单选题
If the U.S. Federal Reserve (the Fed) sells government securities, what will most likely be the impact on the real interest rate, inflation rate, employment rate, and real GDP in the short run?
Inflation Rate Real Interest Rate Real GDP Employment Rate
①A. Decrease Increase Decrease Decrease
②B. Decrease Decrease Decrease Increase
③C. Increase Decrease Increase Increase
A. ①B. ②C. ③
【正确答案】
A
【答案解析】If the U.S. Federal Reserve sells government securities for cash, cash is being withdrawn from circulation in the economy. This action will decrease the money supply. A decrease in the money supply will reduce the supply of funds that the banks can loan, which will cause real and nominal interest rates to increase. The increase in real and nominal interest rates will make it more expensive for businesses to finance their capital investments. Therefore, the economy will experience a contraction in business investment, which will also cause aggregate demand to decrease. The decline in aggregate demand will lead to a decline in real GDP, a decrease in the inflation rate, and a decrease in the employment rate.