金融学(双语)复习资料第5章

1、精选优质文档-倾情为你奉上精选优质文档-倾情为你奉上专心-专注-专业专心-专注-专业精选优质文档-倾情为你奉上专心-专注-专业Chapter 5private THE FEDERAL RESERVE TRUE/FALSEF 1. The power to create money is given by the Constitution to the Federal Reserve.创造货币的权力是宪法赋予美联储T 2. When corporations retire (pay off) loans from commercial banks, excess reserves are inc

2、reased.当企业退休从商业银行（支付）的贷款，超额准备金增加。F 3. When the general public uses money in checking accountsto purchase stock issued by corporations, the required reserves of banks are reduced.当一般公众使用的钱在支票账户购买公司发行的股票，所需要的银行的准备金就会减少F 4. Only large commercial banks are subject to the regulation of the Federal Reserv

3、e.只有大型商业银行受到美联储的监管F 5. When the Federal Reserve sells securities, the money supply is increased.当美联储出售证券，货币供应量增加T 6. When the Federal Reserve buys securities, the reserves of banks are increased.当美联储购买证券，银行的准备金增加T 7. Open market operations is a more flexible tool of monetary policy than the reserve

4、requirements.公开市场操作是货币政策的一个更灵活的工具，比准备金要求T 8. Reserve requirements are infrequently changed to affect commercial bank lending.准备金要求频繁改变会影响商业银行贷款T 9. The Open Market Committee has twelve members that include the Board of Governors.公开市场委员会有十二名成员，其中包括理事会F 10. The presidents of the District Banks elect t

5、he Board of Governors of the Federal Reserve.该地区银行的总统选举联邦储备理事会F 11. The federal funds rate is the interest rate the Federal Reserve charges banks when they borrow reserves.联邦基金利率是利率联邦储备银行收费时，他们借入储备F 12. If the Treasury borrows from the Federal Reserve, the lending capacity of banks is reduced.如果财政部从

6、美联储借，银行的放贷能力降低T 13. If the Treasury sells debt that is purchased by corporations and uses the funds to purchase military equipment, the excess reserves of the banking system are not affected.如果财政部出售债券是由公司购买并使用的资金购买军事装备，多余的银行体系储备不受影响T 14. Deflation is a period of declining prices.通货紧缩是一个时期价格下跌F 15. D

7、uring a period of recession, the Fed sells securities.在衰退期，美联储出售证券T 16. The Consumer Price Index (CPI) is a measure of inflation.居民消费价格指数（ CPI）是衡量通货膨胀的T 17. The Federal Reserve is independent of the U.S. Treasury and is owned by commercial banks.美联储是独立于美国财政部，由商业银行所拥有F 18. The President of the United

8、 States appoints the Federal Open Market Committee.美国总统任命的联邦公开市场委员会F 19. Since the reserves of commercial banks earn interest, there is an incentive to hold excess reserves.由于商业银行的准备金赚取利息，还有持有超额准备金的奖励T 20. Open market operations is a more flexible tool of monetary policy than the discount rate.公开市场操

9、作是货币政策的一个更灵活的工具比贴现率T 21. Commercial banks may buy and sell reserves in the federal funds market.商业银行可以在联邦基金市场上购买和出售储备T 22. If the Treasury issues new bonds that are purchased by the general public, the money supply is reduced if the Treasury deposits the funds in the Federal Reserve.如果财政部发布了由广大市民购买新

10、的债券，货币供应量减少，如果国库存款资金在美联储F 23. Recession is a period of falling prices.经济衰退是一个时期的价格下跌F 24. When commercial banks grant loans to the public, theirtotal reserves are reduced.当商业银行发放贷款的市民，他们的总储量减少MULTIPLE CHOICEa 1. Withdrawing cash from a checking account does not decrease从支票帐户提取现金不减少 a. the money supp

11、ly货币供应量 b. demand deposits活期存款 c. total reserves总储量 d. excess reserves超额准备金d 2. Excess reserves are affected by超额准备金受 1. reserve requirements准备金要求 2. the repayment of existing bank loans现有偿还银行贷款 3. cash withdrawals现金提款 d. 1, 2, and 3 b 3. When commercial banks grant loans,当商业银行发放贷款 a. the money supp

