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ECO 372 Assignment Week 5 Practice Fiscal and Monetary Policy Quiz (100% Correct) (All Possible Question/Answer)
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ECO 372 Assignment Week 5 Practice Fiscal and Monetary Policy Quiz (100% Correct) (All Possible Question/Answer)

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The existence of lags in designing and implementing fiscal policy helps illustrate some of the limitations of fiscal policy aimed at easing the burdens of a recession.

 

Which of the following statements best describes a situation when fiscal policy is more appropriate?

 

hen an economy contracts. Automatic stabilizers help to make a recession or inflation less severe, without any direct or new government action.

 

For each of the following scenarios, determine which time lag is most likely to result when designing and implementing fiscal policy.

 

a. The separation of power demonstrated between the legislative and executive branches of government combined with strong partisanship attitude among our elected politicians.

 

b. The fact that it takes economists working for the National Bureau of Economic Research months to declare the dates of peaks and troughs.

 

c. The time it takes to design and build new infrastructure after these projects have been passed by the legislature.

 

 

Fiscal policy is enacted through changes in

 

 

 

One timing problem in using fiscal policy to counter a recession is the "implementation lag" that occurs between the

 

 

The time that elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as a(n)

 

 

Using fiscal policy to stabilize the economy is difficult because

 

If the government wishes to increase the level of real GDP, it might reduce

 

 

Fiscal policy is sometimes initiated on the advice of the

 

 

Automatic stabilizers smooth fluctuations in the economy because they produce changes in the government's budget that

 

 

When the federal government cuts taxes and increases purchases to stimulate the economy during a period of recession, such actions are designed to be

 

If the U.S. Congress passes legislation to raise taxes to control demand-pull inflation, then this would be an example of a(n)

 

 

Unemployment compensation is

 

One timing problem in using fiscal policy to counter a recession is the "legislative lag" that occurs between the

 

Due to automatic stabilizers, when the nation’s total income rises, government transfer payments

 

When the federal government changes purchases and/or taxes to stimulate the economy or rein in inflation, such policy is

 

One timing problem in using fiscal policy to counter a recession is the "recognition lag" that occurs between the

 

The lag between the time that the need for fiscal action is recognized and the time action is actually taken is referred to as the

 

If Congress passes legislation to increase government purchases to counter the effects of a recession, then this would be an example of a(n)

 

Payments made by the government that do not require an exchange of economic activity in return are also known as

 

If taxes and government expenses did not vary with income, then income would

 

Which of the following is an example of built-in stability? As real GDP decreases,

 

When changes in taxes and government purchases occur in the economy without explicit action by Congress, such changes are referred to as

 

a. The discount rate is the:

 

 

b. If the Fed were to decrease the discount rate, banks will borrow:

 

Explanation

a. The discount rate is the interest rate at which banks can borrow reserves from the Federal Reserve. When banks find themselves without enough reserves, they can borrow additional reserves from the Fed. However, banks will incur the discount rate as a cost for borrowing the funds.

 

b. When the Fed decreases the discount rate, it becomes cheaper to borrow reserves if a bank needs them. Because it is less costly to borrow reserves, banks may take on additional risk to make more loans. As a result, banks may hold fewer reserves since they can borrow reserves from the Fed at a lower cost than before.

Suppose the reserve requirement is 10%.

 

a. If the Federal Reserve decreases the reserve requirement, banks can lend out:

 

 

b. The Federal Reserve:

 

 

If the Fed sells government securities to the general public in the open market, the _____.

 

The discount rate is the interest _____.

 

 

Financial markets pay close attention to changes in the federal funds rate because these changes _____.

 

If the Fed buys government securities from commercial banks in the open market _____.

 

Which of the monetary policy tools can alter both the level of excess reserves and the money multiplier?

 

A newspaper headline reads: "Fed Cuts Federal Funds Rate for Fifth Time This Year." This headline indicates that the Federal Reserve is most likely trying to _____.

 

•          

The discount rate

Traditionally, the Fed often communicated its intentions to restrict or expand monetary policy by announcing a change in its target for the _____.

 

The purpose of expansionary monetary policy is to increase _____.

 

 

Which of the following Fed actions increases the excess reserves of commercial banks?

 

The purchase and sale of government securities by the Fed is called _____.

 

The major purpose of the Federal Reserve buying government securities in open market operations is to _____.

 

The interest rate at which the Federal Reserve Banks lend to commercial banks is called the _____.

 

An increase in the money supply, all else held constant, usually _____.

 

The lending ability of commercial banks increases when the _____.

 

The Fed directly sets _____.

 

Which of the following statements is correct?

 

The federal funds rate is the interest rate that _______ charge(s) _______.

 

The demand curve for federal funds is _____.

 

In an effort to stabilize the banking sector and keep banks lending, from October 2008 to September 2009, the Fed _____.

 

During the Christmas shopping season, the demand for money increases significantly. To offset the increase in money demand, the Fed must ______ the money supply, which will put ______ pressure on nominal interest rates.

 

The fundamental objective of monetary policy is to assist the economy in achieving a _____.

 

Reserves borrowed at the federal funds rate are usually repaid _____.

 

The interest rate that banks use as a reference point for interest rates on a wide range of loans to businesses and individuals is the _____.

 

When the Fed wants to lower the federal funds rate, it _____.

 

 

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