货币金融学第十二版课后题答案

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《货币金融学》参考答案[43页]

第一章参考答案一、关键概念1．金银铸币制，就是指由国家统一铸造，具有一定重量和成色，铸成一定形状并标明面值的金属货币。

2．代用纸币，又称兑现纸币，就是指以纸张为币材印成一定形状，标明一定面额的货币。

持有这种货币可随时向发行银行或政府兑换成铸币或金银条块，其效力与金属货币完全相同。

3．信用货币，有广义与狭义之分。

广义的信用货币是指由借贷行为而产生的各种信用凭证，如商业票据、银行券、纸币和政府债券等；狭义的信用货币，又称不兑现纸币，是指货币本身价值低于货币价值，并不能与贵金属兑换的具有普遍接受性的货币。

4．电子货币是指使用电子计算机系统进行储存和处理的存款货币。

5．价值尺度，又称价值单位、价值标准、计算单位或记账单位。

货币是一种尺度，一种单位，可以衡量所有商品和劳务的价值，从而使其可以方便进行比较，这就是货币的价值尺度职能。

6．流通手段，当货币在商品交易中起媒介作用时，就是发挥流通手段职能。

7．支付手段，就是指货币充当延期支付的标准。

8．贮藏手段，货币退出流通领域而处于静止状态时，就发挥贮藏手段的职能，或者说价值贮藏或财富贮藏。

9．世界货币，是指随着对外经济往来和国际贸易的发展，货币必然要越出国界，在世界市场上发挥一般等价物的作用。

10．货币的一般定义：货币就是在商品或劳务的支付中或债务的偿还中被普遍接受的任何东西。

11．金融资产的流动性：是指迅速转换成现实购买力或现款而不致遭受名义价值损失的能力。

12．狭义货币，是指立即可以作为流通手段和支付手段的货币，它强调的是货币的流通媒介或支付职能。

13. 广义货币，是指在狭义货币基础上加上定期存款、储蓄存款。

它强调的则是货币的价值贮藏功能。

14．货币制度，简称币制，就是指国家为了适应经济的需要，以法律形式所确定的货币发行和流通的结构、体系与组织形式。

15．本位币和辅币：本位币又称主币，是一国的基本通货，是用于计价、结算的惟一合法的货币。

辅币是主币单位以下的小额通货，供日常零星交易与找零之用。

货币金融学(第十二版)英文版题库及答案chapter 13

Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 13 Central Banks and the Federal Reserve System13.1 Origins of the Federal Reserve System1) The First Bank of the United StatesA) was disbanded in 1811 when its charter was not renewed.B) had its charter renewal vetoed in 1832.C) was fundamental in helping the Federal Government finance the War of 1812.D) None of the above.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) The Second Bank of the United StatesA) was disbanded in 1811 when its charter was not renewed.B) had its charter renewal vetoed in 1832.C) is considered to be the primary cause of the bank panic of 1907.D) None of the above.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking3) The public's fear of centralized power and distrust of moneyed interests led to the demise of the first two experiments in central banking, otherwise known asA) the First Bank of the United States and the Second Bank of the United States.B) the First Bank of the United States and the Central Bank of the United States.C) the First Central Bank of the United States and the Second Central Bank of the United States.D) the First Bank of North America and the Second Bank of North America.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking4) The financial panic of 1907 resulted in such widespread bank failures and substantial losses to depositors that the American public finally became convinced thatA) the First Bank of the United States had failed to serve as a lender of last resort.B) the Second Bank of the United States had failed to serve as a lender of last resort.C) the Federal Reserve System had failed to serve as a lender of last resort.D) a central bank was needed to prevent future panics.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking5) What makes the Federal Reserve so unique compared to other central banks around the world is itsA) centralized structure.B) decentralized structure.C) regulatory functions.D) monetary policy functions.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking13.2 Structure of the Federal Reserve System1) Which of the following is NOT an entity of the Federal Reserve System?A) Federal Reserve BanksB) the Comptroller of the CurrencyC) the Board of GovernorsD) the Federal Open Market CommitteeAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking2) Which of the following is an entity of the Federal Reserve System?A) the U.S. Treasury SecretaryB) the FOMCC) the Comptroller of the CurrencyD) the FDICAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking3) The three largest Federal Reserve banks (New York, Chicago, and San Francisco) combined hold more than ________ percent of the assets of the Federal Reserve System.A) 25B) 33C) 50D) 67Answer: CQues Status: Previous EditionAACSB: Analytical Thinking4) The Federal Reserve Banks are ________ institutions since they are owned by the ________.A) quasi-public; private commercial banks in the district where the Reserve Bank is locatedB) public; private commercial banks in the district where the Reserve Bank is locatedC) quasi-public; Board of GovernorsD) public; Board of GovernorsAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking5) Each Federal Reserve bank has nine directors. Of these ________ are appointed by the member banks and ________ are appointed by the Board of Governors.A) three; sixB) four; fiveC) five; fourD) six; threeAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking6) The nine directors of the Federal Reserve Banks are split into three categories: ________ are professional bankers, ________ are leaders from industry, and ________ are to represent the public interest and are not allowed to be officers, employees, or stockholders of banks.A) 5; 2; 2B) 2; 5; 2C) 4; 2; 3D) 3; 3; 3Answer: DQues Status: Previous EditionAACSB: Reflective Thinking7) Member commercial banks have purchased stock in their district Fed banks; the dividend paid by that stock is limited by law to ________ percent annually.A) fourB) fiveC) sixD) eightAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking8) The Federal Reserve Bank of ________ houses the open market desk.A) BostonB) New YorkC) ChicagoD) San FranciscoAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking9) The president from which Federal Reserve Bank always has a vote in the Federal Open Market Committee?A) PhiladelphiaB) BostonC) San FranciscoD) New YorkAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking10) An important function of the regional Federal Reserve Banks isA) setting reserve requirements.B) clearing checks.C) determining monetary policy.D) setting margin requirements.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking11) Which of the following functions is NOT performed by any of the twelve regional Federal Reserve Banks?A) check clearingB) conducting economic researchC) setting interest rates payable on time depositsD) issuing new currencyAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking12) All ________ are required to be members of the Fed.A) state chartered banksB) national banks chartered by the Office of the Comptroller of the CurrencyC) banks with assets less than $100 millionD) banks with assets less than $500 millionAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking13) Of all commercial banks, about ________ belong to the Federal Reserve System.A) 10%B) one halfC) one thirdD) 90%Answer: CQues Status: Previous EditionAACSB: Reflective Thinking14) Prior to 1980, member banks left the Federal Reserve System due toA) the high cost of discount loans.B) the high cost of required reserves.C) a desire to avoid interest rate regulations.D) a desire to avoid credit controls.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking15) The Fed's support of the Depository Institutions Deregulation and Monetary Control Act of 1980 stemmed in part from itsA) concern over declining Fed membership.B) belief that all banking regulations should be eliminated.C) belief that interest rate ceilings were too high.D) belief that depositors had to become more knowledgeable of banking operations. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking16) Banks subject to reserve requirements set by the Federal Reserve System includeA) only nationally chartered banks.B) only banks with assets less than $100 million.C) only banks with assets less than $500 million.D) all banks whether or not they are members of the Federal Reserve System.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking17) The Depository Institutions Deregulation and Monetary Control Act of 1980A) established higher reserve requirements for nonmember than for member banks.B) established higher reserve requirements for member than for nonmember banks.C) abolished reserve requirements.D) established uniform reserve requirements for all banks.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking18) There are ________ members of the Board of Governors of the Federal Reserve System.A) 5B) 7C) 12D) 19Answer: BQues Status: Previous EditionAACSB: Reflective Thinking19) Members of the Board of Governors areA) chosen by the Federal Reserve Bank presidents.B) appointed by the newly elected president of the United States, as are cabinet positions.C) appointed by the president of the United States and confirmed by the Senate.D) never allowed to serve more than 7-year terms.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking20) Each governor on the Board of Governors can serveA) only one nonrenewable fourteen-year term.B) one full nonrenewable fourteen-year term plus part of another term.C) only one nonrenewable eight-year term.D) one full nonrenewable eight-year term plus part of another term.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking21) The Chairman of the Board of Governors is chosen from among the seven governors and serves a ________, renewable term.A) one-yearB) two-yearC) four-yearD) eight-yearAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking22) While the discount rate is "established" by the regional Federal Reserve Banks, in truth, the rate is determined byA) Congress.B) the president of the United States.C) the Senate.D) the Board of Governors.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking23) Which of the followings is a duty of the Board of Governors of the Federal Reserve System?A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB) setting the maximum interest rates payable on certain types of time deposits under Regulation QC) regulating credit with the approval of the president under the Credit Control Act of 1969D) All governors advise the president of the United States on economic policy.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking24) Which of the followings is NOT a current duty of the Board of Governors of the Federal Reserve System?A) setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB) setting the maximum interest rates payable on certain types of time deposits under Regulation QC) approving the discount rate "established" by the Federal Reserve banksD) voting on the conduct of open market operationsAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking25) The Federal Open Market Committee usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking26) The Federal Reserve entity that makes decisions regarding the conduct of open market operations is theA) Board of Governors.B) chairman of the Board of Governors.C) Federal Open Market Committee.D) Open Market Advisory Council.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking27) The Federal Open Market Committee consists of theA) five senior members of the seven-member Board of Governors.B) seven members of the Board of Governors and seven presidents of the regional Fed banks.C) seven members of the Board of Governors and five presidents of the regional Fed banks.D) twelve regional Fed bank presidents and the chairman of the Board of Governors. Answer: CQues Status: Previous EditionAACSB: Reflective Thinking28) The majority of members of the Federal Open Market Committee areA) Federal Reserve Bank presidents.B) members of the Federal Advisory Council.C) presidents of member banks.D) the seven members of the Board of Governors.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking29) Each Fed bank president attends FOMC meetings; although only ________ Fed bank presidents vote on policy, all ________ provide input.A) three; tenB) five; tenC) three; twelveD) five; twelveAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking30) Although reserve requirements and the discount rate are not actually set by the ________, decisions concerning these policy tools are effectively made there.A) Federal Reserve Bank of New YorkB) Board of GovernorsC) Federal Open Market CommitteeD) Federal Reserve BanksAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking31) The research document given to the Federal Open Market Committee that contains information on the state of the economy in each Federal Reserve district is called theA) beige book.B) green book.C) blue book.D) black book.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking32) The teal book is the Fed research document containingA) the forecast of national economic variables for the next three years.B) forecasts of the money aggregates conditional on different monetary policy stances.C) information on the state of the economy in each Federal Reserve district.D) both A and B.E) A, B and C.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking33) The Federal Open Market Committee's "balance of risks" is an assessment of whether, in the future, its primary concern will beA) higher exchange rates or higher unemployment.B) higher inflation or a stronger economy.C) higher inflation or a weaker economy.D) lower inflation or a stronger economy.