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本帖最后由 一起学CFA 于 2016-1-19 09:38 编辑 2 p8 D! [. i& T5 B3 s% r" r
9 c B6 u# T+ b! Z wCFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点 U2 l6 M: l- v- C( k: F
Learning Outcome Statements (LOS) ! v1 m, L. x' _2 o; R* }
a. Compare monetary and fiscal policy
0 c6 z/ X+ W, Qb. Describe functions and definitions of money$ i1 Z, ^7 z: ^; G8 {
c. Explain the money creation process- f" L! L& n9 i! n# g4 T
d. Describe theories of the demand for and supply of money
. R( }2 Y5 D8 ge. Describe the Fisher effect9 u, L1 F) N0 i4 ]9 b& n
f. Describe the roles and objectives of central banks
' @( `# q7 X4 o+ |8 tg. Contrast the costs of expected and unexpected! P- k, j# U7 V* Y
h. Describe the implementation of monetary policy
4 S5 T$ G6 @# V' a# gi. Describe the qualities of effective central banks9 ]0 p3 u0 m, c r' i- Y
j. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates' J" R+ W- t* d
k. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks
# x: ~: K2 H# {: k pl. Determine whether a monetary policy is expansionary or contractionary
- N# ]$ V; z' S% @m. Describe the limitations of monetary policy; J F' G, n& ]0 t
n. Describe the roles and objectives of fiscal policy
* @% d+ V9 M+ l6 Go. Describe the tools of fiscal policy, including their advantages and disadvantages6 `. O0 w L* c& p$ i* h
p. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)
- K6 R# E2 G* f* cq. Explain the implementation of fiscal policy and the difficulties of implementation
2 I" ~+ _. j/ T3 v+ z% b* ur. Determine whether a fiscal policy is expansionary or contractionary
. W% l! {/ \1 u8 o7 _+ d) r ^" Rs. Explain the interaction of monetary and fiscal policy% v5 n# H1 v8 ~/ \8 y5 ` K; F% Z
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Exercise Problems：3 y6 B! @# e( b% Y1 a& B
1. The monetary policy tools available to the Federal Reserve are least likely to include：
" b8 `5 n0 Z" O# d- AA. Open market operations
. n; [1 n) Z+ }B. The ability to determine the required reserve ratios of its member banks # R% C5 x- T" c2 f6 q7 p
C. Adjustments to the amount of gold held as reserves against Federal Reserve notes ) V3 }% ]( X9 S& w6 o5 p) @2 {
6 \* Z+ |: \( B. D( Y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：
! L. ^: G# q4 f+ v6 [ TA. Containing inflation
* K S( d, z7 g3 M0 {B. Stimulating economic growth
+ B7 b' D& F/ c3 z+ J9 JC. Maintaining low interest rates
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6 [! c) C- ?) W" f0 L3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money?
/ T* p1 k/ V0 J+ fA. Increasing reserve requirements
7 w8 I" b6 c7 a7 E: s+ Z+ dB. Selling securities on the open market ! e( p- l- `9 Y4 P: O# E
C. 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： V6 D, k. x4 f3 l8 `" _; S; {
A. Contract the economy by reducing bank reserves 7 m/ K0 h* q8 `3 v# M
B. Expand the economy through a lower policy interest rate
r4 Y. p; {6 ]: z7 R( v# s! cC. Contract the economy through a lower policy interest rate
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+ N( P" ?+ a" ^; }2 {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：. d @9 O: o; j6 s
A. increase 2 m/ P3 j8 S7 k$ i0 A6 a
B. decrease ) r" r$ c, }1 u% }& \/ S; E
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