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Economics of Money, Banking, and Financial Markets, 12e (Mishkin)
Chapter 25 Transmission Mechanisms of Monetary Policy
25.1 Transmission Mechanism of Monetary Policy
1) Economic theory suggests that ________ interest rates are ________ important than ________
interest rates in explaining investment behavior.
A) nominal; more; real
B) real; less; nominal
C) real; more; nominal
D) market; more; real
Answer: C
Ques Status: Previous Edition
AACSB: Reflective Thinking
2) According to the traditional interest-rate channel, expansionary monetary policy lowers the
real interest rate, thereby raising expenditure on
A) business fixed investment.
B) government expenditure.
C) consumer nondurables.
D) net exports.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking
3) The monetary transmission mechanism that links monetary policy to GDP through real
interest rates and investment spending is called the
A) traditional interest-rate channel.
B) Tobins q theory.
C) wealth effects.
D) cash flow channel.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking
4) If the aggregate price level adjusts slowly over time, then an expansionary monetary policy
lowers
A) only the short-term nominal interest rate.
B) only the short-term real interest rate.
C) both the short-term nominal and real interest rates.
D) the short-term nominal, the short-term real, and the long-term real interest rates.
Answer: D
Ques Status: Previous Edition
AACSB: Reflective Thinking
1
Copyright © 2019 Pearson Education, Inc.
5) If monetary policy can influence ________ prices and conditions in ________ markets, then it
can affect spending through channels other than the traditional interest-rate channel.
A) asset; labor
B) asset; credit
C) commodity; labor
D) commodity; credit
Answer: B
Ques Status: Previous Edition
AAC
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