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问题如下：

Question

In an effort to influence the economy, a central bank conducted open market activities by selling government bonds. This action implies that the central bank is most likely attempting to:

选项：

A.contract the economy by reducing bank reserves.

B.expand the economy through a lower policy interest rate.

C.contract the economy through a lower policy interest rate.

解释：

A is correct. Selling government bonds results in a reduction of bank reserves and reduces their ability to lend, causing a decline in money growth through the multiplier mechanism and hence a contraction in the economy.

B is incorrect. Central bank selling of bonds is not expansionary.

C is incorrect. Central bank selling of bonds will reduce the money supply through its impact on bank reserves, which will result in a higher, not lower, interest rate.

中文解析：

A正确。出售政府债券会导致银行准备金减少，并降低它们的放贷能力，从而通过乘数机制导致货币增长下降，从而导致经济收缩。

B不正确。央行出售债券并不是扩张性的。

C选项不正确。央行出售债券将通过对银行准备金的影响减少货币供应量，这将导致利率上升，而不是下降。