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本帖最后由 一起学CFA 于 2016-1-19 09:38 编辑 9 N* C. v1 H6 o+ x; t$ E
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CFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点
3 ^; d' c% R, l. w1 e- i2 Q8 L8 x5 t+ LLearning Outcome Statements (LOS)
1 A% n6 `9 M' A# ua. Compare monetary and fiscal policy
& t1 d0 u# q% \5 l9 ]b. Describe functions and definitions of money
# R$ W! O6 ~8 p4 h$ b( {c. Explain the money creation process
' v# g* f8 P. P7 L/ g# Hd. Describe theories of the demand for and supply of money" Y7 M0 t$ w1 _: ]
e. Describe the Fisher effect
, p6 W/ b2 V% E. O5 F9 A$ `f. Describe the roles and objectives of central banks
3 r* l8 L+ t9 K, ]( S% G. {* @g. Contrast the costs of expected and unexpected
7 X7 K* [4 W3 oh. Describe the implementation of monetary policy" j8 ^. l# M; W/ e1 [8 W
i. Describe the qualities of effective central banks( G% ]- m: B( D/ E5 r0 ]
j. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates
5 N) w% T9 D I7 C+ ], Hk. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks
" p9 g, s1 ^% a3 y5 _8 d/ n$ X/ a) Y1 hl. Determine whether a monetary policy is expansionary or contractionary6 }8 A2 m8 k5 u5 s" C3 |" @
m. Describe the limitations of monetary policy3 z$ ~8 ~ A n3 p" k
n. Describe the roles and objectives of fiscal policy9 S f, i, C; U
o. Describe the tools of fiscal policy, including their advantages and disadvantages5 M0 K# N5 G: b9 `% M" G
p. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)
; i6 E5 C5 _) h! c" h e1 x& {/ W; Eq. Explain the implementation of fiscal policy and the difficulties of implementation9 H! _/ W1 k v) n. {* y6 s
r. Determine whether a fiscal policy is expansionary or contractionary
* z5 T8 i$ n9 k. t' |6 as. Explain the interaction of monetary and fiscal policy
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Exercise Problems：
$ {: U X/ E$ G, V. b1. The monetary policy tools available to the Federal Reserve are least likely to include： Q2 Y5 {: z" Y: B3 ^& E; j
A. Open market operations - [ O+ [. J9 [, t4 S+ W& \
B. The ability to determine the required reserve ratios of its member banks 7 r% {& H/ f: p3 @7 [# h/ Y( z: o4 {! F
C. Adjustments to the amount of gold held as reserves against Federal Reserve notes # M; j' k7 [ T; D5 i. B/ [6 a: V/ N
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答案和详解，登录后回复可见： ! u; Q' d$ a% { j' y
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2. The primary monetary policy goal of most major central banks is best characterized as：
7 G0 P& C$ X6 b& f4 ]! u% j! I+ qA. Containing inflation
: Q8 V9 J+ z% Y9 xB. Stimulating economic growth
) D1 z" q a/ H+ }C. Maintaining low interest rates % v( ~4 P$ D" d- Y: |) U
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e( Q! F4 \9 w( k( x( g3 [3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money? ) Q: K! \, y* l
A. Increasing reserve requirements . k* T- w8 p9 z5 }2 v& [
B. Selling securities on the open market " } o* s9 u! O" _) F& s
C. Purchasing securities on the open market : S/ Z( Q3 m% S- I! T7 I1 K$ i# w
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" E U4 M5 g+ |) f* b0 R( z& W4. 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：
$ [7 h7 W0 q2 W( M5 x6 E" N7 |A. Contract the economy by reducing bank reserves 5 ^! {1 ^$ T3 j4 U9 D* N* B5 r
B. Expand the economy through a lower policy interest rate
% K- [! K' O, N4 F9 ]7 jC. Contract the economy through a lower policy interest rate 6 g8 U! Z6 L- v! l: Y
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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：% Z2 l8 E5 J% i! Z0 y/ @
A. increase
( X9 A; _. ^! x1 f" g+ HB. decrease
; ~! E3 ~; a/ X$ |C. remain unchanged % i5 m& y( ^7 s
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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