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1、PartThree:AnswerstoEnd-of-ChapterProblems173PartThreeAnswerstoEnd-of-ChapterProblemsCopyright©2013PearsonAddison-Wesley.Allrightsreserved.PartThree:AnswerstoEnd-of-ChapterProblems173Copyright©2013PearsonAddison-Wesley.Allrightsreserved.PartThree:AnswerstoEnd-of-ChapterProb
2、lems173Chapter1ANSWERSTOQUESTIONS1.Theinterestrateonthree-monthTreasurybillsfluctuatesmorethantheotherinterestratesandisloweronaverage.TheinterestrateonBaacorporatebondsishigheronaveragethantheotherinterestrates.2.Thelowerpriceforafirm’ssharesmeansthatitcanraiseasmalleramo
3、untoffunds,soinvestmentinfacilitiesandequipmentwillfall.3.Higherstockpricesmeanthatconsumers’wealthishigher,andtheywillbemorelikelytoincreasetheirspending.4.Theychannelfundsfrompeoplewhodonothaveaproductiveuseforthemtopeoplewhodo,therebyresultinginhighereconomicefficiency.
4、5.TheUnitedStateseconomywashitbytheworstfinancialcrisissincetheGreatDepression.Defaultsinsubprimeresidentialmortgagesledtomajorlossesinfinancialinstitutions,producingnotonlynumerousbankfailures,butalsothedemiseoftwoofthelargestinvestmentbanksintheUnitedStates.Thesefactorsl
5、edtothe“GreatRecession”whichbeganlatein2007.6.Thebasicactivityofbanksistoacceptdepositsandmakeloans.7.Savingsandloanassociations,mutualsavingsbanks,creditunions,insurancecompanies,mutualfunds,pensionfunds,andfinancecompanies.8.Answerswillvary.9.Intheperiodfrom2007to2011,bo
6、thinflationandinterestrateshavegenerallytrendeddownwardcomparedtobeforethatperiod.10.ThedatainFigures3,5,and6suggestthatrealoutput,theinflationrate,andinterestrateswouldallfall.11.Businesseswouldincreaseinvestmentspendingbecausethecostoffinancingthisspendingisnowlower,andc
7、onsumerswouldbemorelikelytopurchaseahouseoracarbecausethecostoffinancingtheirpurchaseislower.12.No.Itistruethatpeoplewhoborrowtopurchaseahouseoracarareworseoffbecauseitcoststhemmoretofinancetheirpurchase;however,saversbenefitbecausetheycanearnhigherinterestratesontheirsavi
8、ngs.13.BecausetheFederalReserveaffectsinterestrates,inflation,andbusinesscycles,allofwhic