VI-GDP, IS curve-5

Question 1

GDP definition

(output and income)

Answer 1

the market value of all final goods and services produced within the economy in a given period of time (output definition)

the aggretate income earned by all households, all companies, and the government within the economy in a given period of time (income definition)

Question 2

区分

real/nominal GDP

Answer 2

Question 3

计算GDP的几种方式

Answer 3

income approach

expenditure approach

value added approach

Question 4

example of imputed values

goods/services not sold in the market

but included in GDP

Answer 4

owner-occupied rent: 房租

goverment services by 公务员

Question 5

GDP deflator

Answer 5

deflator: 只考虑价格变化，

总产出用当年的

Question 6

GDP Equation (income approach)

Answer 6

whereas corporate profit before tax=

dividends paid to households

+undistributed corporate profits that remain in business

+corporate tax paid to government

Question 7

CCA

Answer 7

capital consumption allowance

资本消耗扣除

是不属于任何人的income的cost

包括depreciation and indirect taxes

理解为为维持生产效率不变而投资的金额

Question 8

personal income =

Answer 8

Question 9

personal disposable income =

Answer 9

PDI=personal income - personal taxes

net tax=total tax-transfer payment

Question 10

houshold saving =

Answer 10

PDI - consumption expenditures - interest paid by consumers to business - personal transfer payments to foreigners

Question 11

household saving rate =

Answer 11

saving / PDI

Question 12

business saving =

Answer 12

undistributed corporate profits + CCA

Question 13

从公式判断business是borrowing还是lending

Answer 13

saving - expenditure

undistributed profit + CCA

-

I + change in inventories

Question 14

GDP Equation (expenditure approach)

Answer 14

I=fixed investment + change in inventories

Question 15

边际消费倾向/

边际储蓄倾向

Answer 15

marginal propensity to consume, MPC

marginal propensity to save, MPS

Question 16

MPC 与MPS的关系

Answer 16

MPS=1-MPC

Question 17

APC及其含义

Answer 17

C=a+bY

average propensity to consume

higher ratio: an economy is more sensitive to changes in disposable household income, macroeconomic policy have a greater impact to economy

Question 18

GDP big equation

income approach 公式的变形

Answer 18

PDI = personal income - personal tax

= N.I. - *****

= Y - ******

(使用income approach逐步展开)

Question 19

GDP big equation

income = expenditure

Answer 19

expenditure: Y = C + I + G + (X - M)
income: Y = C + S + T

(income approach 简化为三个元素)

Question 20

GDP big equation

saving perspective

Answer 20

S = I + (G - T) + (X - M)

G-T: gov balance

X-M: trade balance

Question 21

GDP big equation

Gov perspective

Answer 21

(G - T) = (S - I) - (X - M)

gov deficit can be financed from:

1. private saving over private investment
2. trade deficit

Question 22

IS curve - equation

Answer 22

Question 23

IS曲线下分析GDP各组成部分的变化函数

Answer 23

C: C=f(Y-S_B-T) or (Y-T), – a+bY

I: I=f(r↓, Y↑) – r↓

G: =G恒量—t(Y↑) – 常数

Nx=f(Y_do↓, Y_fo↑, Price↓) – 常数

T: T=f(Y↑)

Question 24

IS 曲线分析

Answer 24

1. 是什么：关于商品市场的均衡（所有产出都被人买走income=expenditure）
2. 表达r与Y(income)的反向关系
3. 移动：

• movement along: interest rate
• shift: Gov, Nx
• 结论：只有财政政策能影响IS曲线平移