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking34) Subject to the approval of the Board of Governors, the decision of choosing the president ofa district Federal Reserve Bank is made byA) all nine district bank directors.B) the six district bank directors elected by the member banks.C) three district bank directors who are professional bankers.D) district bank directors who are not professional bankers.E) class A and class B directors.Answer: DQues Status: Previous EditionAACSB: Ethical Understanding and Reasoning Abilities35) Why does the Federal Reserve Bank of New York play a special role within the Federal Reserve System?Answer: The New York district contains the largest banks in the country. The New York Fed supervises and examines these banks to insure their soundness and the safety of the nation's financial system. The New York Fed conducts open market operations and foreign exchange transactions for the Fed and Treasury. The New York Fed belongs to the Bank for International Settlements, so its president and the chairman of the Board of Governors represent the U.S. at the monthly meetings of the world's central banks. The New York Fed president is the only president of a regional Fed who is a permanent voting member of the FOMC.Ques Status: Previous EditionAACSB: Reflective Thinking36) Who are the voting members of the Federal Open Market Committee and why is this committee important? Where does the power lie within this committee?Answer: The FOMC determines the monetary policy of the United States through its decisions about open market operations. It also effectively determines the discount rate and reserve requirements. The seven members of the Board of Governors, the president of the New York Fed, and four of the other eleven regional bank presidents are voting members on a rotating basis. Within the FOMC, the chairman of the Board of Governors wields the power.Ques Status: Previous EditionAACSB: Reflective Thinking13.3 How Independent is the Fed?1) Instrument independence is the ability of ________ to set monetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking2) The ability of a central bank to set monetary policy instruments isA) political independence.B) goal independence.C) policy independence.D) instrument independence.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking3) Goal independence is the ability of ________ to set monetary policy ________.A) the central bank; goalsB) Congress; goalsC) Congress; instrumentsD) the central bank; instrumentsAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking4) The ability of a central bank to set monetary policy goals isA) political independence.B) goal independence.C) policy independence.D) instrument independence.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking5) Members of Congress are able to influence monetary policy, albeit indirectly, through their ability toA) withhold appropriations from the Board of Governors.B) withhold appropriations from the Federal Open Market Committee.C) propose legislation that would force the Fed to submit budget requests to Congress, as must other government agencies.D) instruct the General Accounting Office to audit the foreign exchange market functions of the Federal Reserve.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking6) Explain two concepts of central bank independence. Is the Fed politically independent? Why do economists think central bank independence is important?Answer: Instrument independence is the ability of the central bank to set its instruments, and goal independence is the ability of a central bank to set its goals. The Fed enjoys both types of independence. The Fed is largely independent of political pressure due to its earnings and the conditions of appointment of the Board of Governors and its chairman. However, some political pressure can be applied through the threat or enactment of legislation affecting the Fed. Independence is important because there is some evidence that independent central banks pursue lower rates of inflation without harming overall economic performance.Ques Status: Previous EditionAACSB: Reflective Thinking13.4 Should the Fed Be Independent?1) The case for Federal Reserve independence does NOT include the idea thatA) political pressure would impart an inflationary bias to monetary policy.B) a politically insulated Fed would be more concerned with long-run objectives and thus be a defender of a sound dollar and a stable price level.C) policy is always performed better by an elite group such as the Fed.D) a Federal Reserve under the control of Congress or the president might make the so-called political business cycle more pronounced.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) The political business cycle refers to the phenomenon that just before elections, politicians enact ________ policies. After the elections, the bad effects of these policies (for example,________ ) have to be counteracted with ________ policies.A) expansionary; higher unemployment; contractionaryB) expansionary; a higher inflation rate; contractionaryC) contractionary; higher unemployment; expansionaryD) contractionary; a higher inflation rate; expansionaryAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking3) The strongest argument for an independent Federal Reserve rests on the view that subjecting the Fed to more political pressures would impartA) an inflationary bias to monetary policy.B) a deflationary bias to monetary policy.C) a disinflationary bias to monetary policy.D) a countercyclical bias to monetary policy.Answer: AQues Status: Previous EditionAACSB: Ethical Understanding and Reasoning Abilities4) Critics of the current system of Fed independence contend thatA) the current system is undemocratic.B) voters have too much say about monetary policy.C) the president has too much control over monetary policy on a day-to-day basis.D) the Board of Governors is held responsible for policy missteps.Answer: AQues Status: Previous EditionAACSB: Diverse and Multicultural Work Environments5) Recent research indicates that inflation performance (low inflation) has been found to be best in countries withA) the most independent central banks.B) political control of monetary policy.C) money financing of budget deficits.D) a policy of always keeping interest rates low.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) Make the case for and against an independent Federal Reserve.Answer: Case for: 1. An independent Federal Reserve can shield the economy from the political business cycle, and it will be less likely to have an inflationary bias to monetary policy. 2. Control of the money supply is too important to leave to inexperienced politicians.Case against: 1. It is undemocratic to have monetary policy be controlled by a small number of individuals that are not accountable. 2. In the past, an independent Fed has not used its freedom wisely. 3. Its independence may encourage it to pursue its own self-interest rather than the public's interest.Ques Status: Previous EditionAACSB: Ethical Understanding and Reasoning Abilities13.5 Explaining Central Bank Behavior1) The theory of bureaucratic behavior suggests that the objective of a bureaucracy is to maximizeA) the public's welfare.B) profits.C) its own welfare.D) conflict with the executive and legislative branches of government.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) The theory of bureaucratic behavior when applied to the Fed helps to explain why the FedA) was supportive of congressional attempts to limit the central bank's autonomy.B) was so secretive about the conduct of future monetary policy.C) sought less control over banks in the 1980s.D) was willing to take on powerful groups that may threaten its autonomy.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking3) What is the theory of bureaucratic behavior and how can it be used to explain the behavior of the Federal Reserve?Answer: The theory of bureaucratic behavior concludes that the main objective of any bureaucracy is to maximize its own welfare, which is related to power and prestige. This can explain why the Federal Reserve has defended its autonomy, avoids conflict with Congress and the president, and its push to gain more control over banks.Ques Status: Previous EditionAACSB: Analytical Thinking13.6 Structure and Independence of the European Central Bank1) Under the European System of Central Banks, the Executive Board is similar in structure to the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking2) Under the European System of Central Banks, the Governing Council is similar in structure to the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking3) Under the European System of Central Banks, the National Central Banks have the same role as the ________ of the Federal Reserve System.A) Board of GovernorsB) Federal Open Market CommitteeC) Federal Reserve BanksD) Federal Advisory CouncilAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking4) Members of the Executive Board of the European System of Central Banks are appointed to ________ year, nonrenewable terms.A) fourB) eightC) tenD) fourteenAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking5) Which of the following statements comparing the European System of Central Banks and the Federal Reserve System is TRUE?A) The budgets of the Federal Reserve Banks are controlled by the Board of Governors, while the National Central Banks control their own budgets and the budget of the European Central Bank.B) The European Central Bank has similar power over the National Central Banks when compared to the level of power the Board of Governors has over the Federal Reserve Banks. C) Just like the Federal Reserve System, monetary operations are centralized in the European System of Central Banks with the European Central Bank.D) None of the above.Answer: AQues Status: RevisedAACSB: Reflective Thinking6) The Governing Council usually meets ________ times a year.A) fourB) sixC) eightD) twelveAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking7) In the Governing Council, the decision of what policy to implement is made byA) majority vote of the Executive Board members.B) majority vote of the heads of the National Banks.C) consensus.D) majority vote of all members of the Governing Council.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking8) The central bank which is generally regarded as the most independent in the world because its charter cannot be changed by legislation is theA) Bank of England.B) Bank of Canada.C) European Central Bank.D) Bank of Japan.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking9) Explain the similarities and differences between the European System of Central Banks and the Federal Reserve System.Answer: The similarities between the two are in their structure. The National Central Banks of the member countries of the Eurosystem have the same role as the Federal Reserve Banks in the Federal Reserve System. The Executive Board and the Governing Council of the Eurosystem resemble the Board of Governors and the Federal Open Market Committee of the Federal Reserve System, respectively. There are three major differences between the two. The first difference is concerning the control of the budgets. In the Fed, the Board of Governors controls the budgets of the Reserve Banks while in the Eurosystem, the National Banks control the budget of the European Central Bank. The second difference is the monetary operations of the Eurosystem are conducted by the National Banks, so they are not as centralized as the monetary operations in the Federal Reserve System.Ques Status: RevisedAACSB: Reflective Thinking13.7 Structure and Independence of Other Foreign Central Banks1) On paper, the Bank of Canada has ________ instrument independence and ________ goal independence when compared to the Federal Reserve System.A) less; lessB) less; moreC) more; lessD) more; moreAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking2) The oldest central bank, having been founded in 1694, is theA) Bank of England.B) Deutsche Bundesbank.C) Bank of Japan.D) Federal Reserve System.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking3) While legislation enacted in 1998 granted the Bank of Japan new powers and greater autonomy, its critics contend that its independence isA) limited by the Ministry of Finance's veto power over a portion of its budget.B) too great because it need not pursue a policy of price stability even if that is the popular will of the people.C) too great since the Ministry of Finance no longer has veto power over the bank's budget.D) limited since the Ministry of Finance can dismiss senior bank officials.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking4) Regarding central bank independenceA) the Fed is more independent than the European Central Bank.B) the European Central Bank is more independent than the Fed.C) the trend in industrialized nations has been to reduce central bank independence.D) the Bank of England has the longest tradition of independence of any central bank in the world.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking5) The trend in recent years is that more and more governmentsA) have been granting greater independence to their central banks.B) have been reducing the independence of their central banks to make them more accountable for poor economic performance.C) have mandated that their central banks focus on controlling inflation.D) have required their central banks to cooperate more with their Ministers of Finance. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) Which of the following statements about central bank structure and independence is TRUE?A) In recent years, with the exception of the Bank of England and the Bank of Japan, most countries have reduced the independence of their central banks, subjecting them to greater democratic control.B) Before the Bank of England was granted greater independence, the Federal Reserve was the most independent of the world's central banks.C) Both theory and experience suggest that more independent central banks produce better monetary policy.D) While the European Central Bank is independent, it is not as independent as the Federal Reserve.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking。

