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本帖最后由 一起学CFA 于 2016-1-19 09:38 编辑
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CFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点+ _8 H' _% a! X4 S- Z$ p* p2 y+ B9 F
Learning Outcome Statements (LOS)
: A3 p: f) c& M3 N8 C5 C. Ja. Compare monetary and fiscal policy% r5 u) i" y* p! c$ C
b. Describe functions and definitions of money7 u- {- I2 \: [9 X4 h9 \
c. Explain the money creation process
. I* v6 u+ ]$ e" td. Describe theories of the demand for and supply of money8 L" t; g& b" Q( }- d7 V. G
e. Describe the Fisher effect
0 r! S2 S1 [8 ~. c7 A- qf. Describe the roles and objectives of central banks
) W- e) W1 n& Ng. Contrast the costs of expected and unexpected
: F w, D( T( N. `$ A3 gh. Describe the implementation of monetary policy
4 F# u4 W1 U0 V$ l* L _i. Describe the qualities of effective central banks6 E+ g% J/ w8 E( a6 u1 V
j. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates
; o% |# [9 r: q# X% J4 W$ s2 Qk. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks
9 W# h6 i& [" \9 A* U" C' R" b+ sl. Determine whether a monetary policy is expansionary or contractionary7 F) l t# A( W2 G- X, i! b# x& u% x
m. Describe the limitations of monetary policy
9 z/ N( b( |2 ?) p! yn. Describe the roles and objectives of fiscal policy% h0 r" ]/ }; a2 Y
o. Describe the tools of fiscal policy, including their advantages and disadvantages
$ A. o: Y& v$ t7 ]% [( tp. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)! s9 [! v6 C0 i3 ^) F1 L/ Y. U2 V' a
q. Explain the implementation of fiscal policy and the difficulties of implementation
3 T/ x6 G( w3 t4 nr. Determine whether a fiscal policy is expansionary or contractionary/ Z- y3 O+ l1 }
s. Explain the interaction of monetary and fiscal policy
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3 t$ `4 b! ?; {$ d3 f5 ^& `Exercise Problems：. o$ n' e- O0 K' v. H6 d: V+ Y
1. The monetary policy tools available to the Federal Reserve are least likely to include：8 ~' k0 r3 m( y, o+ A$ v, ?
A. Open market operations
' W; j' ~2 X3 U, ?B. The ability to determine the required reserve ratios of its member banks
' ^2 K% F$ g. ]6 M' [C. Adjustments to the amount of gold held as reserves against Federal Reserve notes
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, z; U) S( h: Q1 O- ]答案和详解，登录后回复可见： % O" t" N- r, y0 M! R* S/ j
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: R% ?% _3 o" `! r) ~; a2. The primary monetary policy goal of most major central banks is best characterized as：! b# m7 I+ Y8 x5 _
A. Containing inflation ' \( [( F3 @0 }$ @5 A+ _- U
B. Stimulating economic growth 2 _1 L8 U, `+ Z2 N F7 s
C. Maintaining low interest rates 0 Z- `- L1 J1 D( }
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6 F* W& k, W4 }, w- V3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money?
/ v, h; h; U8 \8 s3 v- }8 fA. Increasing reserve requirements ( K- q- d' X: v* q( D. L% M# x
B. Selling securities on the open market
; X: P! p( d% U4 G& t% \/ xC. Purchasing securities on the open market
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. r5 F- R+ m+ V9 O( x: y2 c: }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：
9 t9 j: V5 S* v3 n9 S. jA. Contract the economy by reducing bank reserves ) e; t1 x. S7 K
B. Expand the economy through a lower policy interest rate . u2 S# W3 t" _' T$ T' |* M" k
C. Contract the economy through a lower policy interest rate : N% d, o8 b# T: L
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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：1 p% O% i3 ?' P0 G& S: |! T. Z
A. increase 9 }% ?1 y9 n* o$ t. B$ \+ }
B. decrease 6 G: Z d; m7 W" [# e0 |7 P% k
C. remain unchanged ; i" H+ H, Q, m% a7 |
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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