米什金货币金融学英文版习题答案chapter14英文习题.docx

1、米什金货币金融学英文版习题答案chapter14英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin)Chapter 14 Central Banks: A Global Perspective14.1 Origins of the Federal Reserve System1)The First Bank of the United StatesA)was disbanded in 1811 when its charter was not renewed.B)had its

2、 charter renewal vetoed in 1832.C)was fundamental in helping the Federal Government finance the War of 1812.D)None of the above.Answer: AAACSB: Reflective Thinking2)The Second Bank of the United StatesA)was disbanded in 1811 when its charter was not renewed.B)had its charter renewal vetoed in 1832.C

3、)is considered to be the primary cause of the bank panic of 1907.D)None of the above.Answer: BAACSB: Reflective Thinking3)The publics fear of centralized power and distrust of moneyed interests led to the demise of the first two experiments in central banking, otherwise known asA)the First Bank of t

4、he United States and the Second Bank of the United States.B)the First Bank of the United States and the Central Bank of the United States.C)the First Central Bank of the United States and the Second Central Bank of the United States.D)the First Bank of North America and the Second Bank of North Amer

5、ica.Answer: AAACSB: Reflective Thinking4)The financial panic of 1907 resulted in such widespread bank failures and substantial losses to depositors that the American public finally became convinced thatA)the First Bank of the United States had failed to serve as a lender of last resort.B)the Second

6、Bank of the United States had failed to serve as a lender of last resort.C)the Federal Reserve System had failed to serve as a lender of last resort.D)a central bank was needed to prevent future panics.Answer: DAACSB: Reflective Thinking5)What makes the Federal Reserve so unique compared to other ce

7、ntral banks around the world is itsA)centralized structure.B)decentralized structure.C)regulatory functions.D)monetary policy functions.Answer: BAACSB: Reflective Thinking14.2 Structure of the Federal Reserve System1)Which of the following is NOT an entity of the Federal Reserve System?A)Federal Res

8、erve BanksB)the Comptroller of the CurrencyC)the Board of GovernorsD)the Federal Open Market CommitteeAnswer: BAACSB: Reflective Thinking2)Which of the following is an entity of the Federal Reserve System?A)the U.S. Treasury SecretaryB)the FOMCC)the Comptroller of the CurrencyD)the FDIC Answer: B AA

9、CSB: Reflective Thinking3)The three largest Federal Reserve banks (New York, Chicago, and San Francisco) combined hold more than percent of the assets of the Federal Reserve System.A)25B)33C)50D)67 Answer: C AACSB: Analytical Thinking4)The Federal Reserve Banks are institutions since they are owned

10、by the A)quasi-public; private commercial banks in the district where the Reserve Bank is locatedB)public; private commercial banks in the district where the Reserve Bank is locatedC)quasi-public; Board of GovernorsD)public; Board of Governors Answer: AAACSB: Reflective Thinking5)Each Federal Reserv

11、e bank has nine directors. Of these are appointed by themember banks and are appointed by the Board of Governors.A)three; sixB)four; fiveC)five; fourD)six; three Answer: D AACSB: Reflective Thinking6)The nine directors of the Federal Reserve Banks are split into three categories: areprofessional ban

12、kers, are leaders from industry, and are to represent thepublic interest and are not allowed to be officers, employees, or stockholders of banks.A)5; 2; 2B)2; 5; 2C)4; 2; 3D)3; 3; 3Answer: DAACSB: Reflective Thinking7)Member commercial banks have purchased stock in their district Fed banks; the divi

13、dend paid by that stock is limited by law to percent annually.A)fourB)fiveC)sixD)eightAnswer: CAACSB: Reflective Thinking8)The Federal Reserve Bank of houses the open market desk.A)BostonB)New YorkC)ChicagoD)San FranciscoAnswer: BAACSB: Reflective Thinking9)The president from which Federal Reserve B

14、ank always has a vote in the Federal Open Market Committee?A)PhiladelphiaB)BostonC)San FranciscoD)New YorkAnswer: DAACSB: Reflective Thinking10)An important function of the regional Federal Reserve Banks isA)setting reserve requirements.B)clearing checks.C)determining monetary policy.D)setting margi

15、n requirements.Answer: BAACSB: Reflective Thinking11)Which of the following functions is NOT performed by any of the twelve regional Federal Reserve Banks?A)check clearingB)conducting economic researchC)setting interest rates payable on time depositsD)issuing new currencyAnswer: CAACSB: Reflective T

