1. A: Government transfer payments are not included in GDP, because government transfer payments simply transfer income from one person or organization to another through taxes (including social security taxes) and social insurance and social relief, and no corresponding goods or labor occur. For example, the government gives relief to the disabled, and it is not the disabled who create income; On the contrary, it is precisely because he lost his income-generating ability that he lost his source of livelihood and got relief. Buying a second-hand truck is not included in GDP, because it is already included in production. Buying ordinary stocks is not included in GDP, because investment in economics is the expenditure of increasing or replacing capital assets, that is, buying new factories, equipment and stocks, while people buying stocks and bonds is only a securities trading activity, not an actual production and operation activity. Buying a property is not included in GDP, because buying a property is only an ownership transfer activity, not an investment activity in the economic sense, so it is not included in GDP.

2. Answer: The essence of social insurance tax is the insurance premium paid by enterprises and employees to obtain social security. It is collected by the relevant government departments (usually the Social Insurance Bureau) in the form of tax at a certain tax rate. Social insurance tax is deducted from national income, so the increase of social insurance tax does not affect GDP and NI, but affects personal income PI. The increase of social insurance tax will reduce personal income, and will also affect disposable personal income in a certain sense. However, it should be considered that the increase of social insurance tax does not affect disposable income, because once personal income is determined, only the change of personal income tax will affect disposable personal income DPI.

3. If Party A and Party B merge into one country, it will have an impact on the total GDP. Because when Party A and Party B are not merged into one country, they may have trade, but this trade will only affect the GDP of country A or country B, and will not affect the total GDP of the two countries. For example, country A exports 10 machines to country B, with a value of $654.38 million, and country B exports 800 sets of clothes to country A, with a value of $80,000. From the perspective of country A, the net export included in GDP is $20,000, and the net export included in country B is-$20,000; Judging from the total GDP of the two countries, the value included in GDP is 0. If these two countries merge into one country, the trade between the two countries will become the trade between the two regions. Zone A sold 10 machines to Zone B. In terms of income, Zone A increased by $65,438+million. In terms of expenditure, area B increased by more than $654.38 million. On the contrary, area B sold 800 sets of clothes to area A, and in terms of income, area B increased by $80,000; In terms of expenditure, Area A increased by $80,000. Because Party A and Party B are a country, the income of this country is $6,543.8 +0.8 million, and the investment and consumption expenditure is $6,543.8 +0.8 million. Therefore, in terms of income and expenditure, the value included in GDP is $654.38+$800,000.

4. Answer: (1) The necklace is the final product, worth 400,000 dollars.

(2) The output of the mining stage is 654.38+ million dollars, and the output of the silverware manufacturing stage is 300,000 dollars, that is, 40-654.38+00 dollars = 300,000 dollars, and the added value of the two stages is 400,000 dollars.

(3) In production activities, the salary * * * is 7.5+5 =125,000 USD, and in production activities, the profit * * * is (10-7.5)+(305-5) = 275,000 USD.

The GDP calculated by income method * * * is12.5+27.5 = USD 400,000.

It can be seen that the GDP calculated by the final product method, multiplication method and income method is the same.

5. Answer: (1) 1.998 Nominal GDP =100×10+200×1+500× 0.5 =1.450 USD.

(2) Nominal GDP1999 =10×/kloc-0+200×1.5+450×1=1850 USD.

(3) Based on 1998, the actual GDP is 1998 = 1450 USD, and the actual GDP is1999 =10×/kloc-0+200× 65449.

(4) Based on 1999, the actual GDP is 1999 GDP= 1850 USD, and the actual GDP is1998 =100×/kloc-0+200×/0.

The change of GDP is caused by two factors: one is the change of the quantity of goods and services produced, and the other is the change of the prices of goods and services. The sentence "The change of GDP depends on which year's price we use to measure the real GDP" only talks about the latter factor, so it is incomplete.

(6) Based on 1998, GDP conversion index 1998 = nominal GDP/ actual GDP =1450/1450 =100%, and GDP conversion index1.

6. A: The value of (1)A is increased to 5000–3000 = 2000 USD.

The value of B is increased to 500–200 = 300 USD.

The value of c is increased to 6000–2000 = 4000 USD.

