第1題Theleastappropriateapproachtocalculatingacountry'sgrossdomesticproduct

(GDP)issummingforagiventimeperiodthe:Avalueofallpurchasesandsalesthattookplacewithinthecountry.Bamountspentonfinalgoodsandservicesproducedwithinthecountry.Cincomegeneratedinproducingallfinalgoodsandservicesproducedwithinthecountry.第2題TheGDPdeflatoriscalculatedas100timestheratioof:AnominalGDPtorealGDP.Bbaseyearpricestocurrentyearprices.CcurrentyearnominalGDPtobaseyearnominalGDP.第3題Whentheeconomyisoperatingatthenaturalrateofunemployment,itismostlikelythat:AinflationisacceleratingBfrictionalunemploymentisabsentCstructuralunemploymentispresent第4題AGDPdeflatorlessthan1indicatesthataneconomyhasexperienced:AinflationBdeflationCstagflation第5題Whichcurverepresentscombinationsofincomeandtherealinterestrateatwhichplannedexpenditureequalsincome?ATheIScurveBTheLMcurveCTheaggregatedemandcurve第6題AnincreaseingovernmentspendingwouldshifttheAIScurveandtheLMcurveBIScurveandtheaggregatedemandcurveCLMcurveandtheaggregatedemandcurve第7題Asthepriceleveldeclinesalongtheaggregatedemandcurve,theinterestrateismostlikelytoAdeclineBincreaseCremainunchanged第8題TheleastlikelycauseofadecreaseinaggregatedemandisAhighertaxesBaweakdomesticcurrencyCafallincapacityutilization第9題IncreasedhouseholdwealthwillmostlikelycauseanincreaseinAhouseholdsavingBinvestmentexpendituresCconsumptionexpenditures第10題Themostlikelyoutcomewhenbothaggregatesupplyandaggregatedemandincreaseis:AariseininflationBhigheremploymentCanincreaseinnominalGDP第1題Intheearlypartofaneconomicexpansion,inventory-salesratiosaremostlikelyto:Aincreasebecausesalesareunexpectedlylow.Bincreasebecausebusinessesplanforexpansion.Cdecreasebecauseofunexpectedincreasesinsales.第2題Thecontractionphaseofthebusinesscycleisleastlikelyaccompaniedbydecreasing:Aunemployment.Binflationpressure.Ceconomicoutput.第3題Accordingtowhichbusinesscycletheoryshouldexpansionarymonetarypolicybeusedtofightarecession?AKeynesianschool.BMonetaristschool.CNewclassicalschool.第4題Theunemploymentrateisdefinedasthenumberofunemployedasapercentageofthe:Alaborforce.Bnumberofemployed.Cworking-agepopulation.第5題Coreinflationisbestdescribedasaninflationrate:Aforproducers'rawmaterials.Bthecentralbankviewsasacceptable.Cthatexcludescertainvolatilegoodsprices.第6題Aneconomicindicatorthathasturningpointswhichtendtooccuraftertheturningpointsinthebusinesscycleisclassifiedasa:Alaggingindicator.Bleadingindicator.Ctrailingindicator.第7題Followingasharpincreaseinthepriceofenergy,theoverallpricelevelismostlikelytoriseintheshortrunAandremainelevatedindefinitelyunlessthecentralbanktightensBbutbeunchangedinthelongrununlessthemoneysupplyisincreasedCandcontinuetoriseuntilallpriceshaveincreasedby_thesameproportion第8題Amongdevelopedeconomies,whichofthefollowingsourcesofeconomicgrowthismostlikelytoexplainsuperiorgrowthperformance?ATechnology.BCapitalstock.CLaborsupply第9題Duringthecontractionphaseofabusinesscycle,itismostlikelythatAinflationindicatorsarestableBaggregateeconomicactivityisdecreasingCinvestorpreferenceforgovernmentsecuritiesdeclines第10題AneconomicpeakismostcloselyassociatedwithAacceleratinginflationBstableunemploymentCdecliningcapitalspending第11題Inarecession,companiesaremostlikelytoadjusttheirstockofphysicalcapitalby:AsellingitatfiresalepricesBnotmaintainingequipmentCquicklycancelingconstructionactivity第12題Thediscouragedworkercategoryisdefinedtoincludepeoplewho:AareoverqualifiedfortheirjobBcouldlookforajobbutchoosenottoCcurrentlylookforworkwithoutfindingitAssignment3第1題Inthepresenceoftightmonetarypolicyandloosefiscalpolicy,themostlikelyeffectoninterestratesandtheprivatesectorshareinGDPare:InterestratesShareofprivatesectorAlowerlowerBhigherhigherChigherlower第2題Ifacountry'sinflationrateisbelowthecentralbank'stargetrate,thecentralbankismostlikelyto:Asellgovernmentsecurities.Bincreasethereserverequirement.Cdecreasetheovernightlendingrate.