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本帖最后由 一起学CFA 于 2016-1-19 09:38 编辑
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# u1 U* j/ s' K3 _. M4 yCFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点
$ @0 B/ }) x+ _8 xLearning Outcome Statements (LOS) 4 Q7 X) E; H! P; ?
a. Compare monetary and fiscal policy
+ i: {( G5 U. ?6 T4 V% v/ ^' J4 L/ j! xb. Describe functions and definitions of money, d8 f# Z4 X4 ]
c. Explain the money creation process) L5 m1 Q2 ^/ Z; h9 }/ {9 A" _
d. Describe theories of the demand for and supply of money
+ M$ K( K1 |5 p1 b$ o7 @" ]" ye. Describe the Fisher effect
0 e) _8 y- k6 C: w; f: J9 Pf. Describe the roles and objectives of central banks, { q/ h( J3 j- f ^0 g
g. Contrast the costs of expected and unexpected; R' o( B4 F& V1 {+ ~
h. Describe the implementation of monetary policy
, I( Z* g/ c$ L2 y8 g. Mi. Describe the qualities of effective central banks
c4 ?3 @& Z& g% f# pj. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates" x2 }$ H1 i- K6 c, Y
k. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks1 [: f6 T' l- v4 S. U1 v
l. Determine whether a monetary policy is expansionary or contractionary
* U5 C3 l3 `& N' {, q7 P& r0 dm. Describe the limitations of monetary policy, p4 o) |1 H! Q! }& H: e5 y
n. Describe the roles and objectives of fiscal policy: S I, d) X- [ K
o. Describe the tools of fiscal policy, including their advantages and disadvantages
& b: S4 h7 k3 j5 ?p. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)4 L9 _; V& \7 [# v' M9 n- s
q. Explain the implementation of fiscal policy and the difficulties of implementation
3 @4 K1 R3 G1 h8 J- a" O6 rr. Determine whether a fiscal policy is expansionary or contractionary
. f5 q! L) \6 Q0 K' `# g+ fs. Explain the interaction of monetary and fiscal policy( G/ y" d: `+ A
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Exercise Problems：" a. X6 O3 d: h5 [- N ?
1. The monetary policy tools available to the Federal Reserve are least likely to include：
t) D# C, ~5 E9 A/ PA. Open market operations + a, U$ Y; s9 u! U Q3 f/ f( E/ L
B. The ability to determine the required reserve ratios of its member banks 4 J- _; O% p/ q5 Q6 G* j9 e
C. Adjustments to the amount of gold held as reserves against Federal Reserve notes
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答案和详解，登录后回复可见：
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2. The primary monetary policy goal of most major central banks is best characterized as：
2 ~: s+ T9 Q# R' |; z0 w4 ZA. Containing inflation
* x. w u8 a7 s |6 n' dB. Stimulating economic growth
2 Y7 H) Q8 ^: I8 hC. Maintaining low interest rates
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3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money?
/ _! x9 u' \9 C2 G( \5 AA. Increasing reserve requirements 5 w1 ?% K; k$ ~7 R
B. Selling securities on the open market 1 P8 J9 k7 S( o/ }3 v, B
C. Purchasing securities on the open market
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4. In an effort to influence the economy, a central bank conducted open market activities by selling government bonds. This implies that the central banks is most likely attempting to：4 U- P* K4 \/ [7 M" \9 u$ q, S# K
A. Contract the economy by reducing bank reserves % s6 q! G, @- k8 {+ F7 N% L) R
B. Expand the economy through a lower policy interest rate
! b6 ~; H, V& HC. Contract the economy through a lower policy interest rate ( j( |: Y# ?4 C" C
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5. If a government increases its spending on domestically produced goods by an amount that is financed by the same increase in taxes, the aggregate demand will most likely：
* _! a, t/ s1 g! E0 y* yA. increase
% ? g, z+ V- L; NB. decrease
% I5 R% ?7 Q, M7 U3 Y5 q( r. f+ pC. remain unchanged
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发表于 2016-1-19 09:36:44
发表于 2016-1-25 10:41:11
让我对对答案吧，大神们