货币金融学(第十二版)英文版题库及答案Web chapter 1

Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 26 Web Chapter 1: Financial Crises in Emerging Market Economies26.1 Dynamics of Financial Crises in Emerging Market Economies1) Financial crises generally develop along two basic pathsA) mismanagement of financial liberalization/globalization and severe fiscal imbalances.B) stock market declines and severe fiscal imbalances.C) mismanagement of financial liberalization/globalization and stock market declines.D) stock market declines and unanticipated declines in the value of the domestic currency. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) In emerging market countries, the deterioration in bank's balance sheets has more ________ effects on lending and economic activity than in advanced countries.A) negativeB) positiveC) affirmingD) advancingAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking3) All of the following might create problems from financial liberalization in emerging countries EXCEPTA) ineffective screening of borrowers.B) limits on risk-taking.C) lax government supervision of banks.D) lenders failure to monitor borrowers.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking4) The mismanagement of financial liberalization in emerging market countries can be understood as a severeA) principal/agent problem.B) asymmetric information problem.C) lemons problem.D) free-rider problem.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking5) Factors likely to cause a financial crisis in emerging market countries includeA) severe fiscal imbalances.B) decreases in foreign interest rates.C) a foreign exchange crisis.D) too strong oversight of the financial industry.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) The two key factors that trigger speculative attacks on emerging market currencies areA) deterioration in bank balance sheets and severe fiscal imbalances.B) deterioration in bank balance sheets and low interest rates abroad.C) low interest rates abroad and severe fiscal imbalances.D) low interest rates abroad and rising asset prices.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking7) Severe fiscal imbalances can directly trigger a currency crisis sinceA) investors fear that the government may not be able to pay back the debt and so begin to sell domestic currency.B) the government may stop printing money.C) the government may have to cut back on spending.D) the currency must surely increase in value.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking8) In emerging market countries, many firms have debt denominated in foreign currency like the dollar or yen. A depreciation of the domestic currencyA) results in increases in the firm's indebtedness in domestic currency terms, even though the value of their assets remains unchanged.B) results in an increase in the value of the firm's assets.C) means that the firm does not owe as much on their foreign debt.D) strengthens their balance sheet in terms of the domestic currency.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking9) A sharp depreciation of the domestic currency after a currency crisis leads toA) higher inflation.B) lower import prices.C) lower interest rates.D) decrease in the value of foreign currency-denominated liabilities.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking10) The key factor leading to the financial crises in Mexico and the East Asian countries wasA) a deterioration in banks' balance sheets because of increasing loan losses.B) severe fiscal imbalances.C) a sharp increase in the stock market.D) a sharp decline in interest rates.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge11) Factors that led to worsening conditions in Mexico's 1994-1995 financial markets includeA) failure of the Mexican oil monopoly.B) the ratification of the North American Free Trade Agreement.C) increased uncertainty from political shocks.D) decline in interest rates.Answer: CQues Status: Previous EditionAACSB: Application of Knowledge12) Factors that led to worsening financial market conditions in East Asia in 1997-1998 includeA) weak supervision by bank regulators.B) a rise in interest rates abroad.C) unanticipated increases in the price level.D) increased uncertainty from political shocks.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge13) Factors that led to worsening conditions in Mexico's 1994-1995 financial markets, but did not lead to worsening financial market conditions in East Asia in 1997-1998 includeA) rise in interest rates abroad.B) bankers' lack of expertise in screening and monitoring borrowers.C) deterioration of banks' balance sheets because of increasing loan losses.D) stock market decline.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge14) Argentina's financial crisis was due toA) poor supervision of the banking system.B) a lending boom prior to the crisis.C) fiscal imbalances.D) lack of expertise in screening and monitoring borrowers at banking institutions.Answer: CQues Status: Previous EditionAACSB: Application of Knowledge15) A feature of debt markets in emerging-market countries is that debt contracts are typicallyA) very short term.B) long term.C) intermediate term.D) perpetual.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking16) The economic hardship resulting from a financial crises is severe, however, there are also social consequences such asA) increased crime.B) difficulty getting a loan.C) currency devaluations.D) loss of output.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking17) Before the South Korean financial crisis, sales by the top five chaebols (family-owned conglomerates) wereA) nearly 50% of GDP.B) about 10% of GDP.C) almost 90% of GDP.D) nearly 25% of GDP.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge18) The chaebols encouraged the Korean government to open up Korean financial markets to foreign capital. The Korean government responded byA) allowing unlimited short-term foreign borrowing but maintained quantity restrictions on long-term foreign borrowing by financial institutions.B) allowing unlimited short-term and long-term foreign borrowing by financial institutions.C) maintaining quantity restrictions on short-term foreign borrowing but allowing unlimited long-term foreign borrowing by financial institutions.D) not allowing any foreign borrowing by financial institutions.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge19) At the time of the South Korean financial crisis, the government allowed many chaebol owned finance companies to convert to merchant banks. Finance companies ________ allowed to borrow abroad and merchant banks ________.A) were not; could borrow abroadB) were not; could not borrow abroadC) were; could borrow abroadD) were; could not borrow abroadAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge20) At the time of the South Korean financial crisis, the merchant banks wereA) almost virtually unregulated.B) subject to heavy government regulation.C) engaged in long-term lending to the corporate sector.D) restricted to long-term foreign borrowing.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge21) What two key factors trigger speculative attacks leading to currency cries in emerging market countries?Answer: The deterioration in bank balance sheets and severe fiscal imbalances are the key factors. To counter a speculative attack, a country might try to raise interest rates. Raising interest rates, however, would worsen the problem of banks that are already in trouble. Speculators recognize this and seize the opportunity. When their are severe fiscal imbalances, there is concern that government debt will not be paid back. Funds are pulled out of the country and domestic currency is sold leading to a decline in the value of the domestic currency. Speculators will once again seize the opportunity.Ques Status: Previous EditionAACSB: Reflective Thinking。

