The+Economics+of+Money+Banking+and+Financial+Markets+9e1.docx
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The+Economics+of+Money+Banking+and+Financial+Markets+9e1
1)TheFedusesthreepolicytoolstomanipulatethemoneysupply:
________,whichaffectreservesandthemonetarybase;changesin________,whichaffectthemonetarybase;andchangesin________,whichaffectthemoneymultiplier.
A)openmarketoperations;borrowedreserves;marginrequirements
B)openmarketoperations;borrowedreserves;reserverequirements
C)borrowedreserves;openmarketoperations;marginrequirements
D)borrowedreserves;openmarketoperations;reserverequirements
Answer:
B
2)TheFedusesthreepolicytoolstomanipulatethemoneysupply:
openmarketoperations,whichaffectthe________;changesinborrowedreserves,whichaffectthe________;andchangesinreserverequirements,whichaffectthe________.
A)moneymultiplier;monetarybase;monetarybase
B)monetarybase;moneymultiplier;monetarybase
C)monetarybase;monetarybase;moneymultiplier
D)moneymultiplier;moneymultiplier;monetarybase
Answer:
C
3)Theinterestratechargedonovernightloansofreservesbetweenbanksisthe
A)primerate.
B)discountrate.
C)federalfundsrate.
D)Treasurybillrate.
Answer:
C
4)TheprimaryindicatoroftheFed'sstanceonmonetarypolicyis
A)thediscountrate.
B)thefederalfundsrate.
C)thegrowthrateofthemonetarybase.
D)thegrowthrateofM2.
Answer:
B
5)Thequantityofreservesdemandedequals
A)requiredreservesplusborrowedreserves.
B)excessreservesplusborrowedreserves.
C)requiredreservesplusexcessreserves.
D)totalreservesminusexcessreserves.
Answer:
C
6)Everythingelseheldconstant,whenthefederalfundsrateis________theinterestratepaidonreserves,thequantityofreservesdemandedriseswhenthefederalfundsrate________.
A)above,rises
B)above,falls
C)below,rises
D)below,falls
Answer:
B
19)Inthemarketforreserves,ifthefederalfundsrateisabovetheinterestratepaidonexcessreserves,anopenmarketsale________thesupplyofreservescausingthefederalfundsrateto________,everythingelseheldconstant.
A)decreases;decrease
B)increases;decrease
C)increases;increase
D)decreases;increase
Answer:
D
OpenMarketOperations
1)________arethemostimportantmonetarypolicytoolbecausetheyaretheprimarydeterminantofchangesinthe________,themainsourceoffluctuationsinthemoneysupply.
A)Openmarketoperations;monetarybase
B)Openmarketoperations;moneymultiplier
C)Changesinreserverequirements;monetarybase
D)Changesinreserverequirements;moneymultiplier
Answer:
A
2)Openmarketpurchasesraisethe________therebyraisingthe________.
A)moneymultiplier;moneysupply
B)moneymultiplier;monetarybase
C)monetarybase;moneysupply
D)monetarybase;moneymultiplier
Answer:
C
3)Openmarketpurchases________reservesandthemonetarybasethereby________themoneysupply.
A)raise;lowering
B)raise;raising
C)lower;lowering
D)lower;raising
Answer:
B
4)Openmarketsalesshrink________therebylowering________.
A)themoneymultiplier;themoneysupply
B)themoneymultiplier;reservesandthemonetarybase
C)reservesandthemonetarybase;themoneysupply
D)themoneybase;themoneymultiplier
Answer:
C
5)Openmarketsales________reservesandthemonetarybasethereby________themoneysupply.
A)raise;lowering
B)raise;raising
C)lower;lowering
D)lower;raising
Answer:
C
6)Thetwotypesofopenmarketoperationsare
A)offensiveanddefensive.
B)dynamicandreactionary.
C)activeandpassive.
D)dynamicanddefensive.
Answer:
D
7)Therearetwotypesofopenmarketoperations:
________openmarketoperationsareintendedtochangethelevelofreservesandthemonetarybase,and________openmarketoperationsareintendedtooffsetmovementsinotherfactorsthataffectthemonetarybase.
A)defensive;dynamic
B)defensive;static
C)dynamic;defensive
D)dynamic;static
Answer:
C
8)Openmarketoperationsintendedtooffsetmovementsinnoncontrollablefactors(suchasfloat)thataffectreservesandthemonetarybasearecalled
A)defensiveopenmarketoperations.
B)dynamicopenmarketoperations.
C)offensiveopenmarketoperations.
D)reactionaryopenmarketoperations.
Answer:
A
9)WhentheFederalReserveengagesinarepurchaseagreementtooffsetawithdrawalofTreasuryfundsfromtheFederalReserve,theopenmarketoperationissaidtobe
A)defensive.
B)offensive.
C)dynamic.
D)reactionary.
Answer:
A
10)TheFederalOpenMarketCommitteemakestheFed'sdecisionsonthepurchaseorsaleofgovernmentsecurities,butthesepurchasesorsalesareexecutedbytheFederalReserveBankof
A)Chicago.
B)Boston.
C)NewYork.
D)SanFrancisco.
Answer:
C
27)IftheFedwantstotemporarilyinjectreservesintothebankingsystem,itwillengagein
A)arepurchaseagreement.
