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本帖最后由 一起学CFA 于 2016-1-19 09:38 编辑 d, t1 @0 w) E) n2 s% l/ P* u
9 k+ @7 ]9 q1 v2 i$ x8 Y) PCFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点' i4 a. d) u" r/ T5 O6 ~9 \
Learning Outcome Statements (LOS) ' _) _7 R4 q) C/ X
a. Compare monetary and fiscal policy) R' i. ]3 N, s3 w8 ?
b. Describe functions and definitions of money
) b' U" @/ Q$ q8 F3 D2 gc. Explain the money creation process
; q, O( d8 S% q' O: Sd. Describe theories of the demand for and supply of money: m; [ _6 M8 T' L( N" r
e. Describe the Fisher effect
0 u |4 q; |0 W2 H/ Yf. Describe the roles and objectives of central banks
, T2 s# k+ x8 Q8 g2 Tg. Contrast the costs of expected and unexpected
+ y9 b1 y3 z. o2 b) R/ L; D+ J' }- qh. Describe the implementation of monetary policy% y I' x! M" o5 [, P9 K5 ]
i. Describe the qualities of effective central banks- J/ S8 }# l4 q9 R
j. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates
0 G, Y7 q1 {9 Ak. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks1 M9 K8 L- A+ i$ K
l. Determine whether a monetary policy is expansionary or contractionary
& x" y& O) B5 em. Describe the limitations of monetary policy/ b. m6 a% _. |" J: ^$ G; z' _
n. Describe the roles and objectives of fiscal policy
2 v) ]! T% {* [$ n3 I, D; xo. Describe the tools of fiscal policy, including their advantages and disadvantages+ g8 A/ G. B. g/ k" J
p. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP) `4 A% ^: h. o4 ^
q. Explain the implementation of fiscal policy and the difficulties of implementation+ ]) `+ z' [ e5 z Q
r. Determine whether a fiscal policy is expansionary or contractionary
1 B. R+ J% X2 ms. Explain the interaction of monetary and fiscal policy) j1 R" W3 D$ D$ k4 Z( k
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Exercise Problems：
2 p$ e% Z7 x# Q6 M( r1 W1. The monetary policy tools available to the Federal Reserve are least likely to include：0 u* w) k) F6 J
A. Open market operations
- P4 }/ S4 u, }$ m- jB. The ability to determine the required reserve ratios of its member banks
5 D% ^1 M* ?6 I! o* XC. Adjustments to the amount of gold held as reserves against Federal Reserve notes " @: {1 h3 A2 x/ L
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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：# B' u5 S3 V0 ^2 R7 z6 {6 F
A. Containing inflation
* j2 E" O" }/ ?1 B6 ]( rB. Stimulating economic growth
! c8 |$ { S+ x4 c" n0 b# n! EC. Maintaining low interest rates & X2 Y$ I' D% u- _2 s" F2 u& D" j" G6 T
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! ~5 z j7 {0 W3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money? ; i% g# ~ q9 u3 l
A. Increasing reserve requirements
7 g/ J) \% G0 H$ i) z, w# }B. Selling securities on the open market , t/ ]9 ~& b! |' v
C. Purchasing securities on the open market
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5 \: Z4 v+ H3 l, O' |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：3 B( ^: D% h" G9 n l# @& [2 L
A. Contract the economy by reducing bank reserves . W& k$ L6 L" C7 a5 m/ |
B. Expand the economy through a lower policy interest rate % H" N- p) [' ^' J/ I, r9 y8 n
C. Contract the economy through a lower policy interest rate . U* o2 s7 ]" b: e8 z' }4 u0 S& Q; N
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" B5 E- |8 {# y: i& L9 m5. 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：. e; y" S( P4 f, C; k( p
A. increase Y1 S9 y9 y# y3 m
B. decrease ! k# h" T( A6 q. e9 ^1 R/ ]' x
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