CFA Level I：Economics 精选题（1 - 5）

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CFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点
Learning Outcome Statements (LOS)
+ P+ D" l9 Z0 [' _1 H  w7 ?, ra. Compare monetary and fiscal policy
" B) Z& d( D& Qb. Describe functions and definitions of money
' w+ T$ a4 H, O+ a3 u+ b# `! g& i. Wc. Explain the money creation process
d. Describe theories of the demand for and supply of money
e. Describe the Fisher effect
f. Describe the roles and objectives of central banks
g. Contrast the costs of expected and unexpected
& t; Y4 m  b+ M2 `2 gh. Describe the implementation of monetary policy
4 B6 y4 @' S8 o, }) R  \: \+ @- Li. Describe the qualities of effective central banks
2 |2 c7 k( Q! g, H7 oj. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates
; M. f% L  C$ s6 [: jk. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks
" B  K) k- ^1 zl. Determine whether a monetary policy is expansionary or contractionary
m. Describe the limitations of monetary policy
' i" ?( R* \3 H8 [n. Describe the roles and objectives of fiscal policy
o. Describe the tools of fiscal policy, including their advantages and disadvantages
) F# ]2 h' L$ `2 _p. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)
0 i' U4 |5 P" I3 Eq. Explain the implementation of fiscal policy and the difficulties of implementation
  d- y8 W- }) Z; U3 B4 \. wr. Determine whether a fiscal policy is expansionary or contractionary
s. Explain the interaction of monetary and fiscal policy

Exercise Problems：
5 Y, [7 V. e  A: f8 l8 `1. The monetary policy tools available to the Federal Reserve are least likely to include：
' E3 v3 V% G& }5 j# D* D0 x3 H9 t9 M1 fA. Open market operations
6 y& ~) v% D% ]5 f7 IB. The ability to determine the required reserve ratios of its member banks
C. Adjustments to the amount of gold held as reserves against Federal Reserve notes  

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& j8 i* j, x" a( k5 |2 F( E8 m4 L' O2. The primary monetary policy goal of  most major central banks is best characterized as：
A. Containing inflation
B. Stimulating economic growth
C. 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?
( Q: p* _, Y/ S7 u- n' HA. Increasing reserve requirements
B. Selling securities on the open market
7 B: N6 P! _7 U' D7 qC. 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：
A. Contract the economy by reducing bank reserves
B. Expand the economy through a lower policy interest rate
C. Contract the economy through a lower policy interest rate

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$ D+ _$ B$ @3 N' U2 J5. 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：
" n0 x1 r1 I1 q- VA. increase
B. decrease
3 D$ L' B% @# V! H" H9 d# |C. remain unchanged      
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