宏觀經濟學部分，第一次刷題目，62道題目答對率是67%，做的過程中感覺這部分內容的題目相比微觀經濟學容易理解很多。
Q. Gross domestic product (GDP) is best defined as the total:
output of a country.
output of a country per person.
changes in real output of a country.
A is correct. GDP is the total output of a country. It is the total value of final goods and services produced within a country over a period of time. B is incorrect because the total output of a country per person measures GDP per capita. C is incorrect because total changes in real output of a country is a measure of economic growth.
Q. Which of the following best measures the relative wealth of citizens of different countries?
Real GDP
GDP per capita
Nominal GDP
B is correct. GDP per capita is defined as a country’s total GDP divided by population and describes the average wealth of each citizen of a country. A and C are incorrect because GDP—real and nominal—is a measure of total wealth of a country, which can be highly dependent on total population.
Q. In a given year, if a country’s GDP per capita decreases while total GDP is unchanged, then the population of the country has:
decreased.
remained the same.
increased.
C is correct. GDP per capita is calculated as total GDP divided by the population. A lower GDP per capita with an unchanged total GDP implies that the population has increased.
Q. The largest component of total GDP is most likely to be:
gross investment.
government spending.
consumer or household spending.
C is correct. Consumer or household spending is the largest component of total spending, and may be as high as 70% of total GDP.
Q. If all other factors remain the same, which of the following changes would most likely cause an increase in the growth rate of a country’s GDP?
An increase in productivity
An increase in unemployment
A decrease in the availability of capital
A is correct. An increase in productivity will lead to an increase in GDP, all other factors remaining the same. B is incorrect because an increase in unemployment (a decrease in the employed labour force) will lead to a decrease in GDP, all other factors being unchanged. C is incorrect because a decrease in the availability of capital will lead to a decrease in GDP, all other factors being unchanged.
Q. Which stage of the business cycle is most often characterised by rising interest rates and higher wages?
Recession
Expansion
Contraction
B is correct. During an economic expansion, production, inflation, interest rates, employment, and investment spending all tend to rise. Employees have more bargaining power in demanding higher wages. A and C are incorrect because inflation and interest rates tend to decline and unemployment tends to increase during a contraction. A recession is a significant economic contraction.
Q. Which of the following will most likely decrease when an economy is in the expansion phase of the business cycle?
Production
Unemployment rate
Consumer spending
B is correct. Unemployment tends to fall when an economy is in the expansion phase of the business cycle. A and C are incorrect because production and consumer spending tend to increase during the expansion phase of the business cycle.
Q. Which of the following phases of the business cycle most likely follows the peak phase?
Trough
Recovery
Contraction
C是正確的。商業週期可能會有所不同，但通常遵循擴張、高峯、收縮、低谷、復甦和迴歸擴張的模式。因此，經濟高峯之後很可能是一個收縮階段。A和B是不正確的，因爲低谷期和恢復期通常發生在收縮週期之後。
Q. Integrated global financial markets have most likely caused business cycles between countries to be:
less aligned.
unrelated.
more aligned.
C is correct. Integrated global financial markets have caused business cycles of various countries to become more closely aligned.
Q. Financial panics are most likely:
limited to specific countries.
limited to specific securities markets.
easily spread throughout the global economy.
C is correct. As financial markets are increasingly global, financial panics are easily spread throughout the global economy. A and B are incorrect because financial panics generally do not remain contained to specific markets or countries, but spread globally as experienced from 2007 to 2009.
Q. More closely aligned movements in the business cycles between countries is best explained by:
reduced international trade.
decreased mobility of labour.
increasingly connected financial markets.
C is correct. Movements in the business cycles of countries have become more closely aligned as a result of increasingly connected financial markets. A and B are incorrect because increased mobility of labour and growth in international trade result in economies becoming more closely aligned.
