5学原理》第五版测试题库(2)

1、1. TRUE/FALSEInaneconomythatreliesonbarter,traderequiresadouble-coincidenceofwants.2. ANS:TDIF:1REF:29-0NAT:AnalyticLOC:TheroleofmoneyTOP:BarterMSC:DefinitionalJoewantstotradeeggsforsausage.Lashondawantstotradesausageforeggs.JoeandLashondahaveadouble-coincidenceofwants.ANS:TDIF:1REF:29-0NAT:Analytic

2、LOC:TheroleofmoneyTOP:BarterMSC:Definitional3.Theuseofmoneyallowstradetoberoundabout.ANS:TDIF:1REF:29-0NAT:AnalyticLOC:TheroleofmoneyTOP:Money|TradeMSC:Definitional4.Roundabouttradeisbeneficialforaneconomy.ANS:TDIF:1REF:29-0NAT:AnalyticLOC:TheroleofmoneyTOP:Money|TradeMSC:Definitional5.Moneyallowspe

3、opletospecializeinwhattheydobest,therebyraisingeveryoneANS:TDIF:2REF:29-0NAT:AnalyticLOC:TheroleofmoneyTOP:MoneyMSC:Interpretive6.Whenmoneyfunctionsasaunitofaccount,thenitcannotbecommoditymoney.ANS:FDIF:2REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:MoneyMSC:Interpretive7.Demanddepositsarebalancesinbank

4、accountsthatdepositorscanaccessbywritingacheck.ANS:TDIF:1REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:DemanddepositsMSC:Definitional8.Accordingtoeconomists,acollectionofvaluablejewelsisnotmoney.ANS:TDIF:2REF:29-1NAT:AnalyticLOC:TheStudyofeconomics,andthedefinitionsofeconomicsTOP:MoneyMSC:Interpretive9.

5、Adebitcardismoresimilartoacreditcardthantoacheck.ANS:FDIF:2REF:29-1NAT:AnalyticLOC:TheStudyofeconomics,andthedefinitionsofeconomicsTOP:MoneyMSC:Interpretivesstandardofliving.10. Gary'swealthis$1million.EconomistswouldsaythatGaryhas$1millionworthofmoney.11. ANS:FDIF:1REF:29-1NAT:AnalyticLOC:Thero

6、leofmoneyTOP:MoneyMSC:DefinitionalMarcputspricesonsurfboardsandskateboardsathissportinggoodsstore.Heisusingmoneyasaunitofaccount.ANS:TDIF:1REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:MoneyMSC:Definitional12.Sandraroutinelyusescurrencytopurchasehergroceries.Sheisusingmoneyasaunitofaccount.ANS:NAT:MSC:F

7、AnalyticDefinitionalDIF:LOC:1REF:Theroleofmoney29-1TOP:Money13.Bottlesofveryfinewinearelessliquidthandemanddeposits.ANS:TDIF:1REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:LiquidityMSC:Interpretive14.U.S.dollarsareanexampleofcommoditymoneyandhidesusedtomaketradesareanexampleoffiatmoneyANS:FDIF:1REF:29-1

8、NAT:AnalyticLOC:TheroleofmoneyTOP:CommoditymoneyMSC:Definitional15. WhentheSovietUnionbeganbreakingupinthelate1980s,cigarettesbeganreplacingtherubleasthemediumofexchangeeventhoughtherublewaslegaltender.Thecigarettesprovideanexampleoffiatmoney.16. ANS:FDIF:1REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:C

9、ommoditymoneyMSC:InterpretiveInorderforcurrencytobewidelyusedasamediumofexchange,itissufficientforthegovernmenttodesignateitaslegaltender.ANS:FDIF:1REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:CurrencyMSC:Definitional17.M1includessavingsdeposits.ANS:FDIF:1REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:Money

10、supplyMSC:Definitional18.M2isbothlargerandmoreliquidthanM1.ANS:FDIF:1REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:Moneysupply|LiquidityMSC:Interpretive19.Creditcardsareamediumofexchange.ANS:FDIF:2REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:MediumofexchangeMSC:Definitional20.Theseriesofbankfailuresin1907o