第3題Anincreaseinthepolicyratewillmostlikelyleadtoanincreasein:Abusinessinvestmentinfixedassets.Bconsumerspendingondurablegoods.Ctheforeignexchangevalueofthedomesticcurrency.第4題Purchasesofsecuritiesintheopenmarketbythemonetaryauthoritiesareleastlikelytoincrease:Aexcessreserves.Bcashininvestoraccounts.Ctheinterbanklendingrate.第5題Acentralbankconductsmonetarypolicyprimarilybyalteringthe:Apolicyrate.Binflationrate.Clong-terminterestrate.第6題Acountrythattargetsastableexchangeratewithanothercountry'scurrencyleastlikely:Aacceptstheinflationrateoftheothercountry.Bwillsellitscurrencyifitsforeignexchangevaluerises.Cmustalsomatchthemoneysupplygrowthrateoftheothercountry.第7題Whichofthefollowingisleastlikelyafunctionorobjectiveofacentralbank?AIssuingcurrency.BLendingmoneytogovernmentagencies.CKeepinginflationwithinanacceptablerange.第8題Acentralbank'spolicygoalsleastlikelyinclude:Apricestability.Bminimizinglong-terminterestrates.Cmaximizingthesustainablegrowthrateoftheeconomy.第9題TheFishereffectstatesthatthenominalinterestrateisequaltotherealrateplus:Aactualinflation.Baverageinflation.Cexpectedinflation.第10題Themoneysupplycurveisperfectlyinelasticbecausethe:Amoneysupplyisindependentofinterestrates.Bmoneydemandscheduleisdownward-sloping.Cmoneysupplyisdependentuponinterestrates.第11題

Ifthemoneysupplyisincreasingandvelocityisdecreasing:Apriceswilldecrease.BrealGDPwillincrease.CtheimpactonpricesandrealGDPisuncertain.第12題Ifmoneyneutralityholds,theeffectofanincreaseinthemoneysupplyis:Ahigherprices.Bhigheroutput.Clowerunemployment.第13題Whichofthefollowingstatementsisleastaccurate?Theexistenceanduseofmoney:Apermitsindividualstoperformeconomictransactions.Brequiresthecentralbanktocontrolthesupplyofcurrency.Cincreasestheefficiencyoftransactionscomparedtoabartersystem.第14題Bothmonetaryandfiscalpolicyareusedto:Abalancethebudget.Bachieveeconomictargets.Credistributeincomeandwealth.第15題AdecreaseinthetargetU.S.federalfundsrateisleastlikelytoresultin:Aaproportionatedecreaseinlong-terminterestratesBanincreaseinconsumerspendingondurablegoodsCdepreciationoftheU.S.dollarontheforeignexchangemarket第16題TheleastlikelyconsequenceofaperiodofhyperinflationistheAreducedvelocityofmoneyBincreasedsupplyofmoneyCpossibilityofsocialunrest第17題Asthereserverequirementincreases,themoneymultiplierAincreasesBdecreasesCremainsthesame第18題Whichisthemostaccuratestatementregardingthedemandformoney?APrecautionarymoneydemandisdirectlyrelatedtoGDPBTransactionsmoneydemandisinverselyrelatedtoreturnsonbondsCSpeculativedemandisinverselyrelatedtotheperceivedriskofotherassets第19題Accordingtothetheoryofmoneyneutrality,moneysupplygrowthdoesnotaffectvariablessuchasrealoutputandemploymentin:AthelongrunBtheshortrunCthelongandshortrun第20題Whichofthefollowingbestdescribesafundamentalassumptionwhenmonetarypolicyismedtoinfluencetheeconomy?AFinancialmarketsareefficientBMoneyisnotneutralintheshortrunCOfficialratesdonotaffectexchangeratesAssignment4第1題Agovernmentisconcernedaboutthetimingoftheimpactoffiscalpolicychangesandisconsideringrequiringthecompilationandreportingofeconomicstatisticsweekly,ratherthanquarterly.Thenewreportingfrequencyisintendedtodecreasethe:Aactionlag.Bimpactlag.Crecognitionlag.