The Economics of Money, Banking and Financial Markets (11th 11E - Mishkin - TB chapter 15

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1、EconomicsofMoney,Banking,andFinancialMarkets,11e(Mishkin)Chapter15ToolsofMonetaryPolicy15.1TheMarketforReservesandtheFederalFundsRate1)TheinterestratechargedonovernightloansofreservesbetweenbanksistheA)primerate.B)discountrate.C)federalfundsrate.D)Treasurybillrate.Answer:CAACSB:

2、ReflectiveThinking2)TheprimaryindicatoroftheFed'sstanceonmonetarypolicyisA)thediscountrate.B)thefederalfundsrate.C)thegrowthrateofthemonetarybase.D)thegrowthrateofM2.Answer:BAACSB:ReflectiveThinking3)ThequantityofreservesdemandedequalsA)requiredreservesplusborrowedreserves.B)exc

3、essreservesplusborrowedreserves.C)requiredreservesplusexcessreserves.D)totalreservesminusexcessreserves.Answer:CAACSB:ReflectiveThinking4)Everythingelseheldconstant,whenthefederalfundsrateis________theinterestratepaidonreserves,thequantityofreservesdemandedriseswhenthefederalfun

4、dsrate________.A)above,risesB)above,fallsC)below,risesD)below,fallsAnswer:BAACSB:AnalyticalThinking5)TheopportunitycostofholdingexcessreservesisthefederalfundsrateA)minusthediscountrate.B)plusthediscountrate.C)plustheinterestratepaidonexcessreserves.D)minustheinterestratepaidone

5、xcessreserves.Answer:DAACSB:AnalyticalThinking26Copyright©2016PearsonEducation,Inc.6)Inthemarketforreserves,whenthefederalfundsrateisabovetheinterestratepaidonexcessreserves,thedemandcurveforreservesisA)vertical.B)horizontal.C)positivelysloped.D)negativelysloped.Answer:DAACSB:An

6、alyticalThinking7)WhenthefederalfundsrateequalstheinterestratepaidonexcessreservesA)thesupplycurveofreservesisvertical.B)thesupplycurveofreservesishorizontal.C)thedemandcurveforreservesisvertical.D)thedemandcurveforreservesishorizontal.Answer:DAACSB:AnalyticalThinking8)Thequanti

7、tyofreservessuppliedequalsA)nonborrowedreservesminusborrowedreserves.B)nonborrowedreservesplusborrowedreserves.C)requiredreservesplusborrowedreserves.D)totalreservesminusrequiredreserves.Answer:BAACSB:ReflectiveThinking9)Inthemarketforreserves,whenthefederalfundsinterestrateisbe

8、lowthediscountrate,thesupplycurveofreservesisA)