曼昆宏观经济学第七版英文答案

《曼昆宏观经济学第七版英文答案》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。

1、AnswerstoTextbookQuestionsandProblemsCHAPTER1TheScienceofMacroeconomicsQuestionsforReview1.Microeconomicsisthestudyofhowindividualfirmsandhouseholdsmakedecisions,andhowtheyinteractwithoneanother.Microeconomicmodelsoffirmsandhouseholdsarebasedonprinciplesofoptimization—firmsandhouseholdsdothebe

2、sttheycangiventheconstraintstheyface.Forexample,householdschoosewhichgoodstopur-chaseinordertomaximizetheirutility,whereasfirmsdecidehowmuchtoproduceinordertomaximizeprofits.Incontrast,macroeconomicsisthestudyoftheeconomyasawhole;itfocusesonissuessuchashowtotaloutput,totalemployment,andtheover

3、allpricelevelaredetermined.Theseeconomy-widevariablesarebasedontheinteractionofmanyhouseholdsandmanyfirms;therefore,microeconomicsformsthebasisformacroeconomics.2.Economistsbuildmodelsasameansofsummarizingtherelationshipsamongeconomicvariables.Modelsareusefulbecausetheyabstractfromthemanydetai

4、lsintheecono-myandallowonetofocusonthemostimportanteconomicconnections.3.Amarket-clearingmodelisoneinwhichpricesadjusttoequilibratesupplyanddemand.Market-clearingmodelsareusefulinsituationswherepricesareflexible.Yetinmanysituations,flexiblepricesmaynotbearealisticassumption.Forexample,laborcon

5、tractsoftensetwagesforuptothreeyears.Or,firmssuchasmagazinepub-lisherschangetheirpricesonlyeverythreetofouryears.Mostmacroeconomistsbelievethatpriceflexibilityisareasonableassumptionforstudyinglong-runissues.Overthelongrun,pricesrespondtochangesindemandorsupply,eventhoughintheshortruntheymaybe

6、slowtoadjust.ProblemsandApplications1.Mostofthemacroeconomicissuesthathavebeeninthenewslately(early2009)arerelatedtotheworseningrecessionthatofficiallybeganinDecemberof2007.Theecon-omyhasnotseenarecessionlikethissincetheback-to-backrecessionsof1980–1982.Noteworthytopicswouldbeanunemploymentrat

7、ethathit8.1%inFebruary2009,arisingsavingrate,aninflationratethatisnearzero,outputgrowththatwas–6.3%inthefourthquarterof2008,theongoingfinancialandhousingmarketcrises,andnewsaboutthestimuluspackagedesignedtohelptheeconomyrecovermorequick