第2題Salesintheretailsectorhavebeensluggish,andconsumerconfidencehasrecentlydeclined,indicatingfewerplannedpurchases.Inresponse,thepresidentsendsanexpansionarygovernmentspendingplantothelegislature.TheplanissubmittedonMarch30,andthelegislaturerefinesandapprovesthetermsofthespendingplanonJune30.Whattypeoffiscalplanisbeingconsidered,andwhattypeofdelaydidtheplanexperiencebetweenMarch30andJune30?FiscalplanTypeoflagADiscretionaryRecognitionBAutomaticActionCDiscretionaryAction第3題Agovernmentreducesspendingby$50million.Thetaxrateis30%,andconsumersexhibitamarginalpropensitytoconsumeof80%.Thechangeinaggregatedemandcausedbythechangeingovernmentspendingisclosestto:A-$66million.B-$114million.C-$250million.第4題Agovernmentenactsaprogramtosubsidizefarmerswithanexpansivespendingprogramof10billion.Atthesametime,thegovernmentenactsa10billiontaxincreaseoverthesameperiod.Whichofthefollowingstatementsbestdescribestheimpactonaggregatedemand?ALowergrowthbecausethetaxincreasewillhaveagreatereffect.BNoeffectbecausethetaxandspendingeffectsjustoffseteachother.CHighergrowthbecausethespendingincreasewillhaveagreatereffect.Assignment5第1題Oneyearago,thenominalexchangerateforUSD/EURwas1.300.Sincethen,therealexchangeratehasincreasedby3%.Thismostlikelyimpliesthat:AthenominalexchangerateislessthanUSD/EUR1.235.Bthepurchasingpoweroftheeurohasincreasedapproximately3%intermsOfU.S.goods.Cinflationintheeurozonewasapproximately3%higherthaninflationintheUnitedStates.第2題Sell-sideparticipantsintheforeignexchangemarketaremostlikelytoinclude:Abanks.Bhedgefunds.Cinsurancecompanies.第3題SupposethatthequoteforBritishpounds(GBP)inNewYorkisUSD/GBP1.3110.WhatisthequoteforU.S.dollars(USD)inLondon(GBP/USD)?A0.3110.B0.7628.C1.3110.第4題TheCanadiandollar(CAD)exchangeratewiththeJapaneseyen(JPY)changesfromJPY/CAD75toJPY/CAD78.TheCADhas:Adepreciatedby3.8%,andtheJPYhasappreciatedby4.0%.Bappreciatedby3.8%,andtheJPYhasdepreciatedby4.0%.Cappreciatedby4.0%,andtheJPYhasdepreciatedby3.8%.第5題Today'sspotratefortheIndonesianrupiah(lOR)isIDR/USD2,400.00,andtheNewZealanddollartradesatNZD/USD1.6000.TheNZD/IDRcrossrateISA0.00067B1,492.53C3,840.00第6題TheNZDistradingatUSD/NZD0.3500,andtheSEKistradingatNZD/SEK0.3100.TheUSD/SEKcrossrateis:A0.1085.B8.8573.C9.2166.第7題ThespotCHF/GBPexchangerateis1.3050.Inthe180-dayforwardmarket,theCHF/GBPexchangerateis-42.5points.The180-dayforwardCHF/GBPexchangerateisclosestto:A1.2625B1.3008C1.3093第8題ThecurrentspotratefortheBritishpoundintermsofU.S.dollarsis$1.533andthe180-dayforwardrateis$1.508.Relativetothepound,thedollaristradingclosesttoa180-dayforward:Adiscountof1.63%Bpremiumof1.66%Cdiscountof1.66%第9題TheannualinterestratesintheUnitedStates(USD)andSweden(SEK)are4%and7%peryear,respectively.IfthecurrentspotrateisSEK/USD9.5238,thenthe1-yearforwardrateinSEK/USDis:A9.2568B9.7985C10.2884第10題Theannualrisk-freeinterestrateis10%intheUnitedStates(USD)and4%inSwitzerland(CHF),andthe1-yearforwardrateisUSD/CHF0.80.Today'sUSD/CHFspotrateisclosesttoA0.7564B0.8462C0.8888第11題ThespotrateontheNewZealanddollar(NZD)isNZD/USD1.4286,andthe180-dayforwardrateisNZD/USD1.3889.Thisdifferencemeans:AinterestratesarelowerintheUnitedStatesthaninNewZealandBinterestratesarehigherintheUnitedStatesthaninNewZealandCittakesmoreNZDtobuyoneUSDintheforwardmarketthaninthespotmarket