货币银行学习题 章节 (22).pdf

259 Chapter 22 The Classical Foundations D1 Factual 1 The two cornerstones of Classical economics are the Quantity Theory and A Liquidity Preference Theory B disequilibrium analysis C Say s Law D the Phillips Curve Answer C D1 Factual 2 Say s law A explains the role of money B deals with interest rates employment and production C was accepted and praised by John Maynard Keynes D None of the above Answer B D1 Factual 3 The origins of modern monetarism lie in the work of the A Classical economists B Keynesians C Malthusians D Mercantilists Answer A D2 Factual 4 According to Say s law A the economy will suffer from underemployment when total spending is insufficient to justify production at full employment B the economy will never suffer from unemployment or underconsumption C money is neutral with respect to the real sector of the economy D the production function defines the total demand for goods and services Answer B 260 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D2 Interpretive 5 Which of the following statements is inconsistent with Say s Law A The economy has flexible wages and prices B The economy will produces at the full employment level of output C The economy has an environment of laissez faire D The economy s level of saving depends solely on the level of income Answer D D2 Factual 6 In the Classical interest theory saving and investment determine A the price level B unemployment C the money supply D interest rates Answer D D2 Interpretive 7 According to Classical interest rate theory falling interest rates will A increase the demand for money B decrease the demand for money C decrease investment expenditures D decrease the saving rate Answer D D2 Factual 8 In the Classical view rising interest rates reduce A government spending B saving C velocity D investment Answer D D2 Factual 9 In the Classical view falling interest rates increase A government spending B saving C velocity D investment Answer B D2 Interpretive 10 According to Classical interest rate theory rising interest rates will A increase the demand for money B decrease the demand for money C increase investment expenditures D increase the saving rate Answer D Chapter 22 The Classical Foundations 261 D2 Interpretive 11 According to Classical interest rate theory which of the following will increase the equilibrium interest rate A A decrease in investment B A decrease in saving C An increase in money demand D A decrease in money demand Answer B D2 Interpretive 12 According to Classical interest rate theory which of the following will increase the equilibrium interest rate A An increase in investment B An increase in saving C An increase in real output D A decrease in real output Answer B D3 Factual 13 The function of the interest rate in the Classical model was to keep the economy at full employment equilibrium by assuring that A actual saving equaled actual investment B actual saving equaled desired investment C desired saving equaled desired investment D desired saving equaled actual investment Answer A D2 Interpretive 14 In the Classical model an increase in saving will result in saving being than investment which will cause the interest rate to A greater rise B greater fall C less rise D less fall Answer B D2 Interpretive 15 In the Classical model a decrease in saving will result in saving being than investment which will cause the interest rate to A greater rise B greater fall C less rise D less fall Answer C 262 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D2 Factual 16 In the view of the Classical economists rising aggregate demand leads to A lower unemployment B inflation C higher unemployment D deflation Answer B D2 Factual 17 In the view of the Classical economists a decrease in aggregate demand leads to A lower output levels B a higher price level C higher output levels D a lower price level Answer B D2 Factual 18 In the Classical view the money supply determines A interest rates B the saving rate C aggregate supply D the price level Answer D D2 Factual 19 In the Classical system the interest rate is determined by all of the following except A the thriftiness of the public B the money supply C the productivity of capital D investment Answer B D2 Factual 20 In the Classical system the total output of goods and services and total employment are determined by all of the following except A the interest rate B the labor force C the supply of capital D existing technology Answer A Chapter 22 The Classical Foundations 263 D2 Interpretive 21 Money neutrality implies that changes in the money supply have an impact on A the unemployment rate B interest rates C the price level D real GDP Answer C D1 Factual 22 Which of the following is not a factor