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moneyandbanktestbankchap07教案资料
money-and-bank-test-bank-chap07
TheEconomicsofMoney,Banking,andFinancialMarkets,9e（Mishkin）
Chapter7TheStockMarket,theTheoryofRationalExpectations,andtheEfficientMarketHypothesis
7.1ComputingthePriceofCommonStock
1）Astockholder'sownershipofacompany'sstockgiveshertherightto
A）voteandbetheprimaryclaimantofallcashflows.
B）voteandbetheresidualclaimantofallcashflows.
C）manageandassumeresponsibilityforallliabilities.
D）voteandassumeresponsibilityforallliabilities.
Answer:
B
QuesStatus:
PreviousEdition
2）Stockholdersareresidualclaimants,meaningthatthey
A）havethefirstpriorityclaimonallofacompany'sassets.
B）areliableforallofacompany'sdebts.
C）willnevershareinacompany'sprofits.
D）receivetheremainingcashflowafterallotherclaimsarepaid.
Answer:
D
QuesStatus:
PreviousEdition
3）Periodicpaymentsofnetearningstoshareholdersareknownas
A）capitalgains.
B）dividends.
C）profits.
D）interest.
Answer:
B
QuesStatus:
PreviousEdition
4）Thevalueofanyinvestmentisfoundbycomputingthe
A）presentvalueofallfuturesales.
B）presentvalueofallfutureliabilities.
C）futurevalueofallfutureexpenses.
D）presentvalueofallfuturecashflows.
Answer:
D
QuesStatus:
PreviousEdition
5）Intheone-periodvaluationmodel,thevalueofashareofstocktodaydependsupon
A）thepresentvalueofbothdividendsandtheexpectedsalesprice.
B）onlythepresentvalueofthefuturedividends.
C）theactualvalueofthedividendsandexpectedsalespricereceivedinoneyear.
D）thefuturevalueofdividendsandtheactualsalesprice.
Answer:
A
QuesStatus:
Revised
6）Intheone-periodvaluationmodel,thecurrentstockpriceincreasesif
A）theexpectedsalespriceincreases.
B）theexpectedsalespricefalls.
C）therequiredreturnincreases.
D）dividendsarecut.
Answer:
A
QuesStatus:
PreviousEdition
7）Intheone-periodvaluationmodel,anincreaseintherequiredreturnoninvestmentsinequity
A）increasestheexpectedsalespriceofastock.
B）increasesthecurrentpriceofastock.
C）reducestheexpectedsalespriceofastock.
D）reducesthecurrentpriceofastock.
Answer:
D
QuesStatus:
Revised
8）Usingtheone-periodvaluationmodel,assumingayear-enddividendof$0.11,anexpectedsalespriceof$110,andarequiredrateofreturnof10%,thecurrentpriceofthestockwouldbe
A）$110.11.
B）$121.12.
C）$100.10.
D）$100.11
Answer:
C
QuesStatus:
PreviousEdition
9）Usingtheone-periodvaluationmodel,assumingayear-enddividendof$1.00,anexpectedsalespriceof$100,andarequiredrateofreturnof5%,thecurrentpriceofthestockwouldbe
A）$110.00.
B）$101.00.
C）$100.00.
D）$96.19.
Answer:
D
QuesStatus:
PreviousEdition
10）Inthegeneralizeddividendmodel,iftheexpectedsalespriceisinthedistantfuture
A）itdoesnotaffectthecurrentstockprice.
B）itismoreimportantthandividendsindeterminingthecurrentstockprice.
C）itisequallyimportantwithdividendsindeterminingthecurrentstockprice.
D）itislessimportantthandividendsbutstillaffectsthecurrentstockprice.
Answer:
A
QuesStatus:
Revised
11）Inthegeneralizeddividendmodel,afuturesalespricefarinthefuturedoesnotaffectthecurrentstockpricebecause
A）thepresentvaluecannotbecomputed.
B）thepresentvalueisalmostzero.
C）thesalespricedoesnotaffectthecurrentprice.
D）thestockmayneverbesold.
Answer:
B
QuesStatus:
PreviousEdition
12）Inthegeneralizeddividendmodel,thecurrentstockpriceisthesumof
A）theactualvalueofthefuturedividendstream.
B）thepresentvalueofthefuturedividendstream.
C）thepresentvalueofthefuturedividendstreamplustheactualfuturesalesprice.
D）thepresentvalueofthefuturesalesprice.
Answer:
B
QuesStatus:
PreviousEdition
13）UsingtheGordongrowthmodel,astock'spricewillincreaseif
A）thedividendgrowthrateincreases.
B）thegrowthrateofdividendsfalls.
C）therequiredrateofreturnonequityrises.
D）theexpectedsalespricerises.
Answer:
A
QuesStatus:
Revised
14）IntheGordongrowthmodel,adecreaseintherequiredrateofreturnonequity
A）increasesthecurrentstockprice.
B）increasesthefuturestockprice.
C）reducesthefuturestockprice.
D）reducesthecurrentstockprice.
Answer:
A
QuesStatus:
Revised
15）UsingtheGordongrowthformula,ifD1is$2.00,keis12%or0.12,andgis10%or0.10,thenthecurrentstockpriceis
A）$20.
B）$50.
C）$100.
D）$150.
Answer:
C
QuesStatus:
PreviousEdition
16）UsingtheGordongrowthformula,ifD1is$1.00,keis10%or0.10,andgis5%or0.05,thenthecurrentstockpriceis
A）$10.
B）$20.
C）$30.
