19 A prolonged period of an official interest rate very close to zero without increase in economic growth most likely suggests: A quantitative easing must be limited to be successful. B there may be limits to the effectiveness of monetary policy C targeting reserve levels is more important than targeting interest rates. 为什么利率降到0还不能促进经济？这个是通常新闻里看到的说欧洲日本等国家出现负利率吗？ 货币政策都有哪些缺陷？

16 A country that maintains a target exchange rate is most likely to have which outcome when its inflation rate rises above the level of the inflation rate in th target country? A An increase in short-term interest rates. B An increase in the domestic money supply. C An increase in its foreign currency reserves. 什么是目标汇率？怎么保住目标汇率，有哪些方法？

15 A central bank that decides the desired levels of interest rates and inflation an the horizon over which the inflation objective is to be achieved is most accurately described as being: A target independent and operationally independent. B target independent but not operationally independent. C operationally independent but not target independent. 什么是目标独立和操作独立？什么情况下不独立？

12 Which is the most accurate statement regarding central banks and monetarypolicy?A Central bank activities are typically intended to maintain price stability.B Monetary policies work through the economy via four independentchannels.C Commercial and inter-bank interest rates move inversely to official interestrates.B选项是哪4个渠道？基础课老师好像没有展开讲

视频这里老师把A选项讲反了吧，不是名义利率的变化只影响通胀率，而是名义利率的变化只能是来源于通胀率的变化 另外，为什么费雪假设真实利率是相对稳定的？

4 According to the theory of money neutrality, money supply growth does not affect variables such as real output and employment in A the long run. B the short run. C the long and short run. 为什么货币在长期不影响产出？货币在短期怎样影响产出？

货币主义认为什么导致经济周期？是外部冲击和政府干预（主要是货币供应量改变）导致呢？还是只有政府干预导致？

商业周期中，对于“库存/销售”指标的变化几个问题？ 1）在刚开始复苏阶段，为什么库存/销售指标开始上升？ 2）在扩张阶段，库存和销售都开始增长，所以指标比较稳定，对吗？ 3）在放缓阶段，销售是下降的，库存这个阶段是上升的吗？ 4）在衰退阶段，库存/销售指标是怎么变化？

9 In a recession, companies are most likely to adjust their stock of physical capital by: A selling it at fire sale prices B not maintaining equipment. C quickly canceling orders for new construction equipment. 1）recession是四个阶段里的slowdown还是contraction?为什么有不一样的表述？ 2）关于取消订单，基础课老师讲contraction阶段新订单取消，这里是客户取消订单还是厂商自己取消订单？ 3）recession阶段，为什么厂商不立即取消订单？

3 An economic peak is most closely associated with: A accelerating inflation B stable unemployment. C declining capital spending. B选项，经济顶峰的时候失业率是稳定的吗？