第1題

FinancialmarketsandinstitutionsAinvolvethemovementofhugeflowsofmoneyBaffecttheprofitsofbusinessesCaffectthetypesofgoodsandservicesproducedinaneconomyDdoeachoftheabove第2題Well-functioningfinancialmarketspromoteAinflationBdeflationCunemploymentDgrowth第3題Thepricepaidfortherentalofborrowedfunds(usuallyexpressedasapercentageoftherentalof$100peryear)iscommonlyreferredtoastheAinflationrateBexchangerateCinterestrateDaggregatepricelevel第4題Whichofthefollowingcanbedescribedasdirectfinance?AYoutakeoutamortgagefromyourlocalbankBYouborrow$2500fromafriendCApensionfundlendsmoneytoGeneralMotorsDYoubuysharesinamutualfund第5題SecondarymarketsmakefinancialinstrumentsmoreAsolidBfluidCliquidDrisky第1題CurrencyincludesApapermoneyandcoinsBpapermoney,coins,andchecks.CpapermoneyandchecksDpapermoney,coins,checks,andsavingsdeposits第2題Ifpeanutsserveasamediumofexchange,aunitofaccount,andastoreofvalue,thenpeanutsareAbankdepositsBmoneyCreservesDloanablefunds第3題Whichofthefollowingaretruestatements?ATheconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyincreasingthecostofexchangeBTheconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyincreasingthecosttothosewhowishtospecializeCTheconversionofabartereconomytoonethatusesmoneyincreasesefficiencybyreducingtransactionscostsDAlloftheabovearetrue第4題Becauseitisamediumofexchange,moneyAeliminatestherequirementforadoublecoincidenceofwantsBencouragesspecializationCreducestransactioncostsDdoesalloftheabove第5題Theevolutionofthepaymentssystemfrombartertopreciousmetals,thentofiatmoney,thentocheckscanbestbeunderstoodasaconsequenceofAgovernmentregulationsdesignedtoimprovetheefficiencyofthepaymentssystemBgovernmentregulationsdesignedtopromotethesafetyofthepaymentssystemCinnovationsthatreducedthecostsofexchanginggoodsandservicesDalloftheabovetest3第1題Theinterestratethatequatesthepresentvalueofpaymentsreceivedfromadebtinstrumentwithitsvaluetodayisthe()Asimpleinterestrate.Bdiscountrate.Cyieldtomaturity.Drealinterestrate.第2題Toclaimthatalotterywinnerwhoistoreceive1millionperyearfortwentyyearshaswon20millionignorestheconceptof()Aamortizingaloan.Bparvalue.Cdeflation.Ddiscountingthefuture.Efacevalue.第3題Thepresentvalueofalotteryprizepaying$1millioneachyearfortwentyyears,discountedatarateof10percent,isworth()Amorethen$30million.Bbetween20millionand30million.Cexactly$20million.D$18million.Elessthan$10million.正確答案：E第4題Withaninterestrateof5percent,thepresentvalueof$100nextyearisapproximately()A$100.B$105.C$95.D$90.第5題Withaninterestrateof8percent,thepresentvalueof$100nextyearisapproximately()A$108.B$100.C$96.D$93第6題Acreditmarketinstrumentthatprovidestheborrowerwithanamountoffundsthatmustberepaidatthematuritydatealongwithaninterestpaymentisknownasa()Asimpleloan.Bfixed-paymentloan.Ccouponbond.Ddiscountbond.第7題Ifa$20,000couponbondhasacouponrateof8percent,thenthecouponpaymenteveryyearisA$80B$160C$1600D$800第8題Whichofthefollowing$1,000face-valuesecuritieshasthehighestyieldtomaturityAA5percentcouponbondsellingfor$1,000BA10percentcouponbondsellingfor$1,000CA12percentcouponbondsellingfor$1,000DA12percentcouponbondsellingfor$1,100第9題Thereturnona10percentcouponbondthatinitiallysellsfor1,000andsellsfor1,200nextyearisA15%B25%C30%D33%第10題Adiscountbondsellingfor15,000withafacevalueof20,000inoneyearhasayieldtomaturityofA3%B20%C25%D33.3%E66.7%test4第1題Theinterestratethatequatesthepresentvalueofpaymentsreceivedfromadebtinstrumentwithitsvaluetodayisthe()AsimpleinterestratE.BdiscountratE.Cyieldtomaturity.DrealinterestratE.第2題Toclaimthatalotterywinnerwhoistoreceive1millionperyearfortwentyyearshaswon20millionignorestheconceptof()Aamortizingaloan.BparvaluE.Cdeflation.DdiscountingthefuturE.EfacevaluE.