曼昆《经济学原理》习题答案（第十一章）
2009-12-14 16:01阅读：
Questions for Review：
1. Which do you think has a greater effect on the consumer
price index: a 10 percent increase in the price of chicken
or a 10 percent increase in the price of caviar? Why?
答案：The consumer price index (CPI) is a measure of the overall cost
of the goods and services bought by a typical consumer.The first
step in computing the consumer price index is to determine which
prices are most important to the typical consumer.To a typical
consumer the price of chicken is more important than the price of
caviar, so a 10% increase in the price of chicken has a greater
effect on the CPI than the 10% increase in the price of
caviar.
2. Describe the three problems that make the consumer
price index an imperfect measure of the cost of living.
答案：The consumer price index is an imperfect measure of the cost of
living for three reasons. First, it does not take into account
consumers’ ability to substitute toward
good
s that become relatively cheaper over time. Second, it does not
take into account increases in the purchasing power of the dollar
due to the introduction of new
goods. Third, it is distorted by unmeasured changes in the quality
of goods and services. Because of these measurement problems, the
CPI overstates annual inflation by about 1 percentage point.
3. If the price of a Navy submarine rises, is the consumer
price index or the GDP deflator affected more? Why?
答案：The first difference between GDP deflator and CPI is that
the GDP deflator reflects the prices of all goods and services
produced domestically, whereas the consumer price index reflects
the prices of all goods and services bought by consumers.Even
though the Navy submarine is part of GDP, it is not
part of the basket of goods and services bought by a typical
consumer. Thus, the price increase shows up in the GDP deflator but
not in the consumer price index.
4. Over a long period of time, the price of a candy bar rose
from $0.10 to $0.60. Over the same period, the consumer
price index rose from 150 to 300. Adjusted for overall
inflation, how much did the price of the candy bar
change?
答案：Price of candy bar today
=Price of candy bar
before * price level today/price level before
=0.10 * 300/150 =
$0.20;
Price of candy bar before is equivalent to the price of today of
just $0.20 while the actual price of candy bar today is $0.60.So
there is a major rise of $0.40 in the price of candy bar.
5. Explain the meaning of nominal interest rate and real
interest rate. How are they related?
答案：The interest rate that the bank pays is called the nominal
interest rate, and the
interest rate corrected for inflation is called the real interest
rate. The nominal interest rate is the interest rate usually
reported; it is the rate at which the number of dollars in a
savings account increases over time. By contrast, the real interest
rate takes into account changes in the value of the dollar over
time. The real interest rate equals the nominal interest rate minus
the rate of inflation.
Problems and Applications：
1. Suppose that people consume only three goods, as
shown in this table:
TENNIS
TENNIS
BALLS
RACQUETS GATORADE
2001 price $2
$40
$1
2001 quantity 100
10
200
2002 price $2
$60
$2
2002 quantity 100
10
200
a. What is the percentage change in the price of each
of the three goods? What is the percentage change
in the overall price level?
答案：Price change in tennis balls=0%
Price change in tennis
racquets=(60-40)/40*100%=50%
Price change in
Gatorade=(2-1)/1*100%=100%;
CPI2001=(2*100+40*10+1*200)/(200+400+200)*100=100;
CPI2002=(2*100+60*10+2*200)/(200+400+200)*100=150;
Inflation
rate=(CPI2002-CPI2001)/CPI2001*100%=50%;
So the overall price level rises by 50%;
b. Do tennis racquets become more or less expensive
relative to Gatorade? Does the well-being of some
people change relative to the well-being of others?
Explain.
答案：The price change in tennis racquets is 50% while the price
change in the Gatorade is 100%; So tennis racquets become less
expensive relative to Gatorade. Because the price level of tennis
racquets and Gatorade increased by 50% and 100% respectively while
the price of tennis ball doesn't change. So the well-being of the
consumers of Tennis racquets and Gatorade changes relative to the
well-being of the the tennis ball consumers.
2. Suppose that the residents of Vegopia spend all of their
income on cauliflower, broccoli, and carrots. In 2001
they buy 100 heads of cauliflower for $200, 50 bunches
of broccoli for $75, and 500 carrots for $50. In 2002 they
buy 75 heads of cauliflower for $225, 80 bunches of
broccoli for $120, and 500 carrots for $100. If the base
year is 2001, what is the CPI in both years? What is the
inflation rate in 2002?
答案：Took 2001 as the base year, the quantity of cauliflower,
broccoli, and carrots consumed is 100, 50, 500 respectively, based
on which we can calculates the CPI2001=100;
CPI2002=(100*225+50*120+500*100)/(100*200+50*75+500*50)*100=161;
Inflation rate2002=(161-100)/100*100%=61%;
3. From 1947 to 1997 the consumer price index in the
United States rose 637 percent. Use this fact to adjust
each of the following 1947 prices for the effects of
inflation. Which items cost less in 1997 than in 1947 after
adjusting for inflation? Which items cost more?
ITEM
1947 PRICE
1997 PRICE
University of Iowa tuition
$130
$2,470
Gallon of gasoline
$0.23
$1.22
Three-minute phone call
from New York to L.A.
$2.50
$0.45
One-day hospital stay in
intensive care unit
$35
$2,300
McDonald’s hamburger
$0.15
$0.59
答案：University Tuition in 1997 dollar=130*7.37=958.1;
Gallon of gasoline
in 1997 dollar=0.23*7.37=1.70;
Phone call in 1997
dollar=2.50*7.38=18.45;
Intensive care unit in 1997
dollar=35*7.37=257.95;
Hamburger in 1997
dollar=0.15*7.37=1.11;
So after adjusting for inflation Gallon of gasoline, phone call and
McDonald's hamburger cost less in 1997 than in 1947; University
Tuition, Intensive care unit cost more in 1997 than in 1947;