11、ccurreddespitethecreationoftheFederalReservemanyyearsearlier.ANS:FDIF:1REF:29-2NAT:AnalyticLOC:TheroleofmoneyTOP:FederalReserveSystemMSC:Interpretive21.FederalReservegovernorsaregivenlongtermstoinsulatethemfrompolitics.ANS:TDIF:2REF:29-2NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:FederalReserveSystem

12、MSC:Interpretive22.TheFederalReserveisaprivatelyoperatedcommercialbank.ANS:FDIF:1REF:29-2NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:FederalReserveSystemMSC:Definitional23. TheFederalReservewascreatedin1913afteraseriesofbankfailuresin1907.24. ANS:TDIF:1REF:29-2NAT:AnalyticLOC:MonetaryandfiscalpolicyT

13、OP:FederalReserveSystemMSC:DefinitionalMembersoftheBoardofGovernorsareappointedbythepresidentoftheU.S.andconfirmedbytheU.S.Senate.25. ANS:TDIF:1REF:29-2NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:FederalReserveSystemMSC:DefinitionalMonetarypolicyisdeterminedbyacommitteewhosevotingmembersincludeallthe

14、presidentsoftheregionalFederalReserveBanks.26. ANS:FDIF:1REF:29-2NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:FederalOpenMarketCommitteeMSC:DefinitionalTheFederalReserveprimarilyusesopen-marketoperationstochangethemoneysupply.27. ANS:TDIF:1REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:Open-market

15、operationsMSC:DefinitionalIftheFedbuysbondsintheopenmarket,themoneysupplydecreases.28. ANS:FDIF:1REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:Open-marketoperationsMSC:ApplicativeBankscannotinfluencethemoneysupplyiftheyholdalldepositsinreserve.29. ANS:TDIF:2REF:29-3NAT:AnalyticLOC:Monetaryandfi

16、scalpolicyTOP:Banks|MoneysupplyMSC:InterpretiveBanksstillcouldcontributetochangesinthemoneysupply,eveniftheywererequiredtoholdalldepositsinreserve.30. ANS:FDIF:1REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:Fractional-reservebankingMSC:ApplicativeIfbanksholdanyamountoftheirdepositsinreserve,the

17、ntheydonothavetheabilitytoinfluencethemoneysupply.31. ANS:FDIF:2REF:29-3NAT:AnalyticLOC:TheroleofmoneyTOP:Reserves|MoneysupplyMSC:InterpretiveWhentheFederalReservedecreasesthediscountrate,thequantityofreservesincreasesandthemoneysupplyincreases.32. ANS:TDIF:2REF:29-3NAT:AnalyticLOC:Monetaryandfiscal

18、policyTOP:Discountrate|Reserves|MoneysupplyMSC:InterpretiveThemoneymultiplierequals1/(1-R),whereRrepresentsthereserveratio.33. ANS:FDIF:1REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:MoneymultiplierMSC:DefinitionalAssumethatwhen$100ofnewreservesenterthebankingsystem,themoneysupplyultimatelyincr

19、easesby$625.Assumealsothatnobanksholdexcessreservesandthattheentiremoneysupplyconsistsofbankdeposits.If,atapointintime,reservesforallbanksamountto$500,thenatthatsamepointintime,loansforallbanksamountto$2,625.34. ANS:TDIF:3REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:MoneymultiplierMSC:Analytic

20、alAssumethatwhen$100ofnewreservesenterthebankingsystem,themoneysupplyultimatelyincreasesby$800.Assumealsothatnobanksholdexcessreservesandthattheentiremoneysupplyconsistsofbankdeposits.If,atapointintime,reservesforallbanksamountto$750,thenatthatsamepointintime,loansforallbanksamountto$6,000.ANS:FDIF:

21、3REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:MoneymultiplierMSC:Analytical35.Asbankscreatemoney,theycreatewealth.ANS:FDIF:1REF:29-3NAT:AnalyticLOC:TheroleofmoneyTOP:Banks|Money36. MSC:DefinitionalThemoneysupplyofHoobais$10,000ina100-percent-reservebankingsystem.IfHoobadecreasesthereserverequi

22、rementto10percent,themoneysupplycouldincreasebynomorethan$9,000.37. ANS:FDIF:2REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:MoneymultiplierMSC:ApplicativeIftheFeddecreasesreserverequirements,themoneysupplywillincrease.38. ANS:TDIF:1REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:Reserverequi

