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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
. H2 e3 I7 Q7 \# \- K# p6 LLearning Outcome Statements (LOS) 1 `* `4 N) y4 w& u( a
a. Compare monetary and fiscal policy
& ?4 t; t) |0 p3 X- \, db. Describe functions and definitions of money" c, n% D3 f$ @! h& T. V9 P
c. Explain the money creation process
/ J& d* J" n% r, H: nd. Describe theories of the demand for and supply of money# B& g X% A6 u+ f0 c* {
e. Describe the Fisher effect0 R2 l1 r. a5 p% J- E
f. Describe the roles and objectives of central banks
) u" l1 S# r5 m( i/ ~( E8 s6 r; Ig. Contrast the costs of expected and unexpected
# Y8 u! A8 k: w) ?- V; Th. Describe the implementation of monetary policy9 u3 s* f) |# D
i. Describe the qualities of effective central banks
: _. R* ^- \* A/ L+ hj. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates
3 k, l) x) o7 hk. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks8 N9 E ^+ K! m( D# |8 [
l. Determine whether a monetary policy is expansionary or contractionary
( m4 n) f, x$ b, I) s3 Dm. Describe the limitations of monetary policy& T) ]4 E* \5 }
n. Describe the roles and objectives of fiscal policy
& {' T) q+ \* [# go. Describe the tools of fiscal policy, including their advantages and disadvantages
* s9 m: [ ?3 J& ]6 Qp. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)
! i% }" A8 e4 s. p; X$ dq. Explain the implementation of fiscal policy and the difficulties of implementation
6 Q/ _& D, e& s7 o9 rr. Determine whether a fiscal policy is expansionary or contractionary
$ u' k3 [ G i$ Ns. Explain the interaction of monetary and fiscal policy/ N4 I" O# W; ~ h) j+ F1 s* ]
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Exercise Problems：4 v, H$ j/ e' u) x2 K
1. The monetary policy tools available to the Federal Reserve are least likely to include：* V3 ?7 ^2 {0 z7 R, z' d E. R; z$ f
A. Open market operations $ [0 K# t* W2 q$ |/ R% n& {- V4 [
B. The ability to determine the required reserve ratios of its member banks ( Q. n4 N6 l) b0 M1 p
C. Adjustments to the amount of gold held as reserves against Federal Reserve notes / I/ q/ [- f1 G0 z2 [
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答案和详解，登录后回复可见： # ~: s8 w2 }; H. ^) b% s
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2. The primary monetary policy goal of most major central banks is best characterized as：
8 `$ Z, O z% g3 qA. Containing inflation
2 Y# O" X5 B4 F8 r* C. e* C7 Q' BB. Stimulating economic growth
, H9 F6 a2 e5 F6 S' }, {; g9 TC. 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? 9 `" o+ b( t/ I/ t4 Q
A. Increasing reserve requirements
+ P7 r# ^7 }& z4 O Y0 O, _B. Selling securities on the open market & B: m) @' c5 K" V0 U( q
C. Purchasing securities on the open market ]" U3 f3 P% [' M7 L
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( w4 v7 f2 w0 V4 r6 s8 W( Y* @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 a; e. x0 d# x8 S9 }+ _3 r
A. Contract the economy by reducing bank reserves 1 ]! p7 x/ O5 W. {
B. Expand the economy through a lower policy interest rate " m$ {5 k6 z/ ?% d4 Z# v- I4 ]' w, Q3 o
C. Contract the economy through a lower policy interest rate
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+ b# G) `: m1 s5. 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：
' t% [+ _) N0 n- z" d" x; J8 gA. increase ; U$ {+ \+ @6 G8 ?/ \3 }
B. decrease
4 q8 a+ k( F. u1 d# SC. remain unchanged ' [( X- l, `& M7 {: c, U
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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