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本帖最后由 一起学CFA 于 2016-1-19 09:38 编辑 * O3 I6 V6 x2 M5 i6 o; B
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CFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点+ q6 I9 r$ }2 i/ F3 [
Learning Outcome Statements (LOS)
3 w4 ~& V3 B) L( Y0 c' qa. Compare monetary and fiscal policy
7 K2 j* d r+ _( m* ob. Describe functions and definitions of money, X+ `4 e. I) H) Z" a
c. Explain the money creation process- D! I2 h8 e' c! h! d' H0 G# _8 ?; w
d. Describe theories of the demand for and supply of money
- L' e' w) i1 C/ j3 M" S1 be. Describe the Fisher effect6 f' T `) g v" L) d- Z
f. Describe the roles and objectives of central banks
# ~1 J/ F( Y$ G9 jg. Contrast the costs of expected and unexpected
8 q, ?$ s/ T4 q/ mh. Describe the implementation of monetary policy7 M" [( D4 F4 t$ E
i. Describe the qualities of effective central banks
' \; X# f8 [7 E1 }: u7 f2 g/ ?j. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates8 k" q3 q5 l! o v6 |6 w
k. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks" j3 { t- s }' q( V7 ~4 G. o
l. Determine whether a monetary policy is expansionary or contractionary
6 D, P1 t. X% C# cm. Describe the limitations of monetary policy# @0 m$ e3 r% `: i- W
n. Describe the roles and objectives of fiscal policy
+ R' X3 a1 O, S9 Z p& `o. Describe the tools of fiscal policy, including their advantages and disadvantages& c5 Q# u" I$ ~; B S5 z' B* g$ Y& Z
p. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)6 S! T/ p) o x) t
q. Explain the implementation of fiscal policy and the difficulties of implementation
& p+ J3 ?: l0 F6 tr. Determine whether a fiscal policy is expansionary or contractionary
! l! ^7 W$ O% k$ M* Zs. Explain the interaction of monetary and fiscal policy3 L$ l0 y. `7 \/ n( |' V! n+ a: C
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Exercise Problems：
& U6 `) @; s. x& c1. The monetary policy tools available to the Federal Reserve are least likely to include：
7 g3 Q% A5 _5 h$ ^/ n! sA. Open market operations 4 w* N) z9 D/ ?3 G6 y
B. The ability to determine the required reserve ratios of its member banks
8 i/ Z+ W& b" W. Q) f- bC. Adjustments to the amount of gold held as reserves against Federal Reserve notes 7 E9 d# q5 U. L5 M
+ p8 A8 P7 ^& G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：; c2 |/ ?1 A1 z0 D& P( O8 i7 X
A. Containing inflation
. Y( `6 K2 K" d( | g1 Z1 m' @) _B. Stimulating economic growth " z) Z5 \0 b9 g4 h) j
C. Maintaining low interest rates & g' f d4 p$ b$ O, J r
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3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money? # c* ]$ | a8 U6 p( }
A. Increasing reserve requirements # g! O6 l* y. P( L( A
B. Selling securities on the open market
+ R% A2 b* Z0 U! d" i& ZC. Purchasing securities on the open market , J/ E& n1 `1 x1 E
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$ [9 Q5 m0 K. s1 W# `' z4. 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：1 v1 q/ d0 }9 k4 \3 _! g
A. Contract the economy by reducing bank reserves
7 C. Y$ O! }4 T5 n' C$ l8 G0 V! c6 B5 cB. Expand the economy through a lower policy interest rate . \, j; ?* x6 o+ y. N7 {
C. Contract the economy through a lower policy interest rate 4 |0 s4 C; t8 c. S7 x% a) \
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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：# p, }2 \3 ?; `+ K9 x% M
A. increase ) X) f4 ^' k L d. H" }2 w
B. decrease
; C: R) G/ _2 s* S5 xC. 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