曼昆经济学原理(宏观分册)第23章课后习题答案(英文版)

Quick Quizzes:

1. Gross domestic product measures two things at once: (1) the total income of everyone in the

economy and (2) the total expenditure on the economy’s output of final goods and services.

It can measure both of these things at once because all expenditure in the economy ends up as

someone’s income.

2. The production of a pound of caviar contributes more to GDP than the production of a pound of

hamburger because the contribution to GDP is measured by market value and the price of a

pound of caviar is much higher than the price of a pound of hamburger.

3. The four components of expenditure are: (1) consumption; (2) investment; (3) government

purchases; and (4) net exports. The largest component is consumption, which accounts for

more than 70 percent of total expenditure.

4. Real GDP is the production of goods and services valued at constant prices. Nominal GDP is

the production of goods and services valued at current prices. Real GDP is a better measure of

economic well-being because changes in real GDP reflect changes in the amount of output

being produced. Thus, a rise in real GDP means people have produced more goods and

services, but a rise in nominal GDP could occur either because of increased production or

because of higher prices.

5. Although GDP is not a perfect measure of well-being, policymakers should care about it

because a larger GDP means that a nation can afford better healthcare, better educational

systems, and more of the material necessities of life.

Questions for Review:

1. An economy's income must equal its expenditure, because every transaction has a buyer and a

seller. Thus, expenditure by buyers must equal income by sellers.

2. The production of a luxury car contributes more to GDP than the production of an economy car

because the luxury car has a higher market value.

3. The contribution to GDP is $3, the market value of the bread, which is the final good that is

sold.

4. The sale of used records does not affect GDP at all because it involves no current production.

5. The four components of GDP are consumption, such as the purchase of a DVD; investment,

such as the purchase of a computer by a business; government purchases, such as an order for

military aircraft; and net exports, such as the sale of American wheat to Russia. (Many other

examples are possible.)

6. Economists use real GDP rather than nominal GDP to gauge economic well-being because real

GDP is not affected by changes in prices, so it reflects only changes in the amounts being

produced. You cannot determine if a rise in nominal GDP has been caused by increased

production or higher prices.

7.

405

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Chapter 23/Measuring a Nation’s Income ❖ 406

Year

2010

2011

Nominal GDP

100 X $2 = $200

200 X $3 = $600

Real GDP

100 X $2 = $200

200 X $2 = $400

GDP Deflator

($200/$200) X 100 = 100

($600/$400) X 100 = 150

The percentage change in nominal GDP is (600 – 200)/200 x 100% = 200%. The percentage

change in real GDP is (400 – 200)/200 x 100% = 100%. The percentage change in the deflator is

(150 – 100)/100 x 100% = 50%.

8. It is desirable for a country to have a large GDP because people could enjoy more goods and

services. But GDP is not the only important measure of well-being. For example, laws that

restrict pollution cause GDP to be lower. If laws against pollution were eliminated, GDP would

be higher but the pollution might make us worse off. Or, for example, an earthquake would

raise GDP, as expenditures on cleanup, repair, and rebuilding increase. But an earthquake is an

undesirable event that lowers our welfare.

Problems and Applications

1. a. Consumption increases because a refrigerator is a good purchased by a household.

b. Investment increases because a house is an investment good.

c. Consumption increases because a car is a good purchased by a household, but investment

decreases because the car in Ford’s inventory had been counted as an investment good

until it was sold.

d. Consumption increases because pizza is a good purchased by a household.

e. Government purchases increase because the government spent money to provide a good

to the public.

f. Consumption increases because the bottle is a good purchased by a household, but net

exports decrease because the bottle was imported.

g. Investment increases because new structures and equipment were built.

2. With transfer payments, nothing is produced, so there is no contribution to GDP.

3. If GDP included goods that are resold, it would be counting output of that particular year, plus

sales of goods produced in a previous year. It would double-count goods that were sold more

than once and would count goods in GDP for several years if they were produced in one year

and resold in another.

4. a. Calculating nominal GDP:

2010: ($1 per qt. of milk  100 qts. milk) + ($2 per qt. of honey  50 qts. honey) = $200

2011: ($1 per qt. of milk  200 qts. milk) + ($2 per qt. of honey  100 qts. honey) = $400

2012: ($2 per qt. of milk  200 qts. milk) + ($4 per qt. of honey  100 qts. honey) = $800

Calculating real GDP (base year 2010):

2010: ($1 per qt. of milk  100 qts. milk) + ($2 per qt. of honey  50 qts. honey) = $200

2011: ($1 per qt. of milk  200 qts. milk) + ($2 per qt. of honey  100 qts. honey) = $400

2012: ($1 per qt. of milk  200 qts. milk) + ($2 per qt. of honey  100 qts. honey) = $400

Calculating the GDP deflator:

2010: ($200/$200)  100 = 100

2011: ($400/$400)  100 = 100

2012: ($800/$400)  100 = 200

© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 23/Measuring a Nation’s Income ❖ 407

b. Calculating the percentage change in nominal GDP:

Percentage change in nominal GDP in 2011 = [($400 – $200)/$200]  100% = 100%.