23、rementsMSC:ApplicativeAnincreaseinreserverequirementsincreasesreservesanddecreasesthemoneysupply.39. ANS:FDIF:2REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:ReserverequirementsMSC:ApplicativeJustaftertheterroristattackonSeptember11,2001,theFedstoodreadytolendfinancialinstitutionsfunds.WhentheFe

24、ddidthis,itwasactinginitsroleoflenderoflastresort.40. ANS:TDIF:1REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:LenderoflastresortMSC:DefinitionalBecauseofthemultipletoolsatitsdisposal,theFedcancontrolthemoneysupplyveryprecisely.41. ANS:FDIF:2REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:Fed

25、eralReserveSystemMSC:InterpretiveInthemonthsofNovemberandDecember,peopleintheUnitedStatesholdalargerpartoftheirmoneyintheformofcurrencybecausetheyintendtoshopandtravelfortheholidays.Asaresult,otherthingsthesamethemoneysupplyincreases.42. ANS:FDIF:2REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:C

26、urrency|MoneymultiplierMSC:ApplicativeOtherthingsthesame,ifbanksdecidetoholdasmallerpartoftheirdepositsasexcessreserves,themoneysupplywillfall.43. ANS:FDIF:2REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:ReservesMSC:ApplicativeBankrunsandtheaccompanyingincreaseinthemoneymultipliercausedtheU.S.mo

27、neysupplytoriseby28percentfrom1929to1933.ANS:FDIF:2REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:Banks|MoneymultiplierMSC:Definitional1. SHORTANSWEREconomistsarguethatthemovefrombartertomoneyincreasedtradeandproduction.Howisthispossible?ANS:Theuseofmoneyallowspeopletotrademoreeasily.Whenitiseas

28、iertotrade,specializationincreases.Increasedspecializationincreasesproductionandthestandardofliving.2. DIF:2REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:Barter|MoneyMSC:InterpretiveWhatisthedifferencebetweenmoneyandwealth?ANS:Moneyisdefinedasthesetofassetsintheeconomythatpeopleregularlyusetobuygoodsand

29、servicesfromotherpeople.Wealthincludesallassets,bothmonetaryandnonmonetary.3. DIF:2REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:MoneyMSC:DefinitionalWhichofthethreefunctionsofmoneyarecommonlymetbyeachofthefollowingassetsintheU.S.economy?a. paperdollarb. preciousmetalscollectiblessuchasbaseballcards,sta

30、mps,andantiquesANS:a. mediumofexchange,storeofvalue,unitofaccountb. storeofvalue4. storeofvalueDIF:1REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:MoneyMSC:InterpretiveArecreditcardsanddebitcardsmoney?What'sthedifferencebetweencreditanddebitcards?ANS:Neithercreditcardsnordebitcardsaremoney,butcreditc

31、ardsareverydifferentfromdebitcards.Creditcardsarenotamediumofexchange,butareameansofdeferringpayment.Debitcardsallowtheuserimmediateaccesstodepositsinabankaccount.Thesedepositsarepartofthemoneysupply.5. DIF:2REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:MoneyMSC:InterpretiveWhatisthedifferencebetweencom

32、moditymoneyandfiatmoney?Whydopeopleacceptfiatmoneyintradeforgoodsandservices?ANS:Commoditymoneyhas"intrinsicvalue,"orvalueinusesotherthanasmoney.Fiatmoneyisestablishedasmoneybythegovernment.Ithasverylittle,ifany,intrinsicvalue.Althoughfiatmoneyhasnointrinsicvalue,peopleacceptitintradewhent

33、heyareconfidentthatotherswillalsoacceptit.Thegovernment'sdecreethatfiatcurrencyservesaslegaltenderincreasesthisconfidence.6. DIF:2REF:29-1NAT:AnalyticLOC:TheroleofmoneyTOP:CommoditymoneyMSC:DefinitionalWhatdoesthetextmeanbythequestion,"WhereIsAlltheCurrency?"Howdoesitanswerthequestion?

