经济学原理对应练习34.docx

经济学原理对应练习34.docx

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经济学原理对应练习34

Chapter34

TheInfluenceofMonetaryandFiscalPolicyonAggregateDemand

MultipleChoice

1.Fiscalpolicyaffectstheeconomy

a.onlyintheshortrun.

b.onlyinthelongrun.

c.inboththeshortandlongrun.

d.inneithertheshortnorlongrun.

ANS:

CPTS:

1DIF:

1REF:

34-1

TOP:

FiscalpolicyMSC:

Analytical

2.Whichofthefollowingisnotareasontheaggregatedemandcurveslopesdownward?

Asthepricelevelincreases

a.firmsmaybelievetherelativepriceoftheiroutputhasrisen.

b.realwealthdeclines.

c.theinterestrateincreases.

d.theexchangerateincreases.

ANS:

APTS:

1DIF:

1REF:

34-1

TOP:

AggregatedemandslopeMSC:

Definitional

3.FortheU.S.economy,whichofthefollowingisthemostimportantreasonforthedownwardslopeoftheaggregate-demandcurve?

a.thewealtheffect

b.theinterest-rateeffect

c.theexchange-rateeffect

d.thereal-wageeffect

ANS:

BPTS:

1DIF:

1REF:

34-1

TOP:

Interest-rateeffectMSC:

Definitional

4.WhichofthefollowingislikelymoreimportantforexplainingtheslopeoftheaggregatedemandcurveofasmalleconomythanitisfortheUnitedStates?

a.thewealtheffect

b.theinterest-rateeffect

c.theexchange-rateeffect

d.thereal-wageeffect

ANS:

CPTS:

1DIF:

1REF:

34-1

TOP:

Exchange-rateeffectMSC:

Interpretive

5.Whichofthefollowingisnotaresponsethatwouldresultfromadecreaseinthepricelevelandsohelptoexplaintheslopeoftheaggregatedemandcurve?

a.Wheninterestratesfall,SleepwellHotelsdecidestobuildsomenewhotels.

b.Theexchangeratefalls,soFrenchrestaurantsinParisbuymoreIowapork.

c.Janetfeelswealthierbecauseofthepricedropandsoshedecidestoremodelherbathroom.

d.Withpricesdownandwagesfixedbycontract,Millio’sFrozenPizzasdecidestolayoffworkers.

ANS:

DPTS:

1DIF:

1REF:

34-1

TOP:

AggregatedemandslopeMSC:

Interpretive

6.Thewealtheffecthelpsexplaintheslopeoftheaggregatedemandcurve.Thiseffectis

a.relativelyimportantintheUnitedStatesbecauseexpendituresonconsumerdurablesisveryresponsivetochangesinwealth.

b.relativelyimportantintheUnitedStatesbecauseconsumptionspendingisalargepartofGDP.

c.relativelyunimportantintheUnitedStatesbecausemoneyholdingsareasmallpartofconsumerwealth.

d.relativelyunimportantbecauseittakesalargechangeinwealthtomakeasignificantchangeininterestrates.

ANS:

CPTS:

1DIF:

1REF:

34-1

TOP:

WealtheffectMSC:

Definitional

7.WhichofthefollowingclaimsconcerningtheimportanceofeffectsthatexplaintheslopeoftheU.S.aggregatedemandcurveiscorrect?

a.Theexchange-rateeffectisrelativelysmallbecauseexportsandimportsareasmallpartofrealGDP.

b.Theinterest-rateeffectisrelativelysmallbecauseinvestmentspendingisnotveryresponsivetointerestratechanges.

c.Thewealtheffectisrelativelylargebecausemoneyholdingsareasignificantportionofmosthouseholds'wealth.

d.Noneoftheaboveiscorrect.