Percentage change in nominal GDP in 2012 = [($800 – $400)/$400]  100% = 100%.

Calculating the percentage change in real GDP:

Percentage change in real GDP in 2011 = [($400 – $200)/$200]  100% = 100%.

Percentage change in real GDP in 2012 = [($400 – $400)/$400]  100% = 0%.

Calculating the percentage change in GDP deflator:

Percentage change in the GDP deflator in 2011 = [(100 – 100)/100]  100% = 0%.

Percentage change in the GDP deflator in 2012 = [(200 – 100)/100]  100% = 100%.

Prices did not change from 2010 to 2011. Thus, the percentage change in the GDP deflator

is zero. Likewise, output levels did not change from 2011 to 2012. This means that the

percentage change in real GDP is zero.

c. Economic well-being rose more in 2010 than in 2011, since real GDP rose in 2011 but not in

2012. In 2011, real GDP rose but prices did not. In 2012, real GDP did not rise but prices

did.

5. a. Calculating Nominal GDP:

Year 1: (3 bars  $4) = $12

Year 2: (4 bars  $5) = $20

Year 3: (5 bars  $6) = $30

b. Calculating Real GDP:

Year 1: (3 bars  $4) = $12

Year 2: (4 bars  $4) = $16

Year 3: (5 bars  $4) = $20

c. Calculating the GDP delator:

Year 1: $12/$12  100 = 100

Year 2: $20/$16  100 = 125

Year 3: $30/$20  100 = 150

d. The growth rate from Year 2 to Year 3 = (16 – 12)/12  100% = 4/12  100% = 33.3%

e. The inflation rate from Year 2 to Year 3 = (150 – 125)/125  100% = 25/125  100% =

20%.

f. To calculate the growth rate of real GDP, we could simply calculate the percentage change

in the quantity of bars. To calculate the inflation rate, we could measure the percentage

change in the price of bars.

6.

Year Nominal GDP GDP Deflator

(billions) (base year: 2005)

2009 $14,256 109.8

1999 $9,353 86.8

© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 23/Measuring a Nation’s Income ❖ 408

a. The growth rate of nominal GDP = 100%  [($14,256/$9,353)0.10 – 1] = 4.3%

b. The growth rate of the deflator = 100%  [(109.886.8)0.10 – 1] = 2.4%

c. Real GDP in 1999 (in 2005 dollars) is $9,353/(86.8/100) = $10,775.35.

d. Real GDP in 2009 (in 2005 dollars) is $14,256/(109.8/100) = $12,983.61.

e. The growth rate of real GDP = 100%  [($12,983.61/$10,775.35)0.10 – 1] = 1.9%

f. The growth rate of nominal GDP is higher than the growth rate of real GDP because of

inflation.

7. Many answers are possible.

8. a. GDP is the market value of the final good sold, $180.

b. Value added for the farmer: $100.

Value added for the miller: $150 – $100 = $50.

Value added for the baker: $180 – $150 = $30.

c. Together, the value added for the three producers is $100 + $50 + $30 = $180. This is the

value of GDP.

9. In countries like India, people produce and consume a fair amount of food at home that is not

included in GDP. So GDP per person in India and the United States will differ by more than their

comparative economic well-being.

10. a. The increased labor-force participation of women has increased GDP in the United States,

because it means more people are working and production has increased.

b. If our measure of well-being included time spent working in the home and taking leisure, it

would not rise as much as GDP, because the rise in women's labor-force participation has

reduced time spent working in the home and taking leisure.

c. Other aspects of well-being that are associated with the rise in women's increased

labor-force participation include increased self-esteem and prestige for women in the

workforce, especially at managerial levels, but decreased quality time spent with children,

whose parents have less time to spend with them. Such aspects would be quite difficult to

measure.

11. a.

b.

c.

d.

GDP equals the dollar amount Barry collects, which is $400.

NNP = GDP – depreciation = $400 – $50 = $350.

National income = NNP = $350.

Personal income = national income – retained earnings – indirect business taxes = $350 –

$100 – $30 = $220.

e. Disposable personal income = personal income – personal income tax = $220 – $70 =

$150.

© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.