货币银行 章节题库 ch71Word文档下载推荐.docx
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Sometimesoneobservesthatthepriceofacompany'
sstockfallsaftertheannouncementof
favorableearnings.Thisphenomenonisconsistentwiththeefficientmarketshypothesisiftheearningswere
notashighasanticipated.
7)Thevalueofanyinvestmentisfoundby
A)computingthepresentvalueofallfuturecashflows.
B)computingthefuturevalueofallsales.
C)computingthepresentvalueofallfuturesales.
D)computingthepresentvalueofallfutureliabilities.
E)computingthefuturevalueofallfutureexpenses.
8)Intheone-periodvaluationmodel,anincreaseintherequiredreturn
A)reducesthecurrentpriceofastock.
B)increasesthecurrentpriceofastock.
C)reducesthedividendpayment.
D)increasestheexpectedsalespriceofastock.
E)reducestheexpectedsalespriceofastock.
9)Usingtheone-periodvaluationmodel,assumingayear-enddividendof$0.11,anexpectedsalespriceof$110,andarequiredrateofreturnof10%,thecurrentpriceofthestockwouldbe
A)$110.11.B)$100.00.C)$121.12.D)$100.11E)$100.10
10)Usingtheone-periodvaluationmodel,assumingayear-enddividendof$11.00,anexpectedsalespriceof
$110,andarequiredrateofreturnof10%,thecurrentpriceofthestockwouldbe
A)$110.B)$121.C)$100D)$99E)$91
11)Inthegeneralizeddividendmodel,afuturesalespricefarinthefuturedoesnotaffectthecurrentstockprice
because
A)thecompanymaysufferbankruptcy.
B)thepresentvaluecannotbecomputed.
C)thestockmayneverbesold.
D)thesalespricedoesnotaffectthecurrentprice.
E)thepresentvalueisalmostzero.
12)UsingtheGordongrowthmodel,astock'
spricewillincreaseif
A)theexpectedsalespricerises.
B)dividendsarereduced.
C)thegrowthrateofdividendsfalls.
D)therequiredrateofreturnrises.
E)thedividendgrowthrateincreases.
13)UsingtheGordongrowthmodel,astock'
A)thefuturesalespriceincreases.
B)thedividendgrowthrateincreases.
C)therequiredrateofreturnincreases.
D)alloftheaboveoccur.
E)bothAandBoftheabove.
14)UsingtheGordongrowthmodel,astock'
A)thefuturesalespricefalls.
B)therequiredrateofreturnfalls.
C)thecurrentdividendfalls.
D)thedividendgrowthratefalls.
E)noneoftheabove.
15)Achangeinperceivedriskofastockchanges
A)thecurrentdividend.
B)theexpectedsalesprice.
C)therequiredrateofreturn.
D)theexpecteddividendgrowthrate.
E)alloftheabove.
16)Astock'
spricewillfallifthereis
A)anincreaseinperceivedrisk.
B)anincreaseintherequiredrateofreturn.
C)anincreaseinthefuturesalesprice.
D)alloftheabove.
17)Amonetaryexpansion_____stockpricesduetoadecreaseinthe_____andanincreaseinthe____.
A)increases;
dividendgrowthrate;
futuresalesprice
B)reduces;
futuresalesprice;
expectedrateofreturn
C)reduces;
currentdividend;
D)increases;
requiredrateofreturn;
E)increases;
dividendgrowthrate
18)Amonetarycontraction_____stockpricesduetoadecreaseinthe_____andanincreaseinthe_____.
A)reduces;
B)increases;
C)increases;
requiredrateofreturn
D)reduces;
E)reduces;
19)Anincreaseinuncertaintyduetothreatofwarwill
A)increasestockpricesduetoahigherrequiredreturn.
B)notaffectstockprices.
C)depressstockpricesduetoalowerrequiredreturn.
D)increasestockpricesduetoalowerrequiredreturn.
E)depressstockpricesduetoahigherrequiredreturn.
20)Dishonestcorporateaccountingprocedurescausedstockpricesto
A)decreaseduetolowerexpecteddividendgrowthandhigherrequiredreturn.
B)remainunchanged.
C)increaseduetohigherexpecteddividendgrowthandhigherfuturesalesprice.
D)increaseduetohigherexpecteddividendgrowthandlowerrequiredreturn.
E)decreaseduetolowerexpecteddividendgrowthandlowerrequiredreturn.
