米什金货币金融学英文版习题答案chapter14英文习题.docx

米什金货币金融学英文版习题答案chapter14英文习题.docx

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米什金货币金融学英文版习题答案chapter14英文习题

EconomicsofMoney,Banking,andFinancialMarkets,11e,GlobalEdition（Mishkin）

Chapter14CentralBanks:

AGlobalPerspective

14.1OriginsoftheFederalReserveSystem

1）TheFirstBankoftheUnitedStates

A）wasdisbandedin1811whenitscharterwasnotrenewed.

B）haditscharterrenewalvetoedin1832.

C）wasfundamentalinhelpingtheFederalGovernmentfinancetheWarof1812.

D）Noneoftheabove.

Answer:

A

AACSB:

ReflectiveThinking

2）TheSecondBankoftheUnitedStates

A）wasdisbandedin1811whenitscharterwasnotrenewed.

B）haditscharterrenewalvetoedin1832.

C）isconsideredtobetheprimarycauseofthebankpanicof1907.

D）Noneoftheabove.

Answer:

B

AACSB:

ReflectiveThinking

3）Thepublic'sfearofcentralizedpoweranddistrustofmoneyedinterestsledtothedemiseofthefirsttwoexperimentsincentralbanking,otherwiseknownas

A）theFirstBankoftheUnitedStatesandtheSecondBankoftheUnitedStates.

B）theFirstBankoftheUnitedStatesandtheCentralBankoftheUnitedStates.

C）theFirstCentralBankoftheUnitedStatesandtheSecondCentralBankoftheUnitedStates.

D）theFirstBankofNorthAmericaandtheSecondBankofNorthAmerica.

Answer:

A

AACSB:

ReflectiveThinking

4）Thefinancialpanicof1907resultedinsuchwidespreadbankfailuresandsubstantiallossestodepositorsthattheAmericanpublicfinallybecameconvincedthat

A）theFirstBankoftheUnitedStateshadfailedtoserveasalenderoflastresort.

B）theSecondBankoftheUnitedStateshadfailedtoserveasalenderoflastresort.

C）theFederalReserveSystemhadfailedtoserveasalenderoflastresort.

D）acentralbankwasneededtopreventfuturepanics.

Answer:

D

AACSB:

ReflectiveThinking

5）WhatmakestheFederalReservesouniquecomparedtoothercentralbanksaroundtheworldisits

A）centralizedstructure.

B）decentralizedstructure.

C）regulatoryfunctions.

D）monetarypolicyfunctions.

Answer:

B

AACSB:

ReflectiveThinking

14.2StructureoftheFederalReserveSystem

1）WhichofthefollowingisNOTanentityoftheFederalReserveSystem?

A）FederalReserveBanks

B）theComptrolleroftheCurrency

C）theBoardofGovernors

D）theFederalOpenMarketCommittee

Answer:

B

AACSB:

ReflectiveThinking

2）WhichofthefollowingisanentityoftheFederalReserveSystem?

A）theU.S.TreasurySecretary

B）theFOMC

C）theComptrolleroftheCurrency

D）theFDICAnswer:

BAACSB:

ReflectiveThinking

3）ThethreelargestFederalReservebanks（NewYork,Chicago,andSanFrancisco）combinedholdmorethanpercentoftheassetsoftheFederalReserveSystem.

A）25

B）33

C）50

D）67Answer:

CAACSB:

AnalyticalThinking

4）TheFederalReserveBanksareinstitutionssincetheyareownedbythe

A）quasi-public;privatecommercialbanksinthedistrictwheretheReserveBankislocated

B）public;privatecommercialbanksinthedistrictwheretheReserveBankislocated

C）quasi-public;BoardofGovernors

D）public;BoardofGovernorsAnswer:

A

AACSB:

ReflectiveThinking

5）EachFederalReservebankhasninedirectors.Oftheseareappointedbythe

memberbanksandareappointedbytheBoardofGovernors.

