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1、江西财经大学0910货币银行学 A 1) Money supply models tend to focus on the monetary base rather than on reserves since (a) Fed actions have no effect on reserves but have a predictable effect on the monetary base. (b) Fed actions in general have little effect on reserves but have a predictable effect on the mone
2、tary base. (c) Fed actions have a more predictable effect on the monetary base. (d) none of the above. 2) The price of a futures contract at the expiration date of the contract (a) equals the price of the underlying asset. (b) equals the price of the counterparty. (c) equals the hedge position. (d)
3、equals the value of the hedged asset. 3) If the liquidity effect is larger than the other effects, an increase in money growth will (a) lower interest rates. (b) raise interest rates. (c) cause interest rates to rise initially but then fall below the initial level. (d) cause interest rates to fall i
4、nitially but then rise above the initial level. 4) Deposit insurance (a) attracts risk-prone entrepreneurs to the banking industry. (b) encourages bank managers to take on greater risks than they otherwise would. (c) reduces the incentives of depositors to monitor the riskiness of their banks asset
5、portfolios. (d) does all of the above. 5) The _ are the costs associated with deposit outflows, the _ excess reserves banks will want to hold. Page 1(a) lower; more (b) higher; less (c) higher; more (d) None of the above, since deposit outflows cannot be anticipated. 6) The formula linking the money
6、 supply to the monetary base is (a) M m MB. (b) M m MB. (c) m M MB. (d) MB M m. 7) If interest rates are expected to fall in the future, the demand for long-term bonds today _ and the demand curve shifts to the _. (a) rises; right (b) rises; left (c) falls; right (d) falls; left 8) Money is defined
7、as (a) bills of exchange. (b) anything that is generally accepted in payment for goods and services or in the repayment of debt. (c) a risk-free repository of spending power. (d) the unrecognized liability of governments. 9) Federal reserve assets include (a) government securities. (b) bank reserves
8、. (c) currency in circulation. (d) all of the above. 10) Using the one-period valuation model, assuming a year-end dividend of $0.50, an expected sales price of $50, and a required rate of return of 10%, the current price of the stock would be (a) $50.50. (b) $50.00. (c) $45.91. (d) $45.00. 11) If w
9、ealth decreases, the demand for common stocks _ and that of long-term bonds _. (a) increases; increases (b) increases; decreases (c) decreases; decreases (d) decreases; increases 12) The Fed uses three policy tools to manipulate the money supply: open market operations, which affect the _; changes i
10、n 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)
11、money multiplier; money multiplier; monetary base 13) Which of the following statements are true? a) A banks assets are its sources of funds. b) A banks liabilities are its uses of funds. c) A banks balance sheet shows that total assets equal total liabilities plus equity capital. d) Each of the abo
12、ve. 14) The objectives of the Federal Reserve in its conduct of monetary policy include a) economic growth. b) price stability. c) high employment. d) all of the above. 15) Which of the following is not one of the eight basic puzzles about financial structure? a) The financial system is among the mo
13、st heavily regulated sectors of the economy. b) Issuing marketable securities is the primary way businesses finance their operations.c) Indirect finance, which involves the activities of financial intermediaries, is many times more important than direct finance, in which businesses raise funds direc
14、tly from lenders in financial markets. d) Banks are the most important source of external funds to finance businesses.16) Because it is a medium of exchange, money a）discourages specialization and the division of labor. b) reduces transaction costs. c) is not allowed to earn interest. d) does only (
15、b) and (c) of the above. 17) Which of the following long-term bonds currently has the lowest interest rate? a) Corporate Aaa bonds b) U.S. Treasury bonds c) Corporate Aa bonds d) Corporate Baa bonds 18) Holding the expected return on bonds constant, an increase in the expected return on common stocks would _ the demand for bonds, shifting the demand curve to the _. a) decrease; left b) decrease; right c) increase; left d) increase; right 19) If a security pays $110 next year an
