曼昆《宏觀經濟學》習題答案(PDF 148頁)

Questions for Rev IEw
1. GDP measures both the total income of everyone in the economy and the total expend ITure
on the economy’s output of goods and services. GDP can measure two things at
once because both are really the same thing: for an economy as a whole, income must
EQual expend ITure. As the circular flow diagram in the text illustrates, these are alternative,
EQuivalent ways of measuring the flow of dollars in the economy.
2. The consumer price index measures the overall level of prices in the economy. ITtells us
the price of a fixed basket of goods relative to the price of the same basket in the base
year.
3. The Bureau of Labor Statistics classif IEs each person into one of the following t HRee categor IEs:
employed, unemployed, or not in the labor force. The unemployment rate,
which is the percentage of the labor force that is unemployed, is computed as follows:
Unemployment Rate = .
Note that the labor force is the number of people employed plus the number of people
unemployed.
4. Okun’s law refers to the negative relationship that exists between unemployment and
real GDP. Employed workers help produce goods and services whereas unemployed
workers do not. Increases in the unemployment rate are therefore asso ciated w ITh
decreases in real GDP. Okun’s law can be summarized by the EQuation:
%ΔReal GDP = 3% – 2 × (ΔUnemployment Rate).
That is, if unemployment does not change, the growth rate of real GDP is 3 percent. For
every percentage-point change in unemployment (for example, a fall from 6 percent to 5
percent, or an increase from 6 percent to 7 percent), output changes by 2 percent in the
oppos ITe direction.
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