第3題Thepresentvalueofalotteryprizepaying$1millioneachyearfortwentyyears,discountedatarateof10percent,isworth()Amorethen$30million.Bbetween20millionand30million.Cexactly$20million.D$18million.Elessthan$10million.正確答案：E第4題Withaninterestrateof5percent,thepresentvalueof$100nextyearisapproximately()A$100.B$105.C$95.D$90.第5題Withaninterestrateof8percent,thepresentvalueof$100nextyearisapproximately()A$108.B$100.C$96.D$93.第6題Acreditmarketinstrumentthatprovidestheborrowerwithanamountoffundsthatmustberepaidatthematuritydatealongwithaninterestpaymentisknownasa()Asimpleloan.Bfixed-paymentloan.CcouponbonD.DdiscountbonD.第7題Whichofthefollowingaretrueofsimpleloans?()AAsimpleloanrequirestheborrowertorepaytheprincipalandinterestatthematuritydatE.BandCInstallmentloansandmortgagesarefrequentlyofthefixedpaymenttypE.DoftheabovE.EandFTheborrowerrepaystheloanbymakingthesamepaymenteverymonth.GoftheabovE.HBothIBoth第8題Forsimpleloans,thesimpleinterestrateis()theyieldtomaturity.AgreaterthanBlessthanCequaltoDnotcomparableto第9題Aloanthatrequirestheborrowertomakethesamepaymenteveryperioduntilthematuritydateiscalleda()Asimpleloan.Bfixed-paymentloan.Cdiscountloan.Dasame-paymentloan.EnoneoftheabovE.第10題Whichofthefollowingaretrueoffixedpaymentloans?()ATheborrowerrepaysboththeprincipalandinterestatthematuritydatE.BandCInstallmentloansandmortgagesarefrequentlyofthefixedpaymenttypE.DoftheabovE.EandFTheborrowerrepaystheloanbymakingthesamepaymenteverymonth.GoftheabovE.HBothIBoth正確答案：I第11題TEST5第1題單選題(1)IftheexpectedreturnonABCstockrisesfrom5to10percentandtheexpectedreturnonCBSstockisunchanged,thentheexpectedreturnofholdingCBSstock_____relativetoABCstockandthedemandforCBSstock_____()Arises;risesBrises;fallsCfalls;risesDfalls;falls第2題IftheexpectedreturnonABCstockrisesfrom5to10percentandtheexpectedreturnonCBSstockisunchanged,thentheexpectedreturnofholdingCBSstock_____relativetoABCstockandthedemandforCBSstock_____()Arises;risesBrises;fallsCfalls;risesDfalls;falls第3題IftheexpectedreturnonNBCstockrisesfrom5to10percentandtheexpectedreturnonCBSstockrisesfrom12to18percent,thentheexpectedreturnofholdingCBSstock_____relativetoNBCstockandthedemandforCBSstock_____()Arises;risesBrises;fallsCfalls;risesDfalls;falls第4題IfinterestratesonTreasurybondsaresuddenlyexpectedtoshootup,then,otherthingsequal,thedemandforhouseswill_____andthatofTreasurybondswill_____()Aincrease;increaseBincrease;decreaseCdecrease;decreaseDdecrease;increase第5題Ifstockpricesareexpectedtodropdramatically,then,otherthingsequal,thedemandforstockswill_____andthatofTreasurybillswill_____()Aincrease;increaseBincrease;decreaseCdecrease;decreaseDdecrease;increase第6題Adecreaseinexpectedinflationshiftsthedemandforbondstothe________,thesupplyofbondstothe________,andtheinterestrate_______()Aright;right;risesBright;left;risesCright;left;fallsDleft;left;fallsEleft;right;rises第7題Duringabusinesscyclecontraction,thesupplyofbondsshiftstothe_____asbusinessesperceivefewerprofitableinvestmentopportunities,whilethedemandforbondsshiftstothe_____asaresultofthedecreaseinwealth.()Aright;leftBright;rightCleft;leftDleft;rightTEST6第1題Ifthepossibilityofadefaultincreasesbecausecorporationsbegintosufferlosses,thenthedefaultriskoncorporatebondswill_____,andthebonds’returnswillbecome_____uncertain,meaningthattheexpectedreturnonthesebondswilldecrease.