Q. Which of the following indicators is most appropriate to use in forecasting future economic activity?
Lagging economic indicators
Leading economic indicators
Coincident economic indicators
B is correct. Leading indicators usually signal changes in the economy in the future and, therefore, are considered useful for economic prediction and policy formulation. A is incorrect because lagging indicators signal a change in economic activity after it has already changed. C is incorrect because coincident indicators reveal current economic conditions but do not have predictive value.
Q. Current economic conditions are best shown by:
lagging economic indicators.
leading economic indicators.
coincident economic indicators.
C is correct. Coincident indicators reveal current economic conditions but do not have predictive value. A is incorrect because lagging indicators signal a change in economic activity after it has already changed. B is incorrect because leading indicators usually signal changes in the economy in the future.
Q. If consumers anticipate an inflationary environment, it may lead to consumer spending:
decreasing.
remaining unchanged.
increasing.
C is correct. Consumers may change the timing of their purchases in response to expected price changes. If they expect prices to increase (inflation), they may buy now rather than save (a lower savings rate).
Q. An economy experiencing deflation is most likely characterised by:
delayed consumption.
increased production.
reduced unemployment.
A is correct. In a deflationary environment, consumers may expect prices to continue falling and delay purchases (consumption). B and C are incorrect because companies, as a result of reduced consumer spending, are likely to reduce production, which leads to increased unemployment.
Q. Tools of fiscal policy include:
government spending.
open market operations.
changes in the central bank lending rate.
A是正確的。政府支出和稅收政策是財政政策的工具。B和C是不正確的，因爲公開市場操作和央行貸款利率的變化是貨幣政策的工具。
Q. Monetary policy is similar to fiscal policy in that:
legislation is required to implement policy decisions.
a time lag may occur before it affects economic growth.
commercial banks tend to react immediately by changing their lending terms.
B is correct. There can be a time lag before the effects of monetary and fiscal policies are realised. A is incorrect because fiscal policy is set by lawmakers whereas monetary policy is usually set by a central bank, which is often independent from other government branches and may not require legislative action. C is incorrect because commercial banks tend to respond quickly to monetary policy but not to fiscal policy.
Q. Fiscal policy that is intended to stimulate the economy includes decreases in:
tax rates.
interest rates.
public spending.
A是正確的。降低稅率是一種財政政策，旨在通過增加支出和總需求來刺激經濟。B是不正確的，因爲利率下降是旨在刺激經濟的貨幣政策的一個例子。C是不正確的，因爲公共開支的減少是旨在減緩經濟增長的財政政策的一個例子。
Q. Which of the following is a monetary policy tool?
Changes in tax rates
Open market operations
Decreases in government spending
B is correct. Monetary policies are typically carried out by central banks and include such tools as open market operations, changes in central bank lending rates, and changes in reserve requirements for commercial banks. A and C are incorrect because both are examples of fiscal policy tools.
Q. Which of the following best describes a limitation of monetary policy?
Crowding out of private borrowers
Long time lags until implementation
Unexpected responses from consumers
C是正確的。貨幣政策旨在改變企業和消費者的行爲，以刺激或減緩經濟。其中一個缺點是，消費者和企業可能不會像預期的那樣做出反應，導致政策失效。A和B都是錯誤的，因爲它們都是財政政策的限制。政府借貸和支出的增加可能會排擠私人借款者。與財政政策不同，貨幣政策可以迅速實施。B說“長時間滯後於實施”（不是“直到生效”！）。貨幣政策可以很快實施，但這並不意味着其效果很快。”貨幣和財政政策“描述了財政政策的時間滯後。報告指出，“貨幣政策的時滯可能更短，因爲各國央行可能能夠更快地採取行動。”各國央行可以更快地實施貨幣政策。
Q. Time lags until policies affect the economy are most likely associated with:
only fiscal policy.
only monetary policy.
both fiscal policy and monetary policy.
