金融学双语复习资料第5章.docx

金融学双语复习资料第5章.docx

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金融学双语复习资料第5章

Chapter5

THEFEDERALRESERVE

TRUE/FALSE

F1.ThepowertocreatemoneyisgivenbytheConstitutiontotheFederalReserve.创造货币的权力是宪法赋予美联储

T2.Whencorporationsretire（payoff）loansfromcommercialbanks,excessreservesareincreased.当企业退休从商业银行（支付）的贷款，超额准备金增加。

F3.Whenthegeneralpublicusesmoneyincheckingaccounts

topurchasestockissuedbycorporations,therequiredreservesofbanksarereduced.当一般公众使用的钱在支票账户购买公司发行的股票，所需要的银行的准备金就会减少

F4.OnlylargecommercialbanksaresubjecttotheregulationoftheFederalReserve.只有大型商业银行受到美联储的监管

F5.WhentheFederalReservesellssecurities,themoneysupplyisincreased.当美联储出售证券，货币供应量增加

T6.WhentheFederalReservebuyssecurities,thereservesofbanksareincreased.当美联储购买证券，银行的准备金增加

T7.Openmarketoperationsisamoreflexibletoolofmonetarypolicythanthereserverequirements.公开市场操作是货币政策的一个更灵活的工具，比准备金要求

T8.Reserverequirementsareinfrequentlychangedtoaffectcommercialbanklending.准备金要求频繁改变会影响商业银行贷款

T9.TheOpenMarketCommitteehastwelvemembersthatincludetheBoardofGovernors.公开市场委员会有十二名成员，其中包括理事会

F10.ThepresidentsoftheDistrictBankselecttheBoardofGovernorsoftheFederalReserve.该地区银行的总统选举联邦储备理事会

F11.ThefederalfundsrateistheinterestratetheFederalReservechargesbankswhentheyborrowreserves.联邦基金利率是利率联邦储备银行收费时，他们借入储备

F12.IftheTreasuryborrowsfromtheFederalReserve,thelendingcapacityofbanksisreduced.如果财政部从美联储借，银行的放贷能力降低

T13.IftheTreasurysellsdebtthatispurchasedbycorporationsandusesthefundstopurchasemilitaryequipment,theexcessreservesofthebankingsystemarenotaffected.如果财政部出售债券是由公司购买并使用的资金购买军事装备，多余的银行体系储备不受影响

T14.Deflationisaperiodofdecliningprices.通货紧缩是一个时期价格下跌

F15.Duringaperiodofrecession,theFedsellssecurities.在衰退期，美联储出售证券

T16.TheConsumerPriceIndex（CPI）isameasureofinflation.居民消费价格指数（CPI）是衡量通货膨胀的

T17.TheFederalReserveisindependentoftheU.S.Treasuryandisownedbycommercialbanks.美联储是独立于美国财政部，由商业银行所拥有

F18.ThePresidentoftheUnitedStatesappointstheFederalOpenMarketCommittee.美国总统任命的联邦公开市场委员会

F19.Sincethereservesofcommercialbanksearninterest,thereisanincentivetoholdexcessreserves.由于商业银行的准备金赚取利息，还有持有超额准备金的奖励

T20.Openmarketoperationsisamoreflexibletoolofmonetarypolicythanthediscountrate.公开市场操作是货币政策的一个更灵活的工具比贴现率

T21.Commercialbanksmaybuyandsellreservesinthefederalfundsmarket.商业银行可以在联邦基金市场上购买和出售储备

T22.IftheTreasuryissuesnewbondsthatarepurchasedbythegeneralpublic,themoneysupplyisreducediftheTreasurydepositsthefundsintheFederalReserve.如果财政部发布了由广大市民购买新的债券，货币供应量减少，如果国库存款资金在美联储