A）three;six

B）four;five

C）five;four

D）six;threeAnswer:

DAACSB:

ReflectiveThinking

6）TheninedirectorsoftheFederalReserveBanksaresplitintothreecategories:

are

professionalbankers,areleadersfromindustry,andaretorepresentthe

publicinterestandarenotallowedtobeofficers,employees,orstockholdersofbanks.

A）5;2;2

B）2;5;2

C）4;2;3

D）3;3;3

Answer:

D

AACSB:

ReflectiveThinking

7）MembercommercialbankshavepurchasedstockintheirdistrictFedbanks;thedividendpaidbythatstockislimitedbylawtopercentannually.

A）four

B）five

C）six

D）eight

Answer:

C

AACSB:

ReflectiveThinking

8）TheFederalReserveBankofhousestheopenmarketdesk.

A）Boston

B）NewYork

C）Chicago

D）SanFrancisco

Answer:

B

AACSB:

ReflectiveThinking

9）ThepresidentfromwhichFederalReserveBankalwayshasavoteintheFederalOpenMarketCommittee?

A）Philadelphia

B）Boston

C）SanFrancisco

D）NewYork

Answer:

D

AACSB:

ReflectiveThinking

10）AnimportantfunctionoftheregionalFederalReserveBanksis

A）settingreserverequirements.

B）clearingchecks.

C）determiningmonetarypolicy.

D）settingmarginrequirements.

Answer:

B

AACSB:

ReflectiveThinking

11）WhichofthefollowingfunctionsisNOTperformedbyanyofthetwelveregionalFederalReserveBanks?

A）checkclearing

B）conductingeconomicresearch

C）settinginterestratespayableontimedeposits

D）issuingnewcurrency

Answer:

C

AACSB:

ReflectiveThinking

12）AllarerequiredtobemembersoftheFed.

A）statecharteredbanks

B）nationalbankscharteredbytheOfficeoftheComptrolleroftheCurrency

C）bankswithassetslessthan$100million

D）bankswithassetslessthan$500millionAnswer:

B

AACSB:

ReflectiveThinking

13）Ofallcommercialbanks,aboutbelongtotheFederalReserveSystem.

A）10%

B）onehalf

C）onethird

D）90%

Answer:

C

AACSB:

ReflectiveThinking

14）Priorto1980,memberbankslefttheFederalReserveSystemdueto

A）thehighcostofdiscountloans.

B）thehighcostofrequiredreserves.

C）adesiretoavoidinterestrateregulations.

D）adesiretoavoidcreditcontrols.

Answer:

B

AACSB:

ReflectiveThinking

15）TheFed'ssupportoftheDepositoryInstitutionsDeregulationandMonetaryControlActof1980stemmedinpartfromits

A）concernoverdecliningFedmembership.

B）beliefthatallbankingregulationsshouldbeeliminated.

C）beliefthatinterestrateceilingsweretoohigh.

D）beliefthatdepositorshadtobecomemoreknowledgeableofbankingoperations.Answer:

A

AACSB:

ReflectiveThinking

16）BankssubjecttoreserverequirementssetbytheFederalReserveSysteminclude

A）onlynationallycharteredbanks.

B）onlybankswithassetslessthan$100million.

C）onlybankswithassetslessthan$500million.

D）allbankswhetherornottheyaremembersoftheFederalReserveSystem.Answer:

D

AACSB:

ReflectiveThinking

17）TheDepositoryInstitutionsDeregulationandMonetaryControlActof1980

A）establishedhigherreserverequirementsfornonmemberthanformemberbanks.

B）establishedhigherreserverequirementsformemberthanfornonmemberbanks.

C）abolishedreserverequirements.

D）establisheduniformreserverequirementsforallbanks.

Answer:

D

AACSB:

ReflectiveThinking

18）TherearemembersoftheBoardofGovernorsoftheFederalReserveSystem.

