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Economics of Money, Banking,
and Financial Markets, 11e, Global Edition
(Mishkin)
Chapter 14
Central Banks:
A Global Perspective
14.1
Origins of the Federal Reserve System
1) The First
Bank of the United States
A) was
disbanded in 1811 when its charter was not
renewed.
B) had its charter renewal
vetoed in 1832.
C) was fundamental in
helping the Federal Government finance the War of
1812.
D) None of the above.
Answer:
A
AACSB:
Reflective Thinking
2) The Second Bank of the United States
A) was disbanded in 1811 when its
charter was not renewed.
B) had its
charter renewal vetoed in 1832.
C) is
considered to be the primary cause of the bank
panic of 1907.
D) None of the above.
Answer:
B
AACSB:
Reflective Thinking
3) The public's fear of centralized
power and distrust of moneyed interests led to the
demise of
the first two experiments in
central banking, otherwise known as
A)
the First Bank of the 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
America.
Answer:
A
AACSB:
Reflective Thinking
4) The financial panic of 1907 resulted
in such widespread bank failures and substantial
losses to
depositors that the American
public finally became convinced that
A)
the First Bank of the United States had failed to
serve as a lender of last resort.
B)
the Second 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:
D
AACSB:
Reflective Thinking
5) What
makes the Federal Reserve so unique compared to
other central banks around the world
is
its
A) centralized structure.
B) decentralized structure.
C) regulatory functions.
D)
monetary policy functions.
Answer:
B
AACSB:
Reflective Thinking
14.2
Structure of the Federal
Reserve System
1) Which of the following is
NOT
an entity of the Federal
Reserve System?
A) Federal Reserve
Banks
B) the Comptroller of the
Currency
C) the Board of Governors
D) the Federal Open Market Committee
Answer:
B
AACSB:
Reflective Thinking
2) Which of the following is an entity
of the Federal Reserve System?
A) the
U.S. Treasury Secretary
B) the FOMC
C) the Comptroller of the Currency
D) the FDIC
Answer:
B
AACSB:
Reflective Thinking
3) 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) 25
B) 33
C) 50
D) 67
Answer:
C
AACSB:
Analytical Thinking
4) The Federal Reserve Banks are
________ institutions since they are owned by the
________.
A) quasi-public; private
commercial banks in the district where the Reserve
Bank is located
B) public; private
commercial banks in the district where the Reserve
Bank is located
C) quasi-public; Board
of Governors
D) public; Board of
Governors
Answer:
A
AACSB:
Reflective Thinking
5) Each
Federal Reserve bank has nine directors. Of these
________ are appointed by the
member
banks and ________ are appointed by the Board of
Governors.
A) three; six
B)
four; five
C) five; four
D)
six; three
Answer:
D
AACSB:
Reflective Thinking
6) The nine directors of
the Federal Reserve Banks are split into three
categories: ________ are
professional
bankers, ________ are leaders from industry, and
________ are to represent the
public
interest and are not allowed to be officers,
employees, or stockholders of banks.
A)
5; 2; 2
B) 2; 5; 2
C) 4; 2;
3
D) 3; 3; 3
Answer:
D
AACSB:
Reflective Thinking
7) Member commercial banks
have purchased stock in their district Fed banks;
the dividend paid
by that stock is
limited by law to ________ percent annually.
A) four
B) five
C) six
D) eight
Answer:
C
AACSB:
Reflective Thinking
8) The Federal Reserve Bank of ________
houses the open market desk.
A) Boston
B) New York
C) Chicago
D) San Francisco
Answer:
B
AACSB:
Reflective Thinking
9) The president from which
Federal Reserve Bank always has a vote in the
Federal Open
Market Committee?
A) Philadelphia
B) Boston
C) San Francisco
D) New York
Answer:
D
AACSB:
Reflective Thinking
10) An
important function of the regional Federal Reserve
Banks is
A) setting reserve
requirements.
B) clearing checks.
C) determining monetary policy.
D) setting margin requirements.
Answer:
B
AACSB:
Reflective Thinking
11) Which of the following
functions is NOT performed by any of the twelve
regional Federal
Reserve Banks?
A) check clearing
B)
conducting economic research
C) setting
interest rates payable on time deposits
D) issuing new currency
Answer:
C
AACSB:
Reflective Thinking
12) All ________ are required to be
members of the Fed.