D）$40.
Answer:
B
QuesStatus:
PreviousEdition
17）OneoftheassumptionsoftheGordonGrowthModelisthatdividendswillcontinuegrowingat________rate.
A）anincreasing
B）afast
C）aconstant
D）anescalating
Answer:
C
QuesStatus:
PreviousEdition
18）IntheGordonGrowthModel,thegrowthrateisassumedtobe________therequiredreturnonequity.
A）greaterthan
B）equalto
C）lessthan
D）proportionalto
Answer:
C
QuesStatus:
PreviousEdition
19）Youbelievethatacorporation'sdividendswillgrow5%onaverageintotheforeseeablefuture.Ifthecompany'slastdividendpaymentwas$5whatshouldbethecurrentpriceofthestockassuminga12%requiredreturn?
Answer:
UsetheGordonGrowthModel.
$5（1+.05）/（.12-.05）=$75
QuesStatus:
PreviousEdition
20）Whatrightsdoesownershipinterestgivestockholders?
Answer:
Stockholdershavetherighttovoteonissuesbroughtbeforethestockholders,betheresidualclaimant,thatis,receiveaportionofanynetearningsofthecorporation,andtherighttosellthestock.
QuesStatus:
PreviousEdition
7.2HowtheMarketSetsStockPrices
1）Inassetmarkets,anasset'spriceis
A）setequaltothehighestpriceasellerwillaccept.
B）setequaltothehighestpriceabuyeriswillingtopay.
C）setequaltothelowestpriceaselleriswillingtoaccept.
D）setbythebuyerwillingtopaythehighestprice.
Answer:
D
QuesStatus:
PreviousEdition
2）Informationplaysanimportantroleinassetpricingbecauseitallowsthebuyertomoreaccuratelyjudge________.
A）liquidity
B）risk
C）capital
D）policy
Answer:
B
QuesStatus:
PreviousEdition
3）Newinformationthatmightleadtoadecreaseinanasset'spricemightbe
A）anexpecteddecreaseintheleveloffuturedividends.
B）adecreaseintherequiredrateofreturn.
C）anexpectedincreaseinthedividendgrowthrate.
D）anexpectedincreaseinthefuturesalesprice.
Answer:
A
QuesStatus:
Revised
4）Achangeinperceivedriskofastockchanges
A）theexpecteddividendgrowthrate.
B）theexpectedsalesprice.
C）therequiredrateofreturn.
D）thecurrentdividend.
Answer:
C
QuesStatus:
PreviousEdition
5）Astock'spricewillfallifthereis
A）adecreaseinperceivedrisk.
B）anincreaseintherequiredrateofreturn.
C）anincreaseinthefuturesalesprice.
D）currentdividendsarehigh.
Answer:
B
QuesStatus:
PreviousEdition
6）Amonetaryexpansion________stockpricesduetoadecreaseinthe________andanincreaseinthe________,everythingelseheldconstant.
A）reduces;futuresalesprice;expectedrateofreturn
B）reduces;currentdividend;expectedrateofreturn
C）increases;requiredrateofreturn;futuresalesprice
D）increases;requiredrateofreturn;dividendgrowthrate
Answer:
D
QuesStatus:
PreviousEdition
7）Thesubprimefinancialcrisisleadtoadeclineinstockpricesbecause
A）ofaloweredexpecteddividendgrowthrate.
B）ofaloweredrequiredreturnoninvestmentinequity.
C）higherexpectedfuturestockprices.
D）highercurrentdividends.
Answer:
A
QuesStatus:
New
8）Increaseduncertaintyresultingfromthesubprimecrisis________therequiredreturnoninvestmentinequity.
A）raised
B）lowered
C）hadnoimpacton
D）decreased
Answer:
A
QuesStatus:
New
9）InOctober2008,thestockmarketcrashed,fallingby________fromitspeakvalueayearearlier.
A）over40%
B）over30%
C）over50%
D）over25%
Answer:
A
QuesStatus:
New
7.3TheTheoryofRationalExpectations
1）Economistshavefocusedmoreattentionontheformationofexpectationsinrecentyears.Thisincreaseininterestcanprobablybestbeexplainedbytherecognitionthat
A）expectationsinfluencethebehaviorofparticipantsintheeconomyandthushaveamajorimpactoneconomicactivity.
B）expectationsinfluenceonlyafewindividuals,havelittleimpactontheoveralleconomy,butcanhaveimportanteffectsonafewmarkets.
C）expectationsinfluencemanyindividuals,havelittleimpactontheoveralleconomy,butcanhavedistributionaleffects.
D）modelsthatignoreexpectationshavelittlepredictivepower,evenintheshortrun.
Answer:
A
QuesStatus:
PreviousEdition
2）Theviewthatexpectationschangerelativelyslowlyovertimeinresponsetonewinformationisknownineconomicsas
A）rationalexpectations.
B）irrationalexpectations.
C）slow-responseexpectations.
D）adaptiveexpectations.
Answer:
D
QuesStatus:
PreviousEdition
3）Ifexpectationsofthefutureinflationrateareformedsolelyonthebasisofaweightedaverageofpastinflationrates,theneconomicswouldsaythatexpectationformationis
A）irrational.
B）rational.
C）adaptive.
D）reasonable.
Answer:
C
QuesStatus:
PreviousEdition
4）Ifexpectationsareformedadaptively,thenpeople
A）usemoreinformationthanjustpastdataonasinglevariabletoformtheirexpectationsofthatvariable.
B）oftenchangetheirexpectationsquickl
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