货币金融学课后习题答案

第一章课后习题答案一、关键词1.货币（money；currency）从商品中分离出来固定地充当一般等价物的商品。

现代货币：是指以某一权力机构为依托，在一定时期一定地域内推行的一种可以执行交换媒介、价值尺度、延期支付标准及作为完全流动的财富的储藏手段等功能的凭证。

一般可以分为纸凭证及电子凭证，就是人们常说的纸币及电子货币。

2.信用货币（credit money）由国家法律规定的，强制流通不以任何贵金属为基础的独立发挥货币职能的货币。

目前世界各国发行的货币，基本都属于信用货币。

3.货币职能（monetary functions）货币本质所决定的内在功能。

货币的职能主要包括了价值尺度、流通手段、贮藏手段、支付手段和国际货币这五大职能。

4.货币层次（monetary levels）货币层次的划分：M1=现金+活期存款；M2=M1+储蓄存款+定期存款；M3=M2+其他所有存款；M4=M3+短期流动性金融资产。

这样划分的依据是货币的流动性。

5.流动性（liquidity）资产能够以一个合理的价格顺利变现的能力，它是一种所投资的时间尺度（卖出它所需多长时间）和价格尺度（与公平市场价格相比的折扣）之间的关系。

6.货币制度（monetary system）国家对货币的有关要素、货币流通的组织与管理等加以规定所形成的制度，完善的货币制度能够保证货币和货币流通的稳定，保障货币正常发挥各项职能。

二、重要概念1.价值形式商品的价值表现形式。

商品的价值不能自我表现，必须在两种商品的交换中通过另一种商品表现出来。

2.一般等价物从商品中分离出来的充当其它一切商品的统一价值表现材料的商品，它的出现，是商品生产和交换发展的必然结果。

3.银行券由银行（尤指中央银行）发行的一种票据，俗称钞票。

早期银行券由商业银行分散发行，代替金属货币流通，通过与金属货币的兑现维持其价值。

中央银行产生以后，银行券由中央银行垄断发行，金属货币制度崩溃后，银行券成为不兑现的纸制信用货币。

《货币金融学》课后习题答案

《货币金融学》课后习题答案《货币金融学》课后习题答案一、论述题1、什么是货币？货币的职能是什么？答：货币是一种在商品和劳务交易中充当等价物，具有一定形状和形式的财富。

它的职能包括交换媒介、计价单位、价值储藏和延期支付标准。

2、解释并评价三种货币定义：交换媒介、偿债工具和价值储藏。

答：交换媒介是货币最基本的功能，它使商品和劳务的交换变得更加便利。

偿债工具是指货币可以用来偿还债务，例如债券和票据等。

价值储藏是将货币作为一种保存价值的手段，在将来进行使用。

这三种定义各有优缺点，需要根据实际情况进行综合评价。

3、论述货币需求的主要影响因素。

答：货币需求的主要影响因素包括经济增长、利率、物价水平、金融市场发展程度、消费倾向等。

其中，经济增长和利率对货币需求有显著影响，物价水平和金融市场发展程度也会对货币需求产生影响。

二、分析题1、分析货币供给的主要决定因素。

答：货币供给的主要决定因素包括中央银行的基础货币、商业银行的存款创造能力、金融市场的发达程度、利率、物价水平等。

其中，中央银行的基础货币是影响货币供给的最重要因素，商业银行的存款创造能力也会对货币供给产生显著影响。

此外，金融市场的发展程度和利率也会对货币供给产生影响。

2、分析货币政策的影响因素及其传导机制。

答：货币政策的影响因素包括经济增长、通货膨胀、就业情况、国际收支状况等。

其传导机制包括货币渠道和信用渠道。

其中，货币渠道是通过调整货币供应量来影响利率，进而影响投资和总产出。

信用渠道则是通过影响银行贷款的可得性来影响投资和总产出。

三、计算题1、假设某国基础货币为1000亿美元，活期存款的法定准备金率为0.1%，现金漏损率为0.2%，请计算该国商业银行的存款创造能力。

答：根据商业银行的存款创造能力公式，存款=1/法定准备金率 - 现金漏损率，可计算出该国商业银行的存款创造能力为990亿美元。

2、假设某国经济增长率为3%，物价上涨率为2%，请计算该国的实际经济增长率。

货币金融学习题答案汇总

金钱练习一、选择题(包括单项选择和多项选择)1.货币的两个基本功能是()。

a、交易媒介B、支付手段C、价值尺度D、价值贮藏2.货币在执行()函数时可以是概念上的货币。

a、交易媒介B、价值贮藏C、支付手段D、价值尺度3.下列哪种说法不属于信用货币的特点()。

a、与金属货币B挂钩，是一种信用凭证c、依靠银行信用和政府信用而流通的D、有足够价值的货币。

4.在中国的货币等级体系中，现金一般分为()级:a、M0B、M1C、M2D、M35.虚拟金本位也叫()。

a、金币本位制B、金条本位制C、生金本位制D、金汇兑本位制6.金银复合标准体系的主要缺陷是()。

a、造成价值尺度的多重性B、违反排他性和独占性c、引起汇率的波动D、导致货币的缺乏。

7.金银双本位制向金本位制的过渡是()。

a、平行标准B、双重标准c，蹩脚的标准D，金本位8.以下哪个经济体的支付系统效率最低？( )。

A.使用黄金作为商品货币的经济体b .易货经济C.使用不兑现纸币的经济体d .使用货币和储蓄货币的经济体9.在下列哪个经济体中，商品和服务可以直接交换其他商品和服务？( )。

A.使用黄金作为商品货币的经济体b .易货经济C.使用不兑现纸币的经济体d .使用货币和储蓄货币的经济体10.以下哪一项不是货币的目的或功能？( )。

a、价值储存b、交易媒介c、避免通货膨胀的影响D、价值尺度11.下列哪一个是商品货币的例子？( )a，5美元的钞票B，基于美国银行账户签发的支票c、信用卡D、战俘营香烟E、以上选项均正确。

