微觀經(jīng)濟(jì)學(xué)(帕金11版)課后習(xí)題解答：chapter 31 Monetary Policy

1、Economics, 11e, Global Edition (Parkin) Chapter 31 Monetary Policy1 Monetary Policy Objectives and Framework1) Which of the following is one of the Feds policy goals?A) help the President win reelectionB) exchange rateC) monetary baseD) price level stabilityAnswer: DTopic: Policy GoalsSkill: Recogni

2、tionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking2) The Feds goals includeA) open market operations.B) price level stability.C) the monetary base.D) the federal funds rate.Answer: BTopic: Policy GoalsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking3)

3、Federal Reserve monetary policy goals includeA) ensuring banks can meet their profit maximization objectives.B) discount rate stabilityC) zero percent unemployment in the domestic economy.D) price level stabilityAnswer: DTopic: Policy GoalsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB:

4、 Reflective Thinking4) The Federal Reserve monetary policy goals of maximum employment meansA) a zero percent unemployment rate.B) a zero percent natural unemployment rate.C) keeping the unemployment rate close to the natural unemployment rate.D) cyclical unemployment should not necessarily be minim

5、ized.Answer: CTopic: Policy GoalsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking5) Which of the following are NOT Federal Reserve monetary policy goals?A) moderate long-term interest ratesB) price level stabilityC) maximum employmentD) zero percent unemployment.Answe

6、r: DTopic: Policy GoalsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking6) The key goal of monetary policy is toA) reverse the productivity growth slowdown.B) keep the budget deficit small and/or the budget surplus large.C) lower taxes.D) maintain low inflation.Answer:

7、 DTopic: Policy GoalsSkill: RecognitionStatus: Modified 10th editionAACSB: Reflective Thinking7) The key aim of monetary policy is toA) change government spending to spur innovation.B) maintain price stability.C) change tax rates to boost investment.D) change tax rates to boost saving.Answer: BTopic

8、: Policy GoalsSkill: RecognitionStatus: Modified 10th editionAACSB: Reflective Thinking8) Which of the following is the most important Federal Reserve monetary policy goal?A) moderate long-term interest ratesB) minimum unemploymentC) maximum employmentD) price level stabilityAnswer: DTopic: Policy G

9、oalsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking9) In the short run, the Federal Reserve faces a tradeoff betweenA) economic growth and employment.B) inflation and price stability.C) inflation and unemployment.D) real GDP growth and potential GDP growth.Answer: CT

10、opic: Policy GoalsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking10) In the short run, the Federal Reserve faces a tradeoff betweenA) economic growth and employment.B) inflation and price stability.C) inflation and real GDP.D) interest rates and unemployment.Answer:

11、CTopic: Policy GoalsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking11) The core inflation rate, measured by the core PCE deflator, measures changes in theA) price of only two consumer goods: food and fuel.B) prices of all consumer goods.C) prices of consumer goods ex

12、cept food and fuel.D) prices of consumer goods except health care.Answer: CTopic: Price StabilitySkill: RecognitionStatus: Modified 10th editionAACSB: Reflective Thinking12) To determine whether the goal of stable prices is being achieved, the Federal Reserve monitors the _ but uses as its operation

13、al guide the _.A) core CPI; core inflation rateB) core inflation rate; CPI inflation rateC) CPI; core inflation rateD) GDP price deflator; CPIAnswer: CTopic: Price StabilitySkill: RecognitionStatus: Modified 10th editionAACSB: Reflective Thinking13) Ben Bernanke has been more precise than his predec

14、essor, suggesting a core inflation rate of _ per year is the same as price stability.A) 0 to 1 percentB) 0 to 2 percentC) 1 to 2 percentD) 1 to 4 percentAnswer: CTopic: Price StabilitySkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking14) Federal Reserve Chairman Ben Ber

15、nanke has defined price stability as occurring when core inflation isA) exactly 0 percent.B) less than 10 percent.C) between 1 and 2 percent.D) used in wage-setting contracts.Answer: CTopic: Price StabilitySkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking15) Ben Bernan

16、ke has suggested that a core inflation rate of _ is the equivalent of price stability.A) between 1 percent to 2 percentB) zeroC) less than 5 percent D) less than zeroAnswer: ATopic: Price StabilitySkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking16) In 2012, U.S. core

17、inflation was 2.1 percent. This inflation rateA) is lower than the inflation rate the Fed accepts as creating stable prices.B) is about equal to the inflation rate the Fed accepts as creating stable prices.C) is more than 2 percentage points higher than the inflation rate the Fed accepts as creating

18、 stable prices.D) None of the above answers are correct because the Fed has never associated an inflation rate with stable prices.Answer: BTopic: Price StabilitySkill: RecognitionStatus: NewAACSB: Reflective Thinking17) The output gap is theA) percentage deviation of real GDP from potential GDP.B) d

19、ifference between actual inflation and core inflation.C) difference in graduation levels between high school and college.D) percentage increase in the economic growth rate of real GDP.Answer: ATopic: Output GapSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking18) When t