()Aincrease;lessBincrease;moreCdecrease;lessDdecrease;more第2題Thetheoryofassetdemandpredictsthatasthepossibilityofadefaultonacorporatebondincreases,theexpectedreturnonthebond_____whileitsrelativeriskiness_____()Arises;risesBrises;fallsCfalls;risesDfalls;falls第3題Thetheoryofassetdemandpredictsthatadeclineintheexpectedreturnoncorporatebondsduetoariseinrelativeriskinesscauses()Aadeclineinthedemandfordefault-freebonds.Banincreaseinthedemandofcorporatebonds.Cadeclineinthedemandforcorporatebonds.Dadeclineinthesupplyofcorporatebonds.第4題Yieldcurvescanbeclassifiedas()Aupwardsloping.BandCdownwardsloping.Doftheabove.Eflat.Falloftheabove.Gonly正確答案：F第5題Thetermstructureofinterestratesis()Atherelationshipamonginterestratesofdifferentbondswiththesamematurity.Bthestructureofhowinterestratesmoveovertime.Ctherelationshipamongthetermtomaturityofdifferentbonds.Dtherelationshipamonginterestratesonbondswithdifferentmaturities.第6題Theliquiditypremiumtheoryofthetermstructure()Aindicatesthattoday’slong-terminterestrateequalstheaverageofshort-terminterestratesthatpeopleexpecttooccuroverthelifeofthelong-termbond.Bassumesthatbondsofdifferentmaturitiesareperfectsubstitutes.Csuggeststhatmarketsforbondsofdifferentmaturitiesarecompletelyseparatebecausepeoplehavepreferredhabitats.Ddoesnoneoftheabove.test8第1題Whichofthefollowingisnotoneoftheeightbasicpuzzlesaboutfinancialstructure?()AOnlylarge,well-establishedcorporationshaveaccesstosecuritiesmarketstofinancetheiractivities.BIndirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.CCollateralisaprevalentfeatureofdebtcontractsforhouseholds,butnotbusinesssincetheyhavemanyalternativesourcesforfunds.DBanksarethemostimportantsourceofexternalfundstofinancebusinesses.第2題Financialintermediariesprovidetheircustomerswith()Areducedtransactionscosts.Bincreaseddiversificationandreducedrisk.CandDgreaterliquidity.Eoftheabove.Falloftheabove.Gonly正確答案：F第3題Thecurrentstructureoffinancialmarketscanbebestunderstoodastheresultofattemptsbyfinancialmarketparticipantsto()Aadapttocontinuallychanginggovernmentregulations.BdealwiththegreatnumberofsmallfirmsintheUnitedStates.Creducetransactioncosts.Dcartelizetheprovisionoffinancialservices.第4題Thereductionintransactionscostsperdollarofinvestmentasthesizeoftransactionsincreasesis()Adiscounting.BandCeconomiesofscale.Doftheabove.Eeconomiesoftrade.Fdiversification.Gboth第5題Theproblemcreatedbyasymmetricinformationbeforethetransactionoccursiscalled_____,whiletheproblemcreatedafterthetransactionoccursiscalled()Aadverseselection;moralhazardBmoralhazard;adverseselectionCcostlystateverification;free-ridingDfree-riding;costlystateverification第6題The“l(fā)emonsproblem”existsbecauseof()Atransactionscosts.Beconomiesofscale.Cregulation.Dasymmetricinformation.Erationalexpectations.test9第1題Abank’sbalancesheet()Ashowsthattotalassetsequalstotalliabilitiesplusequitycapital.BandClistssourcesandusesofbankfunds.DoftheaboveEindicateswhetherornotthebankisprofitable.Fdoesalloftheabove.Gdoesonly正確答案：G第2題Whichofthefollowingstatementsaretrue?()AAbank’sassetsareitssourcesoffunds.BAbank’sliabilitiesareitsusesoffunds.CAbank’sbalancesheetshowsthattotalassetsequaltotalliabilitiesplusequitycapital.DEachoftheabove.第3題Whichofthefollowingarereportedasliabilitiesonabank’sbalancesheet?().ANontransactiondepositsBandCBankcapitalDoftheaboveEandFLoansGoftheaboveHOnlyIOnly正確答案：H第4題Checkabledepositsandmoneymarketdepositaccountsare()Apayableondemand.BandCandDliabilitiesofthebanks.Eoftheabove.Fassetsofthebanks.Goftheabove.HonlyIonly正確答案：H第5題When$1millionisdepositedatabank,therequiredreserveratiois20percent,andthebankchoosesnottoholdanyexcessreservesbutmakesloansinstead,then,inthebank’sfinalbalancesheet,()Atheassetsatthebankincreaseby$800,000.Btheliabilitiesofthebankincreaseby$1,000,000.Ctheliabilitiesofthebankincreaseby$800,000.Dreservesincreaseby$160,000.