货币银行学(B卷)答案.doc
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江西财经大学09－10学年第二学期
期末考试参考答案与评分标准
试卷代码：
12423B授课课时：
48
课程名称：
货币银行学适用对象：
国际学院学生
试卷命题人李静试卷审核人王耀德
PartI.Thisparthas20MultipleChoiceQuestionsandeachoneisworth1points.Thetotalpointsforthispartare20points.Pleasechooseonlyoneanswerforeachquestion.
1ModelsdescribingthedeterminationofthemoneysupplyandtheFed’sroleinthisprocessnormallyfocuson_____ratherthan_____,sinceFedactionshaveamorepredictableeffectontheformer.
（a）reserves;themonetarybase
（b）reserves;high-poweredmoney
（c）themonetarybase;high-poweredmoney
（d）themonetarybase;reserves
Answer:
D
QuestionStatus:
PreviousEdition
2Adisadvantageofaforwardcontractisthat
a）itmaybedifficulttolocateacounterparty.
b）theforwardmarketsuffersfromlackofliquidity.
c）thesecontractshavedefaultrisk.
d）alloftheabove.
Answer:
D
QuestionStatus:
New
3Thegoalsofbankassetmanagementinclude
a）maximizingrisk.
b）minimizingliquidity
c）lendingathighinterestratesregardlessofrisk.
d）purchasingsecuritieswithhighreturnsandlowrisk.
Answer:
D
QuestionStatus:
New
4Ifinterestratesareexpectedtoriseinthefuture,thedemandforlong-termbonds_____andthedemandcurveshiftstothe_____.
a）rises;right
b）rises;left
c）falls;right
d）falls;left
Answer:
D
QuestionStatus:
PreviousEdition
5TheFed’smostcommonlyusedmeansofchangingthemoneysupplyis
a）changingreserverequirements.
b）changingthediscountrate.
c）openmarketoperations.
d）changesininterestrateceilings.
Answer:
C
QuestionStatus:
Revised
6Iftheliquidityeffectissmallerthantheothereffects,andtheadjustmenttoexpectedinflationisimmediate,thenthe
a）interestratewillfall.
b）interestratewillrise.
c）interestratewillfallimmediatelybelowtheinitiallevelwhenthemoneysupplygrows.
d）interestratewillriseimmediatelyabovetheinitiallevelwhenthemoneysupplygrows.
Answer:
D
QuestionStatus:
PreviousEdition
7Asystemofdepositinsurance
a）attractsrisk-takingentrepreneursintothebankingindustry.
b）encouragesbankmanagerstoassumeincreasedrisk.
c）increasestheincentivesofdepositorstomonitortheriskinessoftheirbank’sassetportfolio.
d）doesonly（a）and（b）oftheabove.
Answer:
D
QuestionStatus:
StudyGuide
8Theformulaforthemoneymultiplierthatincludesexcessreservesandcurrencyis
a）m＝（1+c）÷（r＋e＋c）.
b）M＝1÷（r＋e＋c）.
c）M＝（1＋c）÷（r＋e＋c）.
d）D＝1÷（r＋e＋c）.
Answer:
A
QuestionStatus:
New
9Thefourplayersinthemoneysupplyprocessinclude
（a）banks,depositors,borrowers,andtheU.S.Treasury.
（b）banks,depositors,thecentralbank,andtheU.S.Treasury.
（c）banks,depositors,thecentralbank,andborrowers.
（d）banks,borrowers,thecentralbank,andtheU.S.Treasury.
Answer:
C
QuestionStatus:
PreviousEdition
10Thegoalsofmonetarypolicyinclude
（a）outputstability.
（b）pricestability.
（c）stabilityofthefinancialmarkets.
（d）both（b）and（c）oftheabove
Answer:
D
QuestionStatus:
New
11Intheone-periodvaluationmodel,thecurrentstockpriceincreasesif
（a）theexpectedsalespriceincreases.
（b）theexpectedsalespricefalls.
（c）therequiredreturnincreases.
（d）dividendsarecut.
Answer:
A
QuestionStatus:
New
12IftheexpectedreturnonNBCstockrisesfrom5to10percentandtheexpectedreturnonCBSstockrisesfrom12to18percent,thentheexpectedreturnofholdingCBSstock_____relativetoNBCstockandthedemandforCBSstock_____.
a）rises;rises
b）rises;falls
c）falls;rises
d）falls;falls
Answer:
A
QuestionStatus:
PreviousEdition
13Whichofthefollowingstatementsistrue?
a）Abank’sassetsareitsusesoffunds.
b）Abank’sassetsareitssourcesoffunds.
c）Abank’sliabilitiesareitsusesoffunds.
d）Only（b）and（c）oftheabovearetrue.
Answer:
A
QuestionStatus:
PreviousEdition
14Wheneconomistssaythatmoneypromotesefficiency,theymeanthatmoney
a）increasestransactionscosts.
b）encouragesspecializationandthedivisionoflabor.
c）isinexpensivetoproduce.
d）doesboth（b）and（c）oftheabove.
