经济学：世界经济分析(二)及答案解析.doc

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1、经济学：世界经济分析(二)及答案解析(总分：41.00，做题时间：90 分钟)一、B单项选择题/B(总题数：41，分数：41.00)1.On a particular day the Wall Street Journal reports that the 91-day on-the-run U. S. Treasury bill is yielding 6 percent and the 30-year on-the-run U. S. Treasury bond is yielding 8 percent. In the market, default risk premiums aver

2、age 2 percent, maturity risk premiums average 2 percent and liquidity risk premiums average 1 percent. If expected inflation is 3 percent, the real risk free rate of interest is: A. -2%. B. 0%. C. 3%.（分数：1.00）A.B.C.2.The change in the quantity of money is determined jointly by the: A. change in the

3、monetary base and the Feds required reserve ratio. B. Feds required reserve ratio and the money multiplier. C. change in the monetary base and the money multiplier.（分数：1.00）A.B.C.3.The combination of currency in circulation, banks reserve deposits at the central bank, and coins issued by the Treasur

4、y is referred to as the: A. M1 money supply. B. liquid money supply. C. monetary base.（分数：1.00）A.B.C.4.Technically, an individual is unemployed when he or she is actively seeking employment or is: A. a retiree. B. not working at all. C. waiting to return to a job from which he or she was just laid o

5、ff.（分数：1.00）A.B.C.5.For an economy operating at full employment, if actual inflation is less than expected inflation, what will most likely be the effects on the unemployment rate in the short run and in the long run? Short run Long run A. Increase Increase B. Decrease No effect C. Increase No effec

6、t A. B. C. （分数：1.00）A.B.C.6.According to the crowding-out effect, which of the following statements is FALSE? The sale of government bonds used to finance excess government spending will: A. raise the real interest rate. B. raise the nominal interest rate. C. increase the profitability of corporate

7、investment projects.（分数：1.00）A.B.C.7.The nominal risk-free rate of interest equals the real risk-free rate: A. minus expected inflation. B. plus actual inflation. C. plus expected inflation.（分数：1.00）A.B.C.8.Which of the following is the most accurate with regard to the result of banking deregulation

8、 that occurred in the U.S. during the 1980s? A. There is a clearer distinction between the functions of commercial banks on the one hand and thrift institutions on the other. B. Different types of depository institutions are now more similar in the products and services that they provide. C. Interes

9、t-bearing checkable deposits are no longer a major part of the M1 money supply.（分数：1.00）A.B.C.9.Automatic stabilizers work by: A. initiating changes in monetary policy without requiring action by the central bank. B. instituting counter-cyclical fiscal policy without the delays associated with polic

10、y changes that require legislative action. C. adjusting interest rates without the delays associated with policy changes that require action by the central bank.（分数：1.00）A.B.C.10.Most research indicates that there is, at best, only a weak relationship between budget deficits and interest rates; high

11、er deficits may simply be matched by high savings. This statement most closely reflects which one of the following views of fiscal policy? A. Keynesian theory. B. Crowding-out theory. C. New classical theory.（分数：1.00）A.B.C.11.Meg Joyner has been given an assignment by her economics professor to writ

12、e a paper discussing the usefulness of the quantity theory of money. Which statement in her paper is least accurate? A. Monetarists believe that the growth rate of real output should only be increased at the rate of the money supply. B. Velocity as used in the equation of exchange is the average num

13、ber of times per year each dollar is used to buy goods and services. C. An increase in the money supply will lead to an increase in product prices.（分数：1.00）A.B.C.12.On January 3, Logan Industries deposited $1000000 in cash at Federal Savings Bank. No excess reserves were present at the time Logan ma

14、de the deposit and the required reserve ratio is 10%.What is the maximum amount by which Federal Savings Bank can increase its lending? A. $100000. B. $1000000. C. $900000.（分数：1.00）A.B.C.13.When an economy is in an economic expansion, automatic stabilizers will tend to alter government spending and

15、taxation so as to: A. ensure that the budget will remain in balance. B. reduce the budget deficit (or increase the surplus). C. enlarge the budget deficit (or reduce the surplus).（分数：1.00）A.B.C.14.For an economy operating at full employment, the major long-term impact of increasing the money supply

16、will be: A. lower interest rates. B. higher output. C. higher prices.（分数：1.00）A.B.C.15.Which of the following is included in the M2 measure of the money supply? A. savings deposits. B. time deposits. C. all of the above.（分数：1.00）A.B.C.16.The crowding-out effect suggests that: A. expansionary fiscal

