宏观经济分析 第4章练习题+答案

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Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHall.

CHAPTER4.FINANCIALMARKETS

MULTIPLECHOICEQUESTIONS

E 1.Whichofthefollowingisacharacteristicofbonds?

a.payzeronominalinterest.

b.canbeusedfortransactions.

c.aresoldforapricethatvariesinverselywiththeinterestrate.

d.alloftheabove.

e.noneoftheabove.

E 2.Whichofthefollowingisaflowvariable?

a.income.

b.money.

c.financialwealth.

d.alloftheabove.

e.noneoftheabove.

E 3.Whichofthefollowingisacomponentofmoney?

a.bonds.

b.saving.

c.income.

d.stocks.

e.noneoftheabove.

E 4.Whichofthefollowingisacomponentofmoney?

a.coinsheldbythenonbankpublic.

b.billsheldbybanks.

c.checkabledeposits.

d.alloftheabove

M 5.Whichofthefollowingwillcauseanincreaseintheamountofmoneythatonewishestohold?

a.anincreaseintheinterestrateincrease.

b.areductionintheinterestrateincrease.

c.areductioninincome.

d.noneoftheabove

M 6.Themoneydemandcurvewillshifttotherightwhenwhichofthefollowingoccurs?

a.anincreaseinincome.

b.areductionintheinterestrate.

c.anincreaseinthemoneysupply.

d.alloftheabove.

e.noneoftheabove.

M 7.Themoneydemandcurvewillshifttotheleftwhenwhichofthefollowingoccurs?

a.areductionintheinterestrate

b.anincreaseintheinterestrate

c.anopenmarketsaleofbondsbythecentralbank

d.anincreaseinincome

e.noneoftheabove

E 8.WhichofthefollowingisNOTincludedasacomponentoftheM1definitionofmoney?

a.bonds.

b.checkabledeposits.

c.coinsandbillsheldbythenonbankpublic.

d.alloftheabove.

e.noneoftheabove.

M 9.In2006,theaverageU.S.householdheldapproximatelyhowmuchcurrency(dollarbillsandcoins)?

a.$50.

b.$100.

c.$600.

d.$1600.

e.noneoftheabove.

M 10.WhichofthefollowingcountrieshasadoptedtheU.S.dollarasitsowncurrency?

a.Ecuador.

b.Mexico.

c.Canada.

d.France.

e.Australia.

M 11.Atthecurrentinterestrate,supposethesupplyofmoneyislessthanthedemandformoney.Giventhisinformation,weknowthat:

a.thepriceofbondswilltendincrease.

b.thepriceofbondswilltendtofall.

ductionequalsdemand.

d.thegoodsmarketisalsoinequilibrium.

e.thesupplyofbondsalsoequalsthedemandforbonds.

M 12.Theinterestratewillincreaseasaresultofwhichofthefollowingevents?

a.anincreaseinincome.

b.anopenmarketpurchaseofbondsbythecentralbank.

c.areductioninincome.

d.alloftheabove.

e.noneoftheabove.

E 13.WhichofthefollowingisNOTanassetonabank'sbalancesheet?

a.Reserves.

b.Loans.

c.checkabledeposits.

d.Alloftheabove.

e.Noneoftheabove.

E 14.Whichofthefollowingisaliabilityonabank'sbalancesheet?

a.Checkabledeposits.

b.Reserves.

c.Loans.

d.Alloftheabove.

e.Noneoftheabove.

E 15.Whichofthefollowingisaliabilityforthecentralbank?

a.currency.

b.bonds.

c.savingsaccounts.

d.loans.

e.checkabledeposits.

M 16.Supposeaone-yeardiscountbondofferstopay$1000inoneyearandcurrentlysellsfor$950.Giventhisinformation,weknowthattheinterestrateonthebondis

a.5.3%.

b.9.5%%.

c.10%.

d.90%.

e.110%.

M 17.Supposeaone-yeardiscountbondofferstopay$1000inoneyearandcurrentlyhasa15%interestrate.Giventhisinformation,weknowthatthebond'spricemustbe:

a.$869.56.

b.$1150.

c.$850.

d.$950.

e.noneoftheabove.

E 18.Banksaredifferentfromotherfinancialintermediariesbecause

a.banksreceivefundsandmakeloans.

b.someofabank'sdepositsaremoney.

c.bankscanconductopenmarketoperationsontheirown.

d.banksdonotneedtoholdreservesagainsttheirdeposits.

e.banksareopenlongerhours.