The total value increased to 2000+300+4000 = 6300 USD.

(2) The final product value is 2800+500+3000 = 6300 USD.

Among them, 2800, 500 and 3000 are the final products sold by A, B and C to consumers respectively.

(3) The national income is 6300–500 = 5800 USD.

7. Answer: (1) Net GDP = GDP capital consumption compensation, and capital consumption compensation means that depreciation is equal to the balance of total investment minus net investment, that is, 8–30 = 50 billion US dollars, so net GDP = 48–50 = 430 billion US dollars.

(2) From GDP=c+i+g+nx, we know that NX = GDP–C–I–G, so the net export NX = 4800–3000–800–960 = USD 4 billion.

(3) BS stands for government budget surplus, and T stands for net tax revenue, that is, government tax revenue minus government transfer payment, so BS = T–G, thus T = BS+G = 30+960 = 990 billion US dollars.

(4) Disposable personal income was originally the balance after personal income tax, and indirect taxes, corporate profits, social insurance taxes and other factors were not explained in this question. Therefore, disposable personal income can be directly derived from the net national product, YD = NNP–T = 4300–990 = 3310 billion US dollars.

(5) Personal savings S = YD–C = 3310–3000 = 31billion dollars.

8. Answer: (1) If S stands for savings and yD stands for disposable personal income, then S = YD–C = 4100–38 = 30 billion yuan.

(2) I stands for investment, Sp, Sg and Sr stand for savings of private sector, government sector and external sector respectively, that is, Sg = t-g = BS, where T stands for government tax revenue, G stands for government expenditure and BS stands for budget surplus. The topic SG = BS =-200 billion yuan.

Sr represents the savings of foreign departments, so foreign exports are less than imports, while for China, imports are less than exports, which is 100 in this problem, so I = sp+SG+Sr = 30+(-200)+100 = 20 billion yuan.

(3) According to GDP=c+i+ g+(x-m), the government expenditure G = 5000–3800–200-(-100) =1000 billion yuan.

9. A: In the national income accounting system, according to the definitions of savings and investment, the identity of savings and investment exists completely. According to the definition, GDP always equals consumption plus investment, GNI equals consumption plus savings, and GDP always equals GNI, so savings always equals investment. This identity relationship is the identity relationship between the total supply (C+S) and the total demand (C+I) of the two-sector economy. As long as these definitions of savings and investment are observed, savings and investment must be equal, regardless of whether the economy is full employment, inflation or balance. But this status does not mean that the savings that people are willing or planning will always have the investment that enterprises want. In real economic life, the different subjects and motives of savings and investment will lead to the inconsistency between planned investment and planned savings, the imbalance between total demand and total supply, and the economic expansion and contraction. When analyzing macroeconomic equilibrium, investment equals savings, which means that economic equilibrium can be formed only when planned investment equals planned savings. This is not the same as the actual savings equivalence relationship in national income accounting.

And ... Mark the sum in the figure below to get a point on the aggregate demand curve.

Now let's assume that p drops from 0 to 0. Due to the decline of P, the position where the LM curve moves IS the point where it intersects with the IS curve. The national income and interest rate expressed in points are added in turn. The points corresponding to the above figure can be found in the following figure. According to the same procedure, with the change of P, LM curve and IS curve can have many intersections, and each intersection represents a specific Y and P ... So P and P have many combinations, which constitute a series of points in the figure below. The curve AD obtained by connecting these points is aggregate demand curve.

From the above deduction about aggregate demand curve, we can see that aggregate demand curve represents the opposite relationship between total social demand and price level. That is, aggregate demand curve is inclined downward. Aggregate demand curve, who leans to the lower right, means that the higher the price level, the smaller the total demand; The lower the price level, the greater the total demand.

2. A: Fiscal policy is the government's policy of changing taxes and expenditures in order to affect total demand, thus affecting employment and national income. Monetary policy refers to the policy that the monetary authorities, that is, the central bank, adjust the total demand by changing the money supply through the banking system. Both fiscal policy and monetary policy affect interest rates, consumption and investment, and then total demand, thus adjusting employment and national income, and adjusting macro-economy by adjusting total demand, so it is called demand management policy.

