ch17文档格式.docx

ch17文档格式.docx

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2.Overthelast60yearstheaverageannualU.S.inflationratewasabout

a.2percent.

b.3percent.

c.5percent.

d.7percent.

3.Overthelast60yearstheaverageannualU.S.inflationratewasabout

a.3percentimplyingthatpriceshaveincreased12-fold.

b.5percentimplyingthatpriceshaveincreased12-fold

c.3percentimplyingthatpriceshaveincreased18-fold.

d.5percentimplyingthatpricesincreasedabout18-fold.

4.Whenpricesarefalling,economistssaythatthereis

a.disinflation.

b.deflation.

c.acontraction.

d.aninvertedinflation.

5.WhichofthefollowingstatementsaboutU.S.inflationisfalse?

a.LowinflationwasviewedasatriumphofPresidentCarter'

seconomicpolicy.

b.Therewerelongperiodsinthenineteenthcenturyduringwhichpricesfell.

c.TheU.S.publichasviewedinflationofeven7percentasamajoreconomicproblem.

d.TheU.S.inflationratehasvariedovertime,butinternationaldatashowsevenmorevariation.

6.WhichofthefollowingconcerningthehistoryofU.S.inflationisfalse?

a.Pricesroseatanaverageannualrateofabout5percentoverthelast60years.

b.Therewasaboutan18-foldincreaseinthepriceleveloverthelast60years.

c.Inflationinthe1970swasbelowtheaverageoverthelast60years.

d.TheUnitedStateshasexperiencedperiodsofdeflation.

7.Therewashyperinflation

a.during1880–1896intheUnitedStates.

b.inpost–WorldWarIGermany.

c.duringthe1970sintheUnitedStates.

d.Alloftheabovearecorrect.

8.Whichofthefollowingeventsinpost–WorldWarIGermanylikelycontributedtotheriseofNazismandWorldWarII?

a.deflationthatproveddetrimentaltofarmers

b.anaversiontoinflationbypolicymakersthatkeptwagesstagnant

c.anunexpecteddropininflationthathurtborrowers

d.anextraordinarilyhighrateofinflation

9.Theclassicaltheoryofinflation

a.isalsoknownasthequantitytheoryofmoney.

b.wasdevelopedbysomeoftheearliesteconomicthinkers.

c.isusedbymostmoderneconomiststoexplainthelong-rundeterminantsoftheinflationrate.

10.Thequantitytheoryofmoney

a.isafairlyrecentadditiontoeconomictheory.

b.canexplainbothmoderateandhyperinflations.

c.arguesthatinflationiscausedbytoolittlemoneyintheeconomy.

11.Economistsallagreethat

a.neitherhighinflationnormoderateinflationisverycostly.

b.bothhighandmoderateinflationarequitecostly.

c.highinflationiscostly,butdisagreeaboutthecostsofmoderateinflation.

d.moderateinflationisascostlyashighinflation.

12.Whenthepricelevelfalls,thenumberofdollarsneededtobuyarepresentativebasketofgoods

a.increases,sothevalueofmoneyrises.

b.increases,sothevalueofmoneyfalls.

c.decreases,sothevalueofmoneyrises.

d.decreases,sothevalueofmoneyfalls.

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13.Whenthevalueofmoneyrises,thenumberofdollarsneededtobuyarepresentativebasketofgoods

a.increases,andsothepricelevelrises.

b.increases,andsothepricelevelfalls.

c.decreases,andsothepricelevelrises.

d.decreases,andsothepricelevelfalls.

2SECTION:

14.Whenthenumberofdollarsneededtobuyarepresentativebasketofgoodsfalls,thevalueofmoney

a.rises,andsothepricelevelrises.

b.rises,andsothepricelevelfalls.

c.falls,andsothepricelevelrises.

d.falls,andsothepricelevelfalls.

15.Thesupplycurveofmoneyisverticalbecausethequantityofmoneysuppliedincreases

a.whenthevalueofmoneyincreases.

b.whenthevalueofmoneydecreases.

c.onlyifpeopledesiretoholdmoremoney.

d.onlyifthecentralbankincreasesthemoneysupply.

16.Thesupplyofmoneyisdeterminedby

a.thepricelevel.

b.theTreasuryandCongressionalBudgetOffice.

c.theFederalReserveSystem.

d.thedemandformoney.

17.Thesupplyofmoneyincreaseswhen

a.thevalueofmoneyincreases.

b.theinterestrateincreases.

c.theFedmakesopen-marketpurchases.

d.Noneoftheaboveiscorrect.

18.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,anincreaseinthepricelevelcausesa

a.shifttotherightofthemoneydemandcurve.

b.shifttotheleftofthemoneydemandcurve.

c.movementtotheleftalongthemoneydemandcurve.

d.movementtotherightalongthemoneydemandcurve.

19.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,asthepricelevelincreasesthequantityofmoney

a.demandedincreases.

b.demandeddecreases.

c.suppliedincreases.

d.supplieddecreases.

20.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,asthepricelevelincreases,thevalueofmoney

a.increases,sothequantityofmoneydemandedincreases.

b.increases,sothequantityofmoneydemandeddecreases.

c.decreases,sothequantityofmoneydemandeddecreases.

d.decreases,sothequantityofmoneydemandedincreases.

21.Asthepriceleveldecreases,thevalueofmoney

a.increases,sopeoplewanttoholdmoreofit.

b.increases,sopeoplewanttoholdlessofit.

c.decreases,sopeoplewanttoholdmoreofit.

d.decreases,sopeoplewanttoholdlessofit.

22.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,themoneydemandcurveslopes

a.upwardbecauseathigherpricespeoplewanttoholdmoremoney.

b.downwardbecauseathigherpricespeoplewanttoholdmoremoney.

c.downwardbecauseathigherpricepeoplewanttoholdlessmoney.

d.upward,becauseathigherpricespeoplewanttoholdlessmoney.

23.Whichofthefollowingiscorrect?

a.IftheFedpurchasesbondsintheopenmarket,thenthemoneysupplyshiftsright.Achangeinthepriceleveldoesnotshiftmoneysupply.

b.IftheFedsellsbondsintheopenmarket,thenmoneysupplyshiftsright.Achangeinthepriceleveldoesnotshiftmoneysupply.

c.IftheFedpurchasesbonds,thenthemoneysupplyshiftsright.Anincreaseinthepricelevelshiftsmoneysupplyright.

d.IftheFedpurchasesbonds,thenthemoneysupplyshiftsright.Adecreaseinthepricelevelshiftsmoneysupplyright.

24.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,anincreaseinthemoneysupplyshiftsthemoneysupplycurvetothe

a.right,loweringthepricelevel.

b.right,raisingthepricelevel.

c.left,raisingthepricelevel.

d.left,loweringthepricelevel.

25.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,anincreaseinthemoneysupply

a.increasesthepricelevelandthevalueofmoney.

b.increasesthepricelevelanddecreasesthevalueofmoney.

c.decreasesthepricelevelandincreasesthevalueofmoney.

d.decreasesthepricelevelandthevalueofmoney.

26.Whenthemoneymarketisdrawnwiththevalueofmoneyontheverticalaxis,anincreaseinthemoneysupplycausestheequilibriumvalueofmoney

a.andequilibriumquantityofmoneytoincrease.