第6題Ifabankhas100,000ofdeposits,arequiredreserveratioof20percent,anditholds30,000inreserves,thenithasenoughreservestosupportadepositoutflowof()A$20,000.BorC$11,000.Doftheabove.EorF$5,000.Goftheabove.HeitherIeither正確答案：I第7題Ifabankhas100,000ofdeposits,arequiredreserveratioof20percent,anditholds40,000inreserves,thenthemaximumdepositoutflowitcansustainwithoutalteringitsbalancesheetis()A$30,000.B$25,000.C$20,000.D$10,000.第8題Abankfailureislesslikelytooccurwhen().AabankholdsfewerBabanksufferslargedepositoutflows.Cabankholdsmoreexcessreserves.Dabankhaslessbankcapital.ES.governmentsecurities.test10第1題test10第1題Whichofthefollowingaredepositoryinstitutions?()ACommercialbanksBCreditunionsCSavingsandloanassociationsDMutualsavingsbanksEAlloftheabove正確答案：E第2題Themonetarybaseconsistsof()Acurrencyincirculationandvaultcash.Bcurrencyincirculationandgovernmentsecurities.Ccurrencyincirculationandreserves.Dreservesandgovernmentsecurities.Ecurrencyincirculationanddiscountloans.第3題Thesumofvaultcashandbankdepositsatcentralbankiscalled()Athemonetarybase.Bthemoneysupply.Creserves.Ddiscountloans.第4題Totalreservesarethesumof__________.()Aexcessreserves;borrowedreserves.Brequiredreserves;currencyincirculationCvaultcash;excessreservesDvaultcash;bankdepositswiththeFedEexcessreserves;requiredreserves正確答案：E第5題Theamountofdepositsthatbanksmustholdinreserveis()Aexcessreserves.Brequiredreserves.Ctotalreserves.Dvaultcash.Ebankdepositsincentralbank第6題Thepercentageofdepositsthatbanksmustholdinreserveinthe()Aexcessreserveratio.Brequiredreserveratio.Ctotalreserveratio.Dvaultcashratio.Ecurrencyratio.第7題Adecreaseingovernmentsecuritiesheldbythecentralbankleadsto()Aanincreaseinthemonetarybase.BandCanincreaseinthemoneysupply.Doftheabove.Eadeclineinthemoneysupply.Fonly正確答案：E第8題Bymakingdiscountloans()Athecentralbankprovidesreservestothebankingsystem.BandCthecentralbankearnsinterestincome.Doftheabove.EtheTreasuryincreasesitsdeposits.Falloftheabove.Gboth正確答案：G第9題Asaleofgovernmentbondsbythecentralbank()Aiscalledanopenmarketissue.BandCdecreasesthemonetarybase,allelsebeingthesame.Doftheabove.Eincreasesdiscountloans,allelsebeingthesame.Fdoesonly第10題Ifabankhasexcessreservesof4,000anddemanddepositliabilitiesof100,000,andifthereserverequirementis10percent,thenthebankhasactualreservesof().A$24,000.B$19,000.C$14,000.D$29,000.第11題ABCBankhasexcessreservesof$150.Assumingarequiredreserveratioof10%,theFirstBankcanlend()A$1500.B$750.C$150.D$135.E$0.第12題Ifthecentralbankpurchases$100worthofbondsfromabankthatpreviouslyhadnoexcessreserves,depositsinthebankingsystemcanpotentiallyincreaseby()A$10.B$100.C$100timesthedepositexpansionmultiplier.D$100timestherequiredreserveratio.moneydemand第1題Thequantitytheoryofmoneyisatheoryof()Ahowthemoneysupplyisdetermined.Bhowinterestratesaredetermined.Chowthenominalvalueofaggregateincomeisdetermined.Dalloftheabove.第2題IfnominalGDPis$10trillion,andvelocityis10,themoneysupplyis()A$100trillion.B$10trillion.C$5trillion.D$1trillion.Enoneoftheabove.TEST13第1題TheFedusesthreepolicytoolstomanipulatethemoneysupply:openmarketoperations,whichaffectthe_____;changesindiscountlending,whichaffectthe_____byinfluencingthequantityofdiscountloans;andchangesinreserverequirements,whichaffectthe_____.()Amoneymultiplier;monetarybase;monetarybaseBmonetarybase;moneymultiplier;monetarybaseCmonetarybase;monetarybase;moneymultiplierDmoneymultiplier;moneymultiplier;monetarybase第2題Theinterestratechargedonovernightloansofreservesbetweenbanksisthe()Aprimerate.Bdiscountrate.Cinterbankofferedrate.DTreasurybillrate.Erediscountrate.第3題Inthemarketforreserves,