|
|
本帖最后由 一起学CFA 于 2016-1-19 09:38 编辑 4 j; M. @4 K1 O& U0 u# ?# ^
. Q/ r( n& t) P
CFA Level I：Economics - Monetary and fiscal policy 精选题和学习要点) L$ @: V" ]3 o" C+ }1 G
Learning Outcome Statements (LOS)
( a2 ^, Z5 K+ {" n+ M( r+ H* i1 |6 ^a. Compare monetary and fiscal policy1 \- A! U& b! G' N' L& g6 Q, Z
b. Describe functions and definitions of money K/ ^: R( T0 C/ R
c. Explain the money creation process
: ]0 B) i* ~- q! yd. Describe theories of the demand for and supply of money
0 X9 T4 t. P1 V' w" q Ze. Describe the Fisher effect+ E! z1 r/ G( j( q
f. Describe the roles and objectives of central banks
# t0 C: D& h( m1 R: j" ^g. Contrast the costs of expected and unexpected7 |# A% }- _' [6 f* l
h. Describe the implementation of monetary policy& G4 k: m7 Z/ E, J! g) o
i. Describe the qualities of effective central banks
9 h' [ d4 H0 Z p7 [j. Explain the relationships between monetary policy and economic growth, inflation, interest, and exchange rates
7 t; T4 o4 E/ l/ a, sk. Contrast the use of inflation, interest rate, and exchange rate targeting by central banks
6 G0 M) i% q& F9 {! X' ]% Ml. Determine whether a monetary policy is expansionary or contractionary) t1 J5 h1 [# f
m. Describe the limitations of monetary policy
6 w$ b7 B" ~/ U( K4 V% M9 bn. Describe the roles and objectives of fiscal policy& c2 E6 B' S5 [. E& z) p; E+ T
o. Describe the tools of fiscal policy, including their advantages and disadvantages
( i; h. k! V5 U$ D# lp. Describe the arguments for and against being concerned with the size of a fiscal deficit (relative to GDP)7 w1 Y9 [2 k- u0 b5 r* r# j# L
q. Explain the implementation of fiscal policy and the difficulties of implementation
( q# N4 r7 W' s( g- E5 `, Pr. Determine whether a fiscal policy is expansionary or contractionary5 K# J0 Z# B& l' Y$ z" F; N, T
s. Explain the interaction of monetary and fiscal policy/ ]3 Y0 w7 {4 f$ O4 W2 r" o
$ H6 g( \1 h, z7 U
Exercise Problems：
- E( [2 m5 b7 d8 ~* V9 R& t1. The monetary policy tools available to the Federal Reserve are least likely to include：# s) ~7 [5 g2 b ]
A. Open market operations
/ @+ a% p& s7 ]# I' `" @ zB. The ability to determine the required reserve ratios of its member banks
; b) T' D' x: _2 W8 ]C. Adjustments to the amount of gold held as reserves against Federal Reserve notes 2 |8 j! Q2 z; P- |
3 \: b1 b9 C0 \+ D& ^
答案和详解，登录后回复可见：
& c' D6 \5 n* G o+ b8 M1 w
4 b" R3 e5 C/ l: S1 h" C3 X! e% H1 J) e4 i
2. The primary monetary policy goal of most major central banks is best characterized as：
. y% d& G* U; B+ s2 cA. Containing inflation
0 {: t0 t4 R$ D+ e- { j5 y* ^B. Stimulating economic growth 6 V P8 n% x% D" e0 ~
C. Maintaining low interest rates
7 [$ ]; q, Y& d8 k% P+ u 4 s8 M1 g5 h8 B4 n
( X/ ~0 D& ~+ L8 O& Y' `: z" o
x$ q! S1 W7 P! B p" N9 m e; L( K6 Z3. Which of the following actions on the part of central bank is consistent with increasing the quantity of money? : ^; H" h: B, u7 b# k1 Z
A. Increasing reserve requirements
$ j" D+ l$ ?+ k: WB. Selling securities on the open market + E( ?. z0 V Y2 q; e
C. Purchasing securities on the open market 7 u# c# z! O5 q9 o! R3 q+ t# }" C
6 B- T# p7 L3 N# w6 y* a c) A, Y2 f3 v3 ?* {. s; a! z# F
, M+ \5 j: T0 o& r4. 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：, d! |9 h4 q1 J z- v
A. Contract the economy by reducing bank reserves $ ?/ @$ ]! U6 E! h. M2 u
B. Expand the economy through a lower policy interest rate + d8 z4 b; ]/ o9 ?) y5 ?
C. Contract the economy through a lower policy interest rate 4 f4 k& c2 ^8 p: b9 U
* R5 A; b: T: |. X4 D
_9 B& P% x# d; Z# \, Z2 l
/ z i" T, E ?, f* y( ~3 i% v, D
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：, ^5 y- {% _0 p$ V
A. increase & P4 X, X _( b. V, Z. X
B. decrease
% V) g% Z) ^; ]C. remain unchanged 0 M/ {" x+ c* K) |
5 }" Y2 O$ ~+ w3 O
/ B- ]2 a: n6 |# F/ N
9 j0 y7 H/ e0 ]1 T/ r& N. a
更多CFA习题可关注：高顿CFA题库.
* P7 b6 y6 V4 P$ v5 \% ~2 r' v; r关注微信 CFAFighting （ID:cfa-frm）CFA考试资讯抢先得& ]+ R. q* ]" | _
7 R: ?" @, e1 F6 ^% O, |* V
3 w7 d3 w; w+ p; f$ t5 d) [ |
|
[复制链接]
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