12、ly is reduced货币供应量减少 b. the money supply is increased货币供应量增加 c. total reserves increase总储量增加 d. total reserves decrease总储量减少 b 4. If deposits are withdrawn from a commercial bank, it may obtain reserves by如果存款从商业银行撤出，它可能是由获得储备 a. acquiring an asset收购资产 b. borrowing in the federal funds market在联邦基金市场

13、借款 c. lending funds in the federal funds market在联邦基金市场资金 d. liquidating a liability清算负债a 5. When a commercial bank receives a cash deposit,当商业银行收到的现金存款 1. its required reserves increase其所需的储备增加 2. its required reserves decrease其所需的储备减少 3. its total reserves increase其总储量增加 4. its total reserves decre

14、ase其总储量减少 a. 1 and 3 b 6. Commercial banks lend excess reserves for one day in the商业银行放贷超额储备为一天中的 a. stock market股市 b. federal funds market联邦基金市场 c. reserves market储备市场 d. overthecounter market过？的？柜台市场b 7. The Federal Reserve increases reserves by美国联邦储备局增加储备 a. selling securities出售证券 b. buying secur

15、ities买证券 c. raising reserve requirements提高存款准备金率 d. raising the discount rate提高贴现率b 8. The Federal Reserve美国联邦储备委员会 a. is part of the U.S. Treasury是美国财政部的一部分 b. is owned by member banks由成员银行拥有 c. is the nations largest commercial bank是全国最大的商业银行 d. lends funds to corporations借出资金的公司b 9. By lowering t

16、he discount rate, the Federal Reserve通过降低贴现率，美联储 a. discourages commercial banks from lending鼓励商业银行从贷款 b. encourages commercial banks to borrow reserves鼓励商业银行借入储备 c. discourages depositors from withdrawing funds鼓励存户提款 d. contracts the money supply收缩货币供应量d 10. The purpose of the Federal Reserve is to

17、美联储的目的是 a. finance government operations金融政府运作 b. protect investors from bank failures保护投资者免受银行倒闭 c. protect deposits from bank failures保护存款银行倒闭 d. control the supply of money and credit控制货币信贷总量c 11. The structure of the Federal Reserve includes美联储的结构包括 1. all commercial banks各商业银行 2. the twelve dis

18、trict banks在12家地方银行 3. the Board of Governors理事会 c. 2 and 3 c 12. The members of the Board of Governors are a. elected by the member banks b. appointed by the Senate c. appointed by the President of the United States d. elected by the Federal Open Market Committee c 13. During a period of recession,

19、 a federal government surplus should retire debt owed a. the Federal Reserve b. commercial banks c. the general public d. the Federal Deposit Insurance Corporationa 14. The Federal Reserve may contract the money supply by 1. selling securities 2. buying securities 3. raising reserve requirements 4.

20、lowering reserve requirements a. 1 and 3 b. 1 and 4 c. 2 and 3 d. 2 and 4理事会的成员是由成员银行推选由参议院任命由美国总统任命联邦公开市场委员会选举产生在衰退期，联邦政府的盈余应该退休欠下的债美联储商业银行广大市民美国联邦存款保险公司美联储可能通过收缩货币供应量出售证券买证券提高存款准备金率降低准备金要求如果联邦政府经营赤字，并从商业银行借入，总存款不受影响总存款增加超额准备金减少超额准备金均有所下降d 15. If the federal government runs a deficit and borrows fr

21、om commercial banks, 1. total deposits are not affected 2. total deposits are increased 3. excess reserves are reduced 4. excess reserves are decreased a. 1 and 3 b. 1 and 4 c. 2 and 3 d. 2 and 4c 16. If the federal government runs a deficit and finances the deficit by borrowing from the Federal Res

22、erve, 1. the reserves of commercial banks are reduced 2. the reserves of commercial banks are increased 3. the required reserves of commercial banks are increased 4. the required reserves of commercial banks are reduced a. 1 and 3 b. 1 and 4 c. 2 and 3 d. 2 and 4b 17. Anticipation of inflation disco

23、urages 1. saving 2. borrowing 3. lending 4. purchasing goods a. 1 and 2 b. 1 and 3 c. 2 and 3 d. 3 and 4b 18. If the federal government runs a surplus, a. expenditures exceed taxes b. receipts exceed disbursements c. debt must be issued d. the Federal Reserve buys bondsb 19. Recession is a period of

24、 a. declining prices b. declining employment c. declining unemployment d. rising interest ratesb 20. The Board of Governors a. manages the nations stock of gold b. has the substantive control over the money supply c. controls the U. S. Treasury d. is appointed by the U. S. Treasurera 21. If commerci