C是正確的。無論是貨幣政策還是財政政策，在政策變化與基於政策變化的行動影響經濟之間都可能存在明顯的時間差。
Q. A limitation of fiscal policy is that:
a tax reduction may lead to increased private sector spending.
as interest rates are lowered, consumers may choose to deleverage instead of spending more.
by the time the policy is finally functioning, the economic conditions for which it was designed may have already changed.
C is correct. Recognition, implementation, and response time lags exist in the application of fiscal policy so that when the action finally affects the economy, economic conditions may have already changed. A is incorrect. This is not a limitation of fiscal policy, but its intended result. B is incorrect. This describes a limitation of monetary policy, not fiscal policy.
Q. As an economy grows and transitions from an emerging to a developed country, the GDP growth rate is expected to:
decrease.
increase.
remain unchanged.
A是正確的。由於生產力的提高，發展中國家的國內生產總值增長率很高。但隨着這些國家向更發達的地位過渡，它們的國內生產總值增長率下降。國內生產總值增長的一個重要驅動力是勞動力的增長；發達國家通常人口老齡化，出生率低，因此其潛在勞動力增長緩慢，甚至可能下降。B不正確。國內生產總值的增長取決於勞動力的增長、生產率的提高（通常是技術發展的結果）和資本的可獲得性。在人口老齡化和低出生率的發達國家，潛在勞動力將緩慢增長，甚至可能下降，導致國內生產總值增長率低於發展中國家。C不正確。國內生產總值的增長取決於勞動力的增長、生產率的提高（通常是技術發展的結果）和資本的可獲得性。在人口老齡化和低出生率的發達國家，潛在勞動力將緩慢增長，甚至可能下降，導致國內生產總值增長率低於發展中國家。
Q. The consumer price index is a measure of:
the average selling price of all products in the economy.
the change in price of a basket of goods typically purchased by a household over time.
the average price of goods and services that have increased in price over a given period.
B is correct. The consumer price index is a measure of the change in price of a basket of goods typically purchased by a household over time. A is incorrect. The producer price index is the average selling price of products in the economy. C is incorrect. The consumer price index is a measure of the change in price of a basket of goods typically purchased by a household over time, whether they have increased or decreased.
Q. In an economy experiencing hyperinflation, consumers are most likely to:
prefer holding real assets.
find products and services widely available.
delay purchases until prices decrease further.
A is correct. Hyperinflation involves price increases so large and rapid that consumers find it hard to afford many products and services. Consumers prefer to hold real assets rather than money. In anticipation of further price increases, suppliers often delay production, which makes products and services hard to find. B is incorrect. In a country experiencing hyperinflation, suppliers often delay production anticipating further price increases, making products and services hard to find. C is incorrect. Hyperinflation involves price increases so large and rapid that consumers find it hard to afford many products and services. An economy experiencing deflation is being described in this distracter.
Q. An undesirable consequence of a stimulative monetary policy is a(n):
increase in inflation.
increase in the money supply.
decrease in the unemployment rate.
A is correct. The main goal of a stimulative monetary policy is to increase output and employment. An undesirable consequence of such a policy is that economic expansion may occur too rapidly and result in inflation. B is incorrect. Money supply will increase under a stimulative monetary policy, but that is by design and not necessarily undesirable. C is incorrect. A decrease in the unemployment rate would be considered a desirable consequence of a stimulative monetary policy.
Q. At a particular phase of the business cycle, an economy had the following characteristics:
Prices of bonds rose as investors with low-inflation expectations moved their portfolios from stocks to bonds.
The central bank implemented expansionary monetary policies.
The federal government launched direct spending programmes to stimulate employment.
This phase of the business cycle is best described as the:
peak phase.
expansion phase.
contraction phase.
C是正確的。在經濟週期的收縮階段：利率隨着通脹預期的降低和資本需求的下降而下降，從而導致債券價格上漲；企業利潤下降，投資者從股票轉向債券；爲了刺激經濟，中央銀行採取擴張性政策，聯邦政府實施刺激就業的支出計劃。
Q. Which of the following government actions will most likely lead to an increase in the level of aggregate demand?
A reduction in transfer payments
A reduction in the capital gains tax
A reduction in public spending on social goods and infrastructure
B is correct. A decrease in the capital gains tax (or other taxes) will result in higher disposable income, allowing additional consumption and an increase in aggregate demand.