F23.Recessionisaperiodoffallingprices.经济衰退是一个时期的价格下跌

F24.Whencommercialbanksgrantloanstothepublic,their

totalreservesarereduced.当商业银行发放贷款的市民，他们的

总储量减少

MULTIPLECHOICE

a1.Withdrawingcashfromacheckingaccountdoesnotdecrease从支票帐户提取现金不减少

a.themoneysupply货币供应量

b.demanddeposits活期存款

c.totalreserves总储量

d.excessreserves超额准备金

d2.Excessreservesareaffectedby超额准备金受

1.reserverequirements准备金要求

2.therepaymentofexistingbankloans现有偿还银行贷款

3.cashwithdrawals现金提款

d.1,2,and3

b3.Whencommercialbanksgrantloans,当商业银行发放贷款

a.themoneysupplyisreduced货币供应量减少

b.themoneysupplyisincreased货币供应量增加

c.totalreservesincrease总储量增加

d.totalreservesdecrease总储量减少

b4.Ifdepositsarewithdrawnfromacommercialbank,itmayobtainreservesby如果存款从商业银行撤出，它可能是由获得储备

a.acquiringanasset收购资产

b.borrowinginthefederalfundsmarket在联邦基金市场借款

c.lendingfundsinthefederalfundsmarket在联邦基金市场资金

d.liquidatingaliability清算负债

a5.Whenacommercialbankreceivesacashdeposit,当商业银行收到的现金存款

1.itsrequiredreservesincrease其所需的储备增加

2.itsrequiredreservesdecrease其所需的储备减少

3.itstotalreservesincrease其总储量增加

4.itstotalreservesdecrease其总储量减少

a.1and3

b6.Commercialbankslendexcessreservesforonedayinthe商业银行放贷超额储备为一天中的

a.stockmarket股市

b.federalfundsmarket联邦基金市场

c.reservesmarket储备市场

d.overthecountermarket过？

的？

柜台市场

b7.TheFederalReserveincreasesreservesby美国联邦储备局增加储备

a.sellingsecurities出售证券

b.buyingsecurities买证券

c.raisingreserverequirements提高存款准备金率

d.raisingthediscountrate提高贴现率

b8.TheFederalReserve美国联邦储备委员会

a.ispartoftheU.S.Treasury是美国财政部的一部分

b.isownedbymemberbanks由成员银行拥有

c.isthenation'slargestcommercialbank是全国最大的商业银行

d.lendsfundstocorporations借出资金的公司

b9.Byloweringthediscountrate,theFederalReserve通过降低贴现率，美联储

a.discouragescommercialbanksfromlending鼓励商业银行从贷款

b.encouragescommercialbankstoborrowreserves鼓励商业银行借入储备

c.discouragesdepositorsfromwithdrawingfunds鼓励存户提款

d.contractsthemoneysupply收缩货币供应量

d10.ThepurposeoftheFederalReserveisto美联储的目的是

a.financegovernmentoperations金融政府运作

b.protectinvestorsfrombankfailures保护投资者免受银行倒闭

c.protectdepositsfrombankfailures保护存款银行倒闭

d.controlthesupplyofmoneyandcredit控制货币信贷总量

c11.ThestructureoftheFederalReserveincludes美联储的结构包括

1.allcommercialbanks各商业银行

2.thetwelvedistrictbanks在12家地方银行

3.theBoardofGovernors 理事会

c.2and3

c12.ThemembersoftheBoardofGovernorsare

a.electedbythememberbanks

b.appointedbytheSenate

c.appointedbythePresidentoftheUnitedStates

d.electedbytheFederalOpenMarketCommittee

c13.Duringaperiodofrecession,afederalgovernmentsurplusshouldretiredebtowed

a.theFederalReserve

b.commercialbanks

c.thegeneralpublic

d.theFederalDepositInsuranceCorporation

a14.TheFederalReservemaycontractthemoneysupplyby

1.sellingsecurities

2.buyingsecurities

3.raisingreserverequirements

4.loweringreserverequirements

a.1and3

b.1and4

c.2and3

d.2and4

 理事会的成员是

       由成员银行推选

       由参议院任命

       由美国总统任命

       联邦公开市场委员会选举产生

 在衰退期，联邦政府的盈余应该退休欠下的债

       美联储

       商业银行

       广大市民

       美国联邦存款保险公司

 美联储可能通过收缩货币供应量

       出售证券

       买证券

      提高存款准备金率

      降低准备金要求

 如果联邦政府经营赤字，并从商业银行借入，

       总存款不受影响

       总存款增加

       超额准备金减少

      超额准备金均有所下降

d15.Ifthefederalgovernmentrunsadeficitandborrowsfromcommercialbanks,

1.totaldepositsarenotaffected

2.totaldepositsareincreased

3.excessreservesarereduced

4.excessreservesaredecreased

a.1and3

b.1and4

c.2and3

d.2and4

c16.IfthefederalgovernmentrunsadeficitandfinancesthedeficitbyborrowingfromtheFederalReserve,