3. A: The aggregate supply curve describes the dependence between national income and the general price level. It comes from the equilibrium of production function and labor market. When the capital stock remains unchanged, the national income level will increase with the increase of employment, which depends on the balance of the labor market. Therefore, the theory of total supply curve comes from production function and labor market equilibrium theory.

4. Answer: The theory of aggregate supply curve is mainly embodied by aggregate production function and labor market theory. In the labor market theory, economists have different views on the changes and adjustment speed of wages and prices.

The classical aggregate supply theory holds that there is no resistance to the operation of the labor market, and the labor market can be cleared when wages and prices can change flexibly, so that economic employment can always remain full employment, so that economic output can always remain at the level of full employment or potential output when other factors remain unchanged. Therefore, in the coordinate system with price as the ordinate and total output as the abscissa, the classical supply curve is a vertical line on the level of full employment output.

Keynes's total supply theory holds that in the short term, some prices are sticky, so they cannot be adjusted according to the changes in demand. Due to the stickiness of wages and prices, the short-term aggregate supply curve is not vertical. The Keynesian total supply curve is a horizontal line in the coordinate system with price as the ordinate and income as the abscissa, indicating that manufacturers in the economy are willing to supply any quantity of goods they need at the current price level. As the basis of Keynes's total supply curve, the idea is that the labor market cannot always be maintained in a state of full employment because of the stickiness of wages and prices, and manufacturers can obtain the required labor force at the current wage level because of unemployment. Therefore, their average production cost is considered to be unchanged with the change of output level.

Some economists believe that the classical and Keynesian aggregate supply curves represent two extreme views of the labor market respectively. In reality, the adjustment of wages and prices is often somewhere in between. In this case, in the coordinate system with price as the ordinate and output as the abscissa, the total supply curve extends to the upper right, which is the conventional aggregate demand curve.

In a word, there are three types of total supply curves in macroeconomics according to different assumptions about wages and prices in the total labor market.

5. A: Macroeconomics uses aggregate demand-aggregate supply to explain the depression, upsurge and stagflation in the economy, mainly by explaining the short-term income and price level. As shown in figure 1-63.

As can be seen from Figure 1-63, there are two kinds of short-term income and price level decisions. In the first case, AD is aggregate demand curve, so the output or income determined by the short-term supply curve, the intersection point E of aggregate demand curve and short-term supply curve is Y, and the price level is P, both of which are at a very low level. In the first case, the economy is in a depressed state.

In the second case, when the total demand increases and aggregate demand curve moves from AD to the right, the output or income determined by the intersection of the short-term aggregate supply curve and the new aggregate demand curve is zero, and the price level is zero, both of which are at a high level. In the second case, the economy is at a high level.

Now suppose that the short-term supply curve shifts to the left due to supply shocks (such as rising oil prices and wages), but aggregate demand curve will not change. In this case, the determination of short-term income and price level can be represented by figure 1-64.

In figure 1-64, AD is aggregate demand curve, which is a short-term total supply curve. The output or income determined by the intersection e of the two is, and the price level is P. Now, due to the supply shock, the short-term aggregate supply curve moves to the left, and the output or income determined by the intersection of aggregate demand curve and the new short-term aggregate supply curve is, and the price level is, this output is lower than the original output, but the price level is higher than the original price level. This situation shows that the economy is in a stagflation state, that is, the combination of economic stagnation and inflation.

6. A: There are some similarities in "form" between the two. The supply and demand model of microeconomics mainly explains the decision of price and quantity of a single commodity. The AD-AS model in macroeconomics mainly explains the price level of the whole economy and the decision of national income. They are all represented by two curves. In the coordinate system with price as the ordinate and quantity as the abscissa, the demand curve inclines to the lower right and the supply curve extends to the upper right.

But the two modes are quite different in content: First, the two modes involve different objects. The supply and demand model of microeconomics belongs to the micro field, while the AD-AS model of macroeconomics belongs to the macro field. Second, their theoretical basis is different. In microeconomics, the theoretical basis of demand curve in supply-demand model is consumer behavior theory, while the theoretical basis of supply curve is mainly cost theory and market theory, both of which belong to microeconomics. Aggregate demand curve's theoretical basis in macroeconomics is mainly product market equilibrium and money market equilibrium theory, while the theoretical basis of supply curve is mainly labor market theory and total production function, both of which belong to macroeconomics. Third, their respective functions are different. The supply-demand model in microeconomics can not only explain the decision of commodity price and quantity, but also explain the influence of the movement of demand curve and supply curve on commodity price and quantity. At best, this model only explains some phenomena and results of micro-market. The AD-AS model in macroeconomics can not only explain price and output decisions, but also explain macroeconomic fluctuations and the results of government intervention in the economy with macroeconomic policies.