12.以下哪一个是纸币被拒付的例子？( )a，5美元纸币B，20美元金币C.原始社会把贝壳作为货币使用d .战俘营里的香烟二。

是非题(以下问题中，你认为对的√错的×)1.在市场经济中，支票和信用卡都是货币。

( )2.物物交换经济的效率很低，因为要实现它，必须实现“需求的双匹配”。

( )3.货币由于其良好的流动性，通常是人们储存价值的首选。

公司理财精要版原书第12版习题库答案Ross12e_Chapter05_TB

Fundamentals of Corporate Finance, 12e (Ross)Chapter 5 Introduction to Valuation: The Time Value of Money1) Andy deposited $3,000 this morning into an account that pays 5 percent interest, compounded annually. Barb also deposited $3,000 this morning at 5 percent interest, compounded annually. Andy will withdraw his interest earnings and spend it as soon as possible. Barb will reinvest her interest earnings into her account. Given this, which one of the following statements is true?A) Barb will earn more interest in Year 1 than Andy will.B) Andy will earn more interest in Year 3 than Barb will.C) Barb will earn more interest in Year 2 than Andy.D) After five years, Andy and Barb will both have earned the same amount of interest.E) Andy will earn compound interest.2) Nan and Neal are twins. Nan invests $5,000 at 7 percent at age 25. Neal invests $5,000 at 7 percent at age 30. Both investments compound interest annually. Both twins retire at age 60 and neither adds nor withdraws funds prior to retirement. Which statement is correct?A) Nan will have less money when she retires than Neal.B) Neal will earn more interest on interest than Nan.C) Neal will earn more compound interest than Nan.D) If both Nan and Neal wait to age 70 to retire they will have equal amounts of savings.E) Nan will have more money than Neal at any age.3) You are investing $100 today in a savings account. Which one of the following terms refers to the total value of this investment one year from now?A) Future valueB) Present valueC) Principal amountD) Discounted valueE) Invested principal4) Christina invested $3,000 five years ago and earns 2 percent annual interest. By leaving her interest earnings in her account, she increases the amount of interest she earns each year. The way she is handling her interest income is referred to as:A) simplifying.B) compounding.C) aggregating.D) accumulating.E) discounting.5) Art invested $100 two years ago at 8 percent interest. The first year, he earned $8 interest on his $100 investment. He reinvested the $8. The second year, he earned $8.64 interest on his $108 investment. The extra $.64 he earned in interest the second year is referred to as:A) free interest.B) bonus income.C) simple interest.D) interest on interest.E) present value interest.6) The interest earned on both the initial principal and the interest reinvested from prior periods is called:A) free interest.B) dual interest.C) simple interest.D) interest on interest.E) compound interest.7) Renee invested $2,000 six years ago at 4.5 percent interest. She spends all of her interest earnings immediately so she only receives interest on her initial $2,000 investment. Which type of interest is she earning?A) Free interestB) Complex interestC) Simple interestD) Interest on interestE) Compound interest8) Kurt won a lottery and will receive $1,000 a year for the next 50 years. The current value of these winnings is called the:A) single amount.B) future value.C) present value.D) simple amount.E) compounded value.9) Terry is calculating the present value of a bonus he will receive next year. The process he is using is called:A) growth analysis.B) discounting.C) accumulating.D) compounding.E) reducing.10) Steve just computed the present value of a $10,000 bonus he will receive next year. The interest rate he used in his computation is referred to as the:A) current yield.B) effective rate.C) compound rate.D) simple rate.E) discount rate.11) The process of determining the present value of future cash flows in order to know their value today is referred to as:A) compound interest valuation.B) interest on interest valuation.C) discounted cash flow valuation.D) future value interest factoring.E) complex factoring.12) Sam just opened a savings account paying 3.5 percent interest, compounded annually. After four years, the savings account will be worth $5,000. Assume there are no additional deposits or withdrawals. Given this, Sam:A) will earn the same amount of interest each year for four years.B) will earn simple interest on his savings every year for four years.C) could have deposited less money today and still had $5,000 in four years if the account paid a higher rate of interest.D) has an account currently valued at $5,000.E) could earn more interest on this account if the interest earnings were withdrawn annually.13) This afternoon, you deposited $1,000 into a retirement savings account. The account will compound interest at 6 percent annually. You will not withdraw any principal or interest until you retire in 40 years. Which one of the following statements is correct?A) The interest you earn in Year 6 will equal the interest you earn in Year 10.B) The interest amount you earn will double in value every year.C) The total amount of interest you will earn will equal $1,000 × .06 × 40.D) The present value of this investment is equal to $1,000.E) The future value of this amount is equal to $1,000 × (1 + 40).06.14) Your grandmother has promised to give you $10,000 when you graduate from college. If you speed up your graduation by one year and graduate two years from now rather than the expected three years, the present value of this gift will:A) remain constant.B) increase.C) decrease.D) equal $10,000.E) be less than $10,000.15) Chang Lee is going to receive $20,000 six years from now. Soo Lee is going to receive $20,000 nine years from now. Which one of the following statements is correct if both individuals apply a discount rate of 7 percent?A) The present values of Chang Lee's and Soo Lee's money are equal.B) In future dollars, Soo Lee's money is worth more than Chang Lee's money.C) In today's dollars, Chang Lee's money is worth more than Soo Lee's.D) Twenty years from now, the value of Chang Lee's money will equal the value of Soo Lee's money.E) Soo Lee's money is worth more than Chang Lee's money given the 7 percent discount rate.16) Which one of the following variables is the exponent in the present value formula?A) Present valueB) Future valueC) Interest rateD) Number of time periodsE) There is no exponent in the present value formula.17) Your goal is to have $1 million in your retirement savings on the day you retire. To fund this goal, you will make one lump sum deposit today. If you plan to retire ________ rather than________ and earn a ________ rate of interest, then you can deposit a smaller lump sum today.A) sooner; later; lowB) sooner; later; highC) later; sooner; highD) later; sooner; lowE) today; later; high18) Which one of the following will produce the lowest present value interest factor?A) 6 percent interest for 5 yearsB) 6 percent interest for 8 yearsC) 6 percent interest for 10 yearsD) 8 percent interest for 5 yearsE) 8 percent interest for 10 years19) Which one of these will increase the present value of a set amount to be received sometime in the future?A) Increase in the time until the amount is receivedB) Increase in the discount rateC) Decrease in the future valueD) Decrease in the interest rateE) Decrease in both the future value and the number of time periods20) What is the relationship between the present value and future value interest factors?A) The present value and future value factors are equal to each other.B) The present value factor is the exponent of the future value factor.C) The future value factor is the exponent of the present value factor.D) The factors are reciprocals of each other.E) There is no relationship between these two factors.21) Phillippe invested $1,000 ten years ago and expected to have $1,800 today He has neither added nor withdrawn any money since his initial investment. All interest was reinvested and compounded annually. As it turns out, he only has $1,680 in his account today. Which one of the following must be true?A) He earned simple interest rather than compound interest.B) He earned a lower interest rate than he expected.C) He did not earn any interest on interest as he expected.D) He ignored the Rule of 72 which caused his account to decrease in value.E) The future value interest factor turned out to be higher than he expected.22) Al invested $3,630 in an account that pays 6 percent simple interest. How much money will he have at the end of five years?A) $4,910B) $5,056C) $4,719D) $4,678E) $5,29923) Alex invested $2,550 in an account that pays 5 percent simple interest. How much money will he have at the end of four years?A) $2,650.00B) $3,100.26C) $3,060.00D) $3,250.00E) $3,099.5424) Marti's coin collection contains fifty 1948 silver dollars. Her grandparents purchased them at their face value in 1948. These coins have appreciated by 7.6 percent annually. How much will the collection be worth in 2025?A) $13,611.18B) $18,987.56C) $14,122.01D) $11,218.27E) $14,077.1625) You invested $6,500 at 6 percent simple interest. How much more could you have earned over a 10-year period if the interest had compounded annually?A) $1,049.22B) $930.11C) $1,182.19D) $1,201.15E) $1,240.5126) Travis invested $8,000 in an account that pays 4 percent simple interest. How much more could he have earned over a 7-year period if the interest had compounded annually?A) $291.41B) $287.45C) $302.16D) $266.67E) $258.0927) What is the future value of $11,600 invested for 17 years at 7.25 percent compounded annually?A) $32,483.60B) $27,890.87C) $38,991.07D) $41,009.13E) $38,125.2028) Today, you earn a salary of $31,000. What will be your annual salary ten years from now if you receive annual raises of 2.2 percent?A) $38,536.36B) $37,414.06C) $38,235.24D) $37,122.08E) $36,736.0029) You own a classic car currently valued at $64,000. If the value increases by 2.5 percent annually, how much will the car be worth 15 years from now?A) $94,035.00B) $86,008.17C) $80,013.38D) $92,691.08E) $91,480.1830) You hope to buy your dream car five years from now. Today, that car costs $62,500. You expect the price to increase by an average of 2.9 percent per year. How much will your dream car cost by the time you are