第12題ThemonetaryauthorityofTheStoddardIslandswillexchangeitscurrencyforU.S.dollarsataone-for-oneratio.Asaresult,theexchangerateoftheStoddardIslandscurrencywiththeU.S.dollaris1.00,andmanybusinessesintheIslandswillacceptU.S.dollarsintransactions.ThisexchangerateregimeisbestdescribedasAafixedpegBdollarizationCacurrencyboard第13題Acountrythatwishestonarrowitstradedeficitdevaluesitscurrency.Ifdomesticdemandforimportsisperfectlyprice-inelastic,whetherdevaluingthecurrencywillresultinanarrowertradedeficitisleastlikelytodependon:AthesizeofthecurrencydevaluationBthecountry'sratioofimportstoexportsCpriceelasticityofdemandforthecountry'sexports第14題Adevaluationofacountry'scurrencytoimproveitstradedeficitwouldmostlikelybenefitaproducerof:AluxurygoodsforexportBexportgoodsthathavenoclosesubstitutesCanexportgoodthatrepresentsarelativelysmallproportionofconsumerexpenditures第15題Otherthingsequal,whichofthefollowingismostlikelytodecreaseacountry'stradedeficit?AIncreaseitscapitalaccountsurplusBDecreaseexpendituresrelativetoincomeCDecreasedomesticsavingrelativetodomesticinvestment第16題TheEUR/USDspotexchangerateis0.70145,and1-yearinterestratesare3%inEURand2%inUSD.TheforwardUSD/EURexchangerateisclosesttoA1.1426B1.4118C1.4396第17題Depreciationofacountry'scurrencyismostlikelytonarrowitstradedeficitwhen:AitsimportsaregreaterinvaluethanitsexportsBpriceelasticityofimportdemandisgreaterthanoneCinvestmentincreasesrelativetoprivateandgovernmentsavingsAssignment6第1題Comparedwithtraditionalcurrency,whichisnotthedigitalcurrencycharacteristics:APhysicalformBNonforgeryCFastpoint-to-pointtransactionDConvenientflow第2題Bitcoin,EthereumandLitecoinareexamplesof(

)ACryptocurrencyBCBDCCStablecoins第3題()areusuallypeggedtooneorseveralglobalcurrenciesortoavaluableassetsuchastheUSDandgoldAStablecoinsBCBDCCCryptocurrency第4題WhichtypeofCBDCmodel,theconsumerhasaclaimonanintermediary,withthecentralbankkeepingtrackonlyofwholesaleaccounts.AIndirectCBDCmodelBDirectCBDCmodelCHybridCBDCmodel第5題Ina()CBDC,claimsarehonoredbasedsolelyondemonstratedknowledge,viacryptographicschemesthatdonotrequireidentification,suchasadigitalsignature,privatekeyandpublickey.AToken-basedBAccount-basedCDLT第6題WhichofthefollowingisnottheCBDCimpactonpaymentsystem?AFiscaltransferslessefficientBImprovingoperationalresilienceCIncreasingpaymentsdiversityDImprovingcrossborderingpayment第7題WhichofthefollowingnotthefeaturesofDC/EPinChina?AOnlyonlinepaymentBCentralbankliabilityCPartialanonymousDNointerest-bearing第8題SurveybytheBankforInternationalSettlements(BIS)showsthatnearly70%ofcentralbanksconductedresearchintobothretailandwholesaleCBDCs.However,nosinglecentralbankonlyfocusesonwholesaleCBDCs.

第9題Noneofthecentralbankreportsfavoradesignwithdirectclaimonthecentralbank,referredtodirectmodel.

第10題NocentralbankrelyonpermissionlessDLT,asusedforBitcoinandmanyotherprivatecryptocurrencies.第11題NoninterestbearingCBDCwouldnothavetoomuchimpactonmonetarypolicyandmacroeconomy.第12題TheCBDCneedtotradeoffbetweenpublicprivacyandAML/CFTconcerns,fullanonymityisnotplausible.第13題ThedesignforDC/EPinChinaisaimstocomplementtoM1andM2.第14題ThedesignofDC/EPinChinaisusinghybridCBDCmodel,looselycoupledaccountandfordomesticretailuse.第15題DC/EPcross-borderpaymentisthesameasUnionPaycard,AlipayandWeChatpaymentinoverseasuse.

Assignment7第1題Whichisnotthefeaturesofdigitaleconomyintheworld?ADigitaleconomycontributeslesstoemploymentBDigitaleconomyisunevenlydistributedbetweendevelopedandemer