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PAGE 88
Barro
Chapter 11
TRUE/FALSE
1. The real rate of interest is the nominal rate of interest less the expected inflation rate.
ANS: T PTS: 1 DIF: 2 NAT: Analytic
2. The real return on money is zero.
ANS: F PTS: 1 DIF: 2 NAT: Analytic
3. An increase in the money growth rate affects household consumption, C.
ANS: F PTS: 1 DIF: 2 NAT: Analytic
4. In the market clearing model, an increase in the money growth rate leads to an increase in the inflation rate.
ANS: T PTS: 1 DIF: 1 NAT: Analytic
5. In the market clearing model an increase in the money growth rate leads to a decrease in the nominal interest rate.
ANS: F PTS: 1 DIF: 2 NAT: Analytic
MULTIPLE CHOICE
1. The actual inflation rate is:
a.
the change in the price level divided by the original price level.
c.
the original price level divided by the new price level.
b.
The original price level divided the change in price level.
d.
the new price level divided by the original price level.
ANS: A PTS: 1 DIF: 2 NAT: Analytic
2. If the price level last year was 110 and this year is 118, then the inflation rate between last period and this period was:
a.
7.3%.
c.
8%
b.
7%.
d.
6.8%.
ANS: A PTS: 1 DIF: 2 NAT: Analytic
3. If the price level last year was 135 and this year is 142, then the inflation rate between last period and this period was:
a.
4.9%.
c.
5.1%
b.
7%.
d.
5.2%.
ANS: D PTS: 1 DIF: 2 NAT: Analytic
4. If the price level last year was 106 and this year is 102, then the inflation rate between last period and this period was:
a.
-3.8%
c.
3.8%
b.
4%.
d.
-3.9%.
ANS: A PTS: 1 DIF: 2 NAT: Analytic
5. The unexpected inflation rate is:
a.
the expected inflation rate less the actual inflation rate.
c.
the actual inflation rate less the expected inflation rate.
b.
the expected inflation rate divided by the actual inflation rate.
d.
the actual inflation rate divided by the expected inflation rate.
ANS: C PTS: 1 DIF: 2 NAT: Analytic
6. If the expected inflation rate is 5% and the actual inflation rate is 4%,
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