Q. A country’s total output is the same this year as it was two years ago. During that time, the country’s population and exports declined and its currency appreciated. The country’s GDP per capita has most likely increased as a result of the change in:
exports.
currency.
population.
C is correct. GDP per capita is the GDP divided by the population, allowing comparisons across countries and across time in the same country. Note that the total output (GDP) is stated as being the same as two years ago, which incorporates the effects of such factors as exports and currency changes. Therefore, the decrease in population would cause the GDP per capita to increase. B is incorrect. GDP per capita is defined as the GDP divided by the population. A is incorrect. GDP per capita is defined as the GDP divided by the population.
Q. At an economic peak, there is most likely a(n):
low rate of employment.
drop in consumer confidence.
expansionary policy by the central bank.
B is correct. A drop in consumer confidence caused by falling house prices or equity markets is a common factor that contributes to the end of an expansionary phase—that is, an economic peak. A is incorrect. Employment rates are high at a peak (unemployment is low). C is incorrect. Central banks follow contractionary policies at a peak to slow the economy and control inflation.
Q. An example of a lagging economic indicator is:
the money supply.
the employment rate.
industrial production.
B是正確的。滯後的經濟指標表明，在產出已經發生變化之後，經濟活動出現了變化。一個例子是就業率，只有在經濟活動已經下降之後，就業率纔會下降。A不正確。貨幣供應量是一個先行指標。C不正確。工業生產是一個巧合的指標。
Q. If a central bank announces an increase in its official policy interest rate, this change most likely means that the:
money supply will decrease.
central bank wants to stimulate the economy.
reserve requirement at commercial banks will increase.
A is correct. The higher the official policy interest rate imposed by the central bank, the more likely that commercial banks will reduce lending and the money supply will decrease, which will result in a slowing of economic activity. B is incorrect. Increasing the policy rate is a contractionary move. C is incorrect. The reserve requirement is a separate policy tool that the central bank could use to impact the economy.
Q. Which of the following items would be included in the GDP of Canada?
Maple syrup produced in Canada and sold to a Japanese tourist.
A new laptop computer produced in Japan and purchased by a Canadian.
Wheat grown and sold by a Canadian farmer to a Canadian flour mill. The mill will eventually sell the flour to a Canadian baker to produce bread.
A is correct. GDP is the total value of all final goods and services provided within a country over a period of time. The maple syrup, even when sold to another country, is part of the total output of Canada. B is incorrect. GDP measures the total value of final goods and services: the laptop is included in the GDP of Japan. C is incorrect. GDP only includes the value of final goods. Wheat is an intermediate good on its way to a final product, i.e., bread.
Q. Using the expenditure approach, the largest component of GDP in most developed countries is:
gross investment.
consumer spending.
government spending.
B is correct. In most developed countries, when the expenditure approach is used, consumer spending is the largest component of GDP, often representing up to 70% of total expenditures. A is incorrect. Consumer spending is the largest component of GDP, often representing up to 70% of total expenditures C is incorrect. Consumer spending is the largest component of GDP, often representing up to 70% of total expenditures
Q. Total output has increased by 3% in the country this year. Inflation during the year has been 3%, whereas short-term interest rates have been 5%. An analyst will most likely conclude that real GDP has:
increased.
decreased.
not changed.
C是正確的。實際國內生產總值是名義國內生產總值調整價格水平的變化。因爲總產出的增長和物價的增長是一樣的，所以實際國內生產總值沒有變化。A不正確。實際國內生產總值是名義國內生產總值，根據價格水平的變化進行調整。由於總產出與物價增長相同，實際國內生產總值沒有變化。B不正確。實際國內生產總值是名義國內生產總值，根據價格水平的變化進行調整。由於總產出與物價增長相同，實際國內生產總值沒有變化。
Q. Investment firms do not use macroeconomic factors in determining the:
structure of industries.
relative attractiveness of asset classes.
earnings potential of companies that they follow.
