《金融市场学》习题之欧阳道创编.docx

《金融市场学》习题之欧阳道创编.docx

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《金融市场学》习题之欧阳道创编

《金融市场学》复习题

时间：

2021.03.06

创作：

欧阳道

1.Commonstockisanexampleofa（n）______.

A）debtsecurity.B）moneymarketsecurity.C）equitysecurity.D）aandb

2.Therequiredreturntoimplementagivenbusinessprojectwillbe______ifinterestratesarelower. Thisimpliesthatbusinesseswilldemanda______quantityofloanablefundswheninterestratesarelower.

 A）greater;lowerB）lower;greaterC）lower;lowerD）greater;greater

3.Thefederalgovernmentdemandforloanablefundsis__________. Ifthebudgetdeficitwasexpectedtoincrease,thefederalgovernmentdemandforloanablefundswould________.

 A）interestelastic;decreaseB）interestelastic;increase

 C）interestinelastic;increaseD）interestinelastic;decrease

4.Iftherealinterestratewasnegativeforaperiodoftime,then

A）inflationisexpectedtoexceedthenominalinterestrateinthefuture.

B）inflationisexpectedtobelessthanthenominalinterestrateinthefuture.

 C）actualinflationwaslessthanthenominalinterestrate.

 D）actualinflationwasgreaterthanthenominalinterestrate.

5.Ifinflationturnsouttobelowerthanexpected

A）saversbenefit.

B）borrowersbenefitwhilesaversarenotaffected.

 C）saversandborrowersareequallyaffected.

 D）saversareadverselyaffectedbutborrowersbenefit.

6.AssumethatforeigninvestorswhohaveinvestedinU.S.securitiesdecidetoincreasetheirholdingsofU.S.securities. ThisshouldcausethesupplyofloanablefundsintheUnitedStatesto_____andshouldplace______pressureonU.S.interestrates.

A）decrease;upwardB）decrease;downwardC）increase;downwardD）increase;upward

7.Ifeconomicexpansionisexpectedtodecrease,thedemandforloanablefundsshould______andinterestratesshould______.

A）increase;increaseB）increase;decreaseC）decrease;decreaseD）decrease;increase

8.WhenJapaneseinterestratesrise,andifexchangerateexpectationsremainunchanged,themostlikelyeffectisthatthesupplyofloanablefundsprovidedbyJapaneseinvestorstotheUnitedStateswill______,andtheU.S.interestrateswill_______.

A）increase;increaseB）increase;decreaseC）decrease;decreaseD）decrease;increase

9.Assumethatannualizedyieldsofshorttermandlongtermsecuritiesareequal. Ifinvestorssuddenlybelieveinterestrateswillincrease,theiractionsmaycausetheyieldcurveto

A）becomeinverted.B）becomeflat.C）becomeupwardsloping.D）beunaffected.

10.Iftheliquiditypremiumexists,aflatyieldcurvewouldbeinterpretedasthemarketexpecting______ininterestrates.

A）nochangesB）aslightdecreaseC）aslightincreaseD）alargeincrease

11.Accordingtothesegmentedmarketstheory,ifmostinvestorssuddenlypreferredtoinvestinshorttermsecuritiesandmostborrowerssuddenlypreferredtoissuelongtermsecuritiestherewouldbe

A）upwardpressureonthepriceoflongtermsecurities.

B）upwardpressureonthepriceofshorttermsecurities.

C）downwardpressureontheyieldoflongtermsecurities.

D）aandc

12.Otherthingsequal,theyieldrequiredonnoncallablebondsshouldbe______theyieldrequiredoncallablebondswhoseothercharacteristicsareexactlythesame.

A）greaterthanB）equaltoC）lessthan

D）Alloftheabovearepossible,dependingonthesizeofthecallpremium.

13.Accordingtoexpectationstheory,thesuddenexpectationoflowerinterestratesinthefuturewillcausea______supplyofshorttermfundsprovidedbyinvestors,anda______supplyoflongtermfunds.

A）large;largeB）large;smallC）small;smallD）small;large

14.AssumethattheTreasuryexperiencesalargedecreaseinthebudgetdeficitandpurchasesalargenumberofT-bills.Thisactionwill_________________thesupplyofT-billsinthemarketandplaces__________________pressureontheyieldofT-bills.

A）decrease;downwardB）decrease;upwardC）increase;upwardD）increase;downward

15.Afirmplanstoissue30daycommercialpaperfor$9,900,000. Parvalueis$10,000,000. Whatisthefirm’scostofborrowing?

A）12.12%B）11.11%C）13.00%D）14.08%E）15.25%

16.Arepurchaseagreementcallsforaninvestortobuysecuritiesfor$4,925,000andsellthembackin60daysfor$5,000,000. Whatistheyield?

A）9.43%B）9.28%C）9.14%D）9.00%

17.RobbinsCorp.frequentlyinvestsexcessfundsintheMexicanmoneymarket.Oneyearago,Robbinsinvestedinaone-yearMexicanmoneymarketsecuritythatprovidedayieldof25%.Attheendoftheyear,whenRobbinsconvertedtheMexicanpesostodollars,thepesohaddepreciatedfrom$.12to$.11.WhatistheeffectiveyieldearnedbyRobbins?

A）25.00%B）35.41%C）14.59%D）noneoftheabove

18.BullockCorp.purchasescertainsecuritiesfor$4,921,349,withanagreementtosellthembackatapriceof$4,950,000attheendofa30-dayperiod.Thereporateis________%.

A）7.08B）6.95C）