B)amatchedsale-purchasetransaction.
C)areverserepurchaseagreement.
D)anopenmarketsale.
Answer:
A
DiscountPolicy
1)Discountpolicyaffectsthemoneysupplybyaffectingthevolumeof________andthe________.
A)excessreserves;monetarybase
B)borrowedreserves;monetarybase
C)excessreserves;moneymultiplier
D)borrowedreserves;moneymultiplier
Answer:
B
2)Thediscountrateis
A)theinterestratetheFedchargesonloanstobanks.
B)thepricetheFedpaysforgovernmentsecurities.
C)theinterestratethatbankschargetheirmostpreferredcustomers.
D)thepricebankspaytheFedforgovernmentsecurities.
Answer:
A
3)ThemostcommontypeofdiscountlendingthattheFedextendstobanksiscalled
A)seasonalcredit.
B)secondarycredit.
C)primarycredit.
D)installmentcredit.
Answer:
C
4)Themostcommontypeofdiscountlending,________creditloans,areintendedtohelphealthybankswithshort-termliquidityproblemsthatoftenresultfromtemporarydepositoutflows.
A)secondary
B)primary
C)temporary
D)seasonal
Answer:
B
5)WhentheFedactsasalenderoflastresort,thetypeoflendingitprovidesis
A)primarycredit.
B)seasonalcredit.
C)secondarycredit.
D)installmentcredit.
Answer:
C
6)TheFed'sdiscountlendingisofthreetypes:
________isthemostcommoncategory;________isgiventoalimitednumberofbanksinvacationandagriculturalareas;________isgiventobanksthathaveexperiencedsevereliquidityproblems.
A)seasonalcredit;secondarycredit;primarycredit
B)secondarycredit;seasonalcredit;primarycredit
C)primarycredit;seasonalcredit;secondarycredit
D)seasonalcredit;primarycredit;secondarycredit
Answer:
C
7)Thediscountrateis________kept________thefederalfundsrate.
A)always;below
B)typically;below
C)typically;equalto
D)typically;above
Answer:
D
8)Thediscountratereferstotheinterestrateon
A)primarycredit.
B)secondarycredit.
C)seasonalcredit.
D)federalfunds.
Answer:
A
19)ThemostimportantadvantageofdiscountpolicyisthattheFedcanuseitto
A)preciselycontrolthemonetarybase.
B)performitsroleaslenderoflastresort.
C)controlthemoneysupply.
D)punishbanksthathavedeficientreserves.
Answer:
B
ReserveRequirements
1)Anincreasein________reducesthemoneysupplysinceitcausesthe________tofall.
A)reserverequirements;monetarybase
B)reserverequirements;moneymultiplier
C)marginrequirements;monetarybase
D)marginrequirements;moneymultiplier
Answer:
B
2)Adecreasein________increasesthemoneysupplysinceitcausesthe________torise.
A)reserverequirements;monetarybase
B)reserverequirements;moneymultiplier
C)marginrequirements;monetarybase
D)marginrequirements;moneymultiplier
Answer:
B
3)TheFederalReservehashadtheauthoritytovaryreserverequirementssincethe
A)1920s.
B)1930s.
C)1940s.
D)1950s.
Answer:
B
4)Since1980,________aresubjecttoreserverequirements.
A)onlycommercialbanks
B)onlythememberinstitutionsoftheFederalReserve
C)onlynationallychartereddepositoryinstitutions
D)alldepositoryinstitutions
Answer:
D
5)Fundsheldin________aresubjecttoreserverequirements.
A)allcheckabledeposits
B)allcheckableandtimedeposits
C)allcheckable,time,andmoneymarketfunddeposits
D)alltimedeposits
Answer:
A
6)Thepolicytoolofchangingreserverequirementsis
A)themostwidelyused.
B)thepreferredtoolfromthebank'sperspective.
C)nolongerused.
D)stillused,evenwithitsdisadvantages.
Answer:
C
ThreePlayersintheMoneySupplyProcess
1)ThegovernmentagencythatoverseesthebankingsystemandisresponsiblefortheconductofmonetarypolicyintheUnitedStatesis
A)theFederalReserveSystem.
B)theUnitedStatesTreasury.
C)theU.S.GoldCommission.
D)theHouseofRepresentatives.
Answer:
A
2)Individualsthatlendfundstoabankbyopeningacheckingaccountarecalled
A)policyholders.
B)partners.
C)depositors.
D)debtholders.
Answer:
C
3)Thethreeplayersinthemoneysupplyprocessinclude
A)banks,depositors,andtheU.S.Treasury.
B)banks,depositors,andborrowers.
C)banks,depositors,andthecentralbank.
D)banks,borrowers,andthecentralbank.
Answer:
C
4)Ofthethreeplayersinthemoneysupplyprocess,mostobserversagreethatthemostimportantplayeris
A)theUnitedStatesTreasury.
B)theFederalReserveSystem.
C)theFDIC.
D)theOfficeofThriftSupervision.
Answer:
B
TheFed'sBalanceSheet
1)Both________and________areFederalReserveassets.
A)currencyincirculation;reserves
B)currencyincirculation;governmentsecurities
C)governmentsecurities;discountloans
D)governmentsecurities;reserves
Answer:
C
2)Themone
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- The Economics of Money Banking and Financial Markets e1
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