7. Answer: (1) Yes;

2000 + P = 2400 - P

So P=200, =2200.

That is, the balance point between supply and demand.

(2) The total demand equation after left shift 10% is:

Therefore, there are:

2000+P = 2 160–P

P=80，=2080

Compared with (1), the new equilibrium indicates that the economy is in a state of depression.

(3) The total demand equation after shifting 10% to the right is:

Therefore, there are:

2000+P = 2640–P

P=320，=2320

Compared with (1), the new equilibrium shows that the economy is at a high level.

(4) The total supply equation after shifting 10% to the left is:

Therefore, there are:

1800+P = 2400–P

P=300，=2 100

Compared with (1), the new equilibrium shows that the economy is in stagflation.

(5) The total supply curve is a straight line inclined to the upper right, which belongs to the conventional type.

Chapter XVIII Unemployment and Inflation

1, Answer: Generally speaking, structural unemployment is more serious than frictional unemployment. Because frictional unemployment is caused by imperfect labor market operation mechanism or job changes in the process of economic reform. Unemployed people who are unemployed by friction are competent for the jobs they can get. Strengthening the role of unemployment service agencies, increasing employment information and assisting the flow of workers will all help reduce friction unemployment. Structural unemployment is caused by the change of economic structure, the rise and fall of industries and the imbalance of labor force, and some departments need labor force. There are vacancies, but the unemployed lack the ability to work in these departments and posts, and the cultivation of this ability takes a long time to complete, so the problem of structural unemployment is more serious.

2. Answer: No, full employment does not mean 100% employment. Even if the economy can provide enough job vacancies, the unemployment rate will not be equal to zero, and there will still be friction unemployment and structural unemployment in the economy. Keynes believed that if "involuntary unemployment" is eliminated and unemployment is limited to friction unemployment and voluntary unemployment, the economy will achieve full employment. Therefore, full employment does not mean that all people who have the ability to work have jobs.

3. Answer: The natural unemployment rate refers to the unemployment rate that should be in a balanced state when the spontaneous supply and demand forces of the labor market and the commodity market play a role without the interference of monetary factors, that is, the unemployment rate under full employment. It usually includes friction unemployment and structural unemployment. Productivity development, technological progress and institutional factors are important factors that determine the natural unemployment rate and lead to its rise. Specifically, it includes: (1) changes in the structure of workers. Generally speaking, the unemployment rate of young people and women is very high, and the increase of their proportion in the total labor force will lead to the increase of natural unemployment rate. (2) The influence of government policies. For example, in the unemployment relief system, some people prefer to be unemployed rather than engage in occupations with low wages and poor conditions, which increases the "job-seeking unemployment" in natural unemployment; The minimum wage law enables enterprises to hire as few people as possible, especially those with poor technical level, and at the same time strengthens the trend of machines replacing workers. (3) Factors of technological progress. With the use of new technology and equipment, the labor productivity and the technical composition of capital are constantly improving, which will inevitably reduce the demand for labor and lead to more unemployment. At the same time, technological progress makes some workers with low cultural and technical level unable to adapt to new jobs and be eliminated. (4) The organization of the labor market, such as the completeness and rapidity of labor information and the perfection of job introduction and guidance, will affect the change of the natural unemployment rate. (5) The increase of labor market or industry differences will increase the natural unemployment rate. Manufacturers, industries and regions will have ups and downs, and workers and manufacturers need time to adapt and cooperate. These will undoubtedly cause a large number of workers to flow and increase structural unemployment.