20、he output gap is positive, it represents _ gap, and when it is negative, it represents _ gap.A) a recessionary; an inflationaryB) an inflationary; an employmentC) an inflationary; a recessionaryD) an employment; an unemploymentAnswer: CTopic: Output GapSkill: ConceptualStatus: Previous edition, Chap

21、ter 14AACSB: Reflective Thinking19) The output gap can be used to estimate the extend to which the Fed misses its goal ofA) maximum employment.B) stable prices.C) moderate long-term interest rates.D) monetary policy.Answer: ATopic: Output GapSkill: ConceptualStatus: Previous edition, Chapter 14AACSB

22、: Reflective Thinking20) Which of the following bodies are responsible for the conduct of monetary policy?A) the Federal Reserve SystemB) CongressC) the PresidentD) Congress and the President, jointlyAnswer: ATopic: The Federal Reserve SystemSkill: RecognitionStatus: Previous edition, Chapter 14AACS

23、B: Reflective Thinking21) Monetary policy is controlled byA) Congress.B) the president.C) the Federal Reserve.D) the Treasury Department.Answer: CTopic: The Federal Reserve SystemSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking22) The current chairman of the Federal R

24、eserve isA) Ben Bernanke.B) Alan Greenspan.C) Paul Volcker.D) Milton Friedman.Answer: ATopic: The Federal Reserve SystemSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking23) The Federal Open Market Committee meets _ times per year.A) 8B) 2C) 26D) 52Answer: ATopic: The F

25、ederal Reserve SystemSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking24) Read the following statements and determine if they are true or false.I.The Federal Reserves monetary policy must be approved by the President of the United States.II.The Federal Reserve Board of

26、 Governors meets approximately every six months to review the state of the economy and determine monetary policy.A) I and II are both true.B) I and II are both false.C) I is true and II is false.D) I is false and II is true.Answer: BTopic: The Federal Reserve SystemSkill: ConceptualStatus: Modified

27、10th editionAACSB: Reflective Thinking25) Price level stabilityA) has no relationship to growth in potential GDP.B) is thought by most economists to be reached with a measured inflation rate of between 0 and 2 percent a year.C) is the most important tool of the Federal Reserve.D) was attained by the

28、 Fed for the period between 1979 and 2001.Answer: BTopic: Study Guide Question, Price StabilitySkill: RecognitionStatus: Modified 10th editionAACSB: Reflective Thinking2 The Conduct of Monetary Policy1) Which of the following are policy instruments available to the Fed as it tries to achieve its mac

29、roeconomic goals?I.government expenditures on goods and services and taxesII.the government budget deficit or surplusIII.changes in the federal funds rateA) I and IIB) III onlyC) II and IIID) II onlyAnswer: BTopic: Policy InstrumentsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflec

30、tive Thinking2) Which of the following is a potential monetary policy instrument for the Fed?A) federal funds rateB) government budget deficitC) income tax ratesD) profit ratesAnswer: ATopic: Policy InstrumentsSkill: RecognitionStatus: Modified 10th editionAACSB: Reflective Thinking3) The monetary p

31、olicy instrument the Federal Reserve choose to use is theA) quantity of money.B) exchange rate.C) federal funds rate.D) required reserves rate.Answer: CTopic: Policy InstrumentsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking4) The federal funds rate is the interest r

32、ate A) banks charge each other on overnight loans.B) on the 3-month Treasury bill.C) on the 30-year treasury bond.D) also known as the prime rate.Answer: ATopic: Policy InstrumentsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking5) Currently the Fed targetsA) both the

33、monetary base and the federal funds rate simultaneously.B) the exchange rate.C) the federal funds rate.D) the price level.Answer: CTopic: Policy InstrumentsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking6) Usually, the Federal Reserve changes its target for the feder

34、al funds rate in units ofA) 1/4 of 1 percentage point.B) 1 percentage point.C) 2 percentage points.D) 5 percentage points.Answer: ATopic: Policy InstrumentsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking7) Federal Reserve open market operations directly influenceA) f

35、irms.B) consumers.C) banks.D) Congress.Answer: CTopic: Policy InstrumentsSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking8) The higher the federal funds rate, the _ the opportunity cost of holding reserves, which _ the incentive to economize on reserves.A) higher; inc

36、reasesB) higher; decreasesC) lower; increasesD) lower; decreasesAnswer: ATopic: The Market for ReservesSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking9) In 2012, the federal funds rate was 0.15 percent, which means that the opportunity cost of holding reserves was _

37、and consequently banks had a _ incentive to economize on reserves.A) low; smallB) low; largeC) high; smallD) high; largeAnswer: ATopic: The Market for ReservesSkill: RecognitionStatus: NewAACSB: Reflective Thinking10) Equilibrium in the market for bank reserves determines theA) federal funds rate.B)

38、 inflation rate.C) 30-year Treasury bond rate.D) exchange rate.Answer: ATopic: The Market for ReservesSkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking11) If the federal funds rate is greater than the federal funds rate target, there is a _ of reserves and the federal

