TRUE/FALSE
F 1. The power to create money is given by the Constitution to the
Federal Reserve.创造货币的权力是宪法赋予美联储
T 2. When corporations retire (pay off) loans from commercial
banks, excess reserves are increased.当企业退休从商业银行（支付）的贷款，超额准备金增加。
F 3. When the general public uses money in checking accounts
to purchase stock issued by corporations, the required reserves of banks are reduced.当一般公众使用的钱在支票账户购买公司发行的股票，所需要的银行的准备金就会减少
F 4. Only large commercial banks are subject to the regulation of
the Federal Reserve.只有大型商业银行受到美联储的监管
F 5. When the Federal Reserve sells securities, the money supply
is increased.当美联储出售证券，货币供应量增加
T 6. When the Federal Reserve buys securities, the reserves of
banks are increased.当美联储购买证券，银行的准备金增加
T 7. Open market operations is a more flexible tool of monetary
policy than the reserve requirements.公开市场操作是货币政策的一个更灵活的工具，比准备金要求
T 8. Reserve requirements are infrequently changed to affect
commercial bank lending.准备金要求频繁改变会影响商业银行贷款
T 9. The Open Market Committee has twelve members that include
the Board of Governors.公开市场委员会有十二名成员，其中包括理事会
F 10. The presidents of the District Banks elect the Board of
Governors of the Federal Reserve.该地区银行的总统选举联邦储备理事会
F 11. The federal funds rate is the interest rate the Federal
Reserve charges banks when they borrow reserves.联邦基金利率是利率联邦储备银行收费时，他们借入储备
Chapter 5错误！未指定书签。 THE FEDERAL RESERVE
F 12. If the Treasury borrows from the Federal Reserve, the
lending capacity of banks is reduced.如果财政部从美联储借，银行的放贷能力降低
T 13. If the Treasury sells debt that is purchased by corporations
and uses the funds to purchase military equipment, the
excess reserves of the banking system are not affected.如果财政部出售债券是由公司购买并使用的资金购买军事装备，多余的银行体系储备不受影响
T 14. Deflation is a period of declining prices.通货紧缩是一个时期价格下跌
F 15. During a period of recession, the Fed sells securities.在衰退期，美联储出售证券
T 16. The Consumer Price Index (CPI) is a measure of inflation.居民消费价格指数（ CPI）是衡量通货膨胀的
T 17. The Federal Reserve is independent of the U.S. Treasury and
is owned by commercial banks.美联储是独立于美国财政部，由商业银行所拥有
F 18. The President of the United States appoints the Federal Open
Market Committee.美国总统任命的联邦公开市场委员会
F 19. Since the reserves of commercial banks earn interest, there
is an incentive to hold excess reserves.由于商业银行的准备金赚取利息，还有持有超额准备金的奖励
T 20. Open market operations is a more flexible tool of monetary
policy than the discount rate.公开市场操作是货币政策的一个更灵活的工具比贴现率
T 21. Commercial banks may buy and sell reserves in the federal
funds market.商业银行可以在联邦基金市场上购买和出售储备
T 22. If the Treasury issues new bonds that are purchased by the
general public, the money supply is reduced if the Treasury deposits the funds in the Federal Reserve.如果财政部发布了由广大市民购买新的债券，货币供应量减少，如果国库存款资金在美联储
F 23. Recession is a period of falling prices.经济衰退是一个时期的价格
下跌
F 24. When commercial banks grant loans to the public, their total reserves are reduced.当商业银行发放贷款的市民，他们的 总储量减少
MULTIPLE CHOICE
a 1. Withdrawing cash from a checking account does not decrease从支票帐户提取现金不减少
a. the money supply货币供应量 b. demand deposits活期存款 c. total reserves总储量
d. excess reserves超额准备金
d 2. Excess reserves are affected by超额准备金受 1. reserve requirements准备金要求
2. the repayment of existing bank loans现有偿还银行贷款 3. cash withdrawals现金提款
d. 1, 2, and 3
b 3. When commercial banks grant loans,当商业银行发放贷款 a. the money supply is reduced货币供应量减少 b. the money supply is increased货币供应量增加 c. total reserves increase总储量增加 d. total reserves decrease总储量减少
b 4. If deposits are withdrawn from a commercial bank, it may
obtain reserves by如果存款从商业银行撤出，它可能是由获得储备
a. acquiring an asset收购资产
b. borrowing in the federal funds market在联邦基金市场借款
c. lending funds in the federal funds market在联邦基金市场资金 d. liquidating a liability清算负债
a 5. When a commercial bank receives a cash deposit,当商业银行收到的现金存款
1. its required reserves increase其所需的储备增加 2. its required reserves decrease其所需的储备减少 3. its total reserves increase其总储量增加 4. its total reserves decrease其总储量减少 a. 1 and 3
b 6. Commercial banks lend excess reserves for one day in the商业银行放贷超额储备为一天中的 a. stock market股市
b. federal funds market联邦基金市场 c. reserves market储备市场
d. over-the-counter market过？的？柜台市场
b 7. The Federal Reserve increases reserves by美国联邦储备局增加储备 a. selling securities出售证券 b. buying securities买证券
c. raising reserve requirements提高存款准备金率 d. raising the discount rate提高贴现率
b 8. The Federal Reserve美国联邦储备委员会
a. is part of the U.S. Treasury是美国财政部的一部分 b. is owned by member banks由成员银行拥有
c. is the nation's largest commercial bank是全国最大的商业银行 d. lends funds to corporations借出资金的公司
b 9. By lowering the discount rate, the Federal Reserve通过降低贴现率，美联储
a. discourages commercial banks from lending鼓励商业银行从贷款 b. encourages commercial banks to borrow reserves鼓励商业银行借入储备
c. discourages depositors from withdrawing funds鼓励存户提款 d. contracts the money supply收缩货币供应量
d 10. The purpose of the Federal Reserve is to美联储的目的是 a. finance government operations金融政府运作
b. protect investors from bank failures保护投资者免受银行倒闭 c. protect deposits from bank failures保护存款银行倒闭 d. control the supply of money and credit控制货币信贷总量
c 11. The structure of the Federal Reserve includes美联储的结构包括 1. all commercial banks各商业银行
2. the twelve district banks在12家地方银行 3. the Board of Governors 理事会
c. 2 and 3
c 12. The members of the Board of Governors are a. elected by the member banks b. appointed by the Senate
c. appointed by the President of the United States d. elected by the Federal Open Market Committee
c 13. During a period of recession, a federal government surplus
should retire debt owed
a. the Federal Reserve b. commercial banks c. the general public
d. the Federal Deposit Insurance Corporation
a 14. The Federal Reserve may contract the money supply by 1. selling securities 2. buying securities
3. raising reserve requirements 4. lowering reserve requirements a. 1 and 3 b. 1 and 4 c. 2 and 3 d. 2 and 4
理事会的成员是
由成员银行推选 由参议院任命 由美国总统任命
联邦公开市场委员会选举产生
在衰退期，联邦政府的盈余应该退休欠下的债 美联储 商业银行 广大市民
美国联邦存款保险公司
美联储可能通过收缩货币供应量 出售证券 买证券
提高存款准备金率