1.thereservesofcommercialbanksarereduced

2.thereservesofcommercialbanksareincreased

3.therequiredreservesofcommercialbanksare

increased

4.therequiredreservesofcommercialbanksare

reduced

a.1and3

b.1and4

c.2and3

d.2and4

b17.Anticipationofinflationdiscourages

1.saving

2.borrowing

3.lending

4.purchasinggoods

a.1and2

b.1and3

c.2and3

d.3and4

b18.Ifthefederalgovernmentrunsasurplus,

a.expendituresexceedtaxes

b.receiptsexceeddisbursements

c.debtmustbeissued

d.theFederalReservebuysbonds

b19.Recessionisaperiodof

a.decliningprices

b.decliningemployment

c.decliningunemployment

d.risinginterestrates

b20.TheBoardofGovernors

a.managesthenation'sstockofgold

b.hasthesubstantivecontroloverthemoneysupply

c.controlstheU.S.Treasury

d.isappointedbytheU.S.Treasurer

a21.Ifcommercialbanksgrantloans,

a.themoneysupplyisincreased

b.totalreservesareincreased

c.excessreservesareincreased

d.themoneysupplyisreduced

d22.Commercialbanksmayborrowreservesfromeachotherinthe

a.reservesmarket

b.stockmarket

c.bankmarket

d.federalfundsmarket

a23.Bysellingsecuritiestothegeneralpublic,theFED

a.reducesthemoneysupply

b.raisescommercialbanks'deposits

c.increasesthemoneysupply

d.increasesbanks'excessreserves

a24.Thetoolsofmonetarypolicyinclude

a.openmarketoperations

b.thepurchaseofcorporatestock

c.thefederalgovernmentdeficit

d.taxation

b25.Ifthefederalgovernmentrunsadeficit,

a.taxesexceedexpenditures

b.expendituresexceedtaxes

c.receiptsexceedtaxes

d.taxesexceedrevenues

b26.Anticipationofinflationencourages

a.lending

b.borrowing

c.retiringdebt

d.saving

c27.DuringaperiodofrecessiontheFederalReserve

1.increasesthefederalfundsrate

2.buysgovernmentsecurities

3.sellsgovernmentsecurities

4.lowersthefederalfundsare

a.1and2

b.1and3

c.2and4

d.3and4

SUPPLEMENTARYQUESTIONS

1.Ifthereserverequirementfordemanddepositsis10percent,

whatisthemaximumchangeinthemoneysupplythatthebankingsystemcancreateif

a.theFederalReserveputs$1,000,000ofnewreservesinthebankingsystem

b.$1,000,000incashisdepositedincheckingaccounts

c.GeneralMotorsborrows$1,000,000fromaninsurancecompany?

Answers:

a.newexcessreserves:

$1,000,000

maximumpossibleexpansioninthemoneysupply:

$1,000,000/.1=$10,000,000

b.newexcessreserves:

$1,000,000100,000=$900,000

maximumpossibleexpansioninthemoneysupply:

$900,000/.1=$9,000,000

c.newexcessreserves:

$0

maximumpossibleexpansioninthemoneysupply:

$0/.1=$0

（Borrowingfromthenonbankpublicdoesnotaffectthebankingsystem'sabilitytocreatenewmoney.）

2.Whatistheeffecton

（1）demanddeposits,

（2）requiredreserves,and（3）excessreservesofbanksgiventhefollowingtransactions?

a.Thegeneralpublicbuildsupitsholdingsofcashbywithdrawingfundsincheckingaccounts.

b.AfterChristmasthegeneralpublicdeposits