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本帖最后由 一起学CFA 于 2016-1-19 09:38 编辑 4 B" K7 S& H) |
5 ~* {* S N3 f) M+ wCFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点& U2 h. S3 _# [- e# C
Learning Outcome Statements (LOS)
$ t! [' a( I# u T* @1 ga. Compare monetary and fiscal policy
. v5 ^9 D; B; I2 z' u1 ?5 D7 U! Nb. Describe functions and definitions of money
$ Q6 R3 E9 e) |1 ^. ]' j. `4 s6 M, zc. Explain the money creation process
! w3 ?7 N, `0 `8 v; fd. Describe theories of the demand for and supply of money4 Z$ A c/ Z8 x, Q! O/ v
e. Describe the Fisher effect
# s6 Y, |! k+ w. \- Wf. Describe the roles and objectives of central banks
7 c3 |) J0 ~9 H8 `) U- Mg. Contrast the costs of expected and unexpected4 r/ p6 _& O# H+ j; A
h. Describe the implementation of monetary policy
! K# T w: L, C. Oi. Describe the qualities of effective central banks- } l O% O" P9 K5 B$ W
j. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates
* Y- e) j5 y# N% k2 [k. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks
8 J6 n0 z/ H* M( u5 _l. Determine whether a monetary policy is expansionary or contractionary' D& L% i* n1 s; }! p
m. Describe the limitations of monetary policy7 B7 g1 u9 M: p/ J6 f5 Y5 c, T
n. Describe the roles and objectives of fiscal policy
9 U2 |3 f2 U2 {" z- Ho. Describe the tools of fiscal policy, including their advantages and disadvantages, @1 [2 h& b* P# j( b. j
p. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)$ H9 E9 b7 q& F8 t3 ?4 F$ S6 R
q. Explain the implementation of fiscal policy and the difficulties of implementation( r* V# i \+ ]- o9 b
r. Determine whether a fiscal policy is expansionary or contractionary
3 D5 A; T' E7 h: E. x7 Z Xs. Explain the interaction of monetary and fiscal policy, i+ x5 w F1 G7 M$ U
! k" f# Q& F5 o1 bExercise Problems：2 J5 C3 H' M2 Z1 H. k
1. The monetary policy tools available to the Federal Reserve are least likely to include：
! J0 M/ A5 h1 ~# d( [A. Open market operations
' A; |1 O/ \+ ?1 m sB. The ability to determine the required reserve ratios of its member banks : S' P3 E c; {. l; o' e
C. Adjustments to the amount of gold held as reserves against Federal Reserve notes 6 g3 s- u+ E+ J, D% p9 H( F, r
% }8 Z* M- ?. v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：" g: K* W$ {- V' ^
A. Containing inflation
2 U$ u7 T* Y. u9 ?0 {B. Stimulating economic growth
6 [; W K1 c' A% r2 lC. Maintaining low interest rates 2 m0 `9 M+ l- f
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3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money? 4 W* @3 q/ U( T, r; k
A. Increasing reserve requirements ! m3 {6 X2 u- R d5 J, k: t
B. Selling securities on the open market
5 N/ r6 [. r. X& Z _C. Purchasing securities on the open market 2 Q: O" X) T4 B' L2 X& T
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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：0 s* q3 }; B! ~) Q8 ?. x
A. Contract the economy by reducing bank reserves ) n- f7 Z" K6 l( {* B4 g0 Q% W/ _3 B
B. Expand the economy through a lower policy interest rate * q- `3 r" F, i! Z ^9 O
C. Contract the economy through a lower policy interest rate
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5 ]$ e( t9 I/ z* g c; f0 V5. 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：" m: n0 m T( U" m" G0 T
A. increase
; m# m0 p! Y0 Z* }# }B. decrease : D- e( O* v' k$ w5 g) ?, d$ e
C. remain unchanged O4 B" _' ?! k; b) X b# Z2 X) @) Z% ^
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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