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哈伯德宏观经济学课后习题答案.pdf 131页

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SOLUTIONS TO END-OF-CHAPTER 1 EXERCISES SOLUTIONS TO END-OF-CHAPTER 1 EXERCISES SSOOLLUUTTIIOONNSS TTOO EENNDD--OOFF--CCHHAAPPTTEERR 11 EEXXEERRCCIISSEESS Answers to ThinkingCriticallyQuestions 1. Vehicles are durable goods that are also big-ticket items. When consumers are more uncertain about theirjob securityand futureincomes, they are more likely to postponetheir purchases ofvehicles because they can delay the purchase of a new vehicle by keeping their own vehicles. Also, consumers may substitute the purchases of used vehicles for new vehicles that are more expensive. In both cases, the demand for vehicle repairs will increase. In other words, the markets for used vehicles and vehicle repairs aremorelikelytobecountercyclicalthancyclicalinnature. 2. The closing of car dealerships would cause more job losses. The impact of these job losses might be relatively large for local communities that rely on these businesses. More job losses and unemployment wouldfurtherreducethedemandforautos,creatingaviciouscyclebetweenspendingandincome. Gross Domestic Product Measures Total Production Gross Domestic Product Measures Total Production GGrroossss DDoommeessttiicc PPrroodduucctt MMeeaassuurreess TToottaall PPrroodduuccttiioonn 7.1 7.1 77..11 Learning Objective: Explain how total production is measured. Review Questions 1.1 1.1 11..11 In microeconomics, we focus on a particular market and can measure production by the quantity of theunits produced. In macroeconomics, we lookat the production ofallgoods and services,and therefore measurequantitybymarketvalue. 1.2 1.2 11..22 The total of every good and service sold during the year would be larger than GDP, because some of thegoodsandservicessoldareintermediategoodsandservices,andsomewereproducedinaprioryear. 1.3 1.3 11..33 Allthemoneyabusinessreceivesfromthesaleofitsoutputmustendupassomeone’sincome. 1.4 1.4 11..44 GDP = C + I + G + NX. Consumptio

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