ANS:

APTS:

1DIF:

1REF:

34-1

TOP:

AggregatedemandslopeMSC:

Interpretive

8.LiquiditypreferencerefersdirectlytoKeynes'theoryconcerning

a.theeffectsofchangesinmoneydemandandsupplyoninterestrates.

b.theeffectsofchangesinmoneydemandandsupplyonexchangerates.

c.theeffectsofwealthonexpenditures.

d.thedifferencebetweentemporaryandpermanentchangesinincome.

ANS:

APTS:

1DIF:

1REF:

34-1

TOP:

LiquiditypreferenceMSC:

Definitional

9.Accordingtoliquiditypreferencetheory,equilibriuminthemoneymarketisachievedbyadjustmentsin

a.thepricelevel.

b.theinterestrate.

c.theexchangerate.

d.realwealth.

ANS:

BPTS:

1DIF:

1REF:

34-1

TOP:

MoneymarketequilibriumMSC:

Definitional

10.Liquiditypreferencetheoryismostrelevanttothe

a.shortrunandsupposesthatthepriceleveladjuststobringmoneysupplyandmoneydemandintobalance.

b.shortrunandsupposesthattheinterestrateadjuststobringmoneysupplyandmoneydemandintobalance.

c.longrunandsupposesthatthepriceleveladjuststobringmoneysupplyandmoneydemandintobalance.

d.longrunandsupposesthattheinterestrateadjuststobringmoneysupplyandmoneydemandintobalance.

ANS:

BPTS:

1DIF:

2REF:

34-1

TOP:

LiquiditypreferenceMSC:

Definitional

11.Ifexpectedinflationisconstant,thenwhenthenominalinterestrateincreases,therealinterestrate

a.increasesbymorethanthechangeinthenominalinterestrate.

b.increasesbythechangeinthenominalinterestrate.

c.decreasesbythechangeinthenominalinterestrate.

d.decreasesbymorethanthechangeinthenominalinterestrate.

ANS:

BPTS:

1DIF:

1REF:

34-1

TOP:

NominalandrealinterestratesMSC:

Analytical

12.Ifexpectedinflationisconstant,thenwhenthenominalinterestratefalls,therealinterestrate

a.fallsbymorethanthechangeinthenominalinterestrate.

b.fallsbythechangeinthenominalinterestrate.

c.risesbythechangeinthenominalinterestrate.

d.risesbymorethanthechangeinthenominalinterestrate.

ANS:

BPTS:

1DIF:

1REF:

34-1

TOP:

NominalandrealinterestratesMSC:

Analytical

13.Ifexpectedinflationisconstantandthenominalinterestrateincreased3percentagepoints,therealinterestratewould

a.increase3percentagepoints.

b.increase,butbylessthan3percentagepoints.

c.decrease,butbylessthan3percentagepoints.

d.decreaseby3percentagepoints.

ANS:

APTS:

1DIF:

1REF:

34-1

TOP:

NominalandrealinterestratesMSC:

Analytical

14.Thetheoryofliquiditypreferenceassumesthatthenominalsupplyofmoneyisdeterminedbythe

a.levelofrealGDP.

b.rateofinflation.

c.interestrate.

d.theFederalReserve.

ANS:

DPTS:

1DIF:

1REF:

34-1

TOP:

MoneysupplyMSC:

Definitional

15.Accordingtothetheoryofliquiditypreference,themoneysupply

a.andmoneydemandarepositivelyrelatedtotheinterestrate.

b.andmoneydemandarenegativelyrelatedtotheinterestrate.

c.isnegativelyrelatedtotheinterestratewhilemoneydemandispositivelyrelatedtotheinterestrate.

d.isindependentoftheinterestrate,whilemoneydemandisnegativelyrelatedtotheinterestrate.

ANS:

DPTS:

1DIF:

2REF:

34-1

TOP:

MoneysupplyanddemandMSC:

Interpretive

16.Accordingtoliquiditypreferencetheory,themoneysupplycurveis

a.upwardsloping.

b.downwardsloping.

c.vertical.

d.horizontal.

