金融市场与机构 9.docx

金融市场与机构 9.docx

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金融市场与机构9

1Chapter9

TheMoneyMarkets

1n MultipleChoiceQuestions

1.Activityinmoneymarketsincreasedsignificantlyinthelate1970sandearly1980sbecauseof

（a）risingshort-terminterestrates.

（b）regulationsthatlimitedwhatbankscouldpayfordeposits.

（c）both（a）and（b）.

（d）neither（a）nor（b）.

Answer:

C

2.Moneymarketsecuritieshaveallthefollowingcharacteristicsexcepttheyarenot

（a）shortterm.

（b）money.

（c）lowrisk.

（d）veryliquid.

Answer:

B

3.Moneymarketinstruments

（a）areusuallysoldinlargedenominations.

（b）havelowdefaultrisk.

（c）matureinoneyearorless.

（d）arecharacterizedbyalloftheabove.

（e）arecharacterizedbyonly（a）and（b）oftheabove.

Answer:

D

4.Thebankingindustry

（a）shouldhaveanefficiencyadvantageingatheringinformationthatwouldeliminatetheneedforthemoneymarkets.

（b）existsprimarilytomediatetheasymmetricinformationproblembetweensaver-lendersandborrower-spenders.

（c）issubjecttomoreregulationsandgovernmentalcoststhanarethemoneymarkets.

（d）alloftheabovearetrue.

（e）only（a）and（b）oftheabovearetrue.

Answer:

D

5.Insituationswhereasymmetricinformationproblemsarenotsevere,

（a）themoneymarketshaveadistinctcostadvantageoverbanksinprovidingshort-termfunds.

（b）themoneymarketshaveadistinctcostadvantageoverbanksinprovidinglong-termfunds.

（c）bankshaveadistinctcostadvantageoverthemoneymarketsinprovidingshort-termfunds.

（d）themoneymarketscannotallocateshort-termfundsasefficientlyasbankscan.

Answer:

A

6.Brokeragefirmsthatofferedmoneymarketsecurityaccountsinthe1970shadacostadvantageoverbanksinattractingfundsbecausethebrokeragefirms

（a）werenotsubjecttodepositreserverequirements.

（b）werenotsubjecttothedepositinterestrateceilings.

（c）werenotlimitedinhowmuchtheycouldborrowfromdepositors.

（d）hadtheadvantageofalltheabove.

（e）hadtheadvantageofonly（a）and（b）oftheabove.

Answer:

E

7.Whichofthefollowingstatementsaboutthemoneymarketaretrue?

（a）Notallcommercialbanksdealfortheircustomersinthesecondarymarket.

（b）Moneymarketsareusedextensivelybybusinessesbothtowarehousesurplusfundsandtoraiseshort-termfunds.

（c）ThesinglemostinfluentialparticipantintheU.S.moneymarketistheU.S.TreasuryDepartment.

（d）Alloftheabovearetrue.

（e）Only（a）and（b）oftheabovearetrue.

Answer:

E

8.Whichofthefollowingstatementsaboutthemoneymarketsaretrue?

（a）Mostmoneymarketsecuritiesdonotpayinterest.Insteadtheinvestorpayslessforthesecuritythanitwillbeworthwhenitmatures.

（b）Pensionfundsinvestaportionoftheirassetsinthemoneymarkettohavesufficientliquiditytomeettheirobligations.

（c）Unlikemostparticipantsinthemoneymarket,theU.S.TreasuryDepartmentisalwaysademanderofmoneymarketfundsandneverasupplier.

（d）Alloftheabovearetrue.

（e）Only（a）and（b）oftheabovearetrue.

Answer:

D

9.Whichofthefollowingaretruestatementsaboutparticipantsinthemoneymarkets?

（a）LargebanksparticipateinthemoneymarketsbysellinglargenegotiableCDs.

（b）TheU.S.governmentandcorporationsborrowinthemoneymarketsbecausecashinflowsandoutflowsarerarelysynchronized.

（c）TheFederalReserveisthesinglemostinfluentialparticipantintheU.S.moneymarket.

（d）Alloftheabovearetrue.

（e）Only（a）and（b）oftheabovearetrue.

Answer:

D

10.Themostinfluentialparticipant（s）intheU.S.moneymarket

（a）istheFederalReserve.

（b）istheU.S.TreasuryDepartment.

（c）arethelargemoneycenterbanks.

（d）aretheinvestmentbanksthatunderwritesecurities.

Answer:

A

11.TheFedisanactiveparticipantinmoneymarketsmainlybecauseofitsresponsibilityto

（a）lowerborrowingcoststoencouragecapitalinvestment.

（b）controlthemoneysupply.

（c）increasetheinterestincomeofretireesholdingmoneymarketinstruments.

（d）assisttheSecuritiesandExchangeCommissioninregulatingthebehaviorothermoneymarketparticipants.

Answer:

B

12.Commercialbanksarelargeholdersof_________andarethemajorissuerof_________.

（a）negotiablecertificatesofdeposit;U.S.governmentsecurities

（b）U.S.governmentsecurities;negotiablecertificatesofdeposit

（c）commercialpaper;Eurodollars

（d）Eurodollars;commercialpaper

Answer:

B

13.Theprimaryfunctionoflargediversifiedbrokeragefirmsinthemoneymarketisto

（a）sellmoneymarketsecuritiestotheFederalReserveforitsopenmarketoperations.

（b）makeamarketformoneymarketsecuritiesbymaintaininganinventoryfromwhichtobuy

orsell.

（c）buymoneymarketsecuritiesfromcorporationsthatneedliquidity.

（d）buyT-billsfromtheU.S.TreasuryDepartment.

