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3) High-powered money minus reserves equals A) reserves.
B) currency in circulation. C) the monetary base. D) the nonborrowed base. Answer: B
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4) High-powered money minus currency in circulation equals A) reserves.
B) the borrowed base. C) the nonborrowed base. D) discount loans. Answer: A
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5) Purchases and sales of government securities by the Federal Reserve are called A) discount loans.
B) federal fund transfers. C) open market operations. D) swap transactions. Answer: C
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6) When the Federal Reserve purchases a government bond from a bank, reserves in the banking system ________ and the monetary base ________, everything else held constant.
A) increase; increases B) increase; decreases C) decrease; increases D) decrease; decreases Answer: A
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7) When the Federal Reserve sells a government bond to a bank, reserves in the banking system ________ and the monetary base ________, everything else held constant.
A) increase; increases B) increase; decreases C) decrease; increases D) decrease; decreases Answer: D
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8) When a bank sells a government bond to the Federal Reserve, reserves in the banking system ________ and the monetary base ________, everything else held constant.
A) increase; increases B) increase; decreases C) decrease; increases D) decrease; decreases Answer: A
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9) When a bank buys a government bond from the Federal Reserve, reserves in the banking system ________ and the monetary base ________, everything else held constant.
A) increase; increases B) increase; decreases C) decrease; increases D) decrease; decreases Answer: D
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10) When the Fed buys $100 worth of bonds from First National Bank, reserves in the banking system A) increase by $100.
B) increase by more than $100. C) decrease by $100.
D) decrease by more than $100. Answer: A
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11) When the Fed sells $100 worth of bonds to First National Bank, reserves in the banking system
A) increase by $100.
B) increase by more than $100. C) decrease by $100.
D) decrease by more than $100. Answer: C
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12) If a person selling bonds to the Fed cashes the Fed's check, then reserves ________ and currency in circulation ________, everything else held constant. A) remain unchanged; declines B) remain unchanged; increases C) decline; remains unchanged 文档大全
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D) increase; remains unchanged Answer: B
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13) The effect of an open market purchase on reserves differs depending on how the seller of the bonds keeps the proceeds. If the proceeds are kept in ________, the open market purchase has no effect on reserves; if the proceeds are kept as ________, reserves increase by the amount of the open market purchase. A) deposits; deposits B) deposits; currency C) currency; deposits D) currency; currency Answer: C
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14) The effect of an open market purchase on reserves differs depending on how the seller of the bonds keeps the proceeds. If the proceeds are kept in currency, the open market purchase ________ reserves; if the proceeds are kept as deposits, the open market purchase ________ reserves. A) has no effect on; has no effect on B) has no effect on; increases C) increases; has no effect on D) decreases; increases Answer: B
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15) When an individual sells a $100 bond to the Fed, she may either deposit the check she receives or cash it for currency. In both cases A) reserves increase.
B) high-powered money increases. C) reserves decrease.
D) high-powered money decreases. Answer: B
Ques Status: Previous Edition 16) If a member of the nonbank public sells a government bond to the Federal Reserve in exchange for currency, the monetary base will ________, but ________. A) remain unchanged; reserves will fall B) remain unchanged; reserves will rise
C) rise; currency in circulation will remain unchanged D) rise; reserves will remain unchanged Answer: D 文档大全
Mishkin_TB_ch14米什金货币金融学题库
