经济学原理对应练习34.doc
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经济学原理对应练习34.doc
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Chapter34/TheInfluenceofMonetaryandFiscalPolicyonAggregateDemandv1431
Chapter34
TheInfluenceofMonetaryandFiscalPolicyonAggregateDemand
MultipleChoice
1. Fiscalpolicyaffectstheeconomy
a. onlyintheshortrun.
b. onlyinthelongrun.
c. inboththeshortandlongrun.
d. inneithertheshortnorlongrun.
ANS:
C PTS:
1 DIF:
1 REF:
34-1
TOP:
Fiscalpolicy MSC:
Analytical
2. Whichofthefollowingisnotareasontheaggregatedemandcurveslopesdownward?
Asthepricelevelincreases
a. firmsmaybelievetherelativepriceoftheiroutputhasrisen.
b. realwealthdeclines.
c. theinterestrateincreases.
d. theexchangerateincreases.
ANS:
A PTS:
1 DIF:
1 REF:
34-1
TOP:
Aggregatedemandslope MSC:
Definitional
3. FortheU.S.economy,whichofthefollowingisthemostimportantreasonforthedownwardslopeoftheaggregate-demandcurve?
a. thewealtheffect
b. theinterest-rateeffect
c. theexchange-rateeffect
d. thereal-wageeffect
ANS:
B PTS:
1 DIF:
1 REF:
34-1
TOP:
Interest-rateeffect MSC:
Definitional
4. WhichofthefollowingislikelymoreimportantforexplainingtheslopeoftheaggregatedemandcurveofasmalleconomythanitisfortheUnitedStates?
a. thewealtheffect
b. theinterest-rateeffect
c. theexchange-rateeffect
d. thereal-wageeffect
ANS:
C PTS:
1 DIF:
1 REF:
34-1
TOP:
Exchange-rateeffect MSC:
Interpretive
5. Whichofthefollowingisnotaresponsethatwouldresultfromadecreaseinthepricelevelandsohelptoexplaintheslopeoftheaggregatedemandcurve?
a. Wheninterestratesfall,SleepwellHotelsdecidestobuildsomenewhotels.
b. Theexchangeratefalls,soFrenchrestaurantsinParisbuymoreIowapork.
c. Janetfeelswealthierbecauseofthepricedropandsoshedecidestoremodelherbathroom.
d. Withpricesdownandwagesfixedbycontract,Millio’sFrozenPizzasdecidestolayoffworkers.
ANS:
D PTS:
1 DIF:
1 REF:
34-1
TOP:
Aggregatedemandslope MSC:
Interpretive
6. Thewealtheffecthelpsexplaintheslopeoftheaggregatedemandcurve.Thiseffectis
a. relativelyimportantintheUnitedStatesbecauseexpendituresonconsumerdurablesisveryresponsivetochangesinwealth.
b. relativelyimportantintheUnitedStatesbecauseconsumptionspendingisalargepartofGDP.
c. relativelyunimportantintheUnitedStatesbecausemoneyholdingsareasmallpartofconsumerwealth.
d. relativelyunimportantbecauseittakesalargechangeinwealthtomakeasignificantchangeininterestrates.
ANS:
C PTS:
1 DIF:
1 REF:
34-1
TOP:
Wealtheffect MSC:
Definitional
7. WhichofthefollowingclaimsconcerningtheimportanceofeffectsthatexplaintheslopeoftheU.S.aggregatedemandcurveiscorrect?
a. Theexchange-rateeffectisrelativelysmallbecauseexportsandimportsareasmallpartofrealGDP.
b. Theinterest-rateeffectisrelativelysmallbecauseinvestmentspendingisnotveryresponsivetointerestratechanges.
c. Thewealtheffectisrelativelylargebecausemoneyholdingsareasignificantportionofmosthouseholds'wealth.
d. Noneoftheaboveiscorrect.
