EXAM 1

Question 1

 

 

To keep large financial firms from behaving recklessly and endangering the rest of the economy, the Dodd-Frank Wall Street Reform and Consumer Protection Act created the

 

Question 2

 

 

A commercial bank that gets its charter from a state government (the state in which its headquarters are located) is called a ________ bank.

 

 

Question 3

 

 

Under the payoff method of handling a bank failure, the FDIC

 

Question 4

 

 

A national bank that is part of a financial holding company or a bank holding company is mainly supervised by the

 

Question 5

 

 

The period from November 1982 to the present is called the

 

Question 6

 

 

A period when a recession ends and an expansion begins is

 

Question 7

 

 

The short-term movement of output and other key economic variables around their long-term trends is known as

 

Question 8

 

 

The labor force consists of

 

Question 9

 

 

The inverse relationship between the money supply and the nominal interest rate is known as the

 

Question 10

 

 

A model in which money demand and supply determine the nominal interest rate is

 

Question 11

 

 

A general-equilibrium model is a model in which

 

Question 12

 

 

A model that does not allow variables to change over time is a

 

Question 13

 

 

A rise in wealth will cause household investment in housing to

 

Question 14

 

 

A rise in the real interest rate will cause consumer spending to

 

Question 15

 

 

Aggregate supply tells us

 

Question 16

 

 

The aggregate-demand curve shows the combinations of the price level and output that are consistent with equilibrium in the market for ____ and the market for ____.

 

Question 17

 

 

In RBC models, the government

 

Question 18

 

 

A univariate time-series model is

 

Question 19

 

 

A statistical model that assumes that the value of a variable at any date depends on its own past values, plus the past values of other variables, plus an error term is known as a

 

Question 20

 

 

The view that a change in the timing of taxes does not affect people's consumption is known as the

 

         EXAM 2

 

Question 1

 

 

When a country's currency depreciates, the prices of its exports ____ and the prices of its imports ____.

 

Question 2

 

 

Under absolute purchasing-power parity,

 

Question 3

 

 

If a currency depreciates relative to another currency by the amount by which the inflation rate is higher in the first country than in the second country, there is said to be

 

Question 4

 

 

A measure of the flows of goods and services out of a country into other countries or other items that cause payments to flow into the country is

 

Question 5

 

 

There are ____ Federal Reserve Banks.

 

Question 6

 

 

Federal Reserve Banks are owned by

 

Question 7

 

 

Purchases and sales of government securities in the secondary market are known as

 

Question 8

 

 

Which Fed chairman ensured the independence of the Federal Reserve in the 1950s?

 

Question 9

 

 

The Fed undertakes defensive open-market operations

 

Question 10

 

 

The Fed undertakes dynamic open-market operations

 

Question 11

 

 

Another name for the monetary base is

 

Question 12

 

 

The sum of seasonal credit discount loans, secondary credit discount loans, and primary credit discount loans that banks take out because of temporary problems are known as

 

Question 13

 

 

The Fed uses ____ monetary policy to cause the economy to grow faster in the short run; ____ in the money supply is an example of such a policy.

 

Question 14

 

 

The unemployment rate minus the natural rate of unemployment is known as the

 

Question 15

 

 

A decrease in the money supply is an example of ____ policy.

 

Question 16

 

 

The amount of output that would be produced by the economy if resources were being utilized at a high rate that is sustainable in the long run is

 

Question 17

 

 

Central banks that use inflation targeting usually communicate their goals and plans in a document known as the

 

Question 18

 

 

When a central bank increases money growth and reduces the interest rate, the bank is said to ________ policy.

 

Question 19

 

 

In inflation targeting, the range that represents the goal for the inflation rate is known as the

 

Question 20

 

 

If people expect higher inflation and the Fed takes actions that increase inflation, thus making people's expectations self-fulfilling, then

 

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