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11. Climate change could lead to cooling in western Europe because A. melting sea ice will cool the oceans B. changes in ocean salinity could affect ocean currents C. methane could be released from melting Arctic permafrost D. all of the above

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Related questions

7. The most important sources of potentially serious damage from climate change include A. melting sea ice and the associated rise in sea levels B. Gulfstream shutdown C. increased albedo D. All of the above

In reading/listening to the news, you must have heard of the word QE 2. Like some folks note, QE 2 sounds like a luxury ocean liner. Aah! I wish it is, but to the contrary QE 2 is more like the Titanic.

Here are the facts: In November 2010, Mr. Bernanke announced that the Fed would implement the second round of quantitative easing, also known as QE 2 among the financial folks. In QE 2 the Fed would purchase $600 billion in long-term US Treasury Bonds, ostensibly to push down long-term interest rates. Of course, the Fed will not buy the $800 billion worth of US bonds in one purchase but it plans to stretch it over many months.

Then in July 2012, there are reports that the Fed is contemplating a QE 3 because the economies of European countries are slowing down fast. China admits that its economy is slowing down too because of the situation in Europe. So the Fed strongly hints that the Fed might act soon regarding a QE 3. On September 13, 2012, the Fed acted on QE 3. But then in July 2013, the Fed showed signs that it may slow down its purchase of US securities since the economy shows signs of continuing growth. Stock prices decrease upon hearing that the Fed may reduce its economic stimulus.

a) In QE 2, the Fed is the buyer, but who is the seller?

b) Why would the Fed want to push down long term interest rates?

c) Foreign currency traders are carefully watching the magnitude of the potential QE 3, i.e. how much billions of dollars would the Fed spend to purchase US Treasury Bonds. Why do these traders worry so much about QE 3?

c) What would be the ultimate consequence of QE 2 and QE 3?

d) Why would the stock market decrease when the Fed wants to decrease its purchase of US securities?

e) On February 1, 2014, Ms. Yellen, became the new Fed Chairman. At her February 11, 2014 testimony before Congress, Ms. Yellen pledged that she will continue to maintain Mr. Bernanke's policies by scaling back stimulus by measured steps and only a notable change in the economic outlook will prompt her to slow the pace of tapering.

Could you explain what Ms. Yellen is saying?

30. The main point of Frederic Bastiat's satire is that:
A. French candle makers would benefit from government restrictions on trade
B. French soybean farmers would benefit from a tariff on U.S. soybeans
C. The arguments in favor of trade protectionism are sometimes ridiculous
D. The arguments in favor of trade protectionism are sometimes well-intended.
31. People demand some money for precautionary reasons mostly because they are:
a. reacting to government policies.
b. risk averse
c. not worried about future uncertainty.
d. concerned about future interest rates.
e. all of the above.
32. If an economy is experiencing recession, the FED should:
a. raise the discount rate.
b. buy government bonds.
c. sell government bonds
d. raise the reserve ratio
e. raise margin requirements
33. If an economy is experiencing inflation, the FED should:
a. raise the discount rate
b. lower the reserve ratio
c. buy government bonds
d. all of the above
e. none of the above
34. FED policy is intended to have an initial short run impact on:
a. Aggregate Supply.
b. Aggregate Demand.
c. Government Purchases.
d. Consumption.
e. all of the above.
35. Which of the following would lead to an increase in the transactions demand for money?
a. an increase in the rate of return on stocks and other financial assets.
b. a reduction in the real interest rate.
c. an increase in the government’s national debt.
d. an increase in consumers’ incomes.
e. all of the above.
36. Which of the following is a relevant question today about the Fed?
a. Should it be audited?
b. Who owns it?
c. Is it still relevant?
d. All of the above
37. If the reserve ratio is 5 percent, the simple money multiplier is:
a. 5
b. 10
c. 15
d. 20
e. 25
38. Use the correct answer from question 37 above to determine how much the money supply could
change if the Fed buys $1,000 in government bonds.
a. It will increase by 20,000
b. It will increase by 25,000
c. It will decrease by 10,000
d. It will decrease by 20,000
e. None of the above.
39. The asset demand for money is a function of:
a. income.
b. government transfer payments.
c. anticipated emergencies.
d. FED monetary policy.
e. the prevailing interest rate.
40. The new tariffs on aluminum and steel imposed by the Trump Administration are based on which argument for protection:
a. the infant industry argument
b. the military self sufficiency argument
c. the cheap labor argument
d. the dumping argument
e. any of the above could be correct

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