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1、PartThree:AnswerstoEnd-of-ChapterProblems173PartThreeAnswerstoEnd-of-ChapterProblemsCopyright©2013PearsonAddison-Wesley.Allrightsreserved.PartThree:AnswerstoEnd-of-ChapterProblems173Copyright©2013PearsonAddison-Wesley.Allrightsreserved.PartThree:AnswerstoEnd-of-ChapterProblems173Chapte
2、r1ANSWERSTOQUESTIONS1.Theinterestrateonthree-monthTreasurybillsfluctuatesmorethantheotherinterestratesandisloweronaverage.TheinterestrateonBaacorporatebondsishigheronaveragethantheotherinterestrates.2.Thelowerpriceforafirm’ssharesmeansthatitcanraiseasmalleramountoffunds,soinvestmentinf
3、acilitiesandequipmentwillfall.3.Higherstockpricesmeanthatconsumers’wealthishigher,andtheywillbemorelikelytoincreasetheirspending.4.Theychannelfundsfrompeoplewhodonothaveaproductiveuseforthemtopeoplewhodo,therebyresultinginhighereconomicefficiency.5.TheUnitedStateseconomywashitbythewors
4、tfinancialcrisissincetheGreatDepression.Defaultsinsubprimeresidentialmortgagesledtomajorlossesinfinancialinstitutions,producingnotonlynumerousbankfailures,butalsothedemiseoftwoofthelargestinvestmentbanksintheUnitedStates.Thesefactorsledtothe“GreatRecession”whichbeganlatein2007.6.Thebas
5、icactivityofbanksistoacceptdepositsandmakeloans.7.Savingsandloanassociations,mutualsavingsbanks,creditunions,insurancecompanies,mutualfunds,pensionfunds,andfinancecompanies.8.Answerswillvary.9.Intheperiodfrom2007to2011,bothinflationandinterestrateshavegenerallytrendeddownwardcomparedto
6、beforethatperiod.10.ThedatainFigures3,5,and6suggestthatrealoutput,theinflationrate,andinterestrateswouldallfall.11.Businesseswouldincreaseinvestmentspendingbecausethecostoffinancingthisspendingisnowlower,andconsumerswouldbemorelikelytopurchaseahouseoracarbecausethecostoffinancingtheirp
7、urchaseislower.12.No.Itistruethatpeoplewhoborrowtopurchaseahouseoracarareworseoffbecauseitcoststhemmoretofinancetheirpurchase;however,saversbenefitbecausetheycanearnhigherinterestratesontheirsavings.13.BecausetheFederalReserveaffectsinterestrates,inflation,andbusinesscycles,allofwhic