34、ANS:Theamountofcurrencyperpersonisnearly$3,300.Mostpeoplecarryfarlessthanthis.Thequestionis,"whereistherestofthecurrency?"Foreignersandcriminalsholdsome.Insomeforeigncountries,peoplehavemoreconfidenceintheU.S.dollarthanintheirowncurrency.Criminalsusecurrencybecauseitmakesitharderforthegove

35、rnmenttotracetheiractivitiesthaniftheyusedbankaccounts.Sotheymayholdaboveaverageamountsofcurrency.7. Whatismeantbytheterm"lenderoflastresort?"InwhatcircumstancesmighttheFedbealenderoflastresort?ANS:A"lenderoflastresort"isalendertothosewhocannotborrowanywhereelse.TheFedmightloanfu

36、ndstoasolventbankthatisexperiencingabankrunandsodoesn'tcurrentlyhaveenoughcashonhandtomeetdepositors'demands.8. DIF:1REF:29-2NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:LenderoflastresortMSC:InterpretiveComparetheBoardofGovernorsandtheFederalOpenMarketCommittee.ANS:TheBoardofGovernorsrunstheF

37、ederalReserve.IthassevenmemberswhoareappointedbytheU.S.presidentwiththeadviceandconsentoftheSenate.ThevotingmembersoftheFederalOpenMarketCommitteeincludethe7membersoftheBoardofGovernorsand5ofthe12regionalbankpresidents,rotatedamongthe12regionalpresidents,butalwaysincludingthepresidentoftheNewYorkFed

38、.ThechairoftheBOGalsoservesaschairoftheFOMC.TheFOMCmeetsabouteverysixweeksinWashington,D.C.todiscusstheconditionoftheeconomyandtoconsiderchangesinmonetarypolicy.9. DIF:1REF:29-2NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:FederalReserveSystemMSC:DefinitionalWhatmakestheNewYorkFederalReserveregionalban

39、ksoimportant?ANS:ThepresidentoftheNewYorkFederalReserveregionalbankistheonlyregionalbankpresidentwhoisalwaysavotingmemberoftheFOMC,thecommitteethatdeterminesmonetarypolicy.NewYorkisthetraditionalfinancialcenteroftheU.S.economyandtheNewYorkFederalReserveBankconductsallopen-markettransactions.10. DIF:

40、1REF:29-2NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:FederalReserveSystemMSC:DefinitionalDesignersoftheFederalReserveSystemwereconcernedthattheFedmightformpolicyfavorabletoonepartofthecountryortoaparticularparty.WhataresomewaysthattheorganizationoftheFedreflectssuchconcerns?ANS:1. Thepresidentappoint

41、stheBoardofGovernors,buttheSenatemustapprovethem.2. ThesevenmembersoftheBoardofGovernorsserve14-yearterms,soitisunlikelythatasinglepresidentwillhaveappointedmostofthem.3. TheFederalReservehas12regionalbanks.4. ThepresidentsoftheregionalbanksserveasvotingmembersoftheFOMConarotatingbasis.11. DIF:2REF:

42、29-2NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:FederalReserveSystemMSC:InterpretiveWhichtwooftheTenPrinciplesofEconomicsimplythattheFedcanprofoundlyaffecttheeconomy?ANS:1. Pricesrisewhenthegovernmentprintstoomuchmoney.2. Thereisashort-runtradeoffbetweeninflationandunemployment.DIF:2REF:29-2NAT:Analy

43、ticLOC:MonetaryandfiscalpolicyTOP:FederalReserveSystemMSC:Interpretive12. Explainwhybankscaninfluencethemoneysupplyiftherequiredreserveratioislessthan100percent.ANS:Whenthereserverequirementislessthan100percent,bankscanlendoutdeposits.Themoneytheylendoutisredeposited.Inthisway,depositscanbegreaterth

44、anreserves.Sincedepositsaregreaterunderfractional-reservebankingandsincedepositsarepartofthemoneysupply,themoneysupplywillbegreaterunderfractional-reservebanking.13. DIF:2REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:Banks|MoneysupplyMSC:InterpretiveIfthereserveratiois20percent,howmuchmoneycanb

45、ecreatedfrom$100ofreserves?Showyourwork.ANS:(1/.20)$100=$500.14. DIF:1REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:MoneymultiplierMSC:ApplicativeDrawasimpleT-accountforFirstNationalBankwhichhas$5,000ofdeposits,arequiredreserveratioof10percent,andexcessreservesof$300.Makesureyoubalancesheetbala

46、nces.ANS:15. FirstNationalBankAssetsLiabilitiesReserves$800Deposits$5,000Loans$4,200DIF:2REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:BanksMSC:ApplicativeExplainhoweachofthefollowingchangesthemoneysupply.a. theFedbuysbondsb. theFedraisesthediscountratetheFedraisesthereserverequirementANS:a. If

