货币银行学题目答案.docx

货币银行学题目答案.docx

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货币银行学题目答案

货币银行学题目答案

Tutorial2

Dueon28th,Nov,2016

PartI:

Choosethebestanswer

1）FinancialmarketspromoteeconomicefficiencybyA）channelingfundsfrominvestorstosavers.B）creatinginflation.

C）channelingfundsfromsaverstoinvestors.D）reducinginvestment.

2）Acommonstockisaclaimonacorporation'sA）debtB）liabilitiesC）expenses

D）earningsandassets

3）CountriesthatexperienceveryhighratesofinflationhaveA）balancedbudgets.

B）rapidlygrowingmoneysupplies.C）fallingmoneysupplies.D）constantmoneysupplies.

4）AnimportantfinancialinstitutionthatassistsintheinitialsaleofsecuritiesintheprimarymarketistheA）investmentbank.B）commercialbank.C）stockexchange.D）brokeragehouse.

5）Whichofthefollowingcanbedescribedasinvolvingindirectfinance?

A）Youmakealoantoyourneighbor.B）Youbuysharesinamutualfund.

C）YoubuyaU.S.TreasurybillfromtheU.S.Treasury.

D）Acorporationbuysashort-termsecurityissuedbyanothercorporationintheprimarymarket.6）Whichofthefollowingcanbedescribedasdirectfinance?

A）Youtakeoutamortgagefromyourlocalbank.B）Youborrow$2500fromafriend.

C）Youbuysharesofcommonstockinthesecondarymarket.D）Youbuysharesinamutualfund.

7）Youcanborrow$5000tofinanceanewbusinessventure.Thisnewventurewillgenerateannualearningsof$251.ThemaximuminterestratethatyouwouldpayontheborrowedfundsandstillincreaseyourincomeisA）25%.B）12.5%.C）10%

D）5%

8）With________finance,borrowersobtainfundsfromlendersbysellingthemsecuritiesinthefinancialmarkets.A）active

B）determinedC）indirectD）direct

9）Whichofthefollowingstatementsaboutthecharacteristicsofdebtandequityisfalse?

A）Theycanbothbelong-termfinancialinstruments.B）Theycanbothbeshort-termfinancialinstruments.C）Theybothinvolveaclaimontheissuer'sincome

D）Theybothenableacorporationtoraisefunds10）SecondarymarketsmakefinancialinstrumentsmoreA）solid.B）vapid.C）liquid.D）risky

11）Thehigherasecurity'spriceinthesecondarymarketthe_________fundsafirmcanraisebysellingsecuritiesinthe_________market.A）more;primaryB）more;secondaryC）less;primaryD）less;secondary

12）AnimportantfinancialinstitutionthatassistsintheinitialsaleofsecuritiesintheprimarymarketistheA）investmentbank.B）commercialbank.C）stockexchange.D）brokeragehouse

13）Equityholdersareacorporation's________.Thatmeansthecorporationmustpayallofitsdebtholdersbeforeitpaysitsequityholders.A）debtorsB）brokers

C）residualclaimantsD）underwriters

14）Whichofthefollowingstatementsusestheeconomists'definitionofmoney?

A）Iplantoearnalotofmoneyoverthesummer.B）Betsyisrich，shehasalotofmoney.

C）IhopethatIhaveenoughmoneytobuymylunchtoday.

D）ThejobwithNewCompanygavemetheopportunitytoearnmoremoney.

15）Whencomparedtoexchangesystemsthatrelyonmoney,disadvantagesofthebartersysteminclude:

A）therequirementofadoublecoincidenceofwants.B）loweringthecostofexchanginggoodsovertime.

C）loweringthecostofexchangetothosewhowouldspecialize.D）encouragingspecializationandthedivisionoflabor

16）Whenmoneypricesareusedtofacilitatecomparisonsofvalue,moneyissaidtofunctionasaA）unitofaccount.

B）mediumofexchange.C）storeofvalue.

D）payments-systemruler

17）Patrickplaceshispocketchangeintohissavingsbankonhisdeskeachevening.Byhisactions,Patrickindicatesthathebelievesthatmoneyhasa________function.A）mediumofexchangeB）unitofaccountC）storeofvalueD）specialization

18）Peopleholdmoneyevenduringinflationaryepisodeswhenotherassetsprovetobebetterstoresofvalue.Thiscanbeexplainedbythefactthatmoneyis

A）extremelyliquid.

B）auniquegoodforwhichtherearenosubstitutes.C）theonlythingacceptedineconomicexchange.D）backedbygold

19）Inexplainingtheevolutionofmoney

A）governmentregulationisthemostimportantfactor.

B）commoditymoney,becauseitisvaluedmorehighly,tendstodriveoutpapermoney.C）newformsofmoneyevolvetolowertransactioncosts.

D）papermoneyisalwaysbackedbygoldandthereforemoredesirablethanchecks.

20）Duringthepasttwodecadesanimportantcharacteristicofthemodernpaymentssystemhasbeentherapidlyincreasinguseof___

A）checksanddecreasinguseofcurrency.B）electronicfundtransfers.C）commoditymonies.D）fiatmoney

21）Whichofthefollowingisnotvirtualmoney?

