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.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
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