ANS:
A PTS:
1 DIF:
1 REF:
34-1
TOP:
Aggregatedemandslope MSC:
Interpretive
8. LiquiditypreferencerefersdirectlytoKeynes'theoryconcerning
a. theeffectsofchangesinmoneydemandandsupplyoninterestrates.
b. theeffectsofchangesinmoneydemandandsupplyonexchangerates.
c. theeffectsofwealthonexpenditures.
d. thedifferencebetweentemporaryandpermanentchangesinincome.
ANS:
A PTS:
1 DIF:
1 REF:
34-1
TOP:
Liquiditypreference MSC:
Definitional
9. Accordingtoliquiditypreferencetheory,equilibriuminthemoneymarketisachievedbyadjustmentsin
a. thepricelevel.
b. theinterestrate.
c. theexchangerate.
d. realwealth.
ANS:
B PTS:
1 DIF:
1 REF:
34-1
TOP:
Moneymarketequilibrium MSC:
Definitional
10. Liquiditypreferencetheoryismostrelevanttothe
a. shortrunandsupposesthatthepriceleveladjuststobringmoneysupplyandmoneydemandintobalance.
b. shortrunandsupposesthattheinterestrateadjuststobringmoneysupplyandmoneydemandintobalance.
c. longrunandsupposesthatthepriceleveladjuststobringmoneysupplyandmoneydemandintobalance.
d. longrunandsupposesthattheinterestrateadjuststobringmoneysupplyandmoneydemandintobalance.
ANS:
B PTS:
1 DIF:
2 REF:
34-1
TOP:
Liquiditypreference MSC:
Definitional
11. Ifexpectedinflationisconstant,thenwhenthenominalinterestrateincreases,therealinterestrate
a. increasesbymorethanthechangeinthenominalinterestrate.
b. increasesbythechangeinthenominalinterestrate.
c. decreasesbythechangeinthenominalinterestrate.
d. decreasesbymorethanthechangeinthenominalinterestrate.
ANS:
B PTS:
1 DIF:
1 REF:
34-1
TOP:
Nominalandrealinterestrates MSC:
Analytical
12. Ifexpectedinflationisconstant,thenwhenthenominalinterestratefalls,therealinterestrate
a. fallsbymorethanthechangeinthenominalinterestrate.
b. fallsbythechangeinthenominalinterestrate.
c. risesbythechangeinthenominalinterestrate.
d. risesbymorethanthechangeinthenominalinterestrate.
ANS:
B PTS:
1 DIF:
1 REF:
34-1
TOP:
Nominalandrealinterestrates MSC:
Analytical
13. Ifexpectedinflationisconstantandthenominalinterestrateincreased3percentagepoints,therealinterestratewould
a. increase3percentagepoints.
b. increase,butbylessthan3percentagepoints.
c. decrease,butbylessthan3percentagepoints.
d. decreaseby3percentagepoints.
ANS:
A PTS:
1 DIF:
1 REF:
34-1
TOP:
Nominalandrealinterestrates MSC:
Analytical
14. Thetheoryofliquiditypreferenceassumesthatthenominalsupplyofmoneyisdeterminedbythe
a. levelofrealGDP.
b. rateofinflation.
c. interestrate.
d. theFederalReserve.
ANS:
D PTS:
1 DIF:
1 REF:
34-1
TOP:
Moneysupply MSC:
Definitional
15. Accordingtothetheoryofliquiditypreference,themoneysupply
a. andmoneydemandarepositivelyrelatedtotheinterestrate.
b. andmoneydemandarenegativelyrelatedtotheinterestrate.
c. isnegativelyrelatedtotheinterestratewhilemoneydemandispositivelyrelatedtotheinterestrate.
d. isindependentoftheinterestrate,whilemoneydemandisnegativelyrelatedtotheinterestrate.
ANS:
D PTS:
1 DIF:
2 REF:
34-1
TOP:
Moneysupplyanddemand MSC:
Interpretive
16. Accordingtoliquiditypreferencetheory,themoneysupplycurveis
a. upwardsloping.
b. downwardsloping.
c. vertical.
d. horizontal.