17、policy leads to inflation. B. restrictive fiscal policy is an effective weapon against inflation. C. greater government deficits will drive up interest rates, thereby reducing private investment.（分数：1.00）A.B.C.17.In the short run, when there is excess capacity in the economy, an unanticipated increa

18、se in the money supply will initially exert its primary impact on: A. output and employment rather than on prices. B. inflation, particularly if excess capacity is present. C. interest rates because rising interest rates will stimulate additional savings.（分数：1.00）A.B.C.18.An analyst calculating the

19、unemployed rate is most likely to classify as unemployed persons who are: A. retired. B. not looking for work. C. temporarily laid off from a job.（分数：1.00）A.B.C.19.Open market purchases: A. inject additional reserves into the banking system and increase the money supply. B. inject additional reserve

20、s into the banking system and decrease the money supply. C. remove reserves into the banking system and increase the money supply.（分数：1.00）A.B.C.20.Edward Murray and Kelvin Rippen, economists at M-R Associates, are asked for their opinions on the effects of higher-than- expected inflation. Murray st

21、ates that higher-than-expected inflation hurts lenders and helps borrowers. Rippen contends that higher-than-expected inflation causes the real interest rate to be lower than expected. Regarding the statements made by Murray and Rippen: Murray Rippen A. Correct Incorrect B. Incorrect Correct C. Corr

22、ect Correct A. B. C. （分数：1.00）A.B.C.21.Which one of the following propositions would a strong proponent of supply-side economics be most likely to stress? A. Higher marginal tax rates will lead to a reduction in the size of the budget deficit and lower interest rates, since they expand government re

23、venues. B. Higher marginal tax rates promote economic inefficiency and thereby retard aggregate output, since they encourage investors to undertake low productivity projects with substantial tax-shelter benefits. C. Income redistribution payments will exert little impact on real aggregate supply, si

24、nce they do not consume resources directly.（分数：1.00）A.B.C.22.Which of the following is most likely to be an effect of budget deficits? A. an increase in exports. B. a balance of trade surplus. C. foreign goods become relatively less expensive for U.S. buyers.（分数：1.00）A.B.C.23.Which of the following

25、statements best explains how anticipating the effects of expansionary monetary policy influences its effectiveness? When the effects from a change to a more expansionary monetary policy are fully anticipated, we can expect that: A. the inflation rate will decrease and increase the policys effectiven

26、ess. B. interest rates will decrease in the short run and reduce the policys effectiveness. C. contracts will reflect expected higher prices and reduce the policys effectiveness.（分数：1.00）A.B.C.24.Discretionary fiscal policy can be defined as: A. a situation in which total government spending exceeds

27、 total government revenue during a specific time period, usually one year. B. a change in laws or appropriation levels that alters government revenues and/or expenditures. C. a situation in which total government spending is less than total government revenue during a time period, usually one year.（

28、分数：1.00）A.B.C.25.Which of the following is least likely to appear as an asset on the U. S. Federal Reserves (Feds) balance sheet? A. Gold. B. U.S. currency in circulation. C. U.S. Treasury bills.（分数：1.00）A.B.C.26.Which of the following statements about achieving proper timing in fiscal policy is FAL

29、SE? A. Improvements in quantitative methods have made the occurrence of recessions or expansions quite predictable. B. There is usually a time lag between when a change in policy is needed and when the need is recognized by policy makers. C. The time required to change tax laws and government expend

30、iture programs can be lengthy.（分数：1.00）A.B.C.27.The effectiveness of a monetary or fiscal policy change in combating inflation depends on the level of anticipation (i. e. credibility) the policy change has with the financial markets. Assume that the U. S. economy is currently in long-run economic eq

31、uilibrium but suffering with unacceptably high inflation, which the Federal Reserve is determined to fight. The Fed could make either an unexpected or an anticipated policy change to reduce inflation. Describe the likelihood of a recession occurring as a result of either type of policy change. Unexp

32、ected policy change Anticipated policy change A. Recession likely Recession likely B. Recession likely Recession unlikely C. Recession unlikely Recession likely A. B. C. （分数：1.00）A.B.C.28.In a full employment economy the quantity theory of money states that any increase in the supply of money in exc

33、ess of the rate of growth of real GDP will lead to: A. increased prices. B. increased velocity. C. increased production.（分数：1.00）A.B.C.29.The impact of higher rates of inflation in the long run on real interest rates and on nominal interest rates is: Real rats Nominal rates A. Increase Increase B. I