25、al banks grant loans, a. the money supply is increased b. total reserves are increased c. excess reserves are increased d. the money supply is reducedd 22. Commercial banks may borrow reserves from each other in the a. reserves market b. stock market c. bank market d. federal funds market a 23. By s

26、elling securities to the general public, the FED a. reduces the money supply b. raises commercial banks deposits c. increases the money supply d. increases banks excess reservesa 24. The tools of monetary policy include a. open market operations b. the purchase of corporate stock c. the federal gove

27、rnment deficit d. taxationb 25. If the federal government runs a deficit, a. taxes exceed expenditures b. expenditures exceed taxes c. receipts exceed taxes d. taxes exceed revenuesb 26. Anticipation of inflation encourages a. lending b. borrowing c. retiring debt d. savingc 27. During a period of r

28、ecession the Federal Reserve 1. increases the federal funds rate 2. buys government securities 3. sells government securities 4. lowers the federal funds are a. 1 and 2 b. 1 and 3 c. 2 and 4 d. 3 and 4SUPPLEMENTARY QUESTIONS1. If the reserve requirement for demand deposits is 10 percent,what is the

29、maximum change in the money supply that the banking system can create if a. the Federal Reserve puts $1,000,000 of new reserves in the banking system b. $1,000,000 in cash is deposited in checking accounts c. General Motors borrows $1,000,000 from an insurance company?Answers:a. new excess reserves:

30、 $1,000,000 maximum possible expansion in the money supply: $1,000,000/.1 = $10,000,000b. new excess reserves: $1,000,000 100,000 = $900,000 maximum possible expansion in the money supply: $900,000/.1 = $9,000,000c. new excess reserves: $0 maximum possible expansion in the money supply: $0/.1 = $0(B

31、orrowing from the nonbank public does not affect the banking systems ability to create new money.)2. What is the effect on (1) demand deposits, (2) required reserves, and (3) excess reserves of banks given the following transactions?a. The general public builds up its holdings of cash by withdrawing

32、 funds in checking accounts.b. After Christmas the general public deposits cash in checking accounts in commercial banks. (How may seasonal changes in the publics need for cash alter banks ability to lend?)c. Corporations borrow from commercial banks.d. State and local governments issue debt securit

33、ies that are purchased by commercial banks.e. Homeowners borrow from commercial banks to finance home improvements. (Are there any differences on the expansion of the money supply in questions (c), (d), and (e)?)f. A bank in California with excess reserves lends these funds through the federal funds

34、 market to a bank in Maine that has insufficient reserves.g. Corporations issue shortterm securities that are purchased by the general public.h. Corporations retire (i.e., pay off) loans from commercial banks. i. The Federal Reserve buys Treasury bills that are sold by the general public.j. The Fede

35、ral Reserve raises the discount rate, and banks retire debt owed the Federal Reserve.k. The Federal Reserve raises the reserve requirement on demand deposits.l. The Treasury borrows from the banks to finance payments.m. The federal government runs a deficit and borrows the funds from the general pub

36、lic.n. The federal government runs a deficit and borrows the funds from the Federal Reserve.Answers:a. Demand deposits lower Required reserves lower Excess reserves lowerb. Demand deposits higher Required reserves higher Excess reserves higherThese two questions illustrate that a seasonal flow of de

37、posits into or out of the banking system will affect the reserves of the banking system. Unless the banks are able to find liquidity elsewhere (e.g., the Federal Reserve), such seasonal changes in reserves may produce fluctuations in the supply of credit.c. Demand deposits higher Required reserves h

38、igher Excess reserves lowerd. Demand deposits higher Required reserves higher Excess reserves lower e. Demand deposits higher Required reserves higher Excess reserves lowerThese three questions illustrate that from the viewpoint of the banking system, it does not matter if the banks acquire debt iss

39、ued by firms, governments, or households. To acquire the debt, the banks must have excess reserves. After they have used their excess reserves, the money supply is expanded, and the excess reserves become required reserves. f. Demand deposits no change Required reserves no change Excess reserves no

40、change Unlike in the previous questions, the lending of excess reserves from one bank to another does not in the aggregate increase or decrease the reserves of the banking system.g. Demand deposits no change Required reserves no change Excess reserves no changeLoans between members of the nonbank general public do not affect banks reserves and thus do not affect their capacity to lend.h. Demand deposits lower Required reserves lower Excess