货币银行学第15章纸质练习(附答案)

货币银行学第13章纸质练习姓名：班级：学号：请把选择题答案填入框内。

Multiple Choice1)The Fed uses three policy tools to manipulate the money supply: open marketoperations, which affect the _____; changes in discount lending, which affect the _____ by influencing the quantity of discount loans; and changes in reserve requirements,which affect the _____.(a)money multiplier; monetary base; monetary base(b)monetary base; money multiplier; monetary base(c)monetary base; monetary base; money multiplier(d)money multiplier; money multiplier; monetary baseAnswer:C2)The federal funds rate is the(a)interest rate on overnight loans of reserves between banks.(b)interest rate on government debt.(c)interest rate the government pays when borrowing from banks.(d)all of the above.(e)both (a) and (c) of the above.Answer:A3)The opportunity cost of holding excess reserves is(a)the discount rate.(b)the prime rate.(c)the Treasury bill rate.(d)the federal funds rate.(e)the mortgage rate.Answer:D4)When the federal funds rate equals the discount rate(a)the supply curve of reserves is vertical.(b)the supply curve of reserves is horizontal.(c)the demand curve for reserves is vertical.(d)the demand curve for reserves is horizontal.(e)the demand curve for reserves has a positive slope.Answer:B5)In the market for reserves, an open market _____ shifts the supply curve to the _____,raising the federal funds interest rate.(a)sale; left(b)sale; right(c)purchase; right(d)purchase; leftAnswer: A6)In the market for reserves, an open market purchase shifts the supply curve to the _____and causes the federal funds interest rate to _____.(a)left; fall(b)right; fall(c)right; rise(d)left; riseAnswer:B7)In the market for reserves, a lower discount rate(a)shifts the supply curve of reserves to the left.(b)shifts the supply curve of reserves to the right.(c)lengthens the vertical section of the reserves supply curve.(d)shortens the vertical section of the reserves supply curve.(e)has no effect on the reserves supply curve.Answer:D8)In the market for reserves, when the federal funds rate is 3%, lowering the discount ratefrom 5% to 4%(a)lowers the federal funds rate.(b)raises the federal funds rate(c)has no effect on the federal funds rate.(d)has an indeterminate effect on the federal funds rate(e)does none of the above.Answer:C9)In the market for reserves, when the demand for federal funds intersects the reservesupply on the vertical section, increasing the discount rate(a)increases the federal funds rate.(b)lowers the federal funds rate.(c)has no effect on the federal funds rate.(d)has an indeterminate effect of the federal funds rate.(e)does none of the above.Answer:CFigure 17-110)In Figure 17-1, the vertical section of the supply of reserves is shortened by(a)open market sales.(b)a reduced discount rate.(c)a decrease in required reserves.(d)an increase in excess reserves.(e)a cut in the federal funds rate.Answer:B11)In Figure 17-1, a decrease in the discount rate(a)shifts the horizontal section of reserves supply from s1Rtos2R,reducing theequilibrium federal funds rate from 1ff ito2ff i.(b)shifts the horizontal section of reserves supply from s2Rtos1R,increasing theequilibrium federal funds rate from 2ff ito1ff i.(c)shifts the horizontal section of reserves supply from s1Rtos2R,increasing theequilibrium federal funds rate from 2ff ito1ff i.(d)shifts the horizontal section of reserves supply from s2Rtos1R,reducing theequilibrium federal funds rate from 1ff ito2ff i.Answer:A12)In the market for reserves, an increase in the reserve requirement shifts the demandcurve to the _____ and causes the federal funds interest rate to _____.(a)left; fall(b)right; fall(c)right; rise(d)left; riseAnswer:C13)_____ is (are) the most important monetary policy tool because it is (they are) theprimary determinant of changes in the _____, the main source of fluctuations in themoney supply.(a)Open market operations; monetary base(b)Open market operations; money multiplier(c)Changes in reserve requirements; monetary base(d)Changes in reserve requirements; money multiplierAnswer:A14)Open market purchases _____ the _____ thereby _____ the money supply.(a)raise; money multiplier; lowering(b)raise; money multiplier; raising(c)lower; monetary base; lowering(d)lower; monetary base; raising(e)raise; monetary base; raisingAnswer:E15)The two types of open market operations are(a)offensive and defensive.(b)dynamic and reactionary.(c)active and passive.(d)dynamic and defensive.(e)positive and negative.Answer:D16)The Fed conducts most of its open market operations in Treasury securities because themarket for these securities(a)is the most liquid.(b)has the largest trading volume.(c)is monopolized by the Fed.(d)involves all of the above.(e)involves only (a) and (b) of the above.Answer:E17)If float is predicted to _____ because of good weather, the manager of the trading deskat theNew York Fed bank will likely conduct _____ open market operations to _____reserves.(a)decrease; defensive; inject(b)increase; defensive; drain(c)decrease; dynamic; inject(d)increase; dynamic; drainAnswer:A18)When the Fed wants to conduct a _____ open market _____, it engages in a ______(a)permanent; purchase; reverse repo(b)permanent; purchase; repurchase agreement(c)temporary; sale; reverse repo(d)temporary; sale; repurchase agreement(e)temporary; purchase; reverse repoAnswer:C19)Primary credit(a)plays the most important role in monetary policy.(b)has loan rate that sets a ceiling for the federal funds rate.(c)consists of loans to banks in vacation and agricultural communities.(d)is all of the above.(e)is only (a) and (b) of the above.Answer:E20)Discount lending(a)is not as precisely controlled by the Fed as open market operations.(b)can be important in preventing financial panics.(c)is the Fed’s preferred method for changing the level of reserves in the bankingsystem.(d)all of the above.(e)only (a) and (b) of the above.Answer:E21) A _____ in _____ reduces the money supply since it causes the _____ to fall.(a)rise; reserve requirements; monetary base(b)rise; reserve requirements; money multiplier(c)rise; margin requirements; monetary base(d)decrease; margin requirements; money multiplier(e)decrease; reserve requirements; money multiplierAnswer:B22)Disadvantages of using reserve requirements to control the money supply and interestrates include(a)their overly-powerful impact on the money supply.(b)creating potential liquidity problems for banks with low excess reserves.(c)both (a) and (b) of the above.(d)neither (a) nor (b) of the above.Answer:C23)If the overnight interest rate falls below the rate paid on reserves(a)banks stop lending to the central bank.(b)the central bank supplies any amount of loans that banks want.(c)the central bank refuses to lend.(d)banks increase their deposits at the central bank.(e)the overnight interest rate cannot be controlled.Answer:DEssay Questions24) Demonstrate graphically and explain how a cut in the discount rate affects the supply ordemand for reserves, and the federal funds rate.Answer: As see in the graph below, a cut in the discount rate shifts the horizontalsection of the supply curve down, shortening the vertical section, anddecreasing the equilibrium federal funds rate. The supply curve changes from s1R to s2R, lowering the equilibrium rate from 1ff i to 2ff i.。