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