ready to buy it?A) $73,340.00B) $68,666.67C) $72,103.59D) $66,818.02E) $69,023.1631) This morning, DJ's invested $225,000 to help fund future projects. How much additional money will the firm have three years from now if it can earn an annual interest rate of 4 percent rather than 3.5 percent?A) $3,391.90B) $3,632.88C) $3,008.17D) $4,219.68E) $3,711.0832) You just invested $49,000 that you received as an insurance settlement. How much more will this account be worth in 40 years if you earn an average return of 7.6 percent rather than just 7.1 percent?A) $59,818.92B) $98,509.16C) $140,423.33D) $155,986.70E) $138,342.9133) You have a savings account valued at $1,500 today that earns an annual interest rate of 8.7 percent. How much more would this account be worth if you wait to spend the entire balance in25 years rather than in 20 years?A) $6,306.16B) $4,658.77C) $3,311.18D) $6,907.17E) $4,117.6434) You will receive $15,000 in two years when you graduate. You plan to invest this at an annual interest rate of 6.5 percent. How much money will you have 8 years from now?A) $24,824.94B) $19,381.16C) $21,887.13D) $23,209.19E) $20,414.7335) You just received a $5,000 gift from your grandmother which you have decided to save and then gift to your grandchildren 50 years from now. How much additional money will you gift if you earn 7.5 percent interest rather than 7 percent interest over the next 50 years?A) $39,318.09B) $39,464.79C) $38,211.16D) $37,811.99E) $38,663.6036) You are depositing $4,500 today at an annual interest rate of 7.2 percent. How much additional interest will you earn if you leave the money invested for 45 years instead of 40 years?A) $25,723.08B) $30,185.14C) $22,441.56D) $6,370.69E) $11,590.9337) Today, you have two coins each of which is valued at $100. One coin is expected to appreciate by 5.2 percent annually while the other coin should appreciate by 5.7 percent annually. What will be the difference in the value of the two coins 50 years from now?A) $337.43B) $318.04C) $191.79D) $128.32E) $380.1538) Your father invested a lump sum 28 years ago at 4.05 percent annual interest. Today, he gave you the proceeds of that investment, totalling $48,613.24. How much did your father originally invest?A) $14,929.47B) $16,500.00C) $15,994.70D) $15,500.00E) $16,099.4539) Suppose the first comic book of a classic series was sold in 1954. In 2017, the estimated price for this comic book was $310,000, which is an annual return of 22 percent. For this to be true, what was the original price of the comic book in 1954?A) $1.00B) $.97C) $1.33D) $1.12E) $1.2040) Twenty years from now, you want to spend $175,000 for a fancy car. How much must you deposit as a lump sum today to achieve this goal at an annual interest rate of 6.6 percent?A) $54,208.16B) $48,740.95C) $57,911.08D) $40,019.82E) $51,446.6041) What is the present value of $45,000 to be received 50 years from today if the discount rate is 8 percent?A) $959.46B) $1,147.07C) $841.41D) $1,106.18E) $1,291.0642) You would like to give your child $100,000 to start a career 25 years from now. How much money must you set aside today for this purpose if you can earn 7.5 percent on your investments?A) $15,388.19B) $16,397.91C) $16,817.67D) $15,911.13E) $17,488.3743) You want to have $30,000 saved 5 years from now to buy a house. How much less do you have to deposit today to reach this goal if you can earn 3.5 percent rather than 2.5 percent on your savings? Today's deposit is the only deposit you will make to this savings account.A) $1,256.43B) $891.18C) $1,124.60D) $945.11E) $1,219.0244) Your older sister deposited $2,500 today at 6.5 percent interest for 15 years. However, you can only earn 6.25 percent interest. How much more money must you deposit today than your sister did if you are to have the same amount saved at the end of the 15 years?A) $92.19B) $89.70C) $88.78D) $90.21E) $93.3945) Duane and Thad plan on retiring 27 years from today and plan to have the same amount saved at that time. In preparation for this, Duane is depositing $15,000 today at an annual interest rate of 5.2 percent. How will Thad's deposit amount vary from Duane's if Thad also makes a deposit today but earns an annual interest rate of 6.2 percent?A) $4,118.42 moreB) $4,333.33 lessC) $3,417.09 moreD) $4,274.12 lessE) $3,381.39 less46) When you retire 45 years from now, you want to have $1.25 million saved. You think you can earn an average of 7.6 percent on your investments. To meet your goal, you are trying to decide whether to deposit a lump sum today, or to wait and deposit a lump sum five years from today to fund this goal. How much more will you have to deposit if you wait for five years before making the deposit?A) $17,414.14B) $21,319.47C) $19,891.11D) $20,468.85E) $13,406.7847) Theo wants to have $40,000 for a down payment on a house five years from now. He can either deposit one lump sum today or he can wait one year and deposit a lump sum. Assume an annual interest rate of 3.5 percent. How much additional money must he deposit if he waits for one year rather than making the deposit today?A) $1,001.98B) $986.13C) $1,178.76D) $948.03E) $1,020.1848) Friendly Companies has an unfunded pension liability of $327 million that must be paid in16 years. What is the present value of this liability at a discount rate of 6.24 percent?A) $129,803,162.22B) $111,438,907.11C) $124,147,723.50D) $134,519,484.14E) $121,511,366.6749) You have just received notification that you have won the $1.25 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100th birthday, 79 years from now. The appropriate discount rate is 6.4 percent. What is the present value of your winnings?A) $11,288.16B) $9,300.82C) $10,309.91D) $8,333.33E) $10,500.0050) One year ago, you invested $1,750. Today it is worth $1,815.48. What rate of interest did you earn?A) 3.59 percentB) 4.33 percentC) 3.88 percentD) 3.74 percentE) 4.01 percent51) According to the Rule of 72, you can do which one of the following?A) Approximately double your money in five years at 7.24 percent interestB) Double your money in 7.2 years at 8 percent interestC) Approximately double your money in 11 years at 6.55 percent interestD) Triple your money in 7.2 years at 7.2 percent interestE) Approximately triple your money in 7.2 years at 10 percent interest52) Sixty years ago, your mother invested $4,500. Today, that investment is worth $430,065.11. What is the average annual rate of return she earned on this investment?A) 6.67 percentB) 11.71 percentC) 7.90 percentD) 10.40 percentE) 12.02 percent53) Four years ago, Saul invested $500. Three years ago, Trek invested $600. Today, these two investments are each worth $800. Assume each account continues to earn its respective rate of return. Which one of the following statements is correct concerning these investments?A) Three years from today, Trek's investment will be worth more than Saul's.B) One year ago, Saul's investment was worth less than Trek's investment.C) Trek earns a higher rate of return than Saul.D) Trek has earned an average annual interest rate of 9.86 percent.E) Saul has earned an average annual interest rate of 12.64 percent.54) Towne Station is saving money to build a new loading platform. Three years ago, they set aside $23,000 for this purpose. Today, that account is worth $31,406. What rate of interest is Towne Station earning on this investment?A) 8.39 percentB) 9.47 percentC) 10.94 percentD) 8.23 percentE) 9.01 percent55) Ten years ago, Jackson Supply set aside $125,000 in case of a financial emergency. Today, that account has increased in value to $278,592. What rate of interest is the firm earning on this money?A) 8.80 percentB) 8.34 percentC) 7.75 percentD) 8.01 percentE) 7.87 percent56) Twelve years ago, your parents set aside $8,000 to help fund your college education. Today, that fund is valued at $23,902. What rate of interest is being earned on this account?A) 8.99 percentB) 9.42 percentC) 9.67 percentD) 9.55 percentE) 9.06 percent57) Some time ago, Tracie purchased two acres of land costing $67,900. Today, that land is valued at $64,800. How long has she owned this land if the price of the land has been decreasing by 1.5 percent per year?A) 3.33 yearsB) 2.48 yearsC) 3.09 yearsD) 2.97 yearsE) 2.08 years58) On your tenth birthday, you received $300 which you invested at 4.5 percent interest, compounded annually. Your investment is now worth $756. How old are you today?A) Age 20B) Age 31C) Age 30D) Age 23E) Age 2159) Assume the total cost of a college education will be $245,000 when your child enters college in 15 years. You presently have $108,000 to invest for this purpose. What rate of interest must you earn to cover the cost of your child's college education?A) 5.79 percentB) 5.50 percentC) 5.61 percentD) 6.25 percentE) 6.81 percent60) At 5 percent interest, how long would it take to triple your money?A) 26.55 yearsB) 25.64 yearsC) 24.87 yearsD) 22.52 yearsE) 20.01 years61) Assume the average vehicle selling price in the United States last year was $36,420. The average price five years earlier was $31,208. What was the annual increase in the selling price over this time period?A) 1.67 percentB) 3.14 percentC) 2.56 percentD) 3.01 percentE) 2.89 percent62) You're trying to save to buy a new $68,000 sports car. Currently, you have saved $36,840 which is invested at 4.9 percent annual interest. How many years will it be before you purchase the car, assuming the price of the car remains constant?A) 9.67 yearsB) 17.18 yearsC) 12.81 yearsD) 16.91 yearsE) 10.84 years63) In 1903, the winner of a competition was paid $50. In 2017, the winner's prize was $235,000. What will the winner's prize be in 2040 if the prize continues increasing at the same rate? (Do not round intermediate calculations. Round your answer to the nearest $500.)A) $1,080,000B) $1,176,500C) $1,250,000D) $1,294,000E) $1,188,50064) You will receive $4,000 at graduation 3 years from now. You plan on investing this money at 5 percent annual interest until you have accumulated $50,000. How many years from today will it be when this occurs?A) 51.42 yearsB) 49.08 yearsC) 54.77 yearsD) 48.42 yearsE) 51.77 years。

