory of money, an increase in the money supply would bring about a long-run decline in unemployment. Richards: According to the quantity theory of money, in the long run only the velocity of money would change as a result of an increased money supply. Are the statements made by Sauvage, McIntyre and Richards correct? A) Incorrect Correct CorrectB) Correct Incorrect Incorrect C) Correct Incorrect Correct D) Correct Correct Incorrect The correct answer was B) The quantity theory of money states that an increase in the money supply will cause a proportional increase in prices in the long run. The original proponents of the quantity theory felt that velocity and output were determined by institutional factors other than the money supply and were thus nearly constant. Therefore, if the money supply increases while velocity and quantities are fixed, prices must rise. 5.Which of the following is the most accurate definition of the velocity of money? The velocity of money is the: A) GDP of a country divided by its price level. B) money supply of a country divided by its price level. C) GDP of a country divided by its money supply. D) total income of a country divided by its GDP. The correct answer was C) Velocity is the average number of times per year each dollar is used to buy goods and services (velocity = GDP / money). Therefore, the money supply multiplied by velocity must equal nominal GDP. The equation of exchange must hold with velocity defined in this way. Letting money supply = M, velocity = V, price = P, and real output = Y, the equation of exchange may be symbolically expressed as: MV = PY. | 
发表于 2008-5-15 13:27
|