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本帖最后由 一起学CFA 于 2016-1-19 09:38 编辑 & _. g6 H( ?* o. |# k/ C
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CFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点! |3 _6 i8 D* v* t
Learning Outcome Statements (LOS) $ O1 l1 T2 w2 r7 u! O
a. Compare monetary and fiscal policy6 k% x2 B, `% \4 j1 X/ |
b. Describe functions and definitions of money# I0 j* m! E8 k1 b* \
c. Explain the money creation process
3 e9 E5 b$ u& bd. Describe theories of the demand for and supply of money* @2 A9 z1 W8 z
e. Describe the Fisher effect0 S- x5 C* X1 x- B
f. Describe the roles and objectives of central banks
5 x. C3 C3 {3 V/ x: z% M1 \g. Contrast the costs of expected and unexpected0 n5 N# p- l1 d5 Q+ w( B% ^: m
h. Describe the implementation of monetary policy
' B' A4 V- p# J# J: B0 U' Ai. Describe the qualities of effective central banks2 Y Z1 ~9 L9 }! `4 V- g
j. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates
' i; C8 k# n* k/ k4 j; p% |. E2 \k. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks8 b: P( P5 ]! c t3 \$ j
l. Determine whether a monetary policy is expansionary or contractionary
- _: K; C4 ~* s# lm. Describe the limitations of monetary policy+ A: W$ `2 M( t6 C3 t# v
n. Describe the roles and objectives of fiscal policy- x4 {" p; Z$ f: i. q
o. Describe the tools of fiscal policy, including their advantages and disadvantages3 S& _# W. s# W0 Q
p. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)
* _' W% @7 k h" n& V* b) g5 tq. Explain the implementation of fiscal policy and the difficulties of implementation
4 C$ W/ L( h$ r/ P) dr. Determine whether a fiscal policy is expansionary or contractionary( Z5 G1 @8 A* R; m) ]0 U
s. Explain the interaction of monetary and fiscal policy) r6 w* p( H7 ^% g6 t" B& Y
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Exercise Problems：. E& q% r' P8 f8 f7 u- H
1. The monetary policy tools available to the Federal Reserve are least likely to include：
* v; R8 o7 D# g0 eA. Open market operations 7 L& {+ V" S% K' a
B. The ability to determine the required reserve ratios of its member banks
0 E; v) D# D, O9 {4 _4 N# `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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: f+ c- V& Q% p% m2. The primary monetary policy goal of most major central banks is best characterized as：$ ^' u% t7 `1 H- U I& J
A. Containing inflation
) A( H8 w% f1 l0 p6 X. J3 K/ U& @B. Stimulating economic growth
$ j1 a" S |! ^$ k* K7 @) ~C. Maintaining low interest rates & u7 e- I9 ?+ l- U6 @# H' C
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3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money?
o% z* ~+ Q6 X% ]0 i: l. w Q2 ZA. Increasing reserve requirements
7 j% x% S! J: u a6 _, V# G2 FB. Selling securities on the open market 5 Y! t" M% s7 r" O" A
C. Purchasing securities on the open market
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; O' \9 ~( C9 p5 H4 j4. 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：
P( l( P3 J7 K; h6 c; nA. Contract the economy by reducing bank reserves
& C% P3 Z- J% jB. Expand the economy through a lower policy interest rate
8 u4 x2 [( W* L. l- oC. Contract the economy through a lower policy interest rate
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, Q+ g4 `3 c7 }7 K0 Z3 E5. 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：1 ^2 g! _" A- k p- d
A. increase 5 v, ^5 d! m4 O' g, c
B. decrease ' h# k. O3 z+ g' |$ t# T, e& O
C. 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