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• Question 1 (20 marks)

The nation of Plotonic produces cloths, rice, and shoes. The following table provides prices and quantities of the three goods in the years 2012 and 2015.

 Year Cloths Rice Shoes Quantity Price \$ Quantity (kg) Price \$ Quantity (pair) Price \$ 2012 100 10 300 4 200 20 2015 130 14 250 6 130 25

Assume that 2012 is the base year. Find nominal GDP and real GDP for both years and comment about the change in GDP and reasons of change in GDP if any.

Question 2 (20 marks)

Production data for Alex’s computer assemble factory are as follows:
 Number of workers Computer assembled per day 1 2 3 4 5 12 22 30 36 40

Other than wages, Alex has cost of \$120 (for parts and so on) for each bike assembled.
a. Each computer sell for \$180. Find the marginal product and the value of the marginal product for each worker (don’t forget about cost for parts).
b. Make a table showing Alex’s demand curve for labor.
c. Repeat part b for the case in which computer sell for \$220 each.
d. Repeat part b for the case in which worker productivity increases by 50%. Computer sell for \$200.

Question 3 (20 marks)

John and Alice are trying to decide whether to purchase a new house. The house they want to purchase is priced at \$200,000. Annual expenses such as maintenance, taxes, and insurance equal 4% of the house’s value. If property maintained, the house’s real value is not expected to change. The real interest rate in the market is 6%, and John and Alice can qualify to borrow the full amount of the purchase price (assume no down payment) at that rate. Ignore the fact that mortgage interest payments are tax-deductible in Australia.
1. John and Alice would be willing to pay \$1,500 monthly rent to live in a house of the same quality as the one they are thinking to purchase. Should they buy the house?
2. Does the answer to part a change if they are willing to pay \$2,000 monthly rent?
3. Does the answer to part a change if the real interest rate is 4% instead of 6%?
4. Does the answer to part a change if the developer offers to sell John and Alice the house for \$150,000?
5. Why do home-building companies dislike high interest rates?

Question 4 (20 marks) (Ref. Ch.22, Q8)

An economy is described by the following equations:

C = 6,000 + 0.5 (Y – T)
Ip = 2,000
G = 4,500
NX = 500
T = 4,000
Y* = 21,000

a. For this economy, find the following: autonomous expenditure, the multiplier, short-run equilibrium output, and the output gap.
b. Illustrate this economy’s short-run equilibrium on a Keynesian-cross diagram.
c. Calculate the amount by which autonomous expenditure would have to change to eliminate the output gap.
d. Suppose that the government decided to close the output gap by increasing taxes. By how much must taxes be increased in order to do this?

Question 5 (20 marks)

Suppose the economy is initially in long-run equilibrium. Now, due to decline in house prices, consumers reduce their consumption spending.
a. Explain how the decline in consumer spending affects the AD curve.
c. Now, in addition to the decline in consumer spending, suppose that the economy experiences a negative inflation shock.
(ii) Discuss, using AD-AS diagrams, what choices the government now must make regarding stabilisation policy.

第一题(20分)

普罗通民族生产衣服、大米和鞋子。下表是这三种商品在2012年和2015年的价格和数量。

年衣服米鞋

数量价格\$数量(公斤)价格\$数量(双)价格\$

2012 100 10 300 4 200 20

2015 130 14 250 6 130 25

假设2012年是基准年。找出这两年的名义GDP和实际GDP，并评论GDP的变化和变化的原因，如果有的话。

第二题(20分)

Alex的电脑组装工厂的生产数据如下:

每天组装电脑的人数

1

2

3.

4

5 12

22

30.

36

40

除了工资，Alex每组装一辆自行车要花120美元(零件等)。

每台电脑卖180美元。找出每个工人的边际产品和边际产品的价值(不要忘记零件成本)。

b.制作一张表格显示Alex的劳动力需求曲线。

c.对于每台电脑售价为220美元的情况，重复b部分。

d.在工人生产率提高50%的情况下重复b部分。电脑售价200美元。

第三题(20分)

约翰和艾丽丝正在考虑是否买新房子。他们想买的房子标价20万美元。每年的维修、税收和保险等费用相当于房子价值的4%。如果财产得到保留，房屋的实际价值预计不会改变。市场的实际利率是6%，约翰和爱丽丝有资格以这个利率全额贷款(假设没有首付)。忽略抵押贷款利息支付在澳大利亚是免税的这一事实。

a) john和Alice愿意每月付1500美元的房租，住在和他们想买的房子质量一样的房子里。他们应该买房子吗?

b)如果他们愿意每月付2000美元的租金，答案会改变吗?

c)如果实际利率是4%而不是6%，那部分的答案会改变吗?

d)如果开发商提出以15万美元的价格把房子卖给约翰和爱丽丝，分开的答案会改变吗?

e)为什么住宅建筑公司不喜欢高利率?

第四题(20分)(参考Ch.22, Q8)

一个经济体可以用以下公式来描述:

C = 6000 + 0.5 (y - t)

Ip = 2000

G = 4500

NX = 500

T = 4000

Y * = 21000

对于这个经济体，找到如下:自主支出、乘数、短期均衡产出和产出缺口。

用凯恩斯交叉图说明经济的短期均衡。

c.计算为消除产出缺口而必须改变的自主支出的数额。

d.假设政府决定通过增税来弥补产出缺口。要做到这一点，税收必须增加多少?

第五题(20分)

假设经济最初处于长期均衡状态。现在，由于房价下跌，消费者减少了他们的消费支出。