in the equation of exchange A Money velocity B Money supply C The price level D Nominal income Answer D D2 Interpretive 23 Under the Cambridge cash balance approach money demand is determined by A nominal income B real income C the saving rate D velocity Answer A D2 Applied 24 If velocity and output are fixed at 5 and 400 respectively and the price level is 2 then the money supply is A 4 000 B 200 C 160 D 40 Answer C D2 Applied 25 The price level is 3 total output is 500 and the money supply is 200 The velocity of money is A 7 5 B 2 5 C 2 0 D None of the above Answer A 264 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D2 Applied 26 If the total output is 300 the velocity of money is 5 and the money supply is 600 then the price level is A 10 0 B 2 0 C 2 50 D 5 0 Answer A D2 Applied 27 Using the cash balance approach with k 1 2 and GDP equal to 600 billion cash balances must be equal to A 1200 billion B 600 billion C 300 billion D More information is needed to answer this question Answer C D3 Applied 28 Using the cash balance version of the quantity theory with k 2 an increase in the money supply of 100 billion leads to an increase in GDP of A 500 billion B 100 billion C 50 billion D 20 billion Answer A D3 Applied 29 In the Cambridge approach if k is 5 total output is 50 billion and the money supply is 100 billion the price level is A 0 5 B 4 0 C 3 0 D 10 0 Answer B D1 Factual 30 In the Classical model the aggregate supply curve determines the A price level B inflation rate C level of output D money supply Answer C Chapter 22 The Classical Foundations 265 D2 Factual 31 In the Classical model the price level is determined by A aggregate supply B the level of output C the Cambridge k D aggregate demand Answer D D2 Interpretive 32 If the equation of exchange holds and if the velocity of money and total output are fixed then if the money supply doubles A the price level will increase by half B the price level will decrease by half C the price level will double D the price level will decrease by 25 percent Answer C D2 Factual 33 Which of the following is assumed constant in the short run Classical model A Money supply B Output C Aggregate demand D Wages Answer B D1 Factual 34 The velocity of money is assumed to be constant in the Classical model because A the payment habits of the community B fixed level of real GDP C the demand for money varies with the level of real output D aggregate demand is constant Answer A D2 Factual 35 Which of the following ensures full employment in the Classical model A Wage and price flexibility B The equation of exchange C Inventory adjustment D Constant velocity Answer A 266 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D1 Factual 36 In the Classical model aggregate demand determines the A level of real output B the level of employment C the price level D the velocity of money Answer C D2 Interpretive 37 An increase in aggregate demand in the Classical model causes the price level to A rise but output remains constant B fall but output remains constant C rise but output to fall D fall but output to rise Answer A D2 Interpretive 38 A decrease in aggregate demand in the Classical model leads to A lower prices and lower output B lower prices and higher output C lower prices and unchanged output D unchanged prices and output Answer C D1 Factual 39 In the Classical view inflation is the result of A excessive monetary growth B speculation C government spending D natural disasters Answer A D2 Interpretive 40 The Cambridge k is all of the following except A the reciprocal of the income velocity of money B a transactions demand for money C the fraction of GDP that people wish to hold in the form of money balances D the velocity of money Answer D Chapter 22 The Classical Foundations 267 D2 Interpretive 41 In the Cambridge version of the Quantity Theory of Money the amount of real money balances after an increase in the nominal money supply A increases B decreases C is unchanged D Cannot be determined from the information given Answer D D1 Applied 42 If the inflation rate is 5 percent and the real rate of interest is 3 percent the nominal interest rate is A 8 percent B 5 percent C 3 percent D 2 percent Answer A D2 Applied 43 Assuming a nominal interest rate of 6 percent an unemployment rate of 4 percent and an inflation rate of 2 percent the real interest rate is approximately A 2 percent B 4 percent C 6 percent D 8 percent Answer B D1 Factual 44 Classical economists and modern monetarists agree that the best way to examine the economy is through the use of A aggregate supply and demand B the multiplier C the quantity theory D the GNP account Answer C D2 Factual 45 Modern Monetarists argue that the velocity of money is A constant