16、hinking12)All are required to be members of the Fed.A)state chartered banksB)national banks chartered by the Office of the Comptroller of the CurrencyC)banks with assets less than $100 millionD)banks with assets less than $500 million Answer: BAACSB: Reflective Thinking13)Of all commercial banks, ab

17、out belong to the Federal Reserve System.A)10%B)one halfC)one thirdD)90%Answer: CAACSB: Reflective Thinking14)Prior to 1980, member banks left the Federal Reserve System due toA)the high cost of discount loans.B)the high cost of required reserves.C)a desire to avoid interest rate regulations.D)a des

18、ire to avoid credit controls.Answer: BAACSB: Reflective Thinking15)The Feds support of the Depository Institutions Deregulation and Monetary Control Act of 1980 stemmed in part from itsA)concern over declining Fed membership.B)belief that all banking regulations should be eliminated.C)belief that in

19、terest rate ceilings were too high.D)belief that depositors had to become more knowledgeable of banking operations. Answer: AAACSB: Reflective Thinking16)Banks subject to reserve requirements set by the Federal Reserve System includeA)only nationally chartered banks.B)only banks with assets less tha

20、n $100 million.C)only banks with assets less than $500 million.D)all banks whether or not they are members of the Federal Reserve System. Answer: DAACSB: Reflective Thinking17)The Depository Institutions Deregulation and Monetary Control Act of 1980A)established higher reserve requirements for nonme

21、mber than for member banks.B)established higher reserve requirements for member than for nonmember banks.C)abolished reserve requirements.D)established uniform reserve requirements for all banks.Answer: DAACSB: Reflective Thinking18)There are members of the Board of Governors of the Federal Reserve

22、System.A)5B)7C)12D)19Answer: BAACSB: Reflective Thinking19)Members of the Board of Governors areA)chosen by the Federal Reserve Bank presidents.B)appointed by the newly elected president of the United States, as are cabinet positions.C)appointed by the president of the United States and confirmed by

23、 the Senate.D)never allowed to serve more than 7-year terms.Answer: CAACSB: Reflective Thinking20)Each governor on the Board of Governors can serveA)only one nonrenewable fourteen-year term.B)one full nonrenewable fourteen-year term plus part of another term.C)only one nonrenewable eight-year term.D

24、)one full nonrenewable eight-year term plus part of another term. Answer: BAACSB: Reflective Thinking21)The Chairman of the Board of Governors is chosen from among the seven governors and serves a , renewable term.A)one-yearB)two-yearC)four-yearD)eight-year Answer: C AACSB: Reflective Thinking22)Whi

25、le the discount rate is established by the regional Federal Reserve Banks, in truth, the rate is determined byA)Congress.B)the president of the United States.C)the Senate.D)the Board of Governors.Answer: DAACSB: Reflective Thinking23)Which of the followings is a duty of the Board of Governors of the

26、 Federal Reserve System?A)setting margin requirements, the fraction of the purchase price of the securities that has to be paid for with cashB)setting the maximum interest rates payable on certain types of time deposits under Regulation QC)regulating credit with the approval of the president under t

27、he Credit Control Act of 1969D)All governors advise the president of the United States on economic policy. Answer: AAACSB: Reflective Thinking24)Which of the followings is NOT a current duty of the Board of Governors of the Federal Reserve System?A)setting margin requirements, the fraction of the pu

28、rchase price of the securities that has to be paid for with cashB)setting the maximum interest rates payable on certain types of time deposits under Regulation QC)approving the discount rate established by the Federal Reserve banksD)voting on the conduct of open market operations Answer: BAACSB: Ref

29、lective Thinking25)The Federal Open Market Committee usually meets times a year.A)fourB)sixC)eightD)twelve Answer: CAACSB: Reflective Thinking26)The Federal Reserve entity that makes decisions regarding the conduct of open market operations is theA)Board of Governors.B)chairman of the Board of Gover

30、nors.C)Federal Open Market Committee.D)Open Market Advisory CouncilAnswer: CAACSB: Reflective Thinking27)The Federal Open Market Committee consists of theA)five senior members of the seven-member Board of Governors.B)seven members of the Board of Governors and seven presidents of the regional Fed ba

31、nks.C)seven members of the Board of Governors and five presidents of the regional Fed banks.D)twelve regional Fed bank presidents and the chairman of the Board of Governors. Answer: CAACSB: Reflective Thinking28)The majority of members of the Federal Open Market Committee areA)Federal Reserve Bank presidents.B)members of the Federal Advisory Council.C)presidents of member banks.D)the seven members of the Board of Governors.Answer: DAACSB: Reflective Thinking29)Each Fed bank president attends FOMC meetings; although only Fed bank