货币金融学(第十二版)英文版题库及答案chapter 3

Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 3 What Is Money?3.1 Meaning of Money1) To an economist, ________ is anything that is generally accepted in payment for goods or services or in the repayment of debt.A) wealthB) incomeC) moneyD) creditAnswer: CQues Status: RevisedAACSB: Application of Knowledge2) Money isA) anything that is generally accepted in payment for goods or services or in the repayment of debt.B) a flow of earnings per unit of time.C) the total collection of pieces of property that are a store of value.D) always based on a precious metal like gold or silver.Answer: AQues Status: RevisedAACSB: Application of Knowledge3) Currency includesA) paper money and coins.B) paper money, coins, and checks.C) paper money and checks.D) paper money, coins, checks, and savings deposits.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking4) Even economists have no single, precise definition of money becauseA) money supply statistics are a state secret.B) the Federal Reserve does not employ or report different measures of the money supply.C) the "moneyness" or liquidity of an asset is a matter of degree.D) economists find disagreement interesting and refuse to agree for ideological reasons. Answer: CQues Status: Previous EditionAACSB: Reflective Thinking5) The total collection of pieces of property that serve to store value is a person'sA) wealth.B) income.C) money.D) credit.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge6) A person's house is part of herA) money.B) income.C) liabilities.D) wealth.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking7) ________ is used to make purchases while ________ is the total collection of pieces of property that serve to store value.A) Money; incomeB) Wealth; incomeC) Income; moneyD) Money; wealthAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking8) ________ is a flow of earnings per unit of time.A) IncomeB) MoneyC) WealthD) CurrencyAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge9) An individual's annual salary is herA) money.B) income.C) wealth.D) liabilities.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking10) When we say that money is a stock variable, we mean thatA) the quantity of money is measured at a given point in time.B) we must attach a time period to the measure.C) it is sold in the equity market.D) money never loses purchasing power.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking11) The difference between money and income is thatA) money is a flow and income is a stock.B) money is a stock and income is a flow.C) there is no difference—money and income are both stocks.D) there is no difference—money and income are both flows.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking12) Which of the following is a TRUE statement?A) Money and income are flow variables.B) Money is a flow variable.C) Income is a flow variable.D) Money and income are stock variables.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking13) Which of the following statements uses the economists' definition of money?A) I plan to earn a lot of money over the summer.B) Betsy is rich—she has a lot of money.C) I hope that I have enough money to buy my lunch today.D) The job with New Company gave me the opportunity to earn more money. Answer: CQues Status: Previous EditionAACSB: Analytical Thinking14) When we say that income is a flow variable, we mean thatA) we must attach a time period to the measure for it to make sense.B) it is measured at a given point in time.C) it moves through our hands quickly.D) the value is constantly changing.Answer: AQues Status: NewAACSB: Reflective Thinking3.2 Functions of Money1) Of money's three functions, the one that distinguishes money from other assets is its function as aA) store of value.B) unit of account.C) standard of deferred payment.D) medium of exchange.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking2) If peanuts serve as a medium of exchange, a unit of account, and a store of value, then peanuts areA) bank deposits.B) reserves.C) money.D) loanable funds.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking3) ________ are the time and resources spent trying to exchange goods and services.A) Bargaining costsB) Transaction costsC) Contracting costsD) Barter costsAnswer: BQues Status: Previous EditionAACSB: Application of Knowledge4) Compared to an economy that uses a medium of exchange, in a barter economyA) transaction costs are higher.B) transaction costs are lower.C) liquidity costs are higher.D) liquidity costs are lower.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking5) When compared to exchange systems that rely on money, disadvantages of the barter system includeA) the requirement of a double coincidence of wants.B) lowering the cost of exchanging goods over time.C) lowering the cost of exchange to those who would specialize.D) encouraging specialization and the division of labor.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) The conversion of a barter economy to one that uses moneyA) increases efficiency by reducing the need to exchange goods and services.B) increases efficiency by reducing the need to specialize.C) increases efficiency by reducing transactions costs.D) does not increase economic efficiency.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking7) Which of the following statements best explains how the use of money in an economy increases economic efficiency?A) Money increases economic efficiency because it is costless to produce.B) Money increases economic efficiency because it discourages specialization.C) Money increases economic efficiency because it decreases transactions costs.D) Money cannot have an effect on economic efficiency.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking8) When economists say that money promotes ________, they mean that money encourages specialization and the division of labor.A) bargainingB) contractingC) efficiencyD) greedAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking9) Money ________ transaction costs, allowing people to specialize in what they do best.A) reducesB) increasesC) enhancesD) eliminatesAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge10) For a commodity to function effectively as money it must beA) easily standardized, making it easy to ascertain its value.B) difficult to make change.C) deteriorate quickly so that its supply does not become too large.D) hard to carry around.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking11) All of the following are necessary criteria for a commodity to function as money EXCEPTA) it must deteriorate quickly.B) it must be divisible.C) it must be easy to carry.D) it must be widely accepted.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking12) Whatever a society uses as money, the distinguishing characteristic is that it mustA) be completely inflation proof.B) be generally acceptable as payment for goods and services or in the repayment of debt.C) contain gold.D) be produced by the government.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking13) All but the most primitive societies use money as a medium of exchange, implying thatA) the use of money is economically efficient.B) barter exchange is economically efficient.C) barter exchange cannot work outside the family.D) inflation is not a concern.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking14) Kevin purchasing concert tickets with a $100 bill is an example of the ________ function of money.A) medium of exchangeB) unit of accountC) store of valueD) specializationAnswer: AQues Status: RevisedAACSB: Analytical Thinking15) When money prices are used to facilitate comparisons of value, money is said to function as aA) unit of account.B) medium of exchange.C) store of value.D) payments-system ruler.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking16) When there are many goods in a barter system,A) transactions costs are minimized.B) there are multiple prices for each good.C) there is only one store of value.D) exchange of services is impossible.Answer: BQues Status: RevisedAACSB: Reflective Thinking17) In a barter economy the number of prices in an economy with N goods isA) [N(N - 1)]/2.B) N(N/2).C) 2N.D) N(N/2) - 1.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking18) If there are five goods in a barter economy, one needs to know ten prices in order to exchange one good for another. If, however, there are ten goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another.A) 20B) 25C) 30D) 45Answer: DQues Status: Previous EditionAACSB: Analytical Thinking19) If there are four goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another.A) 8B) 6C) 5D) 4Answer: BQues Status: Previous EditionAACSB: Analytical Thinking20) Because it is a unit of account, moneyA) increases transaction costs.B) reduces the number of prices that need to be calculated.C) does not earn interest.D) discourages specialization.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking21) Dennis notices that jackets are on sale for $99. In this case money is functioning as aA) medium of exchange.B) unit of account.C) store of value.D) payments-system ruler.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking22) As a store of value, moneyA) does not earn interest.B) cannot be a durable asset.C) must be currency.D) is a way of saving for future purchases.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking23) Patrick places his pocket change into his savings bank on his desk each evening. By his actions, Patrick indicates that he believes that money is aA) medium of exchange.B) unit of account.C) store of value.D) unit of specialization.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking24) ________ is the relative ease and speed with which an asset can be converted into a medium of exchange.A) EfficiencyB) LiquidityC) DeflationD) SpecializationAnswer: BQues Status: Previous EditionAACSB: Application of Knowledge25) Increasing transactions costs of selling an asset make the assetA) more valuable.B) more liquid.C) less liquid.D) more moneylike.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking26) Since it does not have to be converted into anything else to make purchases, ________ is the most liquid asset.A) moneyB) stockC) artworkD) goldAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking27) Of the following assets, the least liquid isA) stocks.B) traveler's checks.C) checking deposits.D) a house.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking28) Ranking assets from most liquid to least liquid, the correct order isA) savings bonds; house; currency.B) currency; savings bonds; house.C) currency; house; savings bonds.D) house; savings bonds; currency.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking29) People hold money even during inflationary episodes when other assets prove to be better stores of value. This can be explained by the fact that money isA) extremely liquid.B) a unique good for which there are no substitutes.C) the only thing accepted in economic exchange.D) backed by gold.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking30) If the price level doubles, the value of moneyA) doubles.B) more than doubles, due to scale economies.C) rises but does not double, due to diminishing returns.D) falls by 50 percent.Answer: DQues Status: Previous EditionAACSB: Analytical Thinking31) A fall in the level of pricesA) does not affect the value of money.B) has an uncertain effect on the value of money.C) increases the value of money.D) reduces the value of money.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking32) A hyperinflation isA) a period of extreme inflation generally greater than 50% per month.B) a period of anxiety caused by rising prices.C) an increase in output caused by higher prices.D) impossible today because of tighter regulations.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking33) During hyperinflationsA) the value of money rises rapidly.B) money no longer functions as a good store of value and people may resort to barter transactions on a much larger scale.C) middle-class savers benefit as prices rise.D) money's value remains fixed to the price level; that is, if prices double so does the value of money.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking34) Because inflation in Germany after World War I sometimes exceeded 1,000% per month, one can conclude that the German economy suffered fromA) deflation.B) disinflation.C) hyperinflation.D) superdeflation.Answer: CQues Status: Previous EditionAACSB: Application of Knowledge35) If merchants in the country Zed choose to close their doors, preferring to be stuck with rotting merchandise rather than worthless currency, then one can conclude that Zed is experiencing aA) superdeflation.B) hyperdeflation.C) disinflation.D) hyperinflation.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking36) During the German hyperinflation after World War I, transactions costs skyrocketed. As a result, not surprisingly, outputA) declined sharply.B) increased dramatically.C) did not change.D) grew at a much smaller pace than prior to the war.Answer: AQues Status: NewAACSB: Application of Knowledge37) Explain how cigarettes could be called "money" in prisoner-of-war camps of World War II. Answer: The cigarettes performed the three functions of money. They served as the medium of exchange because individuals did exchange items for cigarettes. They served as a unit of account because prices were quoted in terms of the number of cigarettes required for the exchange. They served as a store of value because an individual would be willing to save their cigarettes even if they did not smoke because they believed that they could exchange the cigarettes for something that they did want at some time in the future.Ques Status: Previous EditionAACSB: Reflective Thinking3.3 Evolution of the Payments System1) The payments system isA) the method of conducting transactions in the economy.B) used by union officials to set salary caps.C) an illegal method of rewarding contracts.D) used by your employer to determine salary increases.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) As the payments system evolves from barter to a monetary system,A) commodity money is likely to precede the use of paper currency.B) transaction costs increase.C) the number of prices that need to be calculated increase rather dramatically.D) specialization decreases.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking3) ________ money could be used for some other purpose other than as a medium of exchange, for example, gold coins could be melted down and turned into gold jewelry.A) CommodityB) FiatC) PaperD) ElectronicAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking4) A disadvantage of ________made from precious metals is that it is very heavy and hard to transport from one place to another.A) commodity moneyB) fiat moneyC) electronic moneyD) paper moneyAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking5) Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ________ money.A) commodityB) fiatC) electronicD) funnyAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking6) When paper currency is decreed by governments as legal tender, legally it must beA) paper currency backed by gold.B) a precious metal such as gold or silver.C) accepted as payment for debts.D) convertible into an electronic payment.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking7) The evolution of the payments system from barter to precious metals, then to fiat money, then to checks can best be understood as a consequence of the fact thatA) paper is more costly to produce than precious metals.B) precious metals were not generally acceptable.C) precious metals were difficult to carry and transport.D) paper money is less accepted than checks.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking8) As a means of payment, coins have the major drawback that theyA) are heavy and hard to transport.B) are hard to counterfeit.C) are not the most liquid assets.D) must be backed by gold.Answer: AQues Status: RevisedAACSB: Reflective Thinking9) Although ________ currency is lighter than coins made of metals, a disadvantage arising from modern technology is the ease of ________.A) paper; transportB) commodity; counterfeitingC) fiat; transportD) paper; counterfeitingAnswer: DQues Status: Previous EditionAACSB: Information Technology10) An advantage of checks as a method of payment is thatA) they provide convenient receipts for purchases.B) they can never be stolen.C) they are more widely accepted than currency.D) the funds from a deposited check are available for use immediately.Answer: AQues Status: RevisedAACSB: Reflective Thinking11) The evolution of the payments system from barter to precious metals, then to fiat money, then to checks can best be understood as a consequence ofA) government regulations designed to improve the efficiency of the payments system.B) government regulations designed to promote the safety of the payments system.C) innovations that reduced the costs of exchanging goods and services.D) competition among firms to make it easier for customers to purchase their products. Answer: CQues Status: Previous EditionAACSB: Reflective Thinking12) Compared to an electronic payments system, a payments system based on checks has the major drawback thatA) checks are less costly to process.B) checks take longer to process, meaning that it may take several days before the depositor can get her cash.C) fraud may be more difficult to commit when paper receipts are eliminated.D) legal liability is more clearly defined.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking13) Which of the following sequences accurately describes the evolution of the payments system?A) barter, coins made of precious metals, paper currency, checks, electronic funds transfersB) barter, coins made of precious metals, checks, paper currency, electronic funds transfersC) barter, checks, paper currency, coins made of precious metals, electronic funds transfersD) barter, checks, paper currency, electronic funds transfersAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking14) An important characteristic of the modern payments system has been the rapidly increasing use ofA) checks and decreasing use of currency.B) electronic fund transfers.C) commodity monies.D) fiat money.Answer: BQues Status: Previous EditionAACSB: Information Technology15) Which of the following is NOT a form of e-money?A) a debit cardB) a credit cardC) a stored-value cardD) a smart cardAnswer: BQues Status: Previous EditionAACSB: Information Technology16) A smart card is the equivalent ofA) cash.B) savings bonds.C) savings deposits.D) certificates of deposit.Answer: AQues Status: Previous EditionAACSB: Information Technology17) An electronic payments system has not completely replaced the paper payments system because of all of the following reasons EXCEPTA) expensive equipment is necessary to set up the system.B) security concerns.C) privacy concerns.D) transportation costs.Answer: DQues Status: Previous EditionAACSB: Information Technology18) In explaining the evolution of moneyA) government regulation is the most important factor.B) commodity money, because it is valued more highly, tends to drive out paper money.C) new forms of money evolve to lower transaction costs.D) paper money is always backed by gold and therefore more desirable than checks. Answer: CQues Status: Previous EditionAACSB: Reflective Thinking19) A feature of Bitcoin, a new type of electronic money, that make it attractive as a medium of exchange isA) anonymous transactions.B) volatility of value.C) heavy regulations by the central bank.D) wide acceptance by businesses.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge20) Bitcoin fails to satisfy which two of the three functions of money?A) unit of account and store of valueB) medium of exchange and unit of accountC) medium of exchange and store of valueD) bitcoin satisfies all of the functions of moneyAnswer: AQues Status: NewAACSB: Application of Knowledge21) What factors have slowed down the movement to a system where all payments are made electronically?Answer: The equipment necessary to set up the system is expensive, security of the information, and privacy concerns are issues that need to be addressed before an electronic payments system will be widely accepted.Ques Status: Previous EditionAACSB: Reflective Thinking3.4 Measuring Money1) Recent financial innovation makes the Federal Reserve's job of conducting monetary policyA) easier, since the Fed now knows what to consider money.B) more difficult, since the Fed now knows what to consider money.C) easier, since the Fed no longer knows what to consider money.D) more difficult, since the Fed no longer knows what to consider money.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking2) Defining money becomes ________ difficult as the pace of financial innovation ________.A) less; quickensB) more; quickensC) more; slowsD) more; stopsAnswer: BQues Status: Previous EditionAACSB: Information Technology3) Monetary aggregates areA) measures of the money supply reported by the Federal Reserve.B) measures of the wealth of individuals.C) never redefined since "money" never changes.D) reported by the Treasury Department annually.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking4) ________ is the narrowest monetary aggregate that the Fed reports.A) M0B) M1C) M2D) M3Answer: BQues Status: Previous EditionAACSB: Analytical Thinking5) The currency component includes paper money and coins held inA) bank vaults.B) ATMs.C) the hands of the nonbank public.D) the central bank.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking6) The other checkable deposits component of the M1 measure reported by the Federal Reserve includesA) negotiable time deposits.B) money market mutual fund shares.C) automatic transfer from savings accounts.D) money market deposit accounts.Answer: CQues Status: Previous EditionAACSB: Analytical Thinking7) The components of the U.S. M1 money supply are demand deposits and other checkable deposits plusA) currency.B) currency plus savings deposits.C) currency plus traveler's checks.D) currency plus traveler's checks plus money market deposits.Answer: CQues Status: RevisedAACSB: Analytical Thinking8) The M1 measure of money includesA) small denomination time deposits.B) traveler's checks.C) money market deposit accounts.D) money market mutual fund shares.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking9) Which of the following is NOT included in the measure of M1?A) NOW accountsB) demand depositsC) currencyD) savings depositsAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking10) Which of the following is NOT included in the M1 measure of money but is included in the M2 measure of money?A) currencyB) traveler's checksC) demand depositsD) small-denomination time depositsAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking11) Which of the following is included in both M1 and M2?A) currencyB) savings depositsC) small-denomination time depositsD) money market deposit accountsAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking12) Which of the following is NOT included in the monetary aggregate M2?A) currencyB) savings bondsC) traveler's checksD) checking depositsAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking13) Which of the following is included in M2 but NOT in M1?A) NOW accountsB) demand depositsC) currencyD) money market mutual fund shares (retail)Answer: DQues Status: Previous EditionAACSB: Analytical Thinking14) Of the following, the largest measure isA) money market deposit accounts.B) demand deposits.C) M1.D) M2.Answer: DQues Status: RevisedAACSB: Analytical Thinking15) If an individual redeems a U.S. savings bond for currencyA) M1 stays the same and M2 decreases.B) M1 increases and M2 increases.C) M1 increases and M2 stays the same.D) M1 stays the same and M2 stays the same.Answer: BQues Status: Previous EditionAACSB: Analytical Thinking16) If an individual moves money from a small-denomination time deposit to a demand deposit accountA) M1 increases and M2 stays the same.B) M1 stays the same and M2 increases.C) M1 stays the same and M2 stays the same.D) M1 increases and M2 decreases.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking17) If an individual moves money from a demand deposit account to a money market deposit accountA) M1 decreases and M2 stays the same.B) M1 stays the same and M2 increases.C) M1 stays the same and M2 stays the same.D) M1 increases and M2 decreases.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking。