A是正確的。由於產業結構分析是微觀經濟學的一部分，所以宏觀經濟因素並不是投資公司用來決定產業結構的。B不正確。宏觀經濟因素用於確定資產類別的相對吸引力。C不正確。宏觀經濟因素被用來確定被跟蹤公司的盈利潛力。
Q. GDP can be defined as:
total output.
total output plus imports.
nominal GDP adjusted for changes in price levels.
A is correct. GDP is the total value of all final goods and services produced within a country over some period of time, or alternatively, total output. B is incorrect. GDP is total output which includes the effect of net effect of imports. C is incorrect. Nominal GDP adjusted for changes in price levels is real GDP.
Q. Which of the following is a component of gross domestic product (GDP) calculated using the expenditure approach?
Government taxes
Gross investment
Productivity gains
B是正確的。使用支出法的組成部分是消費支出、總投資、政府支出和淨出口。在使用支出法計算時，政府稅收不是國內生產總值的組成部分；a是不正確的。在使用支出法進行計算時，政府稅收不是GDP的組成部分；使用支出法的組成部分是消費支出、總投資、政府支出和淨出口。C不正確。生產率增長是經濟增長的一部分，而不是GDP。
Q. One of the factors that determine the growth rate of real GDP is an increase in:
imports.
inflation.
the labour force.
C是正確的。GDP的增長取決於勞動力的增長和生產率的提高。A不正確。進口導致該國國內生產總值下降。B不正確。實際國內生產總值將因通貨膨脹而調整。
Q. A business cycle contraction is characterised by a(n):
decline in interest rates.
increase in inflation rates.
increase in consumer confidence.
A is correct. During a business contraction, the rate of economic growth slows. Inflation and interest rates tend to fall, not increase, because there is less demand for capital and little in the way of wage or commodity price pressure to give rise to inflation. B is incorrect. During a business contraction, the rate of economic growth slows. Inflation and interest rates tend to fall as there is less demand for capital and little in the way of wage or commodity price pressure. C is incorrect. During a business contraction, consumer confidence falls (along with wealth, housing prices, etc.).
Q. Although movements in the business cycles of most countries have become more closely aligned, this alignment can be hampered between two countries by the presence of:
barriers to trade.
mobility of labour.
integration of countries’ financial markets.
A is correct. Greater barriers to trade restrict imports and/or exports between the two countries. This restriction will affect the GDP in one or both of the countries and will interfere with the aligning of their business cycles. B is incorrect. Greater mobility of labour will foster greater alignment of the country’s business cycles. C is incorrect. Greater integration of financial markets will foster greater alignment of the country’s business cycles.
Q. A limitation of industrial production as an indicator of economic activity is that it:
is only reported annually.
excludes the service sector.
is a lagging indicator of economic activity.
B是正確的。工業生產作爲衡量經濟活動的一項指標，其侷限性在於它不包括服務業，服務業佔私營部門經濟活動的70%以上。A不正確。工業生產每月報告一次。C不正確。工業生產是經濟活動的一致指標。
Q. Which of the following is a lagging economic indicator?
Employment rate
Industrial production
A broad stock market index
A is correct. A lagging economic indicator signals a change in economic activity after output has already changed. An example of a lagging indicator is the employment rate; it falls after economic activity has already declined. B is incorrect. Industrial production is an example of a coincident indicator. C is incorrect. A broad stock market index, like the S&P 500, is a leading indicators of economic activity.
Q. If a central bank wants to slow down economic growth, it will:
purchase financial assets from commercial banks.
sell short-term government securities to commercial banks.
increase the interest rate at which open market transactions occur.