M 19.Whichofthefollowinggenerallyoccurswhenacentralbankpursuesexpansionarymonetarypolicy?

a.thecentralbankpurchasesbondsandtheinterestrateincreases.

b.thecentralbankpurchasesbondsandtheinterestratedecreases.

c.thecentralbanksellsbondsandtheinterestrateincreases.

d.thecentralbanksellsbondsandtheinterestratedecreases.

M 20.Whichofthefollowinggenerallyoccurswhenacentralbankpursuescontractionarymonetarypolicy?

a.thecentralbankpurchasesbondsandtheinterestrateincreases.

b.thecentralbankpurchasesbondsandtheinterestratedecreases.

c.thecentralbanksellsbondsandtheinterestrateincreases.

d.thecentralbanksellsbondsandtheinterestratedecreases.

M 21.Whichofthefollowingwilloccurwhenthecentralbankpursuesexpansionarymonetarypolicy?

a.aleftwardshiftinthemoneydemandcurveandaleftwardshiftinthemoneysupplycurve

b.arightwardshiftinthemoneydemandcurveandaleftwardshiftinthemoneysupplycurve.

c.aleftwardshiftinthemoneydemandcurveandarightwardshiftinthemoneysupplycurve.

d.arightwardshiftinthemoneydemandcurveandarightwardshiftinthemoneysupplycurve.

e.noneoftheabove.

M 22.Whichofthefollowingisacomponentofhighpoweredmoney?

a.bondsheldbybanks,loans,andbankreserves.

b.currencyincirculationplusbankreserves.

c.currencyincirculationpluscheckabledeposits.

d.bondsheldbybankspluscheckabledeposits.

e.thesumofcurrencyincirculation,bankreserves,andcheckabledeposits.

M 23.Forthisquestion,assumethatindividualsdoNOTholdcurrency(i.e.,c=0).Iftheratioofreservesto depositsis.10,themoneymultiplieris:

a..1

b..9

c.4

d.5

e.10

D 24.Whichofthefollowingwillcausethemoneymultipliertobecomesmaller?

a.anincreaseinhighpoweredmoney.

b.adecreaseintheratioofreservestocheckabledeposits.

c.anincreaseinthepublic'spreferenceforcheckingdepositsasopposedtoholdingcurrency.

d.areductioninhighpoweredmoney.

e.noneoftheabove.

D 25.Themoneysupplywilltendtofallwhenwhichofthefollowingoccurs?

a.acentralbanksaleofbonds.

b.adecreaseintheratioofreservestodeposits.

c.ashiftinpublicpreferencesawayfromcurrencytocheckabledeposits.

d.alloftheabove.

e.noneoftheabove.

M 26.Whichofthefollowingeventswillcausetheinterestratetoincrease?

a.anopenmarketsaleofbonds

b.anincreaseinthereservedepositratio(i.e.,)

c.anincreaseinincome

d.alloftheabove

E 27.Thefederalfundsrateisdeterminedinwhichofthefollowingmarkets?

a.themarketforU.S.treasurysecurities

b.themoneymarket

c.thebondmarket

d.themarketforcentralbankmoney

e.noneoftheabove

M 28.Forthisquestion,assumethatindividualsdoNOTholdcurrency(i.e.,c=0).Themoneymultiplieris equalto:

a.1

b.1/(1-c)

c.

d.1/(1-)

e.noneoftheabove

M 29.Forthisquestion,assumethatindividualsdoNOTholdcurrency(i.e.,c=0)..Themoneymultiplieris equalto:

a.1/(1-c)

b.1/[c+(1-c)]

c.[c+(1-c)]

d.1/

e.noneoftheabove

D 30.Forthisquestion,assumethatindividualsholdbothcurrencyandcheckabledeposits.Themoney multiplierisequalto:

a.1/c

b.1/[c+(1-c)]

c.[c+(1-c)]

d.1/

e.1/(1-c)

M 31.Wewouldexpectwhichofthefollowingtooccurwhenthecentralbankpursuesexpansionarymonetary policy?

