4. 請用 IS-LM-BP 模型說明當資本可以在國際間自由移動時，一國無法同時維持獨立的貨幣政策及固定匯率制度。(12%)

5. Evaluate whether each of the following statements is True, False, or Uncertain. Explain why. (25% ; 5% each) (1) A firm will shut down if its profit is negative.

(2) If the government imposes a specific tax per unit of output on a monopoly, the tax incidence will fall entirely on consumers.

(3) For a cost-minimizing firm, when the prices of the inputs double, the optimal input combination remains the same.

(4) A person with a concave utility function of wealth always chooses the least risky investment.

(5) Consider a pure exchange economy with two goods and two traders. At the competitive equilibrium, there is a unique set of absolute prices for the goods, and the allocation of goods is efficient.

6. A utility-maximizing individual allocates his monthly time of 720 hours into work (H) and leisure (N). He gains utility from his leisure hours (N) and the income (Y) he earns from his work hours (H). His utility function is $U(Y, N) = Y^\alpha N^\beta$, where $\alpha$ and $\beta$ are positive parameters. The person's hourly wage is given by w, and he has non-labor income $Y^*$. Suppose the government imposes a tax on labor income. The tax rate is t, where $0 < t < 1$. (25%) (1) Derive the individual's leisure demand and labor supply functions. (7%)

(2) Based on your answer in part (1), can you tell whether leisure is a normal or inferior good to this individual? (4%)

(3) Suppose the government does not impose a tax on labor income but a lump-sum tax of T dollars. What will be the individual's leisure demand and labor supply functions? (7%)

(4) Assume the government could collect the same amount of tax either by the tax rate t on labor income or the lump-sum tax $T. Which policy do you think the individual would prefer? The tax on labor income or the lump-sum tax? Why? (7%)

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