Study Game - Topic 4.6

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Monetary Policy

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Zachary Foust

United States

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Study Game - Topic 4.6


Study Game - Topic 4.6Online version Monetary Policy by Zachary Foust 1 Which of the following will shift the aggregate demand curve in the direction shown in the diagram? a A decrease in the money supply b A decrease in the monetary base c A decrease in the policy rate d The sale of bonds to the private sector by the central bank 2 Assuming a banking system with limited reserves, which of the following is a monetary policy action a central bank would implement to control inflation? a Target a lower overnight interbank lending rate b Sell government bonds to the public c Lower the discount rate d Lower the required reserve ratio 3 Which of the following accurately describes the difference between how open market operations are used in a banking system with limited reserves compared to a banking system with ample reserves? a In a banking system with limited reserves, OMOs are used to maintain sufficient reserves, whereas in a banking system with ample reserves, OMOs are used to indirectly influence the nominal interest rate by changing the money supply. b In a banking system with limited reserves, OMOs are used to indirectly influence the nominal interest rate by changing the money supply, whereas in a banking system with ample reserves, OMOs are used to maintain sufficient reserves. c In a banking system with limited reserves, OMOs are used to directly adjust the nominal interest rate, whereas in a banking system with ample reserves, OMOs are used to indirectly influence the nominal interest rate by changing the money supply. d In a banking system with limited reserves, OMOs are used to indirectly influence the nominal interest rate by changing the money supply, whereas in a banking system with ample reserves, OMOs are used to directly adjust the nominal interest rate. 4 Suppose that the banking system in an economy has ample reserves, and the economy has entered a recession. Which of the following is a monetary policy action the central bank can take to restore full-employment output in the short run? a Selling government bonds b Decreasing government spending c Decreasing administered interest rates d Increasing the policy rate 5 Country X’s economic situation is depicted by the graph. Which of the following will happen if Country X’s central bank conducts a contractionary monetary policy? a The economy will be in a recessionary gap; the price level will decrease, and the real output level will increase b The economy will be in a recessionary gap; the price level and the real output level will decrease. c The economy will be at full employment; the price level and the real output level will increase. d The economy will be in an inflationary gap; the price level and the real output level will increase. 6 What is monetary policy? a Changes in the interest rate or the quantity of money to stabilize the economy b Changes in government spending or taxes to stabilize the economy c Changes in regulatory policy to stabilize the economy d Changes in subsidies to firms to stabilize the economy 7 What is expansionary monetary policy? a Monetary policy that increases aggregate demand b Monetary policy that decreases aggregate demand c Monetary policy that increases short-run aggregate supply d Monetary policy that decreases short-run aggregate supply 8 What is contractionary monetary policy? a Monetary policy that increases aggregate demand b Monetary policy that decreases aggregate demand c Monetary policy that increases short-run aggregate supply d Monetary policy that decreases short-run aggregate supply 9 What is the required reserve ratio? a The smallest fraction of bank deposits that the central bank allows banks to hold b The interest rate the central bank charges on loans to banks c A purchase or sale of government debt (bonds) by the central bank d The interest rate that banks charge other banks for loans, as determined in the reserves market 10 What is the discount rate? a The smallest fraction of bank deposits that the central bank allows banks to hold b The interest rate the central bank charges on loans to banks c A purchase or sale of government debt (bonds) by the central bank d The interest rate that banks charge other banks for loans, as determined in the reserves market 11 What are open-market operations? a The smallest fraction of bank deposits that the central bank allows banks to hold b The interest rate the central bank charges on loans to banks c A purchase or sale of government debt (bonds) by the central bank d The interest rate that banks charge other banks for loans, as determined in the reserves market 12 What is the policy rate? a The smallest fraction of bank deposits that the central bank allows banks to hold b The interest rate the central bank charges on loans to banks c A purchase or sale of government debt (bonds) by the central bank d The interest rate that banks charge other banks for loans, as determined in the reserves market 13 What is a limited reserves banking system? a A banking system in which changes in the required reserve ratio, the discount rate, and open-market operations influence the nominal interest rate b A banking system in which changes in administered interest rates (like the IORB) influence the nominal interest rate c A banking system in which changes in the money supply have no effect on the nominal interest rate d A banking system with a required reserve ratio of 0 percent 14 What is an ample reserves banking system? a A banking system in which changes in the required reserve ratio, the discount rate, and open-market operations influence the nominal interest rate b A banking system in which changes in administered interest rates (like the IORB) influence the nominal interest rate c A banking system in which changes in the money supply affect the nominal interest rate d A banking system with a required reserve ratio above 0 percent 15 What are administered interest rates? a Interest rates directly controlled by the central bank b The interest rate that banks charge other banks c The interest rate that a bank charges its customers d The interest rate that bank customers get paid on their savings accounts 16 What is the reserves market? a A graph that illustrates the policy rate b A graph that illustrates the nominal interest rate c A graph that illustrates the real interest rate d A graph that illustrates the price level 17 Assume that a country has a limited reserves banking system. If the economy is experiencing a recessionary gap, which of the following is an appropriate monetary policy? a An open-market purchase of bonds b An open-market sale of bonds c A decrease in administered interest rates d An increase in administered interest rates 18 Assume that a country has a limited reserves banking system. If the economy is experiencing an inflationary gap, which of the following is an appropriate monetary policy? a An open-market purchase of bonds b An open-market sale of bonds c A decrease in administered interest rates d An increase in administered interest rates 19 Assume that a country has an ample reserves banking system. If the economy is experiencing an inflationary gap, which of the following is an appropriate monetary policy? a An open-market purchase of bonds b An open-market sale of bonds c A decrease in administered interest rates d An increase in administered interest rates 20 Assume that a country has an ample reserves banking system. If the economy is experiencing a recessionary gap, which of the following is an appropriate monetary policy? a An open-market purchase of bonds b An open-market sale of bonds c A decrease in administered interest rates d An increase in administered interest rates

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Study Game - Topic 4.6

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Study Game - Topic 4.6Online version

by Zachary Foust

Which of the following will shift the aggregate demand curve in the direction shown in the diagram?

Assuming a banking system with limited reserves, which of the following is a monetary policy action a central bank would implement to control inflation?

Which of the following accurately describes the difference between how open market operations are used in a banking system with limited reserves compared to a banking system with ample reserves?

Suppose that the banking system in an economy has ample reserves, and the economy has entered a recession. Which of the following is a monetary policy action the central bank can take to restore full-employment output in the short run?

Country X’s economic situation is depicted by the graph. Which of the following will happen if Country X’s central bank conducts a contractionary monetary policy?

What is monetary policy?

What is expansionary monetary policy?

What is contractionary monetary policy?

What is the required reserve ratio?

What is the discount rate?

What are open-market operations?

What is the policy rate?

What is a limited reserves banking system?

What is an ample reserves banking system?

What are administered interest rates?

What is the reserves market?

Assume that a country has a limited reserves banking system. If the economy is experiencing a recessionary gap, which of the following is an appropriate monetary policy?

Assume that a country has a limited reserves banking system. If the economy is experiencing an inflationary gap, which of the following is an appropriate monetary policy?

Assume that a country has an ample reserves banking system. If the economy is experiencing an inflationary gap, which of the following is an appropriate monetary policy?

Assume that a country has an ample reserves banking system. If the economy is experiencing a recessionary gap, which of the following is an appropriate monetary policy?