A）5

B）7

C）12

D）19

Answer:

B

AACSB:

ReflectiveThinking

19）MembersoftheBoardofGovernorsare

A）chosenbytheFederalReserveBankpresidents.

B）appointedbythenewlyelectedpresidentoftheUnitedStates,asarecabinetpositions.

C）appointedbythepresidentoftheUnitedStatesandconfirmedbytheSenate.

D）neverallowedtoservemorethan7-yearterms.

Answer:

C

AACSB:

ReflectiveThinking

20）EachgovernorontheBoardofGovernorscanserve

A）onlyonenonrenewablefourteen-yearterm.

B）onefullnonrenewablefourteen-yeartermpluspartofanotherterm.

C）onlyonenonrenewableeight-yearterm.

D）onefullnonrenewableeight-yeartermpluspartofanotherterm.Answer:

B

AACSB:

ReflectiveThinking

21）TheChairmanoftheBoardofGovernorsischosenfromamongthesevengovernorsandservesa,renewableterm.

A）one-year

B）two-year

C）four-year

D）eight-yearAnswer:

CAACSB:

ReflectiveThinking

22）Whilethediscountrateis"established"bytheregionalFederalReserveBanks,intruth,therateisdeterminedby

A）Congress.

B）thepresidentoftheUnitedStates.

C）theSenate.

D）theBoardofGovernors.

Answer:

D

AACSB:

ReflectiveThinking

23）WhichofthefollowingsisadutyoftheBoardofGovernorsoftheFederalReserveSystem?

A）settingmarginrequirements,thefractionofthepurchasepriceofthesecuritiesthathastobepaidforwithcash

B）settingthemaximuminterestratespayableoncertaintypesoftimedepositsunderRegulationQ

C）regulatingcreditwiththeapprovalofthepresidentundertheCreditControlActof1969

D）AllgovernorsadvisethepresidentoftheUnitedStatesoneconomicpolicy.Answer:

A

AACSB:

ReflectiveThinking

24）WhichofthefollowingsisNOTacurrentdutyoftheBoardofGovernorsoftheFederalReserveSystem?

A）settingmarginrequirements,thefractionofthepurchasepriceofthesecuritiesthathastobepaidforwithcash

B）settingthemaximuminterestratespayableoncertaintypesoftimedepositsunderRegulationQ

C）approvingthediscountrate"established"bytheFederalReservebanks

D）votingontheconductofopenmarketoperationsAnswer:

B

AACSB:

ReflectiveThinking

25）TheFederalOpenMarketCommitteeusuallymeetstimesayear.

A）four

B）six

C）eight

D）twelveAnswer:

C

AACSB:

ReflectiveThinking

26）TheFederalReserveentitythatmakesdecisionsregardingtheconductofopenmarketoperationsisthe

A）BoardofGovernors.

B）chairmanoftheBoardofGovernors.

C）FederalOpenMarketCommittee.

D）OpenMarketAdvisoryCouncil

Answer:

C

AACSB:

ReflectiveThinking

27）TheFederalOpenMarketCommitteeconsistsofthe

A）fiveseniormembersoftheseven-memberBoardofGovernors.

B）sevenmembersoftheBoardofGovernorsandsevenpresidentsoftheregionalFedbanks.

C）sevenmembersoftheBoardofGovernorsandfivepresidentsoftheregionalFedbanks.

D）twelveregionalFedbankpresidentsandthechairmanoftheBoardofGovernors.Answer:

C

AACSB:

ReflectiveThinking

28）ThemajorityofmembersoftheFederalOpenMarketCommitteeare

A）FederalReserveBankpresidents.

B）membersoftheFederalAdvisoryCouncil.

C）presidentsofmemberbanks.

D）thesevenmembersoftheBoardofGovernors.

Answer:

D

AACSB:

ReflectiveThinking

29）EachFedbankpresidentattendsFOMCmeetings;althoughonlyFedbank