货币银行 章节题库 ch71Word文档下载推荐.docx

1、 Sometimes one observes that the price of a companys stock falls after the announcement of favorable earnings. This phenomenon is consistent with the efficient markets hypothesis if the earnings were not as high as anticipated. 7）The value of any investment is found by A）computing the present value

2、of all future cash flows. B）computing the future value of all sales. C）computing the present value of all future sales. D）computing the present value of all future liabilities. E）computing the future value of all future expenses. 8）In the one-period valuation model, an increase in the required retur

3、n A）reduces the current price of a stock. B）increases the current price of a stock. C）reduces the dividend payment. D）increases the expected sales price of a stock. E）reduces the expected sales price of a stock. 9）Using the one-period valuation model, assuming a year-end dividend of $0.11, an expect

4、ed sales price of $110,and a required rate of return of 10%, the current price of the stock would be A）$110.11.B）$100.00.C）$121.12.D）$100.11E）$100.10 10）Using the one-period valuation model, assuming a year-end dividend of $11.00, an expected sales price of $110, and a required rate of return of 10%

5、, the current price of the stock would be A）$110.B）$121.C）$100D）$99E）$91 11）In the generalized dividend model, a future sales price far in the future does not affect the current stock price because A）the company may suffer bankruptcy. B）the present value cannot be computed. C）the stock may never be

6、sold. D）the sales price does not affect the current price. E）the present value is almost zero. 12）Using the Gordon growth model, a stocks price will increase if A）the expected sales price rises. B）dividends are reduced. C）the growth rate of dividends falls. D）the required rate of return rises. E）the

7、 dividend growth rate increases. 13）Using the Gordon growth model, a stock A）the future sales price increases. B）the dividend growth rate increases. C）the required rate of return increases. D）all of the above occur. E）both A and B of the above. 14）Using the Gordon growth model, a stock A）the future

8、sales price falls. B）the required rate of return falls. C）the current dividend falls. D）the dividend growth rate falls. E）none of the above. 15）A change in perceived risk of a stock changes A）the current dividend. B）the expected sales price. C）the required rate of return. D）the expected dividend gro

9、wth rate. E）all of the above. 16）A stocks price will fall if there is A）an increase in perceived risk. B）an increase in the required rate of return. C）an increase in the future sales price. D）all of the above. 17）A monetary expansion _ stock prices due to a decrease in the _ and an increase in the _

10、. A）increases; dividend growth rate; future sales price B）reduces; future sales price; expected rate of return C）reduces; current dividend; D）increases; required rate of return; E）increases; dividend growth rate 18）A monetary contraction _ stock prices due to a decrease in the _ and an increase in t

11、he _. A）reduces; B）increases; C）increases; required rate of return D）reduces; E）reduces; 19）An increase in uncertainty due to threat of war will A）increase stock prices due to a higher required return. B）not affect stock prices. C）depress stock prices due to a lower required return. D）increase stock

12、 prices due to a lower required return. E）depress stock prices due to a higher required return. 20）Dishonest corporate accounting procedures caused stock prices to A）decrease due to lower expected dividend growth and higher required return. B）remain unchanged. C）increase due to higher expected divid

13、end growth and higher future sales price. D）increase due to higher expected dividend growth and lower required return. E）decrease due to lower expected dividend growth and lower required return. 21）If expectations of the future inflation rate are formed solely on the basis of a weighted average of p

14、ast inflation rates, then economics would say that expectation formation is A）irrational.B）adaptive. C）rational.D）the result of none of the above. 22）According to adaptive expectations, A）expectations of inflation are viewed as being an average of past inflation rates. B）expectations of inflation ar

15、e viewed as being an average of expected future inflation rates. C）expectations formation indicates that changes in expectations occur slowly over time as past data change. D）only A and B of the above. E）only A and C of the above. 23）The adaptive expectations view A）regards expectations of inflation

16、 as being an average of past inflation rates. B）has been criticized on the grounds that people will use more information than just past data on a singlevariable to form their expectations of that variable. C）holds that expectations change relatively quickly. 24）The major criticism of the view that e

17、xpectations are formed adaptively is that A）adaptive expectations models have no predictive power. B）this view ignores that people use more information than just past data to form their expectations. C）it is easier to model adaptive expectations than it is to model rational expectations. D）people ar

18、e irrational and therefore never learn from past mistakes. 25）If expectations are formed adaptively, then people A）often change their expectations quickly when faced with new information. B）use more information than just past data on a single variable to form their expectations of that variable. C）u

19、se only the information from past data on a single variable to form their expectations of that variable. D）do none of the above. 26）In rational expectations theory, the term is essentially synonymous with A）the correct guess.B）the best guess. C）the actual outcome.D）correct forecast. 27）If additional

20、 information is not used when forming an optimal forecast because it is not available at that time, then expectations are A）formed adaptively.B）still considered to be formed rationally. C）obviously formed irrationally.D）the result of none of the above. 28）According to rational expectations theory, f

21、orecast errors of expectations A）tend to be persistently high or low.B）are more likely to be positive than negative. C）are unpredictable.D）are more likely to be negative than positive. 29）Rational expectations forecast errors will on average be _ and therefore _ be predicted ahead of time. A）zero; c

22、an B）positive; C）negative; D）zero; cannot E）positive; 30）If market participants notice that a variable behaves differently now than in the past, then, according to rational expectations theory, we can expect market participants to A）no longer pay close attention to movements in this variable. B）begi

23、n to make systematic mistakes. C）change the way they form expectations about future values of the variable. D）give up trying to forecast this variable. 31）According to rational expectations, A）people will use more information than just past data on a single variable to form their expectations of tha

24、tvariable. B）people often change their expectations quickly when faced with new information. C）expectations will not differ from optimal forecasts （the best guess of the future） using all available information. D）all of the above are true. E）only A and B of the above are true. 32）According to ration

25、al expectations, B）expectations will not differ from optimal forecasts （the best guess of the future） using all available C）because people use all available information, the prediction represented by the expectation will always beperfectly accurate. 33）The theory of rational expectations, when appli

26、ed to financial markets, is known as A）the theory of strict liability.B）monetarism. C）the theory of impossibility.D）the efficient markets hypothesis. 34）The efficient markets hypothesis A）is an application of rational expectations to the pricing of financial securities. B）holds that the expected return on a security equals the equilibrium return. C）is based on the assumption that prices of securities fully reflect