Monetarists believe that in wage negotiation, workers care about real wages rather than monetary wages. When the currency inflation rate is not too high and the workers do not form new inflation expectations, the substitution relationship between unemployment and inflation is called short-term Phillips curve. With the passage of time, workers find that their real wages drop with the rise of prices, and they will ask their employers to increase their monetary wages accordingly to make up for the losses caused by inflation. As workers constantly form new inflation expectations, the inflation rate in exchange for a certain unemployment rate is getting higher and higher, and a series of Phillips curves constantly move to the upper right, and finally evolve into a vertical Phillips curve, which is the long-term Phillips curve.

Phillips curve is formed by the continuous movement of short-term Phillips curve.

five

7. Answer: The inflation rate of 1985 is:

Similarly:

The expected inflation rate of 1987 is

Real interest rate 1987 = nominal interest rate-expected inflation rate =6% -3.0 15%=2.985%.

8. Answer: (1) Labor force = employment+unemployment =1.2+0.1= 65438+300 million.

9. Answer: (1) The natural unemployment rate is 6%;

(2) In order to reduce inflation by 5%, there must be periodic unemployment of 16%.

10, answer: the total supply curve reveals the relationship between total output and price level. Phillips curve reveals the substitution relationship between inflation rate and unemployment rate. Although the relationship between Phillips curve and total supply curve is different on the surface, they essentially express the same macroeconomic thought, just two sides of the same coin.

Under certain conditions, Phillips curve can be derived from total supply curve, and total supply curve can also be derived from Phillips curve.

Chapter 20 The Role of the International Economic Sector

1. A: Every country may have current account surplus and deficit, capital account surplus and deficit in a certain period of time. Of course, there may be a balance between these two projects, but this situation is mostly accidental.

The difference between net export and net capital outflow is called balance of payments, which is expressed by BP, namely:

Balance of payments = net export-net capital outflow

Or BP = nx-F

According to the definition of macroeconomics, the international balance of a country is also called external balance, which means that the international balance of a country is zero, that is, BP=0. The balance of payments can also be understood as follows: individuals and enterprises must pay for shopping abroad. If a person's expenditure exceeds his personal income, his deficit needs to be supported by selling assets or borrowing money. Similarly, if a country has a current account deficit, that is, foreign expenditure is greater than foreign income, then this deficit needs to be supported by selling assets abroad or borrowing from abroad. And this kind of asset sale or loan means that the country has an asset surplus. Therefore, any current account deficit should be offset by the corresponding capital inflow. If the balance of payments is positive, that is, BP > 0, the balance of payments surplus is also called balance of payments surplus, and if the balance of payments is negative, it is BP.

2. Answer:

(1) Exchange rate, like commodity price, is determined by the interaction between foreign exchange supply and foreign exchange demand. The equilibrium exchange rate is at the intersection of foreign exchange supply curve and demand curve.

(2) If the foreign exchange supply changes, the equilibrium exchange rate will change and reach the first balance according to the new supply. Generally speaking, the factors that affect the movement of foreign exchange demand curve and the factors that affect the movement of foreign exchange supply curve are all factors that affect exchange rate changes. In reality, the main factors that often affect exchange rate changes are import and export, investment or lending, foreign exchange investment and so on.

3. A: Consider the following macroeconomic models of an open economy:

Is constant, b is marginal propensity to consume, and b is marginal propensity to import.

rule

therefore

4. Answer: Assume that the domestic economy IS balanced, that is, in the following figure 1-68, the domestic economy is at the intersection point A of the IS curve and the LM curve, but the point A is not on the BP curve.

At thIS time, the internal equilibrium is determined by the IS curve and LM curve A. At this time, the income is y 1 and the interest rate is r 1. And point A is below the BP curve, so there is an external imbalance, more accurately, there is a balance of payments deficit. This means that during this period, the amount of foreign exchange paid to buy goods and services in the domestic economy or acquire assets abroad leads to a decrease in the foreign aggregate, resulting in a shortage of foreign exchange. Under the floating exchange rate system, this means that the domestic exchange rate depreciates or appreciates. With the increase of exchange rate, the IS curve and BP curve move to the right, for example, from IS 1 and BP 1 to IS2 and BP2, as shown in Figure 1-68. Because of these two movements, the economic equilibrium point finally becomes point B, and the corresponding income and interest rate are y2 and r2 respectively. At point B, there are internal equilibrium and external equilibrium. In short, under the floating exchange rate system, the adjustment of balance of payments deficit IS realized by moving BP curve and IS curve.