47、theFedbuysbonds,itpaysforthemwithreservessobankswillhavemorereservesandcanlendmorewhichwillcreatemoredepositsandsomoremoney.b. IftheFedraisesthediscountratebankswillborrowlessfromtheFed,andsohavefewerreserves,whichdecreasesthemoneysupply.c. IftheFedraisesthereserverequirement,bankswillhavetoholdmore

48、oftheirdepositsasreservesandsowillhavelesstolendout.Withlesstolendout,depositsandthemoneysupplydecrease.16. DIF:2REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:FederalReserveSystem|MoneysupplyMSC:InterpretiveDescribethetwothingsthatlimittheprecisionoftheFed'scontrolofthemoneysupplyandexplain

49、howeachlimitsthatcontrol.ANS:First,theFeddoesnotcontroltheamountofcurrencythathouseholdschoosetoholdrelativetodeposits.Ifhouseholdsdecidetoholdrelativelymorecurrency,bankshavefewerreservesandthemoneysupplydecreases.Second,theFedcannotcontroltheamountbankschoosetoholdasexcessreserves.Ifbankersdecidet

50、olendoutlessoftheirdeposits,themoneysupplywilldecrease.DIF:3REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:FederalReserveSystem|MoneysupplyMSC:Interpretive17.Duringtheearly1930stherewereanumberofbankfailuresintheUnitedStates.Whatdidthisdotothemoneysupply?TheNewYorkFederalReserveBankadvocatedopen

51、marketpurchases.Wouldthesepurchaseshavereversedthechangeinthemoneysupplyandhelpedbanks?Explain.ANS:Bankfailurescausepeopletoloseconfidenceinthebankingsystemsothatdepositsfallandbankshavelesstolend.Further,underthesecircumstancesbanksareprobablymorecautiousaboutlending.Bothofthesereactionswouldtendto

52、decreasethemoneysupply.Openmarketpurchasesincreasebankreservesandsowouldhaveatleastmadethedecreasesmaller.Theincreaseinreserveswouldalsohaveprovidedbankswithgreaterliquiditytomeetthedemandsofcustomerswhowantedtomakewithdrawals.Inshort,whiletheactionsofdepositorsandbanksloweredthemoneysupply,theFedco

53、uldhaveincreaseditbybuyingbonds.DIF:3REF:29-3NAT:AnalyticLOC:MonetaryandfiscalpolicyTOP:Monetarypolicy|Open-marketoperationsMSC:Analytical18.Supposethatinacountrythetotalholdingsofbankswereasfollows:requiredreserves=$45millionexcessreserves=$15milliondeposits=$750millionloans=$600millionTreasurybond

54、s=$90millionShowthatthebalancesheetbalancesifthesearetheonlyassetsandliabilities.Assumingthatpeopleholdnocurrency,whathappenstoeachofthesevaluesifthecentralbankchangesthereserverequirementratioto3%,banksstillwanttoholdthesamepercentageofexcessreserves,andbanksdontheirholdingsofTreasurybonds?Howmuchd

55、oesthemoneysupplychangeby?ANS:Theonlyliabilityisdepositswhichequal$750million.Totalreservesare$60billionwhichsummedwithloans,$600million,andTreasurybonds$90million=$750.Sinceliabilitiesequalassets,thebalancesheetbalances.Initiallybanksneedtohold6%onreserveandwanttohold2%asexcessreserves.WhentheFedlo

56、wersthereserverequirementratioto2%,thebankonlyhastohold$15milliononreserveandsonowhas$30millionofexcessreserves.Betweenthe2%requirementandthe2%forexcessthereserveratioisnow4%andthemultiplierisnow1/.04=25.So,thedecreaseinthereserverequirementratioleadstoanincreaseindepositsof$750million.(Also,totalre

57、servesare$60millionandthemultiplierisnow25,sodepositsshouldbe$1,500million.)Requiredreservesare2%of$1,500millionofdeposits=$30million.Excessreservesare2%of$1,500millionofdepositsandsonowalsoequal$30million.Depositsrosebyasmuchasthemoneysupplysincepeopledon'tholdcurrency,sothatthemoneysupplyroseby$750million.Theadditionaldepositscamebywayofadditionallending,soloans