Answer:

B

14.Financecompaniesraisefundsinthemoneymarketbyselling

（a）commercialpaper.

（b）federalfunds.

（c）negotiablecertificatesofdeposit.

（d）Eurodollars.

Answer:

A

15.Financecompaniesplayauniqueroleinmoneymarketsby

（a）givingconsumersindirectaccesstomoneymarkets.

（b）combiningconsumers’investmentstopurchasemoneymarketsecuritiesontheirbehalf.

（c）borrowingincapitalmarketstofinancepurchasesofmoneymarketsecurities.

（d）assistingthegovernmentinitssalesofU.S.Treasurysecurities.

Answer:

A

16.Wheninflationroseinthelate1970s,

（a）consumersmovedmoneyoutofmoneymarketmutualfundsbecausetheirreturnsdidnotkeeppacewithinflation.

（b）bankssolidifiedtheiradvantageovermoneymarketsbyofferinghigherdepositrates.

（c）brokeragehousesintroducedhighlypopularmoneymarketmutualfunds,whichdrewsignificantamountsofmoneyoutofbankdeposits.

（d）consumerswereunabletotakeadvantageofhigherratesinmoneymarketsbecauseoftherequirementoflargetransactionsizes.

Answer:

C

17.Whichofthefollowingisthelargestborrowerinthemoneymarkets?

（a）commercialbanks

（b）largecorporations

（c）theU.S.Treasury

（d）U.S.firmsengagedinforeigntrade

Answer:

C

18.MoneymarketinstrumentsissuedbytheU.S.Treasuryarecalled

（a）Treasurybills.

（b）Treasurynotes.

（c）Treasurybonds.

（d）Treasurystrips.

Answer:

A

19.TheTreasuryauctions91-dayand182-dayTreasurybillsonceaweek.Itauctions52-weekbills

（a）onceamonth.

（b）onceevery13weeks.

（c）onceayear.

（d）everytwoweeks.

Answer:

A

20.WhichofthefollowingstatementsaretrueofTreasurybills?

（a）ThemarketforTreasurybillsisextremelydeepandliquid.

（b）Occasionally,investorsfindthatearningsonT-billsdonotcompensatethemforchangesinpurchasingpowerduetoinflation.

（c）Byvolume,mostTreasurybillsaresoldtoindividualswhosubmitnoncompetitivebids.

（d）Alloftheabovearetrue.

（e）Only（a）and（b）oftheabovearetrue.

Answer:

E

21.Supposethatyoupurchasea91-dayTreasurybillfor$9,850thatisworth$10,000whenitmatures.Thesecurity’sannualizedyieldifheldtomaturityisabout

（a）4percent.

（b）5percent.

（c）6percent.

（d）7percent.

Answer:

C

22.Supposethatyoupurchasea182-dayTreasurybillfor$9,850thatisworth$10,000whenitmatures.Thesecurity’sannualizedyieldifheldtomaturityisabout

（a）1.5%

（b）2%

（c）3%

（d）6%

Answer:

C

23.Treasurybillsdonot

（a）payinterest.

（b）haveamaturitydate.

（c）haveafaceamount.

（d）haveanactivesecondarymarket.

Answer:

A

24.IfyourcompetitivebidforaTreasurybillissuccessful,thenyouwill

（a）certainlypaylessthanifyouhadsubmittedanoncompetitivebid.

（b）probablypaymorethanifyouhadsubmittedanoncompetitivebid.

（c）paytheaverageofpricesofferedinothersuccessfulcompetitivebids.

（d）paythesameasothersuccessfulcompetitivebidders.

Answer:

B

25.IfyournoncompetitivebidforaTreasurybillissuccessful,thenyouwill

（a）certainlypaylessthanifyouhadsubmittedacompetitivebid.

（b）certainlypaymorethanifyouhadsubmittedacompetitivebid.

（c）paytheaverageofpricesofferedinothernoncompetitivebids.

（d）paythesameasothersuccessfulnoncompetitivebidders.

Answer:

D

26.Federalfunds

（a）areshort-termfundstransferredbetweenfinancialinstitutions,usuallyforaperiodofoneday.

（b）actuallyhavenothingtodowiththefederalgovernment.

（c）providebankswithanimmediateinfusionofreserves.

（d）arealloftheabove.

（e）areonly（a）and（b）oftheabove.

Answer:

D

27.Federalfundsare

（a）usuallyovernightinvestments.

（b）borrowedbybanksthathaveadeficitofreserves.

（c）lentbybanksthathaveanexcessofreserves.

（d）alloftheabove.

（e）only（a）and（b）oftheabove.

Answer:

D

28.TheFedcaninfluencethefederalfundsinterestratebyadjustingthelevelofreservesavailabletobanks.TheFedcan

（a）lowerthefederalfundsinterestratebyaddingreserves.

（b）raisethefederalfundsinterestratebyremovingreserves.

（c）removereservesbysellingsecurities.

（d）doalloftheabove.

（e）doonly（a）and（b）oftheabove.

Answer:

D

29.TheFederalReservecaninfluencethefederalfundsinterestratebybuyingsecurities,which_________reserves,thereby_________thefederalfundsrate.

（a）adds;raising

（b）removes;lowering

（c）adds;lowering

（d）removes;raising

Answer:

C

30.TheFedcanlowerthefederalfundsinterestrateby_________securities,thereby_________reserves.

（a）selling;adding

（b）selling;lowering

（c）buying;adding

（d）buying;lowering

Answer:

C

31.IftheFedwantstolowerthefederalfundsinterestrate,itwill_________thebankingsystemby_________securities.

（a）addreservesto;selling

（b）addreservesto;buying

（c）removereservesfrom;selling

（d）remover