ANS:

CPTS:

1DIF:

1REF:

34-1

TOP:

MoneysupplyMSC:

Definitional

17.Accordingtoliquiditypreferencetheory,themoneysupplycurvewouldshiftright

a.ifthemoneydemandcurveshiftedright.

b.iftheFederalReservechosetoincreasemoneysupply.

c.iftheinterestrateincreased.

d.Alloftheabovearecorrect.

ANS:

BPTS:

1DIF:

1REF:

34-1

TOP:

MoneysupplyshiftsMSC:

Applicative

18.Accordingtoliquiditypreferencetheory,themoneysupplycurvewouldshiftiftheFed

a.engagedinopen-markettransactions.

b.changedthediscountrate.

c.changedthereserverequirement.

d.didanyoftheabove.

ANS:

DPTS:

1DIF:

1REF:

34-1

TOP:

MoneysupplyMSC:

Applicative

19.WhichofthefollowingFedactionswouldbothincreasethemoneysupply?

a.buybondsandraisethereserverequirement

b.buybondsandlowerthereserverequirement

c.sellbondsandraisethereserverequirement

d.sellbondsandlowerthereserverequirement

ANS:

BPTS:

1DIF:

1REF:

34-1

TOP:

MoneysupplyMSC:

Definitional

20.WhentheFedbuysgovernmentbonds,thereservesofthebankingsystem

a.increase,sothemoneysupplyincreases.

b.increase,sothemoneysupplydecreases.

c.decrease,sothemoneysupplyincreases.

d.decrease,sothemoneysupplydecreases.

ANS:

APTS:

1DIF:

2REF:

34-1

TOP:

Open-marketpurchasesMSC:

Analytical

21.WhentheFedsellsgovernmentbonds,thereservesofthebankingsystem

a.increase,sothemoneysupplyincreases.

b.increase,sothemoneysupplydecreases.

c.decrease,sothemoneysupplyincreases.

d.decrease,sothemoneysupplydecreases.

ANS:

DPTS:

1DIF:

2REF:

34-1

TOP:

Open-marketsalesMSC:

Analytical

22.Liquidityrefersto

a.therelationbetweenthepriceandinterestrateofanasset.

b.theriskofanassetrelativetoitssellingprice.

c.theeasewithwhichanassetisconvertedintoamediumofexchange.

d.thesensitivityofinvestmentspendingtochangesintheinterestrate.

ANS:

CPTS:

1DIF:

1REF:

34-1

TOP:

LiquidityMSC:

Definitional

23.Whichofthefollowingisthemostliquidasset?

a.capitalgoods

b.stocksandbondswithalowrisk

c.stocksandbondswithahighrisk

d.fundsinacheckingaccount

ANS:

DPTS:

1DIF:

1REF:

34-1

TOP:

LiquidityMSC:

Interpretive

24.Whichofthefollowingisthemostliquidasset?

a.corporatebonds.

b.fineart.

c.depositsthatcanbewithdrawnusingATMs.

d.mutualfunds.

ANS:

CPTS:

1DIF:

1REF:

34-1

TOP:

LiquidityMSC:

Interpretive

25.Peopleownorholdmoneyprimarilybecauseit

a.hasaguaranteednominalreturn.

b.servesasastoreofvalue.

c.candirectlybeusedtobuygoodsandservices.

d.functionsasaunitofaccount.

ANS:

CPTS:

1DIF:

1REF:

34-1

TOP:

MoneydemandMSC:

Definitional

26.Accordingtoliquiditypreferencetheory,theopportunitycostofholdingmoneyis

a.theinterestrateonbonds.

b.theinflationrate.

c.thecostofconvertingbondstoamediumofexchange.

d.thedifferencebetweentheinflationrateandtheinterestrateonbonds.

ANS:

APTS:

1DIF:

1REF:

34-1

TOP:

MoneydemandslopeMSC:

Definitional

27.Whentheinterestrateincreases,theopportunitycostofholdingmoney

a.increases,sothequantityofmoneydemandedincreases.

b.increases,sothequantityofmoneydemandeddecreases.

c.decreases,s