注册金融分析师一级-27.doc

注册金融分析师一级-27
（总分：30. 00，做题时间：90分钟）
一、单项选择题（总题数：30,分数：30. 00）
U. S. banks will generally opt to hold excess reserves imost accurately describes the generational effects of fiscal policy?
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Fiscal stimulus generates economic activity greater than the amount of the stimulus due to the multiplier effect on future generations.
Each generation of fiscal policy decisions has unintended effects that require another generation of fiscal policy actions to correct them.
Fiscal imbalances must be corrected in the future by increasing taxes or decreasing government spending, and much of the burden will fall on future generations. V
解析：Generational effects of fiscal policy refer to the burden of government deficits, which must be corrected by future increases in taxes or decreases in government spending. Studies show that in the U. S. , more than half of the burden of the fiscal imbalance will fall on future generations.
Which of the following statements about phases of the business cycle is most accurate?
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During an expansion, real output grows and unemployment increases.
During contraction, real output declines and unemployment decreases.
The business peak is the highest output （measured in GDP） of an expansion. 』 解析：Only the business peak is accurately described.
Automatic stabilizers are government programs that tend to:
（分数：）
automatically increase t