39、funds rate _.A) surplus; fallsB) surplus; risesC) shortage; fallsD) shortage; risesAnswer: ATopic: The Market for ReservesSkill: ConceptualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking12) Within the market for reserves, an increase in the quantity of reserves results in aA) rise in

40、the equilibrium federal funds rate.B) fall in the equilibrium federal funds rate.C) rise in the equilibrium real wage rate.D) fall in the equilibrium money wage rate.Answer: BTopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking1

41、3) If the demand for reserves is unchanged, an increase in the quantity of reserves willA) increase the federal funds rate.B) lower the federal funds rate.C) not affect the federal funds rate.D) None of the above answers is correct.Answer: BTopic: Changing the Interest Rate, Fed PolicySkill: Concept

42、ualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking14) In the market for bank reserves, if the federal funds rate target is higher than the federal funds rate, the Fed will take action to _ reserves.A) decrease the supply ofB) increase the supply ofC) increase the demand forD) decrease

43、 the demand forAnswer: ATopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking15) Open market operations by the Fed lead toA) changes in the number of banks.B) immediate changes in aggregate supply.C) changes in the federal funds

44、rate.D) shifts in the demand curve for reserves.Answer: CTopic: Changing the Interest Rate, Fed PolicySkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking16) If the Fed sells U.S. government securities,A) the federal funds rate rises.B) the U.S. Treasury gains some revenu

45、e.C) bank reserves increase.D) None of the above answers is correct.Answer: ATopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking17) If the Fed carries out an open market operation and sells U.S. government securities, the feder

46、al funds rate _ and the quantity of reserves _.A) falls; increasesB) rises; increasesC) falls; decreasesD) rises; decreasesAnswer: DTopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking18) An increase in the quantity of reserves

47、leads to aA) fall in the federal funds rate.B) decrease in the price level.C) reduction in the velocity of circulation.D) leftward shift in the demand curve for reserves.Answer: ATopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Modified 10th editionAACSB: Reflective Thinking19)

48、An open market sale of government securities by the Federal Reserve shifts the _ reserves curve _.A) supply of; leftwardB) supply of; rightwardC) demand for; rightwardD) demand for; leftwardAnswer: ATopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Previous edition, Chapter 14AAC

49、SB: Reflective Thinking20) The Fed engages in open market operations and sells government securities. The result isA) a lower federal funds rate.B) a higher federal funds rate.C) an unchanged federal funds rate because other interest rates did not change.D) More information is needed to determine wh

50、at happens to the federal funds rate.Answer: BTopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking21) If the Fed wants to raise the federal funds rate it willA) buy government securities in order to increase the quantity of rese

51、rves.B) sell government securities in order to decrease the quantity of reserves.C) buy government securities in order to decrease the quantity of reserves.D) sell government securities in order to increase the quantity of reserves.Answer: BTopic: Changing the Interest Rate, Fed PolicySkill: Concept

52、ualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking22) If the Fed buys U.S. government securities,A) the federal funds rate will fall.B) the federal funds rate will rise.C) bank reserves will decrease.D) the discount rate will rise.Answer: ATopic: Changing the Interest Rate, Fed Policy

53、Skill: ConceptualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking23) If the Fed carries out an open market operation to buy U.S.A) falls; increasesB) rises; increasesC) falls; decreasesD) rises; decreasesAnswer: ATopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Mod

54、ified 10th editionAACSB: Reflective Thinking24) The Fed buys U.S. government securities from banks in order toA) lower the federal funds rate.B) reduce the governments budget deficit.C) decrease banks reserves.D) None of the above answers are correct.Answer: ATopic: Changing the Interest Rate, Fed P

55、olicySkill: RecognitionStatus: Previous edition, Chapter 14AACSB: Reflective Thinking25) If the Fed wants to lower the federal funds rate, it canA) decrease the budget deficit.B) sell government securities in the open market.C) instruct banks to print more money.D) buy government securities on the o

56、pen market.Answer: DTopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking26) An open market purchase of government securities by the Federal Reserve shifts the _ reserves curve _.A) supply of; leftwardB) supply of; rightwardC) de

57、mand for; rightwardD) demand for; leftwardAnswer: BTopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Previous edition, Chapter 14AACSB: Reflective Thinking27) In 2012 the Fed announced it would purchase $40 billion of mortgage securities per month. These purchases shifted the _ r

58、eserves curve _.A) supply of; leftwardB) supply of; rightwardC) demand for; rightwardD) demand for; leftwardAnswer: BTopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: NewAACSB: Reflective Thinking28) If the Fed increases the quantity of reserves, a new equilibrium is reached by a

59、A) rightward shift of the demand for reserves curve.B) movement down the demand for reserves curve.C) leftward shift of the demand for reserves curve.D) movement up the demand for reserves curve.Answer: BTopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Previous edition, Chapter

60、14AACSB: Reflective Thinking29) To lower the federal funds rate, the Federal Reserve shouldA) buy government securities.B) raise the Treasury bill rate.C) raise the exchange rate.D) decrease bank reserves.Answer: ATopic: Changing the Interest Rate, Fed PolicySkill: ConceptualStatus: Previous edition