A) state chartered
banks
B) national banks chartered by
the Office of the Comptroller of the Currency
C) banks with assets less than $$100
million
D) banks with assets less than
$$500 million
Answer:
B
AACSB:
Reflective Thinking
13) Of all commercial banks, about
________ belong to the Federal Reserve System.
A) 10%
B) one half
C) one third
D) 90%
Answer:
C
AACSB:
Reflective Thinking
14) Prior to 1980, member banks left
the Federal Reserve System due to
A)
the high cost of discount loans.
B) the
high cost of required reserves.
C) a
desire to avoid interest rate regulations.
D) a desire to avoid credit controls.
Answer:
B
AACSB:
Reflective Thinking
15) The
Fed's support of the Depository Institutions
Deregulation and Monetary Control Act of
1980 stemmed in part from its
A) concern over declining Fed
membership.
B) belief that all banking
regulations should be eliminated.
C)
belief that interest rate ceilings were too high.
D) belief that depositors had to become
more knowledgeable of banking operations.
Answer:
A
AACSB:
Reflective Thinking
16) Banks subject to
reserve requirements set by the Federal Reserve
System include
A) only nationally
chartered banks.
B) only banks with
assets less than $$100 million.
C) only
banks with assets less than $$500 million.
D) all banks whether or not they are
members of the Federal Reserve System.
Answer:
D
AACSB:
Reflective Thinking
17) The Depository Institutions
Deregulation and Monetary Control Act of 1980
A) established higher reserve
requirements for nonmember 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:
D
AACSB:
Reflective Thinking
18) There are ________
members of the Board of Governors of the Federal
Reserve System.
A) 5
B) 7
C) 12
D) 19
Answer:
B
AACSB:
Reflective Thinking
19) Members of the Board of Governors
are
A) 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 the Senate.
D) never allowed to
serve more than 7-year terms.
Answer:
C
AACSB:
Reflective Thinking
20) Each governor on the Board of
Governors can serve
A) 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) one full
nonrenewable eight-year term plus part of another
term.
Answer:
B
AACSB:
Reflective Thinking
21) The Chairman of the
Board of Governors is chosen from among the seven
governors and
serves a ________,
renewable term.
A) one-year
B) two-year
C) four-year
D) eight-year
Answer:
C
AACSB:
Reflective Thinking
22) While the discount rate
is
rate is determined by
A)
Congress.
B) the president of the
United States.
C) the Senate.
D) the Board of Governors.
Answer:
D
AACSB:
Reflective Thinking
23) Which of the followings is a duty
of the Board of Governors of the Federal Reserve
System?
A) setting margin requirements,
the fraction of the purchase price of the
securities that has to be
paid for with
cash
B) setting the maximum interest
rates payable on certain types of time deposits
under Regulation
Q
C)
regulating credit with the approval of the
president under the Credit Control Act of 1969
D) All governors advise the president
of the United States on economic policy.
Answer:
A
AACSB:
Reflective Thinking
24) 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
purchase price of the securities that has to be
paid for with cash
B)
setting the maximum interest rates payable on
certain types of time deposits under Regulation
Q
C) approving the discount
rate
D) voting on the conduct of open
market operations
Answer:
B
AACSB:
Reflective Thinking
25) The
Federal Open Market Committee usually meets
________ times a year.
A) four
B) six
C) eight
D) twelve
Answer:
C
AACSB:
Reflective Thinking
26) The Federal Reserve
entity that makes decisions regarding the conduct
of open market
operations is the
A) Board of Governors.
B) chairman of the Board of Governors.
C) Federal Open Market Committee.
D) Open Market Advisory Council
Answer:
C
AACSB:
Reflective Thinking
27) The Federal Open Market Committee
consists of the
A) 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
banks.
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:
C
AACSB:
Reflective Thinking
28) The majority of members of the
Federal Open Market Committee are
A)
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:
D
AACSB:
Reflective Thinking
29) Each Fed bank president attends
FOMC meetings; although only ________ Fed bank
presidents vote on policy, all ________
provide input.
A) three; ten
B) five; ten
C) three;
twelve
D) five; twelve
Answer:
D
AACSB:
Reflective Thinking
30)
Although reserve requirements and the discount
rate are not actually set by the ________,
decisions concerning these policy tools
are effectively made there.
A) Federal
Reserve Bank of New York
B) Board of
Governors
C) Federal Open Market
Committee
D) Federal Reserve Banks
Answer:
C
AACSB:
Reflective Thinking
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