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货币金融学第十二版课后题答案
货币金融学第十二版课后题答案
第一章经济学和货币金融学
1. 什么是货币金融学？
货币金融学是经济学中的一个分支领域，研究货币和金融市场的运作及其对经济总量、价格水平和就业率等方面的影响。

2. 描述货币的组成部分。

货币主要由现金和存款两部分组成。

现金包括纸币和硬币，存款包括支票存款、储蓄存款、时间存款、银行间市场存款等。

3. 描述货币的职能。

货币具有交易媒介、价值尺度、价值储藏和债务履行手段等职能。

4. 描述货币增发的影响。

货币增发可能导致通货膨胀、货币贬值、利率上升、经济不稳定等后果。

第二章货币市场
1. 描述货币市场的特征。

货币市场是指短期债券和货币市场基金等金融工具在交易的市场，具
有低风险、低收益、高流动性和高度竞争等特征。

2. 描述央行在货币市场中的作用。

央行通过货币政策、公开市场操作等手段影响货币市场利率和流动性，维护货币市场的稳定运转。

3. 描述国库券的特点。

国库券是一种以政府信用为担保和支付利息的短期国债，具有零风险、流动性好、购买门槛低等特点。

第三章利率
1. 描述名义利率和实际利率的区别。

名义利率是指借贷协议中的利率，实际利率则考虑通货膨胀等因素后
的利率。

2. 描述实际利率对投资的影响。

实际利率越高，对投资的机会成本就越高，从而会减少投资的数量和
规模。

3. 描述利率曲线的形态及含义。

利率曲线表现出各种期限的借贷利率之间的关系，常见的包括正常型、倒挂型、平坦型等。

利率曲线的形状反映市场对未来经济情况的预期。

第四章中央银行和货币政策
1. 描述中央银行的职能。

中央银行的职能包括银行监管、货币政策、支付系统稳定、国际储备等。

2. 描述开放市场操作的作用。

开放市场操作是央行通过购买或卖出政府债券等金融工具来影响货币
市场流动性和利率的工具。

3. 描述货币多重生成过程。

货币多重生成过程指的是银行通过贷款来创造存款，从而进一步带动
其他银行贷款和存款的生成的过程。

第五章货币政策的框架
1. 描述主要通胀预期测量指标。

主要通胀预期测量指标包括消费者价格指数、生产者价格指数、工资指数、股票价格和外汇市场等。

2. 描述货币政策的中长期目标和短期操作目标。

货币政策的中长期目标包括维持价格稳定、促进经济增长和就业，短期操作目标则是调节货币市场利率、维护金融体系稳定等。

3. 描述政策利率与市场利率的关系。

政策利率是央行对货币市场利率的引导目标，而市场利率则是交易市场上实际形成的利率水平，两者之间存在着一定的联系和影响关系。

以上就是货币金融学第十二版课后题的答案。

货币金融学作为经济学的一个重要领域，对于我们了解国民经济的发展变化以及制定合理的投资和金融决策都具有重要的参考价值。