a.anincreaseinbondpricesandanincreaseintheinterestrate(i)

b.areductioninbondpricesandanincreaseini

c.anincreaseinbondpricesandareductionini

d.areductioninbondpricesandareductionini

e.noneoftheabove

M 32.Wewouldexpectwhichofthefollowingtooccurwhenthecentralbankpursuescontractionary monetarypolicy?

a.anincreaseinbondpricesandanincreaseintheinterestrate(i)

b.areductioninbondpricesandanincreaseini

c.anincreaseinbondpricesandareductionini

d.areductioninbondpricesandareductionini

e.noneoftheabove

M 33.Basedonourunderstandingofthedeterminantsoftheinterestrateandbondprices,weknowthata reductioninincomewillcause:

a.anincreaseinbondpricesandanincreaseintheinterestrate(i)

b.areductioninbondpricesandanincreaseini

c.anincreaseinbondpricesandareductionini

d.areductioninbondpricesandareductionini

e.noneoftheabove

M 34.Wewouldexpectwhichofthefollowingtooccurwhenthecentralbankconductsanopenmarketsaleof bonds?

a.areductioninthemonetarybase(H)

b.areductioninthemoneymultiplier

c.anincreaseinH

d.anincreaseinthemoneymultiplier

e.both(c)and(d)

M 35.Wewouldexpectwhichofthefollowingtooccurwhenthecentralbankconductsanopenmarket purchaseofbonds?

a.areductioninthemonetarybase(H)

b.areductioninthemoneymultiplier

c.anincreaseinthemoneymultiplier

d.anincreaseinthemoneysupply

E 36.TheU.S.governmentcurrentlyinsureseachbankaccountuptowhatlevel?

a.$10,000

b.$50,000

c.$100,000

d.$150,000

M 37.Anincreaseinthereserveratio,,willcause:

a.anincreaseinthemonetarybase(H)

b.areductioninH

c.anincreaseinthemoneymultiplier

d.areductioninthemoneymultiplier

e.noneoftheabove

M 38.Areductioninthereserveratio,,willcause:

a.anincreaseinthemonetarybase(H)

b.areductioninHandareductioninthemoneymultiplier

c.anincreaseinthemoneymultiplier

d.areductioninthemoneymultiplier

M 39.Anincreaseintheparameterc,theproportionofmoneyindividualswishtoholdascurrency,willtendto causewhichofthefollowing?

a.anincreaseinthemonetarybase(H)

b.areductioninH

c.anincreaseinthemoneymultiplier

d.areductioninthemoneymultiplier

M 40.Areductionintheparameterc,theproportionofmoneyindividualswishtoholdascurrency,willtend tocausewhichofthefollowing?

a.anincreaseinthemonetarybase(H)

b.areductioninH

c.anincreaseinthemoneymultiplier

d.areductioninthemoneymultiplier

M 41.Anincreaseinincomewilltendtocausewhichofthefollowing?

a.anincreaseinthemonetarybase(H)

b.areductioninH

c.anincreaseintheinterestrate

d.areductioninthemoneymultiplier

e.noneoftheabove

M 42.Ifindividualsdonotholdcurrency,weknowthat:

a.M=D

b.H=R

c.themoneymultiplieris1/

d.alloftheabove

M 43.Ifindividualsdonotholdcheckabledeposits,weknowthat:

a.M=CU

b.H=CU

c.themoneymultiplieris1

d.alloftheabove

M 44.Anincreaseintheinterestratewillcause:

a.areductioninthesupplyofcentralbankmoney

b.areductioninthedemandforcurrency

c.areductioninthedemandforreserves

d.alloftheabove

e.bothbandc

M 45.Anincreaseinincomewillcause:

a.areductioninthesupplyofcentralbankmoney

b.areductioninthedemandforcurrency

c.areductioninthedemandforreserves

d.noneoftheabove

e.bothbandc

M 46.Anincreaseinincomewillcause:

a.areductioninthesupplyofcentralbankmoney

b.areductioninthedemandforcurrency

c.anincreaseinthedemandforreserves

d.noneoftheabove

M 47.Anopenmarketsaleofsecuritieswilltendtocause:

a.areductioninthesupplyofcentralbankmoney

b.areductioninthedemandforcurrency

c.areductioninthedemandforreserves

d.noneoftheabove

ESSAYQUESTIONS

1.First,explainwhythemoneydemandcurveisdownwardsloping.Second,explainwhatfactor(s)willcauseshiftsinthemoneydemandcurve.