34、ncrease No change C. No change Increase A. B. C. （分数：1.00）A.B.C.30.According to Economics Theory, Challenges to implementing a discretionary fiscal stimulus in a timely manner are least likely to include the: A. government payments for unemployment benefits. B. need to convince lawmakers that action

35、 must be taken. C. inability of policymakers to forecast a recession precisely.（分数：1.00）A.B.C.31.The term “automatic stabilizers“ refers to the fact that: A. with given tax rates and expenditure policies, a rise in national income tends to produce a surplus, while a decline tends to result in a defi

36、cit. B. legislators automatically change the tax structure and expenditure programs to correct upswings and downswings in business activity. C. government expenditures and tax receipts automatically balance over the course of the business cycle, although they may be out of balance in any single year

37、.（分数：1.00）A.B.C.32.At a recent conference “The Fed -Where is it Going?“, Jason Alexdrovitch was discussing the policy tools that the U.S. central bank uses to control the money supply. During the conference he made the following statements: Statement 1: If the Fed wanted to use all of its three majo

38、r monetary policy tools to increase the money supply, the Fed would sell bonds, reduce the discount rate and increase bank reserve requirements. Statement 2: If commercial banks are increasing their borrowings from the Federal Reserve banks, while the Fed is selling government securities, the borrow

39、ing of the commercial banks from the Fed will offset the effects of open market operations. Are Statement 1 and Statement 2 as made by Alexdrovitch correct? Statement 1 Statement 2 A. Incorrect Incorrect B. Incorrect Correct C. Correct Incorrect A. B. C. （分数：1.00）A.B.C.33.Robert Necco and Nelson Pac

40、kard are economists at Economic Research Associates. ERA asks Necco and Packard for their opinions about the effects of fiscal policy on real GDP for an economy currently experiencing a recession. Necco states that real GDP is likely to increase if both government spending and taxes are increased by

41、 the same amount. Packard states that if both government spending and taxes are increased by the same amount, there is no expected net effect on real GDP. Regarding the statements made by Necco and Packard: Necco Packard A. Correct Correct B. Correct Incorrect C. Incorrect Incorrect A. B. C. （分数：1.0

42、0）A.B.C.34.New classical economists believe expansionary fiscal policy has no affect on aggregate demand because: A. fiscal policy does not influence monetary policy. B. fiscal policy substitutes government demand for private sector demand. C. consumers will decrease spending and increase savings in

43、 anticipation of higher taxes to repay government borrowing.（分数：1.00）A.B.C.35.A business peak is present when: A. most businesses are operating at below level and real GDP is decreasing rapidly. B. most businesses are operating at capacity level and real GDP is decreasing rapidly. C. most businesses

44、 are operating at capacity level and real GDP is growing rapidly.（分数：1.00）A.B.C.36.Which one of the following Federal Reserve monetary policies, when pursued in line with the U. S. governments fiscal policies, would help increase aggregate demand during a period of high unemployment? A. An increase

45、in the reserve requirements for financial institutions. B. A decrease in the discount rate. C. An increase in the margin requirements at brokerage firms.（分数：1.00）A.B.C.37.The term crowding out implies that: A. the Fed purchasing securities causes inflation in the long run. B. a budget surplus will b

46、e a highly effective weapon against inflation. C. budget deficits will increase real interest rates and thereby retard private spending.（分数：1.00）A.B.C.38.Total investment is one of the components of a countrys GDP. Which of the following is least likely to be considered a source of funds for investm

47、ent? A. National savings. B. Foreign borrowing. C. Household expenditures.（分数：1.00）A.B.C.39.Silvano Jimenez, an analyst at Banco del Rey, is reviewing recent actions taken by the U. S. Federal Reserve (the Fed) in setting monetary policy. Recently, the Fed decided to increase the money supply, which

48、 has resulted in a decrease in real interest rates. At a staff meeting, Jimenez brings this matter to the attention of his colleagues and makes the following statements: Statement 1: Although the money supply increase has led to a decrease in real interest rates, we should begin to see U.S. investor

49、s decrease their investments abroad and the U.S. dollar will appreciate in the foreign exchange market. Statement 2: The Feds increase in the money supply will increase the amount of imports into the U. S. Are Statement 1 and Statement 2 as made by Jimenez correct? Statement 1 Statement 2 A. Incorrect Correct B. Correct Incorrect C. Incorrect Incor