江西财经大学09－10学年第二学期 期末考试参考答案与评分标准
试卷代码： 12423C 授课课时：48
课程名称： 货币银行学 适用对象：国际学院学生
试卷命题人 李静 试卷审核人 王耀德
Part I. This part has 20 Multiple Choice Questions and each one is worth 1 points. The total points
for this part are 20 points. Please choose only one answer for each question.
1 The Fed can exert more precise control over _____ than it can over _____.
(a) high-powered money; reserves
(b) high-powered money; the monetary base
(c) the monetary base; high-powered money
(d) reserves; high-powered money
Answer: A
Question Status: Previous Edition
2 A contract that requires the investor to sell securities on a future date is called a
a) short contract.
b) long contract.
c) hedge.
d) micro hedge.
Answer: A
Question Status: Previous Edition
3 The fact that depositors cannot distinguish good from bad banks is a(n)
a) adverse selection problem.
b) moral hazard problem.
c) asymmetric information problem.
d) too-big-to-fail problem.
Answer: C Question Status: New
Page 1
4 Which of the following effects of a change in the money supply is most likely to affect the interest
rate differently than the others? a) The expected inflation effect b) The income effect c) The liquidity effect d) The price level effect Answer: C
Question Status: Previous Edition
5 If the required reserve ratio is 10 percent, currency in circulation is $400 billion, checkable deposits
are $800 billion, and excess reserves total $0.8 billion, then the money supply is a) $8000. b) $1200. c) $1200.8. d) $8400. Answer: B
Question Status: Previous Edition
6 A _____ in _____ increases the money supply since it causes the _____ to rise.
a) decrease; reserve requirements; monetary base
b) rise; reserve requirements; money multiplier
c) rise; reserve requirements; monetary base
d) decrease; reserve requirements; money multiplier
Answer: D
Question Status: Previous Edition
7 A bank’s balance sheet
a) shows that total assets equals total liabilities plus equity capital.
b) lists sources and uses of bank funds.
c) indicates whether or not the bank is solvent.
d) does all of the above.
Answer: D
Question Status: Previous Edition
8 A commercial bank is classified as a depository institution because it
Page 2
a) accepts deposits from individuals and institutions. b) makes loans.
c) it is responsible for the conduct of monetary policy. d) does both (a) and (b) of the above Answer: D
Question Status: Previous Edition
9 A bank holding insufficient reserves can meet its reserve requirements by
a) borrowing federal funds.
b) borrowing from other banks.
c) selling secondary reserves.
d) all of the above.
Answer: D Question Status: New
10 decrease in wealth
a) increases the demand for stocks.
b) increases the demand for bonds.
c) has no effect on bond demand.
d) reduces the demand for housing..
Answer: D Question Status: New
11 The goals of monetary policy include
a) output stability.
b) stability in the foreign exchange markets.
c) maintenance of the gold standard.
d) all of the above.
Answer: B Question Status: New
12 Bonds with relatively low risk of default are called _____ securities and have a rating of Baa (or
BBB) and above; bonds with ratings below Baa (or BBB) have a higher default risk and are called
_____.
(a) investment grade; lower grade
Page 3
(b) investment grade; junk bonds (c) high quality; lower grade (d) high quality; junk bonds Answer: B
Question Status: Previous Edition
13 Which of the following is not one of the eight basic puzzles about financial structure?
a) Debt contracts are typically extremely complicated legal documents that place substantial
restrictions on the behavior of the borrower.
b) Indirect finance, which involves the activities of financial intermediaries, is many times more
important than direct finance, in which businesses raise funds directly from lenders in financial
markets.
c) Collateral is a prevalent feature of debt contracts for both households and business. d) New security issues are the most important source of external funds to finance businesses. Answer: D
Question Status: Previous Edition
14 If it is generally acceptable as a medium of exchange then it
a) must be a commodity.
b) must be a precious metal such as gold or silver.
c) is money.
d) all of the above.
Answer: C
Question Status: Previous Edition
15 Dividends are paid from
a) liabilities.
b) debts.
c) net earnings.
d) both (a) and (b) of the above.
Answer: C Question Status: New
16 As the price of a bond _____ and the expected return _____, bonds become more attractive to
investors and the quantity demanded rises.
Page 4
a) falls; rises b) falls; falls c) rises; rises d) rises; falls Answer: A
Question Status: Previous Edition
17 A security that pays $52.50 in one year and $110.25 in two years, with an interest rate of 5 percent,
has a present value of a) $150. b) $162.50. c) $200. d) $300. Answer: A
Question Status: Study Guide
18 The price of one country’s currency in terms of another’s is called
a) the exchange rate.
b) the interest rate.
c) the Dow Jones industrial average.
d) none of the above.
Answer: A
Question Status: Previous Edition
19 If the Fed wants to inject reserves into the banking system, it will usually
a) purchase government securities.
b) raise the discount rate.
c) sell government securities.
d) lower reserve requirements.
Answer: A
Question Status: Study Guide
20 If the expected return on CBS stock rises from 5 to 10 percent and the expected return on NBC stock
rises from 12 to 18 percent, then the expected return of holding CBS stock _____ relative to NBC
stock and the demand for CBS stock _____. a) rises; rises
Page 5