2.Explainwhattypesofpoliciesacentralbankcanimplementtoreducetheinterestrate.

3.Graphicallyillustrateandexplainwhateffectanincreaseinrealincomewillhaveonthemoneymarket.

4.GraphicallyillustrateandexplainwhateffectapurchaseofbondsbytheFederalReservewillhaveonthemoneymarket.

5.Usethemarketforcentralbankmoneytoanswerthisquestion.GraphicallyillustrateandexplainwhateffectaFederalReservepurchaseofbondswillhaveonthismarketandontheequilibriuminterestrate.

6.Usethemarketforcentralbankmoneytoanswerthisquestion.Graphicallyillustrateandexplainwhateffectanincreaseinthereservedepositratio()willhaveonthismarketandontheequilibriuminterestrate.

7.Explainwhateffectchangesineachofthefollowingvariableshasonthedemandforcentralbankmoney:(1)theinterestrate,i;and(b)realincome,Y.

8.DiscussthetoolsoftheFederalReserveandexplainhoweachcanbeusedtochangethemoneysupplyandequilibriuminterestrate.

9.Whatisthemoneymultiplierandwhatfactorsdetermineitssize?

10.Usethemoneymarkettoanswerthisquestion.Supposethereisareductioninincome.First,brieflyexplainwhateffectthiswillhaveontheinterestrate.Second,explainalltypesofpoliciesthecentralbankcouldimplementtopreventthisreductioninincomefromaffectingtheinterestrate.

ANSWERSTOMULTIPLECHOICEQUESTIONS

1.c

2.b

3.e

4.d

5.b

6.a

7.e

8.e

9.d

10.a

11.b

12.b

13.d

14.a

15.a

16.a

17.a

18.b

19.b

20.c

21.e

22.b

23.e

24.e

25.b

26.d

27.e

28.e

29.e

30.b

31.c

32.b

33.c

34.a

35.d

36.c

37.d

38.c

39.d

40.c

41.c

42.d

43.d

44.e

45.d

46.c

47.a

ANSWERSTOESSAYQUESTIONS

1.Themoneydemandcurveisdownwardsloping(withtheinterestrateontheverticalaxis).Itisassumedthatmoneypaysnointerest.Atthesametime,individualsearninterestwhentheyholdbonds.So,astheinterestrateincreases,individualsaremorewillingtoincurthecostsassociatedwithconvertingbondstomoneywhentheywishtobuygoods.So,anincreaseintheinterestratecausesareductioninmoneydemand.Moneydemanddependsontheleveloftransactionsandontheinterestrate.Astheleveloftransactionsincreases,individualswillincreasemoneydemand.Assumingthatnominalincomeiscorrelatedwithnominaltransactions,anincreaseinnominalincomewillcauseanincreaseinmoneydemandandshiftsinthecurve.

2.Centralbankshavetwooptionstoreducetheinterestrate:acentralbankpurchaseofbondsorareductionintherequiredreserveratio.Bothpoliciesresultinanincreaseinthemoneysupplyandareductionintheinterestrate.

3.Anincreaseinincomewillcauseanincreaseintransactionsandanincreaseinmoneydemand.Themoneydemandcurvewillshifttotherightcausinganexcessdemandformoneyandexcessdemandforbonds.Theinterestratewillrisetorestoremoneymarketequilibrium.Thereisnochangeinmoneysupplyasaresultofthis.

4.AFedpurchaseofbondswillcauseanincreaseinHandanincreaseinthemoneysupply.Attheinitialinterestrate,therewillbeanexcesssupplyofmoney.Theinterestratewillfalltorestoremoneymarketequilibrium.Allelsefixed,therewillbenochangeinmoneydemand.

5.AFedpurchaseofbondswillcauseanincreaseinthesupplyofcentralbankmoney.Torestoreequilibriuminthismarket,theinterestratewillhavetofall.Asitdoes,thequantitydemandedforcentralbankmoneywillriseand,therefore,restoreequilibrium.

6.Anincreaseintheparameterwillcauseanincreaseinbanks'demandforreservesand,therefore,anincreaseinthedemandforcentralbankmoney.Thiswillcauseanexcessdemandforcentralbankmoneyattheinitialinterestrate.Inthiscase,theinterestratewillrisetorestoreequilibrium.

7.Interestrate.Areductionintheinterestratewillcauseani