ANS:
C PTS:
1 DIF:
1 REF:
34-1
TOP:
Moneysupply MSC:
Definitional
17. Accordingtoliquiditypreferencetheory,themoneysupplycurvewouldshiftright
a. ifthemoneydemandcurveshiftedright.
b. iftheFederalReservechosetoincreasemoneysupply.
c. iftheinterestrateincreased.
d. Alloftheabovearecorrect.
ANS:
B PTS:
1 DIF:
1 REF:
34-1
TOP:
Moneysupplyshifts MSC:
Applicative
18. Accordingtoliquiditypreferencetheory,themoneysupplycurvewouldshiftiftheFed
a. engagedinopen-markettransactions.
b. changedthediscountrate.
c. changedthereserverequirement.
d. didanyoftheabove.
ANS:
D PTS:
1 DIF:
1 REF:
34-1
TOP:
Moneysupply MSC:
Applicative
19. WhichofthefollowingFedactionswouldbothincreasethemoneysupply?
a. buybondsandraisethereserverequirement
b. buybondsandlowerthereserverequirement
c. sellbondsandraisethereserverequirement
d. sellbondsandlowerthereserverequirement
ANS:
B PTS:
1 DIF:
1 REF:
34-1
TOP:
Moneysupply MSC:
Definitional
20. WhentheFedbuysgovernmentbonds,thereservesofthebankingsystem
a. increase,sothemoneysupplyincreases.
b. increase,sothemoneysupplydecreases.
c. decrease,sothemoneysupplyincreases.
d. decrease,sothemoneysupplydecreases.
ANS:
A PTS:
1 DIF:
2 REF:
34-1
TOP:
Open-marketpurchases MSC:
Analytical
21. WhentheFedsellsgovernmentbonds,thereservesofthebankingsystem
a. increase,sothemoneysupplyincreases.
b. increase,sothemoneysupplydecreases.
c. decrease,sothemoneysupplyincreases.
d. decrease,sothemoneysupplydecreases.
ANS:
D PTS:
1 DIF:
2 REF:
34-1
TOP:
Open-marketsales MSC:
Analytical
22. Liquidityrefersto
a. therelationbetweenthepriceandinterestrateofanasset.
b. theriskofanassetrelativetoitssellingprice.
c. theeasewithwhichanassetisconvertedintoamediumofexchange.
d. thesensitivityofinvestmentspendingtochangesintheinterestrate.
ANS:
C PTS:
1 DIF:
1 REF:
34-1
TOP:
Liquidity MSC:
Definitional
23. Whichofthefollowingisthemostliquidasset?
a. capitalgoods
b. stocksandbondswithalowrisk
c. stocksandbondswithahighrisk
d. fundsinacheckingaccount
ANS:
D PTS:
1 DIF:
1 REF:
34-1
TOP:
Liquidity MSC:
Interpretive
24. Whichofthefollowingisthemostliquidasset?
a. corporatebonds.
b. fineart.
c. depositsthatcanbewithdrawnusingATMs.
d. mutualfunds.
ANS:
C PTS:
1 DIF:
1 REF:
34-1
TOP:
Liquidity MSC:
Interpretive
25. Peopleownorholdmoneyprimarilybecauseit
a. hasaguaranteednominalreturn.
b. servesasastoreofvalue.
c. candirectlybeusedtobuygoodsandservices.
d. functionsasaunitofaccount.
ANS:
C PTS:
1 DIF:
1 REF:
34-1
TOP:
Moneydemand MSC:
Definitional
26. Accordingtoliquiditypreferencetheory,theopportunitycostofholdingmoneyis
a. theinterestrateonbonds.
b. theinflationrate.
c. thecostofconvertingbondstoamediumofexchange.
d. thedifferencebetweentheinflationrateandtheinterestrateonbonds.
ANS:
A PTS:
1 DIF:
1 REF:
34-1
TOP:
Moneydemandslope MSC:
Definitional
27. Whentheinterestrateincreases,theopportunitycostofholdingmoney
a. increases,sothequantityofmoneydemandedincreases.
b. inc
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