21)Ifexpectationsofthefutureinflationrateareformedsolelyonthebasisofaweightedaverageofpastinflation
rates,theneconomicswouldsaythatexpectationformationis
A)irrational.B)adaptive.
C)rational.D)theresultofnoneoftheabove.
22)Accordingtoadaptiveexpectations,
A)expectationsofinflationareviewedasbeinganaverageofpastinflationrates.
B)expectationsofinflationareviewedasbeinganaverageofexpectedfutureinflationrates.
C)expectationsformationindicatesthatchangesinexpectationsoccurslowlyovertimeaspastdatachange.
D)onlyAandBoftheabove.
E)onlyAandCoftheabove.
23)Theadaptiveexpectationsview
A)regardsexpectationsofinflationasbeinganaverageofpastinflationrates.
B)hasbeencriticizedonthegroundsthatpeoplewillusemoreinformationthanjustpastdataonasinglevariabletoformtheirexpectationsofthatvariable.
C)holdsthatexpectationschangerelativelyquickly.
24)Themajorcriticismoftheviewthatexpectationsareformedadaptivelyisthat
A)adaptiveexpectationsmodelshavenopredictivepower.
B)thisviewignoresthatpeopleusemoreinformationthanjustpastdatatoformtheirexpectations.
C)itiseasiertomodeladaptiveexpectationsthanitistomodelrationalexpectations.
D)peopleareirrationalandthereforeneverlearnfrompastmistakes.
25)Ifexpectationsareformedadaptively,thenpeople
A)oftenchangetheirexpectationsquicklywhenfacedwithnewinformation.
B)usemoreinformationthanjustpastdataonasinglevariabletoformtheirexpectationsofthatvariable.
C)useonlytheinformationfrompastdataonasinglevariabletoformtheirexpectationsofthatvariable.
D)dononeoftheabove.
26)Inrationalexpectationstheory,thetermisessentiallysynonymouswith
A)thecorrectguess.B)thebestguess.
C)theactualoutcome.D)correctforecast.
27)Ifadditionalinformationisnotusedwhenforminganoptimalforecastbecauseitisnotavailableatthattime,
thenexpectationsare
A)formedadaptively.B)stillconsideredtobeformedrationally.
C)obviouslyformedirrationally.D)theresultofnoneoftheabove.
28)Accordingtorationalexpectationstheory,forecasterrorsofexpectations
A)tendtobepersistentlyhighorlow.B)aremorelikelytobepositivethannegative.
C)areunpredictable.D)aremorelikelytobenegativethanpositive.
29)Rationalexpectationsforecasterrorswillonaveragebe_____andtherefore_____bepredictedaheadoftime.
A)zero;
can
B)positive;
C)negative;
D)zero;
cannot
E)positive;
30)Ifmarketparticipantsnoticethatavariablebehavesdifferentlynowthaninthepast,then,accordingtorational
expectationstheory,wecanexpectmarketparticipantsto
A)nolongerpaycloseattentiontomovementsinthisvariable.
B)begintomakesystematicmistakes.
C)changethewaytheyformexpectationsaboutfuturevaluesofthevariable.
D)giveuptryingtoforecastthisvariable.
31)Accordingtorationalexpectations,
A)peoplewillusemoreinformationthanjustpastdataonasinglevariabletoformtheirexpectationsofthatvariable.
B)peopleoftenchangetheirexpectationsquicklywhenfacedwithnewinformation.
C)expectationswillnotdifferfromoptimalforecasts(thebestguessofthefuture)usingallavailable
information.
D)alloftheabovearetrue.
E)onlyAandBoftheabovearetrue.
32)Accordingtorationalexpectations,
B)expectationswillnotdifferfromoptimalforecasts(thebestguessofthefuture)usingallavailable
C)becausepeopleuseallavailableinformation,thepredictionrepresentedbytheexpectationwillalwaysbeperfectlyaccurate.
33)Thetheoryofrationalexpectations,whenappliedtofinancialmarkets,isknownas
A)thetheoryofstrictliability.B)monetarism.
C)thetheoryofimpossibility.D)theefficientmarketshypothesis.
34)Theefficientmarketshypothesis
A)isanapplicationofrationalexpectationstothepricingoffinancialsecurities.
B)holdsthattheexpectedreturnonasecurityequalstheequilibriumreturn.
C)isbasedontheassumptionthatpricesofsecuritiesfullyreflect