Answer:
B
QuestionStatus:
PreviousEdition
15Whenthedefaultriskincorporatebondsincreases,otherthingsequal,thedemandcurveforcorporatebondsshiftstothe_____andthedemandcurveforTreasurybondsshiftstothe_____.
a）right;right
b）right;left
c）left;left
d）left;right
Answer:
D
QuestionStatus:
PreviousEdition
16Whichofthefollowingisnotoneoftheeightbasicpuzzlesaboutfinancialstructure?
a）StocksarethemostimportantsourceoffinanceforAmericanbusinesses.
b）Issuingmarketablesecuritiesisnottheprimarywaybusinessesfinancetheiroperations.
c）Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.
d）Banksarethemostimportantsourceofexternalfundstofinancebusinesses.
Answer:
A
QuestionStatus:
PreviousEdition
17Whenpeoplebegintoexpectarunupinlargestockmarket,thedemandcurveforbondsshiftstothe_____andtheinterestrate_____.
a）right;rises
b）right;falls
c）left;falls
d）left;rises
Answer:
D
QuestionStatus:
PreviousEdition
18Withaninterestrateof6percent,thepresentvalueof$100nextyearisapproximately
a）$106.
b）$100.
c）$94.
d）$92.
Answer:
C
QuestionStatus:
PreviousEdition
19TheFedusesthreepolicytoolstomanipulatethemoneysupply:
_____,whichaffectreservesandthemonetarybase;changesin_____,whichaffectreservesandthemonetarybasebyinfluencingthequantityofdiscountloans;andchangesin_____,whichaffectthemoneymultiplier.
a）openmarketoperations;discountlending;marginrequirements
b）openmarketoperations;discountlending;reserverequirements
c）discountlending;openmarketoperations;marginrequirements
d）discountlending;openmarketoperations;reserverequirements
Answer:
B
QuestionStatus:
Revised
20Thebondmarketsareimportantbecause
a）theyareeasilythemostwidelyfollowedfinancialmarketsintheUnitedStates.
b）theyarethemarketswhereforeignexchangeratesaredetermined.
c）theyarethemarketswhereinterestratesaredetermined.
d）ofeachoftheabove.
Answer:
C
QuestionStatus:
PreviousEdition
PartⅡ.Thisparthas10TrueofFalseQuestionsandeachoneisworth1points.Thetotalpointsforthispartare10points.
1Ifreserverequirementwereelimininated,itwouldbehardertocontrolinterestrates.
Answer:
False
2Higherstockpricesmeansthatconsumers’wealthishigherandsotheywillbemorelikelytodecreasetheirspending.
Answer:
False
3Theincomeeffectofanincreaseinthemoneysupplyisariseininterestratesinresponsetothehigherlevelofincome.
Answer:
True
4Ifbondsofdifferentmaturitiesareclosesubstitutes,theirinterestratesaremorelikelytomovetogether.
Answer:
True
5Thegoalforhighemploymentshouldseekanunemploymentlevelofzero.
Answer:
False
6Thequantitydemandedofanassetisnegativelyrelatedtoitsliquidityrelativetoalternativeassets.
Answer:
False
7Foreignexchangerates,likestockprices,shouldfollowarandomwalk.
Answer:
True
8Giventhereturnonassets,thehigherthebankcapital,thelowerthereturnfortheownersofthebank.
Answer:
False
9Issuingmarketabledebtandequitysecuritiesistheprimarywayinwhichbusinessesfinancetheiroperations.
Answer:
False
10Thepriceofacouponbondandtheyieldtomaturityarenegativelyrelated.
Answer:
True
PartⅢ.Thisparthas4KeyTermsQuestionsandeachoneisworth2.5points.Thetotalpointsforthispartare10points.Pleaseexplainbrieflyforeachkeyterm.
1Fishereffect
P.100
2Riskpremium
Thespreadbetweentheinterestratesonbondswithdefaultriskanddefault-freebonds,calledtheriskpremium,indicateshowmuchadditionalinterestpeoplemustearninordertobewillingtoholdthatriskybond.P.121
3Defensiveopenmarketoperations
P.398
4Nonborrowedmonetorybase
P.381
PartⅣ.Thisparthas5EssayQuestionsandeachoneisworth12points.Thetotalpointsforthispartare60points.（Pleasewritedownyouranswersasclearlyaspossible.IfIcan’treadyourhand-writing,Ineverassumeyouranswersareright）
1Whatfactorsdetermineabanksholdingsofexcessreserves?
Howdoesachangeineachfactoraffectexcessreserves,themoneymultiplier,andthemoneysupply?
Answer:
Anincreaseinmarketinterestratesreducesexcessreservesbecausebanksprofitfromincreaselending.Anincreaseinexpecteddepositoutflowsincreasesexcessreserves.Anincreaseininterestratesreducesexcessreserves,increasingthemultiplierandthemoneysupply.Anincreaseinexpectedoutflowsincreasesexcessreserves,reducingthemultiplierandthemoneysupply.
2ExplainthreewaysbywhichtheFederalReserveSystemcanincreasethemonetarybase.WhyistheeffectofFederalReserveactionsonbankreserveslessexactthantheeffectonthemonet
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