B是正確的。一家希望減緩經濟增長的央行將向商業銀行出售短期政府債券。這將導致商業銀行的現金餘額減少（減少貨幣供應量）。然後，商業銀行將減少對消費者和企業的信貸供應。利率上升，因爲私營部門追求的信貸數額較小，利率上升導致經濟活動減少。A不正確。中央銀行將向商業銀行出售金融證券，以減緩經濟增長，而不是購買它們。C不正確。公開市場交易是按市場利率進行的；中央銀行不設定公開市場利率（但也可以設定商業銀行從中借款的“官方利率
Q. An increase in which of the following factors will increase a country’s GDP per capita?
Exports
Imports
Population
A is correct. The GDP is the total value of all final goods and services produced by the country; this value includes the effect of net exports (exports minus imports). GDP per capita is equal to the GDP divided by the population. Higher exports would lead to a higher GDP per capita. C is incorrect. An increase in the population would reduce GDP per capita. B is incorrect. Higher imports would reduce GDP per capita.
Q. A recent release of economic information has indicated that the consumer price index (CPI) has risen from 100 to 105 in the recent period. The producer price index (PPI) over the same period rose by 5%. A financial analyst could use this information to infer that, on average, producers’ margins over this period:
expanded.
contracted.
remained unchanged.
C是正確的。在給定的時期內，CPI和PPI的變化率都是相同的，因此一位分析師可以推斷，生產者的成本是以價格上漲的形式轉嫁給消費者的，因此平均而言，利潤率不應該有變化。A不正確。在給定時期內，消費者物價指數和生產者物價指數都在以相同的百分比變化，因此一位分析師可以推斷，生產者的成本正在轉嫁給消費者，而利潤率沒有變化。B不正確。在給定時期內，消費者物價指數和生產者物價指數都在以相同的百分比變化，因此一位分析師可以推斷，生產者的成本正在轉嫁給消費者，而利潤率沒有變化。
Q. If total output grows at a slower rate than the population growth rate, it will result in GDP per capita being:
lower.
higher.
unchanged.
A is correct. GDP per capita is the GDP divided by the total population. If GDP is growing more slowly than the population, then GDP per capita will decline. B is incorrect. If GDP is growing slower than the population, GDP per capita will decline. C is incorrect. If GDP is growing slower than the population, GDP per capita will decline.
Q. The following economic activities are observed simultaneously:
interest rates and inflation rates are rising,
business demand for credit is rising as investments are being financed, and
unemployment rates are falling.
Which phase of the business cycle is being observed?
Trough
Contraction
Expansion
C is correct. The economic activities observed are characteristics of the expansionary phase of the business cycle. A is incorrect. At a trough, rates have stopped falling, inflation is low; unemployment is high B is incorrect. In a contraction phase, interest rates and inflation fall; unemployment rises; business spending (and financing) is curtailed.
Q. Assume that housing prices have reached a peak and begun to decline. Which of the following is consistent with the phase of the business cycle that is occurring?
An increase in business investment
An increase in government tax revenues
An increase in demand for social services
C是正確的。房價已達到峯值，表明經濟週期正處於峯值。隨着房價下跌，消費者信心和財富下降，商業投資隨着消費需求下降而下降，政府稅收下降，政府爲社會服務支付的金額增加。A不正確。在經歷了經濟高峯之後，隨着消費需求的枯竭，企業投資下降。B不正確。在這一階段，失業率上升，政府稅收下降。
Q. Canada’s largest trading partner is the United States. Almost 75% of total Canadian exports are to the United States, and about 50% of Canadian imports come from the United States. If the United States economy suffers a severe recession, Canadian GDP will most likely:
rise.
fall.
be unaffected.
B is correct. If the economy of the United States went into a severe recession, exports to the United States from Canada will decline and Canadian GDP will fall. Lower Canadian GDP will reduce imports from the United States, but imports are less of a factor than exports for the Canadian GDP. This scenario is illustrated with the equation for the expenditure approach to GDP = C + I + G+ (X – M), where X and M are exports and imports, respectively. This scenario also illustrates the global nature of business cycles. A is incorrect. The major relative decline in exports (vs imports) from Canada reduce Canadian GDP. C is incorrect. The major relative decline in exports (vs imports) from Canada reduce Canadian GDP.