B the inverse of the money multiplier C unmeasurable D predictable Answer D 268 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D2 Factual 46 Modern monetarists view any increases or decreases in total output stemming from expansions or contractions in the money supply as A permanent B temporary C irrelevant D extremely important Answer B D2 Factual 47 The Great Depression is thought to have been prolonged and made deeper by A contraction of the money supply B the stock market crash C speculative behavior of investors D rapid inflation Answer A D1 Factual 48 Monetarists differ from Classical economists in that they argue that A changes in the money supply affect only the price level in the long run B velocity is not fixed but is predictable C the economy tends to be stable around full employment D the demand for money is a fixed fraction of nominal GDP Answer B D2 Interpretive 49 Monetarists view government intervention in the economy as A necessary to maintain full employment B unnecessary and potentially damaging C effective because it stimulates capital formation D leads to consistently higher employment and output Answer B D2 Interpretive 50 Monetarists have maintained the Classical tradition by emphasizing the A importance of government s fine tuning policies B inflationary impact of government spending C instability of money demand D inherent stability of the economy Answer D Chapter 22 The Classical Foundations 269 D2 Factual 51 Rational expectations theory is based on the assumption that when individuals in the economy are forming expectations they A use all available information B use past evidence only C consistently make the same errors D pay no attention to past information Answer A D2 Interpretive 52 According to rational expectations theory A increasing the money supply to reduce unemployment will always be successful B decreasing the money supply to reduce unemployment will usually be successful C increasing the money supply to reduce unemployment will not be successful because of an offsetting decrease in prices D increasing the money supply to reduce unemployment will not be successful because of an offsetting increase in prices Answer D D2 Interpretive 53 Under the assumption of rational expectations an anticipated increase in the money supply has no effect on A nominal GDP B real GDP C the price level D velocity Answer B D2 Factual 54 In an economy with no government or foreign sector which of the following always holds true ex post A Consumption equals investment B Velocity equals money demand C Saving equals consumption D Saving equals investment Answer D D2 Applied 55 If GDP 300 billion and velocity 1 5 then the money supply is A indeterminate B 200 billion C 300 billion D 450 billion Answer B 270 Ritter Silber Udell Money Banking and Financial Markets Eleventh Edition D2 Applied 56 Assume that consumption spending is equal to 600 government spending is 100 billion and GDP is 800 billion If net exports are equal to zero investment spending must be A 700 billion B 600 billion C 500 billion D 100 billion Answer D D1 Factual 57 What economist in the early 20th century refined the use of the equation of exchange A Jean Baptiste Say B Irving Fisher C Thomas Malthus D Adam Smith Answer B D1 Factual 58 According to Classical economists investment is related to the A directly interest rate B directly level of GDP C inversely interest rate D inversely level of GDP Answer C D2 Applied 59 Using the Cambridge equation by how much does the demand for money rise at a constant real GDP of 2 000 billion when the price level rises by 10 percent from 1 00 given k 0 25 A 200 billion B 20 billion C 550 billion D 50 billion Answer D D1 Applied 60 If the fraction of the economy s nominal GDP held by the public in the form of money is 20 percent income velocity in the economy is A 5 B 80 percent C 0 20 D 20 Answer A Chapter 22 The Classical Foundations 271 D1 Interpretive 61 According to Classical interest rate theory which of the following will decrease the equilibrium real interest rate A A decrease in investment B A decrease in saving C An increase in money demand D A decrease in money demand Answer A D1 Factual 62 Roughly speaking the nominal interest rate is than the real interest rate by the amount of the expected A higher growth rate of real GDP B higher inflation rate C lower growth rate of real GDP D lower inflation rate Answer B D2 Interpretive 63 In the Classical model an increase in aggregate demand leads to real GDP and price level A an unchanged an unchanged B a rising an unchanged C a rising a rising D an unchanged a rising Answer D D2 Factual 64 In the Classical model what is certain to shift the aggregate demand curve A A rise in the