A）Qcoin（QQ）B）bitcoinC）LitecoinD）e-cash

22）IfanindividualmovesmoneyfromademanddepositaccounttoamoneymarketdepositaccountA）M1decreasesandM2staysthesame.B）M1staysthesameandM2increases.

C）M1staysthesameandM2staysthesame.D）M1increaseandM2decrease

23）Ifasecuritypays$110nextyearand$121theyearafterthat,whatisitsyieldtomaturityifitsellsfor$200?

A）percent:

B）10percentC）11percentD）12percent

24）Whichofthefollowingbondswouldyouprefertobebuying?

A）A$10,000face-valuesecuritywitha10percentcouponsellingfor$9,000B）A$10,000face-valuesecuritywitha7percentcouponsellingfor$10,000C）A$10,000face-valuesecuritywitha9percentcouponsellingfor$11,000D）A$10,000face-valuesecuritywitha10percentcouponsellingfor$10,000

25）Adiscountbondsellingfor$15,000withafacevalueof$20,000inoneyearhasayieldtomaturityofA）3percent.B）20percent.C）25percent.D）33.3percent.

26）Supposeyouareholdinga5percentcouponbondmaturinginoneyearwithayieldtomaturityof15percent.Iftheinterestrateonone-yearbondsrisesfrom15percentto20percentoverthecourseoftheyear,whatistheyearlyreturnonthebondyouareholding?

A）5percentB）10percentC）15percentD）20percent

27）Pricesandreturnsfor________bondsaremorevolatilethanthosefor________bonds,everythingelseheldconstant.

A）long-term;long-termB）long-term;short-termC）short-term;long-termD）short-term;short-term

28）Everythingelseheldconstant,iftheexpectedreturnonU.S.Treasurybondsfallsfrom8to7percentandtheexpectedreturnoncorporatebondsfallsfrom10to8percent,thentheexpectedreturnofcorporatebonds________relativetoU.S.Treasurybondsandthedemandforcorporatebonds________.A）rises;risesB）rises;fallsC）falls;risesD）falls;fall

29）Ifthepriceofgoldbecomeslessvolatile,then,otherthingsequal,thedemandforstockswill________andthedemandforantiqueswill________.A）increase;increaseB）increase;decreaseC）decrease;decreaseD）decrease;increase

30）Everythingelseheldconstant,ifinterestratesareexpectedtofallinthefuture,thedemandforlong-termbondstoday________andthedemandcurveshiftstothe________.A）rises;rightB）rises;leftC）falls;rightD）falls;left

31）Whentheinflationrateisexpectedtoincrease,the________forbondsfalls,whilethe________curveshiftstotheright,everythingelseheldconstant.A）demand;demandB）demand;supplyC）supply;demandD）supply;supply

32）Whenthegovernmenthasasurplus,asoccurredinthelate1990s,the________curveofbondsshiftstothe________,everythingelseheldconstant.A）supply;rightB）supply;leftC）demand;rightD）demand;left

33）Inthefigureabove,thepriceofbondswouldfallfromP1toP2A）inflationisexpectedtoincreaseinthefuture.B）interestratesareexpectedtofallinthefuture.

C）theexpectedreturnonbondsrelativetootherassetsisexpectedtoincreaseinthefuture.

D）theriskinessofbondsfallsrelativetootherassets.

34）DuringtheGreatDepressionyears1930-1933therewasaveryhighrateofbusinessfailuresanddefaults,wewouldexpecttheriskpremiumfor________bondstobeveryhigh.A）U.S.TreasuryB）corporateAaaC）municipalD）corporateBaa

35）Iftheexpectedpathof1-yearinterestratesoverthenextfiveyearsis2percent,4percent,1percent,4percent,and3percent,theexpectationstheorypredictsthatthebondwiththelowestinterestratetodayistheonewithamaturityofA）oneyear.B）twoyears.C）threeyears.D）fouryears.

36）If1-yearinterestratesforthenextthreeyearsareexpectedtobe4,2,and3percent,andthe3-yeartermpremiumis1percent,thenthe3-yearbondratewillbeA）1percent.B）2percent.C）3percent.D）4percent.

37）Accordingtoexpectationtheory,TheU-shapedyieldcurveinthefigureindicatesthatshort-terminterestratesareexpectedto

A）riseinthenear-termandfalllateron.

B）fallsharplyinthenear-termandriselateron.C）fallmoderatelyinthenear-termandriselateron.D）remainunchangedinthenear-termandriselateron

38）Accordingtoliquiditypremiumtheory,TheinvertedU-shapedyieldcurveinthefigureindicatesthattheinflationrateisexpectedtoA）risesharplyinthenear-termandfalllateron.B）fallmoderatelyinthenear-termandriselateron.C）risemoderatelyinthenear-termandfalllateron.D）remainunchangedinthefuture.

39）Ifasecuritypays$55inoneyearand$133inthreeyears,itspresentvalueis$150iftheinterestrateisA）5percent.B）10percent.C）12.5percent.D）15percent.

40）Ifaconsolhasapriceof$500andanannualinterestpaymentof$25,theinterestrateisA）2.5percent.B）5percent.C）7.5percent.D）10percent.

41）Theyieldonadiscountbasisofa180-day$1,000Treasurybillsellingfor$900isA）10percent.B）20percent.C）25percent.D）40percent.

42）Whatisthereturnona5percentcouponbondthatinitiallysellsfor$1,000andsellsfor$900nextye