Q. Which of the following is a limitation of economic indicators that measure sentiment in the manufacturing sector? Sentiment surveys:
measure prior spending plans with a lag of up to six months.
focus on only new orders of big-ticket manufacturing items.
are usually designed to measure directions of change, not the magnitude of anticipated changes.
C是正確的。情緒指標試圖衡量經濟實體對經濟的信心及其未來活動的預期水平。一個限制是，它們通常被設計用來測量變化的方向，例如投資，而不指示變化的大小。A不正確。情緒指標衡量的是計劃支出，而不是過去的支出B不正確。這是耐用品訂單指標。
Q. A central bank has been actively engaged in selling short-term government notes and bonds. The central bank is attempting to:
slow down economic growth.
reduce the official interest rate.
raise funds to satisfy its reserve requirement.
A is correct. The selling of government securities reduces the money supply (as commercial banks buy the securities and give up cash). The aim of this open market transaction is to slow economic growth and/or inflation through higher interest rates and reduced commercial bank lending. C is incorrect. The reserve requirement is a separate tool of monetary policy. When utilised, the central bank sets the proportion of customer deposits that must be retained by commercial banks (and not lent out). B is incorrect. The official interest rate is a separate tool of monetary policy. It is the rate that the central bank charges commercial banks that borrow from it.
Q. Which of the following is best described as a coincident economic indicator?
Employment rate
The S&P 500 Index
Industrial production
C是正確的。一致性指標是一個與經濟同步變化但不具有預測價值的因素。個人收入和工業生產都有典型的例子。就業率是一個滯後的指標，因爲在經濟活動已經下降之後，就業率往往會下降。標準普爾500指數是經濟活動的一個領先指標：隨着交易員對未來趨勢的預測和推測，經濟活動的變化先於經濟變化發生。
Q. Which of the following analyses can be classified as focussing on a macroeconomic activity? Analysing the effect of a:
mass-marketing campaign on a company’s level of profits.
currency appreciation on a country’s exporting companies.
change in a company’s level of profits from a lowering of barriers to entry.
Solution
B is correct. Analysing the effect of currency appreciation on a country’s companies can be classified as focusing on a macroeconomic activity. Macroeconomics is the study of the economy as a whole: it studies the effect of such factors as inflation, interest rates and exchange rates on business, consumer and government economic decisions.
Q. Core inflation is a measure of inflation that:
includes the price of investment goods but not of services.
excludes the effects of temporary volatility in commodity prices.
measures the inflation experienced by typical households and businesses.
B是正確的。核心通脹試圖通過排除那些價格變動具有暫時波動性的項目（通常是食品和能源）來衡量潛在的長期通脹率。A不正確。生產者價格指數包括投資品價格，但不包括服務。C不正確。核心通脹，由於排除（和剩餘的籃子）通常會有很大的不同，由典型的家庭或企業經歷。
Q. Investment firms gather macroeconomic information to:
determine a company’s economic profit.
decompose a company’s costs into fixed and variable costs.
best match security characteristics and economic growth prospects.
C is correct. Investment firms gather macroeconomic information to match asset classes and individual investments with their future economic growth prospects. A is incorrect. Economic profit determination of a firm is a microeconomic activity. B is incorrect. A study of a firm’s fixed and variable costs is an activity of microeconomics.
Q. As inflation increases, the value of investments paying a fixed cash amount will most likely:
fall.
rise.
be unaffected.
A是正確的。隨着通貨膨脹的加劇，利率普遍上升，導致債券等固定收益投資的價值降低。B不正確。較高的通貨膨脹率和利率降低了固定收益投資的價值。C不正確。較高的通貨膨脹率和利率降低了固定收益投資的價值。